EX-99.1 2 a1q25ex991supp.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
March 31, 2025

COMPANY HIGHLIGHTS | Page |  |  |  |
Mission and Cluster Model ..................................................................... | iii |  |  |  |
EARNINGS PRESS RELEASE | Page |  |  | Page |
First Quarter Ended March 31, 2025 Financial and Operating Results ................................................................................................... | 1 |  | Consolidated Statements of Operations .......................................... | 8 |
Guidance ................................................................................................... | 4 |  | Consolidated Balance Sheets ............................................................ | 9 |
Dispositions and Sales of Partial Interests .......................................... | 6 |  | Funds From Operations and Funds From Operations per Share | 10 |
Earnings Call Information and About the Company ........................... | 7 |  |  |  |
SUPPLEMENTAL INFORMATION | Page |  |  | Page |
Company Profile ....................................................................................... | 13 |  | External Growth / Investments in Real Estate |  |
Investor Information ................................................................................. | 14 |  | Investments in Real Estate ................................................................ | 31 |
Financial and Asset Base Highlights ..................................................... | 15 |  | New Class A/A+ Development and Redevelopment Properties: |
High-Quality and Diverse Client Base ................................................. | 17 |  | Recent deliveries ............................................................................ | 33 |
Internal Growth |  |  | Current Projects .............................................................................. | 34 |
Key Operating Metrics ............................................................................. | 19 |  | Summary of Pipeline ...................................................................... | 38 |
Same Property Performance .................................................................. | 20 |  | Construction Spending and Capitalization of Interest .................... | 43 |
Leasing Activity ......................................................................................... | 21 |  | Joint Venture Financial Information ................................................... | 48 |
Contractual Lease Expirations ............................................................... | 22 |  | Balance Sheet Management |  |
Top 20 Tenants ......................................................................................... | 23 |  | Investments .......................................................................................... | 50 |
Summary of Properties and Occupancy .............................................. | 24 |  | Key Credit Metrics ............................................................................... | 51 |
Property Listing ........................................................................................ | 25 |  | Summary of Debt ................................................................................. | 52 |
|  |  | Definitions and Reconciliations |  |
|  |  | Definitions and Reconciliations .......................................................... | 56 |

| CONFERENCE CALL INFORMATION: |
| Tuesday, April 29, 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 |
| MARC E. BINDA Chief Financial Officer & Treasurer |
| PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790 |

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

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

(1)Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have
not previously been approved by the FDA.
(2)Source: PhRMA, “Medicines in Development for Chronic Diseases 2024 Report,” September 30, 2024.
(3)Source: OECD, Key biotechnology indicators: “Economies’ share in biotechnology-related patents, OECD countries, 2000–2021,” updated November 2024.
(4)Source: PhRMA, “The Economic Impact of the U.S. Biopharmaceutical Industry: 2022 National and State Estimates,” May 2024.

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

(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.
(2)Source: American Cancer Society, “Cancer Facts & Figures 2025.” Represents U.S. projection for 2025.
(3)Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Reflects the latest published data, which represents U.S. estimate as of 2022.
(4)Source: Alzheimer’s Association, “2024 Alzheimer’s Disease Facts and Figures.” Reflects the latest published data, which represents U.S. estimate as of 2024.
(5)Source: National Multiple Sclerosis Society, “Prevalence of MS.” Reflects the latest published data, which represents U.S. estimate as of 2019.
(6)Source: Centers for Disease Control and Prevention, “Provisional Drug Overdose Death Counts.” Based on data available for analysis on April 6, 2025. Represents predicted U.S. figure for the 12-month period ended November 2024.

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

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

LARGEST, HIGHEST-QUALITY ASSET BASE CLUSTERED IN THE BEST LOCATIONS
SECTOR-LEADING CLIENT BASE OF ~750 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY EXPERIENCED MANAGEMENT TEAM

LIFE SCIENCE REAL ESTATE
WE INVENTED IT.
WE DOMINATE IT.
THE MOST TRUSTED BRAND IN
LIFE SCIENCE REAL ESTATE

ALEXANDRIA’S MEGACAMPUS™ PLATFORM
75%
OF OUR ANNUAL RENTAL REVENUE
71%
OF OUR OPERATING RSF

As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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

ALEXANDRIA’S
MEGACAMPUS™ PLATFORM
DRIVES SUPERIOR
OPERATING RESULTS

ALEXANDRIA’S MEGACAMPUS PLATFORM
| 75% |
| of Annual Rental Revenue |
| 71% |
| of Operating RSF |
| 71% |
| of Total Development and Redevelopment Pipeline RSF |

| ALEXANDRIA’S MEGACAMPUS OCCUPANCY OUTPERFORMANCE |
| Average Occupancy(1) Since 2021 |
| 95% |  | 91% |
| Megacampus Properties |  | Non-Megacampus Properties |
| 4% Occupancy Outperformance |

As of March 31, 2025. 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, 2021 through 2024 and March 31, 2025.

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

ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY
750 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS
Multinational
Pharmaceutical
Life Science
Product,
Service, and
Device
Public
Biotechnology –
Approved or
Marketed
Product
Public
Biotechnology –
Preclinical or
Clinical Stage
Private
Biotechnology
Other Investment-Grade
or Large Cap Tech
Other(2)
Biomedical
Institutions(1)
87%
of Top 20 Tenant Annual Rental
Revenue as of 1Q25 Is From
Investment-Grade or Publicly
Traded Large Cap Tenants
89%
of Leasing Activity During the
Three Months Ended March 31,
2025 Was Generated From
Alexandria’s Existing Client Base
PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE

Government
Institutions
Annual rental revenue represents amounts in effect as of March 31, 2025. 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)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.
(2)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

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

ALEXANDRIA’S STRONG, BROAD, AND DIVERSE LIFE SCIENCE
TENANT BASE DRIVES CONSISTENT LEASING AND
LONG-DURATION REMAINING LEASE TERMS

LONG-DURATION LEASE TERMS
|  |  | REMAINING LEASE TERM (in years)(2)
Multinational Pharmaceutical |  | 7.3
Life Science Product, Service, and Device |  | 6.6
Government Institutions |  | 5.3
Biomedical Institutions |  | 7.7
Private Biotechnology |  | 7.3
Public Biotechnology |  | 7.5

PERCENTAGE
OF LIFE SCIENCE
LEASING
ACTIVITY BY RSF
(1Q25)(1)
Multinational
Pharmaceutical
13%
Public
Biotechnology
27%
Life Science
Product,
Service, and
Device
38%
Biomedical
Institutions
10%
Private
Biotechnology
12%
Government
Institutions
0%
(1)Represents the percentage of RSF for leases executed during the three months ended March 31, 2025 for each respective life science business type, excluding technology and other business types.
(2)Based the average remaining lease term of leases based on annual rental revenue in effect as of March 31, 2025.

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

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE
Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to March 31, 2025

FTSE NAREIT EQUITY HEALTH CARE INDEX |
S&P 500 |
FTSE ALL EQUITY REITS |
MSCI US REIT INDEX |
RUSSELL 2000 |

1,427%
1,001%
919%
881%
671%
1,149%
Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.
(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 | xii

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
(2020–2025)
Source: S&P Global Market Intelligence data for REITs within the FTSE NAREIT Equity Health Care REIT Index, including FFO per share consensus for 2025, available as of April 25, 2025. FFO per-share growth is calculated as the ratio of
FFO per share for projected 2025 to that for 2020. For ARE, includes 2025 FFO per share – diluted, as adjusted, at the midpoint of our 2025 guidance range disclosed on April 28, 2025. Refer to “Definitions and reconciliations” in the
Supplemental Information for additional details.

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

ALEXANDRIA’S SECTOR-LEADING
CLIENT BASE OF APPROXIMATELY
750 TENANTS DRIVES STABLE,
RESILIENT, AND LONG-DURATION
CASH FLOWS

| HIGH-QUALITY CASH FLOWS |
| STRONG MARGINS(1) |
| 70% |  | 71% |
| Operating |  | Adjusted EBITDA |
| LONG-DURATION LEASE TERMS |
| Top 20 Tenants |  | All Tenants |
| 9.6 |  | 7.6 |
| Weighted-Average Remaining Term (in Years)(2) |
FAVORABLE LEASE STRUCTURE(3)

98%
Contain Annual
Base Rent
Escalations
91%
Are Triple
Net Leases
93%
Require Tenants
to Pay for Capital
Expenditures

HIGH-CREDIT TENANT BASE
INVESTMENT-GRADE OR PUBLICLY TRADED LARGE CAP TENANTS
87% |  | 51%
of ARE’s Top 20 Tenant Annual Rental Revenue(3) |  | of ARE’s Annual Rental Revenue(3)

(1)For the three months ended March 31, 2025.
(2)Remaining term weighted by annual rental revenue for leases in effect as of March 31, 2025.
(3)Percentages calculated based on annual rental revenue in effect as of March 31, 2025.

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

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND
STRENGTH IN TENANT COLLECTIONS
99.8%
Average Tenant
Collections
1Q21–1Q25
Tenant Receivables
at March 31, 2025
Represent
0.9%
of 1Q25
Rental Revenues
TENANT RENTS AND RECEIVABLES COLLECTED(1)
(1)Represents tenant collections for each quarter-end as of each respective earnings release date.

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

TOP 10%
CREDIT RATING RANKING
AMONG ALL PUBLICLY
TRADED U.S. REITS(4)
ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY

SIGNIFICANT LIQUIDITY(1) |  | 4Q25 TARGET NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA(2) |  | PERCENTAGE OF FIXED-RATE DEBT SINCE 2021(3)
$5.3B |  | ≤5.2x |  | 97.9%
PERCENTAGE OF DEBT MATURING IN NEXT 3 YEARS |  | REMAINING DEBT TERM (IN YEARS) |  | DEBT INTEREST RATE
13% |  | 12.2 |  | 3.95%
One of the Lowest Debt Maturities for 2025–2027 among S&P 500 REITs(5) |  |  |  |

Baa1
Stable
BBB+
Stable
WEIGHTED AVERAGE
As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(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 2021 through 2024 and as of March 31, 2025.
(4)Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2025.
(5)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of December 31, 2024” or company filings as of December 31, 2024, except ARE, which is as of March 31, 2025.

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

ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM
AMONG S&P 500 REITS AT 2X THE AVERAGE DEBT TERM FOR THESE REITS
WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
(in years)

6.1 Years
S&P 500 REIT Average
as of December 31, 2024

Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2024 (data not disclosed for PSA at the time of analysis as of April 25, 2025), except for ARE, which is as of March 31, 2025.

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

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND
INCREASING DIVIDENDS
Focus on retaining for reinvestment significant cash flows from operating activities after dividends

5.7% |  | Dividend Yield
4.5% |  | Average Annual Dividend Per-Share Growth
57% |  | 1Q25 Payout Ratio
$2.3B |  | Net Cash Provided by Operating Activities After Dividends

ANNUAL COMMON STOCK DIVIDEND PER SHARE
(1)
(2)
(3)
(4)
(1)Dividend yield is calculated as the dividend declared for the three months ended March 31, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on March 31, 2025 of $92.51.
(2)Represents the average annual growth in annual dividends declared per share for the five years ended December 31, 2020 through December 31, 2024 and the three months ended March 31, 2025 annualized.
(3)Represents the aggregate sum for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.
(4)Represents the common stock dividend declared of $1.32 per share for the three months ended March 31, 2025 annualized.

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

Alexandria Real Estate Equities, Inc. Reports:
1Q25 Net Loss per Share – Diluted of $(0.07); and
1Q25 FFO per Share – Diluted, as Adjusted, of $2.30
PASADENA, Calif. – April 28, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the first quarter ended March 31, 2025.

Key highlights |  |  |  |
Operating results | 1Q25 |  | 1Q24 |
Total revenues: |  |  |  |
In millions | $758.2 |  | $769.1 |
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions | $(11.6) |  | $166.9 |
Per share | $(0.07) |  | $0.97 |
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: |
In millions | $392.0 |  | $403.9 |
Per share | $2.30 |  | $2.35 |

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

(As of March 31, 2025, unless stated otherwise) |  |  |
Occupancy of operating properties in North America |  | 91.7% | (1)
Percentage of annual rental revenue in effect from Megacampus™ platform |  | 75% |
Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants |  | 51% |
Operating margin |  | 70% |
Adjusted EBITDA margin |  | 71% |
Percentage of leases containing annual rent escalations |  | 98% |
Weighted-average remaining lease term: |  |  |
Top 20 tenants |  | 9.6 | years
All tenants |  | 7.6 | years
Sustained strength in tenant collections: |  |  |
April 2025 tenant rents and receivables collected as of April 28, 2025 |  | 99.8% |
1Q25 tenant rents and receivables collected as of April 28, 2025 |  | 99.9% |

(1)Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.
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 5.9x and fixed-charge coverage ratio of
4.3x for 1Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x,
respectiv ely.
•Significant liquidity of $5.3 billion.
•Only 13% of our total debt matures through 2027.
•12.2 years weighted-average remaining term of deb t, longest among S&P 500 REITs.
•Since 2021, an average of 97.9% of our year-end debt balances have been fixed rate.
•Total debt and preferred stock to gross assets of 30%.
•$414.9 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 2Q25 through 2027 and beyond, including $166.8 million
from 2Q25 to 4Q25.
Continued solid leasing volume and rental rate increases
•Continued solid leasing volume of 1.0 million RSF during 1Q25, the fifth consecutive quarter
with leasing volume exceeding 1 million RSF.
•Solid rental rate increases on lease renewals and re-leasing of space of 18.5% and 7.5%
(cash basis) for 1Q25.
•89% of our leasing activity during the three months ended March 31, 2025 was generated
from our existing tenant base.

|  | 1Q25 |
Total leasing activity – RSF |  | 1,030,553 |
Lease renewals and re-leasing of space: |  |  |
RSF (included in total leasing activity above) |  | 884,408 |
Rental rate increase |  | 18.5% |
Rental rate increase (cash basis) |  | 7.5% |
Leasing of development and redevelopment space – RSF |  | 6,430 | (1)

(1)As of March 31, 2025, our construction projects expected to stabilize in 2025 and 2026 were 75% leased/
negotiating.
Dividend strategy to share net cash flows from operating activities with stockholders while
retaining a significant portion for reinvestment
•Common stock dividend declared for 1Q25 of $1.32 per share aggregating $5.24 per
common share for the twelve months ended March 31, 2025, up 22 cents, or 4%, over the
twelve months ended March 31, 2024.
•Dividend yield of 5.7% as of March 31, 2025.
•Dividend payout ratio of 57% for the three months ended March 31, 2025.
•Average annual dividend per-share growth of 4.5% from 2021 through 1Q25 annualized.
•Significant net cash flows provided by operating activities after dividends retained for
reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024
and the midpoint of our 2025 guidance range.
Ongoing execution of Alexandria’s 2025 capital recycling strategy
We plan to continue funding a significant portion of our capital requirements for the year ending
December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and
sales to owner/users.

(in millions) |  |  |  |
Completed dispositions |  | $176 |  |
Our share of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations |  | 433 |  |
Our share of completed and pending 2025 dispositions |  | 609 |  | 31%
Additional targeted dispositions |  | 1,341 |  | 69
2025 guidance midpoint for dispositions and sales of partial interests |  | $1,950 |  | 100%

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

First Quarter Ended March 31, 2025 Financial and Operating Results (continued)
March 31, 2025

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $37 million commencing during 1Q25, with an additional $171 million of incremental
annual net operating income anticipated to deliver by 4Q26
•During 1Q25, we placed into service development and redevelopment projects aggregating
309,494 RSF that are 100% leased across multiple submarkets and delivered incremental
annual net operating income of $37 million. A significant 1Q25 delivery was 285,346 RSF at
230 Harriet Tubman Way located at the Alexandria Center® for Life Science – Millbrae in our
South San Francisco submarket.
•Our active development and redevelopment projects under construction, primarily related to
our Megacampus ecosystems, have an estimated $2.4 billion of remaining costs to complete,
of which $1.3 billion is not under contract as of March 31, 2025. Additionally, we estimate that
30%–40% of the costs not under contract represent costs for materials that may be subject to
inflationary pressure and/or potential tariffs. As such, we estimate that each 10% increase in
these costs for materials may result in incremental costs aggregating $40–$50 million and a
corresponding decline in initial stabilized yields of approximately 2.5 to 3.5 basis points for
our existing active development and redevelopment projects. This estimate does not account
for the cost of potential delays that may occur in receiving or replacing materials subject to
tariffs.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $61 million by 4Q25 upon the burn-off of initial free rent, which have a weighted-
average burn-off period of approximately four months.
•71% 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 |  | Leased/ Negotiating Percentage
(dollars in millions) |  |  |  |  |  |  |  |
Placed into service in 1Q25 |  | $37 |  | 309,494 |  |  | 100% |
Expected to be placed into service: |  |  |  |  |  |  |  |
2Q25 through 4Q26 |  | $171 | (1) | 1,597,920 | (2) |  | 75% | (3)
2027 through 2Q28 |  | $179 |  | 2,449,862 |  |  | 16% |

(1)Include s expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 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.
(2)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries
through 4Q26 from projects expected to stabilize in 2027 and beyond.
(3)Represents the leased/negotiating percentage of development and redevelopment projects that are expected
to stabilize during 2025 and 2026.
Significant leasing progress on 1Q25 temporary vacancy, including previously disclosed 1Q25 key
lease expirations

Occupancy as of December 31, 2024 |  |  |  | 94.6% |
Lease expirations which became vacant as of March 31, 2025: |  |  |  |  |
Re-leased with future delivery or subject to ongoing negotiations |  | (1.3) | (1) |  |
Marketing |  | (1.6) |  | (2.9) | (2)
Occupancy as of March 31, 2025 |  |  |  | 91.7% |

(1)Includes 0.7% of RSF that is re-leased with a weighted-average commencement date around the end of 2025
and 0.6% of RS F that is subject to ongoing negotiations.
(2)Includes 768,080 RSF of previously disclosed 1Q25 key lease expirations. Refer to “Summary of properties
and occupancy” in the Supplemental Information for additional details. The balance of the 1Q25 lease
expirations that became vacant was spread across multiple submarkets, with no individual space aggregating
greater than 62,000 RSF.
Maintained solid operating metrics
•Net operating income (cash basis) of $2.0 billion for 1Q25 annualized, up $83.8 million, or
4.4%, compared to 1Q24 annualized.
•Same property net operating income changes of (3.1)% and 5.1% (cash basis) for 1Q25 over
1Q24 includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties
across four submarkets. Excluding the impact of these lease expirations, same property net
operating income changes for 1Q25 would have been 0.1% and 9.0% (cash basis).
•General and administrative expenses of $30.7 million, savings of $16.4 million or 35%, for
1Q25, compared to 1Q24 is primarily the result of cost-control and efficiency initiatives on
personnel-related costs and streamlining of business processes.
•As a percentage of net operating income, our general and administrative expenses for the
trailing twelve months ended March 31, 2025 were 6.9%, representing the lowest level in the
past ten years, compared to 9.5% for the trailing twelve months ended March 31, 2024.
Strong and flexible balance sheet
Key metrics as of or for the three months ended March 31, 2025
•$28.8 billion in total market capitalization.
•$15.7 billion in total equity capitalization.

|  | 1Q25 |  | Target
|  | Quarter |  | Trailing |  | 4Q25
|  | Annualized |  | 12 Months |  | Annualized
Net debt and preferred stock to Adjusted EBITDA |  | 5.9x |  | 5.7x |  | Less than or equal to 5.2x
Fixed-charge coverage ratio |  | 4.3x |  | 4.4x |  | 4.0x to 4.5x

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

First Quarter Ended March 31, 2025 Financial and Operating Results (continued)
March 31, 2025

Strong and flexible balance sheet (continued)
Key capital events
•I n February 2025, we issued $550.0 million of unsecured senior notes payable, due in 2035,
with an interest rate of 5.50%. This issuance marked our tightest-ever spread to the 10-year
treasury rate, surpassing our previous record in September 2019 by 25 bps.
•Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured
senior notes payable.
•In 1Q25, our unconsolidated real estate joint venture at 1655 and 1725 Third Street, in which
we own a 10% interest, located in our Mission Bay submarket, refinanced $500 million of an
existing fixed-rate secured note payable with a new secured note payable, which bears a
fixed weighted-average interest rate of 6.37% and matures in 2035.
•Under our common stock repurchase program authorized in December 2024, we may
repurchase up to $500.0 million of our common stock through December 31, 2025.
•During 1Q25, we repurchased 2.2 million shares of common stock for an aggregate value
of $208.1 million at an average price per share of $96.71.
•As of April 28, 2025, the approximate value of shares authorized and remaining under this
program was $241.8 million.
Investments
•As of March 31, 2025:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $31.9 million,
comprising gross unrealized gains and losses aggregating $204.9 million and
$173.1 million, respectively.
•Investment loss of $50.0 million for 1Q25 presented in our consolidated statement of
operations consisted of $29.3 million of realized gains, $68.1 million of unrealized losses, and
$11.2 million of impairment charges.
Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:
| 1Q25 |  | 1Q24 |  | 1Q25 |  | 1Q24
(in millions, except per share amounts) | Amount |  | Per Share – Diluted
Unrealized (losses) gains on non-real estate investments | $(68.1) |  | $29.2 |  | $(0.40) |  | $0.17
Gain on sales of real estate | 13.2 |  | 0.4 |  | 0.08 |  | —
Impairment of non-real estate investments | (11.2) |  | (14.7) |  | (0.07) |  | (0.09)
Impairment of real estate(1) | (32.2) |  | — |  | (0.19) |  | —
Increase in provision for expected credit losses on financial instruments(1) | (0.3) |  | — |  | — |  | —
Total | $(98.6) |  | $14.9 |  | $(0.58) |  | $0.08

(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for
additional details.
Subsequent event
•In April 2025, an office property aggregating 182,276 RSF located in Carlsbad, San Diego
met the criteria for classification as held for sale based on current negotiations with the
prospective buyer and our decision to dispose of this property for an estimated sales price of
approximately $72.0 million. We expect to complete the sale within 12 months. Upon our
decision to commit to sell this property, we recognized an impairment charge of $35.4 million
to reduce the carrying amount of this asset to its estimated fair value less costs to sell.
Industry and corporate responsibility leadership: catalyzing and leading the way for
positive change to benefit human health and society
•Alexandria was named one of the Most Trustworthy Companies in America by Newsweek for
the third consecutive year based on customer, investor, and employee trust. Alexandria is one
of only four S&P 500 REITs recognized in the real estate and housing category.
•During 1Q25, we received broad recognition for our operational excellence in leasing, design,
development, and asset management. Significant honors included the following:
•In our San Francisco Bay Area market, we earned a San Francisco Business Times 2024
Real Estate Deals of the Year Award for our 258,581 RSF long-term lease with Vaxcyte,
Inc. at 825 Industrial Road on the Alexandria Center® for Life Science – San Carlos
Megacampus.
•Alexandria earned two BOMA (Building Owners and Managers Association) TOBY (The
Outstanding Building of the Year) Awards 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.
•201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco
campus in the San Francisco Bay Area was recognized by BOMA San Francisco.
•9605 Medical Center Drive on the Alexandria Center® for Life Science – Shady Grove
Megacampus in Maryland was recognized by local BOMA affiliate Apartment and Office
Building Association of Metropolitan Washington (AOBA).
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
March 31, 2025, Alexandria has a total market capitalization of $28.8 billion and an asset base in
North America that includes 39.6 million RSF of operating properties and 4.0 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 |
March 31, 2025
(Dollars in millions, except per share amounts)

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
amounts will not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current
U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion
relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press
Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by seven cents, or 75 bps. Key changes to our guidance assumptions include
the following:
•Slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio and our development and redevelopment pipeline, resulting in the following changes to
the midpoints of our guidance ranges:
•70 bps reduction in occupancy percentage in North America as of December 31, 2025,
•70 bps and 20 bps reduction in 2025 same property net operating income performance and same property net operating income performance (cash basis), respectively, and
•$15 million reduction in 2025 straight-line rent revenue.
•A $20 million reduction to the midpoint of our guidance range for 2025 capitalization of interest with a corresponding $20 million increase to the midpoint of our guidance range for 2025 interest
expense, primarily due to various current and future pipeline projects that are anticipated to cease construction activities in the latter part of the year.
•A $17 million reduction to the midpoint of our guidance range for 2025 general and administrative expenses from additional cost control initiatives, including personnel-related costs and
streamlining of business processes.
Refer to "Key assumptions” and “Key sources and uses of capital” on the following page.

Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
|  | As of 4/28/25 |  | As of 1/27/25 |  | Key Changes to Midpoint
Earnings per share(1) |  | $1.36 to $1.56 |  | $2.57 to $2.77 |  |
Depreciation and amortization of real estate assets |  |  | 7.05 |  |  |  | 6.70 |  |  |
Gain on sales of real estate |  |  | (0.08) |  |  |  | — |  |  | (2)
Impairment of real estate – rental properties |  |  | 0.21 |  |  |  | — |  |  | (3)
Allocation to unvested restricted stock awards |  |  | (0.03) |  |  |  | (0.04) |  |  |
Funds from operations per share(4) |  | $8.51 to $8.71 |  | $9.23 to $9.43 |  |
Unrealized losses on non-real estate investments |  |  | 0.40 |  |  |  | — |  |  |
Impairment of non-real estate investments |  |  | 0.07 |  |  |  | — |  |  | (4)
Impairment of real estate |  |  | 0.19 |  |  |  | — |  |
Allocation to unvested restricted stock awards |  |  | (0.01) |  |  |  | — |  |  |
Funds from operations per share, as adjusted(5) |  | $9.16 to $9.36 |  | $9.23 to $9.43 |  |
Midpoint |  | $9.26 |  | $9.33 |  | Reduction of 7-cent s, or 75 bps

(1)Excludes unrealized gains or losses on non-real estate investments after March 31, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(2)Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details.
(3)Represents a $35.4 million impairment of real estate recognized in April 2025 related to an office property aggregating 182,276 RS F, located in Carlsbad, San Diego, upon meeting the criteria for classification as held for sale. Refer to
“Subsequent events” in the Earnings Press Release for additional details.
(4)Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details.
(5)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 5

Guidance (continued) |
March 31, 2025
(Dollars in millions)

|  | As of 4/28/25 |  | As of 1/27/25 |  | Key Changes to Midpoint
Key Assumptions |  | Low |  | High |  | Low |  | High |
Occupancy percentage in North America as of December 31, 2025 |  | 90.9% |  | 92.5% |  | 91.6% |  | 93.2% |  | 70 bps reduction |
Lease renewals and re-leasing of space: |  |  |  |  |  |  |  |  |  |  |
Rental rate changes |  | 9.0% |  | 17.0% |  | 9.0% |  | 17.0% |  | No change |
Rental rate changes (cash basis) |  | 0.5% |  | 8.5% |  | 0.5% |  | 8.5% |  |
Same property performance: |  |  |  |  |  |  |  |  |  |  |
Net operating income |  | (3.7)% |  | (1.7)% |  | (3.0)% |  | (1.0)% |  | 70 bps reduction |
Net operating income (cash basis) |  | (1.2)% |  | 0.8% |  | (1.0)% |  | 1.0% |  | 20 bps reduction |
Straight-line rent revenue |  | $96 |  | $116 |  | $111 |  | $131 |  | $15 million reduction |
General and administrative expenses |  | $112 |  | $127 |  | $129 |  | $144 |  | $17 million reduction |
Capitalization of interest |  | $320 |  | $350 |  | $340 |  | $370 |  | $20 million reduction |
Interest expense |  | $185 |  | $215 |  | $165 |  | $195 |  | $20 million increase |
Realized gains on non-real estate investments(1) |  | $100 |  | $130 |  | $100 |  | $130 |  | No change |

Key Credit Metrics Targets |  | As of 4/28/25 |  | As of 1/27/25 |  | Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized |  | Less than or equal to 5.2x |  | Less than or equal to 5.2x |  | No change
Fixed-charge coverage ratio – 4Q25 annualized |  | 4.0x to 4.5x |  | 4.0x to 4.5x |

|  | As of 4/28/25 |  | As of 1/27/25 Midpoint |  | Key Changes to Midpoint
Key Sources and Uses of Capital |  | Range |  | Midpoint |  | Certain Completed Items |  |
Sources of capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net reduction in debt |  | $(290) |  | $(290) |  | $(290) |  |  | See below |  |  | $(190) |  | See below
Net cash provided by operating activities after dividends(2) |  | 425 |  | 525 |  | 475 |  |  |  |  |  | 475 |  |
Dispositions and sales of partial interests (refer to page 6) |  | 1,450 |  | 2,450 |  | 1,950 |  |  | (3) |  |  | 1,700 |  | $250 million increase(4)
Total sources of capital |  | $1,585 |  | $2,685 |  | $2,135 |  |  |  |  |  | $1,985 |  |
Uses of capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $1,450 |  | $2,050 |  | $1,750 |  |  |  |  |  | $1,750 |  |
Acquisitions and other opportunistic uses of capital |  | — |  | 500 |  | 250 |  |  | $208 | (5) |  | 100 |  | $150 million increase(4)
Ground lease prepayment |  | 135 |  | 135 |  | 135 |  |  | $135 |  |  | 135 |  |
Total uses of capital |  | $1,585 |  | $2,685 |  | $2,135 |  |  |  |  |  | $1,985 |  |
Net reduction in debt (included above): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance of unsecured senior notes payable |  | $550 |  | $550 |  | $550 |  |  | $550 |  |  | $600 |  |
Repayment of unsecured notes payable(6) |  | (600) |  | (600) |  | (600) |  |  |  |  |  | (600) |  |
Unsecured senior line of credit, commercial paper, and other |  | (240) |  | (240) |  | (240) |  |  |  |  |  | (190) |  |
Net reduction in debt |  | $(290) |  | $(290) |  | $(290) |  |  |  |  |  | $(190) |  | $100 million reduction

(1)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.
(2)Excludes the final installment of our ground lease payment aggregating $135.0 million at the Alexandria Technology Square® Megacampus. This amount has been separately presented as “Ground lease prepayment” under “Uses of
capital” in the table above.
(3)As of April 28, 2025, completed dispositions aggregated $176.4 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated
$432.5 million. As part of a completed transaction, we provided seller financing of $91.0 million. Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details.
(4)The increase to the midpoint of our guidance range for 2025 dispositions and sales of partial interests is primarily due to an increase in the midpoint of our guidance range for 2025 acquisitions and other opportunistic uses of capital b y
$150 million.
(5)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 1Q25, we repurchased 2.2 million shares of common stock
for an aggregate value of $208.1 million at an average price per share of $96.71. As of April 28, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may
consider repurchasing additional shares of our common stock.
(6)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.

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

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

Property |  | Submarket/Market |  | Date of Sale |  | Interest Sold |  | Future Development RSF |  | Sales Price |  | Gain on Sales of Real Estate
Completed in 1Q25: |  |  |  |  |  |  |  |  |  |  |  |  |
Land and other |  |  |  |  |  |  |  |  |  |  |  |  |
Costa Verde by Alexandria |  | University Town Center/San Diego |  | 1/31/25 |  | 100% |  |  | 537,000 |  | $124,000 | (1) | $—
Other |  |  |  |  |  |  |  |  |  |  | 52,352 |  | 13,165
|  |  |  |  |  |  |  |  |  |  | 176,352 |  | $13,165
Our share of pending 2025 dispositions and sales of partial interests expected to close subsequent to April 28, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |
Subject to non-refundable deposits: |  |  |  |  |  |  |  |  |  |  |  |  |
Pending |  | San Diego |  | 2H25 |  | 100% |  |  |  |  | 70,000 |  |
Pending |  | Texas |  | 2Q25 |  | 100% |  |  |  |  | 73,287 |  |
Other |  |  |  |  |  |  |  |  |  |  | 63,000 |  |
|  |  |  |  |  |  |  |  |  |  | 206,287 |  |
Subject to executed letters of intent and/or purchase and sale agreement negotiations |  |  |  |  |  |  |  |  |  |  | 226,250 |  |
Our share of completed and pending 2025 dispositions and sales of partial interests |  |  |  |  |  |  |  |  |  |  | $608,889 |  |
2025 guidance range for dispositions and sales of partial interests |  |  |  |  |  |  |  |  | $1,450,000 – $2,450,000 |  |

(1)As part of the transaction, we provided seller financing of $91.0 million, due in 2028, with an interest rate o f 12.0%.

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

Earnings Call Information and About the Company
March 31, 2025

We will host a conference call on Tuesday, April 29, 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 first quarter ended March 31, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for Alexandria Real
Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday, April 29,
2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1950174.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2025 is available in the “For Investors” section of our website at www.are.com or by
following this link: https://www.are.com/fs/2025q1.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; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
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 March 31, 2025, Alexandria has a total market capitalization of
$28.8 billion and an asset base in North America that includes 39.6 million RSF of operating properties and 4.0 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 | 8

Consolidated Statements of Operations |
March 31, 2025
(Dollars in thousands, except per share amounts)

|  | Three Months Ended
|  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Revenues: |  |  |  |  |  |  |  |  |  |
Income from rentals |  | $743,175 | (1) | $763,249 |  | $775,744 |  | $755,162 |  | $755,551
Other income |  | 14,983 |  | 25,696 |  | 15,863 |  | 11,572 |  | 13,557
Total revenues |  | 758,158 |  | 788,945 |  | 791,607 |  | 766,734 |  | 769,108
Expenses: |  |  |  |  |  |  |  |  |  |
Rental operations |  | 226,395 |  | 240,432 |  | 233,265 |  | 217,254 |  | 218,314
General and administrative |  | 30,675 |  | 32,730 |  | 43,945 |  | 44,629 |  | 47,055
Interest |  | 50,876 |  | 55,659 |  | 43,550 |  | 45,789 |  | 40,840
Depreciation and amortization |  | 342,062 |  | 330,108 |  | 293,998 |  | 290,720 |  | 287,554
Impairment of real estate |  | 32,154 |  | 186,564 |  | 5,741 |  | 30,763 |  | —
Total expenses |  | 682,162 |  | 845,493 |  | 620,499 |  | 629,155 |  | 593,763
Equity in (losses) earnings of unconsolidated real estate joint ventures |  | (507) |  | 6,635 |  | 139 |  | 130 |  | 155
Investment (loss) income |  | (49,992) |  | (67,988) |  | 15,242 |  | (43,660) |  | 43,284
Gain on sales of real estate |  | 13,165 |  | 101,806 |  | 27,114 |  | — |  | 392
Net income (loss) |  | 38,662 |  | (16,095) |  | 213,603 |  | 94,049 |  | 219,176
Net income attributable to noncontrolling interests |  | (47,601) |  | (46,150) |  | (45,656) |  | (47,347) |  | (48,631)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders |  | (8,939) |  | (62,245) |  | 167,947 |  | 46,702 |  | 170,545
Net income attributable to unvested restricted stock awards |  | (2,660) |  | (2,677) |  | (3,273) |  | (3,785) |  | (3,659)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders |  | $(11,599) |  | $(64,922) |  | $164,674 |  | $42,917 |  | $166,886
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: |  |  |  |  |  |  |  |  |  |
Basic |  | $(0.07) |  | $(0.38) |  | $0.96 |  | $0.25 |  | $0.97
Diluted |  | $(0.07) |  | $(0.38) |  | $0.96 |  | $0.25 |  | $0.97
Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |  |  |
Basic |  | 170,522 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Diluted |  | 170,522 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Dividends declared per share of common stock |  | $1.32 |  | $1.32 |  | $1.30 |  | $1.30 |  | $1.27

(1)Decline in income from rentals relates primarily to $1.1 billion of dispositions completed during 4Q24.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 9

Consolidated Balance Sheets |
March 31, 2025
(In thousands)

|  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Assets |  |  |  |  |  |  |  |  |  |
Investments in real estate |  | $32,121,712 |  | $32,110,039 |  | $32,951,777 |  | $32,673,839 |  | $32,323,138
Investments in unconsolidated real estate joint ventures |  | 50,086 |  | 39,873 |  | 40,170 |  | 40,535 |  | 40,636
Cash and cash equivalents |  | 476,430 |  | 552,146 |  | 562,606 |  | 561,021 |  | 722,176
Restricted cash |  | 7,324 |  | 7,701 |  | 17,031 |  | 4,832 |  | 9,519
Tenant receivables |  | 6,875 |  | 6,409 |  | 6,980 |  | 6,822 |  | 7,469
Deferred rent |  | 1,210,584 |  | 1,187,031 |  | 1,216,176 |  | 1,190,336 |  | 1,138,936
Deferred leasing costs |  | 489,287 |  | 485,959 |  | 516,872 |  | 519,629 |  | 520,616
Investments |  | 1,479,688 |  | 1,476,985 |  | 1,519,327 |  | 1,494,348 |  | 1,511,588
Other assets |  | 1,758,442 |  | 1,661,306 |  | 1,657,189 |  | 1,356,503 |  | 1,424,968
Total assets |  | $37,600,428 |  | $37,527,449 |  | $38,488,128 |  | $37,847,865 |  | $37,699,046
Liabilities, Noncontrolling Interests, and Equity |  |  |  |  |  |  |  |  |  |
Secured notes payable |  | $150,807 |  | $149,909 |  | $145,000 |  | $134,942 |  | $130,050
Unsecured senior notes payable |  | 12,640,144 |  | 12,094,465 |  | 12,092,012 |  | 12,089,561 |  | 12,087,113
Unsecured senior line of credit and commercial paper |  | 299,883 |  | — |  | 454,589 |  | 199,552 |  | —
Accounts payable, accrued expenses, and other liabilities |  | 2,281,414 |  | 2,654,351 |  | 2,865,886 |  | 2,529,535 |  | 2,503,831
Dividends payable |  | 228,622 |  | 230,263 |  | 227,191 |  | 227,408 |  | 222,134
Total liabilities |  | 15,600,870 |  | 15,128,988 |  | 15,784,678 |  | 15,180,998 |  | 14,943,128
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interests |  | 9,612 |  | 19,972 |  | 16,510 |  | 16,440 |  | 16,620
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: |  |  |  |  |  |  |  |  |  |
Common stock |  | 1,701 |  | 1,722 |  | 1,722 |  | 1,720 |  | 1,720
Additional paid-in capital |  | 17,509,148 |  | 17,933,572 |  | 18,238,438 |  | 18,284,611 |  | 18,434,690
Accumulated other comprehensive loss |  | (46,202) |  | (46,252) |  | (22,529) |  | (27,710) |  | (23,815)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity |  | 17,464,647 |  | 17,889,042 |  | 18,217,631 |  | 18,258,621 |  | 18,412,595
Noncontrolling interests |  | 4,525,299 |  | 4,489,447 |  | 4,469,309 |  | 4,391,806 |  | 4,326,703
Total equity |  | 21,989,946 |  | 22,378,489 |  | 22,686,940 |  | 22,650,427 |  | 22,739,298
Total liabilities, noncontrolling interests, and equity |  | $37,600,428 |  | $37,527,449 |  | $38,488,128 |  | $37,847,865 |  | $37,699,046

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

Funds From Operations and Funds From Operations per Share |
March 31, 2025
(In thousands)

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

|  | Three Months Ended
|  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted |  | $(11,599) |  | $(64,922) |  | $164,674 |  | $42,917 |  | $166,886
Depreciation and amortization of real estate assets |  | 339,381 |  | 327,198 |  | 291,258 |  | 288,118 |  | 284,950
Noncontrolling share of depreciation and amortization from consolidated real estate JVs |  | (33,411) |  | (34,986) |  | (32,457) |  | (31,364) |  | (30,904)
Our share of depreciation and amortization from unconsolidated real estate JVs |  | 1,054 |  | 1,061 |  | 1,075 |  | 1,068 |  | 1,034
Gain on sales of real estate |  | (13,165) |  | (100,109) |  | (27,114) |  | — |  | (392)
Impairment of real estate – rental properties and land |  | — |  | 184,532 |  | 5,741 |  | 2,182 |  | —
Allocation to unvested restricted stock awards |  | (686) |  | (1,182) |  | (2,908) |  | (1,305) |  | (3,469)
Funds from operations attributable to Alexandria’s common stockholders – diluted(1) |  | 281,574 |  | 311,592 |  | 400,269 |  | 301,616 |  | 418,105
Unrealized losses (gains) on non-real estate investments |  | 68,145 |  | 79,776 |  | (2,610) |  | 64,238 |  | (29,158)
Impairment of non-real estate investments |  | 11,180 | (2) | 20,266 |  | 10,338 |  | 12,788 |  | 14,698
Impairment of real estate |  | 32,154 | (3) | 2,032 |  | — |  | 28,581 |  | —
Increase (decrease) in provision for expected credit losses on financial instruments |  | 285 |  | (434) |  | — |  | — |  | —
Allocation to unvested restricted stock awards |  | (1,329) |  | (1,407) |  | (125) |  | (1,738) |  | 247
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $392,009 |  | $411,825 |  | $407,872 |  | $405,485 |  | $403,892

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Calculated in accordance with standards established by the Nareit Board of Governors.
(2)Primarily related to four non-real estate investments in privately held entities that do not report NAV.
(3)In 2021, we entered into a ground lease for a future development site in our San Francisco Bay Area market. As of December 31, 2024, we had a right-of-use-asset aggregating $32.4 million related to our investment into this ground
lease. During the three months ended March 31, 2025, based on our current financial outlook for this project, we made the determination to no longer proceed with this project. Consequently, we recognized an impairment charge
aggregating $32.2 million to write off our remaining balance in this right-of-use asset. We do not expect to make additional future payments in connection with this project.

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

Funds From Operations and Funds From Operations per Share (continued) |
March 31, 2025
(In thousands, except per share amounts)

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common
stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to
rounding.

|  | Three Months Ended
|  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted |  | $(0.07) |  | $(0.38) |  | $0.96 |  | $0.25 |  | $0.97
Depreciation and amortization of real estate assets |  | 1.80 |  | 1.70 |  | 1.51 |  | 1.50 |  | 1.48
Gain on sales of real estate |  | (0.08) |  | (0.58) |  | (0.16) |  | — |  | —
Impairment of real estate – rental properties and land |  | — |  | 1.07 |  | 0.03 |  | 0.01 |  | —
Allocation to unvested restricted stock awards |  | — |  | — |  | (0.01) |  | (0.01) |  | (0.02)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted |  | 1.65 |  | 1.81 |  | 2.33 |  | 1.75 |  | 2.43
Unrealized losses (gains) on non-real estate investments |  | 0.40 |  | 0.46 |  | (0.02) |  | 0.37 |  | (0.17)
Impairment of non-real estate investments |  | 0.07 |  | 0.12 |  | 0.06 |  | 0.08 |  | 0.09
Impairment of real estate |  | 0.19 |  | 0.01 |  | — |  | 0.17 |  | —
Allocation to unvested restricted stock awards |  | (0.01) |  | (0.01) |  | — |  | (0.01) |  | —
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted |  | $2.30 |  | $2.39 |  | $2.37 |  | $2.36 |  | $2.35
Weighted-average shares of common stock outstanding – diluted |  |  |  |  |  |  |  |  |  |
Earnings per share – diluted |  | 170,522 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Funds from operations – diluted, per share |  | 170,599 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Funds from operations – diluted, as adjusted, per share |  | 170,599 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949

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

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 13

Company Profile
March 31, 2025

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 March 31, 2025, Alexandria has a total market
capitalization of $28.8 billion and an asset base in North America that includes 39.6 million
RSF of operating properties and 4.0 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, with 51% of our
annual rental revenue being generated from tenants that are investment-grade rated or
publicly traded large cap companies. The quality, diversity, breadth, and depth of our
significant relationships with our tenants provide Alexandria with high-quality and stable
cash flows. Alexandria’s underwriting team and long-term industry relationships positively
distinguish us from all other publicly traded REITs and real estate companies.
Executive and senior management team
Alexandria’s executive and senior management team has unique experience and
expertise in creating, owning, and operating highly dynamic and collaborative
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.
Alexandria’s executive and senior management team consists of
62 individuals, averaging 24 years of real estate experience,
including 13 years with Alexandria. Our executive management
team alone averages 19 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus |  | Peter M. Moglia
Executive Chairman & Founder |  | Chief Executive Officer & Chief Investment Officer
Daniel J. Ryan |  | Hunter L. Kass
Co-President & Regional Market Director – San Diego |  | Co-President & Regional Market Director – Greater Boston
Marc E. Binda |  | Lawrence J. Diamond
Chief Financial Officer & Treasurer |  | Co-Chief Operating Officer & Regional Market Director – Maryland
Joseph Hakman |  | Hart Cole
Co-Chief Operating Officer & Chief Strategic Transactions Officer |  | Executive Vice President – Capital Markets/Strategic Operations & Co-Regional Market Director – Seattle
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 | 14

Investor Information
March 31, 2025

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 |  | RBC Capital Markets
Nate Crossett / Monir Koummal |  | Nicholas Joseph / Seth Bergey |  | Dylan Burzinski |  | Michael Carroll / Justin Haasbeek
(646) 342-1588 / (646) 342-1554 |  | (212) 816-1909 / (212) 816-2066 |  | (949) 640-8780 |  | (440) 715-2649 / (440) 715-2651
BofA Securities |  | Citizens JMP Securities, LLC |  | J.P. Morgan Securities LLC |  | Robert W. Baird & Co. Incorporated
Jeff Spector / Farrell Granath |  | Aaron Hecht / Linda Fu |  | Anthony Paolone / Ray Zhong |  | Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1351 |  | (415) 835-3963 / (415) 869-4411 |  | (212) 622-6682 / (212) 622-5411 |  | (216) 737-7510 / (414) 298-5053
BTIG, LLC |  | Deutsche Bank AG |  | Jefferies |  | Wedbush Securities
Tom Catherwood / Michael Tompkins |  | Tayo Okusanya / Samuel Ohiomah |  | Peter Abramowitz / Katie Elders |  | Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 527-3566 |  | (212) 250-9284 / (212) 250-0057 |  | (212) 336-7241 / (917) 421-1968 |  | (212) 931-7001 / (212) 938-9942
CFRA |  | Evercore ISI |  | Mizuho Securities USA LLC |  |
Nathan Schmidt |  | Steve Sakwa / James Kammert |  | Vikram Malhotra / Georgi Dinkov |  |
(646) 517-1144 |  | (212) 446-9462 / (312) 705-4233 |  | (212) 282-3827 / (617) 352-1721 |  |
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
Mizuho Securities USA LLC |  |  |  |  |  |
Thierry Perrein |  |  |  |  |  |
(212) 205-7665 |  |  |  |  |  |

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

Financial and Asset Base Highlights |
March 31, 2025
(Dollars in thousands, except per share amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Selected financial data from consolidated financial statements and related information |  |  |  |  |  |  |  |  |  |
Rental revenues |  | $552,112 | (1) | $566,535 |  | $579,569 |  | $576,835 |  | $581,400
Tenant recoveries |  | $191,063 |  | $196,714 |  | $196,175 |  | $178,327 |  | $174,151
General and administrative expenses |  | $30,675 |  | $32,730 |  | $43,945 |  | $44,629 |  | $47,055
General and administrative expenses as a percentage of net operating income – trailing 12 months |  | 6.9% |  | 7.6% |  | 8.9% |  | 9.2% |  | 9.5%
Operating margin |  | 70% |  | 70% |  | 71% |  | 72% |  | 72%
Adjusted EBITDA margin |  | 71% |  | 72% |  | 70% |  | 72% |  | 72%
Adjusted EBITDA – quarter annualized |  | $2,165,632 |  | $2,273,480 |  | $2,219,632 |  | $2,216,144 |  | $2,206,428
Adjusted EBITDA – trailing 12 months |  | $2,218,722 |  | $2,228,921 |  | $2,184,298 |  | $2,122,250 |  | $2,064,904
Net debt at end of period |  | $12,687,856 |  | $11,762,176 |  | $12,191,574 |  | $11,940,144 |  | $11,569,666
Net debt and preferred stock to Adjusted EBITDA – quarter annualized |  | 5.9x |  | 5.2x |  | 5.5x |  | 5.4x |  | 5.2x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months |  | 5.7x |  | 5.3x |  | 5.6x |  | 5.6x |  | 5.6x
Total debt and preferred stock at end of period |  | $13,090,834 |  | $12,244,374 |  | $12,691,601 |  | $12,424,055 |  | $12,217,163
Gross assets at end of period |  | $43,486,989 |  | $43,152,628 |  | $44,112,770 |  | $43,305,279 |  | $42,915,903
Total debt and preferred stock to gross assets at end of period |  | 30% |  | 28% |  | 29% |  | 29% |  | 28%
Fixed-charge coverage ratio – quarter annualized |  | 4.3x |  | 4.3x |  | 4.4x |  | 4.5x |  | 4.7x
Fixed-charge coverage ratio – trailing 12 months |  | 4.4x |  | 4.5x |  | 4.5x |  | 4.6x |  | 4.7x
Unencumbered net operating income as a percentage of total net operating income |  | 99.8% |  | 99.9% |  | 99.1% |  | 99.1% |  | 99.3%
Closing stock price at end of period |  | $92.51 |  | $97.55 |  | $118.75 |  | $116.97 |  | $128.91
Common shares outstanding (in thousands) at end of period |  | 170,130 |  | 172,203 |  | 172,244 |  | 172,018 |  | 172,008
Total equity capitalization at end of period |  | $15,738,715 |  | $16,798,446 |  | $20,454,023 |  | $20,120,907 |  | $22,173,547
Total market capitalization at end of period |  | $28,829,549 |  | $29,042,820 |  | $33,145,624 |  | $32,544,962 |  | $34,390,710
Dividend per share – quarter/annualized |  | $1.32/$5.28 |  | $1.32/$5.28 |  | $1.30/$5.20 |  | $1.30/$5.20 |  | $1.27/$5.08
Dividend payout ratio for the quarter |  | 57% |  | 55% |  | 55% |  | 55% |  | 54%
Dividend yield – annualized |  | 5.7% |  | 5.4% |  | 4.4% |  | 4.4% |  | 3.9%
Amounts related to operating leases: |  |  |  |  |  |  |  |  |  |
Operating lease liabilities at end of period |  | $371,412 |  | $507,127 |  | $648,338 |  | $379,223 |  | $381,578
Rent expense |  | $11,666 |  | $10,685 |  | $10,180 |  | $9,412 |  | $8,683
Capitalized interest |  | $80,065 |  | $81,586 |  | $86,496 |  | $81,039 |  | $81,840
Average real estate basis capitalized during the period |  | $8,026,566 |  | $8,118,010 |  | $8,281,318 |  | $7,936,612 |  | $8,163,289
Weighted-average interest rate for capitalization of interest during the period |  | 3.99% |  | 4.02% |  | 3.98% |  | 3.96% |  | 3.92%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Refer to “Consolidated statements of operations” in the Earnings Press Release for additional details.

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

Financial and Asset Base Highlights (continued) |
March 31, 2025
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

|  | Three Months Ended (unless stated otherwise)
|  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Amounts included in funds from operations and non-revenue-enhancing capital expenditures |  |  |  |  |  |  |  |  |  |
Straight-line rent revenue |  | $22,023 |  | $17,653 |  | $29,087 |  | $48,338 |  | $48,251
Amortization of acquired below-market leases |  | $15,222 |  | $15,512 |  | $17,312 |  | $22,515 |  | $30,340
Amortization of deferred revenue related to tenant-funded and -built landlord improvements |  | $1,651 |  | $1,214 |  | $329 |  | $— |  | $—
Straight-line rent expense on ground leases |  | $149 |  | $1,021 |  | $789 |  | $341 |  | $358
Cash payment for ground lease extension(1) |  | $(135,000) |  | $(135,000) |  | $— |  | $— |  | $—
Stock compensation expense |  | $10,064 |  | $12,477 |  | $15,525 |  | $14,507 |  | $17,125
Amortization of loan fees |  | $4,691 |  | $4,620 |  | $4,222 |  | $4,146 |  | $4,142
Amortization of debt discounts |  | $349 |  | $333 |  | $330 |  | $328 |  | $318
Non-revenue-enhancing capital expenditures: |  |  |  |  |  |  |  |  |  |
Building improvements |  | $3,789 |  | $4,313 |  | $4,270 |  | $4,210 |  | $4,293
Tenant improvements and leasing commissions |  | $73,483 | (2) | $81,918 |  | $55,920 |  | $15,724 |  | $21,144
Funds from operations attributable to noncontrolling interests |  | $81,012 |  | $76,111 |  | $78,113 |  | $78,711 |  | $79,535
Operating statistics and related information (at end of period) |  |  |  |  |  |  |  |  |  |
Number of properties – North America |  | 386 |  | 391 |  | 406 |  | 408 |  | 410
RSF – North America (including development and redevelopment projects under construction) |  | 43,687,343 |  | 44,124,001 |  | 46,748,734 |  | 47,085,993 |  | 47,206,639
Total square footage – North America |  | 68,518,184 |  | 69,289,411 |  | 73,611,815 |  | 74,103,404 |  | 74,069,321
Annual rental revenue per occupied RSF – North America |  | $58.38 |  | $56.98 |  | $57.09 |  | $56.87 |  | $56.86
Occupancy of operating properties – North America |  | 91.7% | (3) | 94.6% |  | 94.7% |  | 94.6% |  | 94.6%
Occupancy of operating and redevelopment properties – North America |  | 86.9% |  | 89.7% |  | 89.7% |  | 89.9% |  | 90.2%
Weighted-average remaining lease term (in years) |  | 7.6 |  | 7.5 |  | 7.5 |  | 7.4 |  | 7.5
Total leasing activity – RSF |  | 1,030,553 |  | 1,310,999 |  | 1,486,097 |  | 1,114,001 |  | 1,142,857
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: |  |  |  |  |  |  |  |  |  |
Rental rate changes |  | 18.5% |  | 18.1% |  | 5.1% |  | 7.4% |  | 33.0%
Rental rate changes (cash basis) |  | 7.5% |  | 3.3% |  | 1.5% |  | 3.7% |  | 19.0%
RSF (included in total leasing activity above) |  | 884,408 |  | 1,024,862 |  | 1,278,857 |  | 589,650 |  | 994,770
Top 20 tenants: |  |  |  |  |  |  |  |  |  |
Annual rental revenue |  | $754,354 |  | $741,965 |  | $796,898 |  | $805,751 |  | $802,605
Annual rental revenue from investment-grade or publicly traded large cap tenants |  | 87% |  | 92% |  | 92% |  | 92% |  | 92%
Weighted-average remaining lease term (in years) |  | 9.6 |  | 9.3 |  | 9.5 |  | 9.4 |  | 9.7
Same property – percentage change over comparable quarter from prior year: |  |  |  |  |  |  |  |  |  |
Net operating income changes |  | (3.1)% | (3) | 0.6% |  | 1.5% |  | 1.5% |  | 1.0%
Net operating income changes (cash basis) |  | 5.1% |  | 6.3% |  | 6.5% |  | 3.9% |  | 4.2%

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 each in 1Q25 and 4Q24.
(2)Includes tenant improvements and leasing commissions for one 11.4-year lease at the Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 119,280 RSF. Excluding this lease, tenant
improvements and leasing commissions per RSF and as a percentage of total rents for the three months ended March 31, 2025 were $40.93 and 9.1%, which are consistent with the five-year quarterly averages of $37.53 and
10.5%, respectively.
(3)Refer to page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional information.

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

High-Quality and Diverse Client Base
March 31, 2025

Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 750 Tenants
|  | Investment-Grade or Publicly Traded Large Cap Tenants
| 87%
| of ARE’s Top 20 Tenant Annual Rental Revenue
| 51%
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(2)
Other Investment-Grade
or Large Cap Tech
Biomedical
Institutions(1)
Government
Institutions
As of March 31, 2025. Annual rental revenue represents amounts in effect as of March 31, 2025. 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)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.
(2)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.

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

High-Quality and Diverse Client Base (continued)
March 31, 2025

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

Sustained Strength in Tenant Collections(1)
99.9% |  | 99.8%
1Q25 |  | April 2025
Long-Duration Lease Terms
9.6 Years |  | 7.6 Years
Top 20 Tenants |  | All Tenants
Weighted-Average Remaining Term(2)

(1)Represents the portion of total receivables billed for each period collected as of April 28, 2025.
(2)Based on annual rental revenue in effect as of March 31, 2025.

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

Key Operating Metrics
March 31, 2025

Same Property Net Operating Income Performance |  |  | Rental Rate Growth: Renewed/Re-Leased Space
Margins(2) |  | Favorable Lease Structure(3)
Operating |  | Adjusted EBITDA |  |  |  | Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems
70% |  | 71% |  |  |  | Increasing cash flows |  |
|  |  |  | Percentage of leases containing annual rent escalations | 98%
|  |  | Stable cash flows |  |
Historical Weighted-Average Lease Term of Executed Leases(4) |  | Percentage of triple net leases | 91%
8.9 Years |  |  |  | Lower capex burden |  |
|  |  | Percentage of leases providing for the recapture of capital expenditures | 93%

(1)
(3.1)%

2024 |  | 3/31/25

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)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
(2)For the three months ended March 31, 2025.
(3)Percentages calculated based on our annual rental revenue in effect as of March 31, 2025.
(4)Represents the weighted-average lease term of executed leases based on annual rental revenue for the approximate 10-year period for the years ended December 31, 2016 through 2024 and the three months ended
March 31, 2025.

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

Same Property Performance |
March 31, 2025
(Dollars in thousands)

Same Property Financial Data |  | Three Months Ended March 31, 2025 |  | Same Property Statistical Data |  | Three Months Ended March 31, 2025
Percentage change over comparable period from prior year: |  |  |  | Number of same properties |  | 333
Net operating income changes |  | (3.1)% | (1) | Rentable square feet |  | 34,099,158
Net operating income changes (cash basis) |  | 5.1% | (1)(2) | Occupancy – current-period average |  | 93.3%
Operating margin |  | 68% |  | Occupancy – same-period prior-year average |  | 94.3%

|  | Three Months Ended March 31, |
|  | 2025 |  | 2024 |  | $ Change |  | % Change |
Income from rentals: |  |  |  |  |  |  |  |  |
Same properties |  | $469,387 |  | $476,074 |  | $(6,687) |  | (1.4)% |
Non-same properties |  | 82,725 |  | 105,326 |  | (22,601) |  | (21.5) |
Rental revenues |  | 552,112 |  | 581,400 |  | (29,288) |  | (5.0) |
Same properties |  | 170,823 |  | 155,405 |  | 15,418 |  | 9.9 |
Non-same properties |  | 20,240 |  | 18,746 |  | 1,494 |  | 8.0 |
Tenant recoveries |  | 191,063 |  | 174,151 |  | 16,912 |  | 9.7 |
Income from rentals |  | 743,175 |  | 755,551 |  | (12,376) |  | (1.6) |
Same properties |  | 346 |  | 340 |  | 6 |  | 1.8 |
Non-same properties |  | 14,637 |  | 13,217 |  | 1,420 |  | 10.7 |
Other income |  | 14,983 |  | 13,557 |  | 1,426 |  | 10.5 |
Same properties |  | 640,556 |  | 631,819 |  | 8,737 |  | 1.4 |
Non-same properties |  | 117,602 |  | 137,289 |  | (19,687) |  | (14.3) |
Total revenues |  | 758,158 |  | 769,108 |  | (10,950) |  | (1.4) |
Same properties |  | 203,497 |  | 180,739 |  | 22,758 |  | 12.6 |
Non-same properties |  | 22,898 |  | 37,575 |  | (14,677) |  | (39.1) |
Rental operations |  | 226,395 |  | 218,314 |  | 8,081 |  | 3.7 |
Same properties |  | 437,059 |  | 451,080 |  | (14,021) |  | (3.1) |
Non-same properties |  | 94,704 |  | 99,714 |  | (5,010) |  | (5.0) |
Net operating income |  | $531,763 |  | $550,794 |  | $(19,031) |  | (3.5)% | (3)
Net operating income – same properties |  | $437,059 |  | $451,080 |  | $(14,021) |  | (3.1)% |
Straight-line rent revenue |  | (6,396) |  | (39,287) |  | 32,891 |  | (83.7) |
Amortization of acquired below-market leases |  | (10,002) |  | (11,525) |  | 1,523 |  | (13.2) |
Net operating income – same properties (cash basis) |  | $420,661 |  | $400,268 |  | $20,393 |  | 5.1% |

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.
(1)Includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties across four submarkets. Excluding the impact of the properties with these leases, same property net operating income changes for the three months
ended March 31, 2025 would have been 0.1% and 9.0% (cash basis). Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)Includes the impact of expiring initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool in
1Q25, including 15 Necco Street in our Seaport Innovation District submarket and 751 Gateway Boulevard in our South San Francisco submarket. Excluding the impact of these expiring initial free rent concessions, same property net
operating income change (cash basis) for the three months ended March 31, 2025 would have been 0.4%.
(3)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, the increase in net operating income for the three months ended March 31, 2025
would have been 2.2%.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 21

Leasing Activity |
March 31, 2025
(Dollars per RSF)

|  |  | Three Months Ended |  |  | Year Ended |
|  |  | March 31, 2025 |  |  | December 31, 2024 |
|  | Including Straight-Line Rent |  | Cash Basis | Including Straight-Line Rent |  |  | Cash Basis
Leasing activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Renewed/re-leased space(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental rate changes |  |  | 18.5% |  |  |  | 7.5% |  |  | 16.9% |  |  |  | 7.2% |
New rates |  |  | $57.56 |  |  |  | $55.04 |  |  | $65.48 |  |  |  | $64.18 |
Expiring rates |  |  | $48.57 |  |  |  | $51.18 |  |  | $56.01 |  |  |  | $59.85 |
RSF |  |  | 884,408 |  |  |  |  |  |  | 3,888,139 |  |  |  |  |
Tenant improvements/leasing commissions |  |  | $83.09 | (2) |  |  |  |  |  | $46.89 |  |  |  |  |
Weighted-average lease term |  |  | 10.1 years |  |  |  |  |  |  | 8.5 years |  |  |  |  |
Developed/redeveloped/previously vacant space leased(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $49.80 |  |  |  | $49.51 |  |  | $59.44 |  |  |  | $57.34 |
RSF |  |  | 146,145 |  |  |  |  |  |  | 1,165,815 |  |  |  |  |
Weighted-average lease term |  |  | 8.8 years |  |  |  |  |  |  | 10.0 years |  |  |  |  |
Leasing activity summary (totals): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New rates |  |  | $56.46 |  |  |  | $54.26 |  |  | $64.16 |  |  |  | $62.68 |
RSF |  |  | 1,030,553 |  |  |  |  |  |  | 5,053,954 |  |  |  |  |
Weighted-average lease term |  |  | 10.0 years |  |  |  |  |  |  | 8.9 years |  |  |  |  |
Lease expirations(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expiring rates |  |  | $49.93 |  |  |  | $51.55 |  |  | $53.82 |  |  |  | $57.24 |
RSF |  |  | 1,923,048 |  |  |  |  |  |  | 5,005,638 |  |  |  |  |

Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 160,540 RSF and 136,131 RSF as of March 31, 2025 and December 31, 2024, respectively. During the trailing twelve months ended March 31, 2025, we granted free rent
concessions averaging 0.7 months per annum.
(2)Includes tenant improvements and leasing commissions for one 11.4-year lease at the Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 119,280 RSF. Excluding this lease, tenant
improvements and leasing commissions per RSF and as a percentage of total rents for the three months ended March 31, 2025 were $40.93 and 9.1%, which are consistent with the five-year quarterly averages of $37.53
and 10.5%, r espectively.
(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 | 22

Contractual Lease Expirations
March 31, 2025

Year |  | RSF |  | Percentage of Occupied RSF |  | Annual Rental Revenue (per RSF)(1) |  | Percentage of Annual Rental Revenue |
| 2025 | (2) |  |  | 2,005,741 |  |  |  | 5.6% |  |  |  | $46.91 |  |  |  | 4.6% |  |
| 2026 |  |  |  | 3,043,760 |  |  |  | 8.5% |  |  |  | $56.08 |  |  |  | 8.3% |  |
| 2027 |  |  |  | 3,130,452 |  |  |  | 8.7% |  |  |  | $51.23 |  |  |  | 7.8% |  |
| 2028 |  |  |  | 4,060,412 |  |  |  | 11.3% |  |  |  | $52.17 |  |  |  | 10.3% |  |
| 2029 |  |  |  | 2,429,749 |  |  |  | 6.8% |  |  |  | $50.67 |  |  |  | 6.0% |  |
| 2030 |  |  |  | 3,064,307 |  |  |  | 8.6% |  |  |  | $43.86 |  |  |  | 6.5% |  |
| 2031 |  |  |  | 3,579,117 |  |  |  | 10.0% |  |  |  | $54.84 |  |  |  | 9.5% |  |
| 2032 |  |  |  | 1,023,407 |  |  |  | 2.9% |  |  |  | $58.33 |  |  |  | 2.9% |  |
| 2033 |  |  |  | 2,539,851 |  |  |  | 7.1% |  |  |  | $48.14 |  |  |  | 5.9% |  |
| 2034 |  |  |  | 3,280,121 |  |  |  | 9.2% |  |  |  | $67.72 |  |  |  | 10.7% |  |
Thereafter |  |  | 7,673,811 |  |  |  | 21.3% |  |  |  | $74.48 |  |  |  | 27.5% |  |

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 |  | 136,506 |  | 5,597 |  | 25,312 |  |  | 261,540 |  |  | 428,955 |  | $45.19 |  | 47,439 |  | 11,565 |  | — |  |  | 399,436 |  |  | 458,440 |  | $94.58
San Francisco Bay Area |  | 293,051 |  | 110,549 |  | — |  |  | 346,927 |  |  | 750,527 |  | 71.21 |  | 25,511 |  | — |  | — |  |  | 623,634 |  |  | 649,145 |  | 76.43
San Diego |  | 28,760 |  | — |  | — |  |  | 85,189 |  |  | 113,949 |  | 34.37 |  | — |  | 28,827 |  | — |  |  | 873,855 |  |  | 902,682 |  | 47.04
Seattle |  | — |  | — |  | — |  |  | 67,114 |  |  | 67,114 |  | 31.33 |  | 26,266 |  | — |  | — |  |  | 166,491 |  |  | 192,757 |  | 31.57
Maryland |  | 35,055 |  | 6,228 |  | — |  |  | 31,683 |  |  | 72,966 |  | 22.19 |  | — |  | 15,489 |  | — |  |  | 276,969 |  |  | 292,458 |  | 20.20
Research Triangle |  | 173,888 |  | — |  | — |  |  | 78,625 |  |  | 252,513 |  | 27.98 |  | 19,753 |  | — |  | — |  |  | 167,805 |  |  | 187,558 |  | 38.98
New York City |  | — |  | — |  | — |  |  | 42,002 |  |  | 42,002 |  | 99.58 |  | — |  | — |  | — |  |  | 72,052 |  |  | 72,052 |  | 104.17
Texas |  | — |  | — |  | 198,972 | (5) |  | — |  |  | 198,972 |  | N/A |  | — |  | — |  | — |  |  | — |  |  | — |  | —
Canada |  | 22,991 |  | — |  | — |  |  | 54,752 |  |  | 77,743 |  | 18.35 |  | — |  | 247,743 |  | — |  |  | — |  |  | 247,743 |  | 21.23
Non-cluster/other markets |  | — |  | — |  | — |  |  | 1,000 |  |  | 1,000 |  | 49.20 |  | — |  | — |  | — |  |  | 40,925 |  |  | 40,925 |  | 75.98
Total |  | 690,251 |  | 122,374 |  | 224,284 |  |  | 968,832 |  |  | 2,005,741 |  | $46.91 |  | 118,969 |  | 303,624 |  | — |  |  | 2,621,167 |  |  | 3,043,760 |  | $56.08
Percentage of expiring leases |  | 34% |  | 6% |  | 11% |  |  | 49% |  |  | 100% |  |  |  | 4% |  | 10% |  | 0% |  |  | 86% |  |  | 100% |  |

Contractual lease expirations for properties classified as held for sale as of March 31, 2025 are excluded from the information on this page.
(1)Represents amounts in effect as of March 31, 2025.
(2)Excludes month-to-month leases aggregating 160,540 RSF as of March 31, 2025.
(3)Primarily represents assets that were recently acquired for future development or 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 March 31, 2025, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $1.6 million and May 27, 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)T he largest remaining contractual lease expiration in 2025 is 88,179 RSF in our Cambridge/Inner Suburbs submarket and in 2026 is 163,648 RSF in our University Town Center submarket, at a property in which 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)Represents two properties with future development and redevelopment opportunities, located at 1001 Trinity Street and 1020 Red River Street in our Austin submarket, with contractual lease expirations in 2Q25.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 23

Top 20 Tenants |
March 31, 2025
(Dollars in thousands, except average market cap amounts)

87% 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 |  |  | 9.7 |  |  |  | 1,070,953 |  |  |  | $89,599 |  |  | 4.3% |  | Aa3 |  | A+ |  | $797.9 |
2 |  | Moderna, Inc. |  |  | 11.1 |  |  |  | 496,814 |  |  |  | 89,347 |  |  | 4.3 |  | — |  | — |  | $29.1 |
3 |  | Bristol-Myers Squibb Company |  |  | 5.2 |  |  |  | 999,379 |  |  |  | 77,188 |  |  | 3.7 |  | A2 |  | A |  | $104.1 |
4 |  | Takeda Pharmaceutical Company Limited |  |  | 10.2 |  |  |  | 549,759 |  |  |  | 47,899 |  |  | 2.3 |  | Baa1 |  | BBB+ |  | $43.8 |
5 |  | Eikon Therapeutics, Inc.(2) |  |  | 13.7 |  |  |  | 311,806 |  |  |  | 36,783 |  |  | 1.8 |  | — |  | — |  | $— |
6 |  | Roche |  |  | 8.0 |  |  |  | 647,069 |  |  |  | 36,189 |  |  | 1.7 |  | Aa2 |  | AA |  | $242.8 |
7 |  | Illumina, Inc. |  |  | 5.6 |  |  |  | 857,967 |  |  |  | 35,924 |  |  | 1.7 |  | Baa3 |  | BBB |  | $19.5 |
8 |  | Alphabet Inc. |  |  | 2.6 |  |  |  | 625,015 |  |  |  | 34,899 |  |  | 1.7 |  | Aa2 |  | AA+ |  | $2,143.6 |
9 |  | 2seventy bio, Inc.(3) |  |  | 8.4 |  |  |  | 312,805 |  |  |  | 33,543 |  |  | 1.6 |  | — |  | — |  | $0.2 |
10 |  | United States Government |  |  | 5.3 |  |  |  | 429,359 |  |  |  | 29,097 | (4) |  | 1.4 |  | Aaa |  | AA+ |  | $— |
11 |  | Uber Technologies, Inc. |  |  | 57.5 | (5) |  |  | 1,009,188 |  |  |  | 27,799 |  |  | 1.3 |  | Baa2 |  | BBB |  | $148.3 |
12 |  | Novartis AG |  |  | 3.3 |  |  |  | 387,563 |  |  |  | 27,709 |  |  | 1.3 |  | Aa3 |  | AA- |  | $234.5 |
13 |  | AstraZeneca PLC |  |  | 4.6 |  |  |  | 450,848 |  |  |  | 27,226 |  |  | 1.3 |  | A1 |  | A+ |  | $231.1 |
14 |  | Cloud Software Group, Inc. |  |  | 1.2 | (6) |  |  | 292,013 |  |  |  | 26,446 |  |  | 1.3 |  | — |  | — |  | $— |
15 |  | Boston Children’s Hospital |  |  | 12.0 |  |  |  | 309,231 |  |  |  | 26,212 |  |  | 1.3 |  | Aa2 |  | AA |  | $— |
16 |  | The Regents of the University of California |  |  | 6.2 |  |  |  | 369,753 |  |  |  | 23,330 |  |  | 1.1 |  | Aa2 |  | AA |  | $— |
17 |  | Sanofi |  |  | 5.8 |  |  |  | 267,278 |  |  |  | 21,851 |  |  | 1.1 |  | A1 |  | AA |  | $130.9 |
18 |  | Charles River Laboratories, Inc. |  |  | 10.1 |  |  |  | 256,066 |  |  |  | 21,202 |  |  | 1.0 |  | — |  | — |  | $10.2 |
19 |  | New York University |  |  | 7.3 |  |  |  | 218,983 |  |  |  | 21,110 |  |  | 1.0 |  | Aa2 |  | AA- |  | $— |
20 |  | Merck & Co., Inc. |  |  | 8.4 |  |  |  | 333,124 |  |  |  | 21,001 |  |  | 1.0 |  | Aa3 |  | A+ |  | $281.3 |
|  | Total/weighted-average |  |  | 9.6 | (5) |  |  | 10,194,973 |  |  |  | $754,354 |  |  | 36.2% |  |  |  |  |  |  |

Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the
Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of March 31, 2025.
(2)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharma executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over
$1.2 billion in private venture capital funding.
(3)In March 2025, 2seventy bio, Inc. announced a definitive merger agreement with Bristol-Myers Squibb Company, which is expected to close in the second quarter of 2025.
(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration. Approximately 3% of the annual rental revenue derived from our
leases with the United States Government is cancellable prior to the lease expiration date.
(5)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by our
unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue
from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 6.9 years as of March 31, 2025.
(6)Represents one lease at a property acquired in 2022 with potential 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.

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

Summary of Properties and Occupancy |
March 31, 2025
(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 |  | 9,304,074 |  | 632,850 |  | 1,601,010 |  | 11,537,934 |  | 26% |  | 65 |  | $754,342 |  | 36% |  | $88.20 |
San Francisco Bay Area |  | 7,971,965 |  | 109,435 |  | 366,939 |  | 8,448,339 |  | 19 |  | 65 |  | 455,516 |  | 22 |  | 68.28 |
San Diego |  | 7,140,194 |  | 903,792 |  | — |  | 8,043,986 |  | 18 |  | 77 |  | 323,222 |  | 16 |  | 47.98 |
Seattle |  | 3,179,033 |  | 227,577 |  | — |  | 3,406,610 |  | 9 |  | 45 |  | 137,539 |  | 6 |  | 47.27 |
Maryland |  | 3,848,870 |  | — |  | — |  | 3,848,870 |  | 9 |  | 50 |  | 141,895 |  | 7 |  | 39.70 |
Research Triangle |  | 3,801,564 |  | — |  | — |  | 3,801,564 |  | 9 |  | 38 |  | 109,002 |  | 5 |  | 30.71 |
New York City |  | 921,894 |  | — |  | — |  | 921,894 |  | 2 |  | 4 |  | 74,571 |  | 4 |  | 92.34 |
Texas |  | 1,845,159 |  | — |  | 73,298 |  | 1,918,457 |  | 4 |  | 15 |  | 37,754 |  | 2 |  | 24.93 |
Canada |  | 895,182 |  | — |  | 132,881 |  | 1,028,063 |  | 2 |  | 11 |  | 18,525 |  | 1 |  | 21.86 |
Non-cluster/other markets |  | 349,099 |  | — |  | — |  | 349,099 |  | 1 |  | 10 |  | 15,413 |  | 1 |  | 60.52 |
Properties held for sale |  | 382,527 |  | — |  | — |  | 382,527 |  | 1 |  | 6 |  | 9,031 |  | — |  | 49.82 |
North America |  | 39,639,561 |  | 1,873,654 |  | 2,174,128 |  | 43,687,343 |  | 100% |  | 386 |  | $2,076,810 |  | 100% |  | $58.38 |
|  |  |  | 4,047,782 |  |  |  |  |  |  |  |  |  |  |  |  |

Summary of occupancy

|  | Operating Properties |  | Operating and Redevelopment Properties
Market |  | 3/31/25 |  | 12/31/24 |  | 3/31/24 |  | 3/31/25 |  | 12/31/24 |  | 3/31/24
Greater Boston |  | 91.8% | (1) | 94.8% |  | 94.5% |  | 78.4% |  | 80.8% |  | 83.3%
San Francisco Bay Area |  | 90.3 | (1) | 93.3 |  | 94.4 |  | 86.3 |  | 89.1 |  | 91.2
San Diego |  | 94.3 |  | 96.3 |  | 95.2 |  | 94.3 |  | 96.3 |  | 95.2
Seattle |  | 91.5 |  | 92.4 |  | 94.9 |  | 91.5 |  | 92.4 |  | 93.9
Maryland |  | 94.1 |  | 95.7 |  | 95.4 |  | 94.1 |  | 95.7 |  | 95.4
Research Triangle |  | 93.4 | (1) | 97.4 |  | 97.8 |  | 93.4 |  | 97.4 |  | 97.8
New York City |  | 87.6 | (2) | 88.4 |  | 84.4 |  | 87.6 |  | 88.4 |  | 84.4
Texas |  | 82.1 | (1) | 95.5 |  | 95.1 |  | 78.9 |  | 91.8 |  | 91.5
Subtotal |  | 91.8 |  | 94.8 |  | 94.9 |  | 87.1 |  | 90.0 |  | 90.6
Canada |  | 94.6 |  | 95.9 |  | 91.8 |  | 82.4 |  | 82.9 |  | 77.8
Non-cluster/other markets |  | 73.0 |  | 72.5 |  | 75.4 |  | 73.0 |  | 72.5 |  | 75.4
North America |  | 91.7% | (1)(3) | 94.6% |  | 94.6% |  | 86.9% |  | 89.7% |  | 90.2%

(1)The decline in occupancy from December 31, 2024 includes certain previously disclosed 1Q25 lease expirations aggregating 768,080 RSF at six properties in four submarkets comprising the following: (i) 182,054
RSF at the Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street 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.
(2)The Alexandria Center® for Life Science – New York City Megacampus is 97.7% occupied as of March 31, 2025. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life
Science – Long Island City property, which was 45.7% occupied as of March 31, 2025.
(3)Includes vacant spaces aggregating 250,925 RSF, or 0.7% impac t to occupancy, which are leased with a weighted-average expected delivery date around the end of 2025 and 242,035 RSF, o r 0.6% impact to
occupancy, which is subject to ongoing negotiations.

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

Property Listing |
March 31, 2025
(Dollars in thousands)

Our Megacampus™ Properties Account for 75% 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 |  | 2,213,867 |  | — |  | — |  | 2,213,867 |  | 8 |  | $223,621 |  |  | 97.4% |  |  | 97.4% |
|  | 50(1), 60(1), 75/125(1), 90, 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 |  | 148,198 |  |  | 93.7 |  |  | 86.6 |
|  | 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® |  | 1,193,634 |  | — |  | — |  | 1,193,634 |  | 7 |  | 106,901 |  |  | 83.9 |  |  | 83.9 |
|  | 100, 200, 300, 400, 500, 600, and 700 Technology Square |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: The Arsenal on the Charles |  | 776,628 |  | 36,444 |  | 308,446 |  | 1,121,518 |  | 13 |  | 47,214 |  |  | 94.9 |  |  | 67.9 |
|  | 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 |  | 27,340 |  |  | 98.4 |  |  | 98.4 |
|  | Cambridge/Inner Suburbs |  | 6,098,765 |  | 240,839 |  | 413,402 |  | 6,753,006 |  | 46 |  | 553,274 |  |  | 93.7 |  |  | 87.8 |
| Fenway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Fenway |  | 1,293,731 |  | 392,011 |  | 137,675 |  | 1,823,417 |  | 3 |  | 96,917 |  |  | 87.2 |  |  | 78.9 |
|  | 401 and 421 Park Drive and 201 Brookline Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Seaport Innovation District |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 5 and 15(1) Necco Street |  | 459,395 |  | — |  | — |  | 459,395 |  | 2 |  | 46,743 |  |  | 92.7 |  |  | 92.7 |
|  | Seaport Innovation District |  | 459,395 |  | — |  | — |  | 459,395 |  | 2 |  | 46,743 |  |  | 92.7 |  |  | 92.7 |
| Route 128 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Waltham |  | 466,094 |  | — |  | 596,064 |  | 1,062,158 |  | 5 |  | 38,471 |  |  | 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 |  | 14,171 |  |  | 97.1 |  |  | 97.1 |
|  | Route 128 |  | 1,051,320 |  | — |  | 596,064 |  | 1,647,384 |  | 8 |  | 52,642 |  |  | 98.4 |  |  | 62.8 |
| Other |  | 400,863 |  | — |  | 453,869 |  | 854,732 |  | 6 |  | 4,766 |  |  | 59.7 |  |  | 28.0 |
|  | Greater Boston |  | 9,304,074 |  | 632,850 |  | 1,601,010 |  | 11,537,934 |  | 65 |  | $754,342 |  |  | 91.8% |  |  | 78.4% |
| 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 | 26

Property Listing (continued) |
March 31, 2025
(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) |  | 2,010,469 |  | 109,435 |  | — |  | 2,119,904 |  | 10 |  | $76,151 |  |  | 83.4% |  |  | 83.4% |
|  | 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 |  | 2,010,469 |  | 109,435 |  | — |  | 2,119,904 |  | 10 |  | 76,151 |  |  | 83.4 |  |  | 83.4 |
| South San Francisco |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Technology Center® – Gateway(1) |  | 1,409,365 |  | — |  | 259,689 |  | 1,669,054 |  | 12 |  | 75,819 |  |  | 82.3 |  |  | 69.5 |
|  | 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 |  | 504,235 |  | — |  | — |  | 504,235 |  | 3 |  | 32,780 |  |  | 88.0 |  |  | 88.0 |
|  | 201 Haskins Way and 400 and 450 East Jamie Court |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Advanced Technologies – Tanforan |  | 445,232 |  | — |  | — |  | 445,232 |  | 2 |  | 2,559 |  |  | 100.0 |  |  | 100.0 |
|  | 1122 and 1150 El Camino Real |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – Millbrae(1) |  | 285,346 |  | — |  | — |  | 285,346 |  | 1 |  | 33,697 |  |  | 100.0 |  |  | 100.0 |
|  | 230 Harriet Tubman Way |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 500 Forbes Boulevard(1) |  | 155,685 |  | — |  | — |  | 155,685 |  | 1 |  | 10,680 |  |  | 100.0 |  |  | 100.0 |
|  | South San Francisco |  | 3,612,316 |  | — |  | 366,939 |  | 3,979,255 |  | 24 |  | 208,525 |  |  | 91.4 |  |  | 83.0 |
| Greater Stanford |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – San Carlos |  | 738,038 |  | — |  | — |  | 738,038 |  | 9 |  | 41,601 |  |  | 94.5 |  |  | 94.5 |
|  | 825, 835, 960, and 1501-1599 Industrial Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Stanford Life Science District |  | 704,559 |  | — |  | — |  | 704,559 |  | 9 |  | 73,213 |  |  | 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 |  | 23,601 |  |  | 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 |  | 198,548 |  | — |  | — |  | 198,548 |  | 3 |  | 13,450 |  |  | 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 |  | 2,349,180 |  | — |  | — |  | 2,349,180 |  | 31 |  | 170,840 |  |  | 94.5 |  |  | 94.5 |
|  | San Francisco Bay Area |  | 7,971,965 |  | 109,435 |  | 366,939 |  | 8,448,339 |  | 65 |  | $455,516 |  |  | 90.3% |  |  | 86.3% |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2)We own 100% of this property. (3)Includes 109,435 RSF at our 1450 Owens Street development project, where we have a 25% interest. 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 total 212,796 RSF development project. We expect to complete the transaction in 2H25. Accordingly, we adjusted the development project RSF to reflect the remaining 109,435 RSF. 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 | 27

Property Listing (continued) |
March 31, 2025
(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 |  | 849,325 |  | 241,504 |  | — |  | 1,090,829 |  | 10 |  | $49,385 |  |  | 86.6% |  |  | 86.6% |
|  | 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 |  | 1,366,922 |  | 241,504 |  | — |  | 1,608,426 |  | 17 |  | 74,832 |  |  | 86.9 |  |  | 86.9 |
| University Town Center |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Campus Point by Alexandria(1) |  | 1,325,415 |  | 426,927 |  | — |  | 1,752,342 |  | 8 |  | 81,937 |  |  | 98.1 |  |  | 98.1 |
|  | 9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155, 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 |  | 2,281,750 |  | 426,927 |  | — |  | 2,708,677 |  | 15 |  | 118,435 |  |  | 98.9 |  |  | 98.9 |
| Sorrento Mesa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: SD Tech by Alexandria(1) |  | 896,464 |  | 235,361 |  | — |  | 1,131,825 |  | 12 |  | 41,655 |  |  | 93.7 |  |  | 93.7 |
|  | 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 |  | 28,471 |  |  | 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 |  | 4,621 |  |  | 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 |  | 960 |  |  | 50.1 |  |  | 50.1 |
|  | Sorrento Mesa |  | 2,985,862 |  | 235,361 |  | — |  | 3,221,223 |  | 35 |  | 114,661 |  |  | 96.2 |  |  | 96.2 |
| Sorrento Valley |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard |  | 151,406 |  | — |  | — |  | 151,406 |  | 6 |  | 2,866 |  |  | 42.7 |  |  | 42.7 |
|  | 11045 and 11055 Roselle Street |  | 43,233 |  | — |  | — |  | 43,233 |  | 2 |  | 2,203 |  |  | 100.0 |  |  | 100.0 |
|  | Sorrento Valley |  | 194,639 |  | — |  | — |  | 194,639 |  | 8 |  | 5,069 |  |  | 55.4 |  |  | 55.4 |
| Other |  | 311,021 |  | — |  | — |  | 311,021 |  | 2 |  | 10,225 |  |  | 100.0 |  |  | 100.0 |
|  | San Diego |  | 7,140,194 |  | 903,792 |  | — |  | 8,043,986 |  | 77 |  | $323,222 |  |  | 94.3% |  |  | 94.3% |
| Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2)We own 100% of this property.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 28

Property Listing (continued) |
March 31, 2025
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
Seattle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Lake Union |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Eastlake |  | 1,151,672 |  | — |  | — |  | 1,151,672 |  | 9 |  | $80,340 |  |  | 96.5% |  |  | 96.5% |
|  | 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 Advanced Technologies – South Lake Union |  | 381,380 |  | 227,577 |  | — |  | 608,957 |  | 3 |  | 21,720 |  |  | 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 |  | 1,342 |  |  | 56.9 |  |  | 56.9 |
|  | Lake Union |  | 1,564,849 |  | 227,577 |  | — |  | 1,792,426 |  | 13 |  | 103,402 |  |  | 96.5 |  |  | 96.5 |
| Elliott Bay |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 410 West Harrison Street and 410 Elliott Avenue West |  | 20,101 |  | — |  | — |  | 20,101 |  | 2 |  | 696 |  |  | 100.0 |  |  | 100.0 |
| Bothell |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park |  | 1,061,783 |  | — |  | — |  | 1,061,783 |  | 22 |  | 21,105 |  |  | 86.9 |  |  | 86.9 |
|  | 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 |  | 464,889 |  | — |  | — |  | 464,889 |  | 6 |  | 11,590 |  |  | 83.9 |  |  | 83.9 |
|  | 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Bothell |  | 1,526,672 |  | — |  | — |  | 1,526,672 |  | 28 |  | 32,695 |  |  | 86.0 |  |  | 86.0 |
| Other |  | 67,411 |  | — |  | — |  | 67,411 |  | 2 |  | 746 |  |  | 100.0 |  |  | 100.0 |
|  | Seattle |  | 3,179,033 |  | 227,577 |  | — |  | 3,406,610 |  | 45 |  | 137,539 |  |  | 91.5 |  |  | 91.5 |
Maryland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Rockville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Shady Grove |  | 1,691,960 |  | — |  | — |  | 1,691,960 |  | 20 |  | 77,770 |  |  | 94.4 |  |  | 94.4 |
|  | 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 |  | 4,324 |  |  | 100.0 |  |  | 100.0 |
|  | 1405 and 1450(1) Research Boulevard |  | 114,182 |  | — |  | — |  | 114,182 |  | 2 |  | 2,998 |  |  | 72.8 |  |  | 72.8 |
|  | 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 |  | 3,108 |  |  | 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 |  | 2,193,566 |  | — |  | — |  | 2,193,566 |  | 28 |  | $93,618 |  |  | 94.3% |  |  | 94.3% |
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. |

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

Property Listing (continued) |
March 31, 2025
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
Maryland (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Gaithersburg |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Gaithersburg I |  | 619,061 |  | — |  | — |  | 619,061 |  | 9 |  | $19,642 |  |  | 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 |  | 486,300 |  | — |  | — |  | 486,300 |  | 7 |  | 17,704 |  |  | 95.1 |  |  | 95.1 |
|  | 700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 20400 Century Boulevard |  | 81,006 |  | — |  | — |  | 81,006 |  | 1 |  | 2,114 |  |  | 100.0 |  |  | 100.0 |
|  | 401 Professional Drive |  | 63,154 |  | — |  | — |  | 63,154 |  | 1 |  | 1,952 |  |  | 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 |  | 1,327,471 |  | — |  | — |  | 1,327,471 |  | 20 |  | 43,853 |  |  | 94.8 |  |  | 94.8 |
| Beltsville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 8000/9000/10000 Virginia Manor Road |  | 191,884 |  | — |  | — |  | 191,884 |  | 1 |  | 3,039 |  |  | 100.0 |  |  | 100.0 |
|  | 101 West Dickman Street(1) |  | 135,949 |  | — |  | — |  | 135,949 |  | 1 |  | 1,385 |  |  | 75.0 |  |  | 75.0 |
|  | Beltsville |  | 327,833 |  | — |  | — |  | 327,833 |  | 2 |  | 4,424 |  |  | 89.6 |  |  | 89.6 |
|  | Maryland |  | 3,848,870 |  | — |  | — |  | 3,848,870 |  | 50 |  | 141,895 |  |  | 94.1 |  |  | 94.1 |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Research Triangle |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – Durham |  | 2,214,887 |  | — |  | — |  | 2,214,887 |  | 16 |  | 54,788 |  |  | 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 |  | 687,184 |  | — |  | — |  | 687,184 |  | 6 |  | 29,892 |  |  | 93.4 |  |  | 93.4 |
|  | 6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Sustainable Technologies |  | 364,493 |  | — |  | — |  | 364,493 |  | 7 |  | 7,283 |  |  | 60.7 |  |  | 60.7 |
|  | 104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Technology Center® – Alston |  | 155,731 |  | — |  | — |  | 155,731 |  | 3 |  | 3,517 |  |  | 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 |  | 3,801,564 |  | — |  | — |  | 3,801,564 |  | 38 |  | $109,002 |  |  | 93.4% |  |  | 93.4% |
| 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 | 30

Property Listing (continued) |
March 31, 2025
(Dollars in thousands)

Market / Submarket / Address |  | RSF |  | Number of Properties |  | Annual Rental Revenue |  | Occupancy Percentage
|  |  |  | Operating |  | Operating and Redevelopment
| Operating |  | Development |  | Redevelopment |  | Total |  |  |  |
New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| New York City |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Alexandria Center® for Life Science – New York City |  | 742,706 |  | — |  | — |  | 742,706 |  | 3 |  | $68,898 |  |  | 97.7% |  |  | 97.7% |
|  | 430 and 450 East 29th Street |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Life Science – Long Island City |  | 179,188 |  | — |  | — |  | 179,188 |  | 1 |  | 5,673 |  |  | 45.7 |  |  | 45.7 |
|  | 30-02 48th Avenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | New York City |  | 921,894 |  | — |  | — |  | 921,894 |  | 4 |  | 74,571 |  |  | 87.6 |  |  | 87.6 |
Texas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Megacampus: Intersection Campus |  | 1,525,359 |  | — |  | — |  | 1,525,359 |  | 12 |  | 33,687 |  |  | 83.0 |  |  | 83.0 |
|  | 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 |  | 34,582 |  |  | 84.9 |  |  | 84.9 |
| Greater Houston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Alexandria Center® for Advanced Technologies at The Woodlands |  | 120,828 |  | — |  | 73,298 |  | 194,126 |  | 1 |  | 3,172 |  |  | 41.5 |  |  | 25.8 |
|  | 8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Texas |  | 1,845,159 |  | — |  | 73,298 |  | 1,918,457 |  | 15 |  | 37,754 |  |  | 82.1 |  |  | 78.9 |
Canada |  | 895,182 |  | — |  | 132,881 |  | 1,028,063 |  | 11 |  | 18,525 |  |  | 94.6 |  |  | 82.4 |
Non-cluster/other markets |  | 349,099 |  | — |  | — |  | 349,099 |  | 10 |  | 15,413 |  |  | 73.0 |  |  | 73.0 |
North America, excluding properties held for sale |  | 39,257,034 |  | 1,873,654 |  | 2,174,128 |  | 43,304,816 |  | 380 |  | 2,067,779 |  |  | 91.7% |  |  | 86.9% |
Properties held for sale |  | 382,527 |  | — |  | — |  | 382,527 |  | 6 |  | 9,031 |  |  | 47.4% |  |  | 47.4% |
Total – North America |  | 39,639,561 |  | 1,873,654 |  | 2,174,128 |  | 43,687,343 |  | 386 |  | $2,076,810 |  |  |  |  |  |  |

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 | 31

Investments in Real Estate |
March 31, 2025

ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT
DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL
GROWTH IN ANNUAL NET OPERATING INCOME

Placed Into Service |  | Near-Term Deliveries |  | Intermediate-Term Deliveries
1Q25 |  | 2Q25–4Q26 |  | 2027–2Q28
$37M |  | $171M |  | $179M
309,494 RSF |  | 1.6 million RSF |  | 2.4 million RSF
100% Leased |  | 75% Leased/Negotiating |  | 16% Leased/Negotiating

(4)
(2)
(1)
(1)
(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 2Q25 through 2Q28 is projected to be $311 million.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 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 RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025 and 2026.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 32

Investments in Real Estate |
March 31, 2025
(Dollars in thousands)

Investments in real estate

|  |  |  | Development and Redevelopment |  |  |
|  |  |  | Under Construction |  |  |  |  |  |  |
|  | Operating |  | 2025 and 2026 |  | 2027 and Beyond |  | Future |  | Subtotal |  | Total |
Square footage |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  | 39,257,034 |  | — |  | — |  | — |  | — |  | 39,257,034 |
Future Class A/A+ development and redevelopment properties |  | — |  | 1,597,920 |  | 2,449,862 |  | 25,757,349 |  | 29,805,131 |  | 29,805,131 |
Future development and redevelopment square feet currently included in rental properties(1) |  | — |  | — |  | — |  | (2,780,364) |  | (2,780,364) |  | (2,780,364) |
Total square footage, excluding properties held for sale |  | 39,257,034 |  | 1,597,920 |  | 2,449,862 |  | 22,976,985 |  | 27,024,767 |  | 66,281,801 |
Properties held for sale |  | 382,527 |  | — |  | — |  | 1,853,856 |  | 1,853,856 |  | 2,236,383 |
Total square footage |  | 39,639,561 |  | 1,597,920 |  | 2,449,862 |  | 24,830,841 |  | 28,878,623 |  | 68,518,184 |
Investments in real estate |  |  |  |  |  |  |  |  |  |  |  |  |
Gross book value as of March 31, 2025(2) |  | $29,411,505 |  | $1,549,293 |  | $2,139,008 |  | $4,908,467 |  | $8,596,768 |  | $38,008,273 |

(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)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 | 33

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries |
March 31, 2025
(Dollars in thousands)

Incremental Annual Net Operating Income Generated From 1Q25 Deliveries Aggregated $37 Million

230 Harriet Tubman Way |  | 10075 Barnes Canyon Road
San Francisco Bay Area/ South San Francisco |  | San Diego/Sorrento Mesa
285,346 RSF |  | 17,718 RSF
100% Occupancy |  | 100% Occupancy

Property/Market/Submarket |  |  |  | Our Ownership Interest |  | RSF Placed in Service |  | Occupancy Percentage(2) |  | Total Project |  | Unlevered Yields
| 1Q25 Delivery Date(1) |  |  | Prior to 1/1/25 |  | 1Q25 |  | Total |  |  |  | Initial Stabilized |  | Initial Stabilized (Cash Basis)
|  |  |  |  |  |  | RSF |  | Investment |  |
Development projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco |  | 3/1/25 |  | 48.3% |  | — |  | 285,346 |  | 285,346 |  |  | 100% |  |  | 285,346 |  | $476,000 |  |  | 7.5% |  |  |  | 6.2% |
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | 2/6/25 |  | 50.0% |  | — |  | 17,718 |  | 17,718 |  |  | 100% |  |  | 253,079 |  | 321,000 |  |  | 5.5 |  |  |  | 5.7 |
Redevelopment projects |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  | 3/27/25 |  | 100% |  | 78,487 |  | 6,430 |  | 84,917 |  |  | 100% |  |  | 250,790 |  | 115,000 |  |  | 6.0 |  |  |  | 6.0 |
Weighted average/total |  | 2/28/25 |  |  |  | 78,487 |  | 309,494 |  | 387,981 |  |  |  |  |  | 789,215 |  | $912,000 |  |  | 6.6% |  |  |  | 6.0% |

Refer to “N ew 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 relates to total operating RSF placed in service as of the most recent delivery.

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

New Class A/A+ Development and Redevelopment Properties: 2025 and 2026 Stabilization |
March 31, 2025

99 Coolidge Avenue |  | 500 North Beacon Street and 4 Kingsbury Avenue(1) |  | 401 Park Drive |  | 1450 Owens Street
Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway |  | San Francisco Bay Area/ Mission Bay
204,395 RSF |  | 36,444 RSF |  | 137,675 RSF |  | 109,435 RSF(2)
76% Leased/Negotiating |  | 92% Leased/Negotiating |  | Marketing |  | Marketing

10935, 10945, and 10955 Alexandria Way(3) |  | 4135 Campus Point Court |  | 10075 Barnes Canyon Road |  | 8800 Technology Forest Place
San Diego/Torrey Pines |  | San Diego/ University Town Center |  | San Diego/Sorrento Mesa |  | Texas/Greater Houston
241,504 RSF |  | 426,927 RSF |  | 235,361 RSF |  | 73,298 RSF
100% Leased |  | 100% Leased |  | 68% Leased/Negotiating |  | 41% Leased/Negotiating

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, 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. We expect to complete the transaction in 2H25.
Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF.
(3)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 35

New Class A/A+ Development and Redevelopment Properties: 2027 and Beyond Stabilization |
March 31, 2025

311 Arsenal Street |  | 421 Park Drive |  | 40, 50, and 60 Sylvan Road(1)
Greater Boston/ Cambridge/Inner Suburbs |  | Greater Boston/Fenway |  | Greater Boston/Route 128
308,446 RSF |  | 392,011 RSF |  | 596,064 RSF

651 Gateway Boulevard |  | 269 East Grand Avenue |  | 701 Dexter Avenue North
San Francisco Bay Area/ South San Francisco |  | San Francisco Bay Area/ South San Francisco |  | Seattle/Lake Union
259,689 RSF |  | 107,250 RSF |  | 227,577 RSF

(1)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.

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

New Class A/A+ Development and Redevelopment Properties: Current Projects |
March 31, 2025

Property/Market/Submarket |  |  |  | Square Footage |  | Percentage |  | Occupancy(1)
| Dev/Redev |  | In Service |  | CIP |  | Total |  | Leased |  | Leased/ Negotiating |  | Initial |  | Stabilized
Under construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2025 and 2026 stabilization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | Dev |  | 116,414 |  | 204,395 |  | 320,809 |  | 40% |  |  | 76% |  |  |  | 4Q23 |  |  | 2026
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | Dev |  | 211,574 |  | 36,444 |  | 248,018 |  | 92 |  |  | 92 |  |  |  | 1Q24 |  |  | 2025
401 Park Drive/Greater Boston/Fenway |  | Redev |  | — |  | 137,675 |  | 137,675 |  | — |  |  | — |  |  |  | 2026 |  |  | 2026
1450 Owens Street/San Francisco Bay Area/Mission Bay(2) |  | Dev |  | — |  | 109,435 |  | 109,435 |  | — |  |  | — |  |  |  | 2026 |  |  | 2026
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 |  | 17,718 |  | 235,361 |  | 253,079 |  | 68 |  |  | 68 |  |  |  | 1Q25 |  |  | 2026
8800 Technology Forest Place/Texas/Greater Houston |  | Redev |  | 50,094 |  | 73,298 |  | 123,392 |  | 41 |  |  | 41 |  |  |  | 2Q23 |  |  | 2026
Canada |  | Redev |  | 117,909 |  | 132,881 |  | 250,790 |  | 78 |  |  | 80 |  |  |  | 3Q23 |  |  | 2025
|  |  |  | 607,201 |  | 1,597,920 |  | 2,205,121 |  | 70 |  |  | 75 |  |  |  |  |  |  |
2027 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 | (3) | 308,446 |  | 390,662 |  | 12 |  |  | 12 |  |  |  | 2027 |  |  | 2027
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
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(5) |  | 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
701 Dexter Avenue North/Seattle/Lake Union |  | Dev |  | — |  | 227,577 |  | 227,577 |  | — |  |  | 23 |  |  |  | 2026 |  |  | 2027
|  |  |  | 149,233 |  | 2,449,862 |  | 2,599,095 |  | 14 |  |  | 16 |  |  |  |  |  |  |
Total |  |  |  | 756,434 |  | 4,047,782 |  | 4,804,216 |  | 39% |  |  | 43% |  |  |  |  |  |  |
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, 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. We expect to complete the transaction in 2H25. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF. (3)We expect to redevelop an additional 25,312 RSF of space occupied as of March 31, 2025 into laboratory space upon expiration of the existing leases during 2Q25. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. (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)We continue to build out this project on a floor-by-floor basis. As of 1Q25, the remaining cost to complete is $138 million, or 28% of the total cost at completion.

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

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) |
March 31, 2025
(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 and 2026 stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs |  | 75.7% |  |  | $136,658 |  | $203,904 |  | $103,438 |  | $444,000 |  |  | 6.0% |  |  |  | 6.8% |
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs |  | 100% |  |  | 378,211 |  | 41,649 |  | 7,140 |  | 427,000 |  |  | 6.2% |  |  |  | 5.5% |
401 Park Drive/Greater Boston/Fenway |  | 100% |  |  | — |  | 167,606 |  | TBD
1450 Owens Street/San Francisco Bay Area/Mission Bay |  | 25.0% |  |  | — |  | 123,380 |
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines |  | 100% |  |  | 105,766 |  | 367,114 |  | 30,120 |  | 503,000 |  |  | 6.2% |  |  |  | 5.8% |
4135 Campus Point Court/San Diego/University Town Center |  | 55.0% |  |  | — |  | 369,624 |  | 154,376 |  | 524,000 |  |  | 6.6% |  |  |  | 6.2% |
10075 Barnes Canyon Road/San Diego/Sorrento Mesa |  | 50.0% |  |  | 16,126 |  | 179,471 |  | 125,403 |  | 321,000 |  |  | 5.5% |  |  |  | 5.7% |
8800 Technology Forest Place/Texas/Greater Houston |  | 100% |  |  | 60,225 |  | 46,300 |  | 5,475 |  | 112,000 |  |  | 6.3% |  |  |  | 6.0% |
Canada |  | 100% |  |  | 55,503 |  | 50,245 |  | 9,252 |  | 115,000 |  |  | 6.0% |  |  |  | 6.0% |
|  |  |  |  | 752,489 |  | 1,549,293 |  |  |  |  |  |  |  |  |  |  |  |
2027 and beyond stabilization(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One Hampshire Street/Greater Boston/Cambridge |  | 100% |  |  | — |  | 167,381 |  | TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs |  | 100% |  |  | 60,742 |  | 246,329 |
421 Park Drive/Greater Boston/Fenway |  | 100% |  |  | — |  | 502,007 |
40, 50, and 60 Sylvan Road/Greater Boston/Route 128 |  | 100% |  |  | — |  | 466,334 |
Other/Greater Boston |  | 100% |  |  | — |  | 155,305 |
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco |  | 50.0% |  |  | 87,515 |  | 261,199 |  | 138,286 |  | 487,000 |  |  | 5.0% |  |  |  | 5.1% |
269 East Grand Avenue/San Francisco Bay Area/South San Francisco |  | 100% |  |  | — |  | 77,223 |  | TBD
701 Dexter Avenue North/Seattle/Lake Union |  | 100% |  |  | — |  | 263,230 |
|  |  |  |  | 148,257 |  | 2,139,008 |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | $900,746 |  | $3,688,301 |  | $2,390,000 | (2) | $6,980,000 | (2) |  |  |  |  |  |  |
Our share of investment(2)(3) |  |  |  |  | $810,000 |  | $3,160,000 |  | $2,130,000 |  | $6,100,000 |  |  |  |  |  |  |  |
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. Total cost to complete for our development and redevelopment projects under construction have not been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign materials required, and/or the higher cost of domestic materials. Refer to page 2 of the Earnings Press Release for additional details. (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 | 38

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline |
March 31, 2025
(Dollars in thousands)

71% 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 |  |  |
|  |  | Under Construction |  | Future |  | Total(1) |
Greater Boston |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® at One Kendall Square/Cambridge |  | 100% |  |  | $167,381 |  | 104,956 |  | — |  | 104,956 |
One Hampshire Street |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs |  | 100% |  |  | 299,765 |  | 344,890 |  | 59,469 |  | 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) |  |  | 294,250 |  | 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 |  | 100% |  |  | 669,613 |  | 529,686 |  | — |  | 529,686 |
401 and 421 Park Drive |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128 |  | 100% |  |  | 529,233 |  | 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% |  |  | 206,847 |  | — |  | 174,500 |  | 174,500 |
100 Edwin H. Land Boulevard |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Technology Square®/Cambridge |  | 100% |  |  | 8,064 |  | — |  | 100,000 |  | 100,000 |
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District |  | 60.0% |  |  | 290,685 |  | — |  | 1,040,000 |  | 1,040,000 |
10 Necco Street/Seaport Innovation District |  | 100% |  |  | 105,260 |  | — |  | 175,000 |  | 175,000 |
215 Presidential Way/Route 128 |  | 100% |  |  | 6,816 |  | — |  | 112,000 |  | 112,000 |
Other development and redevelopment projects |  | 100% |  |  | 368,337 |  | 453,869 |  | 1,348,541 |  | 1,802,410 |
|  |  |  |  | $2,946,251 |  | 2,233,860 |  | 4,426,510 |  | 6,660,370 |
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 75.7% 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.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2025
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Under Construction |  | Future |  | Total(1) |
San Francisco Bay Area |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay |  | 25.0% |  |  | $123,380 | (2) | 109,435 | (2) | — |  | 109,435 |
1450 Owens Street |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Technology Center® – Gateway/ South San Francisco |  | 50.0% |  |  | 287,764 |  | 259,689 |  | 291,000 |  | 550,689 |
651 Gateway Boulevard |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco |  | 100% |  |  | 83,878 |  | 107,250 |  | 90,000 |  | 197,250 |
211(3) and 269 East Grand Avenue |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco |  | 100% |  |  | 413,864 |  | — |  | 1,930,000 |  | 1,930,000 |
1122, 1150, and 1178 El Camino Real |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Life Science – Millbrae/South San Francisco |  | 48.3% |  |  | 156,100 |  | — |  | 348,401 |  | 348,401 |
201 and 231 Adrian Road and 30 Rollins Road |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford |  | 100% |  |  | 464,630 |  | — |  | 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% |  |  | 159,029 |  | — |  | 478,000 |  | 478,000 |
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford |  | 100% |  |  | 37,999 |  | — |  | 240,000 |  | 240,000 |
Megacampus: 88 Bluxome Street/SoMa |  | 100% |  |  | 402,468 |  | — |  | 1,070,925 |  | 1,070,925 |
|  |  |  |  | $2,129,112 |  | 476,374 |  | 5,946,156 |  | 6,422,530 |
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 2H25. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF. (3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2025
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Under Construction |  | Future |  | Total(1) |
San Diego |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: One Alexandria Square/Torrey Pines |  | 100% |  |  | $428,104 |  | 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% |  |  | 547,241 |  | 426,927 |  | 967,457 |  | 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% |  |  | 347,577 |  | 235,361 |  | 493,845 |  | 729,206 |
9805 Scranton Road and 10075 Barnes Canyon Road |  |  |  |  |  |  |  |  |  |  |  |
11255 and 11355 North Torrey Pines Road/Torrey Pines |  | 100% |  |  | 156,640 |  | — |  | 215,000 |  | 215,000 |
Megacampus: 5200 Illumina Way/University Town Center |  | 51.0% |  |  | 17,469 |  | — |  | 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% |  |  | 46,865 |  | — |  | 1,798,915 |  | 1,798,915 |
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive |  |  |  |  |  |  |  |  |  |  |  |
Scripps Science Park by Alexandria/Sorrento Mesa |  | 100% |  |  | 42,465 |  | — |  | 154,308 |  | 154,308 |
10256 and 10260 Meanley Drive |  |  |  |  |  |  |  |  |  |  |  |
4075 Sorrento Valley Boulevard/Sorrento Valley |  | 100% |  |  | 19,508 |  | — |  | 144,000 |  | 144,000 |
Other development and redevelopment projects |  | (3) |  |  | 77,878 |  | — |  | 475,000 |  | 475,000 |
|  |  |  |  | $1,684,584 |  | 903,792 |  | 4,925,637 |  | 5,829,429 |
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 | 41

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2025
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Under Construction |  | Future |  | Total(1) |
Seattle |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/Lake Union |  | (2) |  |  | $548,306 |  | 227,577 |  | 1,057,400 |  | 1,284,977 |
601 and 701 Dexter Avenue North and 800 Mercer Street |  |  |  |  |  |  |  |  |  |  |  |
1010 4th Avenue South/SoDo |  | 100% |  |  | 60,921 |  | — |  | 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% |  |  | 18,521 |  | — |  | 230,000 |  | 230,000 |
21660 20th Avenue Southeast |  |  |  |  |  |  |  |  |  |  |  |
Other development and redevelopment projects |  | 100% |  |  | 146,711 |  | — |  | 706,087 |  | 706,087 |
|  |  |  |  | 774,459 |  | 227,577 |  | 2,629,312 |  | 2,856,889 |
Maryland |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville |  | 100% |  |  | 23,041 |  | — |  | 296,000 |  | 296,000 |
9830 Darnestown Road |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | 23,041 |  | — |  | 296,000 |  | 296,000 |
Research Triangle |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle |  | 100% |  |  | 160,292 |  | — |  | 2,060,000 |  | 2,060,000 |
Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/ Research Triangle |  | 100% |  |  | 108,266 |  | — |  | 1,170,000 |  | 1,170,000 |
4 and 12 Davis Drive |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for NextGen Medicines/ Research Triangle |  | 100% |  |  | 110,826 |  | — |  | 1,055,000 |  | 1,055,000 |
3029 East Cornwallis Road |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle |  | 100% |  |  | 54,534 |  | — |  | 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 |
|  |  |  |  | $438,103 |  | — |  | 5,177,227 |  | 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 future development project at 800 Mercer Street aggregating 869,000 RSF.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) |
March 31, 2025
(Dollars in thousands)

Market Property/Submarket |  | Our Ownership Interest |  | Book Value |  | Square Footage |
|  |  | Development and Redevelopment |  |  |
|  |  | Under Construction |  | Future |  | Total(1) |
New York City |  |  |  |  |  |  |  |  |  |  |  |
Megacampus: Alexandria Center® for Life Science – New York City/New York City |  | 100% |  |  | $171,060 |  | — |  | 550,000 | (2) | 550,000 |
|  |  |  |  | 171,060 |  | — |  | 550,000 |  | 550,000 |
Texas |  |  |  |  |  |  |  |  |  |  |  |
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston |  | 100% |  |  | 49,198 |  | 73,298 |  | 116,405 |  | 189,703 |
8800 Technology Forest Place |  |  |  |  |  |  |  |  |  |  |  |
1001 Trinity Street and 1020 Red River Street/Austin |  | 100% |  |  | 10,694 |  | — |  | 250,010 |  | 250,010 |
Other development and redevelopment projects |  | 100% |  |  | 57,669 |  | — |  | 344,000 |  | 344,000 |
|  |  |  |  | 117,561 |  | 73,298 |  | 710,415 |  | 783,713 |
Canada |  | 100% |  |  | 50,245 |  | 132,881 |  | 371,743 |  | 504,624 |
Other development and redevelopment projects |  | 100% |  |  | 122,555 |  | — |  | 724,349 |  | 724,349 |
Total pipeline as of March 31, 2025, excluding properties held for sale |  |  |  |  | 8,456,971 |  | 4,047,782 |  | 25,757,349 |  | 29,805,131 |
Properties held for sale |  |  |  |  | 139,797 |  | — |  | 1,853,856 |  | 1,853,856 |
Total pipeline as of March 31, 2025 |  |  |  |  | $8,596,768 | (3) | 4,047,782 |  | 27,611,205 |  | 31,658,987 |

Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 2,780,364 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 quarterly report on Form 10-Q for the three months ended
March 31, 2025 filed with the Securities and Exchange Commission on April 28, 2025 for additional details.
(3)Includes $3.7 billion of projects that are currently under construction.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 43

Construction Spending and Capitalization of Interest |
March 31, 2025
(Dollars in thousands)

Construction spending |  | Three Months Ended March 31, 2025 |  | Projected Guidance Midpoint for Year Ending December 31, 2025 |  | Year Ended December 31, 2024
Construction of Class A/A+ properties: |  |  |  |  |  |  |  |  |  |  |
Active construction projects |  |  |  |  |  |  |  |  |  |  |
Under construction(1) |  | $ | 307,490 |  |  | $ | 1,220,000 |  |  | $ | 1,791,097
Future pipeline pre-construction |  |  |  |  |  |  |  |  |  |  |
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) |  |  | 92,955 |  |  |  | 500,000 |  |  |  | 426,948
Revenue- and non-revenue-enhancing capital expenditures |  |  | 58,464 |  |  |  | 415,000 | (2) |  |  | 273,377
Construction spending (before contributions from noncontrolling interests or tenants) |  |  | 458,909 |  |  |  | 2,135,000 |  |  |  | 2,491,422
Contributions from noncontrolling interests (consolidated real estate joint ventures) |  |  | (63,247) |  |  |  | (230,000) | (3) |  |  | (343,798)
Tenant-funded and -built landlord improvements |  |  | (39,950) |  |  |  | (155,000) |  |  |  | (129,152)
Total construction spending |  | $ | 355,712 |  |  | $ | 1,750,000 |  |  | $ | 2,018,472
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) |
2Q25 through 2026 |  |  | $247,964 |  |
2027 and beyond |  |  | 166,896 |  |
Total |  |  | $414,860 |  |

Average real estate basis used for capitalization of interest |  |  |  |  |  |
|  | Average Real Estate Basis Capitalized During 1Q25 |  | Percentage of Total Average Real Estate Basis Capitalized
Key Categories of Real Estate Basis Capitalized |  |
Construction of Class A/A+ properties: |  |  |  |  |  |
Active construction projects |  |  |  |  |  |
Under construction(1) |  | $2,951,331 |  |  | 37% |
Future pipeline pre-construction |  |  |  |  |  |
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) |  | 4,149,799 | (4) |  | 51 |
Smaller redevelopments and repositioning capital projects |  | 925,436 |  |  | 12 |
|  | $8,026,566 |  |  | 100% |

Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes projects u nder construction aggregating 4.0 million RS F. Refer to “Investments in real estate” and “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional
details.
(2)Represents revenue-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 spending.
(3)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
(4)Average real estate basis capitalized during 1Q25, which related to our future pipeline pre-construction activities, includes 29% from four key active and future Megacampus development projects. Refer to the next pages for additional
details.

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

Construction Spending and Capitalization of Interest (continued)
March 31, 2025

Key Future Megacampus™ Development Project
1.9M
FUTURE SF
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 properties subject to market conditions and leasing.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 45

Construction Spending and Capitalization of Interest (continued)
March 31, 2025

Key Future Megacampus™ Development Project
1.5M
FUTURE SF
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 properties subject to market conditions and leasing.

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

Construction Spending and Capitalization of Interest (continued)
March 31, 2025

Key Active and Future Megacampus™ Development Project
1.4M
ACTIVE AND
FUTURE SF
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 properties subject to market conditions and leasing.

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

Construction Spending and Capitalization of Interest (continued)
March 31, 2025

Key Active and Future Megacampus™ Development Project
1.3M
ACTIVE AND
FUTURE SF
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 properties subject to market conditions and leasing.

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

Joint Venture Financial Information
March 31, 2025

Consolidated Real Estate Joint Ventures
Property |  | Market |  | Submarket |  | Noncontrolling Interest Share |  | 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% |  |  |  | 870,641 |
99 Coolidge Avenue |  | Greater Boston |  | Cambridge/Inner Suburbs |  |  | 24.3% |  |  |  | 116,414 | (1)
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% |  |  |  | — | (1)
Alexandria Center® for Science and Technology – Mission Bay(2) |  | San Francisco Bay Area |  | Mission Bay |  |  | 75.0% |  |  |  | 1,001,281 |
601, 611, 651(1), 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(1) 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 |  |  | 51.7% |  |  |  | 285,346 |
3215 Merryfield Row |  | San Diego |  | Torrey Pines |  |  | 70.0% |  |  |  | 170,523 |
Campus Point by Alexandria(3) |  | San Diego |  | University Town Center |  |  | 45.0% |  |  |  | 1,227,133 |
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(4) |  | San Diego |  | Sorrento Mesa |  |  | 50.0% |  |  |  | 816,519 |
Pacific Technology Park |  | San Diego |  | Sorrento Mesa |  |  | 50.0% |  |  |  | 544,352 |
Summers Ridge Science Park(5) |  | 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% |  |  |  | — | (1)
Unconsolidated Real Estate Joint Ventures
Property |  | Market |  | Submarket |  | Our Ownership Share(6) |  | 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% | (7) |  |  | 42,012 |
101 West Dickman Street |  | Maryland |  | Beltsville |  |  | 58.4% | (7) |  |  | 135,949 |

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)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.
(2)Includes 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.
(3)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.
(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(6)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture in North America.
(7)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) |
March 31, 2025
(In thousands)

|  | As of March 31, 2025 |  |
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs |
Investments in real estate | $ | 4,254,013 |  |  | $ | 109,352 |  |
Cash, cash equivalents, and restricted cash |  | 131,409 |  |  |  | 3,635 |  |
Other assets |  | 424,919 |  |  |  | 10,291 |  |
Secured notes payable |  | (36,562) |  |  |  | (67,431) |  |
Other liabilities |  | (238,868) |  |  |  | (5,761) |  |
Redeemable noncontrolling interests |  | (9,612) |  |  |  | — |  |
| $ | 4,525,299 |  |  | $ | 50,086 |  |

| Three Months Ended March 31, 2025
| Noncontrolling Interest Share of Consolidated Real Estate JVs |  | Our Share of Unconsolidated Real Estate JVs
Total revenues | $ | 116,637 |  |  | $ | 2,575 |
Rental operations |  | (34,769) |  |  |  | (1,048) |
|  | 81,868 |  |  |  | 1,527 |
General and administrative |  | (633) |  |  |  | (19) |
Interest |  | (424) |  |  |  | (961) |
Depreciation and amortization of real estate assets |  | (33,411) |  |  |  | (1,054) |
Fixed returns allocated to redeemable noncontrolling interests(1) |  | 201 |  |  |  | — |
| $ | 47,601 |  |  | $ | (507) |
Straight-line rent and below-market lease revenue | $ | 3,652 |  |  | $ | 158 |
Funds from operations(1) | $ | 81,012 |  |  | $ | 547 |

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)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 |
March 31, 2025
(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.

|  | Three Months Ended March 31, 2025 |  | Year Ended December 31, 2024
Realized gains |  | $18,153 | (1) |  | $59,124 | (2)
Unrealized losses |  | (68,145) | (3) |  | (112,246) | (4)
Investment loss |  | $(49,992) |  |  | $(53,122) |

|  | March 31, 2025 |  | December 31, 2024
Investments |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Carrying Amount |  | Carrying Amount
Publicly traded companies |  | $182,797 |  | $24,425 |  | $(122,472) |  | $84,750 |  | $105,667
Entities that report NAV |  | 511,907 |  | 105,405 |  | (42,327) |  | 574,985 |  | 609,866
Entities that do not report NAV: |  |  |  |  |  |  |  |  |  |
Entities with observable price changes |  | 106,465 |  | 75,087 |  | (8,255) |  | 173,297 |  | 174,737
Entities without observable price changes |  | 422,052 |  | — |  | — |  | 422,052 |  | 400,487
Investments accounted for under the equity method |  | N/A |  | N/A |  | N/A |  | 224,604 |  | 186,228
March 31, 2025 |  | $1,223,221 | (5) | $204,917 |  | $(173,054) |  | $1,479,688 |  | $1,476,985
December 31, 2024 |  | $1,207,146 |  | $228,100 |  | $(144,489) |  | $1,476,985 |  |

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

13%
Public
24%
Tenant
87%
Private
76%
Non-Tenant
(1)Consists of realized gains of $29.3 million, offset by impairment charges of $11.2 million during the three months ended March 31, 2025.
(2)Consists of realized gains of $117.2 million, offset by impairment charges of $58.1 million during the year ended December 31, 2024.
(3)Consists of unrealized losses of $40.0 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $28.1 million resulting from
accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the three months ended March 31, 2025.
(4)Primarily 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)Represents 2.8% of gross assets as of March 31, 2025. 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
March 31, 2025

Liquidity |  |  | Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
|  |  |  |  | (in millions) |
$5.3B |  |  |
(in millions) |  |  |  |
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program |  | $4,700 |  |
Cash, cash equivalents, and restricted cash |  | 484 |  |
Availability under our secured construction loan |  | 45 |  |
Investments in publicly traded companies |  | 85 |  |
Liquidity as of March 31, 2025 |  | $5,314 |  |
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 |
March 31, 2025
(Dollars in millions)

Weighted-Aver age Re maining Term of 12.2 Years
(1)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.
(2)Refer to footnotes 2 through 4 on the next page under “Fixed-rate and variable-rate debt” for additional details.

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

Summary of Debt (continued) |
March 31, 2025
(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 | $588 |  | $150,219 |  | $150,807 |  | 1.2% |  | 7.20% |  | 1.7 |
Unsecured senior notes payable | 12,640,144 |  | — |  | 12,640,144 |  | 96.5 |  | 3.89 |  | 12.5 |
Unsecured senior line of credit(2) and commercial paper program(3) | — |  | 299,883 |  | 299,883 |  | 2.3 |  | 4.69 |  | 4.8 | (4)
Total/weighted average | $12,640,732 |  | $450,102 |  | $13,090,834 |  | 100.0% |  | 3.95% |  | 12.2 | (4)
Percentage of total debt | 96.6% |  | 3.4% |  | 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 March 31, 2025, we had no outstanding balance on our unsecured senior line of credit.
(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a
maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue
commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at
SOFR+0.855%. As of March 31, 2025, we had $299.9 million of 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 12.0 years. The commercial paper notes sold during the three months ended March 31, 2025 were issued at a weighted-average yield to maturity o f 4.60% and had a
weighted-average maturity term of 13 days.

|  | Three Months Ended March 31, 2025
|  | Average Debt Outstanding |  | Weighted-Average Interest Rate
Long-term fixed-rate debt |  | $12,434,676 |  | 3.83%
Short-term variable-rate unsecured senior line of credit and commercial paper program debt |  | 375,884 |  | 4.59
Blended-average interest rate |  | 12,810,560 |  | 3.85
Loan fee amortization and annual facility fee related to unsecured senior line of credit |  | N/A |  | 0.14
Total/weighted average |  | $12,810,560 |  | 3.99%

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

Summary of Debt (continued) |
March 31, 2025
(Dollars in thousands)

Debt covenants |  | Unsecured Senior Notes Payable |  | Unsecured Senior Line of Credit
Debt Covenant Ratios(1) |  | Requirement |  | March 31, 2025 |  | Requirement |  | March 31, 2025
Total Debt to Total Assets |  | ≤ 60% |  | 31% |  | ≤ 60.0% |  | 31.7%
Secured Debt to Total Assets |  | ≤ 40% |  | 0.4% |  | ≤ 45.0% |  | 0.3%
Consolidated EBITDA to Interest Expense |  | ≥ 1.5x |  | 10.2x |  | ≥ 1.50x |  | 3.83x
Unencumbered Total Asset Value to Unsecured Debt |  | ≥ 150% |  | 311% |  | N/A |  | N/A
Unsecured Interest Coverage Ratio |  | N/A |  | N/A |  | ≥ 1.75x |  | 9.76x

(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
101 West Dickman Street |  |  | 11/10/26 |  |  |  | SOFR+1.95% | (3) |  |  | 6.35% |  |  | $26,750 |  | $19,139 |  | 58.4%
1450 Research Boulevard |  |  | 12/10/26 |  |  |  | SOFR+1.95% | (3) |  |  | 6.41% |  |  | 13,000 |  | 8,998 |  | 73.2%
1655 and 1725 Third Street(4) |  |  | 2/10/35 |  |  |  | 6.37% |  |  |  | 6.44% |  |  | 500,000 |  | 496,658 |  | 10.0%
|  |  |  |  |  |  |  |  |  |  |  |  |  | $539,750 |  | $524,795 |  |

(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2025.
(3)This loan is subject to a fixed SOFR floor of 0.75%.
(4)In 1Q25, the unconsolidated real estate joint venture refinanced $500 million of its $600 million fixed-rate debt with a new secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was
repaid through contributions from the unconsolidated joint venture partners, including our share of $10.8 million. As of March 31, 2025, our investment in this unconsolidated real estate joint venture was $21.2 million.

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

Summary of Debt (continued) |
March 31, 2025
(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% |  | 7.20% |  |  | 11/19/26 |  | $— |  | $150,418 |  | $— |  | $— |  | $— |  | $— |  | $150,418 |  | $(199) |  | $150,219 |
San Francisco Bay Area |  | 6.50% |  | 6.50 |  |  | 7/1/36 |  | 34 |  | 36 |  | 38 |  | 41 |  | 44 |  | 395 |  | 588 |  | — |  | 588 |
Secured debt weighted-average interest rate/ subtotal |  |  |  | 7.20 |  |  |  |  | 34 |  | 150,454 |  | 38 |  | 41 |  | 44 |  | 395 |  | 151,006 |  | (199) |  | 150,807 |
Unsecured senior line of credit and commercial paper program(4) |  | (4) |  | 4.69 | (4) |  | 1/22/30 | (4) | — |  | — |  | — |  | — |  | — |  | 300,000 |  | 300,000 |  | (117) |  | 299,883 |
Unsecured senior notes payable |  | 3.45% |  | 3.62 |  |  | 4/30/25 | (5) | 600,000 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | (74) |  | 599,926 |
Unsecured senior notes payable |  | 4.30% |  | 4.50 |  |  | 1/15/26 |  | — |  | 300,000 |  | — |  | — |  | — |  | — |  | 300,000 |  | (408) |  | 299,592 |
Unsecured senior notes payable |  | 3.80% |  | 3.96 |  |  | 4/15/26 |  | — |  | 350,000 |  | — |  | — |  | — |  | — |  | 350,000 |  | (531) |  | 349,469 |
Unsecured senior notes payable |  | 3.95% |  | 4.13 |  |  | 1/15/27 |  | — |  | — |  | 350,000 |  | — |  | — |  | — |  | 350,000 |  | (940) |  | 349,060 |
Unsecured senior notes payable |  | 3.95% |  | 4.07 |  |  | 1/15/28 |  | — |  | — |  | — |  | 425,000 |  | — |  | — |  | 425,000 |  | (1,206) |  | 423,794 |
Unsecured senior notes payable |  | 4.50% |  | 4.60 |  |  | 7/30/29 |  | — |  | — |  | — |  | — |  | 300,000 |  | — |  | 300,000 |  | (971) |  | 299,029 |
Unsecured senior notes payable |  | 2.75% |  | 2.87 |  |  | 12/15/29 |  | — |  | — |  | — |  | — |  | 400,000 |  | — |  | 400,000 |  | (1,962) |  | 398,038 |
Unsecured senior notes payable |  | 4.70% |  | 4.81 |  |  | 7/1/30 |  | — |  | — |  | — |  | — |  | — |  | 450,000 |  | 450,000 |  | (1,964) |  | 448,036 |
Unsecured senior notes payable |  | 4.90% |  | 5.05 |  |  | 12/15/30 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | (4,535) |  | 695,465 |
Unsecured senior notes payable |  | 3.375% |  | 3.48 |  |  | 8/15/31 |  | — |  | — |  | — |  | — |  | — |  | 750,000 |  | 750,000 |  | (4,188) |  | 745,812 |
Unsecured senior notes payable |  | 2.00% |  | 2.12 |  |  | 5/18/32 |  | — |  | — |  | — |  | — |  | — |  | 900,000 |  | 900,000 |  | (6,737) |  | 893,263 |
Unsecured senior notes payable |  | 1.875% |  | 1.97 |  |  | 2/1/33 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (6,892) |  | 993,108 |
Unsecured senior notes payable |  | 2.95% |  | 3.07 |  |  | 3/15/34 |  | — |  | — |  | — |  | — |  | — |  | 800,000 |  | 800,000 |  | (7,047) |  | 792,953 |
Unsecured senior notes payable |  | 4.75% |  | 4.88 |  |  | 4/15/35 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (4,844) |  | 495,156 |
Unsecured senior notes payable |  | 5.50% |  | 5.66 |  |  | 10/1/35 |  | — |  | — |  | — |  | — |  | — |  | 550,000 |  | 550,000 |  | (6,777) |  | 543,223 |
Unsecured senior notes payable |  | 5.25% |  | 5.38 |  |  | 5/15/36 |  | — |  | — |  | — |  | — |  | — |  | 400,000 |  | 400,000 |  | (4,024) |  | 395,976 |
Unsecured senior notes payable |  | 4.85% |  | 4.93 |  |  | 4/15/49 |  | — |  | — |  | — |  | — |  | — |  | 300,000 |  | 300,000 |  | (2,843) |  | 297,157 |
Unsecured senior notes payable |  | 4.00% |  | 3.91 |  |  | 2/1/50 |  | — |  | — |  | — |  | — |  | — |  | 700,000 |  | 700,000 |  | 9,951 |  | 709,951 |
Unsecured senior notes payable |  | 3.00% |  | 3.08 |  |  | 5/18/51 |  | — |  | — |  | — |  | — |  | — |  | 850,000 |  | 850,000 |  | (11,130) |  | 838,870 |
Unsecured senior notes payable |  | 3.55% |  | 3.63 |  |  | 3/15/52 |  | — |  | — |  | — |  | — |  | — |  | 1,000,000 |  | 1,000,000 |  | (13,561) |  | 986,439 |
Unsecured senior notes payable |  | 5.15% |  | 5.26 |  |  | 4/15/53 |  | — |  | — |  | — |  | — |  | — |  | 500,000 |  | 500,000 |  | (7,537) |  | 492,463 |
Unsecured senior notes payable |  | 5.625% |  | 5.71 |  |  | 5/15/54 |  | — |  | — |  | — |  | — |  | — |  | 600,000 |  | 600,000 |  | (6,636) |  | 593,364 |
Unsecured debt weighted-average interest rate/ subtotal |  |  |  | 3.91 |  |  |  |  | 600,000 |  | 650,000 |  | 350,000 |  | 425,000 |  | 700,000 |  | 10,300,000 |  | 13,025,000 |  | (84,973) |  | 12,940,027 |
Weighted-average interest rate/total |  |  |  | 3.95% |  |  |  |  | $600,034 |  | $800,454 |  | $350,038 |  | $425,041 |  | $700,044 |  | $10,300,395 |  | $13,176,006 |  | $(85,172) |  | $13,090,834 |
Balloon payments |  |  |  |  |  |  |  |  | $600,000 |  | $800,418 |  | $350,000 |  | $425,000 |  | $700,000 |  | $10,300,068 |  | $13,175,486 |  | $— |  | $13,175,486 |
Principal amortization |  |  |  |  |  |  |  |  | 34 |  | 36 |  | 38 |  | 41 |  | 44 |  | 327 |  | 520 |  | (85,172) |  | (84,652) |
Total debt |  |  |  |  |  |  |  |  | $600,034 |  | $800,454 |  | $350,038 |  | $425,041 |  | $700,044 |  | $10,300,395 |  | $13,176,006 |  | $(85,172) |  | $13,090,834 |
Fixed-rate debt |  |  |  |  |  |  |  |  | $600,034 |  | $650,036 |  | $350,038 |  | $425,041 |  | $700,044 |  | $10,000,395 |  | $12,725,588 |  | $(84,856) |  | $12,640,732 |
Variable-rate debt |  |  |  |  |  |  |  |  | — |  | 150,418 |  | — |  | — |  | — |  | 300,000 |  | 450,418 |  | (316) |  | 450,102 |
Total debt |  |  |  |  |  |  |  |  | $600,034 |  | $800,454 |  | $350,038 |  | $425,041 |  | $700,044 |  | $10,300,395 |  | $13,176,006 |  | $(85,172) |  | $13,090,834 |
Weighted-average stated rate on maturing debt |  |  |  |  |  |  | 3.45% |  | 3.78% |  | 3.95% |  | 3.95% |  | 3.50% |  | 3.82% |  |  |  |  |  |  |

(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 75.7% interest. As of March 31, 2025, this joint venture h as $44.9 million available under existing lender
commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones.
(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.
(5)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.

| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 56

Definitions and Reconciliations
March 31, 2025

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) | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Net income (loss) | $38,662 |  | $(16,095) |  | $213,603 |  | $94,049 |  | $219,176
Interest expense | 50,876 |  | 55,659 |  | 43,550 |  | 45,789 |  | 40,840
Income taxes | 1,145 |  | 1,855 |  | 1,877 |  | 1,182 |  | 1,764
Depreciation and amortization | 342,062 |  | 330,108 |  | 293,998 |  | 290,720 |  | 287,554
Stock compensation expense | 10,064 |  | 12,477 |  | 15,525 |  | 14,507 |  | 17,125
Gain on sales of real estate | (13,165) |  | (101,806) |  | (27,114) |  | — |  | (392)
Unrealized losses (gains) on non-real estate investments | 68,145 |  | 79,776 |  | (2,610) |  | 64,238 |  | (29,158)
Impairment of real estate | 32,154 |  | 186,564 |  | 5,741 |  | 30,763 |  | —
Impairment of non-real estate investments | 11,180 |  | 20,266 |  | 10,338 |  | 12,788 |  | 14,698
Increase (decrease) in provision for expected credit losses on financial instruments | 285 |  | (434) |  | — |  | — |  | —
Adjusted EBITDA | $541,408 |  | $568,370 |  | $554,908 |  | $554,036 |  | $551,607
Total revenues | $758,158 |  | $788,945 |  | $791,607 |  | $766,734 |  | $769,108
Adjusted EBITDA margin | 71% |  | 72% |  | 70% |  | 72% |  | 72%

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, changes
in the 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, changes in the 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
changes in the 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)
March 31, 2025

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 March 31, 2025, approximately 91% of our leases (on an
annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real
estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating
expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these
operating expenses recovered from our tenants. Amounts recovered from our tenants related to these
operating expenses, along with base rent, are classified in income from rentals in our consolidated
statements of operations.
Capitalization rates
Capitalization rates are calculated based on net operating income and net operating income
(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter
preceding the date on which the property is sold, or near-term prospective net operating income.
Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary
to develop, redevelop, or reposition a project for its intended use are ongoing, provided that
expenditures for the asset have been made and interest cost has been incurred. Activities necessary to
develop, redevelop, or reposition a project include pre-construction activities such as entitlements,
permitting, design, site work, and other activities preceding commencement of construction of
aboveground building improvements. The advancement of pre-construction efforts is focused on
reducing the time required to deliver projects to prospective tenants. These critical activities add
significant value for future ground-up development and are required for the vertical construction of
buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related
to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus
capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition
of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable
financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative
tenants with highly dynamic and collaborative environments that enhance their ability to successfully
recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. 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.
Credit Ratings
Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of
March 31, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be
subject to revision or withdrawal at any time.
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.
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)
March 31, 2025

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.

Space Intentionally Blank

Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,
less amortization of loan fees and debt premiums (discounts).
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:

| Three Months Ended
(Dollars in thousands) | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Adjusted EBITDA | $541,408 |  | $568,370 |  | $554,908 |  | $554,036 |  | $551,607
Interest expense | $50,876 |  | $55,659 |  | $43,550 |  | $45,789 |  | $40,840
Capitalized interest | 80,065 |  | 81,586 |  | 86,496 |  | 81,039 |  | 81,840
Amortization of loan fees | (4,691) |  | (4,620) |  | (4,222) |  | (4,146) |  | (4,142)
Amortization of debt discounts | (349) |  | (333) |  | (330) |  | (328) |  | (318)
Cash interest and fixed charges | $125,901 |  | $132,292 |  | $125,494 |  | $122,354 |  | $118,220
Fixed-charge coverage ratio: |  |  |  |  |  |  |  |  |
– quarter annualized | 4.3x |  | 4.3x |  | 4.4x |  | 4.5x |  | 4.7x
– trailing 12 months | 4.4x |  | 4.5x |  | 4.5x |  | 4.6x |  | 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 changes in the 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 | 59

Definitions and Reconciliations (continued)
March 31, 2025

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, impairments
of real estate primarily consisting of right-of-use-assets and pre-acquisition costs related to projects that
we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the
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.
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders (continued)
The following table reconciles net income (loss) to funds from operations for the share of
consolidated real estate joint ventures attributable to noncontrolling interests and our share of
unconsolidated real estate joint ventures:

| Three Months Ended March 31, 2025
(In thousands) | Noncontrolling Interest Share of Consolidated Real Estate Joint Ventures |  | Our Share of Unconsolidated Real Estate Joint Ventures
Net income (loss) | $47,601 |  | $(507)
Depreciation and amortization of real estate assets | 33,411 |  | 1,054
Funds from operations | $81,012 |  | $547

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

(In thousands) | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Total assets | $37,600,428 |  | $37,527,449 |  | $38,488,128 |  | $37,847,865 |  | $37,699,046
Accumulated depreciation | 5,886,561 |  | 5,625,179 |  | 5,624,642 |  | 5,457,414 |  | 5,216,857
Gross assets | $43,486,989 |  | $43,152,628 |  | $44,112,770 |  | $43,305,279 |  | $42,915,903

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.

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

Definitions and Reconciliations (continued)
March 31, 2025

Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-
grade rated or publicly traded companies with an average daily market capitalization greater than $10
billion for the twelve months ended March 31, 2025, 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.
Investments in real estate
The following table reconciles our investments in real estate as of March 31, 2025:

(In thousands) |  | Investments in Real Estate |
Gross investments in real estate |  | $38,008,273 |
Less: accumulated depreciation |  | (5,886,561) |
Investments in real estate |  | $32,121,712 |

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 March 31, 2025:

|  |  |  | Percentage of
(Dollars in thousands) |  | Book Value |  | Gross Assets |  | Annual Rental Revenue
Under construction projects |  | $3,688,301 |  | 8% |  | —%
Income-producing/potential cash flows/covered land play(1) |  | 3,154,318 |  | 7 |  | 1
Land |  | 1,614,352 |  | 4 |  | —
|  | $8,456,971 |  | 19% |  | 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

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

Definitions and Reconciliations (continued)
March 31, 2025

Investments in real estate (continued)
The square footage presented in the table below is classified as operating as of March 31,
2025. 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
Future projects: |  |  |  |  |  |  |  |  |  |
311 Arsenal Street/Cambridge/Inner Suburbs |  | Redev |  | 25,312 |  | — |  | — |  | 25,312
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 |  | — |  | — |  | 164,144 |  | 164,144
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 |  | — |  | — |  | 68,401 |  | 68,401
100 Capitola Drive/Research Triangle |  | Dev |  | — |  | — |  | 34,527 |  | 34,527
1001 Trinity Street and 1020 Red River Street/Austin |  | Dev/ Redev |  | 198,972 |  | — |  | — |  | 198,972
Canada |  | Redev |  | — |  | — |  | 247,743 |  | 247,743
|  |  |  | 224,284 |  | — |  | 2,556,080 |  | 2,780,364

(1)Includes vacant square footage as of March 31, 2025.
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

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

Definitions and Reconciliations (continued)
March 31, 2025

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 changes in the 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
greater, 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 March 31, 2025:

(Dollars in thousands) |  | Annual Rental Revenue |  | Development and Redevelopment Pipeline RSF
Megacampus |  | $1,567,014 |  | 20,364,808
Core and non-core |  | 509,796 |  | 8,513,815
Total |  | $2,076,810 |  | 28,878,623
Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF |  | 75% |  | 71%

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.
Net debt and preferred stock to Adjusted EBITDA
Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we
believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net
debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and
restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of
Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted
EBITDA.
The following table reconciles debt to net debt and preferred stock and computes the ratio to
Adjusted EBITDA:

(Dollars in thousands) |  | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Secured notes payable |  | $150,807 |  | $149,909 |  | $145,000 |  | $134,942 |  | $130,050
Unsecured senior notes payable |  | 12,640,144 |  | 12,094,465 |  | 12,092,012 |  | 12,089,561 |  | 12,087,113
Unsecured senior line of credit and commercial paper |  | 299,883 |  | — |  | 454,589 |  | 199,552 |  | —
Unamortized deferred financing costs |  | 80,776 |  | 77,649 |  | 79,610 |  | 81,942 |  | 84,198
Cash and cash equivalents |  | (476,430) |  | (552,146) |  | (562,606) |  | (561,021) |  | (722,176)
Restricted cash |  | (7,324) |  | (7,701) |  | (17,031) |  | (4,832) |  | (9,519)
Preferred stock |  | — |  | — |  | — |  | — |  | —
Net debt and preferred stock |  | $12,687,856 |  | $11,762,176 |  | $12,191,574 |  | $11,940,144 |  | $11,569,666
Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |
– quarter annualized |  | $2,165,632 |  | $2,273,480 |  | $2,219,632 |  | $2,216,144 |  | $2,206,428
– trailing 12 months |  | $2,218,722 |  | $2,228,921 |  | $2,184,298 |  | $2,122,250 |  | $2,064,904
Net debt and preferred stock to Adjusted EBITDA: |  |  |  |  |  |
– quarter annualized |  | 5.9x |  | 5.2x |  | 5.5x |  | 5.4x |  | 5.2x
– trailing 12 months |  | 5.7x |  | 5.3x |  | 5.6x |  | 5.6x |  | 5.6x

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.

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

Definitions and Reconciliations (continued)
March 31, 2025

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

|  | Three Months Ended
(Dollars in thousands) |  | 3/31/25 |  | 3/31/24
Net income |  | $38,662 |  | $219,176
Equity in losses (earnings) of unconsolidated real estate joint ventures |  | 507 |  | (155)
General and administrative expenses |  | 30,675 |  | 47,055
Interest expense |  | 50,876 |  | 40,840
Depreciation and amortization |  | 342,062 |  | 287,554
Impairment of real estate |  | 32,154 |  | —
Gain on sales of real estate |  | (13,165) |  | (392)
Investment loss (income) |  | 49,992 |  | (43,284)
Net operating income |  | 531,763 |  | 550,794
Straight-line rent revenue |  | (22,023) |  | (48,251)
Amortization of deferred revenue related to tenant-funded and -built landlord improvements |  | (1,651) |  | —
Amortization of acquired below-market leases |  | (15,222) |  | (30,340)
Provision for expected credit losses on financial instruments |  | 285 |  | —
Net operating income (cash basis) |  | $493,152 |  | $472,203
Net operating income (cash basis) – annualized |  | $1,972,608 |  | $1,888,812
Net operating income (from above) |  | $531,763 |  | $550,794
Total revenues |  | $758,158 |  | $769,108
Operating margin |  | 70% |  | 72%

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 changes in the provision for
expected credit losses on financial instruments 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.
Net operating income, net operating income (cash basis), and operating margin (continued)
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 changes in the 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.

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

Definitions and Reconciliations (continued)
March 31, 2025

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

Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the three
months ended March 31, 2025:

|  |  |  | Redevelopment – placed into |  |  |
Development – under construction |  | Properties |  | service after January 1, 2024 |  | Properties |
99 Coolidge Avenue |  | 1 |  | 840 Winter Street |  | 1 |
500 North Beacon Street and 4 Kingsbury Avenue |  | 2 |  | Alexandria Center® for Advanced Technologies – Monte Villa Parkway |  | 6 |
1450 Owens Street |  | 1 |  |  |  | 7 |
10935, 10945, and 10955 Alexandria Way |  | 3 |  | Acquisitions after January 1, 2024 |  | Properties |
|  | Other |  | 3 |
10075 Barnes Canyon Road |  | 1 |  |  |  | 3 |
421 Park Drive |  | 1 |  | Unconsolidated real estate JVs |  | 4 |
4135 Campus Point Court |  | 1 |  | Properties held for sale |  | 6 |
701 Dexter Avenue North |  | 1 |  | Total properties excluded from same properties |  | 53 |
|  | 11 |  |  |
Development – placed into |  |  |  | Same properties |  | 333 |
service after January 1, 2024 |  | Properties |  | Total properties in North America as of March 31, 2025 |  | 386 |
9810 Darnestown Road |  | 1 |  |  |
9820 Darnestown Road |  | 1 |  |  |  |  |
1150 Eastlake Avenue East |  | 1 |  |  |  |  |
4155 Campus Point Court |  | 1 |  |  |  |  |
201 Brookline Avenue |  | 1 |  |  |  |  |
9808 Medical Center Drive |  | 1 |  |  |  |  |
230 Harriet Tubman Way |  | 1 |  |  |  |  |
|  | 7 |  |  |  |  |
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 |  |  |  |  |

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

Definitions and Reconciliations (continued)
March 31, 2025

Stabilized occupancy date
The stabilized occupancy date represents the estimated date on which the project is expected
to reach occupancy of 95% or greater.
Tenant recoveries
Tenant recoveries represent revenues comprising reimbursement of real estate taxes,
insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
and earned in the period during which the applicable expenses are incurred and the tenant’s obligation
to reimburse us arises.
We classify rental revenues and tenant recoveries generated through the leasing of real
estate assets within revenues in income from rentals in our consolidated statements of operations. We
provide investors with a separate presentation of rental revenues and tenant recoveries in “Same
property performance” in this Supplemental Information because we believe it promotes investors’
understanding of our operating results. We believe that the presentation of tenant recoveries is useful to
investors as a supplemental measure of our ability to recover operating expenses under our triple net
leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common
area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for
any significant variability to components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:

| Three Months Ended
(In thousands) | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Income from rentals | $743,175 |  | $763,249 |  | $775,744 |  | $755,162 |  | $755,551
Rental revenues | (552,112) |  | (566,535) |  | (579,569) |  | (576,835) |  | (581,400)
Tenant recoveries | $191,063 |  | $196,714 |  | $196,175 |  | $178,327 |  | $174,151

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.
Unencumbered net operating income as a percentage of total net operating income
Unencumbered net operating income as a percentage of total net operating income is a non-
GAAP financial measure that we believe is useful to investors as a performance measure of the results
of operations of our unencumbered real estate assets as it reflects those income and expense items that
are incurred at the unencumbered property level. Unencumbered net operating income is derived from
assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or
other security interest, as of the period for which income is presented.
The following table summarizes unencumbered net operating income as a percentage of total
net operating income:

| Three Months Ended
(Dollars in thousands) | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Unencumbered net operating income | $530,691 |  | $547,921 |  | $553,589 |  | $544,268 |  | $546,830
Encumbered net operating income | 1,072 |  | 592 |  | 4,753 |  | 5,212 |  | 3,964
Total net operating income | $531,763 |  | $548,513 |  | $558,342 |  | $549,480 |  | $550,794
Unencumbered net operating income as a percentage of total net operating income | 99.8% |  | 99.9% |  | 99.1% |  | 99.1% |  | 99.3%

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.

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| Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 | 66

Definitions and Reconciliations (continued)
March 31, 2025

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 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 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
(In thousands) | 3/31/25 |  | 12/31/24 |  | 9/30/24 |  | 6/30/24 |  | 3/31/24
Basic shares for earnings per share | 170,522 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Unvested RSAs with forfeitable dividends | — |  | — |  | — |  | — |  | —
Diluted shares for earnings per share | 170,522 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 170,522 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Unvested RSAs with forfeitable dividends | 77 |  | — |  | — |  | — |  | —
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 170,599 |  | 172,262 |  | 172,058 |  | 172,013 |  | 171,949
Weighted-average unvested RSAs with nonforfeitable dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted | 2,053 |  | 2,417 |  | 2,838 |  | 2,878 |  | 2,987