0001035443false00010354432024-10-212024-10-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 21, 2024

ALEXANDRIA REAL ESTATE EQUITIES, INC.

(Exact name of registrant as specified in its charter)

Maryland

1-12993

95-4502084

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

 26 North Euclid Avenue, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (626) 578-0777

 

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐            Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $0.01 par value per share			ARE			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02.  Results of Operations and Financial Condition.

On October 21, 2024, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Third Quarter Ended September 30, 2024 Financial and Operating Results.”  The press release referred to certain supplemental information that is available on the Company’s website at www.are.com.  A copy of the press release and supplemental information are attached hereto as Exhibit 99.1.

The information contained in this Item 2.02, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.  Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.

99.1     Alexandria Real Estate Equities, Inc.’s Earnings Press Release and Supplemental Information for the Third Quarter Ended September 30, 2024

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act.  These statements include words such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of these words or similar words.  Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement.  A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the factors described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.  The Company does not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ALEXANDRIA REAL ESTATE EQUITIES, INC.

October 21, 2024

By:

/s/ Joel S. Marcus

Joel S. Marcus

Executive Chairman

By:

/s/ Peter M. Moglia

Peter M. Moglia

Chief Executive Officer and Chief Investment Officer

By:

/s/ Marc E. Binda

Marc E. Binda

Chief Financial Officer and Treasurer

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

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

Table of Contents
September 30, 2024

COMPANY HIGHLIGHTS	Page			Page
Mission and Cluster Model .....................................................................	iii		Industry and Corporate Responsibility Leadership ............................	xxiv
EARNINGS PRESS RELEASE	Page			Page
Third Quarter Ended September 30, 2024 Financial and Operating Results ................................................................................	1		Earnings Call Information and About the Company .......................	8
Guidance ...................................................................................................	5		Consolidated Statements of Operations ..........................................	9
Acquisitions ...............................................................................................	6		Consolidated Balance Sheets ............................................................	10
Dispositions ...............................................................................................	7		Funds From Operations and Funds From Operations per Share	11
SUPPLEMENTAL INFORMATION	Page			Page
Company Profile .......................................................................................	14		External Growth / Investments in Real Estate
Investor Information .................................................................................	15		Investments in Real Estate ................................................................	33
Financial and Asset Base Highlights .....................................................	16		New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Client Base .................................................	18		Recent deliveries ............................................................................	35
Occupancy ................................................................................................	20		Current Projects ..............................................................................	37
Internal Growth			Summary of Pipeline ......................................................................	41
Key Operating Metrics .............................................................................	21		Construction Spending and Capitalization of Interest ....................	46
Same Property Performance ..................................................................	22		Joint Venture Financial Information ...................................................	48
Leasing Activity .........................................................................................	23		Balance Sheet Management
Contractual Lease Expirations ...............................................................	24		Investments ..........................................................................................	50
Top 20 Tenants .........................................................................................	25		Key Credit Metrics ...............................................................................	51
Summary of Properties and Occupancy ..............................................	26		Summary of Debt .................................................................................	52
Property Listing ........................................................................................	27		Definitions and Reconciliations
			Definitions and Reconciliations ..........................................................	56

	CONFERENCE CALL INFORMATION:
	Tuesday, October 22, 2024 3:00 p.m. Eastern Time
	12:00 p.m. Pacific Time
	(833) 366-1125 or (412) 902-6738
	Ask to join the conference call for Alexandria Real Estate Equities, Inc.
	CONTACT INFORMATION:
	Alexandria Real Estate Equities, Inc. corporateinformation@are.com
	JOEL S. MARCUS Executive Chairman & Founder
	PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer
	DANIEL J. RYAN Co-President & Regional Market Director – San Diego
	HUNTER L. KASS Co-President & Regional Market Director – Greater Boston
	MARC E. BINDA Chief Financial Officer & Treasurer
	PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790
	SARA M. KABAKOFF Senior Vice President – Chief Content Officer

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

 

ALEXANDRIA’S

COMPETITIVE

ADVANTAGES

First mover advantage in the

top life science clusters

High-quality assets aggregated

in desirable and well-amenitized

mega campuses

High-quality cash flows and

substantial embedded future

net operating income

Longstanding tenant

relationships that demonstrate

stellar brand loyalty

Fortress balance sheet with

significant liquidity

Unique and deep life science

industry expertise

Long-tenured and highly

experienced management team

IRREPLACEABLE

LABSPACE® REAL ESTATE

PLATFORM THAT LEADS THE

ASSET CLASS WE PIONEERED

OPERATING RSF

41.8M

MEGA CAMPUSES ENCOMPASS

76%

OF OUR ANNUAL RENTAL REVENUE

As of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

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

ALEXANDRIA’S MEGA CAMPUS PLATFORM DRIVES

SUPERIOR OPERATING RESULTS

76%	72%	69%
of Alexandria’s Annual Rental Revenue	of Alexandria’s Operating RSF	of Total Development & Redevelopment Pipeline RSF

MEGA CAMPUSES ENCOMPASS			MEGA CAMPUS OCCUPANCY OUTPERFORMANCE
			Average Occupancy(1) Since 2020

92%		96%		4%
Non-Mega Campus		Mega Campus		Occupancy Outperformance

As of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents the average occupancy percentage of operating properties as of December 31 for 2020–2023 and September 30, 2024.

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

ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE

HEALTHCARE

REALTY TRUST

WELLTOWER		2,833%
NATIONAL HEALTH INVESTORS		1,395%
FTSE NAREIT EQUITY HEALTH CARE INDEX		1,332%
UNIVERSAL HEALTH REALTY INCOME TRUST		1,309%
LTC PROPERTIES		1,140%
VENTAS		1,114%
MSCI US REIT INDEX		934%
OMEGA HEALTHCARE INVESTORS		753%
HEALTHPEAK PROPERTIES		715%

Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to September 30, 2024

Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.

The REITs presented individually in the chart above are only those constituents of the FTSE NAREIT Equity Health Care Index as of September 30, 2024 for which TSR information since May 27, 1997 is available.

(1)Alexandria’s initial public offering (“IPO”) was priced at $20.00 per share on May 27, 1997.

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

ALEXANDRIA’S

INTERNAL

GROWTH

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ALEXANDRIA 3Q24 LEASING VOLUME EXCEEDS PREVIOUS

FOUR-QUARTER AVERAGE

1.0M RSF

Quarterly Average

(3Q23–2Q24)

1.5M RSF

Exceeds

Quarterly

Average by 48%

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

ALEXANDRIA’S OPERATIONAL EXCELLENCE DRIVES STEADY

AND CONSISTENTLY HIGH OCCUPANCY

(1)Represents the midpoint of our 2024 guidance range for occupancy percentage in North America as of December 31, 2024. Refer to “Guidance” in the Earnings Press Release for additional details.

(2)Represents occupancy percentage of operating properties in North America as of each period-end.

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

ALEXANDRIA’S REIT INDUSTRY-LEADING CLIENT BASE OF APPROXIMATELY

800 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other Investment-Grade

or Large Cap Tech

Other(1)

Biomedical and

Government

Institutions

92%

of Top 20 Tenant Annual Rental

Revenue as of 3Q24 Is From

Investment-Grade or Publicly

Traded Large Cap Tenants

80%

of Leasing Activity During the

Last Twelve Months Was

Generated From Alexandria’s

Existing Client Base

As of September 30, 2024. Annual rental revenue represents amounts in effect as of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating

annual rental revenue from unconsolidated real estate joint ventures.

(1)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than

1.0% of our annual rental revenue.

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

ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND

STRENGTH IN TENANT COLLECTIONS

99.8%

Average Tenant

Collections

1Q21–3Q24

Tenant Receivables

Represent

0.9%

of 3Q24

Rental Revenues

TENANT RENTS AND RECEIVABLES COLLECTED(1)

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

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

ALEXANDRIA’S FORTRESS

BALANCE SHEET AND

STRONG EXECUTION OF

ASSET RECYCLING

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ALEXANDRIA’S STRONG AND FLEXIBLE BALANCE SHEET

WITH SIGNIFICANT LIQUIDITY

TOP 10%

CREDIT RATING RANKING

AMONG ALL PUBLICLY

TRADED U.S. REITS(1)

WEIGHTED AVERAGE

4Q24 TARGET

YEARS

SIGNIFICANT LIQUIDITY(2)		PERCENTAGE OF DEBT MATURING 2049 & BEYOND		PERCENTAGE OF FIXED RATE DEBT SINCE 2020(3)
$5.4B		31%		97.7%

Baa1

Stable

BBB+

Stable

NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA(4)		REMAINING DEBT TERM		INTEREST RATE
≤5.1x		12.6		3.91%

As of September 30, 2024.

(1)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from Moody’s Ratings and S&P Global Ratings for publicly

traded U.S. REITs, from Bloomberg Professional Services and Nareit.

(2)Refer to “Key credit metrics” in the Supplemental Information for additional details.

(3)Represents the average fixed rate debt as of each December 31 from 2020 through 2023 and as of September 30, 2024.

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

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

ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND INCREASING

DIVIDENDS WITH A FOCUS ON RETAINING SIGNIFICANT CASH FLOWS FROM

OPERATING ACTIVITIES AFTER DIVIDENDS FOR REINVESTMENT

For 3Q24, we declared a cash dividend of $1.30 per common share

4.4%

Dividend Yield

5.4%

Average Annual Dividend

Per-Share Growth

$2.1B

Net Cash Provided by

Operating Activities

After Dividends

(1)

(2)

(3)

ANNUAL COMMON STOCK DIVIDEND PER SHARE

(4)

(1)Dividend yield is calculated as the dividend declared for the three months ended September 30, 2024 of $1.30 per common share annualized divided by the closing price of our common stock on September 30, 2024 of $118.75.

(2)Represents the years ended December 31, 2020 through 2023 and the three months ended September 30, 2024 annualized.

(3)Represents the years ended December 31, 2020 through 2023 and the midpoint of our 2024 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.

(4)Represents common stock dividend declared for the three months ended September 30, 2024 annualized.

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

ALEXANDRIA’S STRONG

EXECUTION OF OUR

ASSET RECYCLING

PROGRAM

STRATEGIC DISPOSITIONS

AND SALES OF PARTIAL

INTERESTS SINCE 2019

$8.7 BILLION

IN SALES

$3.0 BILLION

IN GAINS

(1)

(3)

(2)

(1)Includes amounts related to real estate dispositions and sales of partial interests completed from January 1, 2019 through October 21, 2024.

(2)Dispositions in 100% interest in properties completed since 2019, excluding sales of partial interests, had annual rental revenues of $202.0 million based on the quarter preceding the date on which each property is sold.

(3)Represents aggregate gains on real estate sales and associated real estate impairments and consideration in excess of book value of partial interests sold that were accounted as equity transactions.

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

ALEXANDRIA CONTINUES STRATEGIC VALUE-HARVESTING DURING 3Q24 WITH

DISPOSITION OF 1165 EASTLAKE AVENUE EAST IN LAKE UNION, SEATTLE

$150.0M		SALES PRICE
4.7%		CAPITALIZATION RATE
4.9%		CAPITALIZATION RATE (CASH BASIS)
$1,499		SALES PRICE PER RSF
$21.5M		GAIN ON SALE OF REAL ESTATE

Alexandria’s opportunistic sale to Fred Hutchinson

Cancer Center, a longstanding tenant, deepens

our relationship and enables Fred Hutch to

expand its South Lake Union footprint within the

Alexandria Center® for Life Science – Eastlake

mega campus ecosystem.

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

ALEXANDRIA’S STRATEGIC VALUE-HARVESTING DISPOSITION OF A NON-CORE,

STAND-ALONE ASSET: 14225 NEWBROOK DRIVE IN NORTHERN VIRGINIA

$80.5M		SALES PRICE
7.6%		CAPITALIZATION RATE
7.4%		CAPITALIZATION RATE (CASH BASIS)
$37.1M		GAIN ON SALE OF REAL ESTATE

Demonstrating the long-term enduring value of

our laboratory facilities, Alexandria successfully

operated this property from its acquisition in

1997 (prior to our IPO) through its sale

in October 2024.

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

ALEXANDRIA: AT THE

VANGUARD AND HEART

OF THE $5 TRILLION

SECULARLY GROWING

LIFE SCIENCE INDUSTRY

(1)Source: YCharts. Represents the aggregate market capitalization for the life science industry, including companies in the biotechnology and pharmaceutical sectors, as of July 12, 2024.

(1)

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

(1)Source: YCharts. Represents the aggregate market capitalization for the life science industry, including companies in the biotechnology and pharmaceutical sectors, as of July 12, 2024.

(2)Dollar amount represents aggregate funding from all sources presented, and percentage represents the aggregate increase in funding compared to the previous five-year period (2014–2018).

(3)Source: Evaluate Pharma, March 2024. Represents consensus forecast for global biopharma R&D spend in 2023.

(4)Sources: PitchBook, BioCentury, and NASDAQ. Includes venture capital investments in U.S.-based life science companies and IPOs, follow-ons, and public equity financings raised by U.S. listed biopharma companies in 2023.

(5)Sources: National Institutes of Health (“NIH”) and National Science Foundation (“NSF”). Includes FY2023 NIH funding and FY2023 NSF research and related activities.

(6)Source: The Giving Institute, “Giving USA 2024: The Annual Report on Philanthropy for the Year 2023.”

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

Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research (“CDER”)) include new molecular entities and new biologics defined as products containing active moieties that have

not previously been approved by the FDA.

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

Source: U.S. Food and Drug Administration. Innovative medicine approvals by the FDA (Center for Biologics Evaluation and Research (“CBER”)) include novel vaccines and next-generation modalities such as cell therapies, gene therapies,

mRNA products, live biotherapeutics, and oncolytic viruses. These are distinct from the FDA CDER approvals on the prior slide.

(1)YTD 3Q24 represents the period from January 1, 2024 through September 19, 2024.

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

(1)Source: PhRMA, “Understanding Prescription Medicine Spending,” 2022.

(2)Source: Centers for Medicare & Medicaid Services, “National Health Expenditures 2022 Highlights,” 2022.

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

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

ALEXANDRIA’S INDUSTRY

AND CORPORATE

RESPONSIBILITY

LEADERSHIP

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

Alexandria Real Estate Equities, Inc. Reports:

3Q24 and YTD 3Q24 Net Income per Share – Diluted of $0.96 and $2.18, respectively; and

3Q24 and YTD 3Q24 FFO per Share – Diluted, as Adjusted, of $2.37 and $7.08, respectively

PASADENA, Calif. – October 21, 2024 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)

announced financial and operating results for the third quarter ended September 30, 2024.

Key highlights
					YTD
Operating results	3Q24		3Q23		3Q24		3Q23
Total revenues:
In millions	$791.6		$713.8		$2,327.4		$2,128.5
Growth	10.9%				9.3%
Net income attributable to Alexandria’s common stockholders – diluted:
In millions	$164.7		$21.9		$374.5		$184.4
Per share	$0.96		$0.13		$2.18		$1.08
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions	$407.9		$386.4		$1,217.3		$1,142.5
Per share	$2.37		$2.26		$7.08		$6.69

An industry-leading REIT with a high-quality, diverse tenant base and strong margins

(As of September 30, 2024, unless stated otherwise)
Occupancy of operating properties in North America		94.7%
Percentage of annual rental revenue in effect from mega campuses		76%
Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants		53%
Operating margin		71%
Adjusted EBITDA margin		70%
Percentage of leases containing annual rent escalations		96%
Weighted-average remaining lease term:
Top 20 tenants		9.5	years
All tenants		7.5	years
Sustained strength in tenant collections:
Tenant receivables as a percentage of 3Q24 rental revenues		0.9%
October 2024 tenant rents and receivables collected as of October 21, 2024		99.6%
3Q24 tenant rents and receivables collected as of October 21, 2024		99.9%

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all

publicly traded U.S. REITs

•Net debt and preferred stock to Adjusted EBITDA of 5.5x and fixed-charge coverage ratio of

4.4x for 3Q24 annualized (targets for 4Q24 annualized of ≤5.1x and ≥4.5x, respectively).

•Significant liquidity of $5.4 billion.

•31% of our total debt matures in 2049 and beyond.

•12.6 years weighted-average remaining term of debt.

•Since 2020, an average of 97.7% of our debt has been fixed rate.

•Total debt and preferred stock to gross assets of 29%.

•$1.0 billion of capital contribution commitments from existing consolidated real estate joint

venture partners to fund construction from 4Q24 through 2027.

Strong leasing volume and solid rental rate changes

•Strong leasing volume aggregating 1.5 million RSF during 3Q24, up 48% compared to our

previous four-quarter average of 1.0 million RSF.

•Rental rate changes on lease renewals and re-leasing of space were 5.1% and 1.5% (cash

basis) for 3Q24 and 16.4% and 8.9% (cash basis) for YTD 3Q24.

•80% of our leasing activity during the last twelve months was generated from our existing

tenant base.

		3Q24			YTD 3Q24
Total leasing activity – RSF		1,486,097			3,742,955
Leasing of development and redevelopment space – RSF		39,121			480,342
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)		1,278,857			2,863,277
Rental rate changes		5.1%	(1)		16.4%
Rental rate changes (cash basis)		1.5%	(1)		8.9%

(1)Includes a five-year lease extension to an investment-grade rated technology tenant aggregating 357,136

RSF of recently acquired tech R&D space in our Texas market that was renewed with rental rate changes of

(33.6)% and (4.8)% (cash basis). These spaces were originally targeted for a future change in use at

acquisition, but we instead renewed them with a lower capital investment while we continue to evaluate

options to convert these spaces in the future, subject to market conditions. Excluding this lease, rental rate

changes for renewed/re-leased space for 3Q24 were 13.0% and 2.3% (cash basis).

Attractive dividend strategy to share net cash flows from operating activities with stockholders

while retaining a significant portion for reinvestment

•Common stock dividend declared for 3Q24 of $1.30 per common share aggregating $5.14

per common share for the twelve months ended September 30, 2024, up 24 cents, or 5%,

over the twelve months ended September 30, 2023.

•Dividend yield of 4.4% as of September 30, 2024.

•Dividend payout ratio of 55% for the three months ended September 30, 2024.

•Average annual dividend per-share growth of 5.4% from 2020 through 3Q24 annualized.

•Significant net cash flows from operating activities after dividends retained for reinvestment

aggregating $2.1 billion for the years ended December 31, 2020 through 2023 and including

the midpoint of our 2024 guidance range for net cash provided by operating activities after

dividends.

Ongoing successful execution of Alexandria’s 2024 capital strategy

We expect to continue pursuing our strategy to fund a significant portion of our capital

requirements for the year ending December 31, 2024 with dispositions primarily focused on

sales of properties and land parcels not integral to our mega campus strategy. Refer to

“Dispositions” in the Earnings Press Release for additional details.

(in millions)
Completed dispositions of 100% interest in properties		$319
Pending dispositions subject to non-refundable deposits		577
Pending dispositions subject to executed letters of intent and/or purchase and sale agreements		603
Forward equity sales agreements		28
Total		$1,527
2024 guidance midpoint for dispositions and common equity		$1,550

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

Third Quarter Ended September 30, 2024 Financial and Operating Results (continued)
September 30, 2024

Ongoing successful execution of Alexandria’s 2024 capital strategy (continued)

•In September 2024, we completed the following transactions with our longstanding tenant,

Fred Hutchinson Cancer Center (“Fred Hutch”), in the Lake Union submarket:

•Sale of 1165 Eastlake Avenue East, a fully leased 100,086 RSF single-tenant Class A+ life

science facility that was developed in 2021. We sold the property for $150.0 million, or

$1,499 per RSF, at strong capitalization rates of 4.7% and 4.9% (cash basis). Upon

completion of the sale, we recognized a gain on sale of real estate aggregating

$21.5 million.

•Fred Hutch executed early renewals aggregating 117,479 RSF at our 1201 and 1208

Eastlake Avenue East properties, including a 15-year lease extension at 1201 Eastlake

Avenue East.

•Our prior joint venture partner sold their partial interest ownership in each of 1201 and

1208 Eastlake Avenue East to Fred Hutch. Our ownership interest in both properties

remains unchanged at 30.0%. This sale, lease extensions, and new joint venture affirm

Fred Hutch’s commitment to South Lake Union.

Alexandria’s development and redevelopment pipeline delivered incremental annual net operating

income of $21 million commencing during 3Q24 and is expected to deliver incremental annual net

operating income aggregating $510 million primarily by 1Q28

•During 3Q24, we placed into service development and redevelopment projects aggregating

316,691 RSF that are 100% leased across multiple submarkets and delivered incremental

annual net operating income of $21 million. 3Q24 deliveries included 250,000 RSF at 9820

Darnestown Road on the Alexandria Center® for Life Science – Shady Grove mega campus

in our Rockville submarket.

•Annual net operating income (cash basis) is expected to increase by $57 million upon the

burn-off of initial free rent, with a weighted-average burn-off period of approximately

six months, from recently delivered projects.

•69% of the RSF in our total development and redevelopment pipeline is within our mega

campuses.

Development and Redevelopment Projects		Incremental Annual Net Operating Income		RSF		Leased/ Negotiating Percentage
(dollars in millions)
Placed into service:
1H24		$42		628,427			100%
3Q24		21		316,691			100
Placed into service in YTD 3Q24		$63		945,118			100%
Expected to be placed into service(1):
4Q24 through 4Q25		$158	(2)	5,467,897			55%
1Q26 through 1Q28		352						(3)
		$510

(1)Represents expected incremental annual net operating income to be placed into service from deliveries of

projects undergoing construction and one committed near-term project expected to commence construction in

the next two years.

(2)Includes (i) 1.0 million RSF that is expected to stabilize through 2025 and is 92% leased/negotiating and

(ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. Refer to

the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties:

current projects” in the Supplemental Information for additional details.

(3)70% of the leased RSF of our development and redevelopment projects was generated from our existing

tenant base.

Continued solid net operating income and internal growth

•Net operating income (cash basis) of $2.0 billion for 3Q24 annualized, up $274.2 million, or

15.5%, compared to 3Q23 annualized.

•Same property net operating income growth of 1.5% and 6.5% (cash basis) for 3Q24 over

3Q23 and 1.6% and 4.6% (cash basis) for YTD 3Q24 over YTD 3Q23.

•96% of our leases contain contractual annual rent escalations approximating 3%.

Strong balance sheet management

Key metrics as of or for the three months ended September 30, 2024

•$33.1 billion in total market capitalization.

•$20.5 billion in total equity capitalization, which ranks in the top 10% among all publicly traded

U.S. REITs.

		3Q24					Target
		Quarter			Trailing		4Q24
		Annualized			12 Months		Annualized
Net debt and preferred stock to Adjusted EBITDA		5.5x			5.6x		Less than or equal to 5.1x
Fixed-charge coverage ratio		4.4x			4.5x		Greater than or equal to 4.5x

Key capital events

•In September 2024, we amended and restated our unsecured senior line of credit to, among

other changes, extend the maturity date from January 22, 2028 to January 22, 2030,

including extension options that we control.

•During 3Q24, we had no activity under our ATM program. As of October 21, 2024, the

remaining aggregate amount available for future sales of common stock was $1.47 billion. 

Investments

•As of September 30, 2024:

•Our non-real estate investments aggregated $1.5 billion.

•Unrealized gains presented in our consolidated balance sheet were $166.2 million,

comprising gross unrealized gains and losses aggregating $284.4 million and

$118.2 million, respectively.

•Investment income of $15.2 million for 3Q24 presented in our consolidated statement of

operations consisted of $23.0 million of realized gains and $2.6 million of unrealized gains,

partially offset by $10.3 million of impairment charges.

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

Third Quarter Ended September 30, 2024 Financial and Operating Results (continued)
September 30, 2024

Other key highlights

Key items included in net income attributable to Alexandria’s common stockholders:
									YTD
	3Q24		3Q23		3Q24		3Q23		3Q24		3Q23		3Q24		3Q23
(in millions, except per share amounts)	Amount				Per Share – Diluted				Amount				Per Share – Diluted
Unrealized gains (losses) on non-real estate investments	$2.6		$(77.2)		$0.02		$(0.45)		$(32.5)		$(221.0)		$(0.19)		$(1.29)
Gain on sales of real estate	27.1		—		0.16		—		27.5		214.8		0.16		1.26
Impairment of non-real estate investments	(10.3)		(28.5)		(0.06)		(0.17)		(37.8)		(51.5)		(0.22)		(0.30)
Impairment of real estate	(5.7)		(20.6)		(0.03)		(0.12)		(36.5)		(189.2)		(0.22)		(1.11)
Acceleration of stock compensation expense due to executive officer resignations	—		(1.9)		—		(0.01)		—		(1.9)		—		(0.01)
Total	$13.7		$(128.2)		$0.09		$(0.75)		$(79.3)		$(248.8)		$(0.47)		$(1.45)
Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.

Subsequent events

•In October 2024, we agreed to sell four properties located in our Greater Boston market for a

sales price of $369.4 million to the current tenant of the properties with whom we have a long-

established relationship. The sales price represents capitalization rates of 8.5% and 6.3%

(cash basis) based upon net operating income and net operating income (cash basis),

respectively, for 3Q24 annualized. These properties, acquired primarily during 2020–2021,

are currently 100% leased with a weighted-average remaining lease term of 18 years. In

October 2024, we recognized an impairment charge aggregating $40.9 million to reduce the

carrying amounts of these properties by approximately 10% to the expected sales price less

costs to sell. Our decision to dispose of these properties is based on their non-strategic

location and the significant capital that the expected sales proceeds provide for immediate

reinvestment into our development and redevelopment pipeline.

•In October 2024, we agreed to sell five operating properties aggregating 203,223 RSF and

land parcels aggregating 1.5 million SF in our Sorrento Mesa and University Town Center

submarkets to buyers that are expected to develop residential properties on these sites for an

aggregate sales price of approximately $314.0 million. In October 2024, we recognized

impairment charges aggregating $65.9 million to reduce the carrying amounts of these

properties to the expected aggregate sales price less costs to sell. Our decision to dispose of

these assets, which are not integral to our mega campus strategy, is primarily based on the

substantial capital that the sales proceeds will provide for immediate reinvestment into our

development and redevelopment pipeline.

Industry and corporate responsibility leadership: catalyzing and leading the way for

positive change to benefit human health and society

•In September 2024, Alexandria was named one of the World’s Most Trustworthy Companies

by Newsweek. This significant distinction builds on the Company’s recognition by the

publication as one of America’s Most Trustworthy Companies in 2023 and 2024. Alexandria is

one of only three S&P 500 REITs recognized in the real estate and housing category. 

•In September 2024, Alexandria and its executive chairman and founder, Joel S. Marcus, were

honored with the inaugural Bisnow Life Sciences Icon & Influencer Award. This prestigious

award highlights Mr. Marcus and the Company’s significant long-term contributions to and

lasting impact on the life science real estate sector and broader life science industry. Mr.

Marcus accepted the award on his own behalf and that of Alexandria at Bisnow’s International

Life Sciences & Biotech Conference, where he was also the keynote speaker.

•Alexandria continued to receive broad recognition for our operational excellence in asset

management, design, development, and sustainability, including the following recent awards:

•In our Greater Boston market, the atrium at 325 Binney Street, located on the Alexandria

Center® at One Kendall Square mega campus, is a light-filled collaboration space with a

terraced garden and communal staircase that was celebrated for design excellence in the

Science & Research – Small (under 50,000 SF) category of the 2024 International Interior

Design Association New England (IIDA NE) Design Awards and also received the award

program’s top honor, Best in Show.

•In our Maryland market, we were awarded three 2024 NAIOP DC|MD Awards of

Excellence for developments and enhancements on the Alexandria Center® for Life

Science – Shady Grove mega campus: 9810 and 9820 Darnestown Road for Best Life

Science Facility, 9800 Medical Center Drive for Best Amenity Space, and 9950 Medical

Center Drive for Best Industrial/Flex.

•We received a 2024 Nareit Sustainable Design Impact Award for our groundbreaking

approach to utilizing alternative energy sources such as geothermal energy and

wastewater heat recovery systems to reduce operational greenhouse gas emissions in

Labspace® development projects in our Greater Boston and Seattle markets.

•Alexandria GradLabs® at 9880 Campus Point Drive, located on the Campus Point by

Alexandria mega campus in our San Diego market, earned a 2024 International Institute

for Sustainable Laboratories (I2SL) Lab Buildings and Projects Award for Excellence in

Energy Efficiency. The state-of-the-art building was designed to operate as a highly energy-

efficient research facility. In 2023, the LEED Platinum certified facility earned an I2SL

Labs2Zero pilot Energy Score of 96 out of 100, indicating its operational energy

performance is better than 96% of similar facilities. 

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

Third Quarter Ended September 30, 2024 Financial and Operating Results (continued)
September 30, 2024

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class,

mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer

of the life science real estate niche with our founding in 1994, Alexandria is the preeminent and

longest-tenured owner, operator, and developer of collaborative mega campuses 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 September 30, 2024,

Alexandria has a total market capitalization of $33.1 billion and an asset base in North America

that includes 41.8 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties

undergoing construction, and one committed near-term project expected to commence

construction in the next two years. Alexandria has a longstanding and proven track record of

developing Class A/A+ properties clustered in mega campuses that provide our innovative tenants

with highly dynamic and collaborative environments that enhance their ability to successfully

recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success.

Alexandria also provides strategic capital to transformative life science companies through our

venture capital platform. We believe our unique business model and diligent underwriting ensure a

high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms,

higher rental income, higher returns, and greater long-term asset value. For more information on

Alexandria, please visit www.are.com.

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

Guidance
September 30, 2024
(Dollars in millions, except per share amounts)

The following guidance for 2024 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2024. There can be no assurance that actual

results will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 8 of the Earnings Press Release for additional details.

								2024 Guidance Midpoint
Summary of Key Changes in Guidance		As of 10/21/24		As of 7/22/24		Summary of Key Changes in Sources and Uses of Capital		As of 10/21/24		As of 7/22/24
EPS, FFO per share, and FFO per share, as adjusted		See updates below				Cash expected to be held at December 31, 2024		$150		$—
Straight-line rent revenue		$147 to $162		$169 to $184
General and administrative expenses		$176 to $186		$181 to $191

Projected 2024 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
		As of 10/21/24				As of 7/22/24
Earnings per share(2)		$2.60 to $2.64				$2.98 to $3.10
Depreciation and amortization of real estate assets			6.05				5.95
Gain on sales of real estate(3)			(0.38)				—
Impairment of real estate – rental properties and land(4)			0.67				0.01
Allocation to unvested restricted stock awards			(0.06)				(0.05)
Funds from operations per share(1)		$8.88 to $8.92				$8.89 to $9.01
Unrealized losses on non-real estate investments			0.19				0.20
Impairment of non-real estate investments			0.22				0.16
Impairment of real estate			0.17				0.17
Allocation to unvested restricted stock awards			(0.01)				(0.01)
Funds from operations per share, as adjusted(1)		$9.45 to $9.49				$9.41 to $9.53
Midpoint		$9.47				$9.47

Key Assumptions		Low		High
Occupancy percentage in North America as of December 31, 2024		94.6%		95.6%
Lease renewals and re-leasing of space:
Rental rate changes		11.0%		19.0%
Rental rate changes (cash basis)		5.0%		13.0%
Same property performance:
Net operating income changes		0.5%		2.5%
Net operating income changes (cash basis)		3.0%		5.0%
Straight-line rent revenue(9)		$147		$162
General and administrative expenses(10)		$176		$186
Capitalization of interest		$325		$355
Interest expense		$154		$184
Realized gains on non-real estate investments(11)		$95		$125

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

								Certain Completed Items
Key Sources and Uses of Capital		Range				Midpoint
Sources of capital:
Incremental debt		$885		$1,185		$1,035		See below
Net cash provided by operating activities after dividends		400		500		450
Dispositions and common equity(5) (refer to page 7)		1,050		2,050		1,550		(5)
Total sources of capital		$2,335		$3,735		$3,035
Uses of capital:
Construction		$1,950		$2,550		$2,250
Acquisitions (refer to page 6)		250		750		500		$249
Ground lease prepayment(6)		135		135		135
Cash expected to be held at December 31, 2024(7)		—		300		150
Total uses of capital		$2,335		$3,735		$3,035
Incremental debt (included above):
Issuance of unsecured senior notes payable(8)		$1,000		$1,000		$1,000		$1,000	(8)
Unsecured senior line of credit, commercial paper, and other		(115)		185		35
Net incremental debt		$885		$1,185		$1,035

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

(2)Excludes unrealized gains or losses on non-real estate investments after September 30, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(3)Includes $37.1 million of gain on sales of real estate recognized in October 2024. Refer to “Dispositions” in the Earnings Press Release for additional details.

(4)Includes $106.8 million of real estate impairments recognized in October 2024. Refer to “Subsequent Events” in the Earnings Press Release for additional details.

(5)We expect to fund our remaining capital requirements for the year ending December 31, 2024 with real estate dispositions. As of October 21, 2024, we completed real estate dispositions aggregating $319.2 million, have additional pending

transactions subject to (i) non-refundable deposits aggregating $577.2 million and (ii) executed letters of intent and/or purchase and sale agreements aggregating $602.5 million and forward equity sales agreements aggregating $28 million,

which in aggregate, represents 98% of the $1.55 billion midpoint of our guidance range. We do not expect to issue additional equity in 2024 beyond the existing forward equity sales agreements outstanding.

(6)In July 2024, we executed an amendment to our existing ground lease agreement at the Alexandria Technology Square® mega campus in our Cambridge submarket, which requires that we prepay our entire rent obligation for the extended

lease term aggregating $270.0 million in two equal installments during the fourth quarter of 2024 and the first quarter of 2025.

(7)The increase in cash expected to be held at December 31, 2024 is primarily due to changes in the mix and timing of pending dispositions that are subject to non-refundable deposits or subject to executed letters of intent and/or purchase

and sale agreements that are expected to close in 4Q24. This cash is expected to reduce our 2025 debt capital needs.

(8)Represents $1.0 billion of unsecured senior notes payable issued in February 2024. Subject to market conditions, we may seek additional opportunities in 2024 to fund all or a portion of the proceeds necessary for the repayment of our

$600.0 million of 3.45% unsecured senior notes payable due on April 30, 2025 through the issuance of additional unsecured senior notes payable that is not assumed in our current 2024 guidance.

(9)Reduction in the midpoint of our guidance range for straight-line rent revenue by $22 million is primarily attributable to (i) the write-off of a deferred rent receivable of $9 million related to the lease termination and a payment of $10 million

from a tenant at 409 Illinois Street in our Mission Bay submarket, a 234,249 RSF property owned by our consolidated real estate joint venture for which we have an ownership interest of 25%, and (ii) a change in the expected stabilization

date from 4Q24 to 1Q25 at our fully leased development project at 230 Harriet Tubman Way in our South San Francisco submarket as reported in our 2Q24 Earnings Press Release and Supplemental Information.

(10)Reduction in the midpoint of our guidance range for general and administrative expense by $5 million is primarily attributable to the realization of savings associated with overall efficiencies, including enhanced cost control measures,

incremental use of technology, streamlined processes, and optimization of execution in connection with the sale of non-core assets not integral to our mega campus strategy.

(11)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to “Investments” in the Supplemental

Information for additional details.

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

Acquisitions
September 30, 2024
(Dollars in thousands)

Property		Submarket/Market		Date of Purchase		Number of Properties		Operating Occupancy			Square Footage				Purchase Price
											Future Development(1)		Operating With Future Development/ Redevelopment(1)
Completed in 1H24:
285, 299, 307, and 345 Dorchester Avenue (60% interest in consolidated JV)		Seaport Innovation District/Greater Boston		1/30/24		—		N/A			1,040,000		—		$	155,321
Other																46,490
																201,811
Completed in October 2024:
428 Westlake Avenue North		Lake Union/Seattle		10/1/24		1		100%			—		88,514			47,600
															$	249,411
2024 guidance range for acquisitions											$250,000 – $750,000

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

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	7

Dispositions
September 30, 2024
(Dollars in thousands)

Property		Submarket/Market		Date of Sale		Interest Sold			RSF		Capitalization Rate			Capitalization Rate (Cash Basis)			Sales Price		Sales Price per RSF
Completed in 1H24																	$17,213
Completed in 3Q24:
Sale to longstanding tenant
1165 Eastlake Avenue East		Lake Union/Seattle		9/12/24		100%			100,086		4.7%			4.9%			149,985	(1)	$1,499
Dispositions of properties not integral to our mega campus strategy
219 East 42nd Street		New York City/New York City		7/9/24		100%			349,947		N/A			N/A			60,000	(2)	N/A
Other																	11,511
																	221,496	(3)
Dispositions completed in YTD 3Q24																	238,709
Completed in October 2024:
Dispositions of properties not integral to our mega campus strategy
14225 Newbrook Drive		Northern Virginia/Maryland		10/15/24		100%			248,186		7.6%			7.4%			80,500	(4)	$324
																	319,209
Pending 4Q24 dispositions subsequent to October 21, 2024:
Subject to non-refundable deposits
Sale to longstanding tenant		Greater Boston		4Q24		100%					8.5%			6.3%			369,439	(5)
Other																	207,713
																	577,152
Subject to executed letters of intent and/or purchase and sale agreements																	602,500	(5)
																	1,179,652	(6)
																	$1,498,861
2024 guidance range for dispositions and common equity									$1,050,000 – $2,050,000

(1)Upon completion of the sale, we recognized a gain on sale of real estate aggregating $21.5 million.

(2)The property was leased to a single tenant with a July 2024 lease expiration and had annual net operating income of $18.6 million based on 2Q24 annualized. This property was previously considered to be a potential development project

upon expiration of the in-place non-laboratory space lease.

(3)Dispositions completed during the three months ended September 30, 2024 had annual net operating income of $26.5 million (based on 2Q24 annualized) with a weighted-average disposition date of July 28, 2024 (weighted by net

operating income for 2Q24 annualized).

(4)Demonstrating the long-term enduring value of our laboratory facilities, Alexandria successfully operated our only asset in the Northern Virginia submarket from its acquisition in 1997 (prior to our IPO) through its sale in October 2024. Upon

completion of the sale, we recognized a gain on sale of real estate aggregating $37.1 million.

(5)Refer to “Subsequent events” in the Earnings Press Release for additional details.

(6)Pending dispositions subsequent to October 21, 2024 have estimated annual net operating income of approximately $95.8 million (based on 3Q24 annualized) with a weighted-average estimated disposition date of December 5, 2024

(weighted by net operating income for 3Q24 annualized). Approximately half of our pending dispositions are non-core stabilized stand-alone properties with weighted-average capitalization rates of 8.5% and 7.0% (cash basis), and the

remaining half are land and non-stabilized properties that have vacancy or significant near-term lease expirations that will require capital to re-tenant, including one building with approximately 72% of non-laboratory space.

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

Earnings Call Information and About the Company
September 30, 2024

We will host a conference call on Tuesday, October 22, 2024, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results

for the third quarter ended September 30, 2024. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for Alexandria

Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday,

October 22, 2024. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1168152.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2024 is available in the “For Investors” section of our website at www.are.com

or by following this link: https://www.are.com/fs/2024q3.pdf.

For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,

chief financial officer and treasurer; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life

science real estate niche with our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative mega campuses 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 September 30, 2024, Alexandria has a total market capitalization of $33.1 billion

and an asset base in North America that includes 41.8 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction, and one committed near-term project expected to

commence construction in the next two years. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in mega campuses that provide our innovative tenants with highly

dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic

capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in

higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For 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 2024 earnings per share, 2024 funds from operations per share, 2024 funds from operations per share, as adjusted, net

operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,”

“anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current

expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning

future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important

factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain

capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our

markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new

properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or

non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy

building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on

such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to

update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to

risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our

most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a

prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Labspace®, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®,

Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks,

and logos referenced herein are the property of their respective owners.

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

Consolidated Statements of Operations
September 30, 2024
(Dollars in thousands, except per share amounts)

		Three Months Ended										Nine Months Ended
		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		9/30/24		9/30/23
Revenues:
Income from rentals		$775,744		$755,162		$755,551		$742,637		$707,531		$2,286,457		$2,099,819
Other income		15,863		11,572		13,557		14,579		6,257		40,992		28,664
Total revenues		791,607		766,734		769,108		757,216		713,788		2,327,449		2,128,483
Expenses:
Rental operations		233,265		217,254		218,314		222,726		217,687		668,833		636,454
General and administrative		43,945		44,629		47,055		59,289		45,987		135,629		140,065
Interest		43,550		45,789		40,840		31,967		11,411		130,179		42,237
Depreciation and amortization		293,998		290,720		287,554		285,246		269,370		872,272		808,227
Impairment of real estate		5,741		30,763		—		271,890		20,649		36,504		189,224
Total expenses		620,499		629,155		593,763		871,118		565,104		1,843,417		1,816,207
Equity in earnings of unconsolidated real estate joint ventures		139		130		155		363		242		424		617
Investment income (loss)		15,242		(43,660)		43,284		8,654		(80,672)		14,866		(204,051)
Gain on sales of real estate		27,114		—		392		62,227		—		27,506		214,810
Net income (loss)		213,603		94,049		219,176		(42,658)		68,254		526,828		323,652
Net income attributable to noncontrolling interests		(45,656)		(47,347)		(48,631)		(45,771)		(43,985)		(141,634)		(131,584)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders		167,947		46,702		170,545		(88,429)		24,269		385,194		192,068
Net income attributable to unvested restricted stock awards		(3,273)		(3,785)		(3,659)		(3,498)		(2,414)		(10,717)		(7,697)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders		$164,674		$42,917		$166,886		$(91,927)		$21,855		$374,477		$184,371
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:
Basic		$0.96		$0.25		$0.97		$(0.54)		$0.13		$2.18		$1.08
Diluted		$0.96		$0.25		$0.97		$(0.54)		$0.13		$2.18		$1.08
Weighted-average shares of common stock outstanding:
Basic		172,058		172,013		171,949		171,096		170,890		172,007		170,846
Diluted		172,058		172,013		171,949		171,096		170,890		172,007		170,846
Dividends declared per share of common stock		$1.30		$1.30		$1.27		$1.27		$1.24		$3.87		$3.69

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

Consolidated Balance Sheets
September 30, 2024
(In thousands)

		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Assets
Investments in real estate		$32,951,777		$32,673,839		$32,323,138		$31,633,511		$31,712,731
Investments in unconsolidated real estate joint ventures		40,170		40,535		40,636		37,780		37,695
Cash and cash equivalents		562,606		561,021		722,176		618,190		532,390
Restricted cash		17,031		4,832		9,519		42,581		35,321
Tenant receivables		6,980		6,822		7,469		8,211		6,897
Deferred rent		1,216,176		1,190,336		1,138,936		1,050,319		1,012,666
Deferred leasing costs		516,872		519,629		520,616		509,398		512,216
Investments		1,519,327		1,494,348		1,511,588		1,449,518		1,431,766
Other assets		1,657,189		1,356,503		1,424,968		1,421,894		1,501,611
Total assets		$38,488,128		$37,847,865		$37,699,046		$36,771,402		$36,783,293
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable		$145,000		$134,942		$130,050		$119,662		$109,110
Unsecured senior notes payable		12,092,012		12,089,561		12,087,113		11,096,028		11,093,725
Unsecured senior line of credit and commercial paper		454,589		199,552		—		99,952		—
Accounts payable, accrued expenses, and other liabilities		2,865,886		2,529,535		2,503,831		2,610,943		2,653,126
Dividends payable		227,191		227,408		222,134		221,824		214,450
Total liabilities		15,784,678		15,180,998		14,943,128		14,148,409		14,070,411
Commitments and contingencies
Redeemable noncontrolling interests		16,510		16,440		16,620		16,480		51,658
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock		1,722		1,720		1,720		1,719		1,710
Additional paid-in capital		18,238,438		18,284,611		18,434,690		18,485,352		18,651,185
Accumulated other comprehensive loss		(22,529)		(27,710)		(23,815)		(15,896)		(24,984)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity		18,217,631		18,258,621		18,412,595		18,471,175		18,627,911
Noncontrolling interests		4,469,309		4,391,806		4,326,703		4,135,338		4,033,313
Total equity		22,686,940		22,650,427		22,739,298		22,606,513		22,661,224
Total liabilities, noncontrolling interests, and equity		$38,488,128		$37,847,865		$37,699,046		$36,771,402		$36,783,293

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

Funds From Operations and Funds From Operations per Share
September 30, 2024
(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in

accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations

attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:

		Three Months Ended										Nine Months Ended
		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		9/30/24		9/30/23
Net income (loss) attributable to Alexandria’s common stockholders – basic and diluted		$164,674		$42,917		$166,886		$(91,927)		$21,855		$374,477		$184,371
Depreciation and amortization of real estate assets		291,258		288,118		284,950		281,939		266,440		864,326		798,590
Noncontrolling share of depreciation and amortization from consolidated real estate JVs		(32,457)		(31,364)		(30,904)		(30,137)		(28,814)		(94,725)		(85,212)
Our share of depreciation and amortization from unconsolidated real estate JVs		1,075		1,068		1,034		965		910		3,177		2,624
Gain on sales of real estate		(27,114)		—		(392)		(62,227)		—		(27,506)		(214,810)
Impairment of real estate – rental properties and land		5,741	(1)	2,182		—		263,982		19,844		7,923		186,446
Allocation to unvested restricted stock awards		(2,908)		(1,305)		(3,469)		(2,268)		(838)		(7,657)		(3,050)
Funds from operations attributable to Alexandria’s common stockholders – diluted(2)		400,269		301,616		418,105		360,327		279,397		1,120,015		868,959
Unrealized (gains) losses on non-real estate investments		(2,610)		64,238		(29,158)		(19,479)		77,202		32,470		220,954
Impairment of non-real estate investments		10,338	(3)	12,788		14,698		23,094		28,503		37,824		51,456
Impairment of real estate		—		28,581		—		7,908		805		28,581		2,778
Acceleration of stock compensation expense due to executive officer resignations		—		—		—		18,436		1,859		—		1,859
Allocation to unvested restricted stock awards		(125)		(1,738)		247		(472)		(1,330)		(1,640)		(3,503)
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted		$407,872		$405,485		$403,892		$389,814		$386,436		$1,217,250		$1,142,503

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

(1)Primarily to reduce the carrying amount of one property in Canada that continued to meet the held-for-sale classification to the sales price under negotiation with a potential buyer less costs to sell.

(2)Calculated in accordance with standards established by the Nareit Board of Governors.

(3)Primarily related to two non-real estate investments in privately held entities that do not report NAV.

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	12

Funds From Operations and Funds From Operations per Share (continued)
September 30, 2024
(In thousands, except per share amounts)

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in

accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common

stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to

rounding.

		Three Months Ended										Nine Months Ended
		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		9/30/24		9/30/23
Net income (loss) per share attributable to Alexandria’s common stockholders – diluted		$0.96		$0.25		$0.97		$(0.54)		$0.13		$2.18		$1.08
Depreciation and amortization of real estate assets		1.51		1.50		1.48		1.48		1.40		4.49		4.19
Gain on sales of real estate		(0.16)		—		—		(0.36)		—		(0.16)		(1.26)
Impairment of real estate – rental properties and land		0.03		0.01		—		1.54		0.12		0.05		1.09
Allocation to unvested restricted stock awards		(0.01)		(0.01)		(0.02)		(0.01)		(0.01)		(0.05)		(0.01)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted		2.33		1.75		2.43		2.11		1.64		6.51		5.09
Unrealized (gains) losses on non-real estate investments		(0.02)		0.37		(0.17)		(0.11)		0.45		0.19		1.29
Impairment of non-real estate investments		0.06		0.08		0.09		0.13		0.17		0.22		0.30
Impairment of real estate		—		0.17		—		0.05		—		0.17		0.02
Acceleration of stock compensation expense due to executive officer resignations		—		—		—		0.11		0.01		—		0.01
Allocation to unvested restricted stock awards		—		(0.01)		—		(0.01)		(0.01)		(0.01)		(0.02)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted		$2.37		$2.36		$2.35		$2.28		$2.26		$7.08		$6.69
Weighted-average shares of common stock outstanding – diluted		172,058		172,013		171,949		171,096		170,890		172,007		170,846

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

SUPPLEMENTAL

INFORMATION

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	14

Company Profile
September 30, 2024

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a

best-in-class, mission-driven life science REIT making a positive and lasting impact on the

world. As the pioneer of the life science real estate niche with our founding in 1994,

Alexandria is the preeminent and longest-tenured owner, operator, and developer of

collaborative mega campuses 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 September 30, 2024, Alexandria has a total market

capitalization of $33.1 billion and an asset base in North America that includes 41.8 million

RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing

construction, and one committed near-term project expected to commence construction in

the next two years. Alexandria has a longstanding and proven track record of developing

Class A/A+ properties clustered in mega campuses that provide our innovative tenants with

highly dynamic and collaborative environments that enhance their ability to successfully

recruit and retain world-class talent and inspire productivity, efficiency, creativity, and

success. Alexandria also provides strategic capital to transformative life science

companies through our venture capital platform. We believe our unique business model

and diligent underwriting ensure a high-quality and diverse tenant base that results in

higher occupancy levels, longer lease terms, higher rental income, higher returns, and

greater long-term asset value. For more information on Alexandria, please visit

www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 53% 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 mega

campuses 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

63 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		Vincent R. Ciruzzi
Chief Financial Officer & Treasurer		Chief Development Officer
Lawrence J. Diamond		Joseph Hakman
Co-Chief Operating Officer & Regional Market Director – Maryland		Co-Chief Operating Officer & Chief Strategic Transactions Officer
Hart Cole		Jackie B. Clem
Executive Vice President – Capital Markets/Strategic Operations & Co-Regional Market Director – Seattle		General Counsel & Secretary
Gary D. Dean		Andres R. Gavinet
Executive Vice President – Real Estate Legal Affairs		Chief Accounting Officer
Onn C. Lee		Kristina A. Fukuzaki-Carlson
Executive Vice President – Accounting		Executive Vice President – Business Operations
Madeleine T. Alsbrook
Executive Vice President – Talent Management

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

Investor Information
September 30, 2024

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

Equity Research Coverage

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

BNP Paribas Exane		Citigroup Global Markets Inc.		Jefferies Research Services, LLC		RBC Capital Markets
Nate Crossett / Monir Koummal		Nicholas Joseph / Michael Griffin		Peter Abramowitz / Katie Elders		Michael Carroll / Aditi Balachandran
(646) 342-1588 / (646) 342-1554		(212) 816-1909 / (212) 816-5871		(212) 336-7241 / (212) 284-2300		(440) 715-2649 / (212) 428-6200
BofA Securities		Citizens JMP Securities, LLC		J.P. Morgan Securities LLC		Robert W. Baird & Co. Incorporated
Jeff Spector / Joshua Dennerlein		Aaron Hecht		Anthony Paolone / Ray Zhong		Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1681		(415) 835-3963		(212) 622-6682 / (212) 622-5411		(216) 737-7510 / (414) 298-5053
BTIG, LLC		Evercore ISI		Mizuho Securities USA LLC		Wedbush Securities
Tom Catherwood / Michael Tompkins		Steve Sakwa / James Kammert		Vikram Malhotra / Georgi Dinkov		Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 527-3566		(212) 446-9462 / (312) 705-4233		(212) 282-3827 / (617) 352-1721		(212) 931-7001 / (212) 938-9942
CFRA		Green Street
Paige Meyer		Dylan Burzinski
(800) 220-0502		(949) 640-8780
Fixed Income Research Coverage				Rating Agencies
Barclays Capital Inc.		J.P. Morgan Securities LLC		Moody’s Ratings		S&P Global Ratings
Srinjoy Banerjee / Japheth Otieno		Mark Streeter		(212) 553-0376		Alan Zigman
(212) 526-3521 / (212) 526-6961		(212) 834-5086				(416) 507-2556

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

Financial and Asset Base Highlights
September 30, 2024
(Dollars in thousands, except per share amounts)

		Three Months Ended (unless stated otherwise)
		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Selected financial data from consolidated financial statements and related information
Rental revenues		$579,569		$576,835		$581,400		$561,428		$526,352
Tenant recoveries		$196,175		$178,327		$174,151		$181,209		$181,179
General and administrative expenses		$43,945		$44,629		$47,055		$59,289		$45,987
General and administrative expenses as a percentage of net operating income – trailing 12 months		8.9%		9.2%		9.5%		9.8%		9.3%
Operating margin		71%		72%		72%		71%		70%
Adjusted EBITDA margin		70%		72%		72%		69%		69%
Adjusted EBITDA – quarter annualized		$2,219,632		$2,216,144		$2,206,428		$2,094,988		$1,971,440
Adjusted EBITDA – trailing 12 months		$2,184,298		$2,122,250		$2,064,904		$1,997,518		$1,935,505
Net debt at end of period		$12,191,574		$11,940,144		$11,569,666		$10,731,200		$10,713,620
Net debt and preferred stock to Adjusted EBITDA – quarter annualized		5.5x		5.4x		5.2x		5.1x		5.4x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months		5.6x		5.6x		5.6x		5.4x		5.5x
Total debt and preferred stock at end of period		$12,691,601		$12,424,055		$12,217,163		$11,315,642		$11,202,835
Gross assets at end of period		$44,112,770		$43,305,279		$42,915,903		$41,756,421		$41,639,729
Total debt and preferred stock to gross assets at end of period		29%		29%		28%		27%		27%
Fixed-charge coverage ratio – quarter annualized		4.4x		4.5x		4.7x		4.5x		4.8x
Fixed-charge coverage ratio – trailing 12 months		4.5x		4.6x		4.7x		4.7x		4.9x
Unencumbered net operating income as a percentage of total net operating income		99.1%		99.1%		99.3%		99.8%		99.8%
Closing stock price at end of period		$118.75		$116.97		$128.91		$126.77		$100.10
Common shares outstanding (in thousands) at end of period		172,244		172,018		172,008		171,911		170,997
Total equity capitalization at end of period		$20,454,023		$20,120,907		$22,173,547		$21,793,107		$17,116,784
Total market capitalization at end of period		$33,145,624		$32,544,962		$34,390,710		$33,108,749		$28,319,619
Dividend per share – quarter/annualized		$1.30/$5.20		$1.30/$5.20		$1.27/$5.08		$1.27/$5.08		$1.24/$4.96
Dividend payout ratio for the quarter		55%		55%		54%		56%		55%
Dividend yield – annualized		4.4%		4.4%		3.9%		4.0%		5.0%
Amounts related to operating leases:
Operating lease liabilities at end of period		$648,338	(1)	$379,223		$381,578		$382,883		$384,958
Rent expense		$10,180		$9,412		$8,683		$8,964		$8,317
Capitalized interest		$86,496		$81,039		$81,840		$89,115		$96,119
Average real estate basis capitalized during the period		$8,281,318		$7,936,612		$8,163,289		$9,116,700		$9,872,650
Weighted-average interest rate for capitalization of interest during the period		3.98%		3.96%		3.92%		3.92%		3.77%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Includes a ground lease liability related to an amendment to our existing ground lease agreement at the Alexandria Technology Square® mega campus in our Cambridge submarket, which extended its term by 24 years from January 1, 2065 to December 31, 2088. The amendment requires that we prepay our entire rent obligation for the extended lease term aggregating $270.0 million in two equal installments in 4Q24 and 1Q25. Upon the execution of the amendment in July 2024, we recognized the present value of our rent obligation aggregating $265.1 million related to the amendment as an operating lease liability.

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

Financial and Asset Base Highlights (continued)
September 30, 2024
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

		Three Months Ended (unless stated otherwise)
		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue		$29,087		$48,338		$48,251		$41,586		$29,805
Amortization of acquired below-market leases		$17,312		$22,515		$30,340		$23,684		$23,222
Amortization of deferred revenue related to tenant-funded and -built landlord improvements		$329		$—		$—		$—		$—
Straight-line rent expense on ground leases		$789		$341		$358		$366		$372
Stock compensation expense		$15,525		$14,507		$17,125		$34,592		$16,288
Amortization of loan fees		$4,222		$4,146		$4,142		$4,059		$4,059
Amortization of debt discounts		$330		$328		$318		$309		$306
Non-revenue-enhancing capital expenditures:
Building improvements		$4,270		$4,210		$4,293		$4,167		$4,510
Tenant improvements and leasing commissions		$55,920	(1)	$15,724		$21,144		$12,155		$7,560
Funds from operations attributable to noncontrolling interests		$78,113		$78,711		$79,535		$75,908		$72,799
Operating statistics and related information (at end of period)
Number of properties – North America		406		408		410		411		419
RSF – North America (including development and redevelopment projects under construction)		46,748,734		47,085,993		47,206,639		47,228,485		47,089,826
Total square feet – North America		73,611,815		74,103,404		74,069,321		73,532,305		75,057,289
Annual rental revenue per occupied RSF – North America		$57.09		$56.87		$56.86		$56.08		$53.34
Occupancy of operating properties – North America		94.7%		94.6%		94.6%		94.6%		93.7%
Occupancy of operating and redevelopment properties – North America		89.7%		89.9%		90.2%		90.2%		89.4%
Weighted-average remaining lease term (in years)		7.5		7.4		7.5		7.4		7.0
Total leasing activity – RSF		1,486,097		1,114,001		1,142,857		889,737		867,582
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes		5.1%		7.4%		33.0%		9.2%		28.8%
Rental rate changes (cash basis)		1.5%		3.7%		19.0%		5.5%		19.7%
RSF (included in total leasing activity above)		1,278,857		589,650		994,770		477,142		396,334
Top 20 tenants:
Annual rental revenue		$796,898		$805,751		$802,605		$769,066		$655,990
Annual rental revenue from investment-grade or publicly traded large cap tenants		92%		92%		92%		92%		91%
Weighted-average remaining lease term (in years)		9.5		9.4		9.7		9.6		8.9
Same property – percentage change over comparable quarter from prior year:
Net operating income changes		1.5%		1.5%		1.0%		0.7%		3.1%
Net operating income changes (cash basis)		6.5%		3.9%		4.2%		0.8%		4.6%

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

(1)Includes tenant improvements and leasing commissions related to a 10.5-year extension of a recently acquired lease aggregating 85,019 RSF in our Fenway submarket to an investment-grade rated academic institution. Excluding

this extension, tenant improvements and leasing commissions for the three months ended September 30, 2024 aggregated $39.6 million, which approximates our trailing five-year quarterly average of $38.2 million. Refer to

“Leasing Activity” in the Supplemental Information for additional details.

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High-Quality and Diverse Client Base
September 30, 2024

Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants
		Investment-Grade or Publicly Traded Large Cap Tenants
		92%
		of ARE’s Top 20 Tenant Annual Rental Revenue
		53%
Percentage of ARE’s Annual Rental Revenue		of ARE’s Annual Rental Revenue

Life Science

Product,

Service, and

Device

Multinational

Pharmaceutical

Public

Biotechnology –

Approved or

Marketed

Product

Public

Biotechnology –

Preclinical or

Clinical Stage

Private

Biotechnology

Other(1)

Other Investment-Grade

or Large Cap Tech

Biomedical and

Government

Institutions

As of September 30, 2024. Annual rental revenue represents amounts in effect as of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating

annual rental revenue from unconsolidated real estate joint ventures.

(1)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than

1.0% of our annual rental revenue.

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High-Quality and Diverse Client Base (continued)
September 30, 2024

Long-Duration and Stable Cash Flows From

High-Quality and Diverse Tenants

Sustained Strength in Tenant Collections(1)
99.9%			99.6%
3Q24			October 2024
Long-Duration Lease Terms
9.5 Years			7.5 Years
Top 20 Tenants			All Tenants
Weighted-Average Remaining Term(2)

(1)Represents the portion of total receivables billed for each period collected as of October 21, 2024.

(2)Based on annual rental revenue in effect as of September 30, 2024.

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Occupancy
September 30, 2024

Solid Historical Occupancy of 96% Over Past 10 Years(1) From

Historically Strong Demand for Our Class A/A+ Properties in AAA Locations

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

(2)

76%

Mega

Campuses

24%

Non-Mega

Campuses

As of September 30, 2024. Annual rental revenue represents amounts in effect as of September 30, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents average occupancy of operating properties as of each December 31 from 2015 through 2023 and as of September 30, 2024.

(2)Refer to footnote 1 under “Summary of occupancy” in “Summary of properties and occupancy” in the Supplemental Information for additional details.

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Key Operating Metrics
September 30, 2024

Same Property Net Operating Income Growth								Rental Rate Growth: Renewed/Re-Leased Space
Margins(1)								Favorable Lease Structure(2)
Operating			Adjusted EBITDA					Strategic Lease Structure by Owner and Operator of Collaborative Mega Campuses
71%			70%					Increasing cash flows
								Percentage of leases containing annual rent escalations			96%
								Stable cash flows
Weighted-Average Lease Term of Executed Leases(3)								Percentage of triple net leases			93%
8.8 Years								Lower capex burden
								Percentage of leases providing for the recapture of capital expenditures			92%

Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation

from the most directly comparable financial measure presented in accordance with GAAP.

(1)For the three months ended September 30, 2024.

(2)Percentages calculated based on our annual rental revenue in effect as of September 30, 2024.

(3)Represents the weighted-average lease term of executed leases based on annual rental revenue for the 10-year period from December 31, 2015 through September 30, 2024.

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Same Property Performance
September 30, 2024
(Dollars in thousands)

		September 30, 2024						September 30, 2024
Same Property Financial Data		Three Months Ended		Nine Months Ended		Same Property Statistical Data		Three Months Ended		Nine Months Ended
Percentage change over comparable period from prior year:						Number of same properties		344		339
Net operating income changes		1.5%		1.6%		Rentable square feet		34,652,674		33,720,609
Net operating income changes (cash basis)		6.5%		4.6%		Occupancy – current-period average		94.8%		94.4%
Operating margin		68%		69%		Occupancy – same-period prior-year average		94.1%		94.3%

		Three Months Ended September 30,								Nine Months Ended September 30,
		2024		2023		$ Change		% Change		2024		2023		$ Change		% Change
Income from rentals:
Same properties		$452,417		$439,541		$12,876		2.9%		$1,342,463		$1,307,866		$34,597		2.6%
Non-same properties		127,152		86,811		40,341		46.5		395,341		274,677		120,664		43.9
Rental revenues		579,569		526,352		53,217		10.1		1,737,804		1,582,543		155,261		9.8
Same properties		168,923		165,226		3,697		2.2		473,061		461,555		11,506		2.5
Non-same properties		27,252		15,953		11,299		70.8		75,592		55,721		19,871		35.7
Tenant recoveries		196,175		181,179		14,996		8.3		548,653		517,276		31,377		6.1
Income from rentals		775,744		707,531		68,213		9.6		2,286,457		2,099,819		186,638		8.9
Same properties		386		619		(233)		(37.6)		1,102		1,356		(254)		(18.7)
Non-same properties		15,477		5,638		9,839		174.5		39,890		27,308		12,582		46.1
Other income		15,863		6,257		9,606		153.5		40,992		28,664		12,328		43.0
Same properties		621,726		605,386		16,340		2.7		1,816,626		1,770,777		45,849		2.6
Non-same properties		169,881		108,402		61,479		56.7		510,823		357,706		153,117		42.8
Total revenues		791,607		713,788		77,819		10.9		2,327,449		2,128,483		198,966		9.3
Same properties		199,369		189,368		10,001		5.3		559,427		532,942		26,485		5.0
Non-same properties		33,896		28,319		5,577		19.7		109,406		103,512		5,894		5.7
Rental operations		233,265		217,687		15,578		7.2		668,833		636,454		32,379		5.1
Same properties		422,357		416,018		6,339		1.5		1,257,199		1,237,835		19,364		1.6
Non-same properties		135,985		80,083		55,902		69.8		401,417		254,194		147,223		57.9
Net operating income		$558,342		$496,101		$62,241		12.5%		$1,658,616		$1,492,029		$166,587		11.2%
Net operating income – same properties		$422,357		$416,018		$6,339		1.5%		$1,257,199		$1,237,835		$19,364		1.6%
Straight-line rent revenue		(4,974)		(23,981)		19,007		(79.3)		(37,251)		(73,626)		36,375		(49.4)
Amortization of acquired below-market leases		(14,582)		(13,792)		(790)		5.7		(44,993)		(40,410)		(4,583)		11.3
Net operating income – same properties (cash basis)		$402,801		$378,245		$24,556		6.5%		$1,174,955		$1,123,799		$51,156		4.6%

Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also

contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

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

Leasing Activity
September 30, 2024
(Dollars per RSF)

			Three Months Ended								Nine Months Ended								Year Ended
			September 30, 2024								September 30, 2024								December 31, 2023
		Including Straight-Line Rent				Cash Basis				Including Straight-Line Rent				Cash Basis				Including Straight-Line Rent				Cash Basis
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes			5.1%	(2)			1.5%	(2)			16.4%				8.9%				29.4%				15.8%
New rates			$56.60				$55.77				$63.43				$62.39				$52.35				$50.82
Expiring rates			$53.86				$54.95				$54.47				$57.28				$40.46				$43.87
RSF			1,278,857								2,863,277								3,046,386
Tenant improvements/leasing commissions			$43.73	(3)							$33.92	(3)							$26.09
Weighted-average lease term			9.7 years								8.7 years								8.7 years
Developed/redeveloped/previously vacant space leased(4)
New rates			$52.66				$52.18				$64.59				$62.90				$65.66				$59.74
RSF			207,240								879,678	(5)							1,259,686
Weighted-average lease term			10.6 years								8.1 years								13.8 years
Leasing activity summary (totals):
New rates			$56.05				$55.27				$63.69				$62.50				$56.09				$53.33
RSF			1,486,097								3,742,955								4,306,072
Weighted-average lease term			9.8 years								8.6 years								11.3 years
Lease expirations(1)
Expiring rates			$51.62				$53.17				$52.01				$54.40				$43.84				$45.20
RSF			1,500,213								3,801,559								5,027,773

Leasing activity includes 100% of results for properties in North America in which we have an investment.

(1)Excludes month-to-month leases aggregating 355,698 RSF and 86,092 RSF as of September 30, 2024 and December 31, 2023, respectively. Month-to-month leases aggregating 355,698 RSF as of September 30, 2024

include 226,144 RSF in our University Town Center submarket primarily related to space being temporarily held over by an expiring tenant at buildings that are targeted for the future development of laboratory space,

subject to market conditions and leasing. During the trailing twelve months ended September 30, 2024, we granted free rent concessions averaging 0.7 months per annum.

(2)Includes a five-year lease extension to an investment-grade rated technology tenant aggregating 357,136 RSF of recently acquired tech R&D space in our Texas market that was renewed with rental rate changes of

(33.6)% and (4.8)% (cash basis). These spaces were originally targeted for a future change in use at acquisition, but we instead renewed them with a lower capital investment while we continue to evaluate options to

convert these spaces in the future, subject to market conditions. Excluding this lease, rental rate changes for renewed/re-leased space for 3Q24 were 13.0% and 2.3% (cash basis). Rental rate changes may experience

volatility from quarter to quarter based on the volume and mix of leases executed. Refer to “Guidance” in the Earnings Press Release for rental rate changes expected from leases executed for the year ending December

31, 2024.

(3)Includes tenant improvements and leasing commissions related to a 10.5-year extension of a recently acquired lease aggregating 85,019 RSF in our Fenway submarket to an investment-grade rated academic institution.

Excluding this lease, tenant improvements and leasing commissions per RSF for the three and nine months ended September 30, 2024 were $33.16 and $28.85, respectively, which are consistent with the five-year

quarterly average of $32.17 per RSF.

(4)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.

(5)Includes the five-year extension of 171,102 RSF at our 4155 Campus Point Court property in San Diego, a fully leased development project expected to deliver in 4Q24.

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Contractual Lease Expirations
September 30, 2024

Year				RSF				Percentage of Occupied RSF				Annual Rental Revenue (per RSF)(1)				Percentage of Annual Rental Revenue
	2024	(2)			518,665				1.4%				$69.19				1.7%
	2025				3,785,573				10.0%				$49.64				8.8%
	2026				2,714,170				7.1%				$53.21				6.7%
	2027				3,242,737				8.5%				$51.87				7.9%
	2028				4,332,150				11.4%				$51.78				10.5%
	2029				2,437,921				6.4%				$51.25				5.8%
	2030				3,135,445				8.3%				$43.25				6.3%
	2031				3,425,338				9.0%				$55.11				8.8%
	2032				1,093,311				2.9%				$59.53				3.0%
	2033				2,772,455				7.3%				$50.81				6.6%
Thereafter					10,541,840				27.7%				$68.66				33.9%

Market		2024 Contractual Lease Expirations (in RSF)															Annual Rental Revenue (per RSF)(1)		2025 Contractual Lease Expirations (in RSF)												Annual Rental Revenue (per RSF)(1)
		Leased		Negotiating/ Anticipating		Targeted for Future Development/Redevelopment(3)						Remaining Expiring Leases			Total(2)				Leased		Negotiating/ Anticipating		Targeted for Future Development/ Redevelopment(3)			Remaining Expiring Leases(4)			Total
						Committed Near-Term/ Priority Anticipated			Future
Greater Boston		73,614		21,621		—			104,500			80,788	(5)		280,523		$86.07		172,446		145,715		25,312			659,355	(5)		1,002,828		$76.13
San Francisco Bay Area		12,847		13,943		107,250			—			14,682			148,722		49.58		72,162		247,827		—			547,092			867,081		51.33
San Diego		27,119		—		—			—			17,408			44,527		55.30		83,546		—		269,048			260,627			613,221		22.98
Seattle		—		—		—			—			3,652			3,652		N/A		—		—		—			196,419			196,419		25.10
Maryland		—		—		—			—			182			182		N/A		35,055		6,926		—			151,958			193,939		27.51
Research Triangle		10,478		—		—			—			8,202			18,680		28.31		—		—		—			306,916			306,916		51.16
New York City		—		—		—			—			9,058			9,058		109.57		—		13,273		—			54,966			68,239		105.86
Texas		—		—		—			—			—			—		—		—		—		198,972			247,246			446,218		40.09
Canada		13,321		—		—			—			—			13,321		26.54		—		—		—			88,412			88,412		20.28
Non-cluster/other markets		—		—		—			—			—			—		—		—		—		—			2,300			2,300		40.17
Total		137,379		35,564		107,250			104,500			133,972			518,665		$69.19		363,209		413,741		493,332	(3)		2,515,291			3,785,573		$49.64
Percentage of expiring leases		26%		7%		21%			20%			26%			100%				10%		11%		13%			66%			100%

Contractual lease expirations at properties classified as held for sale as of September 30, 2024 are excluded from the information on this page.

(1)Represents amounts in effect as of September 30, 2024.

(2)Excludes month-to-month leases aggregating 355,698 RSF as of September 30, 2024. Refer to “Leasing Activity” in the Supplemental Information for additional details.

(3)Primarily represents assets that were recently acquired for future development and redevelopment opportunities, for which we expect, subject to market conditions and leasing, to commence first-time conversion from non-laboratory space

to laboratory space, or to commence future ground-up development. As of September 30, 2024, annual rental revenue from these leases expiring in 2024, including 226,144 RSF of month-to-month leases in our University Town Center

submarket primarily related to space being temporarily held over by an expiring tenant, and 2025 is $20.9 million and $17.5 million, respectively. The weighted-average expiration date of these leases expiring in 2024 and 2025 is

October 20, 2024 and January 10, 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)Includes 768,080 RSF in four submarkets with a weighted-average expiration date of January 21, 2025 and annual rental revenue aggregating approximately $47 million, with our share of this annual rental revenue aggregating

$35 million, comprising the following: (i) existing laboratory spaces for which we are evaluating options to re-lease or reposition from single tenancy to multi-tenancy that will remain in our same property pool at Alexandria Technology

Square® in our Cambridge submarket for 182,054 RSF and at 409 Illinois Street, where we have an ownership interest of 25.0%, in our Mission Bay submarket for 234,249 RSF (we are in early discussions with a tenant to lease

approximately 50% of this space); and (ii) non-laboratory space for which we are evaluating options to re-lease generally in their current condition, reposition, or, subject to market conditions, may undergo a conversion through

redevelopment in our Austin submarket for 247,246 RSF and in our Research Triangle market for 104,531 RSF. Should we commence redevelopment efforts, these properties would be placed into our active pipeline and removed from our

same property pool; otherwise, they would remain in our same property pool. We expect downtime on the 768,080 RSF to range from 12 to 24 months on a weighted-average basis.

(5)Includes 41,908 RSF and 210,868 RSF expiring in 2024 and 2025, respectively, related to properties that are under executed letters of intent and/or purchase and sale agreements to sell. Approximately 95% of the 2025 remaining

expiring leases in Greater Boston are located in our Cambridge/Inner Suburbs submarket. Refer to footnote 4 for additional details.

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

Top 20 Tenants
September 30, 2024
(Dollars in thousands, except average market cap amounts)

92% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

		Tenant		Remaining Lease Term(1) (in years)				Aggregate RSF				Annual Rental Revenue(1)				Percentage of Annual Rental Revenue(1)		Investment-Grade Credit Ratings				Average Market Cap (in billions)
																		Moody’s		S&P
1		Moderna, Inc.			12.6				1,385,678				$127,387			5.8%		—		—		$38.6
2		Eli Lilly and Company			8.2				1,166,754				94,814			4.3		A1		A+		$712.4
3		Bristol-Myers Squibb Company			6.4				999,379				76,363			3.5		A2		A		$99.1
4		Takeda Pharmaceutical Company Limited			10.7				549,759				47,899			2.2		Baa1		BBB+		$44.5
5		Roche			6.7				770,279				47,104			2.2		Aa2		AA		$227.8
6		Illumina, Inc.			7.4				857,967				35,362			1.6		Baa3		BBB		$19.7
7		Alphabet Inc.			3.1				625,015				34,899			1.6		Aa2		AA+		$1,916.3
8		2seventy bio, Inc.(2)			8.9				312,805				33,543			1.5		—		—		$0.2
9		Novartis AG			3.8				450,664				30,969			1.4		Aa3		AA-		$231.8
10		United States Government			5.9				429,359				28,593			1.3		Aaa		AA+		$—
11		Cloud Software Group, Inc.			2.4	(3)			292,013				28,537			1.3		—		—		$—
12		Uber Technologies, Inc.			58.0	(4)			1,009,188				27,776			1.3		Baa2		BBB-		$137.1
13		AstraZeneca PLC			5.1				450,848				27,156			1.2		A2		A+		$222.8
14		Harvard University			7.2				343,858				27,084			1.2		Aaa		AAA		$—
15		The Regents of the University of California			6.6				372,647				23,670			1.1		Aa2		AA		$—
16		Sanofi			6.3				267,278				21,444			1.0		A1		AA		$126.6
17		Merck & Co., Inc.			8.8				337,703				21,401			1.0		A1		A+		$300.8
18		Amgen Inc.			8.3				428,227				21,314			1.0		Baa1		BBB+		$159.2
19		New York University			7.4				218,983				21,056			1.0		Aa2		AA-		$—
20		Massachusetts Institute of Technology			4.7				246,725				20,527			0.9		Aaa		AAA		$—
		Total/weighted-average			9.5	(4)			11,515,129				$796,898			36.4%

Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the

Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.

(1)Based on annual rental revenue in effect as of September 30, 2024.

(2)As of June 30, 2024, 2seventy bio, Inc. held $201.9 million of cash, cash equivalents, and marketable securities. In March 2024, Regeneron Pharmaceuticals, Inc., a publicly traded biotechnology company with investment-grade credit

ratings of Baa1 and BBB+ assigned by Moody’s and S&P, respectively, entered into a sublease for approximately 195,000 RSF, or 62.8% of our annual rental revenue generated from 2seventy bio as of September 30, 2024. Additionally,

90.2% of the annual rental revenue generated by 2seventy bio is guaranteed by another related public biotechnology company.

(3)Consists of one lease at a property acquired in 2022 with future development and redevelopment opportunities. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we acquired the

property.

(4)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 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 7.8 years as of September 30, 2024.

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

Summary of Properties and Occupancy
September 30, 2024
(Dollars in thousands, except per RSF amounts)

Summary of properties

Market		RSF										Number of Properties		Annual Rental Revenue
		Operating		Development		Redevelopment		Total		% of Total				Total		% of Total		Per RSF
Greater Boston		10,352,695		764,036		1,762,974	(1)	12,879,705		28%		72		$833,562		38%		$85.09
San Francisco Bay Area		7,784,590		498,142		259,689		8,542,421		18		65		432,102		20		63.54
San Diego		7,673,315		1,186,104		—		8,859,419		19		87		330,596		15		44.90
Seattle		3,108,593		227,577		34,306		3,370,476		7		45		137,044		6		47.78
Maryland		3,819,512		29,890		—		3,849,402		8		50		145,847		7		40.12
Research Triangle		3,770,927		—		—		3,770,927		8		38		116,318		5		31.64
New York City		921,686		—		—		921,686		2		4		72,439		3		92.37
Texas		1,845,159		—		73,298		1,918,457		4		15		54,958		3		31.19
Canada		887,737		—		139,311		1,027,048		2		11		19,790		1		23.33
Non-cluster/other markets		347,806		—		—		347,806		1		10		14,623		1		57.76
Properties held for sale		1,261,387		—		—		1,261,387		3		9		26,796		1		N/A
North America		41,773,407		2,705,749		2,269,578		46,748,734		100%		406		$2,184,075		100%		$57.09
				4,975,327

(1)Primarily includes our active redevelopment projects aggregating 735,744 RSF at 40, 50, and 60 Sylvan Road and 840 Winter Street located on the Alexandria Center® for Life Science – Waltham mega campus. This

mega campus project is expected to capture demand in our Route 128 submarket.

Summary of occupancy

		Operating Properties						Operating and Redevelopment Properties
Market		9/30/24		6/30/24		9/30/23		9/30/24		6/30/24		9/30/23
Greater Boston		94.6%		94.2%		93.2%		80.9%		81.7%		83.3%
San Francisco Bay Area		94.1		94.0		95.3		91.1		90.7		91.9
San Diego		96.0		95.1		90.9		96.0		95.1		90.9
Seattle		92.3	(1)	94.7		95.1		91.3		93.7		90.3
Maryland		96.2		96.5		96.6		96.2		96.5		96.6
Research Triangle		97.5		97.4		96.9		97.5		97.4		96.9
New York City		85.1	(2)	85.1		89.4		85.1		85.1		89.4
Texas		95.5		95.5		95.1		91.8		91.8		91.5
Subtotal		94.9		94.7		93.9		90.0		90.2		89.9
Canada		95.5		94.9		88.9		82.6		82.5		75.7
Non-cluster/other markets		72.8		75.6		80.5		72.8		75.6		80.5
North America		94.7%		94.6%		93.7%		89.7%		89.9%		89.4%

(1)Decline in occupancy relates to the expiration of an acquired non-laboratory lease aggregating 87,273 RSF at one property in our Bothell submarket that is expected to be converted to laboratory space subject to

market conditions and leasing.

(2)The Alexandria Center® for Life Science – New York City mega campus is 95.3% occupied as of September 30, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center®

for Life Science – Long Island City property, which was 42.8% occupied as of September 30, 2024.

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

Property Listing
September 30, 2024
(Dollars in thousands)

Mega Campuses Encompass 76% of Our Annual Rental Revenue

Market / Submarket / Address				RSF								Number of Properties		Annual Rental Revenue			Occupancy Percentage
																	Operating			Operating and Redevelopment
				Operating		Development		Redevelopment		Total
Greater Boston
	Cambridge/Inner Suburbs
		Mega Campus: Alexandria Center® at Kendall Square		2,856,043		—		—		2,856,043		11		$275,724			97.5%			97.5%
		50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 and 215 First Street, 150 Second Street, 300 Third Street(1), 11 Hurley Street, and 100 Edwin H. Land Boulevard
		Mega Campus: Alexandria Center® at One Kendall Square		1,281,583		—		104,956		1,386,539		12		144,595			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
		Mega Campus: Alexandria Technology Square®		1,185,286		—		—		1,185,286		7		114,942			100.0			100.0
		100, 200, 300, 400, 500, 600, and 700 Technology Square
		Mega Campus: The Arsenal on the Charles		702,745		109,481		308,446		1,120,672		13		53,481			99.3			69.0
		311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street, 1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
		Mega Campus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue(1)		633,056		204,395		—		837,451		6		39,618			100.0			100.0
		Cambridge/Inner Suburbs		6,658,713		313,876		413,402		7,385,991		49		628,360			97.7			91.9
	Fenway
		Mega Campus: Alexandria Center® for Life Science – Fenway		1,218,257		450,160		159,959		1,828,376		3		90,984			89.3			78.9
		401 and 421(1) Park Drive and 201 Brookline Avenue(1)
	Seaport Innovation District
		5 and 15(1) Necco Street		441,396		—		—		441,396		2		40,401			75.7			75.7
		Seaport Innovation District		441,396		—		—		441,396		2		40,401			75.7			75.7
	Route 128
		Mega Campus: Alexandria Center® for Life Science – Waltham		326,110		—		735,744		1,061,854		5		23,198			100.0			30.7
		40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
		Mega Campus: One Moderna Way		722,130		—		—		722,130		4		31,422			100.0			100.0
		19, 225, and 235 Presidential Way		585,226		—		—		585,226		3		14,381			100.0			100.0
		Route 128		1,633,466		—		735,744		2,369,210		12		69,001			100.0			68.9
	Other			400,863		—		453,869		854,732		6		4,816			59.7			28.0
		Greater Boston		10,352,695		764,036		1,762,974		12,879,705		72		$833,562			94.6%			80.9%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

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

Property Listing (continued)
September 30, 2024
(Dollars in thousands)

Market / Submarket / Address				RSF								Number of Properties		Annual Rental Revenue			Occupancy Percentage
																	Operating			Operating and Redevelopment
				Operating		Development		Redevelopment		Total
San Francisco Bay Area
	Mission Bay
		Mega Campus: Alexandria Center® for Science and Technology – Mission Bay(1)		2,005,369		212,796		—		2,218,165		10		$74,676			95.1%			95.1%
		1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South
		Mission Bay		2,005,369		212,796		—		2,218,165		10		74,676			95.1			95.1
	South San Francisco
		Mega Campus: Alexandria Technology Center® – Gateway(1)		1,409,825		—		259,689		1,669,514		12		76,150			82.9			70.0
		600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
		Mega Campus: Alexandria Center® for Advanced Technologies – South San Francisco		919,703		—		—		919,703		5		57,788			100.0			100.0
		213(1), 249, 259, 269, and 279 East Grand Avenue
		Alexandria Center® for Life Science – South San Francisco		504,053		—		—		504,053		3		32,767			93.9			93.9
		201 Haskins Way and 400 and 450 East Jamie Court
		Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan		445,232		—		—		445,232		2		4,020			100.0			100.0
		1122 and 1150 El Camino Real
		Alexandria Center® for Life Science – Millbrae(1)		—		285,346		—		285,346		1		—			N/A			N/A
		230 Harriet Tubman Way
		500 Forbes Boulevard(1)		155,685		—		—		155,685		1		10,680			100.0			100.0
		South San Francisco		3,434,498		285,346		259,689		3,979,533		24		181,405			92.1			85.6
	Greater Stanford
		Mega Campus: Alexandria Center® for Life Science – San Carlos		739,157		—		—		739,157		9		49,891			97.4			97.4
		825, 835, 960, and 1501-1599 Industrial Road
		Alexandria Stanford Life Science District		703,843		—		—		703,843		9		66,558			98.6			98.6
		3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
		3412, 3420, 3440, 3450, and 3460 Hillview Avenue		340,103		—		—		340,103		5		23,603			82.9			82.9
		3875 Fabian Way		228,000		—		—		228,000		1		9,402			100.0			100.0
		2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road		193,688		—		—		193,688		3		16,994			100.0			100.0
		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		2,344,723		—		—		2,344,723		31		176,021			96.3			96.3
		San Francisco Bay Area		7,784,590		498,142		259,689		8,542,421		65		$432,102			94.1%			91.1%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2)We own 100% of this property.

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

Property Listing (continued)
September 30, 2024
(Dollars in thousands)

Market / Submarket / Address				RSF								Number of Properties		Annual Rental Revenue			Occupancy Percentage
																	Operating			Operating and Redevelopment
				Operating		Development		Redevelopment		Total
San Diego
	Torrey Pines
		Mega Campus: One Alexandria Square		748,674		334,996		—		1,083,670		10		$43,059			98.8%			98.8%
		3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10935, 10945, and 10955 Alexandria Way, 10975 North Torrey Pines Road, and 10996 Torreyana Road, and 3545 Cray Court
		ARE Torrey Ridge		297,784		—		—		297,784		3		13,661			85.9			85.9
		10578, 10618, and 10628 Science Center Drive
		ARE Nautilus		218,459		—		—		218,459		4		12,743			86.3			86.3
		3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
		Torrey Pines		1,264,917		334,996		—		1,599,913		17		69,463			93.6			93.6
	University Town Center
		Mega Campus: Campus Point by Alexandria(1)		1,666,590		598,029		—		2,264,619		13		80,167			99.0			99.0
		9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135, 4155, 4161, 4224, 4242, and 4275(2) Campus Point Court
		Mega Campus: 5200 Illumina Way(1)		792,687		—		—		792,687		6		29,978			100.0			100.0
		ARE Esplanade		243,084		—		—		243,084		4		11,976			74.6			74.6
		4755, 4757, and 4767 Nexus Center Drive and 4796 Executive Drive
		9625 Towne Centre Drive(1)		163,648		—		—		163,648		1		6,520			100.0			100.0
		Costa Verde by Alexandria		8,730		—		—		8,730		2		941			100.0			100.0
		8505 Costa Verde Boulevard and 4260 Nobel Drive
		University Town Center		2,874,739		598,029		—		3,472,768		26		129,582			97.3			97.3
	Sorrento Mesa
		Mega Campus: SD Tech by Alexandria(1)		981,195		253,079		—		1,234,274		14		41,534			94.3			94.3
		9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road
		Mega Campus: Sequence District by Alexandria		801,575		—		—		801,575		7		28,766			100.0			100.0
		6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
		Pacific Technology Park(1)		544,352		—		—		544,352		5		8,936			89.1			89.1
		9389, 9393, 9401, 9455, and 9477 Waples Street
		Summers Ridge Science Park(1)		316,531		—		—		316,531		4		11,521			100.0			100.0
		9965, 9975, 9985, and 9995 Summers Ridge Road
		Scripps Science Park by Alexandria		144,113		—		—		144,113		1		11,379			100.0			100.0
		10102 Hoyt Park Drive
		ARE Portola		101,857		—		—		101,857		3		4,022			100.0			100.0
		6175, 6225, and 6275 Nancy Ridge Drive
		5810/5820 Nancy Ridge Drive		83,354		—		—		83,354		1		4,581			100.0			100.0
		9877 Waples Street		63,774		—		—		63,774		1		2,680			100.0			100.0
		5871 Oberlin Drive		33,842		—		—		33,842		1		1,909			100.0			100.0
		Sorrento Mesa		3,070,593		253,079		—		3,323,672		37		$115,328			96.2%			96.2%
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2)We own 100% of this property.

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

Property Listing (continued)
September 30, 2024
(Dollars in thousands)

Market / Submarket / Address				RSF								Number of Properties		Annual Rental Revenue			Occupancy Percentage
																	Operating			Operating and Redevelopment
				Operating		Development		Redevelopment		Total
San Diego (continued)
	Sorrento Valley
		3911, 3931, and 3985 Sorrento Valley Boulevard		108,812		—		—		108,812		3		$3,834			68.5%			68.5%
		11045 and 11055 Roselle Street		43,233		—		—		43,233		2		2,191			100.0			100.0
		Sorrento Valley		152,045		—		—		152,045		5		6,025			77.4			77.4
	Other			311,021		—		—		311,021		2		10,198			100.0			100.0
		San Diego		7,673,315		1,186,104		—		8,859,419		87		330,596			96.0			96.0
Seattle
	Lake Union
		Mega Campus: Alexandria Center® for Life Science – Eastlake		1,153,742		—		—		1,153,742		9		81,380			95.2			95.2
		1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
		Mega Campus: Alexandria Center® for Life Science – South Lake Union		290,754		227,577		—		518,331		2		17,501			100.0			100.0
		400(1) and 701 Dexter Avenue North
		219 Terry Avenue North		31,797		—		—		31,797		1		1,311			56.9			56.9
		Lake Union		1,476,293		227,577		—		1,703,870		12		100,192			95.3			95.3
	SoDo
		830 4th Avenue South		45,615		—		—		45,615		1		676			29.8			29.8
	Elliott Bay
		410 West Harrison Street and 410 Elliott Avenue West		20,101		—		—		20,101		2		672			100.0			100.0
	Bothell
		Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park		1,061,778		—		—		1,061,778		22		22,235			87.9			87.9
		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		429,143		—		34,306		463,449		6		12,420			97.5			90.3
		3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
		Bothell		1,490,921		—		34,306		1,525,227		28		34,655			90.7			88.6
	Other			75,663		—		—		75,663		2		849			100.0			100.0
		Seattle		3,108,593		227,577		34,306		3,370,476		45		$137,044			92.3%			91.3%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

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

Property Listing (continued)
September 30, 2024
(Dollars in thousands)

Market / Submarket / Address				RSF								Number of Properties		Annual Rental Revenue			Occupancy Percentage
																	Operating			Operating and Redevelopment
				Operating		Development		Redevelopment		Total
Maryland
	Rockville
		Mega Campus: Alexandria Center® for Life Science – Shady Grove		1,662,460		29,890		—		1,692,350		20		$80,356			99.3%			99.3%
		9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward Campus Drive, and 9810 and 9820 Darnestown Road
		1330 Piccard Drive		131,508		—		—		131,508		1		4,210			100.0			100.0
		1405 and 1450(1) Research Boulevard		114,849		—		—		114,849		2		3,029			73.3			73.3
		1500 and 1550 East Gude Drive		91,359		—		—		91,359		2		1,844			100.0			100.0
		5 Research Place		63,852		—		—		63,852		1		3,073			100.0			100.0
		5 Research Court		51,520		—		—		51,520		1		1,779			100.0			100.0
		12301 Parklawn Drive		49,185		—		—		49,185		1		1,598			100.0			100.0
		Rockville		2,164,733		29,890		—		2,194,623		28		95,889			98.0			98.0
	Gaithersburg
		Alexandria Technology Center® – Gaithersburg I		619,061		—		—		619,061		9		19,486			93.1			93.1
		9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
		Alexandria Technology Center® – Gaithersburg II		486,301		—		—		486,301		7		18,788			100.0			100.0
		700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
		20400 Century Boulevard		81,006		—		—		81,006		1		3,016			100.0			100.0
		401 Professional Drive		63,154		—		—		63,154		1		1,930			90.1			90.1
		950 Wind River Lane		50,000		—		—		50,000		1		1,234			100.0			100.0
		620 Professional Drive		27,950		—		—		27,950		1		1,207			100.0			100.0
		Gaithersburg		1,327,472		—		—		1,327,472		20		45,661			96.3			96.3
	Beltsville
		8000/9000/10000 Virginia Manor Road		191,884		—		—		191,884		1		2,974			97.7			97.7
		101 West Dickman Street(1)		135,423		—		—		135,423		1		1,323			64.4			64.4
		Beltsville		327,307		—		—		327,307		2		4,297			83.9			83.9
		Maryland		3,819,512		29,890		—		3,849,402		50		145,847			96.2			96.2
Research Triangle
	Research Triangle
		Mega Campus: Alexandria Center® for Life Science – Durham		2,152,397		—		—		2,152,397		15		53,168			97.5			97.5
		6, 8, 10, 12, 14, 40, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
		Mega Campus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle		687,467		—		—		687,467		6		32,633			99.1			99.1
		6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
		Mega Campus: Alexandria Center® for Sustainable Technologies		364,493		—		—		364,493		7		$12,117			93.0%			93.0%
		104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
	Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

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

Property Listing (continued)
September 30, 2024
(Dollars in thousands)

Market / Submarket / Address				RSF								Number of Properties		Annual Rental Revenue			Occupancy Percentage
																	Operating			Operating and Redevelopment
				Operating		Development		Redevelopment		Total
Research Triangle (continued)
	Research Triangle (continued)
		Alexandria Technology Center® – Alston		155,731		—		—		155,731		3		$4,168			94.7%			94.7%
		100, 800, and 801 Capitola Drive
		Alexandria Innovation Center® – Research Triangle		136,692		—		—		136,692		3		4,260			100.0			100.0
		7010, 7020, and 7030 Kit Creek Road
		2525 East NC Highway 54		82,996		—		—		82,996		1		3,651			100.0			100.0
		407 Davis Drive		81,956		—		—		81,956		1		3,323			100.0			100.0
		601 Keystone Park Drive		77,595		—		—		77,595		1		2,137			100.0			100.0
		6101 Quadrangle Drive		31,600		—		—		31,600		1		861			100.0			100.0
		Research Triangle		3,770,927		—		—		3,770,927		38		116,318			97.5			97.5
New York City
	New York City
		Mega Campus: Alexandria Center® for Life Science – New York City		742,586		—		—		742,586		3		67,220			95.3			95.3
		430 and 450 East 29th Street
		Alexandria Center® for Life Science – Long Island City		179,100		—		—		179,100		1		5,219			42.8			42.8
		30-02 48th Avenue
		New York City		921,686		—		—		921,686		4		72,439			85.1			85.1
Texas
	Austin
		Mega Campus: Intersection Campus		1,525,359		—		—		1,525,359		12		40,156			99.2			99.2
		507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
		1001 Trinity Street and 1020 Red River Street		198,972		—		—		198,972		2		11,630			100.0			100.0
		Austin		1,724,331		—		—		1,724,331		14		51,786			99.3			99.3
	Greater Houston
		Alexandria Center® for Advanced Technologies at The Woodlands		120,828		—		73,298		194,126		1		3,172			41.5			25.8
		8800 Technology Forest Place
		Texas		1,845,159		—		73,298		1,918,457		15		54,958			95.5			91.8
Canada				887,737		—		139,311		1,027,048		11		19,790			95.5			82.6
Non-cluster/other markets				347,806		—		—		347,806		10		14,623			72.8			72.8
North America, excluding properties held for sale				40,512,020		2,705,749		2,269,578		45,487,347		397		2,157,279			94.7%			89.7%
Properties held for sale				1,261,387		—		—		1,261,387		9		26,796			66.7%			66.7%
Total – North America				41,773,407		2,705,749		2,269,578		46,748,734		406		$2,184,075

 

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

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

Investments in Real Estate
September 30, 2024

ALEXANDRIA’S FUTURE GROWTH IN

ANNUAL NET OPERATING INCOME FROM

DEVELOPMENT AND REDEVELOPMENT DELIVERIES

$510 MILLION

(1)

Placed Into Service

Expected to Be Placed Into Service

(2)

YTD 3Q24		3Q24
$63M		$21M
945,118 RSF		316,691 RSF
100% Leased

(3)

4Q24–4Q25		1Q26–1Q28
$158M		$352M
Aggregating 5.5M RSF
55% Leased/Negotiating

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 4Q24 through 1Q28 is projected to be $407 million.

(2)Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years.

(3)Includes (i) 1.0 million RSF that is expected to stabilize through 2025 and is 92% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. Refer to the initial and

stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for details.

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

Investments in Real Estate
September 30, 2024
(Dollars in thousands)

Investments in real estate

				Development and Redevelopment
				Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
		Operating		Under Construction 55% Leased/ Negotiating		Committed Near Term 51% Leased/ Negotiating(1)		Priority Anticipated		Future		Subtotal		Total
Square footage
Operating		40,512,020		—		—		—		—		—		40,512,020
New Class A/A+ development and redevelopment properties		—		4,975,327		492,570		2,163,784		27,582,766		35,214,447		35,214,447
Future development and redevelopment square feet currently included in rental properties(2)		—		—		(159,884)		(258,596)		(2,957,559)		(3,376,039)		(3,376,039)
Total square footage, excluding properties held for sale		40,512,020		4,975,327		332,686		1,905,188		24,625,207		31,838,408		72,350,428
Properties held for sale		1,261,387		—		—		—		—		—		1,261,387
Total square footage		41,773,407		4,975,327		332,686		1,905,188		24,625,207		31,838,408		73,611,815	(3)
Investments in real estate
Gross book value as of September 30, 2024(4)		$29,235,994		$4,335,573		$69,521		$578,694		$4,356,637		$9,340,425		$38,576,419

(1)Represents one committed near-term project expected to commence construction during the next two years after September 30, 2024.

(2)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.

(3)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2024 with dispositions primarily focused on sales of properties and land parcels not integral to our

mega campus strategy.

(4)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint

ventures in our consolidated balance sheets. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplement al Information for additional details.

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	35

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
September 30, 2024

500 North Beacon Street and 4 Kingsbury Avenue(1)		651 Gateway Boulevard		1150 Eastlake Avenue East
Greater Boston/ Cambridge/Inner Suburbs		San Francisco Bay Area/ South San Francisco		Seattle/Lake Union
138,537 RSF		67,017 RSF		311,631 RSF
100% Occupancy		100% Occupancy		100% Occupancy

9810 Darnestown Road		9820 Darnestown Road		9808 Medical Center Drive
Maryland/Rockville		Maryland/Rockville		Maryland/Rockville
195,435 RSF		250,000 RSF		65,171 RSF
100% Occupancy		100% Occupancy		100% Occupancy

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles mega campus.

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

New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued)
September 30, 2024
(Dollars in thousands)

Incremental Annual Net Operating Income Generated From YTD 3Q24 Deliveries

Aggregated $63 Million, Including $21 Million in 3Q24

 

Property/Market/Submarket				Our Ownership Interest		RSF Placed in Service										Occupancy Percentage(2)				Total Project				Unlevered Yields
		3Q24 Delivery Date(1)				Prior to 1/1/24		1Q24		2Q24		3Q24		Total										Initial Stabilized				Initial Stabilized (Cash Basis)
																				RSF		Investment
Development projects
99 Coolidge Avenue/Greater Boston/Cambridge/ Inner Suburbs		N/A		75.0%		43,568		72,846		—		—		116,414			100%			320,809		$468,000			7.1%				7.0%
500 North Beacon Street and 4 Kingsbury Avenue/ Greater Boston/Cambridge/Inner Suburbs		N/A		100%		—		100,624		37,913		—		138,537			100%			248,018		427,000			6.2				5.5
1150 Eastlake Avenue East/Seattle/Lake Union		7/16/24		100%		278,282		—		2,079		31,270		311,631			100%			311,631		442,000			6.6				6.7
9810 Darnestown Road/Maryland/Rockville		N/A		100%		—		—		195,435		—		195,435			100%			195,435		135,000			7.1				6.2
9820 Darnestown Road/Maryland/Rockville		8/21/24		100%		—		—		—		250,000		250,000			100%			250,000		177,000			8.7				5.6
9808 Medical Center Drive/Maryland/Rockville		7/25/24		100%		26,460		—		25,655		13,056		65,171			100%			95,061		115,000			5.4				5.4
Redevelopment projects
651 Gateway Boulevard/San Francisco Bay Area/ South San Francisco		7/12/24		50.0%		—		44,652		—		22,365		67,017			100%			326,706		487,000			5.0				5.1
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell		N/A		100%		65,086		115,598		—		—		180,684			100%			460,934		229,000			6.3				6.2
Canada		N/A		100%		44,862		9,725		23,900		—		78,487			100%			250,790		113,000			6.4				6.3
Weighted average/total		8/11/24				458,258		343,445		284,982		316,691		1,403,376						2,459,384		$2,593,000			6.4%				6.0%

Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for details on the square footage in service and under construction, if applicable.

(1)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. © 2024	37

New Class A/A+ Development and Redevelopment Properties: Current Projects
September 30, 2024

99 Coolidge Avenue		500 North Beacon Street and 4 Kingsbury Avenue(1)		311 Arsenal Street		201 Brookline Avenue		401 Park Drive
Greater Boston/ Cambridge/Inner Suburbs		Greater Boston/ Cambridge/Inner Suburbs		Greater Boston/ Cambridge/Inner Suburbs		Greater Boston/Fenway		Greater Boston/Fenway
204,395 RSF		109,481 RSF		308,446 RSF		58,149 RSF		159,959 RSF
40% Leased/Negotiating		92% Leased		21% Leased		100% Leased		14% Leased

421 Park Drive		40, 50, and 60 Sylvan Road(2)		840 Winter Street		1450 Owens Street(3)		651 Gateway Boulevard
Greater Boston/Fenway		Greater Boston/Route 128		Greater Boston/Route 128		San Francisco Bay Area/ Mission Bay		San Francisco Bay Area/ South San Francisco
392,011 RSF		596,064 RSF		139,680 RSF		212,796 RSF		259,689 RSF
13% Leased		31% Leased		100% Leased		—% Leased/Negotiating		25% Leased/Negotiating

(1)Image represents 500 North Beacon Street on The Arsenal on the Charles mega campus.

(2)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham mega campus. The project is expected to capture demand in our Route 128 submarket.

(3)Image represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay mega campus, where our joint venture partner will fund 100% of the construction cost until it attains an

ownership interest of 75%, after which it will contribute its respective share of additional capital. We are in negotiations with a biomedical institution for the sale of a 50% condominium interest in this property.

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

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
September 30, 2024

230 Harriet Tubman Way		10935, 10945, and 10955 Alexandria Way(1)		4135 Campus Point Court		4155 Campus Point Court
San Francisco Bay Area/ South San Francisco		San Diego/Torrey Pines		San Diego/ University Town Center		San Diego/ University Town Center
285,346 RSF		334,996 RSF		426,927 RSF		171,102 RSF
100% Leased		100% Leased		100% Leased		100% Leased

10075 Barnes Canyon Road		701 Dexter Avenue North(2)		Alexandria Center® for Advanced Technologies – Monte Villa Parkway(3)		9808 Medical Center Drive		8800 Technology Forest Place
San Diego/Sorrento Mesa		Seattle/Lake Union		Seattle/Bothell		Maryland/Rockville		Texas/Greater Houston
253,079 RSF		227,577 RSF		34,306 RSF		29,890 RSF		73,298 RSF
70% Leased		—% Leased/Negotiating		98% Leased		76% Leased/Negotiating		41% Leased

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

(2)We initially started this project due to strong demand from neighboring tenants but strategically paused in the first quarter of 2023. We have resumed construction activities at this project in order to maintain our existing entitlements and

permits. We have interest from various prospective tenants, including from multinational pharmaceutical companies. Beyond this purpose-built life science asset, there is no competitive supply expected to be delivered in 2025 or 2026 in

our Lake Union submarket. As of September 30, 2024, we are 95.3% occupied in our Lake Union submarket.

(3)Image represents 3755 Monte Villa Parkway.

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

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
September 30, 2024

 

Property/Market/Submarket				Square Footage						Percentage						Occupancy(1)
		Dev/Redev		In Service		CIP		Total		Leased			Leased/ Negotiating			Initial				Stabilized
Under construction
2024 and 2025 stabilization
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs		Dev		138,537		109,481		248,018		92%			92%				1Q24			2025
201 Brookline Avenue/Greater Boston/Fenway		Dev		451,967		58,149		510,116		100			100				3Q22			4Q24
840 Winter Street/Greater Boston/Route 128		Redev		28,534		139,680		168,214		100			100				4Q24			2025
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco		Dev		—		285,346		285,346		100			100				1Q25			1Q25
4155 Campus Point Court/San Diego/University Town Center		Dev		—		171,102		171,102		100			100				4Q24			4Q24
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell		Redev		426,628		34,306		460,934		98			98				1Q23			4Q24
9808 Medical Center Drive/Maryland/Rockville		Dev		65,171		29,890		95,061		69			76				3Q23			4Q24
8800 Technology Forest Place/Texas/Greater Houston		Redev		50,094		73,298		123,392		41			41				2Q23			2025
Canada		Redev		111,479		139,311		250,790		73			73				3Q23			2025
				1,272,410		1,040,563		2,312,973		91			92
2026 and beyond stabilization
One Hampshire Street/Greater Boston/Cambridge		Redev		—		104,956		104,956		—			—				2027			2028
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs		Redev		82,216	(2)	308,446		390,662		21			21				2027			2027
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		Dev		116,414		204,395		320,809		40			40				4Q23			2026
401 Park Drive/Greater Boston/Fenway		Redev		—		159,959		159,959		14			14				2024			2026
421 Park Drive/Greater Boston/Fenway		Dev		—		392,011		392,011		13			13				2026			2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128		Redev		—		596,064		596,064		31			31				2025			2027
Other/Greater Boston		Redev		—		453,869		453,869		—			—	(3)			2027			2027
1450 Owens Street/San Francisco Bay Area/Mission Bay		Dev		—		212,796		212,796		—			—	(4)			2025			2026
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco		Redev		67,017		259,689		326,706		21			25				1Q24			2026
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines		Dev		—		334,996		334,996		100			100				4Q24			2026
4135 Campus Point Court/San Diego/University Town Center		Dev		—		426,927		426,927		100			100				2026			2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		Dev		—		253,079		253,079		70			70				2025			2026
701 Dexter Avenue North/Seattle/Lake Union		Dev		—		227,577		227,577		—			—	(5)			2026			2027
				265,647		3,934,764		4,200,411		35			36
				1,538,057		4,975,327		6,513,384		55			55
Committed near-term project expected to commence construction in the next two years
4165 Campus Point Court/San Diego/University Town Center		Dev		—		492,570		492,570		—			51
Total				1,538,057		5,467,897		7,005,954		51%			55%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)We expect to redevelop an additional 25,312 RSF of space occupied as of September 30, 2024 into laboratory space upon expiration of the existing leases through 1H25. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. (3)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. (4)Represents a multi-tenant project expanding our existing mega campus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership interest of 75%, after which it will contribute its respective share of additional capital. We are in negotiations with a biomedical institution for the sale of a 50% condominium interest in this property. (5)We initially started this project due to strong demand from neighboring tenants but strategically paused in the first quarter of 2023. We have resumed construction activities at this project in order to maintain our existing entitlements and permits. We have interest from various prospective tenants, including from multinational pharmaceutical companies. Beyond this purpose-built life science asset, there is no competitive supply expected to be delivered in 2025 or 2026 in our Lake Union submarket. As of September 30, 2024, we are 95.3% occupied in our Lake Union submarket.

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

New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
September 30, 2024
(Dollars in thousands)

		Our Ownership Interest			At 100%								Unlevered Yields
Property/Market/Submarket					In Service		CIP		Cost to Complete		Total at Completion		Initial Stabilized				Initial Stabilized (Cash Basis)
Under construction
2024 and 2025 stabilization
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs		100%			$284,645		$115,506		$26,849		$427,000			6.2%				5.5%
201 Brookline Avenue/Greater Boston/Fenway		99.0%			665,877		91,610		17,513		775,000			7.2%				6.5%
840 Winter Street/Greater Boston/Route 128		100%			13,653		187,366		35,981		237,000			7.6%				6.5%
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco		47.9%			—		350,231		159,769		510,000			7.4%				6.4%
4155 Campus Point Court/San Diego/University Town Center		55.0%			—		140,300		43,700		184,000			8.0%				6.4%
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Seattle/Bothell		100%			193,823		11,977		23,200		229,000			6.3%				6.2%
9808 Medical Center Drive/Maryland/Rockville		100%			79,320		33,018		2,662		115,000			5.4%				5.4%
8800 Technology Forest Place/Texas/Greater Houston		100%			57,315		46,202		8,483		112,000			6.3%				6.0%
Canada		100%			50,219		50,044		12,737		113,000			6.4%				6.3%
					1,344,852		1,026,254
2026 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge		100%			—		161,328		TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs		100%			60,625		233,563
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs		75.0%			136,527		192,432		139,041		468,000			7.1%				7.0%
401 Park Drive/Greater Boston/Fenway		100%			—		194,421		TBD
421 Park Drive/Greater Boston/Fenway		99.7%			—		422,278
40, 50, and 60 Sylvan Road/Greater Boston/Route 128		100%			—		437,356
Other/Greater Boston		100%			—		148,804
1450 Owens Street/San Francisco Bay Area/Mission Bay		25.4%			—		234,665
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco		50.0%			87,357		256,413		143,230		487,000			5.0%				5.1%
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines		100%			—		359,926		143,074		503,000			6.2%				5.8%
4135 Campus Point Court/San Diego/University Town Center		55.0%			—		292,913		231,087		524,000			6.6%				6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa		50.0%			—		168,582		152,418		321,000			5.5%				5.7%
701 Dexter Avenue North/Seattle/Lake Union		100%			—		206,638		TBD
					284,509		3,309,319
					1,629,361		4,335,573
Committed near-term project expected to commence construction in the next two years
4165 Campus Point Court/San Diego/University Town Center		55.0%			—		69,521		TBD
Total					$1,629,361		$4,405,094		$3,780,000	(2)	$9,820,000	(2)
Our share of investment(2)(3)					$1,550,000		$3,570,000		$3,030,000		$8,150,000
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2026 and beyond over the next several quarters. (2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. (3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	41

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
September 30, 2024
(Dollars in thousands)

69% of Our Total Development and Redevelopment Pipeline RSF Is Within Our Mega Campuses

Market Property/Submarket		Our Ownership Interest			Book Value		Square Footage
							Development and Redevelopment
							Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
							Under Construction		Committed Near Term		Priority Anticipated		Future		Total(1)
Greater Boston
Mega Campus: Alexandria Center® at One Kendall Square/ Cambridge		100%			$161,328		104,956		—		—		—		104,956
One Hampshire Street
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs		100%			360,538		417,927		—		25,312		34,157		477,396
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue/Cambridge/Inner Suburbs		(2)			279,763		204,395		—		—		902,000		1,106,395
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue
Mega Campus: Alexandria Center® for Life Science – Fenway/ Fenway		(3)			708,309		610,119		—		—		—		610,119
201 Brookline Avenue and 401 and 421 Park Drive
Mega Campus: Alexandria Center® for Life Science – Waltham/ Route 128		100%			687,346		735,744		—		—		515,000		1,250,744
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
Mega Campus: Alexandria Center® at Kendall Square/ Cambridge		100%			126,688		—		—		—		216,455		216,455
100 Edwin H. Land Boulevard
Mega Campus: Alexandria Technology Square®/Cambridge		100%			7,881		—		—		—		100,000		100,000
Mega Campus: 285, 299, 307, and 345 Dorchester Avenue/ Seaport Innovation District		60.0%			286,300		—		—		—		1,040,000		1,040,000
10 Necco Street/Seaport Innovation District		100%			105,111		—		—		—		175,000		175,000
Mega Campus: One Moderna Way/Route 128		100%			26,052		—		—		—		1,085,000		1,085,000
215 Presidential Way/Route 128		100%			6,816		—		—		—		112,000		112,000
Other development and redevelopment projects		(4)			310,381		453,869		—		—		1,323,541		1,777,410
					$3,066,513		2,527,010		—		25,312		5,503,153		8,055,475
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 75.0% interest in 99 Coolidge Avenue aggregating 204,395 RSF and 100.0% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF. (3)We have a 99.0% interest in 201 Brookline Avenue aggregating 58,149 RSF, a 100% interest in 401 Park Drive aggregating 159,959 RSF, and a 99.7% interest in 421 Park Drive aggregating 392,011 RSF. (4)Includes a property in which we own a partial interest through a real estate joint venture.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2024
(Dollars in thousands)

Market Property/Submarket		Our Ownership Interest			Book Value		Square Footage
							Development and Redevelopment
							Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
							Under Construction		Committed Near Term		Priority Anticipated		Future		Total(1)
San Francisco Bay Area
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay		25.4%			$234,665		212,796		—		—		—		212,796
1450 Owens Street
Alexandria Center® for Life Science – Millbrae/South San Francisco		47.9%			510,162		285,346		—		198,188		150,213		633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
Mega Campus: Alexandria Technology Center® – Gateway/ South San Francisco		50.0%			283,002		259,689		—		—		291,000		550,689
651 Gateway Boulevard
Mega Campus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco		100%			397,159		—		—		150,000		1,780,000		1,930,000
1122, 1150, and 1178 El Camino Real
Mega Campus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco		100%			6,655		—		—		107,250		90,000		197,250
211(2) and 269 East Grand Avenue
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford		100%			446,892		—		—		105,000		1,392,830		1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
3825 and 3875 Fabian Way/Greater Stanford		100%			154,174		—		—		—		478,000		478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford		100%			36,509		—		—		—		240,000		240,000
901 California Avenue/Greater Stanford		100%			19,770		—		—		—		56,924		56,924
Mega Campus: 88 Bluxome Street/SoMa		100%			392,785		—		—		—		1,070,925		1,070,925
Other development and redevelopment projects		100%			—		—		—		—		25,000		25,000
					$2,481,773		757,831		—		560,438		5,574,892		6,893,161
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property 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)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2024
(Dollars in thousands)

Market Property/Submarket		Our Ownership Interest			Book Value		Square Footage
							Development and Redevelopment
							Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
							Under Construction		Committed Near Term		Priority Anticipated		Future		Total(1)
San Diego
Mega Campus: One Alexandria Square/Torrey Pines		100%			$417,621		334,996		—		—		125,280		460,276
10935, 10945, and 10955 Alexandria Way and 10975 and 10995 Torreyana Road
Mega Campus: Campus Point by Alexandria/University Town Center		55.0%			671,303		598,029		492,570		—		650,000		1,740,599
10010(2), 10140(2), and 10260 Campus Point Drive and 4135, 4155, 4161, 4165, and 4275(2) Campus Point Court
Mega Campus: SD Tech by Alexandria/Sorrento Mesa		50.0%			317,172		253,079		—		250,000		243,845		746,924
9805 Scranton Road and 10065 and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines		100%			150,187		—		—		153,000		62,000		215,000
Costa Verde by Alexandria/University Town Center		100%			138,107		—		—		—		537,000		537,000
8410-8750 Genesee Avenue and 4282 Esplanade Court
Mega Campus: 5200 Illumina Way/University Town Center		51.0%			17,441		—		—		—		451,832		451,832
ARE Towne Centre/University Town Center		100%			19,869		—		—		—		230,000		230,000
9363, 9373, and 9393 Towne Centre Drive
9625 Towne Centre Drive/University Town Center		30.0%			837		—		—		—		100,000		100,000
Mega Campus: Sequence District by Alexandria/Sorrento Mesa		100%			46,323		—		—		—		1,798,915		1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa		100%			120,941		—		—		—		598,349		598,349
10048, 10219, 10256, and 10260 Meanley Drive and 10277 Scripps Ranch Boulevard
Pacific Technology Park/Sorrento Mesa		50.0%			23,857		—		—		—		149,000		149,000
9444 Waples Street
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley		100%			43,641		—		—		—		247,000		247,000
Other development and redevelopment projects		(3)			75,716		—		—		—		475,000		475,000
					$2,043,015		1,186,104		492,570		403,000		5,668,221		7,749,895
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property 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. © 2024	44

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2024
(Dollars in thousands)

Market Property/Submarket		Our Ownership Interest			Book Value		Square Footage
							Development and Redevelopment
							Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
							Under Construction		Committed Near Term		Priority Anticipated		Future		Total(1)
Seattle
Mega Campus: Alexandria Center® for Life Science – South Lake Union/Lake Union		(2)			$485,628		227,577		—		869,000		188,400		1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell		100%			11,977		34,306		—		—		—		34,306
3301 Monte Villa Parkway
830 and 1010 4th Avenue South/SoDo		100%			59,262		—		—		—		597,313		597,313
410 West Harrison Street/Elliott Bay		100%			—		—		—		—		91,000		91,000
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell		100%			17,439		—		—		—		230,000		230,000
21660 20th Avenue Southeast
Other development and redevelopment projects		100%			142,484		—		—		—		706,087		706,087
					716,790		261,883		—		869,000		1,812,800		2,943,683
Maryland
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville		100%			54,904		29,890		—		—		296,000		325,890
9808 Medical Center Drive and 9830 Darnestown Road
					54,904		29,890		—		—		296,000		325,890
Research Triangle
Mega Campus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/Research Triangle		100%			103,653		—		—		180,000		990,000		1,170,000
4 and 12 Davis Drive
Mega Campus: Alexandria Center® for Life Science – Durham/ Research Triangle		100%			176,524		—		—		—		2,210,000		2,210,000
41 Moore Drive
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle		100%			$108,035		—		—		—		1,055,000		1,055,000
3029 East Cornwallis Road
Refer to “Mega campus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2)We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the priority anticipated development project at 800 Mercer Street aggregating 869,000 RSF.

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

New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2024
(Dollars in thousands)

Market Property/Submarket		Our Ownership Interest			Book Value		Square Footage
							Development and Redevelopment
							Active and Near-Term Construction				Future Opportunities Subject to Market Conditions and Leasing
							Under Construction		Committed Near Term		Priority Anticipated		Future		Total(1)
Research Triangle (continued)
Mega Campus: Alexandria Center® for Sustainable Technologies/Research Triangle		100%			$53,326		—		—		—		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
					445,723		—		—		180,000		5,147,227		5,327,227
New York City
Mega Campus: Alexandria Center® for Life Science – New York City/New York City		100%			165,061		—		—		—		550,000	(2)	550,000
					165,061		—		—		—		550,000		550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/ Greater Houston		100%			49,034		73,298		—		—		116,405		189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin		100%			10,177		—		—		126,034		123,976		250,010
Other development and redevelopment projects		100%			136,980		—		—		—		1,694,000		1,694,000
					196,191		73,298		—		126,034		1,934,381		2,133,713
Canada		100%			50,044		139,311		—		—		371,743		511,054
Other development and redevelopment projects		100%			120,411		—		—		—		724,349		724,349
Total pipeline as of September 30, 2024					$9,340,425	(3)	4,975,327		492,570		2,163,784		27,582,766		35,214,447

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

(1)Total square footage includes 3,376,039 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 campus. Refer to our Form 8-K filed with the Securities and Exchange Commission on

August 7, 2024 for additional details.

(3)Includes $4.3 billion of projects that are currently under construction and are 55% leased/negotiating. We also expect to commence construction on one committed near-term project aggregating $69.5 million, which is 51% leased/

negotiating, in the next two years after September 30, 2024.

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

Construction Spending and Capitalization of Interest
September 30, 2024
(Dollars in thousands)

Construction spending		Nine Months Ended September 30, 2024				Projected Midpoint for the Year Ending December 31, 2024
Construction of Class A/A+ properties:
Active construction projects
Under construction and committed near-term projects(1) and projects expected to commence active construction in 4Q24(2)		$	1,448,736			$	1,913,000
Future pipeline pre-construction
Primarily mega campus expansion pre-construction work (entitlement, design, and site work)			349,082				652,000
Revenue- and non-revenue-enhancing capital expenditures			158,229				250,000
Construction spend (before contributions from noncontrolling interests or tenants)			1,956,047				2,815,000
Contributions from noncontrolling interests (consolidated real estate joint ventures)			(272,072)				(430,000)	(3)
Tenant-funded and -built landlord improvements			(107,562)				(135,000)
Total construction spending		$	1,576,413			$	2,250,000
2024 guidance range for construction spending						$1,950,000 – $2,550,000

Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing		Amount(3)
4Q24			$157,928
2025 through 2027			885,526
Total			$1,043,454

Average real estate basis used for capitalization of interest
Key Categories of Real Estate Basis Capitalized During YTD 3Q24		Average Real Estate Basis Capitalized During YTD 3Q24		Percentage of Total Average Real Estate Basis Capitalized
Construction of Class A/A+ properties:
Active construction projects
Under construction and committed near-term projects(1)		$2,849,742			35%
Future pipeline pre-construction
Priority anticipated projects		559,815	(4)		7
Primarily mega campus expansion pre-construction work (entitlement, design, and site work)		3,692,497	(4)		45
Smaller redevelopments and repositioning capital projects		1,025,019			13
		$8,127,073			100%

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

(1)Includes projects under construction aggregating 5.0 million RSF and one committed near-term project aggregating 492,570 RSF expected to commence construction during the next two years after September 30, 2024, which are 55%

leased/negotiating and expected to generate $510 million in annual incremental net operating income primarily commencing from 4Q24 through 1Q28.

(2)Includes certain priority anticipated development and redevelopment projects expected to commence active construction in 4Q24, 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.

(3)Represents contractual capital commitments from existing consolidated real estate joint venture partners to fund construction.

(4)Average real estate basis capitalized related to our future pipeline pre-construction activities includes 31% from four key active and future development and redevelopment projects on mega campuses. Refer to the next page for additional

details.

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

Construction Spending and Capitalization of Interest (continued)
September 30, 2024

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

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

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

Joint Venture Financial Information
September 30, 2024

Consolidated Real Estate Joint Ventures
Property		Market		Submarket		Noncontrolling Interest Share(1)				Operating RSF at 100%
50 and 60 Binney Street		Greater Boston		Cambridge/Inner Suburbs			66.0%				532,395
75/125 Binney Street		Greater Boston		Cambridge/Inner Suburbs			60.0%				388,270
100 and 225 Binney Street and 300 Third Street		Greater Boston		Cambridge/Inner Suburbs			70.0%				870,106
99 Coolidge Avenue		Greater Boston		Cambridge/Inner Suburbs			25.0%				116,414	(2)
15 Necco Street		Greater Boston		Seaport Innovation District			43.3%				345,996
285, 299, 307, and 345 Dorchester Avenue		Greater Boston		Seaport Innovation District			40.0%				—	(2)
Alexandria Center® for Science and Technology – Mission Bay(3)		San Francisco Bay Area		Mission Bay			75.0%				996,181
1450 Owens Street		San Francisco Bay Area		Mission Bay			74.6%	(4)			—	(2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard		San Francisco Bay Area		South San Francisco			50.0%				853,794
751 Gateway Boulevard		San Francisco Bay Area		South San Francisco			49.0%				230,592
211(2) and 213 East Grand Avenue		San Francisco Bay Area		South San Francisco			70.0%				300,930
500 Forbes Boulevard		San Francisco Bay Area		South San Francisco			90.0%				155,685
Alexandria Center® for Life Science – Millbrae		San Francisco Bay Area		South San Francisco			52.1%				—	(2)
3215 Merryfield Row		San Diego		Torrey Pines			70.0%				170,523
Campus Point by Alexandria(5)		San Diego		University Town Center			45.0%				1,342,164
5200 Illumina Way		San Diego		University Town Center			49.0%				792,687
9625 Towne Centre Drive		San Diego		University Town Center			70.0%				163,648
SD Tech by Alexandria(6)		San Diego		Sorrento Mesa			50.0%				798,858
Pacific Technology Park		San Diego		Sorrento Mesa			50.0%				544,352
Summers Ridge Science Park(7)		San Diego		Sorrento Mesa			70.0%				316,531
1201 and 1208 Eastlake Avenue East		Seattle		Lake Union			70.0%				207,774
199 East Blaine Street		Seattle		Lake Union			70.0%				115,084
400 Dexter Avenue North		Seattle		Lake Union			70.0%				290,754
800 Mercer Street		Seattle		Lake Union			40.0%				—	(2)
Unconsolidated Real Estate Joint Ventures
Property		Market		Submarket		Our Ownership Share(8)				Operating RSF at 100%
1655 and 1725 Third Street		San Francisco Bay Area		Mission Bay			10.0%				586,208
1401/1413 Research Boulevard		Maryland		Rockville			65.0%	(9)			(10)
1450 Research Boulevard		Maryland		Rockville			73.2%	(9)			42,679
101 West Dickman Street		Maryland		Beltsville			58.2%	(9)			135,423

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)In addition to the consolidated real estate joint ventures listed, various joint venture partners hold insignificant noncontrolling interests in three other real estate joint ventures in North America.

(2)Represents a property currently under construction or in our development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information for

additional details.

(3)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(4)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes equity to fund the construction of the project over time.

(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(6)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(8)In addition to the unconsolidated real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture in North America.

(9)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.

(10)Represents a joint venture with a distinguished retail real estate developer for a retail shopping center aggregating 84,837 RSF.

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

Joint Venture Financial Information (continued)
September 30, 2024
(In thousands)

		As of September 30, 2024
	Noncontrolling Interest Share of Consolidated Real Estate JVs				Our Share of Unconsolidated Real Estate JVs
Investments in real estate	$	4,211,942			$	125,029
Cash, cash equivalents, and restricted cash		164,756				3,346
Other assets		425,293				13,411
Secured notes payable		(36,103)				(95,603)
Other liabilities		(280,069)				(6,013)
Redeemable noncontrolling interests		(16,510)				—
	$	4,469,309			$	40,170

	Noncontrolling Interest Share of Consolidated Real Estate JVs								Our Share of Unconsolidated Real Estate JVs
	September 30, 2024								September 30, 2024
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
Total revenues	$	113,479			$	335,786			$	3,141			$	9,472
Rental operations		(34,697)				(97,009)				(965)				(2,984)
		78,782				238,777				2,176				6,488
General and administrative		(586)				(2,268)				(10)				(80)
Interest		(284)				(753)				(952)				(2,807)
Depreciation and amortization of real estate assets		(32,457)				(94,725)				(1,075)				(3,177)
Fixed returns allocated to redeemable noncontrolling interests(1)		201				603				—				—
	$	45,656			$	141,634			$	139			$	424
Straight-line rent and below-market lease revenue	$	54			$	15,588			$	213			$	743
Funds from operations(2)	$	78,113			$	236,359			$	1,214			$	3,601

Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their

investment rather than participate in the operating results of the property.

(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.

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

Investments
September 30, 2024
(Dollars in thousands)

We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income

(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.

		September 30, 2024						Year Ended December 31, 2023
		Three Months Ended			Nine Months Ended
Realized gains		$12,632	(1)		$47,336	(1)		$6,078	(2)
Unrealized gains (losses)		2,610	(3)		(32,470)	(4)		(201,475)	(5)
Investment income (loss)		$15,242			$14,866			$(195,397)

		September 30, 2024								December 31, 2023
Investments		Cost		Unrealized Gains		Unrealized Losses		Carrying Amount		Carrying Amount
Publicly traded companies		$187,085		$50,933		$(85,592)		$152,426		$159,566
Entities that report NAV		527,042		160,608		(31,225)		656,425		671,532
Entities that do not report NAV:
Entities with observable price changes		93,982		72,862		(1,337)		165,507		174,268
Entities without observable price changes		407,261		—		—		407,261		368,654
Investments accounted for under the equity method		N/A		N/A		N/A		137,708		75,498
September 30, 2024		$1,215,370	(6)	$284,403		$(118,154)		$1,519,327		$1,449,518
December 31, 2023		$1,177,072		$320,445		$(123,497)		$1,449,518

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

14%

Public

27%

Tenant

86%

Private

73%

Non-Tenant

(1)Consists of realized gains of $23.0 million and $85.2 million, partially offset by impairment charges of $10.3 million and $37.8 million during the three and nine months ended September 30, 2024, respectively.

(2)Consists of realized gains of $80.6 million, offset by impairment charges of $74.6 million during the year ended December 31, 2023.

(3)Consists of unrealized gains of $25.8 million primarily resulting from the increase in fair values of our investments in publicly traded entities and $23.2 million resulting from accounting reclassifications of unrealized gains recognized in

prior periods into realized gains upon our realization of investments during the three months ended September 30, 2024.

(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the nine months ended September 30, 2024.

(5)Consists of unrealized losses of $111.6 million primarily resulting from the decrease in the fair value of our investments in privately held entities that report NAV and $89.9 million resulting from accounting reclassifications of unrealized

gains recognized in prior periods into realized gains upon our sales of investments during the year ended December 31, 2023.

(6)Represents 2.8% of gross assets as of September 30, 2024. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.

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

Key Credit Metrics
September 30, 2024

Liquidity					Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit
					(in millions)
$5.4B
(in millions)
Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program		$4,545
Outstanding forward equity sales agreements(1)		28
Cash, cash equivalents, and restricted cash		580
Availability under our secured construction loan		51
Investments in publicly traded companies		152
Liquidity as of September 30, 2024		$5,356
Net Debt and Preferred Stock to Adjusted EBITDA(2)					Fixed-Charge Coverage Ratio(2)

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

(1)Represents expected net proceeds from the future settlement of 230 thousand shares of common stock under forward equity sales agreements after underwriter discounts.

(2)Quarter annualized.

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

Summary of Debt
September 30, 2024
(In millions)

Weighted-Average Remaining Term of 12.6 Years

(1)In September 2024, we amended and restated our unsecured senior line of credit to, among other changes, extend the maturity date from January 22, 2028 to January 22, 2030, including extension options that we control. We

anticipate further extending the maturity date in the next two to three years. Additionally, we have two unsecured senior notes payable maturing six months apart on July 1, 2030 and December 15, 2030.

(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. © 2024	53

Summary of Debt (continued)
September 30, 2024
(Dollars in thousands)

Fixed-rate and variable-rate debt	Fixed-Rate Debt		Variable-Rate Debt		Total		Percentage		Weighted-Average
									Interest Rate(1)		Remaining Term (in years)
Secured notes payable	$587		$144,413		$145,000		1.1%		8.39%		2.2
Unsecured senior notes payable	12,092,012		—		12,092,012		95.3		3.81		13.0
Unsecured senior line of credit(2) and commercial paper program(3)	—		454,589		454,589		3.6		5.05		5.3	(4)
Total/weighted average	$12,092,599		$599,002		$12,691,601		100.0%		3.91%		12.6	(4)
Percentage of total debt	95.3%		4.7%		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 September 30, 2024, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a

maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue

commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at

SOFR+0.855%. As of September 30, 2024, we had $454.6 million of commercial paper notes outstanding with a weighted-average interest rate of 5.05%.

(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 12.5 years. The commercial paper notes sold during the nine months ended September 30, 2024 were issued at a weighted-average yield to maturity of 5.55% and had a

weighted-average maturity term of 17 days.

		Average Debt Outstanding				Weighted-Average Interest Rate
		September 30, 2024				September 30, 2024
		Three Months Ended		Nine Months Ended		Three Months Ended		Nine Months Ended
Long-term fixed-rate debt		$12,171,936		$12,008,857		3.79%		3.76%
Short-term variable-rate unsecured senior line of credit and commercial paper program debt		545,848		471,070		5.48		5.57
Blended average interest rate		12,717,784		12,479,927		3.86		3.83
Loan fee amortization and annual facility fee related to unsecured senior line of credit		N/A		N/A		0.12		0.13
Total/weighted average		$12,717,784		$12,479,927		3.98%		3.96%

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	54

Summary of Debt (continued)
September 30, 2024
(Dollars in thousands)

Debt covenants		Unsecured Senior Notes Payable				Unsecured Senior Line of Credit
Debt Covenant Ratios(1)		Requirement		September 30, 2024		Requirement		September 30, 2024
Total Debt to Total Assets		≤ 60%		30%		≤ 60.0%		29.7%
Secured Debt to Total Assets		≤ 40%		0.3%		≤ 45.0%		0.3%
Consolidated EBITDA to Interest Expense		≥ 1.5x		12.3x		≥ 1.50x		3.95x
Unencumbered Total Asset Value to Unsecured Debt		≥ 150%		326%		N/A		N/A
Unsecured Interest Coverage Ratio		N/A		N/A		≥ 1.75x		12.55x

(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to

the computation of EBITDA as described in Exchange Act Release No. 47226.

Unconsolidated real estate joint ventures’ debt														At 100%
Unconsolidated Joint Venture		Maturity Date				Stated Rate				Interest Rate(1)				Aggregate Commitment		Debt Balance(2)		Our Share
1401/1413 Research Boulevard(3)			12/23/24				2.70%				3.31%			$28,500		$28,461		65.0%
1655 and 1725 Third Street(4)			3/10/25				4.50%				4.57%			600,000		599,823		10.0%
101 West Dickman Street			11/10/26				SOFR+1.95%	(5)			7.39%			26,750		18,565		58.2%
1450 Research Boulevard			12/10/26				SOFR+1.95%	(5)			7.45%			13,000		8,616		73.2%
														$668,250		$655,465

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2024.

(3)We have executed a purchase and sale agreement to sell the unconsolidated real estate joint venture and expect to complete the sale in 4Q24. Our net proceeds from the sale are expected to exceed our share of the

outstanding debt balance and the carrying amount of this investment as of September 30, 2024.

(4)The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. In the event that all or a portion of the debt cannot be refinanced, we may consider contributing additional

equity into this unconsolidated real estate joint venture. As of September 30, 2024, our investment in this unconsolidated real estate joint venture was $10.8 million.

(5)This loan is subject to a fixed SOFR floor of 0.75%.

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

Summary of Debt (continued)
September 30, 2024
(Dollars in thousands)

Debt		Stated  Rate		Interest Rate(1)			Maturity Date(2)		Principal Payments Remaining for the Periods Ending December 31,												Principal		Unamortized (Deferred Financing Cost), (Discount)/ Premium		Total
									2024		2025		2026		2027		2028		Thereafter
Secured notes payable
Greater Boston(3)		SOFR+2.70%		8.40%			11/19/26		$—		$—		$144,527		$—		$—		$—		$144,527		$(114)		$144,413
San Francisco Bay Area		6.50%		6.50			7/1/36		—		34		36		38		41		438		587		—		587
Secured debt weighted-average interest rate/ subtotal				8.39					—		34		144,563		38		41		438		145,114		(114)		145,000
Unsecured senior line of credit and commercial paper program(4)		(4)		5.05	(4)		1/22/30	(4)	—		—		—		—		—		455,000		455,000		(411)		454,589
Unsecured senior notes payable		3.45%		3.62			4/30/25		—		600,000		—		—		—		—		600,000		(518)		599,482
Unsecured senior notes payable		4.30%		4.50			1/15/26		—		—		300,000		—		—		—		300,000		(655)		299,345
Unsecured senior notes payable		3.80%		3.96			4/15/26		—		—		350,000		—		—		—		350,000		(776)		349,224
Unsecured senior notes payable		3.95%		4.13			1/15/27		—		—		—		350,000		—		—		350,000		(1,194)		348,806
Unsecured senior notes payable		3.95%		4.07			1/15/28		—		—		—		—		425,000		—		425,000		(1,418)		423,582
Unsecured senior notes payable		4.50%		4.60			7/30/29		—		—		—		—		—		300,000		300,000		(1,082)		298,918
Unsecured senior notes payable		2.75%		2.87			12/15/29		—		—		—		—		—		400,000		400,000		(2,167)		397,833
Unsecured senior notes payable		4.70%		4.81			7/1/30		—		—		—		—		—		450,000		450,000		(2,149)		447,851
Unsecured senior notes payable		4.90%		5.05			12/15/30		—		—		—		—		—		700,000		700,000		(4,926)		695,074
Unsecured senior notes payable		3.375%		3.48			8/15/31		—		—		—		—		—		750,000		750,000		(4,509)		745,491
Unsecured senior notes payable		2.00%		2.12			5/18/32		—		—		—		—		—		900,000		900,000		(7,198)		892,802
Unsecured senior notes payable		1.875%		1.97			2/1/33		—		—		—		—		—		1,000,000		1,000,000		(7,326)		992,674
Unsecured senior notes payable		2.95%		3.07			3/15/34		—		—		—		—		—		800,000		800,000		(7,425)		792,575
Unsecured senior notes payable		4.75%		4.88			4/15/35		—		—		—		—		—		500,000		500,000		(5,071)		494,929
Unsecured senior notes payable		5.25%		5.38			5/15/36		—		—		—		—		—		400,000		400,000		(4,195)		395,805
Unsecured senior notes payable		4.85%		4.93			4/15/49		—		—		—		—		—		300,000		300,000		(2,900)		297,100
Unsecured senior notes payable		4.00%		3.91			2/1/50		—		—		—		—		—		700,000		700,000		10,017		710,017
Unsecured senior notes payable		3.00%		3.08			5/18/51		—		—		—		—		—		850,000		850,000		(11,322)		838,678
Unsecured senior notes payable		3.55%		3.63			3/15/52		—		—		—		—		—		1,000,000		1,000,000		(13,782)		986,218
Unsecured senior notes payable		5.15%		5.26			4/15/53		—		—		—		—		—		500,000		500,000		(7,647)		492,353
Unsecured senior notes payable		5.625%		5.71			5/15/54		—		—		—		—		—		600,000		600,000		(6,745)		593,255
Unsecured debt weighted-average interest rate/ subtotal				3.85					—		600,000		650,000		350,000		425,000		10,605,000		12,630,000		(83,399)		12,546,601
Weighted-average interest rate/total				3.91%					$—		$600,034		$794,563		$350,038		$425,041		$10,605,438		$12,775,114		$(83,513)		$12,691,601
Balloon payments									$—		$600,000		$794,527		$350,000		$425,000		$10,605,068		$12,774,595		$—		$12,774,595
Principal amortization									—		34		36		38		41		370		519		(83,513)		(82,994)
Total debt									$—		$600,034		$794,563		$350,038		$425,041		$10,605,438		$12,775,114		$(83,513)		$12,691,601
Fixed-rate debt									$—		$600,034		$650,036		$350,038		$425,041		$10,150,438		$12,175,587		$(82,988)		$12,092,599
Variable-rate debt									—		—		144,527		—		—		455,000		599,527		(525)		599,002
Total debt									$—		$600,034		$794,563		$350,038		$425,041		$10,605,438		$12,775,114		$(83,513)		$12,691,601
Weighted-average stated rate on maturing debt									N/A		3.45%		3.79%		3.95%		3.95%		3.74%

(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)Reflects any extension options that we control.

(3)Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, of which we own a 75.0% interest. As of September 30, 2024, this joint venture has $50.8 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. In September 2024, we amended and restated our unsecured senior line of credit to, among other changes, extend the

maturity date from January 22, 2028 to January 22, 2030, including extension options that we control.

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

Definitions and Reconciliations
September 30, 2024

This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-

GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent

annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Adjusted EBITDA and Adjusted EBITDA margin

 

The following table reconciles net income (loss), the most directly comparable financial

measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the

Adjusted EBITDA margin:

	Three Months Ended
(Dollars in thousands)	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Net income (loss)	$213,603		$94,049		$219,176		$(42,658)		$68,254
Interest expense	43,550		45,789		40,840		31,967		11,411
Income taxes	1,877		1,182		1,764		1,322		1,183
Depreciation and amortization	293,998		290,720		287,554		285,246		269,370
Stock compensation expense	15,525		14,507		17,125		34,592		16,288
Gain on sales of real estate	(27,114)		—		(392)		(62,227)		—
Unrealized (gains) losses on non-real estate investments	(2,610)		64,238		(29,158)		(19,479)		77,202
Impairment of real estate	5,741		30,763		—		271,890		20,649
Impairment of non-real estate investments	10,338		12,788		14,698		23,094		28,503
Adjusted EBITDA	$554,908		$554,036		$551,607		$523,747		$492,860
Total revenues	$791,607		$766,734		$769,108		$757,216		$713,788
Adjusted EBITDA margin	70%		72%		72%		69%		69%

We use Adjusted EBITDA as a supplemental performance measure of our operations, for

financial and operational decision-making, and as a supplemental means of evaluating period-to-period

comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes,

depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on

early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, and

significant termination fees. Adjusted EBITDA also excludes unrealized gains or losses and significant

realized gains or losses and impairments that result from our non-real estate investments. These non-

real estate investment amounts are classified in our consolidated statements of operations outside of

total revenues.

We believe Adjusted EBITDA provides investors with relevant and useful information as it

allows investors to evaluate the operating performance of our business activities without having to

account for differences recognized because of investing and financing decisions related to our real

estate and non-real estate investments, our capital structure, capital market transactions, and variances

resulting from the volatility of market conditions outside of our control. For example, we exclude gains or

losses on the early extinguishment of debt to allow investors to measure our performance independent

of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and

gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real

estate investments, and significant termination fees allows investors to evaluate performance from

period to period on a consistent basis without having to account for differences recognized because of

investing and financing decisions related to our real estate and non-real estate investments or other

corporate activities that may not be representative of the operating performance of our properties.

In addition, we believe that excluding charges related to stock compensation and unrealized

gains or losses facilitates for investors a comparison of our business activities across periods without the

volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a

measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future

requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant

measure of performance, it does not represent net income (loss) or cash flows from operations

calculated and presented in accordance with GAAP, and it should not be considered as an alternative to

those indicators in evaluating performance or liquidity.

In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total

revenues as presented in our consolidated statements of operations. We believe that this supplemental

performance measure provides investors with additional useful information regarding the profitability of

our operating activities.

We are not able to forecast fourth quarter net income without unreasonable effort and

therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to

the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions

outside of our control, including the timing of dispositions, capital events, and financing decisions, as

well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-

real estate investments, impairment of real estate, and impairment of non-real estate investments. Our

attempt to predict these amounts may produce significant but inaccurate estimates, which would be

potentially misleading for our investors.

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	57

Definitions and Reconciliations (continued)
September 30, 2024

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in

accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and -

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 September 30, 2024, approximately 93% of our leases (on an annual

rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate

taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating

expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these

operating expenses recovered from our tenants. Amounts recovered from our tenants related to these

operating expenses, along with base rent, are classified in income from rentals in our consolidated

statements of operations.

Capitalization rates

Capitalization rates are calculated based on net operating income and net operating income

(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter

preceding the date on which the property is sold, or near-term prospective net operating income.

Capitalized interest

We capitalize interest cost as a cost of a project during periods for which activities necessary

to develop, redevelop, or reposition a project for its intended use are ongoing, provided that

expenditures for the asset have been made and interest cost has been incurred. Activities necessary to

develop, redevelop, or reposition a project include pre-construction activities such as entitlements,

permitting, design, site work, and other activities preceding commencement of construction of

aboveground building improvements. The advancement of pre-construction efforts is focused on

reducing the time required to deliver projects to prospective tenants. These critical activities add

significant value for future ground-up development and are required for the vertical construction of

buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related

to such project are expensed as incurred.

Cash interest

Cash interest is equal to interest expense calculated in accordance with GAAP plus

capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition

of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable

financial measure calculated and presented in accordance with GAAP, to cash interest.

Class A/A+ properties and AAA locations

Class A/A+ properties are properties clustered in AAA locations that provide innovative

tenants with highly dynamic and collaborative environments that enhance their ability to successfully

recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Class A/

A+ properties generally command higher annual rental rates than other classes of similar properties.

AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and

related businesses.

Development, redevelopment, and pre-construction

A key component of our business model is our disciplined allocation of capital to the

development and redevelopment of new Class A/A+ properties, and property enhancements identified

during the underwriting of certain acquired properties, located in collaborative mega campuses in AAA

life science innovation clusters. These projects are generally focused on providing high-quality, generic,

and reusable spaces that meet the real estate requirements of a wide range of tenants. Upon

completion, each development and redevelopment project is expected to generate increases in rental

income, net operating income, and cash flows. Our development and redevelopment projects are

generally in locations that are highly desirable to high-quality entities, which we believe results in higher

occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset

value.

Development projects generally consist of the ground-up development of generic and

reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of

acquired office, warehouse, or shell space into laboratory space. We generally will not commence new

development projects for aboveground construction of new Class A/A+ laboratory space without first

securing significant pre-leasing for such space, except when there is solid market demand for high-

quality Class A/A+ properties.

Priority anticipated projects are those most likely to commence future ground-up development

or first-time conversion from non-laboratory space to laboratory space prior to our other future projects,

pending market conditions and leasing negotiations.

Pre-construction activities include entitlements, permitting, design, site work, and other

activities preceding commencement of construction of aboveground building improvements. The

advancement of pre-construction efforts is focused on reducing the time required to deliver projects to

prospective tenants. These critical activities add significant value for future ground-up development and

are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality

facilities and are expected to generate significant revenue and cash flows.

Development, redevelopment, and pre-construction spending also includes the following

costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified

during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion

of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and

growth-stage life science companies.

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.

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Definitions and Reconciliations (continued)
September 30, 2024

Dividend yield

Dividend yield for the quarter represents the annualized quarter dividend divided by the

closing common stock price at the end of the quarter.

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of

Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a

supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.

Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,

less amortization of loan fees and debt premiums (discounts).

The following table reconciles interest expense, the most directly comparable financial

measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-

charge coverage ratio:

	Three Months Ended
(Dollars in thousands)	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Adjusted EBITDA	$554,908		$554,036		$551,607		$523,747		$492,860
Interest expense	$43,550		$45,789		$40,840		$31,967		$11,411
Capitalized interest	86,496		81,039		81,840		89,115		96,119
Amortization of loan fees	(4,222)		(4,146)		(4,142)		(4,059)		(4,059)
Amortization of debt discounts	(330)		(328)		(318)		(309)		(306)
Cash interest and fixed charges	$125,494		$122,354		$118,220		$116,714		$103,165
Fixed-charge coverage ratio:
– quarter annualized	4.4x		4.5x		4.7x		4.5x		4.8x
– trailing 12 months	4.5x		4.6x		4.7x		4.7x		4.9x

We are not able to forecast fourth quarter net income without unreasonable effort and

therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This

is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market

conditions outside of our control, including the timing of dispositions, capital events, and financing

decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or

losses on non-real estate investments, impairment of real estate, and impairment of non-real estate

investments. Our attempt to predict these amounts may produce significant but inaccurate estimates,

which would be potentially misleading for our investors.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s

common stockholders

GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes

that real estate values diminish over time. In an effort to overcome the difference between real estate

values and historical cost accounting for real estate assets, the Nareit Board of Governors established

funds from operations as an improved measurement tool. Since its introduction, funds from operations

has become a widely used non-GAAP financial measure among equity REITs. We believe that funds

from operations is helpful to investors as an additional measure of the performance of an equity

REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our

performance to the performance of other real estate companies on a consistent basis, without having to

account for differences recognized because of real estate acquisition and disposition decisions,

financing decisions, capital structure, capital market transactions, variances resulting from the volatility

of market conditions outside of our control, or other corporate activities that may not be representative of

the operating performance of our properties.

The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)

defines funds from operations as net income (computed in accordance with GAAP), excluding gains or

losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of

operating real estate assets, and after adjustments for our share of consolidated and unconsolidated

partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair

value over the recoverability period is less than the carrying value due to changes in general market

conditions and do not necessarily reflect the operating performance of the properties during the

corresponding period.

We compute funds from operations, as adjusted, as funds from operations calculated in

accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized

on non-real estate investments, unrealized gains or losses on non-real estate investments, impairment

of real estate primarily consisting of pre-acquisition costs incurred in connection with acquisitions we

decided to no longer pursue, gains or losses on early extinguishment of debt, significant termination

fees, acceleration of stock compensation expense due to the resignations of executive officers, deal

costs, the income tax effect related to such items, and the amount of such items that is allocable to our

unvested restricted stock awards. We compute the amount that is allocable to our unvested restricted

stock awards using the two-class method. Under the two-class method, we allocate net income (after

amounts attributable to noncontrolling interests) to common stockholders and to unvested restricted

stock awards by applying the respective weighted-average shares outstanding during each quarter-to-

date and year-to-date period. This may result in a difference of the summation of the quarter-to-date and

year-to-date amounts. Neither funds from operations nor funds from operations, as adjusted, should be

considered as alternatives to net income (determined in accordance with GAAP) as indications of

financial performance, or to cash flows from operating activities (determined in accordance with GAAP)

as measures of liquidity, nor are they indicative of the availability of funds for our cash needs, including

our ability to make distributions.

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Definitions and Reconciliations (continued)
September 30, 2024

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s

common stockholders (continued)

The following table reconciles net income to funds from operations for the share of

consolidated real estate joint ventures attributable to noncontrolling interests and our share of

unconsolidated real estate joint ventures:

	Noncontrolling Interest Share of Consolidated Real Estate JVs				Our Share of Unconsolidated Real Estate JVs
	September 30, 2024				September 30, 2024
(In thousands)	Three Months Ended		Nine Months Ended		Three Months Ended		Nine Months Ended
Net income	$45,656		$141,634		$139		$424
Depreciation and amortization of real estate assets	32,457		94,725		1,075		3,177
Funds from operations	$78,113		$236,359		$1,214		$3,601

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Total assets	$38,488,128		$37,847,865		$37,699,046		$36,771,402		$36,783,293
Accumulated depreciation	5,624,642		5,457,414		5,216,857		4,985,019		4,856,436
Gross assets	$44,112,770		$43,305,279		$42,915,903		$41,756,421		$41,639,729

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 -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 -built landlord improvements.

•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental

concessions, if any, have elapsed and our total cash investment in the property.

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-

grade rated or publicly traded companies with an average daily market capitalization greater than $10

billion for the twelve months ended September 30, 2024, as reported by Bloomberg Professional

Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the

tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s

lease obligation upon such tenant’s default. We monitor the credit quality and related material changes

of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10

billion, which are not immediately reflected in the twelve-month average, may result in their exclusion

from this measure.

Investments

We hold investments in publicly traded companies and privately held entities primarily

involved in the life science industries. We recognize, measure, present, and disclose these investments

as follows:

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

(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same

issuer. Observable price changes result from, among other things, equity transactions for the same issuer with

similar rights and obligations executed during the reporting period, including subsequent equity offerings or other

reported equity transactions related to the same issuer.

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Definitions and Reconciliations (continued)
September 30, 2024

Investments in real estate

The following table reconciles our investments in real estate as of September 30, 2024:

(In thousands)		Investments in Real Estate
Gross investments in real estate		$38,576,419
Less: accumulated depreciation		(5,624,642)
Investments in real estate		$32,951,777

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 September 30, 2024:

				Percentage of
(Dollars in thousands)		Book Value		Gross Assets		Annual Rental Revenue
Under construction projects and one committed near-term project expected to commence construction in the next two years (55% leased/negotiating)		$4,405,094		10%		—%
Income-producing/potential cash flows/covered land play(1)		2,861,653		6		2
Land		2,073,678		5		—
		$9,340,425		21%		2%

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

development rights associated with existing operating campuses.

Space Intentionally Blank

The square footage presented in the table below is classified as operating as of

September 30, 2024. These lease expirations or vacant space at recently acquired properties represent

future opportunities for which we have the intent, subject to market conditions and leasing, to commence

first-time conversion from non-laboratory space to laboratory space, or to commence future ground-up

development:

		Dev/ Redev		RSF of Lease Expirations Targeted for Development and Redevelopment
Property/Submarket				2024		2025		Thereafter(1)		Total
Committed near-term project:
4161 Campus Point Court/University Town Center		Dev		—		159,884		—		159,884
Priority anticipated projects:
311 Arsenal Street/Cambridge/Inner Suburbs		Redev		—		25,312		—		25,312
269 East Grand Avenue/South San Francisco		Redev		107,250		—		—		107,250
1020 Red River Street/Austin		Redev		—		126,034		—		126,034
				107,250		151,346		—		258,596
Future projects:
100 Edwin H. Land Boulevard/Cambridge		Dev		104,500		—		—		104,500
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		—		109,164		226,144	(2)	335,308
Sequence District by Alexandria/Sorrento Mesa		Dev/ Redev		—		—		686,290		686,290
830 4th Avenue South/SoDo		Dev		—		—		45,615		45,615
410 West Harrison Street/Elliott Bay		Dev		—		—		17,205		17,205
Other/Seattle		Dev		—		—		75,663		75,663
100 Capitola Drive/Research Triangle		Dev		—		—		34,527		34,527
1001 Trinity Street/Austin		Dev		—		72,938		—		72,938
Canada		Redev		—		—		247,743		247,743
				104,500		182,102		2,670,957		2,957,559
				211,750		493,332		2,670,957		3,376,039

(1)Includes vacant square footage as of September 30, 2024.

(2)Represents 226,144 RSF of month-to-month leases in our University Town Center submarket primarily related to

space being temporarily held over by an expiring tenant at buildings that are targeted for the future development

of laboratory space, subject to market conditions and leasing.

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	61

Definitions and Reconciliations (continued)
September 30, 2024

Joint venture financial information

We present components of balance sheet and operating results information related to our real

estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.

We present the proportionate share of certain financial line items as follows: (i) for each real estate joint

venture that we consolidate in our financial statements, which are controlled by us through contractual

rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest

economic ownership percentage to each financial item to arrive at the amount of such cumulative

noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that

we do not control and do not consolidate, and are instead controlled jointly or by our joint venture

partners through contractual rights or majority voting rights, we apply our economic ownership

percentage to each financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate

joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,

the joint venture agreement generally determines what equity holders can receive upon capital events,

such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their

respective legal ownership of any residual cash from a joint venture only after all liabilities, priority

distributions, and claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating

results information related to our partially owned entities. Presenting this information provides a

perspective not immediately available from consolidated financial statements and one that can

supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in

our consolidated results.

The components of balance sheet and operating results information related to our real estate

joint ventures are limited as an analytical tool as the overall economic ownership interest does not

represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In

addition, joint venture financial information may include financial information related to the

unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for

investors a clear understanding of our operating results and our total assets and liabilities, joint venture

financial information should be examined in conjunction with our consolidated statements of operations

and balance sheets. Joint venture financial information should not be considered an alternative to our

consolidated financial statements, which are presented and prepared in accordance with GAAP.

Space Intentionally Blank

Key items included in net income attributable to Alexandria’s common stockholders

We present a tabular comparison of items, whether gain or loss, that may facilitate a high-

level understanding of our results and provide context for the disclosures included in this Supplemental

Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form

10-Q. We believe that such tabular presentation promotes a better understanding for investors of the

corporate-level decisions made and activities performed that significantly affect comparison of our

operating results from period to period. We also believe that this tabular presentation will supplement for

investors an understanding of our disclosures and real estate operating results. Gains or losses on sales

of real estate and impairments of assets classified as held for sale are related to corporate-level

decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to

corporate-level financing decisions focused on our capital structure strategy. Significant realized and

unrealized gains or losses on non-real estate investments, impairments of real estate and non-real

estate investments, and acceleration of stock compensation expense due to the resignation of an

executive officer are not related to the operating performance of our real estate assets as they result

from strategic, corporate-level non-real estate investment decisions and external market conditions.

Impairments of non-real estate investments are not related to the operating performance of our real

estate as they represent the write-down of non-real estate investments when their fair values decrease

below their respective carrying values due to changes in general market or other conditions outside of

our control. Significant items, whether a gain or loss, included in the tabular disclosure for current

periods are described in further detail in this Supplemental Information and accompanying Earnings

Press Release.

Mega campus

Mega campuses are cluster campuses that consist of approximately 1 million RSF or more,

including operating, active development/redevelopment, and land RSF less operating RSF expected to

be demolished. The following table reconciles our annual rental revenue and development and

redevelopment pipeline RSF as of September 30, 2024:

(Dollars in thousands)		Annual Rental Revenue		Development and Redevelopment Pipeline RSF
Mega campus		$1,666,759		21,957,791
Non-mega campus		517,316		9,880,617
Total		$2,184,075		31,838,408
Mega campus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF		76%		69%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends includes the deduction for

distributions to noncontrolling interests. For purposes of this calculation, changes in operating assets

and liabilities are excluded as they represent timing differences.

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Definitions and Reconciliations (continued)
September 30, 2024

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we

believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net

debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and

restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of

Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted

EBITDA.

The following table reconciles debt to net debt and preferred stock and computes the ratio to

Adjusted EBITDA:

(Dollars in thousands)		9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Secured notes payable		$145,000		$134,942		$130,050		$119,662		$109,110
Unsecured senior notes payable		12,092,012		12,089,561		12,087,113		11,096,028		11,093,725
Unsecured senior line of credit and commercial paper		454,589		199,552		—		99,952		—
Unamortized deferred financing costs		79,610		81,942		84,198		76,329		78,496
Cash and cash equivalents		(562,606)		(561,021)		(722,176)		(618,190)		(532,390)
Restricted cash		(17,031)		(4,832)		(9,519)		(42,581)		(35,321)
Preferred stock		—		—		—		—		—
Net debt and preferred stock		$12,191,574		$11,940,144		$11,569,666		$10,731,200		$10,713,620
Adjusted EBITDA:
– quarter annualized		$2,219,632		$2,216,144		$2,206,428		$2,094,988		$1,971,440
– trailing 12 months		$2,184,298		$2,122,250		$2,064,904		$1,997,518		$1,935,505
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized		5.5x		5.4x		5.2x		5.1x		5.4x
– trailing 12 months		5.6x		5.6x		5.6x		5.4x		5.5x

We are not able to forecast fourth quarter net income without unreasonable effort and

therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a

forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of

items that depend on market conditions outside of our control, including the timing of dispositions,

capital events, and financing decisions, as well as quarterly components such as gain on sales of real

estate, unrealized gains or losses on non-real estate investments, impairment of real estate, and

impairment of non-real estate investments. Our attempt to predict these amounts may produce

significant but inaccurate estimates, which would be potentially misleading for our investors.

Net operating income, net operating income (cash basis), and operating margin

The following table reconciles net income (loss) to net operating income and net operating

income (cash basis) and computes operating margin:

		Three Months Ended				Nine Months Ended
(Dollars in thousands)		9/30/24		9/30/23		9/30/24		9/30/23
Net income		$213,603		$68,254		$526,828		$323,652
Equity in earnings of unconsolidated real estate joint ventures		(139)		(242)		(424)		(617)
General and administrative expenses		43,945		45,987		135,629		140,065
Interest expense		43,550		11,411		130,179		42,237
Depreciation and amortization		293,998		269,370		872,272		808,227
Impairment of real estate		5,741		20,649		36,504		189,224
Gain on sales of real estate		(27,114)		—		(27,506)		(214,810)
Investment (income) loss		(15,242)		80,672		(14,866)		204,051
Net operating income		558,342		496,101		1,658,616		1,492,029
Straight-line rent revenue		(29,087)		(29,805)		(125,676)		(92,331)
Amortization of deferred revenue related to tenant-funded and -built landlord improvements		(329)		—		(329)		—
Amortization of acquired below-market leases		(17,312)		(23,222)		(70,167)		(69,647)
Net operating income (cash basis)		$511,614		$443,074		$1,462,444		$1,330,051
Net operating income (cash basis) – annualized		$2,046,456		$1,772,296		$1,949,925		$1,773,401
Net operating income (from above)		$558,342		$496,101		$1,658,616		$1,492,029
Total revenues		$791,607		$713,788		$2,327,449		$2,128,483
Operating margin		71%		70%		71%		70%

Net operating income is a non-GAAP financial measure calculated as net income (loss), the

most directly comparable financial measure calculated and presented in accordance with GAAP,

excluding equity in the earnings of our unconsolidated real estate joint ventures, general and

administrative expenses, interest expense, depreciation and amortization, impairments of real estate,

gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment

income or loss. We believe net operating income provides useful information to investors regarding our

financial condition and results of operations because it primarily reflects those income and expense

items that are incurred at the property level. Therefore, we believe net operating income is a useful

measure for investors to evaluate the operating performance of our consolidated real estate assets. Net

operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line

rent, amortization of acquired above- and below-market lease revenue, and amortization of deferred

revenue related to tenant-funded and -built landlord improvements adjustments required by GAAP. We

believe that net operating income on a cash basis is helpful to investors as an additional measure of

operating performance because it eliminates straight-line rent revenue and the amortization of acquired

above- and below-market leases and tenant-funded and -built landlord improvements.

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Definitions and Reconciliations (continued)
September 30, 2024

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, as these charges often relate to corporate strategy. Property

operating expenses included in determining net operating income primarily consist of costs that are

related to our operating properties, such as utilities, repairs, and maintenance; rental expense related to

ground leases; contracted services, such as janitorial, engineering, and landscaping; property taxes and

insurance; and property-level salaries. General and administrative expenses consist primarily of

accounting and corporate compensation, corporate insurance, professional fees, rent, and supplies that

are incurred as part of corporate office management. We calculate operating margin as net operating

income divided by total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating

results, net operating income should be examined in conjunction with net income or loss as presented in

our consolidated statements of operations. Net operating income should not be considered as an

alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows

as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of

properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end

of the period. We believe these measures are useful to investors because they facilitate an

understanding of certain trends for our properties. We compute the number of properties, RSF,

occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at

properties classified as held for sale, for all properties in which we have an investment, including

properties owned by our consolidated and unconsolidated real estate joint ventures. For operating

metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods

presented, including changes from assets acquired or sold, properties placed into development or

redevelopment, and development or redevelopment properties recently placed into service, the

consolidated total income from rentals, as well as rental operating expenses in our operating results, can

show significant changes from period to period. In order to supplement an evaluation of our results of

operations over a given quarterly or annual period, we analyze the operating performance for all

consolidated properties that were fully operating for the entirety of the comparative periods presented,

referred to as same properties. We separately present quarterly and year-to-date same property results

to align with the interim financial information required by the SEC in our management’s discussion and

analysis of our financial condition and results of operations. These same properties are analyzed

separately from properties acquired subsequent to the first day in the earliest comparable quarterly or

year-to-date period presented, properties that underwent development or redevelopment at any time

during the comparative periods, unconsolidated real estate joint ventures, properties classified as held

for sale, and corporate entities (legal entities performing general and administrative functions), which are

excluded from same property results. Additionally, termination fees, if any, are excluded from the results

of same properties.

Space Intentionally Blank

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	64

Definitions and Reconciliations (continued)
September 30, 2024

Same property comparisons (continued)

The following table reconciles the number of same properties to total properties for the nine

months ended September 30, 2024:

				Redevelopment – placed into
Development – under construction		Properties		service after January 1, 2023		Properties
201 Brookline Avenue		1		20400 Century Boulevard		1
99 Coolidge Avenue		1		140 First Street		1
500 North Beacon Street and 4 Kingsbury Avenue		2		2400 Ellis Road, 40 Moore Drive, and 14 TW Alexander Drive		3
9808 Medical Center Drive		1		9601 and 9603 Medical Center Drive		2
1450 Owens Street		1				7
230 Harriet Tubman Way		1		Acquisitions after January 1, 2023		Properties
4155 Campus Point Court		1		Other		5
10935, 10945, and 10955 Alexandria Way		3				5
				Unconsolidated real estate JVs		4
10075 Barnes Canyon Road		1		Properties held for sale		9
421 Park Drive		1		Total properties excluded from same properties		67
4135 Campus Point Court		1
701 Dexter Avenue North		1		Same properties		339
		15		Total properties in North America as of September 30, 2024		406
Development – placed into
service after January 1, 2023		Properties
751 Gateway Boulevard		1
15 Necco Street		1
325 Binney Street		1
9810 Darnestown Road		1
9820 Darnestown Road		1
1150 Eastlake Avenue East		1
		6
Redevelopment – under construction		Properties
840 Winter Street		1
40, 50, and 60 Sylvan Road		3
Alexandria Center® for Advanced Technologies – Monte Villa Parkway		6
651 Gateway Boulevard		1
401 Park Drive		1
8800 Technology Forest Place		1
311 Arsenal Street		1
One Hampshire Street		1
Canada		4
Other		2
		21

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										Nine Months Ended
(In thousands)	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		9/30/24		9/30/23
Income from rentals	$775,744		$755,162		$755,551		$742,637		$707,531		$2,286,457		$2,099,819
Rental revenues	(579,569)		(576,835)		(581,400)		(561,428)		(526,352)		(1,737,804)		(1,582,543)
Tenant recoveries	$196,175		$178,327		$174,151		$181,209		$181,179		$548,653		$517,276

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the

closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

	Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2024	65

Definitions and Reconciliations (continued)
September 30, 2024

Unencumbered net operating income as a percentage of total net operating income

Unencumbered net operating income as a percentage of total net operating income is a non-

GAAP financial measure that we believe is useful to investors as a performance measure of the results

of operations of our unencumbered real estate assets as it reflects those income and expense items that

are incurred at the unencumbered property level. Unencumbered net operating income is derived from

assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or

other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total

net operating income:

	Three Months Ended
(Dollars in thousands)	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23
Unencumbered net operating income	$553,589		$544,268		$546,830		$533,382		$495,012
Encumbered net operating income	4,753		5,212		3,964		1,108		1,089
Total net operating income	$558,342		$549,480		$550,794		$534,490		$496,101
Unencumbered net operating income as a percentage of total net operating income	99.1%		99.1%		99.3%		99.8%		99.8%

Weighted-average interest rate for capitalization of interest

The weighted-average interest rate required for calculating capitalization of interest pursuant

to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates

applicable to borrowings outstanding during the period, including expense/income related to interest rate

hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank

fees. A separate calculation is performed to determine our weighted-average interest rate for

capitalization for each month. The rate will vary each month due to changes in variable interest rates,

outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms

of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.

Space Intentionally Blank

Weighted-average shares of common stock outstanding – diluted

From time to time, we enter into capital market transactions, including forward equity sales

agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and

redevelopment projects, and for general working capital purposes. We are required to consider the

potential dilutive effect of our Forward Agreements under the treasury stock method while the Forward

Agreements are outstanding. As of September 30, 2024, we had Forward Agreements outstanding to

sell an aggregate of 230 thousand shares of common stock.

The weighted-average shares of common stock outstanding used in calculating EPS – diluted,

FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as

follows. Also shown are the weighted-average unvested shares associated with restricted stock awards

used in calculating amounts allocable to unvested stock award holders pursuant to the two-class method

for each of the respective periods presented below:

	Three Months Ended										Nine Months Ended
(In thousands)	9/30/24		6/30/24		3/31/24		12/31/23		9/30/23		9/30/24		9/30/23
Basic shares for earnings per share	172,058		172,013		171,949		171,096		170,890		172,007		170,846
Forward Agreements	—		—		—		—		—		—		—
Diluted shares for earnings per share	172,058		172,013		171,949		171,096		170,890		172,007		170,846
Basic shares for funds from operations per share and funds from operations per share, as adjusted	172,058		172,013		171,949		171,096		170,890		172,007		170,846
Forward Agreements	—		—		—		—		—		—		—
Diluted shares for funds from operations per share and funds from operations per share, as adjusted	172,058		172,013		171,949		171,096		170,890		172,007		170,846
Weighted-average unvested restricted shares used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted	2,838		2,878		2,987		2,734		2,124		2,901		2,187