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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026
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COMPANY HIGHLIGHTS Page Page Alexandria's Mission and Cluster Model .............................................. iii EARNINGS PRESS RELEASE Fourth Quarter and Year Ended December 31, 2025 Financial and Operating Results ................................................................................ 1 Consolidated Statements of Operations .......................................... 8 Guidance ................................................................................................... 4 Consolidated Balance Sheets ............................................................ 9 Dispositions and Sales of Partial Interests .......................................... 6 Funds From Operations and Funds From Operations per Share 10 Earnings Call Information and About the Company ........................... 7 SUPPLEMENTAL INFORMATION Company Profile ....................................................................................... 13 External Growth / Investments in Real Estate Investor Information ................................................................................. 14 Investments in Real Estate ................................................................ 31 Financial and Asset Base Highlights ..................................................... 15 New Class A/A+ Development and Redevelopment Properties: High-Quality and Diverse Client Base ................................................. 17 Recent Deliveries ........................................................................... 33 Internal Operating Metrics Current Projects .............................................................................. 35 Key Operating Metrics ............................................................................. 18 Summary of Pipeline ...................................................................... 39 Same Property Performance .................................................................. 19 Construction Spending ........................................................................ 43 Leasing Activity ......................................................................................... 20 Capitalization of Interest ..................................................................... 44 Contractual Lease Expirations ............................................................... 22 Joint Venture Financial Information ................................................... 45 Top 20 Tenants ......................................................................................... 23 Balance Sheet Management Summary of Properties and Occupancy .............................................. 24 Investments .......................................................................................... 47 Property Listing ........................................................................................ 25 Balance Sheet ...................................................................................... 48 Key Credit Metrics ............................................................................... 49 Summary of Debt ................................................................................. 50 Definitions and Reconciliations Definitions and Reconciliations .......................................................... 55 Table of Contents December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 CONFERENCE CALL INFORMATION: Tuesday, January 27, 2026 2:00 p.m. Eastern Time 11:00 a.m. Pacific Time (833) 366-1125 or (412) 902-6738 Ask to join the conference call for Alexandria Real Estate Equities, Inc. CONTACT INFORMATION: Alexandria Real Estate Equities, Inc. corporateinformation@are.com JOEL S. MARCUS Executive Chairman & Founder PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer MARC E. BINDA Chief Financial Officer & Treasurer PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 iii
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 iv ALEXANDRIA’S PATH FORWARD Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage Reduce Capital Spend and Funding Needs Substantially Complete Large-Scale Non-Core Disposition Plan Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant Base, Including the Most Innovative Entities in a Rapidly Changing Environment Continue to Successfully Manage G&A Maintain Optionality for Future Growth Focused on Megacampus™ Investment Consider Flexible and Opportunistic Share Buyback Plan
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(1) Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. (2) Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Represents the latest published data, which reflects the U.S. estimate for 2022. (4) Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to lack of collection during COVID-19 pandemic. (5) Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 v
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 vii
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 viii
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As of December 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 ix LARGEST, HIGHEST-QUALITY ASSET BASE CLUSTERED IN THE KEY CENTERS OF LIFE SCIENCE INNOVATION SECTOR-LEADING CLIENT TENANT BASE HIGH-QUALITY CASH FLOWS PROVEN UNDERWRITING FORTRESS BALANCE SHEET LONG-TENURED, HIGHLY EXPERIENCED MANAGEMENT TEAM ALEXANDRIA: THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE™ WE INVENTED IT. WE DOMINATE IT. ALEXANDRIA’S MEGACAMPUS™ PLATFORM REPRESENTS 78% OF OUR ANNUAL RENTAL REVENUE
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(1) Source: AstraZeneca, “ AstraZeneca plans $2 billion manufacturing investment in Maryland, supporting 2,600 jobs and catalyzing economic growth,” November 21, 2025. (2) Source: AstraZeneca, “ AstraZeneca plans to invest $50 billion in America for medicines manufacturing and R&D,” July 21, 2025. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 x Alexandria Executes Lease Through 2041 With High-Credit Tenant AstraZeneca for 171,239 RSF Mission-Critical Manufacturing Facility in Maryland This long-term lease at 700 Quince Orchard Road demonstrates AstraZeneca’s commitment to Maryland and brings its aggregate footprint across multiple Alexandria cluster markets to over 600,000 RSF ONSHORING PHARMA SUPPLY CHAINS & ACCELERATING ACCESS TO TRANSFORMATIVE THERAPIES → →AstraZeneca’s new Gaithersburg facility aims to accelerate the production of innovative medicines for cancer, rare, and chronic diseases The investment builds upon AstraZeneca’s $300M investment in a cell therapy manufacturing facility at 9950 Medical Center Drive on the Alexandria Center® for Life Science – Shady Grove Megacampus™ → →AstraZeneca’s announced $2B(1) investment in Maryland includes substantial support for mission-critical manufacturing at 700 Quince Orchard Road AstraZeneca has committed to invest $50B(2) in U.S.-based manufacturing and R&D by 2030
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(1) Refer to “2025 dispositions and sales of partial interests” in the Earnings Press Release for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xi 2025 Dispositions and Sales of Partial Interests Update 2025 DISPOSITIONS AND SALES OF PARTIAL INTERESTS BY REAL ESTATE CLASSIFICATION 21% 59% 20% Stabilized Properties Land Non-Stabilized Properties 35 COMPLETED TRANSACTIONS(1) $1.8B TOTAL SALES(1) $642M TOTAL GAIN ON SALES OF REAL ESTATE(1)
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(1) Represents aggregate sales from outright sales and sales of partial interests. (2) Total gains and impairments represent our share and include any amounts related to sales of partial interests recognized in additional paid-in capital. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xii 2019–2025 AGGREGATE $11B Total Sales(1) $3.9B Total Gains on Sales of Real Estate(2) $2.8B Total Impairments of Real Estate(2) 2019–2025 DISPOSITIONS AND PARTIAL INTEREST SALES Alexandria’s Long-Standing Track Record of Monetizing Embedded Asset Value: 2019–2025 Dispositions and Partial Interest Sales (1) (2) (2)
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(1) Represents our share of the sales price, net of seller credits and sales costs. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xiii Alexandria’s Key Disposition In 4Q25 — 409 and 499 Illinois Street in Mission Bay Alexandria’s opportunistic sale to UCSF, a longstanding tenant, generates proceeds to recycle into the business and enables UCSF to expand its Mission Bay campus. $767.1M $180.3M (Our Share)(1) SALES PRICE IN 4Q25 $1,645 SALES PRICE PER RSF $416.7M $103.9M (Our Share) GAIN ON SALE OF REAL ESTATE $293.0M ARE ORIGINAL PURCHASE PRICE (2011) 40% OCCUPANCY AS OF 3Q25
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As of December 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2021 through December 31, 2025. (2) Represents net debt and preferred stock to Adjusted EBITDA for the fourth quarter annualized. (3) Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025, except for ARE, which is as of December 31, 2025. (4) Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of December 31, 2025. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xiv SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2021(1) $5.3B 96.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 12.1 3.91% Longest Among S&P 500 REITs(3) WEIGHTED AVERAGE TOP 15% Baa1 Negative BBB+ NegativeCREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(4) ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY ACHIEVED 4Q25 LEVERAGE(2) 5.7x
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As of December 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents non-core assets outside our Megacampus ecosystems. (2) Excludes properties classified as held for sale, of which land parcels represent approximately 1% of total non-income producing assets. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xv 17% (2) 12%
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(1) Based on the midpoint of our guidance range for 2026 general and administrative expenses disclosed on January 26, 2026. (2) Trailing twelve months ended December 31, 2025. (3) Source for S&P 500 REIT data: S&P Global Market Intelligence. Represents the annual average of the years ended December 31, 2024 and 2023 and the trailing twelve months ended September 30, 2025. (4) Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xvi $76M Projected Cumulative G&A Savings in 2025 and 2026 Compared to 2024(1) 5.6% 11.3% Alexandria 4Q25(2) S&P 500 REIT Average 2023–3Q25 (Excluding Alexandria)(3) CONTINUE TO SUCCESSFULLY MANAGE AND REDUCE G&A Alexandria’s General and Administrative Expense Levels Outperform Other S&P 500 REITs GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(4)
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Alexandria Real Estate Equities, Inc. Reports 4Q25 and 2025 Net Loss per Share – Diluted of $6.35 and $8.44, respectively; and 4Q25 and 2025 FFO per Share – Diluted, as Adjusted, of $2.16 and $9.01, respectively PASADENA, Calif. – January 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the fourth quarter and year ended December 31, 2025. Key highlights YTD Operating results 4Q25 4Q24 2025 2024 Net (loss) income attributable to Alexandria’s common stockholders – diluted: In millions $ (1,081.8) $ (64.9) $ (1,438.0) $ 309.6 Per share $ (6.35) $ (0.38) $ (8.44) $ 1.80 Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: In millions $ 368.5 $ 411.8 $ 1,534.7 $ 1,629.1 Per share $ 2.16 $ 2.39 $ 9.01 $ 9.47 A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease terms (As of December 31, 2025, unless stated otherwise) Occupancy of operating properties in North America 90.9% Percentage of annual rental revenue in effect from Megacampus™ platform 78% Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants 53% Operating margin 69% Adjusted EBITDA margin 70% Percentage of leases containing annual rent escalations 97% Weighted-average remaining lease term: Top 20 tenants 9.7 years All tenants 7.5 years Strong 4Q25 tenant collections: 4Q25 tenant rents and receivables collected as of January 26, 2026 99.9% Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all publicly traded U.S. REITs • $20.75 billion in total market capitalization. • $8.35 billion in total equity capitalization. • Net debt and preferred stock to Adjusted EBITDA of 5.7x and fixed-charge coverage ratio of 3.7x for 4Q25 annualized. • As of December 31, 2025 • Significant liquidity of $5.30 billion, or 3.7x of our debt maturities through 2028. • Only 11% of our total debt matures through 2028. • 12.1 years weighted-average remaining term of debt, longest among S&P 500 REITs. • Our fixed-rate debt represents 97.2% of our total debt, which provides predictability in debt servicing costs. Since 2021, our quarter-end fixed-rate debt has averaged 96.7%. • Total debt and preferred stock to gross assets of 31%. Solid leasing volume • Leasing volume of 1.2 million RSF during 4Q25. • Leasing of previously vacant space aggregating 393,376 RSF, up 98%, over the quarterly average over the last five quarters. • Rental rates on renewals and re-leasing of space decreased by 9.9% and 5.2% (cash basis) for 4Q25 and increased by 7.0% and 3.5% (cash basis) for 2025. • 82% of our leasing activity during the last twelve months was generated from our existing tenant base. 4Q25 2025 Lease renewals and re-leasing of space: Rental rate changes (9.9)% 7.0% Rental rate changes (cash basis) (5.2)% 3.5% RSF 821,289 2,543,473 Leasing of previously vacant space – RSF 393,376 944,362 Leasing of development and redevelopment space – RSF 6,279 704,821 Total leasing activity – RSF 1,220,944 4,192,656 Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment • Common stock dividend declared of $0.72 per share for 4Q25, representing a 45% reduction from the quarterly dividend declared of $1.32 for 3Q25. • The decision to reduce the declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, and preserving liquidity of approximately $410 million on an annual basis, which will be used to support our 2026 capital plan. • Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating $2.36 billion for the years ended December 31, 2021 through 2025. • Dividend yield of 5.9% as of December 31, 2025 and dividend payout ratio of 33% for the three months ended December 31, 2025. Successful execution of Alexandria’s capital recycling strategy We exceeded the midpoint of our 2025 guidance for dispositions and sales of partial interests by completing $1.81 billion of funding, primarily from sales of non-core assets and land, as well as sales to owner/users. During 4Q25, we completed $1.47 billion of dispositions. (dollars in millions) Sales Price YTD 3Q25 $ 341 4Q25 1,471 Total 2025 dispositions and sales of partial interests(1) $ 1,812 Types of dispositions in 2025(1) % of Sales Price Land 21% Non-stabilized properties 59 Stabilized properties 20 Total 2025 dispositions 100% (1) Excludes the exchange of partial interests in two consolidated real estate joint ventures, Pacific Technology Park and 199 East Blaine Street, during the three months ended September 30, 2025. Refer to ”2025 dispositions and sales of partial interests” in this Earnings Press Release for additional details. • As of December 31, 2025, the book value of our real estate assets designated as held for sale aggregated $581.7 million. We expect to sell these assets in 2026. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 1
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Increased occupancy and leasing progress on temporary vacancy Operating occupancy as of September 30, 2025 90.6% Assets with vacancy designated as held for sale or sold during 4Q25 0.5 Early termination of one lease aggregating 170,618 RSF at 259 East Grand Avenue in South San Francisco, originally set to expire in early 2027, which is already fully re-leased to a new tenant with occupancy expected to commence in 2H26 (0.5) (1) Reclassification of 401 Park Avenue from redevelopment to operating upon our decision to pursue leasing as office space rather than convert to laboratory space (0.3) Other changes in occupancy, primarily due to the commencement of leases during 4Q25 0.6 Operating occupancy as of December 31, 2025 90.9 Key vacant space leased with future delivery 2.5 (2) Operating occupancy as of December 31, 2025, including leased but not yet delivered space 93.4% (1) Refer to “Guidance” in the Earnings Press Release for key considerations on 1Q26 guidance. (2) Represents temporary vacancies as of December 31, 2025 aggregating 899,259 RSF, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, that are leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately August 2026 and the expected annual rental revenue is approximately $52 million. Key operating metrics Operating metrics 4Q25 2025 (dollars in millions) Net operating income (cash basis) $ 1,985 (1) $ 1,978 (Decrease) Increase compared to 4Q24 and 2024 (3.4) %(2) 0.1 % (2) Same property performance: Net operating income changes (6.0) % (3.5) % Net operating income changes (cash basis) (1.7) % 0.9 % Occupancy – current-period average 91.0 % 92.5 % Occupancy – same-period prior-year average 95.5 % 95.2 % (1) Quarter annualized. (2) Change in net operating income (cash basis) includes the impact of operating properties disposed of after January 1, 2024 . Excluding these dispositions, net operating income (cash basis) annualized for the three months ended December 31, 2025 and for the year ended December 31, 2025 would have increased by 1.4% and 6.2%, respectively, compared to the corresponding periods in 2024. Continued successful management and reduction of general and administrative expenses • General and administr ative expenses as a percentage of net operating income for the year ended December 31, 2025 were 5.6% — the lowest level in the past ten years for the Company and approximately half the average of other S&P 500 REITs. In 2025, we realized cost reductions of $51.3 million, or 30%, compared to 2024, primarily from cost-control and efficiency initiatives. Some of these cost savings are temporary in nature, and we anticipate that approximately half of the cost reduction achieved in 2025 will continue in 2026. • Compared to the general and administrative expenses for the year ended December 31, 2024, we expect to achieve a savings of $76 million of cumulative general and administrative expense in 2025 and 2026 based upon the midpoint of our guidance range for 2026 general and administrative expenses. Reduction of capital spend and funding needs • During 4Q25, we reduced future construction funding requirements across our active pipeline by: i) selling or designating as held for sale three projects and ii) pivoting one project to a lower investment strategy ; enabling us to redeploy future construction savings and sale p r o c e e d s i n t o o p p o r t u n i t i e s a l i g n e d w i t h o u r l o n g - t e r m M e g a c a m p u s™ strategy. • We reduced the overall size of our future construction funding needs on current development and redevelopment projects by more than $300 million over the next few years. • 3% reduction in non-income-producing assets to 17% as a percentage of gross assets. • We are evaluating business strategy for four additional projects. Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $10 million commencing during 4Q25, with an additional $97 million of incremental annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 86% leased/negotiating • During 4Q25, we placed into service one development project aggregating 139,979 RSF that is 100% occupied at 10075 Barnes Canyon Road in our Sorrento Mesa submarket and delivered incremental annual net operating income of $10 million. • Annual net operating income (cash basis) from recently delivered projects is expected to increase by $26 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately six months. • 77% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems. Development and Redevelopment Projects Incremental Annual Net Operating Income RSF Leased/ Negotiating Percentage (dollars in millions) Expected to be placed into service: 2026 $ 97 (1) 699,933 (2) 86% (3) 2027- 2028 123 1,614,994 51% $ 220 Projects under business strategy evaluation: 2026-2028 $ 113 1,248,227 8% (1) Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details. (2) Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027-2028. (3) Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026. Fourth Quarter and Year Ended December 31, 2025 Financial and Operating Results (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 2
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Key capital events • On December 8, 2025, we announced that our board of directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock through December 31, 2026 . The new program replaces the prior repurchase authorization for up to $500.0 million that was set to expire on December 31, 2025 . During 4Q25, no shares were repurchased. • In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment. Investments • As of December 31, 2025: • Our non-real estate investments aggregated $1.50 billion. • Unrealized gains presented in our consolidated balance sheet were $133.4 million , comprising gross unrealized gains and losses aggregating $184.4 million and $51.1 million, respectively. • Investment loss of $3.9 million for 4Q25 presented in our consolidated statement of operations consisted of $21.1 million of realize d gains, $103.3 million from a significant realized loss on one transaction, $98.5 million of unrealized gains, and $20.2 million of impairment charges. Fourth Quarter and Year Ended December 31, 2025 Financial and Operating Results (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 3
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Based on our current view of existing market conditions and assumptions for the year ending December 31, 2026, our guidance for 2026 that was initially provided on December 3, 2025 has been reiterated as of January 26, 2026. Actual results may be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties, including, but not limited to, leasing velocity and overall tenant demand, actions and changes in policy by the current U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted Funds from operations per share, as adjusted(1) $6.25 to $6.55 Midpoint $6.40 Key Assumptions Low High Occupancy percentage in North America as of December 31, 2026(2) 87.7% 89.3% Lease renewals and re-leasing of space: Rental rate changes (2.0)% 6.0% Rental rate changes (cash basis) (12.0)% (4.0)% Same property performance: Net operating income (9.5)% (7.5)% Net operating income (cash basis) (9.5)% (7.5)% Straight-line rent revenue $ 65 $ 95 General and administrative expenses $ 134 $ 154 Capitalization of interest(3) $ 225 $ 275 Interest expense $ 230 $ 280 Realized gains on non-real estate investments(4) $ 60 $ 90 Key Credit Metric Targets Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized 5.6x to 6.2x Fixed-charge coverage ratio – 4Q26 annualized 3.6x to 4.1x Key Sources and Uses of Capital Range Midpoint Sources of capital: Reduction in debt(5) $ (1,075) $ (2,275) $ (1,675) Net cash provided by operating activities after dividends 475 575 525 Dispositions and sales of partial interests (refer to page 6)(6) 2,100 3,700 2,900 Total sources of capital $ 1,500 $ 2,000 $ 1,750 Uses of capital: Construction $ 1,500 $ 2,000 $ 1,750 Total uses of capital $ 1,500 $ 2,000 $ 1,750 Reduction in debt (included above): Repayment of unsecured notes payable with 2026 maturities(7) $ (650) $ (650) $ (650) Unsecured senior line of credit, commercial paper, and other (425) (1,625) (1,025) Reduction in debt $ (1,075) $ (2,275) $ (1,675) Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics. (1) Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details. (2) Our guidance for operating occupancy percentage in North America as of December 31, 2026 assumes an approximate 2% benefit related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for designation as held for sale by December 31, 2026 but that have not yet qualified for such designation as of December 31, 2025. (3) Refer to “Capitalization of interest” in the Supplemental Information for additional details. (4) Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant impairments realized on non-real estate investments, if any. Refer to “Investments” in the Supplemental Information for additional details. (5) Our debt repayment goals include repaying existing short-term borrowings, including amounts outstanding on our commercial paper program, repaying our 2026 unsecured senior note payable maturities aggregating $650 million, and potentially repaying other unsecured senior notes payable, including our 2027 maturity. (6) We expect to achieve a weighted-average capitalization rate on our projected 2026 non-core operating dispositions (includes stabilized and non-stabilized properties and excludes land) in the 8.5%–9.5% range. We expect dispositions of land to represent 25%–35% of our total dispositions and sales of partial interests for the year ending December 31, 2026. We expect the remaining balance to include approximately 25%–35% core assets and 35%–45% non-core assets. As of January 26, 2026, our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $180.7 million. (7) In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity, funded temporarily with borrowings under our commercial paper program. We expect to repay these temporary borrowings with proceeds from future dispositions and sales of partial interests. No gain or loss was incurred in connection with this repayment. Guidance December 31, 2025 (Dollars in millions, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 4
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Key considerations for funds from operations and adjusted EBITDA for 1Q26 The following key considerations are expected to impact our quarterly funds from operations per share results in 1Q26. These items will also affect our Adjusted EBITDA beginning in 1Q26. As a result, we expect our net debt and preferred stock to Adjusted EBITDA ratio to temporarily increase in 1Q26 (on a quarter annualized basis) by approximately 1.0x to 1.5x higher than our 4Q25 annualized ratio of 5.7x. We expect this ratio to trend downward through the remainder of 2026 as we make progress on our disposition and sales of partial interests program, with a target net debt and preferred stock to Adjusted EBITDA ratio of 5.6x to 6.2x for 4Q26 annualized, which is unchanged from our initial 2026 guidance provided on December 3, 2025. 4Q25 Dispositions • We completed $1.47 billion of dispositions during 4Q25 . These dispositions had annual net operating income of $118 million (based on consolidated 3Q25 annualized results) with a weighted-average disposition date of December 9, 2025. Refer to “2025 Dispositions and sales of partial interests” in the Earnings Press Release for additional details. 2026 key lease expirations with expected downtime • There are key lease expirations primarily in our Greater Boston, San Francisco Bay Area, and San Diego markets, aggregating 1.2 million R S F , w i t h a w e i g h t e d - a v e r a g e l e a s e expiration date in April 2026 and annual rental revenue of $71 million. These leases are expected to become vacant upon expiration, and we anticipate downtime on these spaces to range from 6 to 24 m o n t h s o n a w e i g h t e d - a v e r a g e b a s i s . 150,822 RSF has been leased or is under negotiations and we have identified prospective tenants or have early negotiations for another 468,470 RSF. We expect a decline in net operating income of approximately $14 million for the three months ending March 31, 2026, compared to the three months ended December 31, 2025, related to the portion of these leases that are scheduled to expire in 1Q26, which includes operating expenses that will not be recoverable once the spaces become vacant. Refer to “Contractual lease expirations” in the Supplemental Information for additional details. Certain items included in 4Q25 results not expected to reoccur in 1Q26 • During 4Q25, we terminated a lease at one property in our South San Francisco submarket aggregating 170,618 RSF, which had generated annual rental revenue of $11.4 million, ahead of its contractual lease expiration in early 2027. The termination allowed us to re-lease 100% of the space to a new tenant, with occupancy expected to commence in 2H26 following the completion of tenant improvements. As a result of the termination, we recognized incremental rental revenue of $8.4 million during 4Q25, primarily from a termination fee, net of the deferred rent balances written off. • We recognized an asset management fee paid by our joint venture partner aggregating $7.0 million in connection with the disposition of 409 and 499 Illinois Street in 4Q25, which is included in other income. Other income in 4Q25 was $25.5 million, or 3.4% of total revenues, compared to an average of $19.5 million, or 2.5% of total revenues, for the preceding five quarters. Potential tenant wind-downs • Our 2026 guidance assumes reduction of rent in 2026 aggregating $20–$25 million (or approximately $6 million per quarter at the midpoint of the range) related to potential tenant wind-downs and downtime without immediate backfill. General and administrative expenses • General and administrative expenses for the year ended December 31, 2025 was $117.0 million and $28.0 million for the fourth quarter of 2025. Our guidance range for 2026 general and administrative expenses is $134 million to $154 million, with a midpoint of $144 million, or a quarterly average of approximately $36 million. Despite the anticipated increase in general and administrative expenses in 2026 compared to 2025, the midpoint of our guidance range for 2026 of $144 million, represents a 14% reduction compared to 2024, and cumulative anticipated savings aggregating $76 million for 2025 and 2026. Realized gains on non-real estate investments • Realized gains included in funds from operations per share – diluted, as adjusted, for the year ended December 31, 2025 were $115.7 million and $21.1 million for the fourth quarter of 2025 . Our guidance range for 2026 realized gains on non-real estate investments is $60 million to $90 million , with a midpoint o f $75 million (or a quarterly average of approximately $18.8 million). Refer to “Investments” in the Supplemental Information for additional details. Guidance (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 5
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Interest Sold Square Footage Capitalization Rate Capitalization Rate (Cash Basis) Price (Our Share) Gain on Sales of Real EstateProperty Submarket/Market Date of Transaction Operating Future Development Completed in YTD 3Q25, excluding exchange of partial interests (see below) $ 340,871 $ 13,241 (1) Completed in 4Q25: Stabilized properties: 550 Arsenal Street(2) Cambridge/Inner Suburbs/Greater Boston 10/15/25 100% 249,275 281,592 6.1% 5.4% 99,250 — 6260 Sequence Drive Sorrento Mesa/San Diego 12/16/25 100% 130,536 — 7.2% 7.1% 70,000 — 5600 Avenida Encinas Other/San Diego 12/17/25 100% 182,276 — 5.5% 5.3% 64,100 — 601 Keystone Park Drive Research Triangle/Research Triangle 10/3/25 100% 77,595 — 9.7% 8.7% 24,879 4,362 Other stabilized properties Various 307,142 — 103,079 — 361,308 Properties with vacancy or significant near-term capital requirements: 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard South San Francisco/San Francisco Bay Area 12/30/25 (3) 1,104,826 528,684 N/A 283,173 (3) — (3) ARE Nautilus Torrey Pines/San Diego 12/10/25 100% 218,640 — 192,000 (4) 86,260 409 and 499 Illinois Street Mission Bay/San Francisco Bay Area 12/17/25 25% 466,297 — 180,273 (5) 416,749 (5) 14 TW Alexander Drive Research Triangle/Research Triangle 11/20/25 100% 173,820 — 155,000 (6) 78,489 4767 Nexus Center Drive University Town Center/San Diego 12/31/25 100% 65,280 — 50,000 (7) 15,330 Alexandria Center for Life Science – Long Island City New York City/New York City 12/19/25 100% 179,100 — 34,500 — Other non-stabilized properties Various 469,992 117,227 97,183 746 992,129 Land: 9363, 9373, and 9393 Towne Centre Drive University Town Center/San Diego 12/18/25 100% — 230,000 N/A 40,000 17,978 285, 299, 307, and 345 Dorchester Avenue Seaport Innovation District/Greater Boston 12/30/25 60% — 1,040,000 33,500 — 3029 East Cornwallis Road Research Triangle/Research Triangle 12/31/25 100% — 600,000 29,500 — Other land parcels Various — 211,232 14,900 — 117,900 Total dispositions completed in 4Q25 1,471,337 (8) 619,914 Total completed 2025 dispositions and sales of partial interests, excluding exchange of partial interests (see below) $ 1,812,208 $ 633,155 Exchange of partial interests Disposition of Pacific Technology Park Sorrento Mesa/San Diego 9/9/25 50% 544,352 — N/A $ 96,000 $ 9,290 Acquisition of 199 East Blaine Street Lake Union/Seattle 9/9/25 70% 115,084 — (94,430) Difference in sales price received in cash $ 1,570 (1) Excludes a gain on sale of interest related to an unconsolidated real estate joint venture of $458 thousand, which is classified as equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations. (2) Represents a retail shopping center with future development opportunity. We originally acquired the property in 2021 with the intent to demolish the retail center and develop it into laboratory space. However, due to the project’s financial outlook and the substantial capital that development would have required, we decided to recycle the capital generated by the disposition into our development and redevelopment pipeline. (3) We held a 50% ownership interest at 601, 611, 651, 681, 685, and 701 Gateway Boulevard and a 51% interest at 751 Gateway Boulevard. At the time of sale, these properties had operating and redevelopment properties occupancy of 62%, with a weighted-average lease term of 5.1 years. Due to macroeconomic conditions in South San Francisco, including significant new supply, lower life science tenant demand, and ongoing challenges leasing both laboratory and office space, we reassessed the project’s financial outlook and the substantial capital required to lease vacant space and to complete the redevelopment of 651 Gateway Boulevard and future development opportunities. As a result, we sold the consolidated joint ventures for a gross price of $600.0 million ($560.4 million net of seller credits and sales costs), of which our share of the price (after seller credits) was $283.2 million. (4) Represents the sale of a non-stabilized campus located outside of a Megacampus ecosystem. At the time of sale, the campus was 76% occupied, with a weighted-average remaining lease term of less than four years. Given our strategy to i n v e s t i n t o o u r M e g a c a m p u s a n d t h e s i g n i f i c a n t n e a r - t e r m c a p i t a l r e q u i r e d t o r e - s t a b i l i z e t h e a s s e t , w e d e c i d e d t o r e i n v e s t t h e d i s p o s i t i o n p r o c e e d s i n t o o t h e r p r o j e c t s w i t h g r e a t e r v a l u e - c r e a t i o n o p p o r t u n i t i e s . (5) Represents two life science buildings in which we held a 25% ownership interest. At the time of sale, the properties were 40% occupied, with a weighted-average remaining lease term of 8.3 years. These properties were sold by the joint venture to an existing tenant following its exercise of a purchase right included in its lease agreement. The gross sales price was $767.1 million ($721.1 million net of seller credits and sales costs), of which our share of the price (after seller credits) was $180.3 million. Our share of gain on sales of real estate was $103.9 million. (6) Represents a non-stabilized property that was sold to a user. (7) We provided seller financing of $33.0 million. (8) Our share of dispositions completed during the three months ended December 31, 2025 had annual net operating income of $93 million (based on 3Q25 annualized results) with a weighted-average disposition date of December 9, 2025. Total consolidated annual net operating income related to these dispositions, including our partners’ share, is $118 million (based on 3Q25 annualized results). 2025 Dispositions and Sales of Partial Interests December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 6
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We will host a conference call on Tuesday, January 27, 2026, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for the fourth quarter and year ended December 31, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. 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 4:00 p.m. ET/1:00 p.m. PT on Tuesday, January 27, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 4730896. Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 2025 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2025q4.pdf. For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790. About the Company Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025, Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. Forward-Looking Statements This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our projected 2026 earnings per share, projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria®, Lighthouse Design ® logo, Building the Future of Life-Changing Innovation ®, That’s What’s in Our DNA ®, Megacampus™, 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. Earnings Call Information and About the Company December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 7
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Three Months Ended Year Ended 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24 Revenues: Income from rentals $ 728,872 $ 735,849 $ 737,279 $ 743,175 $ 763,249 $ 2,945,175 $ 3,049,706 Other income 25,542 (1) 16,095 24,761 14,983 25,696 81,381 66,688 Total revenues 754,414 751,944 762,040 758,158 788,945 3,026,556 3,116,394 Expenses: Rental operations 232,543 239,234 224,433 226,395 240,432 922,605 909,265 General and administrative 28,020 29,224 29,128 30,675 32,730 117,047 168,359 Interest 65,674 54,852 55,296 50,876 55,659 226,698 185,838 Depreciation and amortization 322,063 340,230 346,123 342,062 330,108 1,350,478 1,202,380 Impairment of real estate 1,717,188 (2) 323,870 129,606 32,154 186,564 2,202,818 223,068 Loss on early extinguishment of debt — 107 — — — 107 — Total expenses 2,365,488 987,517 784,586 682,162 845,493 4,819,753 2,688,910 Equity in (losses) earnings of unconsolidated real estate joint ventures (304) 201 (9,021) (507) 6,635 (9,631) 7,059 Investment (loss) income (3,890) 28,161 (30,622) (49,992) (67,988) (56,343) (53,122) Gain on sales of real estate 619,914 (2) 9,366 — 13,165 101,806 642,445 129,312 Net (loss) income (995,354) (197,845) (62,189) 38,662 (16,095) (1,216,726) 510,733 Net income attributable to noncontrolling interests (85,521) (2) (34,909) (44,813) (47,601) (46,150) (212,844) (187,784) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders (1,080,875) (232,754) (107,002) (8,939) (62,245) (1,429,570) 322,949 Net income attributable to unvested restricted stock awards (965) (2,183) (2,609) (2,660) (2,677) (8,417) (13,394) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (1,081,840) $ (234,937) $ (109,611) $ (11,599) $ (64,922) $ (1,437,987) $ 309,555 Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ (6.35) $ (1.38) $ (0.64) $ (0.07) $ (0.38) $ (8.44) $ 1.80 Diluted $ (6.35) $ (1.38) $ (0.64) $ (0.07) $ (0.38) $ (8.44) $ 1.80 Weighted-average shares of common stock outstanding: Basic 170,394 170,181 170,135 170,522 172,262 170,307 172,071 Diluted 170,394 170,181 170,135 170,522 172,262 170,307 172,071 Dividends declared per share of common stock $ 0.72 $ 1.32 $ 1.32 $ 1.32 $ 1.32 $ 4.68 $ 5.19 (1) Includes an asset management fee paid by our joint venture partner of $7.0 million, which was recognized in connection with the disposition of 409 and 499 Illinois Street. Refer to “2025 dispositions and sales of partial interests” in the Earnings Press Release for additional details. (2) Refer to footnote 1 and 2 in “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details. Consolidated Statements of Operations December 31, 2025 (Dollars in thousands, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 8
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12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Assets Investments in real estate $ 28,689,996 $ 31,743,917 $ 32,160,600 $ 32,121,712 $ 32,110,039 Investments in unconsolidated real estate joint ventures 30,677 39,601 40,234 50,086 39,873 Cash and cash equivalents 549,062 579,474 520,545 476,430 552,146 Restricted cash 4,693 4,705 7,403 7,324 7,701 Tenant receivables 6,672 6,409 6,267 6,875 6,409 Deferred rent 1,179,403 1,257,378 1,232,719 1,210,584 1,187,031 Deferred leasing costs 458,311 505,241 491,074 489,287 485,959 Investments 1,501,249 1,537,638 1,476,696 1,479,688 1,476,985 Other assets 1,661,772 1,700,785 1,688,091 1,758,442 1,661,306 Total assets $ 34,081,835 $ 37,375,148 $ 37,623,629 $ 37,600,428 $ 37,527,449 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ — $ — $ 153,500 $ 150,807 $ 149,909 Unsecured senior notes payable 12,047,394 12,044,999 12,042,607 12,640,144 12,094,465 Unsecured senior line of credit and commercial paper 353,161 1,548,542 1,097,993 299,883 — Accounts payable, accrued expenses, and other liabilities 2,397,073 2,432,726 2,360,840 2,281,414 2,654,351 Dividends payable 127,771 230,603 229,686 228,622 230,263 Total liabilities 14,925,399 16,256,870 15,884,626 15,600,870 15,128,988 Commitments and contingencies Redeemable noncontrolling interests 58,788 58,662 9,612 9,612 19,972 Alexandria Real Estate Equities, Inc.’s stockholders’ equity: Common stock 1,705 1,703 1,701 1,701 1,722 Additional paid-in capital 15,497,760 16,669,802 17,200,949 17,509,148 17,933,572 Accumulated other comprehensive loss (29,395) (32,203) (27,415) (46,202) (46,252) Alexandria Real Estate Equities, Inc.’s stockholders’ equity 15,470,070 16,639,302 17,175,235 17,464,647 17,889,042 Noncontrolling interests 3,627,578 4,420,314 4,554,156 4,525,299 4,489,447 Total equity 19,097,648 21,059,616 21,729,391 21,989,946 22,378,489 Total liabilities, noncontrolling interests, and equity $ 34,081,835 $ 37,375,148 $ 37,623,629 $ 37,600,428 $ 37,527,449 Consolidated Balance Sheets December 31, 2025 (In thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 9
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The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below: Three Months Ended Year Ended 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24 Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted $ (1,081,840) $ (234,937) $ (109,611) $ (11,599) $ (64,922) $ (1,437,987) $ 309,555 Depreciation and amortization of real estate assets 319,865 338,182 343,729 339,381 327,198 1,341,157 1,191,524 Noncontrolling share of depreciation and amortization from consolidated real estate JVs (39,942) (45,327) (36,047) (33,411) (34,986) (154,727) (129,711) Our share of depreciation and amortization from unconsolidated real estate JVs 855 852 942 1,054 1,061 3,703 4,238 Gain on sales of real estate (307,132) (1) (9,824) — (13,165) (100,109) (330,121) (127,615) Impairment of real estate – rental properties and land 1,439,303 (2) 323,870 131,090 — 184,532 1,894,263 192,455 Allocation to unvested restricted stock awards (1,903) (1,648) (1,222) (686) (1,182) (5,681) (8,696) Funds from operations attributable to Alexandria’s common stockholders – diluted(3) 329,206 371,168 328,881 281,574 311,592 1,310,607 1,431,750 Unrealized (gains) losses on non-real estate investments (98,548) (18,515) 21,938 68,145 79,776 (26,980) 112,246 Significant realized losses on non-real estate investments 103,329 (4) — — — — 103,329 — Impairment of non-real estate investments 20,181 (5) 25,139 39,216 11,180 20,266 95,716 58,090 Impairment of real estate 12,619 (2) — 7,189 32,154 2,032 51,962 30,613 Loss on early extinguishment of debt — 107 — — — 107 — Acceleration of stock compensation expense due to executive officer resignation 2,455 (6) — — — — 2,455 — (Decrease) increase in provision for expected credit losses on financial instruments (341) — — 285 (434) (56) (434) Allocation to unvested restricted stock awards (363) (74) (794) (1,329) (1,407) (2,476) (3,188) Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted $ 368,538 $ 377,825 $ 396,430 $ 392,009 $ 411,825 $ 1,534,664 $ 1,629,077 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Excludes our partner’s share of gain on sale of real estate aggregating $312.8 million at our consolidated real estate joint venture at 409 and 499 Illinois Street. (2) During 4Q25, we finalized the Company’s 2025 capital plan and established an initial 2026 capital plan to fund 2026 construction primarily through the sale of land and non-core real estate assets. As a result, we recognized the following impairment charges to reduce the carrying amounts of certain assets to their estimated fair values less cost to sell: Property Submarket Impairment (ARE Share) Asset Type Assets designated as held for sale and sold in 4Q25: 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard (50% and 51% consolidated JVs) South San Francisco $ 205,957 Non-stabilized 285, 299, 307, and 345 Dorchester Avenue (60% consolidated JV) Seaport Innovation District 149,720 Land 3029 East Cornwallis Road Research Triangle 82,540 Land 1290 and 1300 Rancho Conejo Boulevard and 2101 Corporate Center Drive Non-cluster 68,566 Non-stabilized Assets designated as held for sale in 4Q25 and expected to be sold in 2026: 88 Bluxome Street SoMa 333,446 Land 100 Edwin H. Land Boulevard Cambridge 156,370 Land 3825 and 3875 Fabian Way Greater Stanford 144,682 Stabilized/land Montreal Canada 107,056 Non-stabilized One Hampshire Street Cambridge 105,694 Non-stabilized Other non-core assets designated as held for sale in 4Q25 97,891 1,451,922 Noncontrolling interest’s share of impairment in real estate from consolidated real estate JVs 265,266 Consolidated impairment of real estate $ 1,717,188 (3) Calculated in accordance with standards established by the Nareit Board of Governors. (4) In November 2025, we contributed certain publicly traded securities to an unconsolidated joint venture, which resulted in a realized loss of $103.3 million on one transaction that was previously reflected as unrealized losses within investment income in our consolidated statement of operations. The unconsolidated joint venture sold these securities and distributed $39.9 million to us in December 2025. (5) Primarily related to two non-real estate investments in privately held entities that do not report NAV. (6) Relates to the resignation of an executive officer, Daniel J. Ryan, from his position as Co-President & Regional Marketing Director – San Diego. Funds From Operations and Funds From Operations per Share December 31, 2025 (In thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 10
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The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding. Three Months Ended Year Ended 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24 Net (loss) income per share attributable to Alexandria’s common stockholders – diluted $ (6.35) $ (1.38) $ (0.64) $ (0.07) $ (0.38) $ (8.44) $ 1.80 Depreciation and amortization of real estate assets 1.65 1.73 1.81 1.80 1.70 6.99 6.20 Gain on sales of real estate (1.80) (0.06) — (0.08) (0.58) (1.94) (0.74) Impairment of real estate – rental properties and land 8.45 1.90 0.77 — 1.07 11.12 1.12 Allocation to unvested restricted stock awards (0.02) (0.01) (0.01) — — (0.04) (0.06) Funds from operations per share attributable to Alexandria’s common stockholders – diluted 1.93 2.18 1.93 1.65 1.81 7.69 8.32 Unrealized (gains) losses on non-real estate investments (0.58) (0.11) 0.13 0.40 0.46 (0.16) 0.65 Significant realized losses on non-real estate investments 0.61 — — — — 0.62 — Impairment of non-real estate investments 0.12 0.15 0.23 0.07 0.12 0.56 0.34 Impairment of real estate 0.07 — 0.04 0.19 0.01 0.30 0.18 Acceleration of stock compensation expense due to executive officer resignation 0.01 — — — — 0.01 — Allocation to unvested restricted stock awards — — — (0.01) (0.01) (0.01) (0.02) Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted $ 2.16 $ 2.22 $ 2.33 $ 2.30 $ 2.39 $ 9.01 $ 9.47 Weighted-average shares of common stock outstanding – diluted Earnings per share – diluted 170,394 170,181 170,135 170,522 172,262 170,307 172,071 Funds from operations – diluted, per share 170,504 170,305 170,192 170,599 172,262 170,390 172,071 Funds from operations – diluted, as adjusted, per share 170,504 170,305 170,192 170,599 172,262 170,390 172,071 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Funds From Operations and Funds From Operations per Share (continued) December 31, 2025 (In thousands, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 11
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SUPPLEMENTAL INFORMATION
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Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 ® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025 , Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. Tenant base Alexandria is known for our high-quality and diverse tenant base, with 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 Megacampus real estate in key life science cluster locations to catalyze innovation. From design to development to the management of our high-quality, sustainable real estate, as well as our ongoing cultivation of collaborative environments with unique amenities and events, the Alexandria team has a best-in-class reputation of excellence in life science real estate. Alexandria’s highly experienced management team includes regional market directors with leading reputations and long-standing 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 59 individuals averaging 24 years of real estate experience, including 13 years with Alexandria. Our executive management team alone averages 15 years with Alexandria. EXECUTIVE MANAGEMENT TEAM Joel S. Marcus Peter M. Moglia Executive Chairman & Founder Chief Executive Officer & Chief Investment Officer Hunter L. Kass Hart Cole Co-President & Regional Market Director – Greater Boston Co-President & Co-Regional Market Director – Seattle Marc E. Binda Lawrence J. Diamond Chief Financial Officer & Treasurer Co-Chief Operating Officer & Regional Market Director – Maryland Joseph Hakman Jesse J. Nelson Co-Chief Operating Officer & Chief Strategic Transactions Officer EVP – Regional Market Director – San Francisco Michael E. Boss Bret E. Gossett EVP – Co-Regional Market Director – San Diego EVP – Co-Regional Market Director & Head of Leasing – San Diego Blake L. Stevens Joshua J. Mitchell EVP – Regional Market Director – Research Triangle EVP – Regional Market Director – New York Hallie E. Kuhn Jenna R. Foger EVP – Capital Markets & Co-Lead – Life Science EVP – Co-Lead – Life Science Jackie B. Clem Gary D. Dean General Counsel & Secretary EVP – Real Estate Legal Affairs Andres R. Gavinet Onn C. Lee Chief Accounting Officer EVP – Accounting Kristina A. Fukuzaki-Carlson Madeleine T. Alsbrook EVP – Business Operations EVP – Talent Management Gregory C. Thomas EVP – Chief Technology Officer Company Profile December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 13
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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. BMO CFRA Green Street RBC Capital Markets John Kim / Juan Sanabria Nathan Schmidt Dylan Burzinski Michael Carroll (212) 885-4115 / (312) 845-4074 (646) 517-1144 (949) 640-8780 (440) 715-2649 BNP Paribas Exane Citigroup Global Markets Inc. J.P. Morgan Securities LLC Robert W. Baird & Co. Incorporated Nate Crossett / Monir Koummal Nicholas Joseph / Seth Bergey Anthony Paolone / Ray Zhong Wesley Golladay / Nicholas Thillman (646) 342-1588 / (646) 342-1554 (212) 816-1909 / (212) 816-2066 (212) 622-6682 / (212) 622-5411 (216) 737-7510 / (414) 298-5053 BofA Securities Citizens Jefferies Farrell Granath / Jeff Spector Aaron Hecht / Linda Fu Joe Dickstein / Katie Elders (646) 855-1351 / (646) 855-1363 (415) 835-3963 / (415) 869-4411 (212) 778-8771 / (917) 421-1968 BTIG, LLC Deutsche Bank AG Mizuho Securities USA LLC Tom Catherwood / Michael Tompkins Tayo Okusanya / Samuel Ohiomah Vikram Malhotra / Jyoti Yadav (212) 738-6140 / (212) 527-3566 (212) 250-9284 / (212) 250-0057 (212) 282-3827 / (212) 471-2683 Cantor Fitzgerald Evercore ISI Morgan Stanley & Co. LLC Richard Anderson / Jeffrey Carr Steve Sakwa / James Kammert Ronald Kamdem / Derrick Metzler (929) 441-6927 / (929) 709-0434 (212) 446-9462 / (312) 705-4233 (212) 296-8319 / (212) 761-3366 Fixed Income Research Coverage Rating Agencies Barclays Capital Inc. J.P. Morgan Securities LLC Moody’s Ratings S&P Global Ratings Srinjoy Banerjee / Ishaan Pandya Mark Streeter / Tyler Schachner (212) 553-0376 Michael Souers (212) 526-3521 / (212) 526-2970 (212) 834-5086 / (212) 834-2238 (212) 438-2508 CreditSights Mizuho Securities USA LLC Nicholas Moglia Thierry Perrein (212) 340-3886 (212) 205-7665 Investor Information December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 14
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Selected financial data from consolidated financial statements and related information Rental revenues $ 538,330 $ 541,070 $ 553,377 $ 552,112 $ 566,535 Tenant recoveries $ 190,542 $ 194,779 $ 183,902 $ 191,063 $ 196,714 General and administrative expenses $ 28,020 $ 29,224 $ 29,128 $ 30,675 $ 32,730 General and administrative expenses as a percentage of net operating income – trailing 12 months 5.6% 5.7% 6.3% 6.9% 7.6% Operating margin 69% 68% 71% 70% 70% Adjusted EBITDA margin 70% 71% 71% 71% 72% Adjusted EBITDA – quarter annualized $ 2,097,444 $ 2,130,008 $ 2,174,160 $ 2,165,632 $ 2,273,480 Adjusted EBITDA – trailing 12 months $ 2,141,811 $ 2,185,820 $ 2,208,226 $ 2,218,722 $ 2,228,921 Net debt at end of period $ 11,921,114 $ 13,085,745 $ 12,844,726 $ 12,687,856 $ 11,762,176 Net debt and preferred stock to Adjusted EBITDA – quarter annualized 5.7x 6.1x 5.9x 5.9x 5.2x Net debt and preferred stock to Adjusted EBITDA – trailing 12 months 5.6x 6.0x 5.8x 5.7x 5.3x Total debt and preferred stock at end of period $ 12,400,555 $ 13,593,541 $ 13,294,100 $ 13,090,834 $ 12,244,374 Gross assets at end of period $ 40,209,360 $ 43,791,893 $ 43,770,007 $ 43,486,989 $ 43,152,628 Total debt and preferred stock to gross assets at end of period 31% 31% 30% 30% 28% Fixed-charge coverage ratio – quarter annualized 3.7x 3.9x 4.1x 4.3x 4.3x Fixed-charge coverage ratio – trailing 12 months 4.0x 4.1x 4.3x 4.4x 4.5x Unencumbered net operating income as a percentage of total net operating income 100.0% 100.0% 99.7% 99.8% 99.9% Closing stock price at end of period $ 48.94 $ 83.34 $ 72.63 $ 92.51 $ 97.55 Common shares outstanding (in thousands) at end of period 170,538 170,339 170,146 170,130 172,203 Total equity capitalization at end of period $ 8,346,123 $ 14,196,059 $ 12,357,709 $ 15,738,715 $ 16,798,446 Total market capitalization at end of period $ 20,746,678 $ 27,789,600 $ 25,651,809 $ 28,829,549 $ 29,042,820 Dividend per share – quarter/annualized $0.72/$2.88 $1.32/$5.28 $1.32/$5.28 $1.32/$5.28 $1.32/$5.28 Dividend payout ratio for the quarter 33% 60% 57% 57% 55% Dividend yield – annualized 5.9% 6.3% 7.3% 5.7% 5.4% Amounts related to operating leases: Operating lease liabilities at end of period $ 360,543 $ 361,986 $ 363,419 $ 371,412 $ 507,127 Rent expense $ 8,566 $ 10,645 $ 12,139 $ 11,666 $ 10,685 Capitalized interest $ 81,845 $ 86,091 $ 82,423 $ 80,065 $ 81,586 Average real estate basis capitalized during the period $ 8,046,984 $ 8,407,332 $ 8,107,180 $ 8,026,566 $ 8,118,010 Weighted-average interest rate for capitalization of interest during the period 4.07% 4.10% 4.07% 3.99% 4.02% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Three Months Ended (unless stated otherwise) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Financial and Asset Base Highlights December 31, 2025 (Dollars in thousands, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 15
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Amounts included in funds from operations and non-revenue-enhancing capital expenditures Straight-line rent revenue $ 14,096 $ 18,821 $ 18,536 $ 22,023 $ 17,653 Amortization of acquired below-market leases $ 5,889 $ 6,456 $ 10,196 $ 15,222 $ 15,512 Amortization of deferred revenue related to tenant-funded and -built landlord improvements $ 5,264 $ 5,455 $ 2,401 $ 1,651 $ 1,214 Straight-line rent expense on ground leases $ 116 $ 114 $ 87 $ 149 $ 1,021 Cash payment for ground lease extension $ — $ — $ — $ (135,000) $ (135,000) Stock compensation expense $ 8,232 $ 10,293 $ 12,530 $ 10,064 $ 12,477 Amortization of loan fees $ 4,481 $ 4,505 $ 4,615 $ 4,691 $ 4,620 Amortization of debt discounts $ 327 $ 325 $ 335 $ 349 $ 333 Non-revenue-enhancing capital expenditures: Building improvements $ 4,372 $ 3,948 $ 4,622 $ 3,789 $ 4,313 Tenant improvements and leasing commissions $ 26,494 $ 16,707 $ 23,971 $ 73,483 $ 81,918 Funds from operations attributable to noncontrolling interests $ 77,922 $ 80,236 $ 80,860 $ 81,012 $ 76,111 Operating statistics and related information (at end of period) Number of properties – North America 340 375 384 386 391 RSF – North America (including development and redevelopment projects under construction) 39,449,372 42,887,964 43,699,922 43,687,343 44,124,001 Total square footage – North America 59,382,079 66,417,026 67,220,337 68,518,184 69,289,411 Annual rental revenue per occupied RSF – North America $ 59.97 $ 58.94 $ 58.68 $ 58.38 $ 56.98 Occupancy of operating properties – North America 90.9% (1) 90.6% 90.8% 91.7% 94.6% Occupancy of operating and redevelopment properties – North America 86.9% 85.8% 86.2% 86.9% 89.7% Weighted-average remaining lease term (in years) 7.5 7.5 7.4 7.6 7.5 Total leasing activity – RSF 1,220,944 1,171,344 769,815 1,030,553 1,310,999 Lease renewals and re-leasing of space – change in new rental rates over expiring rates: Rental rate changes (9.9)% 15.2% 5.5% 18.5% 18.1% Rental rate changes (cash basis) (5.2)% 6.1% 6.1% 7.5% 3.3% RSF (included in total leasing activity above) 821,289 354,367 483,409 884,408 1,024,862 Previously vacant leasing activity – RSF 393,376 256,633 154,638 139,715 273,138 Top 20 tenants: Annual rental revenue $ 725,559 $ 768,528 $ 795,244 $ 754,354 $ 741,965 Annual rental revenue from investment-grade or publicly traded large cap tenants 84% 90% 89% 87% 92% Weighted-average remaining lease term (in years) 9.7 9.4 9.4 9.6 9.3 Same property performance – percentage change over comparable quarter from prior year: Net operating income changes (6.0)% (2) (6.0)% (5.4)% (3.1)% 0.6% Net operating income changes (cash basis) (1.7)% (2) (3.1)% 2.0% 5.1% 6.3% Three Months Ended (unless stated otherwise) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details. (2) Refer to “Same property performance” in the Supplemental Information for additional details. Financial and Asset Base Highlights (continued) December 31, 2025 (Dollars in thousands, except annual rental revenue per occupied RSF amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 16
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Stable Cash Flows From Our High-Quality and Diverse Mix of Tenants Investment-Grade or Publicly Traded Large Cap Tenants 84% of ARE’s Top 20 Tenant Annual Rental Revenue 53% of ARE’s Total Annual Rental Revenue As of December 31, 2025. Annual rental revenue represents amounts in effect as of December 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures. (1) Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants. (2) 71% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. (3) 82% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. High-Quality and Diverse Client Base December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 17 18% 12% 9% 13%10% 1% 11% 2% 24% Life Science Product, Service, and DeviceMultinational Pharmaceutical Public Biotechnology – Approved or Marketed Public Biotechnology – Preclinical or Clinical Stage Private Biotechnology Other(1) Biomedical Institutions(3) Government Institutions Advanced Technologies(2) Percentage of ARE’s Annual Rental Revenue
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Same Property Performance: Net Operating Income Changes Rental Rate Growth: Renewed/Re-Leased Space Margins(1) Favorable Lease Structure(2) Operating Adjusted EBITDA Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems 69% 70% Increasing cash flows Percentage of leases containing annual rent escalations 97 % Stable cash flows Long-Duration Lease Terms(3) Percentage of triple net leases 92 % 9.7 Years 7.5 Years Lower capex burden Percentage of leases providing for the recapture of capital expenditures 92 % Top 20 Tenants All Tenants Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation from the most directly comparable financial measure presented in accordance with GAAP. (1) For the three months ended December 31, 2025. (2) Percentages calculated based on our annual rental revenue in effect as of December 31, 2025. (3) Represents the weighted-average remaining term based on annual rental revenue in effect as of December 31, 2025. Key Operating Metrics December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 18 1.2% Cash Basis 4.6% 0.9% 2024 2025 16.9% 7.0% 2024 2025 Cash Basis 7.2% 3.5% 2024 2025 (3.5)% 2024 2025
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December 31, 2025 December 31, 2025 Same Property Financial Data Three Months Ended Year Ended Same Property Statistical Data Three Months Ended Year Ended Percentage change over comparable period from prior year: Number of same properties 286 282 Net operating income changes (6.0)% (3.5)% Rentable square feet 30,622,240 29,774,548 Net operating income changes (cash basis) (1.7)% 0.9% (1) Occupancy – current-period average 91.0% 92.5% Operating margin 67% 68% Occupancy – same-period prior-year average 95.5% 95.2% Three Months Ended December 31, Year Ended December 31, 2025 2024 $ Change % Change 2025 2024 $ Change % Change Income from rentals: Same properties $ 425,975 $ 451,251 $ (25,276) (5.6) % $ 1,687,734 $ 1,732,019 $ (44,285) (2.6) % Non-same properties 112,355 115,284 (2,929) (2.5) 497,155 572,320 (75,165) (13.1) Rental revenues 538,330 566,535 (28,205) (5.0) 2,184,889 2,304,339 (119,450) (5.2) Same properties 163,222 160,984 2,238 1.4 627,224 594,471 32,753 5.5 Non-same properties 27,320 35,730 (8,410) (23.5) 133,062 150,896 (17,834) (11.8) Tenant recoveries 190,542 196,714 (6,172) (3.1) 760,286 745,367 14,919 2.0 Income from rentals 728,872 763,249 (34,377) (4.5) 2,945,175 3,049,706 (104,531) (3.4) Same properties 793 335 458 136.7 1,791 1,267 524 41.4 Non-same properties 24,749 25,361 (612) (2.4) 79,590 65,421 14,169 21.7 Other income 25,542 25,696 (154) (0.6) 81,381 66,688 14,693 22.0 Same properties 589,990 612,570 (22,580) (3.7) 2,316,749 2,327,757 (11,008) (0.5) Non-same properties 164,424 176,375 (11,951) (6.8) 709,807 788,637 (78,830) (10.0) Total revenues 754,414 788,945 (34,531) (4.4) 3,026,556 3,116,394 (89,838) (2.9) Same properties 195,291 192,768 2,523 1.3 752,481 706,904 45,577 6.4 Non-same properties 37,252 47,664 (10,412) (21.8) 170,124 202,361 (32,237) (15.9) Rental operations 232,543 240,432 (7,889) (3.3) 922,605 909,265 13,340 1.5 Same properties 394,699 419,802 (25,103) (6.0) 1,564,268 1,620,853 (56,585) (3.5) Non-same properties 127,172 128,711 (1,539) (1.2) 539,683 586,276 (46,593) (7.9) Net operating income $ 521,871 $ 548,513 $ (26,642) (4.9) %(2) $ 2,103,951 $ 2,207,129 $ (103,178) (4.7) %(2) Net operating income – same properties $ 394,699 $ 419,802 $ (25,103) (6.0) % $ 1,564,268 $ 1,620,853 $ (56,585) (3.5) % Straight-line rent revenue (5,296) (21,637) 16,341 (75.5) (25,078) (94,232) 69,154 (73.4) Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements (9,503) (11,504) 2,001 (17.4) (36,763) (37,512) 749 (2.0) Net operating income – same properties (cash basis) $ 379,900 $ 386,661 $ (6,761) (1.7) % $ 1,502,427 $ 1,489,109 $ 13,318 0.9 % Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP. (1) Includes the impact of initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023, and accordingly are part of our same property pool for the year ended December 31, 2025, including at 325 Binney Street in our Cambridge submarket and 15 Necco Street in our Seaport Innovation District submarket. Excluding the impact of these initial free rent concessions, same property net operating income (cash basis) for the year ended December 31, 2025 would have decreased by 1.4%. (2) Decrease in net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income for the three months ended December 31, 2025 and the year ended December 31, 2025 would have decreased by 1.7%, and would have increased by 0.9%, respectively, compared to the corresponding periods in 2024. Same Property Performance December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 19
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Three Months Ended Year Ended Year Ended December 31, 2025 December 31, 2025 December 31, 2024 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 (9.9)% (2) (5.2)% (2) 7.0% 3.5% 16.9% 7.2% New rates $38.58 $42.11 $52.71 $53.66 $65.48 $64.18 Expiring rates $42.82 $44.44 $49.27 $51.87 $56.01 $59.85 RSF 821,289 2,543,473 3,888,139 Tenant improvements/leasing commissions $32.26 $55.34 $46.89 Weighted-average lease term 5.9 years 9.0 years 8.5 years Previously vacant/developed/redeveloped space leased(3) New rates $64.08 $62.55 $72.30 $67.56 $59.44 $57.34 Previously vacant RSF 393,376 944,362 672,474 Developed/redeveloped RSF 6,279 704,821 493,341 Weighted-average lease term 8.8 years 13.8 years 10.0 years Leasing activity summary (totals): New rates $46.93 $48.80 $60.42 $59.13 $64.16 $62.68 RSF 1,220,944 4,192,656 5,053,954 Weighted-average lease term 7.6 years 11.9 years 8.9 years Lease expirations(1) Expiring rates $44.66 $46.13 $54.22 $55.56 $53.82 $57.24 RSF 911,029 4,460,081 5,005,638 Leasing activity includes 100% of results for properties in North America in which we have an investment. (1) Excludes month-to-month leases aggregating 58,516 RSF and 136,131 RSF as of December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, we granted free rent concessions averaging 1.5 months per annum. (2) Includes (i) a one-year lease extension aggregating 247,743 RSF with an investment-grade-rated government institution tenant at an office property in Canada and (ii) a 7.4-year lease aggregating 83,354 RSF with an anchor tenant at one property in our Sorrento Mesa submarket. At acquisition, the office property in Canada was originally targeted for a future change in use, but we instead renewed the existing tenant through the beginning of 2027, with no incremental capital investment. We continue to evaluate business strategy for this property, including the potential sale of the asset, subject to market conditions. Excluding these leases, rental rates for renewed and re-leased space for the three months ended December 31, 2025 increased by 4.6% and decreased by 5.0% (cash basis). (3) Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs. Leasing Activity December 31, 2025 (Dollars per RSF) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 20
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Leasing Activity – Tenant Mix December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 21 19.0% 0.2% 21.5% 24.4% 0.2%2.6% 32.1% Multinational Pharmaceutical Life Science Product, Service, and Device Private Biotechnology Biomedical Institutions Advanced Technology Other 23.4% 13.4% 16.1%13.4% 1.9% 7.3% 24.5% Biomedical Institutions Private Biotechnology Public Biotechnology Life Science Product, Service, and Device Multinational Pharmaceutical Other Advanced Technology 4Q25 2025 Alexandria’s Leasing Volume Is Driven by Our Diverse Tenant Mix Public Biotechnology
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Year RSF Percentage of Occupied RSF Annual Rental Revenue (per RSF)(1) Percentage of Annual Rental Revenue 2026 (2) 2,900,665 9.3% $ 52.73 8.2% 2027 3,220,834 10.3% $ 54.52 9.4% 2028 3,848,085 12.4% $ 51.80 10.7% 2029 1,741,417 5.6% $ 46.91 4.4% 2030 2,482,633 8.0% $ 43.28 5.7% 2031 3,550,982 11.4% $ 54.17 10.3% 2032 864,810 2.8% $ 58.02 2.7% 2033 2,164,696 6.9% $ 50.94 5.9% 2034 2,733,787 8.8% $ 67.66 9.9% 2035 1,042,126 3.3% $ 57.39 3.2% Thereafter 6,601,764 21.2% $ 84.09 29.6% Market 2026 Contractual Lease Expirations (in RSF) Annual Rental Revenue (per RSF)(1) 2027 Contractual Lease Expirations (in RSF) Annual Rental Revenue (per RSF)(1)Leased Negotiating/ Anticipating Targeted for Future Development/ Redevelopment Remaining Expiring Leases Total(2) Leased Negotiating/ Anticipating Targeted for Future Development/ Redevelopment Remaining Expiring Leases Total Greater Boston 144,451 — — 248,627 393,078 $ 44.01 50,649 — — 179,430 230,079 $ 94.88 San Francisco Bay Area 6,527 22,000 — 286,652 315,179 69.98 1,873 — — 215,684 217,557 70.96 San Diego — 49,791 52,620 (3) 153,477 255,888 54.62 — — — 339,716 339,716 43.71 Seattle 32,500 — — 150,145 182,645 28.00 4,320 25,898 — 486,950 517,168 43.59 Maryland 171,239 — — 173,729 344,968 29.48 — — — 261,550 261,550 27.38 Research Triangle 42,318 6,439 — 99,209 147,966 43.66 34,910 — — 242,303 277,213 34.74 New York City 35,256 — — 39,659 74,915 71.65 — — — 98,299 98,299 91.95 Texas — — — — — — — — — 91,711 91,711 26.10 Non-cluster/other markets — — — 24,567 24,567 59.21 — — — 11,418 11,418 N/A Subtotal 432,291 78,230 52,620 1,176,065 1,739,206 47.11 91,752 25,898 — 1,927,061 2,044,711 50.43 Key lease expirations with expected downtime 140,986 9,836 — 1,010,637 (4) 1,161,459 (4) 61.14 — — — 1,176,123 1,176,123 (5) 61.61 Total 573,277 88,066 52,620 2,186,702 2,900,665 $ 52.73 91,752 25,898 — 3,103,184 3,220,834 $ 54.52 Percentage of expiring leases 20% 3% 2% 75% 100% 3% 1% 0% 96% 100% Contractual lease expirations for properties classified as held for sale as of December 31, 2025 are excluded from the information on this page. (1) Represents amounts in effect as of December 31, 2025. (2) Excludes month-to-month leases aggregating 58,516 RSF as of December 31, 2025. (3) Relates to a single-tenant, 100% pre-leased development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the beginning of 2026, the tenant will vacate 52,620 RSF from an existing building, which generated annual rental revenue of $4.1 million as of 4Q25, to allow for the demolition and development of the new, build-to-suit life science building at this site. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details. (4) Key lease expirations with expected downtime represent space expected to become vacant at lease expiration and re-leased to new tenants. We have identified prospects or have early discussions with prospective tenants for 468,470 RSF of the 1.0 million RSF listed under remaining expiring leases. We continue to evaluate business plans and re-leasing strategies for these projects to maximize occupancy and rental revenue. We expect downtime for 2026 key lease expirations to be approximately 6 to 24 months on a weighted-average basis, and we expect these properties to remain operating properties. Property or Campus Submarket RSF % of Leased/ Negotiating Weighted Average Expiration Date Located on Megacampus Annual Rental Revenue From Lease Expirations/ Known Vacancies Alexandria Stanford Life Science District Greater Stanford 137,970 —% June 2026 $ 12,899 One Alexandria Square Torrey Pines 118,225 38 January 2026 X 10,064 Alexandria Center® at One Kendall Square Cambridge 92,775 — May 2026 X 7,783 9625 Towne Centre Drive University Town Center 163,648 — January 2026 6,520 5810/5820 Nancy Ridge Drive Sorrento Mesa 83,354 100 January 2026 3,389 Alexandria Center® at Kendall Square Cambridge 45,636 — January 2026 X 4,564 Remaining Various 519,851 4 May 2026 (6) 25,792 1,161,459 13% April 2026 $ 71,011 (5) Represents key 2027 lease expirations with expected downtime primarily in our Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average expiration date in March 2027 and annual rental revenue aggregating $72 million. Included in these expirations are seven leases aggregating 531,984 RSF and $42.3 million in annual rental revenue with four separate tenants that will relocate to our current active development and redevelopment projects upon completion of their tenant improvements. On a combined basis, these tenants will expand their footprint within our portfolio by over 41%. Additionally, we have identified prospects or have early discussions with prospective tenants for 302,028 RSF of the total 1.2 million RSF. We expect downtime to be approximately 9 to 24 months on a weighted-average basis, and we expect these properties to remain operating properties. (6) Approximately 69% of the 519,851 RSF expiring leases are located on a Megacampus. Contractual Lease Expirations December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 22
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84% 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 Bristol-Myers Squibb Company 5.6 1,344,987 $ 116,140 6.1% A2 A $ 102.64 2 Eli Lilly and Company 9.3 1,000,591 84,928 4.5 Aa3 A+ $ 784.24 3 Moderna, Inc. 12.9 462,100 71,571 3.8 — — $ 11.32 4 Takeda Pharmaceutical Company Limited 9.4 549,759 47,899 2.5 Baa1 BBB+ $ 46.08 5 Eikon Therapeutics, Inc.(2) 13.1 311,806 40,005 2.1 — — $ — 6 AstraZeneca PLC 6.1 440,087 39,413 2.1 A1 A+ $ 237.13 7 Illumina, Inc. 5.8 792,687 29,977 1.6 Baa3 BBB $ 15.91 8 Novartis AG 2.1 377,095 29,463 1.6 Aa3 AA- $ 251.26 9 United States Government 4.6 414,499 29,243 (3) 1.5 Aaa AA+ $ — 10 Uber Technologies, Inc. 56.8 (4) 1,009,188 27,831 1.5 Baa1 BBB $ 176.44 11 Boston Children's Hospital 11.2 309,231 26,294 1.4 Aa2 AA $ — 12 Sanofi 5.0 267,278 21,851 1.2 Aa3 AA $ 125.29 13 Alphabet Inc. 2.4 418,600 21,837 1.1 Aa2 AA+ $ 2,562.42 14 New York University 6.6 218,983 21,110 1.1 Aa2 AA- $ — 15 Cloud Software Group Holdings, Inc. 0.7 (5) 216,278 20,553 1.1 — — $ — 16 Massachusetts Institute of Technology 4.0 242,428 20,529 1.1 Aaa AAA $ — 17 Charles River Laboratories, Inc. 9.7 242,693 20,207 1.1 — — $ 7.97 18 Merck & Co., Inc. 8.0 308,356 19,610 1.0 Aa3 A+ $ 219.09 19 Vaxcyte, Inc. 9.0 230,755 18,692 1.0 — — $ 6.09 20 Altos Labs, Inc.(6) 15.3 158,990 18,406 1.0 — — $ — Total/weighted-average 9.7 (4) 9,316,391 $ 725,559 38.4% Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively. (1) Based on annual rental revenue in effect as of December 31, 2025. (2) Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharmaceutical executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over $1.16 billion in private venture capital funding. (3) Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United States Government is cancellable prior to the lease expiration date. (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 7.9 years as of December 31, 2025. (5) Represents one lease encompassing three properties located on the Alexandria Stanford Life Science District campus, which we acquired in 2022 and for which we are evaluating business strategy based on market conditions. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we acquired the properties, of which 137,970 RSF has lease expirations through 2026. Refer to “Contractual lease expirations” in the Supplemental Information for additional details. (6) Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer of GlaxoSmithKline. Altos Labs is backed by a group of prominent long-term investors and has raised $3.0 billion in private funding. Top 20 Tenants December 31, 2025 (Dollars in thousands, except average market cap amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 23
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Summary of properties RSF Number of Properties Annual Rental Revenue Market Operating Development Redevelopment Total % of Total Total % of Total Per RSF Greater Boston 9,220,527 583,407 1,383,691 11,187,625 28% 62 $ 709,347 37% $ 89.07 San Francisco Bay Area 6,131,550 212,796 107,250 6,451,596 16 53 347,448 18 68.83 San Diego 6,093,824 975,135 — 7,068,959 19 59 320,581 18 54.14 Seattle 2,926,554 227,577 — 3,154,131 8 42 121,514 6 46.95 Maryland 3,732,888 — — 3,732,888 9 48 153,169 8 44.35 Research Triangle 3,435,634 — — 3,435,634 9 34 94,667 5 28.94 New York City 729,461 — — 729,461 2 2 66,085 3 93.96 Texas 1,646,187 — 73,298 1,719,485 4 13 36,866 2 28.02 Non-cluster/other markets(1) 414,216 — — 414,216 1 7 12,379 1 32.75 Properties held for sale 1,555,377 — — 1,555,377 4 20 37,697 2 36.46 North America 35,886,218 1,998,915 1,564,239 39,449,372 100% 340 $ 1,899,753 100% $ 59.97 3,563,154 Summary of occupancy Operating Properties Operating and Redevelopment Properties Market 12/31/25 9/30/25 12/31/24 12/31/25 9/30/25 12/31/24 Greater Boston 86.4% 86.8% 94.8% 75.1% 73.6% 80.8% San Francisco Bay Area 90.9 90.4 93.3 89.4 86.4 89.1 San Diego 97.2 95.2 96.3 97.2 95.2 96.3 Seattle 88.4 (2) 90.1 92.4 88.4 90.1 92.4 Maryland 93.6 93.9 95.7 93.6 93.9 95.7 Research Triangle 95.2 94.9 97.4 95.2 94.9 97.4 New York City 96.4 98.3 88.4 96.4 98.3 88.4 Texas 79.9 79.9 95.5 76.5 76.5 91.8 Subtotal 90.9 90.8 94.8 86.9 85.9 90.0 Canada N/A (3) 90.3 95.9 N/A 85.4 82.9 Non-cluster/other markets 91.2 (1) 69.6 72.5 91.2 69.6 72.5 North America 90.9% (4) 90.6% 94.6% 86.9% 85.8% 89.7% (1) Includes one property aggregating 247,743 RSF previously included in our Canada market. (2) Decline in occupancy primarily related to temporary vacancy from one lease expiration aggregating 50,552 RSF in our Bothell submarket. This space is already re-leased, with occupancy expected to commence in 1Q26. (3) 10 properties in Canada were designated as held for sale in 4Q25 and the remaining one property was reclassified into our non-cluster market. (4) Includes temporary vacancies as of December 31, 2025 aggregating 899,259 RSF, or 2.5% of total operating RSF, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, which are leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately August 2026 and the expected annual rental revenue is approximately $52 million. Summary of Properties and Occupancy December 31, 2025 (Dollars in thousands, except per RSF amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 24
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Greater Boston Cambridge/Inner Suburbs Megacampus: Alexandria Center® at Kendall Square 2,213,866 — — 2,213,866 8 $ 212,458 93.7% 93.7% 50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street, and 300 Third Street(1) Megacampus: Alexandria Center® at One Kendall Square 1,294,598 — — 1,294,598 11 136,034 91.2 91.2 One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000), and 325 and 399 Binney Street Megacampus: Alexandria Technology Square® 1,192,075 — — 1,192,075 7 79,341 73.9 73.9 100, 200, 300, 400, 500, 600, and 700 Technology Square Megacampus: The Arsenal on the Charles 787,760 — 333,758 1,121,518 13 46,020 78.0 54.8 311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street, 1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue(1) 386,780 191,396 — 578,176 5 26,298 91.4 91.4 Cambridge/Inner Suburbs 5,875,079 191,396 333,758 6,400,233 44 500,151 86.9 82.2 Fenway Megacampus: Alexandria Center® for Life Science – Fenway 1,452,183 392,011 — 1,844,194 3 104,651 79.2 79.2 401 and 421 Park Drive and 201 Brookline Avenue Seaport Innovation District 5 and 15(1) Necco Street 459,395 — — 459,395 2 47,019 97.0 97.0 Route 128 Megacampus: Alexandria Center® for Life Science – Waltham 465,981 — 596,064 1,062,045 5 38,566 97.8 42.9 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street 19, 225, and 235 Presidential Way 585,226 — — 585,226 3 14,194 97.0 97.0 Route 128 1,051,207 — 596,064 1,647,271 8 52,760 97.4 62.1 Other Megacampus: 30, 200, and 3000 Minuteman Road 382,663 — 453,869 836,532 5 4,766 62.5 28.6 Greater Boston 9,220,527 583,407 1,383,691 11,187,625 62 $ 709,347 86.4% 75.1% 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. Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Property Listing December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 25 Our Megacampus™ Properties Account for 78% of Our Annual Rental Revenue
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San Francisco Bay Area Mission Bay Megacampus: Alexandria Center® for Science and Technology – Mission Bay(1) 1,557,403 212,796 — 1,770,199 8 $ 65,400 96.0% 96.0% 1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South Mission Bay 1,557,403 212,796 — 1,770,199 8 65,400 96.0 96.0 South San Francisco Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco 812,453 — 107,250 919,703 5 42,600 79.0 69.8 213(1), 249, 259, 269, and 279 East Grand Avenue Alexandria Center® for Life Science – South San Francisco 504,232 — — 504,232 3 28,642 83.0 83.0 201 Haskins Way and 400 and 450 East Jamie Court Megacampus: Alexandria Center® for Advanced Technologies – Tanforan 445,232 — — 445,232 2 2,365 100.0 100.0 1122 and 1150 El Camino Real Alexandria Technology Center® – Gateway 326,197 — — 326,197 5 19,461 89.7 89.7 600, 630, 650, 901, and 951 Gateway Boulevard Alexandria Center® for Life Science – Millbrae(1) 285,346 — — 285,346 1 37,003 100.0 100.0 230 Harriet Tubman Way 500 Forbes Boulevard(1) 155,685 — — 155,685 1 10,908 100.0 100.0 South San Francisco 2,529,145 — 107,250 2,636,395 17 140,979 88.5 84.9 Greater Stanford Megacampus: Alexandria Center® for Life Science – San Carlos 738,038 — — 738,038 9 46,677 91.4 91.4 825, 835, 960, and 1501-1599 Industrial Road Alexandria Stanford Life Science District 705,787 — — 705,787 9 53,480 86.8 86.8 3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue 3412, 3420, 3440, 3450, and 3460 Hillview Avenue 340,103 — — 340,103 5 24,429 86.5 86.5 2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road 198,548 — — 198,548 3 13,751 100.0 100.0 2100 and 2200 Geng Road 62,526 — — 62,526 2 2,732 100.0 100.0 Greater Stanford 2,045,002 — — 2,045,002 28 141,069 90.1 90.1 San Francisco Bay Area 6,131,550 212,796 107,250 6,451,596 53 $ 347,448 90.9% 89.4% Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1) We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2) We own 100% of this property. Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Property Listing (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 26
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San Diego Torrey Pines Megacampus: One Alexandria Square 1,090,906 — — 1,090,906 10 $ 77,138 96.5% 96.5% 3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana Road, and 3545 Cray Court ARE Torrey Ridge 308,565 — — 308,565 3 14,461 86.2 86.2 10578, 10618, and 10628 Science Center Drive Torrey Pines 1,399,471 — — 1,399,471 13 91,599 94.2 94.2 University Town Center Megacampus: Campus Point by Alexandria(1) 1,310,696 893,525 — 2,204,221 8 84,466 99.5 99.5 9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155, 4224, and 4242 Campus Point Court Megacampus: 5200 Illumina Way(1) 792,687 — — 792,687 6 29,978 100.0 100.0 9625 Towne Centre Drive(1) 163,648 — — 163,648 1 6,520 100.0 100.0 University Town Center 2,267,031 893,525 — 3,160,556 15 120,964 99.7 99.7 Sorrento Mesa Megacampus: SD Tech by Alexandria(1) 969,416 81,610 — 1,051,026 11 48,072 98.0 98.0 9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and 10055, 10065, and 10075 Barnes Canyon Road Megacampus: Sequence District by Alexandria 671,039 — — 671,039 6 24,306 100.0 100.0 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive Summers Ridge Science Park(1) 316,531 — — 316,531 4 11,521 100.0 100.0 9965, 9975, 9985, and 9995 Summers Ridge Road 10102 Hoyt Park Drive 144,113 — — 144,113 1 11,379 100.0 100.0 5810/5820 Nancy Ridge Drive 83,354 — — 83,354 1 3,389 100.0 100.0 9877 Waples Street 63,774 — — 63,774 1 2,680 100.0 100.0 Sorrento Mesa 2,248,227 81,610 — 2,329,837 24 101,347 99.1 99.1 Sorrento Valley 3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard 151,406 — — 151,406 6 4,857 55.9 55.9 11045 Roselle Street 27,689 — — 27,689 1 1,814 100.0 100.0 Sorrento Valley 179,095 — — 179,095 7 6,671 62.7 62.7 San Diego 6,093,824 975,135 — 7,068,959 59 $ 320,581 97.2% 97.2% 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. Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Property Listing (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 27
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Seattle Lake Union Megacampus: Alexandria Center® for Life Science – Eastlake 1,151,975 — — 1,151,975 9 $ 68,694 91.3% 91.3% 1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and 199 East Blaine Street, and 1600 Fairview Avenue East Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union 413,178 227,577 — 640,755 4 23,372 98.8 98.8 400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219 Terry Avenue North Lake Union 1,565,153 227,577 — 1,792,730 13 92,066 93.3 93.3 Elliott Bay 410 West Harrison Street and 410 Elliott Avenue West 20,101 — — 20,101 2 459 72.5 72.5 Bothell Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park 815,000 — — 815,000 19 15,674 84.2 84.2 22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, and 22522 29th Drive Southeast, 22213 and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast Alexandria Center® for Advanced Technologies – Monte Villa Parkway 463,243 — — 463,243 6 12,834 79.7 79.7 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway Bothell 1,278,243 — — 1,278,243 25 28,508 82.6 82.6 Other 63,057 — — 63,057 2 481 91.7 91.7 Seattle 2,926,554 227,577 — 3,154,131 42 121,514 88.4 88.4 Maryland Rockville Megacampus: Alexandria Center® for Life Science – Shady Grove 1,691,960 — — 1,691,960 20 93,315 94.7 94.7 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 131,507 — — 131,507 1 3,813 87.6 87.6 1405 Research Boulevard 72,170 — — 72,170 1 2,501 94.7 94.7 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 3,125 100.0 100.0 5 Research Court 51,520 — — 51,520 1 1,976 100.0 100.0 12301 Parklawn Drive 49,185 — — 49,185 1 1,853 100.0 100.0 Rockville 2,151,553 — — 2,151,553 27 $ 108,427 94.9% 94.9% 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. Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Property Listing (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 28
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Maryland (continued) Gaithersburg Alexandria Technology Center® – Gaithersburg I 619,061 — — 619,061 9 $ 19,663 93.6 % 93.6 % 9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road Alexandria Technology Center® – Gaithersburg II 486,300 — — 486,300 7 16,254 95.1 95.1 700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road 401 Professional Drive 63,207 — — 63,207 1 1,351 79.7 79.7 950 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 1,246,518 — — 1,246,518 19 39,709 93.9 93.9 Beltsville 8000/9000/10000 Virginia Manor Road 191,884 — — 191,884 1 3,307 96.4 96.4 101 West Dickman Street(1) 142,933 — — 142,933 1 1,726 66.5 66.5 Beltsville 334,817 — — 334,817 2 5,033 83.6 83.6 Maryland 3,732,888 — — 3,732,888 48 153,169 93.6 93.6 Research Triangle Research Triangle Megacampus: Alexandria Center® for Life Science – Durham 2,041,067 — — 2,041,067 15 44,493 97.3 97.3 6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, and 2400 Ellis Road Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle 711,886 — — 711,886 6 29,585 94.1 94.1 6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive Megacampus: Alexandria Center® for Sustainable Technologies 259,962 — — 259,962 6 7,343 84.8 84.8 104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive Alexandria Technology Center® – Alston 121,204 — — 121,204 2 2,279 80.5 80.5 800 and 801 Capitola Drive Alexandria Innovation Center® – Research Triangle 136,563 — — 136,563 3 4,064 96.1 96.1 7010, 7020, and 7030 Kit Creek Road 2525 East NC Highway 54 82,996 — — 82,996 1 3,580 100.0 100.0 407 Davis Drive 81,956 — — 81,956 1 3,323 100.0 100.0 Research Triangle 3,435,634 — — 3,435,634 34 $ 94,667 95.2% 95.2% 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. Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Property Listing (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 29
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New York City New York City Megacampus: Alexandria Center® for Life Science – New York City 729,461 — — 729,461 2 $ 66,085 96.4% 96.4% 430 and 450 East 29th Street New York City 729,461 — — 729,461 2 66,085 96.4 96.4 Texas Austin Megacampus: Intersection Campus 1,525,359 — — 1,525,359 12 33,694 83.0 83.0 507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle Austin 1,525,359 — — 1,525,359 12 33,694 83.0 83.0 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 1,646,187 — 73,298 1,719,485 13 36,866 79.9 76.5 Non-cluster/other markets 414,216 — — 414,216 7 12,379 91.2 91.2 North America, excluding properties held for sale 34,330,841 1,998,915 1,564,239 37,893,995 320 1,862,056 90.9% 86.9% Properties held for sale 1,555,377 — — 1,555,377 20 37,697 66.5% 66.5% Total – North America 35,886,218 1,998,915 1,564,239 39,449,372 340 $ 1,899,753 Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. Property Listing (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 30
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Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP. (1) Excludes future incremental annual net operating income from recently delivered spaces aggregating 20,444 RSF that were vacant and/or unleased at delivery. (2) Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027-2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from projects expected to be placed into service primarily commencing through 2026 is projected to be $74 million. 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) Our share of incremental annual net operating income from projects expected to stabilize in 2027-2028 is projected to be $92 million. (4) Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026. (5) Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027-2028. Investments in Real Estate December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 31 ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL GROWTH IN ANNUAL NET OPERATING INCOME Placed Into Service Near-Term Deliveries Intermediate- Term Deliveries Evaluating Business Strategy 2025 2026 2027–2028 2026-2028 $78M $97M $123M $113M 97% Occupied 86% Leased/Negotiating 51% Leased/Negotiating 8% Leased/Negotiating 852,764 RSF 699,933 RSF 1.6 million RSF 1.2 million RSF (4) (2) (5) (1) (3)
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Development and Redevelopment Under Construction Operating 2026 Stabilization 2027- 2028 Stabilization Evaluating Strategy Future Subtotal Total Square footage Operating 34,330,841 — — — — — 34,330,841 Future Class A/A+ development and redevelopment properties — 699,933 1,614,994 1,248,227 19,907,130 23,470,284 23,470,284 Future development and redevelopment square feet currently included in rental properties(1) — — (52,620) — (1,815,084) (1,867,704) (1,867,704) Total square footage, excluding properties held for sale 34,330,841 699,933 1,562,374 1,248,227 18,092,046 21,602,580 55,933,421 Properties held for sale 1,555,377 — — — 1,893,281 1,893,281 3,448,658 Total square footage 35,886,218 699,933 1,562,374 1,248,227 19,985,327 23,495,861 59,382,079 Investments in real estate Gross book value as of December 31, 2025(2) $ 27,767,849 $ 777,861 $ 1,382,807 $ 1,020,344 $ 3,868,660 $ 7,049,672 (3) $ 34,817,521 Properties held for sale 452,825 — — — 261,208 261,208 714,033 Total gross investment in real estate, excluding properties held for sale $ 27,315,024 $ 777,861 $ 1,382,807 $ 1,020,344 $ 3,607,452 $ 6,788,464 $ 34,103,488 (1) Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties. (2) Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details. (3) Our share of investment in our development and redevelopment pipeline is $6.35 billion. (4) Excludes properties classified as held for sale, of which land parcels represent approximately 1% of total non-income producing assets. Investments in Real Estate December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 32 Non-Income-Producing Assets(4) as a Percentage of Gross Assets 12/31/24 12/31/25 12/31/26 Projected 20% 17% 11% to 16%
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99 Coolidge Avenue 500 North Beacon Street and 4 Kingsbury Avenue(1) Greater Boston/ Cambridge/Inner Suburbs Greater Boston/ Cambridge/Inner Suburbs 129,413 RSF 248,018 RSF 100% Occupancy 92% Occupancy 230 Harriet Tubman Way 10935, 10945, and 10955 Alexandria Way(2) 10075 Barnes Canyon Road San Francisco Bay Area/ South San Francisco San Diego/Torrey Pines San Diego/Sorrento Mesa 285,346 RSF 334,996 RSF 171,469 RSF 100% Occupancy 100% Occupancy 100% Occupancy (1) Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus. (2) Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus. New Class A/A+ Development and Redevelopment Properties: Recent Deliveries December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 33
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Incremental Annual Net Operating Income Generated From 2025 Deliveries Aggregated $78 Million(1), Including $10 Million in 4Q25 Property/Market/Submarket Our Ownership Interest RSF Placed in Service Occupancy Percentage(3) Total Project Unlevered Yields 4Q25 Delivery Date(2) Prior to 1/1/25 1Q25 2Q25 3Q25 4Q25 Total Initial Stabilized Initial Stabilized (Cash Basis)RSF Investment Development projects 99 Coolidge Avenue/Greater Boston/ Cambridge/Inner Suburbs N/A 100% 116,414 — — 12,999 — 129,413 100% 320,809 $ 444,000 6.0% 6.8% 500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/Cambridge/Inner Suburbs N/A 100% 211,574 — — 36,444 — 248,018 92% 248,018 429,000 6.5 5.9 230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco N/A 48.6% — 285,346 — — — 285,346 100% 285,346 476,000 7.5 6.2 10935, 10945, and 10955 Alexandria Way/ San Diego/Torrey Pines N/A 100% 93,492 — 119,202 122,302 — 334,996 100% 334,996 480,000 7.2 6.9 10075 Barnes Canyon Road/San Diego/ Sorrento Mesa 12/18/25 50.0% — 17,718 — 13,772 139,979 171,469 100% 253,079 321,000 5.5 5.7 Weighted average/total 12/18/25 421,480 303,064 119,202 185,517 139,979 1,169,242 1,442,248 $ 2,150,000 6.6% 6.3% Assets sold in 2025 or designated as held for sale in 4Q25: 651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(4) N/A N/A 67,017 — 22,005 — — 89,022 N/A Canada(5) N/A N/A 78,487 6,430 76,567 — — 161,484 N/A Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable. (1) Excludes future incremental annual net operating income from recently delivered spaces aggregating 20,444 RSF that were vacant and/or unleased at delivery. (2) Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue. (3) Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected. (4) During December 2025, we sold our 50% controlling interest in a consolidated real estate joint venture at 651 Gateway Boulevard. Refer to “2025 Dispositions and sales of partial interests” in the Earnings Press Release for additional details. (5) As of December 31, 2025, our Canada project was designated as held for sale. New Class A/A+ Development and Redevelopment Properties: Recent Deliveries December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 34
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(1) We plan to lease this property as office which will require less incremental capital. New Class A/A+ Development and Redevelopment Properties: Current Projects December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 35 REDUCED FUTURE CONSTRUCTION COMMITMENTS BY MORE THAN $300 MILLION FROM FOUR PROJECTS Submarket As of 3Q25 Property CIP RSF Total Project Leased/ Negotiating Project Status as of 4Q25 Projects under construction as of 3Q25 4,239,762 43% Redevelopment projects removed from pipeline in 4Q25: 651 Gateway Boulevard South San Francisco (237,684) 21% Sold in 4Q25 Canada Canada (56,314) 78 Held for sale as of 4Q25 One Hampshire Street Cambridge (104,956) — Held for sale as of 4Q25 401 Park Drive Fenway (137,675) — Reclassified to operating(1) (536,629) 32 Projects placed into service in 4Q25 (139,979) 100 Projects under construction as of 4Q25 3,563,154 46%
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99 Coolidge Avenue 311 Arsenal Street 50 and 60 Sylvan Road(1) 1450 Owens Street Greater Boston/ Cambridge/Inner Suburbs Greater Boston/ Cambridge/Inner Suburbs Greater Boston/Route 128 San Francisco Bay Area/ Mission Bay 191,396 RSF 333,758 RSF 267,015 RSF 212,796 RSF 81% Leased/Negotiating 7% Leased/Negotiating 74% Leased/Negotiating 49% Leased/Negotiating 269 East Grand Avenue 4135 Campus Point Court Campus Point by Alexandria 10075 Barnes Canyon Road 701 Dexter Avenue North San Francisco Bay Area/ South San Francisco San Diego/ University Town Center San Diego/ University Town Center San Diego/Sorrento Mesa Seattle/Lake Union 107,250 RSF 426,927 RSF 466,598 RSF 81,610 RSF 227,577 RSF —% Leased/Negotiating 100% Leased 100% Leased 68% Leased/Negotiating 23% Leased/Negotiating (1) Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket. New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 36
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Property/Market/Submarket Located on Mega- campus Dev/ Redev Square Footage Percentage Occupancy(1) In Service CIP Total Leased Leased/ Negotiating Initial Stabilized Under construction 2026 stabilization 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs X Dev 129,413 191,396 320,809 81% 81% 4Q23 4Q26 4135 Campus Point Court/San Diego/University Town Center X Dev — 426,927 426,927 100 100 3Q26 3Q26 10075 Barnes Canyon Road/San Diego/Sorrento Mesa X Dev 171,469 81,610 253,079 68 68 1Q25 2H26 300,882 699,933 1,000,815 86 86 2027-2028 stabilization 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs X Redev 56,904 333,758 390,662 7 7 2027 2027 50 and 60 Sylvan Road/Greater Boston/Route 128 X Redev — 267,015 267,015 74 74 4Q26 2027 1450 Owens Street/San Francisco Bay Area/Mission Bay X Dev — 212,796 212,796 — 49 2027 2027 269 East Grand Avenue/San Francisco Bay Area/South San Francisco X Redev — 107,250 107,250 — — 2H26 2027 Campus Point by Alexandria/San Diego/University Town Center(2) X Dev — 466,598 466,598 100 100 2028 2028 701 Dexter Avenue North/Seattle/Lake Union X Dev — 227,577 227,577 23 23 4Q26 2027 56,904 1,614,994 1,671,898 45 51 Evaluating business strategy 8800 Technology Forest Place/Texas/Greater Houston Redev 50,094 73,298 123,392 46 46 2Q23 4Q26 3000 Minuteman Road/Greater Boston/Other X Redev — 453,869 453,869 — — 2027 2027 40 Sylvan Road/Greater Boston/Route 128 X Redev — 329,049 329,049 — — 2027 2027 421 Park Drive/Greater Boston/Fenway X Dev — 392,011 392,011 13 13 2027 2028 50,094 1,248,227 1,298,321 8 8 Total under construction 407,880 3,563,154 3,971,034 43% 46% (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 time. (2) Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 56.4% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently occupies two buildings within the Megacampus: one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. These buildings generated annual rental revenue of $7.5 million as of 4Q25. At the beginning of 2026, the tenant will vacate the 52,620 RSF building, and during 2028, the tenant will vacate the 52,853 RSF building. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner. New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 37
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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 2026 stabilization with 86% leased/negotiating 99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs 100% $ 162,887 $ 210,603 $ 70,510 $ 444,000 6.0% 6.8% 4135 Campus Point Court/San Diego/University Town Center 56.4% — 434,465 89,535 524,000 9.4% 6.2% 10075 Barnes Canyon Road/San Diego/Sorrento Mesa 50.0% 123,133 132,793 65,074 321,000 5.5% 5.7% 286,020 777,861 2027-2028 stabilization with 51% leased/negotiating(1) 311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs 100% 21,854 306,028 TBD50 and 60 Sylvan Road/Greater Boston/Route 128 100% — 345,046 1450 Owens Street/San Francisco Bay Area/Mission Bay 25.0% — 247,271 269 East Grand Avenue/San Francisco Bay Area/South San Francisco 100% — 119,546 Campus Point by Alexandria/San Diego/University Town Center(2) 56.4% — 62,790 597,210 660,000 7.3% 6.5% 701 Dexter Avenue North/Seattle/Lake Union 100% — 302,126 TBD 21,854 1,382,807 Evaluating business strategy with 8% leased/negotiating 8800 Technology Forest Place/Texas/Greater Houston 100% 60,938 46,578 4,484 112,000 6.3% 6.0% 3000 Minuteman Road/Greater Boston/Other 100% — 163,966 TBD40 Sylvan Road/Greater Boston/Route 128 100% — 225,791 421 Park Drive/Greater Boston/Fenway 100% — 584,009 60,938 1,020,344 Total under construction $ 368,812 $ 3,181,012 $ 2,110,000 (3) $ 5,660,000 (3) Our share of investment(3)(4) $ 310,000 $ 2,710,000 $ 1,710,000 $ 4,730,000 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 over the next several quarters. (2) Refer to footnote 2 on the prior page for additional details. (3) Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. (4) Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus Point project. New Class A/A+ Development and Redevelopment Properties: Current Projects (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 38
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77% of Our Total Development and Redevelopment Pipeline RSF Is Within Our Megacampus™ Ecosystems Greater Boston Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs 100% $ 318,404 333,758 34,157 367,915 311 Arsenal Street Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue/ Cambridge/Inner Suburbs 100% 234,388 191,396 560,000 751,396 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue Megacampus: Alexandria Center® for Life Science – Fenway/Fenway 100% 584,009 392,011 — 392,011 421 Park Drive Megacampus: Alexandria Center® for Life Science – Waltham/Route 128 100% 635,997 596,064 515,000 1,111,064 40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive Megacampus: 30, 200, and 3000 Minuteman Road/Other 100% 222,659 453,869 608,541 1,062,410 3000 Minuteman Road Megacampus: Alexandria Technology Square®/Cambridge 100% 8,631 — 100,000 100,000 10 Necco Street/Seaport Innovation District 100% 107,099 — 175,000 175,000 215 Presidential Way/Route 128 100% 6,816 — 112,000 112,000 Other development and redevelopment projects 100% 162,935 — 740,000 740,000 $ 2,280,938 1,967,098 2,844,698 4,811,796 Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. Market Property/Submarket Our Ownership Interest Book Value Square Footage Development and Redevelopment Under Construction Future Total(1) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 39
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San Francisco Bay Area Megacampus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay 25.0% $ 247,271 212,796 — 212,796 1450 Owens Street Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San Francisco 100% 126,201 107,250 90,000 197,250 211(2) and 269 East Grand Avenue Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco 100% 436,956 — 1,930,000 1,930,000 1122, 1150, and 1178 El Camino Real Alexandria Center® for Life Science – Millbrae/South San Francisco 48.6% 160,822 — 348,401 348,401 201 and 231 Adrian Road and 30 Rollins Road Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford 100% 486,468 — 1,497,830 1,497,830 960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road 2100, 2200, 2300, and 2400 Geng Road/Greater Stanford 100% 83,082 — 240,000 240,000 1,540,800 320,046 4,106,231 4,426,277 San Diego Megacampus: Campus Point by Alexandria/University Town Center 56.4% (3) 643,229 893,525 500,859 1,394,384 10010(4), 10140(4), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165, and 4224 Campus Point Court Megacampus: SD Tech by Alexandria/Sorrento Mesa 50.0% 249,021 81,610 493,845 575,455 9805 Scranton Road and 10075 Barnes Canyon Road 11255 and 11355 North Torrey Pines Road/Torrey Pines 100% 161,539 — 215,000 215,000 Megacampus: One Alexandria Square/Torrey Pines 100% 65,706 — 125,280 125,280 10975 and 10995 Torreyana Road Megacampus: 5200 Illumina Way/University Town Center 51.0% 17,982 — 451,832 451,832 9625 Towne Centre Drive/University Town Center 30.0% 837 — 100,000 100,000 Megacampus: Sequence District by Alexandria/Sorrento Mesa 100% 48,992 — 1,661,915 1,661,915 6290, 6310, 6340, 6350, and 6450 Sequence Drive 4075 Sorrento Valley Boulevard/Sorrento Valley 100% 29,224 — 144,000 144,000 Other development and redevelopment projects (2) 78,036 — 475,000 475,000 $ 1,294,566 975,135 4,167,731 5,142,866 Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2) 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. (3) The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner. (4) We have a 100% interest in this property. Market Property/Submarket Our Ownership Interest Book Value Square Footage Development and Redevelopment Under Construction Future Total(1) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 40
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Seattle Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/Lake Union (2) $ 596,213 227,577 1,057,400 1,284,977 601 and 701 Dexter Avenue North and 800 Mercer Street 1010 4th Avenue South/SoDo 100% 62,763 — 544,825 544,825 410 West Harrison Street/Elliott Bay 100% — — 91,000 91,000 Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell 100% 20,256 — 230,000 230,000 21660 20th Avenue Southeast Other development and redevelopment projects 100% 155,787 — 706,087 706,087 835,019 227,577 2,629,312 2,856,889 Maryland Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville 100% 28,382 — 296,000 296,000 9830 Darnestown Road 28,382 — 296,000 296,000 Research Triangle Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle 100% 165,816 — 2,060,000 2,060,000 Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/ Research Triangle 100% 113,493 — 1,170,000 1,170,000 4 and 12 Davis Drive Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle 100% 56,351 — 750,000 750,000 120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive Other development and redevelopment projects 100% 1,647 — 25,000 25,000 337,307 — 4,005,000 4,005,000 New York City Megacampus: Alexandria Center® for Life Science – New York City/New York City 100% 178,148 — 550,000 (3) 550,000 $ 178,148 — 550,000 550,000 Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2) We have a 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF. (3) During the three months ended September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our annual report on Form 10-K for the three months ended December 31, 2025 filed with the SEC on January 26, 2026 for additional details. Market Property/Submarket Our Ownership Interest Book Value Square Footage Development and Redevelopment Under Construction Future Total(1) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 41
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Texas Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston 100% $ 49,691 73,298 116,405 189,703 8800 Technology Forest Place 1001 Trinity Street and 1020 Red River Street/Austin 100% 135,868 — 250,010 250,010 Other development and redevelopment projects 100% 60,241 — 344,000 344,000 245,800 73,298 710,415 783,713 Other development and redevelopment projects 100% 47,504 — 597,743 597,743 Total pipeline as of December 31, 2025, excluding properties held for sale 6,788,464 3,563,154 19,907,130 23,470,284 Properties held for sale 261,208 — 1,893,281 1,893,281 Total pipeline as of December 31, 2025 $ 7,049,672 (2) 3,563,154 21,800,411 25,363,565 Market Property/Submarket Our Ownership Interest Book Value Square Footage Development and Redevelopment Under Construction Future Total(1) Refer to “Megacampus™ ” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Total square footage includes 1.9 million 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) Includes $3.18 billion of projects that are currently under construction. New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 42
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Construction spending Projected Guidance Midpoint for Year Ending December 31, 2026 Year Ended December 31, 2025 Year Ended December 31, 2024 Construction of Class A/A+ properties: Active construction projects Includes development and redevelopment under construction(1) $ 1,445,000 $ 1,216,572 $ 1,791,097 Future pipeline pre-construction Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) 210,000 (2) 275,971 426,948 Revenue- and non-revenue-enhancing capital expenditures(3) 510,000 (4) 324,293 273,377 Construction spending (before contributions from noncontrolling interests or tenants) 2,165,000 1,816,836 2,491,422 Contributions from noncontrolling interests (consolidated real estate joint ventures) (100,000) (5) (193,936) (343,798) Tenant-funded and -built landlord improvements (315,000) (178,651) (129,152) Total construction spending $ 1,750,000 $ 1,444,249 $ 2,018,472 2026 guidance range for construction spending $1,500,000 – $2,000,000 Projected capital contributions from partners in consolidated real estate joint ventures to fund construction Timing Amount(5) 2026 $ 100,000 2027 and beyond 37,000 Total $ 137,000 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes smaller conversions to laboratory space through redevelopment. (2) Approximately 75% represents capitalized costs. (3) Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements. (4) The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 55% of the total spending within this category. The first project relates to a property located at the Alexandria Center ® for Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket, which is leased to a new tenant and is undergoing its first major renovation in 12 years. The second project relates to a property at the Alexandria Technology Square® Megacampus in our Cambridge submarket, which is undergoing its first major renovation in 16 years. (5) Represents contractual capital commitments from existing real estate joint venture partners to fund construction. Construction Spending December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 43
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Leased/ Negotiating Average Real Estate Basis Capitalized During 2025 Percentage of Total Average Real Estate Basis CapitalizedKey Categories of Real Estate Basis Capitalized Construction of Class A/A+ properties: Development and redevelopment of projects under construction: 2026 stabilization 86% $ 590,069 7% 2027-2028 stabilization 51% 1,308,800 16 Evaluating business strategy 8% 878,661 11 Repositioning and smaller redevelopment projects 1,187,460 (1) 15 Future pipeline projects with critical pre-construction milestones during 2026: Megacampus projects 2,078,801 (2) 25 Non-Megacampus projects 987,518 (2) 12 Assets sold in 2025 or designated as held for sale as of 4Q25(3) 1,115,707 14 Total average real estate basis capitalized(4) $ 8,147,016 100% (1) Includes the real estate basis related to the 899,259 RSF of vacant space as of December 31, 2025 that is leased with future delivery. The weighted-average expected delivery date is approximately August 2026. (2) Approximately 74% of future pipeline projects are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction, on a weighted-average real estate investment basis by May 2026. At each milestone date, we will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, pause future investments, or consider the potential dispositions of real estate assets. (3) The weighted-average date as of which capitalization of interest ceased was in early December 2025. (4) In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, payroll, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 2025. Capitalization of Interest December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 44 25% 12%14% 16% 7% 15% 11% Under construction – 2026 stabilization – $590.1 million (86% leased/negotiating) Percentage of Total Average Real Estate Basis Capitalized During 2025 Repositioning and smaller redevelopment projects(1) – $1.19 billion Future projects with critical milestones in 2026 – Megacampus projects(2) – $2.08 billion Under construction – 2027-2028 stabilization – $1.31 billion (51% leased/negotiating) Future projects with critical milestones in 2026 – Non-Megacampus projects – $987.5 million Under construction – evaluating business strategy – $878.7 million Assets sold in 2025 or designated as held for sale as of 4Q25 – $1.12 billion
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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% 870,641 15 Necco Street Greater Boston Seaport Innovation District 43.3% 345,996 Alexandria Center® for Science and Technology – Mission Bay(3) San Francisco Bay Area Mission Bay 75.0% 548,215 211 and 213 East Grand Avenue San Francisco Bay Area South San Francisco 70.0% 300,930 500 Forbes Boulevard San Francisco Bay Area South San Francisco 90.0% 155,685 Alexandria Center® for Life Science – Millbrae San Francisco Bay Area South San Francisco 51.4% 285,346 3215 Merryfield Row San Diego Torrey Pines 70.0% 170,523 Campus Point by Alexandria(2)(4) San Diego University Town Center 43.6% (5) 1,212,414 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(2)(6) San Diego Sorrento Mesa 50.0% 969,416 Summers Ridge Science Park(7) San Diego Sorrento Mesa 70.0% 316,531 1201 and 1208 Eastlake Avenue East Seattle Lake Union 70.0% 206,134 400 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% 586,208 101 West Dickman Street Maryland Beltsville 58.4% (9) 142,933 Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) In addition to the real estate joint ventures listed, we have one consolidated real estate joint venture in the Greater Boston market in which a partner holds a $49.6 million redeemable noncontrolling interest earning a fixed return as of December 31, 2025. (2) Represents a property currently under construction or in our future 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 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South. (4) Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court. (5) The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details. (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 real estate joint ventures listed, we hold an interest in two insignificant unconsolidated real estate joint ventures. (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. Joint Venture Financial Information December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 45
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As of December 31, 2025 Noncontrolling Interest Share of Consolidated Real Estate JVs Our Share of Unconsolidated Real Estate JVs Investments in real estate $ 3,317,283 $ 83,974 Cash, cash equivalents, and restricted cash 139,397 1,853 Other assets 402,602 10,238 Secured notes payable — (60,864) Other liabilities (172,916) (4,524) Redeemable noncontrolling interests (58,788) — $ 3,627,578 $ 30,677 Noncontrolling Interest Share of Consolidated Real Estate JVs Our Share of Unconsolidated Real Estate JVs December 31, 2025 December 31, 2025 Three Months Ended Year Ended Three Months Ended Year Ended Total revenues $ 114,339 $ 467,580 $ 2,656 $ 10,619 Rental operations (36,231) (145,209) (1,040) (4,048) 78,108 322,371 1,616 6,571 General and administrative (823) (3,016) (32) (133) Interest (62) (967) (1,058) (4,176) Depreciation and amortization of real estate assets (39,942) (154,727) (855) (3,703) Impairment of real estate (265,266) (1) (265,266) — (8,673) Gain on sale of real estate of consolidated JV 312,807 (2) 312,807 — — Gain on sale of interest of unconsolidated JV — — 25 483 Fixed returns allocated to redeemable noncontrolling interests(3) 699 1,642 — — $ 85,521 $ 212,844 $ (304) $ (9,631) Straight-line rent and below-market lease revenue $ 2,723 $ 19,580 $ 139 $ 645 Funds from operations(4) $ 77,922 $ 320,030 $ 526 $ 2,262 Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Relates to our partners’ share of impairment charges recognized in connection with real estate properties held by consolidated joint ventures at 601, 611, 651, 681, 685, 701, and 751 Gateway Boulevard and 285, 299, 307, and 345 Dorchester Avenue. Refer to “2025 dispositions and sales of partial interests” in the Earnings Press Release for additional details. (2) Relates to our partner’s share of the gain on sale of real estate recognized upon the disposition of the properties at 409 and 499 Illinois Street. (3) Represents an allocation of joint venture earnings to redeemable noncontrolling interests for properties in the Greater Boston and San Francisco Bay Area markets. These redeemable noncontrolling interests earn a fixed return on their investment rather than participate in the operating results of the properties. (4) 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. Joint Venture Financial Information (continued) December 31, 2025 (In thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 46
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We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income (loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details. December 31, 2025 Year Ended December 31, 2024Three Months Ended Year Ended Realized (losses) gains: Realized gains $ 21,072 $ 115,722 $ 117,214 Impairment of non-real estate investments (20,181) (1) (95,716) (58,090) Significant realized loss (103,329) (2) (103,329) (2) — (102,438) (83,323) 59,124 Unrealized gains (losses) 98,548 (3) 26,980 (4) (112,246) (5) Investment loss $ (3,890) $ (56,343) $ (53,122) December 31, 2025 December 31, 2024 Investments Cost Unrealized Gains Unrealized Losses Carrying Amount Carrying Amount Publicly traded companies $ 54,752 $ 44,319 $ (4,143) $ 94,928 $ 105,667 Entities that report NAV 460,160 89,514 (37,298) 512,376 609,866 Entities that do not report NAV: Entities with observable price changes 82,252 50,601 (9,615) 123,238 174,737 Entities without observable price changes 413,324 — — 413,324 400,487 Investments accounted for under the equity method N/A N/A N/A 357,383 186,228 December 31, 2025 $ 1,010,488 (6) $ 184,434 $ (51,056) $ 1,501,249 $ 1,476,985 December 31, 2024 $ 1,207,146 $ 228,100 $ (144,489) $ 1,476,985 Public/Private Mix (Cost) Tenant/Non-Tenant Mix (Cost) (1) Primarily related to two non-real estate investments in privately held entities that do not report NAV. (2) In November 2025, we contributed certain publicly traded securities to an unconsolidated joint venture, which resulted in a realized loss of $103.3 million on one transaction that was previously reflected as unrealized losses within investment income in our consolidated statement of operations. The unconsolidated joint venture sold these securities and distributed $39.9 million to us in December 2025. (3) Consists of unrealized gains of $24.2 million primarily resulting from the increase in fair values of our investments in privately held entities that report NAV and $74.3 million resulting from accounting reclassifications of unrealized losses recognized in prior periods into realized losses upon our realization of investments during the three months ended December 31, 2025. (4) Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025. (5) Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024. (6) Represents 2.5% of gross assets as of December 31, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details. Investments December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 47 4% Public 18% Tenant 96% Private 82% Non-Tenant
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As of December 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2021 through December 31, 2025. (2) Represents net debt and preferred stock to Adjusted EBITDA for the fourth quarter annualized. (3) Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025, except for ARE, which is as of December 31, 2025. (4) Top 15% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of December 31, 2025. Balance Sheet December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 48 SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2021(1) $5.3B 96.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 12.1 3.91% Longest Among S&P 500 REITs(3) WEIGHTED AVERAGE TOP 15% Baa1 Negative BBB+ NegativeCREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(4) ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY ACHIEVED 4Q25 LEVERAGE(2) 5.7x
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Liquidity Limited Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit (in millions) $5.3B (in millions) Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program $ 4,647 Cash, cash equivalents, and restricted cash 554 Investments in publicly traded companies 95 Liquidity as of December 31, 2025 $ 5,296 Net Debt and Preferred Stock to Adjusted EBITDA(1) Fixed-Charge Coverage Ratio(1) Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Quarter annualized. Key Credit Metrics December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 49 5.2x 5.7x 12/31/24 12/31/25 12/31/26 Target 4.3x 3.7x 12/31/24 12/31/25 12/31/26 Target 3.6x to 4.1x 5.6x to 6.2x
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Weighted-Average Remaining Term of 12.1 Years (1) In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment. (2) Refer to footnotes 2 through 4 on page 52 under “Fixed-rate and variable-rate debt” for additional details. Summary of Debt December 31, 2025 (Dollars in millions) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 50
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ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM AMONG S&P 500 REITS AT OVER 2X THE AVERAGE DEBT TERM FOR THESE REITS Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025, except for ARE, which is as of December 31, 2025. Summary of Debt (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 51 4.0 4.4 4.5 4.6 4.6 4.6 5.0 5.0 5.2 5.2 5.5 5.5 5.7 6.0 6.0 6.2 6.3 6.7 6.7 6.7 6.9 7.0 7.6 8.2 8.612.1 BXPDOCDLREXRIRMUDRCPTVTRINVHHST O AMTWELLFRT CCI VICIMAAAVBEQRESSEQIXREGSPGKIMPLDARE 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) 5.9 Years Average Debt Term of S&P 500 REITs as of September 30, 2025
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Fixed-rate and variable-rate debt Fixed-Rate Debt Variable-Rate Debt Total Percentage Weighted-Average Interest Rate(1) Remaining Term (in years) Unsecured senior notes payable $ 12,047,394 $ — $ 12,047,394 97.2% 3.90% 12.3 Unsecured senior line of credit(2) and commercial paper program(3) — 353,161 353,161 2.8 4.33 4.1 (4) Total/weighted average $ 12,047,394 $ 353,161 $ 12,400,555 100.0% 3.91% 12.1 (4) Percentage of total debt 97.2% 2.8% 100.0% (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) As of December 31, 2025, we had no outstanding balance on our unsecured senior line of credit. (3) The commercial paper program provides us with the ability to issue up to $2.50 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 back-stopped by our unsecured senior line of credit. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at SOFR+0.855%. As of December 31, 2025, we had $353.2 million of commercial paper notes outstanding. (4) We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 12.0 years. The commercial paper notes sold during the year ended December 31, 2025 were issued at a weighted-average yield to maturity of 4.48% and had a weighted- average maturity term of 19 days. Average Debt Outstanding Weighted-Average Interest Rate December 31, 2025 December 31, 2025 Three Months Ended Year Ended Three Months Ended Year Ended Long-term fixed-rate debt $ 12,121,545 $ 12,248,039 3.88% 3.87% Short-term variable-rate unsecured senior line of credit and commercial paper program debt 2,318,358 1,281,104 4.28 4.55 Blended-average interest rate 14,439,903 13,529,143 3.94 3.93 Loan fee amortization and annual facility fee related to unsecured senior line of credit N/A N/A 0.13 0.13 Total/weighted average $ 14,439,903 $ 13,529,143 4.07% 4.06% Summary of Debt (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 52
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Debt covenants Unsecured Senior Notes Payable Unsecured Senior Line of Credit Debt Covenant Ratios(1) Requirement December 31, 2025 Requirement December 31, 2025 Total Debt to Total Assets ≤ 60% 32% ≤ 60.0% 33.5% Secured Debt to Total Assets ≤ 40% —% ≤ 45.0% —% Consolidated EBITDA to Interest Expense ≥ 1.5x 7.8x ≥ 1.50x 3.41x Unencumbered Total Asset Value to Unsecured Debt ≥ 150% 302% N/A N/A Unsecured Interest Coverage Ratio N/A N/A ≥ 1.75x 7.63x (1) All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to the computation of EBITDA as described in Exchange Act Release No. 47226. Unconsolidated real estate joint ventures’ debt At 100% Unconsolidated Joint Venture Maturity Date Stated Rate Interest Rate(1) Aggregate Commitment Debt Balance(2) Our Share 101 West Dickman Street 10/29/26 SOFR+1.95% (3) 5.74% $ 26,750 $ 19,136 58.4% 1655 and 1725 Third Street 2/10/35 6.37% 6.44% 500,000 496,881 10.0% $ 526,750 $ 516,017 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2025. (3) This loan is subject to a fixed SOFR floor of 0.75%. Summary of Debt (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 53
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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 Total2026 2027 2028 2029 2030 Thereafter Unsecured senior line of credit and commercial paper program(3) (3) 4.33% (3) 1/22/30 (3) $ — $ — $ — $ — $ 353,500 $ — $ 353,500 $ (339) $ 353,161 Unsecured senior notes payable 4.30% 4.50 1/15/26 (4) 300,000 — — — — — 300,000 (36) 299,964 Unsecured senior notes payable 3.80% 3.96 4/15/26 350,000 — — — — — 350,000 (162) 349,838 Unsecured senior notes payable 3.95% 4.13 1/15/27 — 350,000 — — — — 350,000 (555) 349,445 Unsecured senior notes payable 3.95% 4.07 1/15/28 — — 425,000 — — — 425,000 (888) 424,112 Unsecured senior notes payable 4.50% 4.60 7/30/29 — — — 300,000 — — 300,000 (805) 299,195 Unsecured senior notes payable 2.75% 2.87 12/15/29 — — — 400,000 — — 400,000 (1,655) 398,345 Unsecured senior notes payable 4.70% 4.81 7/1/30 — — — — 450,000 — 450,000 (1,686) 448,314 Unsecured senior notes payable 4.90% 5.05 12/15/30 — — — — 700,000 — 700,000 (3,947) 696,053 Unsecured senior notes payable 3.375% 3.48 8/15/31 — — — — — 750,000 750,000 (3,704) 746,296 Unsecured senior notes payable 2.00% 2.12 5/18/32 — — — — — 900,000 900,000 (6,043) 893,957 Unsecured senior notes payable 1.875% 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (6,240) 993,760 Unsecured senior notes payable 2.95% 3.07 3/15/34 — — — — — 800,000 800,000 (6,477) 793,523 Unsecured senior notes payable 4.75% 4.88 4/15/35 — — — — — 500,000 500,000 (4,500) 495,500 Unsecured senior notes payable 5.50% 5.66 10/1/35 — — — — — 550,000 550,000 (6,316) 543,684 Unsecured senior notes payable 5.25% 5.38 5/15/36 — — — — — 400,000 400,000 (3,767) 396,233 Unsecured senior notes payable 4.85% 4.93 4/15/49 — — — — — 300,000 300,000 (2,756) 297,244 Unsecured senior notes payable 4.00% 3.91 2/1/50 — — — — — 700,000 700,000 9,844 709,844 Unsecured senior notes payable 3.00% 3.08 5/18/51 — — — — — 850,000 850,000 (10,842) 839,158 Unsecured senior notes payable 3.55% 3.63 3/15/52 — — — — — 1,000,000 1,000,000 (13,228) 986,772 Unsecured senior notes payable 5.15% 5.26 4/15/53 — — — — — 500,000 500,000 (7,373) 492,627 Unsecured senior notes payable 5.625% 5.71 5/15/54 — — — — — 600,000 600,000 (6,470) 593,530 Unsecured debt weighted-average interest rate/ subtotal 3.91 650,000 350,000 425,000 700,000 1,503,500 8,850,000 12,478,500 (77,945) 12,400,555 Weighted-average interest rate/total 3.91% $ 650,000 $ 350,000 $ 425,000 $ 700,000 $ 1,503,500 $ 8,850,000 $ 12,478,500 $ (77,945) $ 12,400,555 Balloon payments $ 650,000 $ 350,000 $ 425,000 $ 700,000 $ 1,503,500 $ 8,850,000 $ 12,478,500 $ — $ 12,478,500 Principal amortization — — — — — — — (77,945) (77,945) Total debt $ 650,000 $ 350,000 $ 425,000 $ 700,000 $ 1,503,500 $ 8,850,000 $ 12,478,500 $ (77,945) $ 12,400,555 Fixed-rate debt $ 650,000 $ 350,000 $ 425,000 $ 700,000 $ 1,150,000 $ 8,850,000 $ 12,125,000 $ (77,606) $ 12,047,394 Variable-rate debt — — — — 353,500 — 353,500 (339) 353,161 Total debt $ 650,000 $ 350,000 $ 425,000 $ 700,000 $ 1,503,500 $ 8,850,000 $ 12,478,500 $ (77,945) $ 12,400,555 Weighted-average stated rate on maturing debt 4.03% 3.95% 3.95% 3.50% 4.71% 3.66% (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) Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. (4) In January 2026, we repaid our 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment. Summary of Debt (continued) December 31, 2025 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 54
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This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non- GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time. Adjusted EBITDA and Adjusted EBITDA margin The following table reconciles net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the Adjusted EBITDA margin: Three Months Ended (Dollars in thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Net (loss) income $ (995,354) $ (197,845) $ (62,189) $ 38,662 $ (16,095) Interest expense 65,674 54,852 55,296 50,876 55,659 Income taxes 1,851 3,737 1,020 1,145 1,855 Depreciation and amortization 322,063 340,230 346,123 342,062 330,108 Stock compensation expense 8,232 10,293 12,530 10,064 12,477 Loss on early extinguishment of debt — 107 — — — Gain on sales of real estate (619,914) (9,366) — (13,165) (101,806) Unrealized (gains) losses on non-real estate investments (98,548) (18,515) 21,938 68,145 79,776 Significant realized losses on non-real estate investments 103,329 — — — — Impairment of real estate 1,717,188 323,870 129,606 32,154 186,564 Impairment of non-real estate investments 20,181 25,139 39,216 11,180 20,266 Increase (decrease) in provision for expected credit losses on financial instruments (341) — — 285 (434) Adjusted EBITDA $ 524,361 $ 532,502 $ 543,540 $ 541,408 $ 568,370 Total revenues $ 754,414 $ 751,944 $ 762,040 $ 758,158 $ 788,945 Adjusted EBITDA margin 70% 71% 71% 71% 72% We use Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes, depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate, changes in provision for expected credit losses on financial instruments, and significant termination fees. Adjusted EBITDA also excludes unrealized gains or losses and significant realized gains or losses and impairments that result from our non-real estate investments. These non-real estate investment amounts are classified in our consolidated statements of operations outside of total revenues. We believe Adjusted EBITDA provides investors with relevant and useful information as it allows investors to evaluate the operating performance of our business activities without having to account for differences recognized because of investing and financing decisions related to our real estate and non-real estate investments, our capital structure, capital market transactions, and variances resulting from the volatility of market conditions outside of our control. For example, we exclude gains or losses on the early extinguishment of debt to allow investors to measure our performance independent of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real estate investments, changes in provision for expected credit losses on financial instruments, and significant termination fees allows investors to evaluate performance from period to period on a consistent basis without having to account for differences recognized because of investing and financing decisions related to our real estate and non-real estate investments or other corporate activities that may not be representative of the operating performance of our properties. In addition, we believe that excluding charges related to stock compensation and unrealized gains or losses facilitates for investors a comparison of our business activities across periods without the volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant measure of performance, it does not represent net income (loss) or cash flows from operations calculated and presented in accordance with GAAP, and it should not be considered as an alternative to those indicators in evaluating performance or liquidity. In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total revenues as presented in our consolidated statements of operations. We believe that this supplemental performance measure provides investors with additional useful information regarding the profitability of our operating activities. We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non- real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Definitions and Reconciliations December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 55
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Annual rental revenue Annual rental revenue represents the annualized fixed base rental obligations, calculated in accordance with GAAP. It includes the amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements for leases in effect as of the end of the period, related to our operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of 100% of the RSF of our consolidated properties and our share of the RSF of properties held in unconsolidated real estate joint ventures. As of December 31, 2025 , approximately 92% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants related to these operating expenses, along with base rent, are classified in income from rentals in our consolidated statements of operations. Capitalization rates Capitalization rates are calculated based on net operating income and net operating income (cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter preceding the date on which the property is sold, or near-term prospective net operating income. Capitalized interest We capitalize interest cost as a cost of a project during periods for which activities necessary to develop, redevelop, or reposition a project for its intended use are ongoing, provided that expenditures for the asset have been made and interest cost has been incurred. Activities necessary to develop, redevelop, or reposition a project include pre-construction activities such as entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related to such project are expensed as incurred. Cash interest Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest. Class A/A+ properties and AAA locations Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These properties are typically well-located, professionally managed, and well-maintained, offering a wide range of amenities and featuring premium construction materials and finishes. Class A/A+ properties are generally newer or have undergone substantial redevelopment and are generally expected to command higher annual rental rates compared to other classes of similar properties. AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is important to note that our definition of property classification may not be directly comparable to other equity REITs. Credit ratings Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of December 31, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Development, redevelopment, and pre-construction A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A/A+ properties, as well as property enhancements identified during the underwriting of certain acquired properties. These efforts are primarily concentrated in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other strategic locations that support innovation and growth. These projects are generally focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide range of tenants. Upon completion, each development or redevelopment project is expected to generate increases in rental income, net operating income, and cash flows. Our development and redevelopment projects are generally in locations that are highly desirable to high-quality entities, which we believe results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. Development projects generally consist of the ground-up development of generic and reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of acquired office, warehouse, or shell space into laboratory space. We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such space, except when there is solid market demand for high- quality Class A/A+ properties. Pre-construction activities include entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality facilities and are expected to generate significant revenue and cash flows. Development, redevelopment, and pre-construction spending also includes the following costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and growth-stage life science companies. Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 56
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Development, redevelopment, and pre-construction (continued) Revenue-enhancing and repositioning capital expenditures represent spending to reposition or significantly change the use of a property, including through improvement in the asset quality from Class B to Class A/A+. Non-revenue-enhancing capital expenditures represent costs required to maintain the current revenues of a stabilized property, including the associated costs for renewed and re-leased space. Dividend payout ratio (common stock) Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends on our common stock (shares of common stock outstanding on the respective record dates multiplied by the related dividend per share) to funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted. Dividend yield Dividend yield for the quarter represents the annualized quarter dividend divided by the closing common stock price at the end of the quarter. Space Intentionally Blank Fixed-charge coverage ratio Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends. Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts). The following table reconciles interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest and computes fixed- charge coverage ratio: Three Months Ended (Dollars in thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Adjusted EBITDA $ 524,361 $ 532,502 $ 543,540 $ 541,408 $ 568,370 Interest expense $ 65,674 $ 54,852 $ 55,296 $ 50,876 $ 55,659 Capitalized interest 81,845 86,091 82,423 80,065 81,586 Amortization of loan fees (4,481) (4,505) (4,615) (4,691) (4,620) Amortization of debt discounts (327) (325) (335) (349) (333) Cash interest and fixed charges $ 142,711 $ 136,113 $ 132,769 $ 125,901 $ 132,292 Fixed-charge coverage ratio: – quarter annualized 3.7x 3.9x 4.1x 4.3x 4.3x – trailing 12 months 4.0x 4.1x 4.3x 4.4x 4.5x We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 57
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Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes that real estate values diminish over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the Nareit Board of Governors established funds from operations as an improved measurement tool. Since its introduction, funds from operations has become a widely used non-GAAP financial measure among equity REITs. We believe that funds from operations is helpful to investors as an additional measure of the performance of an equity REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our performance to the performance of other real estate companies on a consistent basis, without having to account for differences recognized because of real estate acquisition and disposition decisions, financing decisions, capital structure, capital market transactions, variances resulting from the volatility of market conditions outside of our control, or other corporate activities that may not be representative of the operating performance of our properties. The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”) defines funds from operations as net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of operating real estate assets, and after adjustments for our share of consolidated and unconsolidated partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair value over the recoverability period is less than the carrying value due to changes in general market conditions and do not necessarily reflect the operating performance of the properties during the corresponding period. We compute funds from operations, as adjusted, as funds from operations calculated in accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized on non-real estate investments, unrealized gains or losses on non-real estate investments, impairments of real estate primarily consisting of right-of-use assets and pre-acquisition costs related to projects that we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the provision for expected credit losses on financial instruments, significant termination fees, acceleration of stock compensation expense due to the resignations of executive officers, deal costs, the income tax effect related to such items, and the amount of such items that is allocable to our unvested restricted stock awards. We compute the amount that is allocable to our unvested restricted stock awards with nonforfeitable dividends 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 with nonforfeitable dividends 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. We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a reconciliation for funds from operations 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 components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders (continued) The following table reconciles net income (loss) to funds from operations for the share of consolidated real estate joint ventures attributable to noncontrolling interests and our share of unconsolidated real estate joint ventures: Noncontrolling Interest Share of Consolidated Real Estate JVs Our Share of Unconsolidated Real Estate JVs December 31, 2025 December 31, 2025 (In thousands) Three Months Ended Year Ended Three Months Ended Year Ended Net income (loss) $ 85,521 $ 212,844 $ (304) $ (9,631) Depreciation and amortization of real estate assets 39,942 154,727 855 3,703 Gain on sale of real estate of consolidated JV (312,807) (312,807) — — Gain on sale of interest of unconsolidated JV — — (25) (483) Impairment of real estate 265,266 265,266 — 8,673 Funds from operations $ 77,922 $ 320,030 $ 526 $ 2,262 Gross assets Gross assets are calculated as total assets plus accumulated depreciation: (In thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Total assets $ 34,081,835 $ 37,375,148 $ 37,623,629 $ 37,600,428 $ 37,527,449 Accumulated depreciation 6,127,525 6,416,745 6,146,378 5,886,561 5,625,179 Gross assets $ 40,209,360 $ 43,791,893 $ 43,770,007 $ 43,486,989 $ 43,152,628 Incremental annual net operating income on development and redevelopment projects Incremental annual net operating income represents the amount of net operating income, on an annual basis, expected to be realized upon a project being placed into service and achieving full occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied by the project’s total cost at completion. Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 58
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Initial stabilized yield (unlevered) Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the property. For this calculation, we exclude any tenant- funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment projects are generally expected to increase over time due to contractual annual rent escalations. Our estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion represent our initial estimates at the commencement of the project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected project yields or costs. • Initial stabilized yield reflects rental income, including contractual rent escalations and any rent concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements. • Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property. Investment-grade or publicly traded large cap tenants Investment-grade or publicly traded large cap tenants represent tenants that are investment- grade rated or publicly traded companies with an average daily market capitalization greater than $10 billion for the twelve months ended December 31, 2025 , as reported by Bloomberg Professional Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease obligation upon such tenant’s default. We monitor the credit quality and related material changes of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion, which are not immediately reflected in the twelve-month average, may result in their exclusion from this measure. Space Intentionally Blank Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. We recognize, measure, present, and disclose these investments as follows: Statements of Operations Balance Sheet Gains and Losses Carrying Amount Unrealized Realized Difference between proceeds received upon disposition and historical cost Publicly traded companies Fair value Changes in fair value Privately held entities without readily determinable fair values that: Report NAV Fair value, using NAV as a practical expedient Changes in NAV, as a practical expedient to fair value Do not report NAV Cost, adjusted for observable price changes and impairments(1) Observable price changes(1) Impairments to reduce costs to fair value, which result in an adjusted cost basis and the differences between proceeds received upon disposition and adjusted or historical cost Equity method investments Contributions, adjusted for our share of the investee’s earnings or losses, less distributions received, reduced by other-than-temporary impairments Our share of unrealized gains or losses reported by the investee Our share of realized gains or losses reported by the investee, and other-than- temporary impairments (1) An observable price is a price observed in an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions for the same issuer with similar rights and obligations executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 59
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Investments in real estate The following table reconciles our investments in real estate as of December 31, 2025: (In thousands) Investments in Real Estate Gross investments in real estate $ 34,817,521 Less: accumulated depreciation (6,127,525) Investments in real estate $ 28,689,996 The following table presents our new Class A/A+ development and redevelopment pipeline, excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental revenue as of December 31, 2025: Percentage of (Dollars in thousands) Book Value Gross Assets Annual Rental Revenue Projects under active construction $ 3,181,012 8% —% Future development projects(1) and land parcels primarily located in Megacampuses 3,607,452 9 1 Total Class A/A+ development and redevelopment pipeline, excluding properties held for sale 6,788,464 17 1 Properties held for sale – land parcels 261,208 1 — Total Class A/A+ development and redevelopment pipeline $ 7,049,672 18% 1% (1) Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes development rights associated with existing operating campuses. Space Intentionally Blank Investments in real estate (continued) The square footage presented in the table below is classified as operating as of December 31, 2025. These lease expirations or vacant space at recently acquired properties represent future opportunities for which we have the intent, subject to market conditions and leasing, to commence first- time conversion from non-laboratory space to laboratory space, or to commence future ground-up development: Dev/ Redev RSF of Lease Expirations Targeted for Development and Redevelopment Property/Submarket 2026 2027 Thereafter(1) Total Under construction project: Campus Point by Alexandria/University Town Center Dev 52,620 — — 52,620 Future projects: 446, 458, and 500 Arsenal Street/Cambridge/Inner Suburbs Dev — — 116,623 116,623 3000 Minuteman Road/Greater Boston Redev — — 167,549 167,549 1122 and 1150 El Camino Real/South San Francisco Dev — — 375,232 375,232 2100 and 2200 Geng Road/Greater Stanford Dev — — 62,526 62,526 960 Industrial Road/Greater Stanford Dev — — 112,590 112,590 Campus Point by Alexandria/University Town Center Dev — — 96,805 96,805 Sequence District by Alexandria/Sorrento Mesa Dev/ Redev — — 555,754 555,754 410 West Harrison Street/Elliott Bay Dev — — 17,205 17,205 Other/Seattle Dev — — 63,057 63,057 Canada Redev — — 247,743 247,743 — — 1,815,084 1,815,084 Total 52,620 — 1,815,084 1,867,704 (1) Includes vacant square footage as of December 31, 2025. Space Intentionally Blank Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 60
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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, which 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 Megacampus™ A Megacampus ecosystem is a cluster campus that consists of approximately 1 million RSF or greater, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. We consider Megacampuses that include a minimum of 750,000 operating RSF to be Established Megacampuses. These Megacampuses have realized the scale and flexibility that deliver strategic optionality to our tenants. We present certain metrics related to our Established Megacampuses because we believe they facilitate a more robust understanding of certain of our operating trends. The following table reconciles our annual rental revenue and development and redevelopment pipeline RSF, excluding properties classified as held for sale, as of December 31, 2025: (Dollars in thousands) Annual Rental Revenue Development and Redevelopment Pipeline RSF Megacampus $ 1,451,391 16,735,429 Core and non-core 410,665 4,867,151 Total $ 1,862,056 21,602,580 Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF 78% 77% Net cash provided by operating activities after dividends Net cash provided by operating activities after dividends is reduced by distributions to noncontrolling interests, excludes liquidating distributions from asset sales, and excludes changes in operating assets and liabilities as they represent timing differences. Space Intentionally Blank Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 61
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Net debt and preferred stock to Adjusted EBITDA Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted EBITDA. The following table reconciles debt to net debt and preferred stock and computes the ratio to Adjusted EBITDA: (Dollars in thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Secured notes payable $ — $ — $ 153,500 $ 150,807 $ 149,909 Unsecured senior notes payable 12,047,394 12,044,999 12,042,607 12,640,144 12,094,465 Unsecured senior line of credit and commercial paper 353,161 1,548,542 1,097,993 299,883 — Unamortized deferred financing costs 74,314 76,383 78,574 80,776 77,649 Cash and cash equivalents (549,062) (579,474) (520,545) (476,430) (552,146) Restricted cash (4,693) (4,705) (7,403) (7,324) (7,701) Preferred stock — — — — — Net debt and preferred stock $ 11,921,114 $ 13,085,745 $ 12,844,726 $ 12,687,856 $ 11,762,176 Adjusted EBITDA: – quarter annualized $ 2,097,444 $ 2,130,008 $ 2,174,160 $ 2,165,632 $ 2,273,480 – trailing 12 months $ 2,141,811 $ 2,185,820 $ 2,208,226 $ 2,218,722 $ 2,228,921 Net debt and preferred stock to Adjusted EBITDA: – quarter annualized 5.7x 6.1x 5.9x 5.9x 5.2x – trailing 12 months 5.6x 6.0x 5.8x 5.7x 5.3x We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions outside of our control, including the timing of dispositions, capital events, and financing decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. Net operating income, net operating income (cash basis), and operating margin The following table reconciles net income (loss) to net operating income and net operating income (cash basis) and computes operating margin: Three Months Ended Year Ended (Dollars in thousands) 12/31/25 12/31/24 12/31/25 12/31/24 Net (loss) income $ (995,354) $ (16,095) $ (1,216,726) $ 510,733 Equity in losses (earnings) of unconsolidated real estate joint ventures 304 (6,635) 9,631 (7,059) General and administrative expenses 28,020 32,730 117,047 168,359 Interest expense 65,674 55,659 226,698 185,838 Depreciation and amortization 322,063 330,108 1,350,478 1,202,380 Impairment of real estate 1,717,188 186,564 2,202,818 223,068 Loss on early extinguishment of debt — — 107 — Gain on sales of real estate (619,914) (101,806) (642,445) (129,312) Investment loss 3,890 67,988 56,343 53,122 Net operating income 521,871 548,513 2,103,951 2,207,129 Straight-line rent revenue (14,096) (17,653) (73,476) (143,329) Amortization of deferred revenue related to tenant- funded and -built landlord improvements (5,264) (1,214) (14,771) (1,543) Amortization of acquired below-market leases (5,889) (15,512) (37,763) (85,679) Provision for expected credit losses on financial instruments (341) (434) (56) (434) Net operating income (cash basis) $ 496,281 $ 513,700 $ 1,977,885 $ 1,976,144 Net operating income (cash basis) – annualized $ 1,985,124 $ 2,054,800 $ 1,977,885 $ 1,976,144 Net operating income (from above) $ 521,871 $ 548,513 $ 2,103,951 $ 2,207,129 Total revenues $ 754,414 $ 788,945 $ 3,026,556 $ 3,116,394 Operating margin 69% 70% 70% 71% Net operating income is a non-GAAP financial measure calculated as net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated real estate joint ventures, general and administrative expenses, interest expense, depreciation and amortization, impairments of real estate, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment income or loss. We believe net operating income provides useful information to investors regarding our financial condition and results of operations because it primarily reflects those income and expense items that are incurred at the property level. Therefore, we believe net operating income is a useful measure for investors to evaluate the operating performance of our consolidated real estate assets. Net operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements, and changes in the provision for expected credit losses on financial instruments required by GAAP. We believe that net operating income on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases and tenant-funded and tenant-built landlord improvements. Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 62
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Net operating income, net operating income (cash basis), and operating margin (continued) Furthermore, we believe net operating income is useful to investors as a performance measure of our consolidated properties because, when compared across periods, net operating income reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not immediately apparent from net income or loss. Net operating income can be used to measure the initial stabilized yields of our properties by calculating net operating income generated by a property divided by our investment in the property. Net operating income excludes certain components from net income in order to provide results that are more closely related to the results of operations of our properties. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level rather than at the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort comparability of operating performance at the property level. Impairments of real estate have been excluded in deriving net operating income because we do not consider impairments of real estate to be property-level operating expenses. Impairments of real estate relate to changes in the values of our assets and do not reflect the current operating performance with respect to related revenues or expenses. Our impairments of real estate represent the write-down in the value of the assets to the estimated fair value less cost to sell. These impairments result from investing decisions or a deterioration in market conditions. We also exclude realized and unrealized investment gain or loss, which results from investment decisions that occur at the corporate level related to non-real estate investments in publicly traded companies and certain privately held entities. Therefore, we do not consider these activities to be an indication of operating performance of our real estate assets at the property level. Our calculation of net operating income also excludes charges incurred from changes in certain financing decisions, such as losses on early extinguishment of debt and changes in provision for expected credit losses on financial instruments, as these charges often relate to corporate strategy. Property operating expenses included in determining net operating income primarily consist of costs that are related to our operating properties, such as utilities, repairs, and maintenance; rental expense related to ground leases; contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and property-level salaries. General and administrative expenses consist primarily of accounting and corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as part of corporate office management. We calculate operating margin as net operating income divided by total revenues. We believe that in order to facilitate for investors a clear understanding of our operating results, net operating income should be examined in conjunction with net income or loss as presented in our consolidated statements of operations. Net operating income should not be considered as an alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows as a measure of our liquidity or our ability to make distributions. We are not able to forecast the net income of future periods without unreasonable effort and therefore do not provide a reconciliation for net operating income 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 components such as gain on sales of real estate, unrealized gains or losses on non-real estate investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would potentially be misleading for our investors. 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 Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 63
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Same property comparisons (continued) The following table reconciles the number of same properties to total properties for the year ended December 31, 2025: Redevelopment – placed into Development – under construction Properties service after January 1, 2024 Properties 99 Coolidge Avenue 1 840 Winter Street 1 1450 Owens Street 1 Alexandria Center® for Advanced Technologies – Monte Villa Parkway 6 10075 Barnes Canyon Road 1 421 Park Drive 1 7 4135 Campus Point Court 1 Acquisitions after January 1, 2024 Properties 701 Dexter Avenue North 1 Other 2 Campus Point by Alexandria — 2 6 Unconsolidated real estate JVs 3 Development – placed into Properties held for sale 20 service after January 1, 2024 Properties Total properties excluded from same properties 58 1150 Eastlake Avenue East 1 9810 Darnestown Road 1 Same properties 282 9820 Darnestown Road 1 Total properties in North America as of December 31, 2025 340 4155 Campus Point Court 1 201 Brookline Avenue 1 9808 Medical Center Drive 1 230 Harriet Tubman Way 1 500 North Beacon Street and 4 Kingsbury Avenue 2 10935, 10945, and 10955 Alexandria Way 3 12 Redevelopment – under construction Properties 40, 50, and 60 Sylvan Road 3 269 East Grand Avenue 1 8800 Technology Forest Place 1 311 Arsenal Street 1 Other 2 8 Stabilized occupancy date The stabilized occupancy date represents the estimated date on which a development or redevelopment project is expected to reach occupancy of 95% or greater. Tenant recoveries Tenant recoveries represent revenues comprising reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses and earned in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse us arises. We classify rental revenues and tenant recoveries generated through the leasing of real estate assets within revenues in income from rentals in our consolidated statements of operations. We provide investors with a separate presentation of rental revenues and tenant recoveries in “Same property performance” in this Supplemental Information because we believe it promotes investors’ understanding of our operating results. We believe that the presentation of tenant recoveries is useful to investors as a supplemental measure of our ability to recover operating expenses under our triple net leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for any significant variability to components of our operating expenses. The following table reconciles income from rentals to tenant recoveries: Three Months Ended Year Ended (In thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24 Income from rentals $ 728,872 $ 735,849 $ 737,279 $ 743,175 $ 763,249 $ 2,945,175 $ 3,049,706 Rental revenues (538,330) (541,070) (553,377) (552,112) (566,535) (2,184,889) (2,304,339) Tenant recoveries $ 190,542 $ 194,779 $ 183,902 $ 191,063 $ 196,714 $ 760,286 $ 745,367 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. Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 64
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Unencumbered net operating income as a percentage of total net operating income Unencumbered net operating income as a percentage of total net operating income is a non- GAAP financial measure that we believe is useful to investors as a performance measure of the results of operations of our unencumbered real estate assets as it reflects those income and expense items that are incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented. The following table summarizes unencumbered net operating income as a percentage of total net operating income: Three Months Ended (Dollars in thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Unencumbered net operating income $ 521,871 $ 512,710 $ 535,766 $ 530,691 $ 547,921 Encumbered net operating income — — 1,841 1,072 592 Total net operating income $ 521,871 $ 512,710 $ 537,607 $ 531,763 $ 548,513 Unencumbered net operating income as a percentage of total net operating income 100.0% 100.0% 99.7% 99.8% 99.9% Weighted-average interest rate for capitalization of interest The weighted-average interest rate required for calculating capitalization of interest pursuant to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates applicable to borrowings outstanding during the period, including expense/income related to interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. A separate calculation is performed to determine our weighted-average interest rate for capitalization for each month. The rate will vary each month due to changes in variable interest rates, outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization. Space Intentionally Blank Weighted-average shares of common stock outstanding – diluted From time to time, we enter into capital market transactions, including forward equity sales agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and redevelopment projects, and for general working capital purposes. While the Forward Agreements are outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares. The weighted-average shares of common stock outstanding used in calculating EPS – diluted, FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class method for each of the respective periods presented below. Three Months Ended Year Ended (In thousands) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 12/31/25 12/31/24 Basic shares for earnings per share 170,394 170,181 170,135 170,522 172,262 170,307 172,071 Unvested RSAs with forfeitable dividends — — — — — — — Diluted shares for earnings per share 170,394 170,181 170,135 170,522 172,262 170,307 172,071 Basic shares for funds from operations per share and funds from operations per share, as adjusted 170,394 170,181 170,135 170,522 172,262 170,307 172,071 Unvested RSAs with forfeitable dividends 110 124 57 77 — 83 — Diluted shares for funds from operations per share and funds from operations per share, as adjusted 170,504 170,305 170,192 170,599 172,262 170,390 172,071 Weighted-average unvested RSAs with nonforfeitable dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted 1,570 1,917 1,998 2,053 2,417 1,883 2,779 Definitions and Reconciliations (continued) December 31, 2025 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 65