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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 Third Quarter Ended September 30, 2026 Financial and Operating Results ................................................................................ 1 Consolidated Statements of Operations .......................................... 10 Guidance ................................................................................................... 4 Consolidated Balance Sheets ............................................................ 11 Dispositions and Sales of Partial Interests .......................................... 8 Funds From Operations and Funds From Operations per Share 12 Earnings Call Information and About the Company ........................... 9 SUPPLEMENTAL INFORMATION Company Profile ....................................................................................... 15 External Growth / Investments in Real Estate Investor Information ................................................................................. 16 Investments in Real Estate ................................................................ 35 Financial and Asset Base Highlights ..................................................... 17 New Class A/A+ Development and Redevelopment Properties: High-Quality and Diverse Tenant Base ............................................... 19 Recent Deliveries ........................................................................... 36 Internal Operating Metrics Under Construction ........................................................................ 38 Key Operating Metrics ............................................................................. 20 Summary of Pipeline ...................................................................... 40 Same Property Performance .................................................................. 22 Construction Spending ........................................................................ 44 Leasing Activity ......................................................................................... 23 Capitalization of Interest ..................................................................... 45 Contractual Lease Expirations ............................................................... 24 Joint Venture Financial Information ................................................... 46 Top 20 Tenants ......................................................................................... 26 Balance Sheet Management Summary of Properties and Occupancy .............................................. 27 Investments .......................................................................................... 48 Property Listing ........................................................................................ 29 Balance Sheet ...................................................................................... 49 Key Credit Metrics ............................................................................... 50 Summary of Debt ................................................................................. 51 Definitions and Reconciliations Definitions and Reconciliations .......................................................... 54 Table of Contents September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 CONFERENCE CALL INFORMATION: Tuesday, October 27, 2026 2:00 p.m. Eastern Time 11:00 a.m. Pacific Time (833) 366-1125 (U.S./Canada) (412) 902-6738 (International) 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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As of September 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 iii HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS OF LIFE SCIENCE AND ADVANCED TECHNOLOGY INNOVATION LEADING TENANT BASE WITHIN THE LIFE SCIENCE REAL ESTATE SECTOR HIGH-QUALITY, LONG-TERM CASH FLOWS PROVEN UNDERWRITING EXPERTISE STRONG AND FLEXIBLE BALANCE SHEET LONG-TENURED, HIGHLY EXPERIENCED MANAGEMENT TEAM WITH DEEP SECTOR EXPERTISE ALEXANDRIA: MISSION–DRIVEN COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE DOMINATE IT. ALEXANDRIA’S MEGACAMPUS™ PLATFORM REPRESENTS 80% OF OUR ANNUAL RENTAL REVENUE
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(1) Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025. (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 the 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 iv
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 vi
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Source: U.S. Food and Drug Administration, September 2026. YTD 3Q26 covers the period from January 1, 2026 to September 30, 2026. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have not previously been approved by the FDA. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 vii
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 viii AI SUPPORTS – BUT DOES NOT REPLACE – PHYSICAL EXPERIMENTATION DONE IN A LAB AI’s Impact on Drug Discovery is Constrained By The Complexity of Human Biology
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 ix ALEXANDRIA’S PATH FORWARD Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant Base Reduce Capital Spend and Funding Needs while Prioritizing Capital Necessary to Lease Space Execute on Cost-Efficient Sources of Capital, Including Land and Non-Core Dispositions, Sales of Partial Interests, and Other Capital to Support Our Leverage Ratio Targets Continue to Successfully Manage G&A Maintain Optionality for Future Growth Focused on MegacampusTM Investment Consider Flexible and Opportunistic Share Buyback Plan
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As of September 30, 2026, unless stated otherwise. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Top 20% 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 September 30, 2026. (2) Represents the average quarterly percentage of fixed-rate debt as of each quarter-end from January 1, 2022 through September 30, 2026. (3) Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years. (4) Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026, except for ARE, which is as of September 30, 2026. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 x SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2) $4.6B 95.5% REMAINING DEBT TERM (IN YEARS)(3) DEBT INTEREST RATE 11.6 4.33% Longest Among S&P 500 REITs(4) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.4x to 3.9x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO WEIGHTED AVERAGE TOP 20% Baa2 Stable BBB+ Negative CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(1) ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY On track for annualized 4Q26 leverage guidance of 5.6x to 6.2x while maintaining $4.6B in liquidity
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As of September 30, 2026, unless stated otherwise. (1) Reflects our junior subordinated notes payable due in 2057. We may redeem these notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years. (2) Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xi ALEXANDRIA HAS THE LONGEST DEBT MATURITY PROFILE AMONG S&P 500 REITS: WEIGHTED-AVERAGE REMAINING DEBT TERM OF 11.6 YEARS(1) Debt Maturities by Year ($ in millions) 6% OF TOTAL DEBT $— $350$425 $700 $1,150 $750 $1,992 $1,000 $800 $1,050 $1,150 $300$391$352 $475$500 $600 $1,000 20262027202820292030203120322033203420352036 204920502051205220532054 2057 $— $500 $1,000 $1,500 $2,000 $2,500 28% OF TOTAL DEBT (2) No Maturities 2037–2048 Unsecured senior notes payable Unsecured senior line of credit and commercial paper(2) Junior subordinated notes payable(1) (1)
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Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings. S&P 500 REIT peer group constituents and peer data are as of June 30, 2026, except for ARE, which is as of September 30, 2026. (1) Our junior subordinated notes payable have a 30-year maturity. We can redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032, and thereafter on any interest payment date. Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xii 2.4 3.5 3.5 3.9 4.0 4.4 4.5 4.6 4.7 4.9 5.0 5.1 5.1 5.2 5.2 5.5 6.0 6.0 6.1 6.1 6.4 6.5 6.7 6.9 6.9 7.0 7.4 8.2 11.6 SBACBXPDOCUDREXRINVHDLR IRM HST CPT FRT O WELLAMTVTR VICI WY MAAPSAEQREQIXAVB ESS REGSPG CCI KIM PLD ARE 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 5.4 Years Average Debt Term of other S&P 500 REITs as of June 30, 2026 ALEXANDRIA’S 11.6-YEAR(1) WEIGHTED-AVERAGE REMAINING DEBT TERM IS THE LONGEST AMONG S&P 500 REITS AND EXCEEDS 2X THE AVERAGE DEBT TERM FOR THESE REITS WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
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Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details. The status of completed and pending transactions is as of October 26, 2026. (1) Based on the midpoint of our 2026 guidance range for dispositions and sales of partial interests. The amount has been updated to reflect the $1.0 billion junior subordinated note offering. Actual results may differ significantly. (2) Refer to “Key sources and uses of capital” under “2026 Guidance” in the Earnings Press Release for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xiii Land Dispositions 20%–30% Non-Core Dispositions 5%–15% Sales of Partial Interests 60%–70% 2026 SOURCES OF CAPITAL: $1.9B(1) TRANSACTIONS Pending Subject to Non-Refundable Deposits Completed Transactions Pending Subject to Signed LOIs, or Late-Stage Negotiations ~$2.6B Completed & Pending $1.9B Guidance Midpoint (1) $355M $1.55B $717M Excludes $1.0B of Junior Subordinated Notes Completed Completed & Pending is More Than Required Which May Allow Us to Defer Some Proceeds Into 2027(2)
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xiv ALEXANDRIA CENTER® FOR LIFE SCIENCE – FENWAY | 421 PARK DRIVE ~$136 MILLION REDUCTION IN FUTURE CONSTRUCTION SPEND THROUGH EXPECTED SALE TO AN INSTITUTIONAL USER 339,668 RSF; anticipated closing in 4Q26 THE ARSENAL ON THE CHARLES | 311 ARSENAL STREET ~$220 MILLION REDUCTION IN FUTURE CONSTRUCTION SPEND THROUGH PIVOT TO LOWER- COST ADVANCED TECHNOLOGY USE 339,020 RSF project; 66,859 RSF leased and 100,684 RSF under negotiation ALEXANDRIA’S CONTINUED FOCUS ON REDUCING CAPITAL SPEND AND FUNDING NEEDS WHILE PRIORITIZING CAPITAL NECESSARY TO LEASE SPACE As of October 26, 2026.
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(1) In addition to capitalized interest, we capitalize other qualifying project costs, including property taxes, insurance, 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, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximately 2% of the total average real estate basis subject to capitalization for 3Q26. (2) The decrease in average real estate basis from 3Q26 to 4Q26 primarily reflects the cessation of capitalization for projects at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center ® for Life Science – Waltham Megacampus during 3Q26. Refer to “Capitalization of interest” in the Supplemental Information for additional detail. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xv $4.1B $3.0B $2.9B $2.6B $4.0B $3.9B $4.1B $3.3B 2025 1Q26 2Q26 3Q26 4Q26 Projected $8.1B $5.9B(1) $3.4B – $4.9B AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST ($ IN BILLIONS) $7.0B$6.9B Development/ Redevelopment Under Construction and Repositioning Projects Land/Future Development SUBSTANTIAL REDUCTION IN LAND AND DEVELOPMENT AND REDEVELOPMENT DRIVES DECREASE IN AVERAGE REAL ESTATE BASIS REQUIRING CAPITALIZATION OF INTEREST (2)
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Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026, compared with approximately 1% as of December 31, 2025 and 2024. (2) Represents non-core assets outside of our Megacampus ecosystems. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xvi 11% 9% 9% 9% 8% 3% 12/31/24 12/31/25 3Q26 12/31/26 Projected Development/ Redevelopment Under Construction Land/Future Development 12% 12/31/25 12/31/26 Projected Non-Income-Producing Assets(1) as a Percentage of Gross Assets Annual Rental Revenue (“ARR”) From Non-Core Assets as a Percentage of Total ARR(2) 20% 17% 11% to 16% 9% to 11% 12% REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE ASSETS
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(1) Represents 1.3 million RSF of leases executed but not occupied as of September 30, 2026, with a weighted-average future expected occupancy date of approximately June 2027. These leases are expected to generate annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be delivered by December 31, 2026. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xvii FOCUS ON INCREASING OCCUPANCY and CASH FLOWS through LEASING +3.7% future benefit to occupancy from 1.3 million RSF of leased space not yet occupied as of 3Q26(1) FOCUS ON STEADY IMPROVEMENT IN OCCUPANCY AND NOI THE ALEXANDRIA MEGACAMPUSES™ SECTOR-FOCUSED LEASING TEAMS WITH DEEP TENANT RELATIONSHIPS BEST ASSETS in the BEST LOCATIONS BEST LEASING TEAMS
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xviii 3Q26 TOTAL LEASING VOLUME EXCEEDS 1.2M RSF AND EXCEEDS 1Q25–2Q26 AVERAGE DRIVEN BY STRONG LEASING OF VACANT SPACE Largest Total Quarterly Volume Since 4Q24 1,031 RSF 770 RSF 1,171 RSF1,221 RSF 647 RSF 1,039 RSF 1,236 RSF 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) SUBSTANTIAL TOTAL LEASING VOLUME IN 3Q26 1.2M RSF LEASED IN 3Q26 +256K RSF ABOVE 1Q25–2Q26 AVERAGE UP 26% 980 RSF 1Q25–2Q26 AVERAGE
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xix 7.9 9.1 7.8 7.3 8.8 8.1 11.3 8.9 11.9 10.9 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 3Q26 9.0 Years 2017–2025 AVERAGE WEIGHTED-AVERAGE TERM OF LEASES SIGNED IN YTD 3Q26 10.9 YEARS ONE OF THE LONGEST LEASE TERMS IN A DECADE 21% ABOVE 2017–2025 AVERAGE LEASE TERM OF 9.0 YEARS TENANTS CONTINUE TO MAKE LONG-TERM LEASE COMMITMENTS WITH ALEXANDRIA YTD 3Q26 leases executed at a 10.9-year weighted-average term WEIGHTED AVERAGE LEASE TERMS (IN YEARS)
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Refer to “Leasing activity” in the Supplemental Information for additional details. (1) The projected 4Q26 leasing volume is an estimate based on our current assessment of a range of potential leasing outcomes, subject to ongoing negotiations. These assumptions are inherently uncertain, and some or all of the contemplated transactions may not be executed by December 31, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” in the Earnings Press Release for additional details. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xx SOLID 3Q26 LEASING VOLUME DRIVEN BY STRONG LEASING OF VACANT SPACE 149 329 451118 69 381 641 785 1Q26 2Q26 3Q26 Projected 4Q26 1,236 1,039 QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) Renewals & Re-leasing Development & Redevelopment Previously Vacant Projected Total Leasing 647 Second-Highest Quarterly Leasing of Previously Vacant Space in Company History in 3Q26 1,250 (1)
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Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including the definition of annual rental revenue. (1) Includes one 20-year lease to a non-life science tenant in our Research Triangle market. (2) Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants. (3) 89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. (4) 80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xxi ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS 74% of our leasing activity during the last twelve months was generated from our existing tenant base 31.0% 20.2% 15.0% 14.8% 11.2% 6.7% 1.1% Biomedical Institutions Other Commercial Life Science Product, Service, and Device Advanced Technologies Private Biotechnology Multinational Pharmaceutical Public Biotechnology (1) 3Q26 Leasing Volume by Tenant Type (% of 3Q26 Total RSF Leased) Life Science Product, Service, and Device Public Biotechnology – Approved or Marketed Product Public Biotechnology – Preclinical or Clinical Stage Private BiotechnologyBiomedical Institutions Government Institutions Advanced Technologies Other Commercial Multinational Pharmaceutical 15% 10% 12% 11%9%2% 10% 2% 29% Percentage of Alexandria’s Annual Rental Revenue (as of September 30, 2026) (2) (3) (4)
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(1) Source: Alexandria’s proprietary market database. Represents the occupancy in the Greater Boston, San Diego, and San Francisco Bay Area markets as of September 30, 2026. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xxii 81.0% 75.3% + 570 bps 89.7% 77.6% + 1,210 bps 87.1% 74.7% + 1,240 bps ALEXANDRIA’S OCCUPANCY PERFORMANCE IN ITS TOP 3 MARKETS HAS SIGNIFICANTLY EXCEEDED OVERALL MARKET OCCUPANCY AS OF 3Q26 (1)
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(1) Trailing twelve months ended September 30, 2026. (2) Source for S&P 500 REIT data: S&P Global Market Intelligence. (3) 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 xxiii 7.5% 14.3% Alexandria 3Q26(1) S&P 500 REIT(2) Average 2023–2025 (excluding Alexandria) GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME(3) CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES ARE generates almost 2x the NOI per G&A expense on average compared to S&P 500 REITs
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Alexandria Real Estate Equities, Inc. Reports 3Q26 and YTD 3Q26 Net Loss per Share – Diluted of $3.74 and $2.06, respectively, and 3Q26 and YTD 3Q26 FFO per Share – Diluted, as Adjusted, of $1.54 and $5.00, respectively PASADENA, Calif. – October 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the third quarter ended September 30, 2026. KEY HIGHLIGHTS Operating results 3Q26 3Q25 YTD 3Q26 YTD 3Q25 Net loss attributable to Alexandria’s common stockholders – diluted: In millions $ (638.5) (1) $ (234.9) $ (351.4) $ (356.1) Per share $ (3.74) $ (1.38) $ (2.06) $ (2.09) Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: In millions $ 264.4 $ 377.8 $ 856.5 $ 1,166.3 Per share $ 1.54 $ 2.22 $ 5.00 $ 6.85 (1) Includes $637.9 million of real estate impairment charges related to assets held for sale for 3Q26. Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for details. A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms (As of or for the three months ended September 30, 2026, unless stated otherwise) Occupancy of operating properties 87.1% Occupancy of operating properties, including executed leases with future occupancy 90.8% Percentage of annual rental revenue in effect from Megacampus platform 80% Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants 57% Operating margin 66% Adjusted EBITDA margin 65% Percentage of leases containing annual rent escalations 97% Weighted-average remaining lease term: All tenants 7.7 years Top 20 tenants 10.0 years Strong 3Q26 tenant collections: 3Q26 rents and receivables collected as of October 26, 2026 99.9% Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 9/30/26) • $21.01 billion in total market capitalization and $8.11 billion in total equity capitalization. • Net debt and preferred stock to Adjusted EBITDA: • 4Q26 annualized target: 5.6x–6.2x. • 3Q26 annualized: 6.9x; 6.6x on a pro forma basis reflecting the October 2026 closing of the sale of our partial interest in the Campus Point by Alexandria joint venture. • Significant liquidity of $4.56 billion and closed extension of our $5.0 billion unsecured senior line of credit to 2032. • Only 6% of our total debt matures through 2028. • 11.6-year weighted-average remaining debt term, the longest among S&P 500 REITs. • Total debt and preferred stock, as adjusted, to gross assets of 30%. • Intermediate-term goal for leverage: mid-5x range. Solid 3Q26 total leasing volume exceeding 1.2 million RSF; highest total quarterly volume since 4Q24 • 3Q26 total leasing volume surpassed 1.2 million RSF, exceeding the 1Q25–2Q26 quarterly average of 979,822 RSF by approximately 256,000 RSF, and representing the highest quarterly volume since 4Q24. • Includes 450,961 RSF of leasing of previously vacant space, the second-highest quarterly amount in company history. • 74% of our leasing activity during the last twelve months was generated from our existing tenant base. Leasing Volume in RSF: 3Q26 2Q26 1Q26 YTD 3Q26 Leasing of previously vacant space 450,961 329,148 148,734 928,843 Leasing of development and redevelopment space — 68,771 117,935 186,706 450,961 397,919 266,669 1,115,549 Lease renewals and re-leasing of space 785,069 640,998 380,687 1,806,754 Total leasing volume 1,236,030 1,038,917 647,356 2,922,303 Lease renewals and re-leasing of space: Rental rate changes (2.4)% (0.7)% (15.0) % (5.1)% Rental rate changes (cash basis) (3.3)% (4.3)% (15.8) % (6.9)% Ongoing execution of Alexandria’s capital recycling strategy We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through dispositions of land, non-core dispositions, and sales of partial interests. In October 2026, we completed the sale of an approximately 29% noncontrolling interest in Campus Point by Alexandria Megacampus for $475.0 million to a new joint venture partner. Sources of capital: transactions Sales Price (dollars in millions) Non-core and land dispositions $ 242 Sales of partial interests 475 Completed as of October 26, 2026 717 Pending transactions subject to: Non-refundable deposits 355 Signed letters of intent and/or purchase and sale agreement late-stage negotiations 1,548 2,620 Proceeds from dispositions and sales of partial interests in excess of 2026 guidance midpoint which may be deferred into 2027 (720) 2026 guidance midpoint for dispositions and sales of partial interests $ 1,900 Refer to “Definitions and reconciliations” in the Supplemental Information. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 1
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Occupancy of operating properties and leasing progress Occupancy of operating properties as of June 30, 2026 86.9% Key changes to occupancy of operating properties: Reclassification of 339,020 RSF at 311 Arsenal Street from redevelopment to operating in 3Q26, including 167,543 RSF of executed leases and leases under negotiation for space not yet delivered (0.9) (1) Reclassification of held-for-sale properties with vacancy 0.6 Net increase in occupancy primarily due to lease commencements during 3Q26 0.5 Occupancy of operating properties as of September 30, 2026 87.1 Vacant operating space with executed leases and future occupancy 3.7 (2) Occupancy of operating properties as of September 30, 2026, including executed leases with future occupancy 90.8% (1) Refer to “Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs” in this Earnings Press Release for additional details. (2) Represents executed leases aggregating 1.3 million RSF within our operating portfolio, with occupancy expected upon completion of building and/or tenant improveme nts. The weighted-average expected occupancy date is approximately June 2027 , with expected annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026. The RSF presented excludes 686 thousand RSF of pre-leased space related to development and redevelopment projects under construction with future delivery. Refer to “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. KEY OPERATING METRICS Operating metrics 3Q26 YTD 3Q26 Same property performance: Net operating income changes (6.7) %(1) (9.2) %(1) Net operating income changes (cash basis) (2.8) %(1) (8.4) %(1) Occupancy – current-period average 88.1 % 88.6 % Occupancy – same-period prior-year average 91.7 % 92.8 % Refer to “ Same property comparisons ” and “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP. (1) The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26, respectively, with weighted-average lease expiration dates of August 2026 and April 2026, respectively. Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs • We entered into a purchase and sale agreement with an institutional user for the sale of 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus, aggregating 339,668 RSF, which represents substantially all of our development project at this location . The disposition is expected to generate significant sales proceeds and to reduce future potential construction spend by approximately $136 million, with closing anticipated in 4Q26. Resolution of certain construction projects under evaluation and reduction of capital spend and funding needs (continued) • We have executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Stree t on The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately $220 million . As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26. • We continue to evaluate the business and financial strategy for three remaining projects aggregating 667,002 RSF, including options that could further reduce future construction funding requirements. • Non-income-producing assets for 3Q26 are 12% of gross assets, a reduction of 800 bps since 4Q24. Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $40 million during 3Q26, with an additional $85 million expected from projects to be delivered by 4Q28 • During 3Q26, we placed into service 529,061 RSF of development and redevelopment projects across multiple submarkets. The projects were 84% occupied at delivery and generated incremental annual net operating income aggregating $40 million . 3Q26 key deliveries included: • 198,992 RSF to Novo Nordisk for its R&D Center at 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. • 174,662 RSF at 99 Coolidge Avenue located on a Megacampus in Watertown. • Annual net operating income (cash basis) from recently delivered projects is expected to increase by $67 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately four months. • 80% 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 Occupied/ Leased/ Negotiating Percentage (dollars in millions) Placed into service: 1H26 $ 58 532,219 91% 3Q26 40 529,061 84 Placed into service in YTD 3Q26 $ 98 (1) 1,061,280 87% Expected to be placed into service:(2) 2027 $ 24 905,582 77%2028 61 $ 85 (1) Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery. (2) Excludes 667,002 RSF of redevelopment projects currently under evaluation. Third Quarter Ended September 30, 2026 Financial and Operating Results (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 2
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Continued successful management of general and administrative expenses • For the trailing twelve months ended September 30, 2026 , our general and administrative expenses represented 7.5% of net operating income, nearly half the average of other S&P 500 REITs for 2023–2025. • Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings for the two-year period 2025 and 2026 (based on the midpoint of our 2026 guidance range). Some of the cost savings in 2025 were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026 (based on the midpoint of our 2026 guidance range). Key capital events • In August 2026, we completed a public offering of $1.00 billion aggregate principal amount of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057. The notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032 . Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject to a minimum interest rate of 7.250%. We may elect to defer interest payments for up to five consecutive years, subject to the terms of the notes, including certain restrictions on paying dividends and repurchasing equity. We may also redeem at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032 , and thereafter on any interest payment date . This issuance supports our liquidity, capital structure, and deleveraging objectives while receiving 50% equity treatment from key rating agencies for purposes of the computations of leverage, fixed charges, and other credit metrics. • In September 2026, we closed our amended and restated $5.0 billion unsecured senior line of credit which, among other changes, extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. The amendment also reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. In connection with the amendment, we recognized a loss on early extinguishment of debt of approximately $3.3 million related to the partial write-off of unamortized loan fees. • Under our common stock repurchase program authorized in December 2025, we may repurchase up to $500.0 million of our common stock through December 31, 2026 . As of September 30, 2026 , no shares have been repurchased under this program and $500.0 million remains available for future share repurchases. 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 3Q26, consistent with the preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, supporting liquidity, and sharing cash flows with our stockholders. • Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating $2.55 billion for the years ended December 31, 2022 through 2025 and the midpoint of our 2026 guidance range. • Dividend yield of 6.1% as of September 30, 2026 and dividend payout ratio of 47% for the three months ended September 30, 2026. Investments • As of September 30, 2026: • Our non-real estate investments aggregated $1.74 billion. • Unrealized gains presented in our consolidated balance sheet were $243.9 million , comprising gross unrealized gains and losses aggregating $322.4 million and $78.5 million, respectively. • Investment income of $24.0 million for 3Q26, presented in our consolidated statement of operations, consisted of $16.0 million of realized gains, $21.6 million of unrealized gains, and $13.6 million of impairment charges. Third Quarter Ended September 30, 2026 Financial and Operating Results (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 3
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Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of “forward-looking statements” on page 9 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 As of 10/26/26 As of 8/3/26 Key Changes Funds from operations per share, as adjusted(1) $6.38 to $6.42 $6.35 to $6.45 No change to the midpoint, range narrowed by 6 centsMidpoint $6.40 $6.40 Key Credit Metrics Targets As of 10/26/26 As of 8/3/26 Key Changes Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized 5.6x to 6.2x 5.6x to 6.2x No Change Fixed-charge coverage ratio – 4Q26 annualized 3.4x to 3.9x 3.6x to 4.1x 0.2x reduction(2) As of 10/26/26 As of 8/3/26 MidpointKey Sources and Uses of Capital Range Midpoint Certain Completed Items Sources of capital: Net cash provided by operating activities, as adjusted $ 475 $ 575 $ 525 $ 525 Dispositions and sales of partial interests 1,100 2,700 1,900 (3) 2,900 Total sources of capital $ 1,575 $ 3,275 $ 2,425 $ 3,425 Uses of capital: Construction(4) $ 1,500 $ 2,000 $ 1,750 $ 1,750 Reduction in unsecured debt 75 1,275 675 See below 1,675 Total uses of capital $ 1,575 $ 3,275 $ 2,425 $ 3,425 Reduction in unsecured debt (included above): Repayment of unsecured senior notes payable with 2026 maturities $ 650 $ 650 $ 650 $ 650 $ 650 Tender offers for partial principal repayments of unsecured senior notes payable 952 952 952 $ 952 952 Issuance of unsecured senior notes payable (750) (750) (750) $ (750) (750) Issuance of junior subordinated notes payable(3) (1,000) (1,000) (1,000) $ (1,000) — Unsecured senior line of credit, commercial paper, and other 223 1,423 823 823 Reduction in unsecured debt $ 75 $ 1,275 $ 675 $ 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 Real Estate Equities, Inc.’s common stockholders ” under “Definitions and reconciliations” in the Supplemental Information for additional details. (2) Reduction primarily reflects the $1.00 billion issuance of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, as further discussed in footnote 3 below. (3) In August 2026, we issued $1.00 billion of 7.250% Series A fixed-to-fixed reset rate junior subordinated notes due 2057, allowing us to reduce the midpoint of our 2026 dispositions and sales of partial interests guidance by $1.0 billion. The proceeds from this issuance support our capital structure and deleveraging objectives, and the notes receive 50% equity treatment from key rating agencies for the computation of key credit metrics. Refer to the Earnings Press Release in the Supplemental Information for additional details. We do not anticipate the issuance of any common equity during 2026. As of October 26, 2026, completed dispositions and sales of partial interests aggregated $716.8 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits aggregated $355.4 million and signed letters of intent and/or purchase and sale agreement late-stage negotiations aggregated $1.55 billion. These transactions aggregate approximately $2.62 billion, exceeding the $1.90 billion midpoint of our 2026 guidance and potentially providing advanced funding of our 2027 capital needs, whereby certain dispositions and sales of partial interests may be completed in 2026 with proceeds deferred or available to be drawn in 2027, subject to timing and market conditions. (4) We continue to apply a disciplined approach to reduce construction spending for 2027 and seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on: (i) revenue- and non- revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is already leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating. 2026 Guidance September 30, 2026 (Dollars in millions, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 4
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As of 10/26/26 As of 8/3/26 Key Changes to MidpointKey Assumptions Low High Low High Occupancy of operating properties as of December 31, 2026 86.2% 87.8% 86.2% 87.8% No Change Same property performance: Net operating income changes (10.5)% (8.5)% (10.5)% (8.5)% Net operating income changes (cash basis) (10.5)% (8.5)% (10.5)% (8.5)% Lease renewals and re-leasing of space: Rental rate changes (9.0)% (1.0)% (9.0)% (1.0)% Rental rate changes (cash basis) (15.0)% (7.0)% (15.0)% (7.0)% Straight-line rent revenue $ 40 $ 70 $ 45 $ 75 $5 million reduction(1) General and administrative expenses $ 134 $ 154 $ 134 $ 154 No ChangeCapitalization of interest $ 220 $ 260 $ 220 $ 260 Interest expense $ 260 $ 300 $ 260 $ 300 No Change(2) Realized gains on non-real estate investments(3) $ 50 $ 80 $ 60 $ 90 $10 million reduction(3) (1) Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance assumes a $30 million to $35 million reduction in funds from operations related to potential tenant wind-downs, of which approximately $30 million was recognized YTD through 3Q26, including approximately $16 million recognized in 3Q26. (2) We expect 2026 interest expense to be near the high-end of the range, reflecting, in part, interest expense associated with the $1.0 billion issuance of junior subordinated notes in August 2026. (3) Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. The midpoint of our revised guidance range for 2026 realized gains on non-real estate investments was reduced by $10 million, primarily due to certain transactions previously expected to close in 2026 that are now expected to close in 2027 . Refer to “Investments” in the Supplemental Information for additional details. 2026 Guidance (continued) September 30, 2026 (Dollars in millions) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 5
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Summary of key items that may impact 2026 and 2027 results 1) Potential tenant wind-downs • Our 2026 guidance includes a $30 million to $35 million reduction in funds from operations for potential tenant wind-downs, of which approximately $30 million was recognized during the nine months ended September 30, 2026, including approximately $16 million recognized in 3Q26. • Based upon current market conditions, we preliminarily estimate at least a similar level of reduction in funds from operations may be necessary in 2027. • Depending on the timing and magnitude of the specific tenant wind-downs, we anticipate that 2027 occupancy may also be negatively impacted. 2) Development-related other income • During the nine months ended September 30, 2026 , we recognized development fees and other related revenues of approximately $8.0 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete the respective projects. 3) Development and redevelopment projects under business and financial strategy evaluation • We have three redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. • If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. • If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), we expect these projects would have lower rental rates and stabilized yields compared to our initial underwriting. The incremental capital required for alternative-use construction and corresponding rental rates earned are generally lower than those associated with laboratory improvements. • As of 3Q26, we have executed leases for 66,859 RSF and have additional leases under negotiation for 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in The Arsenal on the Charles Megacampus. This activity enables us to pivot the redevelopment project to a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed this project, aggregating 339,020 RSF, into operation during 3Q26 and included it in our operating occupancy as of September 30, 2026. Refer to the Earnings Press Release and “Leasing Activity” in the Supplemental Information for additional details. • In addition, we entered into a purchase and sale agreement with an institutional user for the sale of our development project at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus aggregating 339,668 RSF. The disposition is expected to close in 4Q26, resulting in significant sales proceeds and reducing future construction spending by approximately $136 million. 4) Capitalization of interest • Our average real estate basis capitalized during 3Q26 was $5.87 billion. As of September 30, 2026, our real estate basis that continued to qualify for capitalization declined to $4.46 billion, primarily driven by the cessation of capitalization on our projects at 421 Park Drive on the Alexandria Center ® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center ® for Life Science – Waltham Megacampus in September 2026. During 4Q26, we expect the average real estate basis capitalized to range from $3.4 billion to $4.9 billion. Refer to “Capitalization of interest” in the Supplemental Information for additional detail. • At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider potential dispositions or sales of partial interests of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. During 3Q26, annualized capitalized operating expenses represented approximately 2% of the total average real estate basis subject to capitalization. 5) 2027 Key lease expirations • We estimate that 1.4 million RSF of leases expiring in 2027, with approximately $100.5 million of annual rental revenue, will have downtime after lease expiration. These 2027 expirations have a weighted-average contractual lease expiration date in March 2027 and an expected weighted-average downtime ranging from 9 to 24 months . Refer to “Contractual lease expirations” in the Supplemental Information for additional details. We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice. 2026 Guidance (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 6 2027 Key Lease Expirations RSF Annual Rental Revenue Weighted-Average Expiration Date Weighted-Average Downtime 1,377,960 $100.5 million March 2027 9 to 24 months
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Summary of key items that may impact 2027 and 2028 results The following key considerations for 2027 and 2028 reflect our preliminary expectations based on current market conditions. These expectations could change materially and are subject to a variety of factors, including industry, governmental, geopolitical, and macroeconomic conditions, including changes in interest rates, as well as other factors described in our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. 1) Operating occupancy • For the year ending December 31, 2027, we expect average operating occupancy to temporarily decline relative to our projected operating occupancy as of December 31, 2026, primarily due to expected downtime associated with the 1.4 million RSF of 2027 key lease expirations disclosed in “Contractual lease expirations” in the Supplemental Information, as well as the potential for tenant wind-downs. • For the year ending December 31, 2028, we expect average operating occupancy to improve relative to our projected average operating occupancy for the year ending December 31, 2027, driven by the lease-up of temporary vacancy partially offset by approximately 718 thousand RSF of 2028 key lease expirations with expected downtime as disclosed in “Contractual lease expirations” in the Supplemental Information. 2) Same property performance • For the year ending December 31, 2027, we expect same property net operating income performance to improve compared with the midpoint of our guidance range for 2026 but remain negative, primarily due to the expected temporary year-over-year decline in average operating occupancy, including the impact of expected downtime associated with 1.4 million RSF of 2027 key lease expirations. • For the year ending December 31, 2028, we expect same property net operating income performance to improve compared with 2027, primarily driven by operating occupancy growth and the lease-up of vacant space, subject to leasing and market conditions. 3) Construction spending • For 2027, we continue to apply a disciplined approach to reduce construction spending and we seek to prioritize leased projects with high incremental returns. We expect 2027 construction spending to primarily focus on (i) revenue- and non-revenue-enhancing capital expenditures, which are expected to represent the majority of spend, approximately half of which is associated with space that is leased or under lease negotiations, in order to support the leasing of vacant space and renewals and re-leasing of space at our operating properties and (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 77% leased/negotiating as of October 26, 2026. • For 2028, we expect a further decline in construction spending relative to 2027, primarily driven by lower development and redevelopment spending. Construction spending on revenue- and non-revenue- enhancing capital expenditures related to our operating portfolio is expected to continue to support the lease-up of temporary vacancy, subject to leasing and market conditions. 4) Transactional and other capital sources • For 2027, capital will be required to fund construction spending as we continue to prudently manage our key credit metrics, including net debt and preferred stock to Adjusted EBITDA ratio. In general, we expect to rely on asset recycling transactions, and other sources of cost-effective capital to support the achievement of our 2027 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA. • For 2028, if we have growth in Adjusted EBITDA, we may use incremental long-term debt to fund a portion of our capital needs on a leverage neutral basis. In addition, we may use asset recycling and other sources of cost-effective capital to support the achievement of our 2028 key credit metric ratio targets, including net debt and preferred stock to Adjusted EBITDA. 2026 Guidance (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 7
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Date of Transaction Interest Sold Square Footage Price (Our Share)Property Submarket/Market Operating Future Development Completed in 1H26 $ 7,350 Non-core and land dispositions completed in 3Q26: 3825 and 3875 Fabian Way(1) Palo Alto/San Francisco Bay Area 7/14/26 100% 228,000 250,000 163,000 One Hampshire Street(2) Cambridge/Greater Boston 8/21/26 100% 104,956 — 44,900 3911, 3931, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard(3) Sorrento Valley/San Diego 9/23/26 100% 95,814 144,000 26,500 Dispositions completed in 3Q26 234,400 (4) Total dispositions completed in YTD 3Q26 241,750 Completed in October 2026: Sales of partial interests: Campus Point by Alexandria(5) University Town Center/San Diego 10/23/26 (5) 1,586,697 366,816 475,000 Total completed 2026 dispositions and sales of partial interests as of October 26, 2026 716,750 Our share of pending dispositions and sales of partial interests subject to: Non-refundable deposits 355,400 Signed letters of intent and/or purchase and sale agreement late-stage negotiations 1,547,850 2,620,000 Proceeds from dispositions and sales of partial interests in excess of 2026 guidance midpoint which may be deferred into 2027(6) (720,000) 2026 guidance midpoint for dispositions and sales of partial interests $ 1,900,000 2026 guidance range for dispositions and sales of partial interests $1,100,000 – $2,700,000 Weighted-average projected completion date of 2026 dispositions and sales of partial interests November 2026 (7) (1) Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one fully leased operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the intent to develop them for life science use. However, due to the project’s macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer. (2) Represents one vacant office property that was originally acquired with the intent to redevelop for life science use and expand our Megacampus ecosystem. The asset was sold due to the macroeconomic outlook for the project and the significant capital required to redevelop and lease the property. (3) Represents five operating properties, primarily comprising non-laboratory space, and one land parcel. As of 2Q26, these operating properties were 30% occupied with a weighted-average lease term of 2.4 years, and were sold due to the significant capital that would have been required to convert these properties through redevelopment for laboratory use and their misalignment with our Megacampus strategy. (4) Our share of dispositions completed during the three months ended September 30, 2026 had annual net operating income of $4.4 million (based on 2Q26 annualized results) with a weighted-average disposition date of July 29, 2026. (5) In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the Campus Point by Alexandria Megacampus for $475.0 million . We expect our new partner’s initial share of the annual distributions to approximate 5.5% of its $475.0 million capital contribution. Upon completion of the sale, our ownership interest decreased from 59% as of September 30, 2026 to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20% and 30%, respectively, and increase our ownership interest to over 50%. We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we accounted for the $44.2 million difference between the consideration received and the book value of our interest sold as an increase to additional paid-in capital, with no gain recognized in earnings. (6) Refer to “Key Sources and Uses of Capital” under “2026 Guidance” in the Earnings Press Release for additional details. (7) Including the impact of the $1.0 billion junior subordinated notes issued during 3Q26, the weighted-average projected completion date of these sources of capital is expected to be October 2026. Dispositions and Sales of Partial Interests September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 8
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We will host a conference call on Tuesday, October 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 third quarter ended September 30, 2026. 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, October 27, 2026, through 4:00 p.m. ET on Tuesday, November 3, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 6457127. Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2026 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2026q3.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 and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026, Alexandria has a total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 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 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, our failure to complete planned dispositions and sales of partial interests on anticipated terms or timing, 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 September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 9
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Three Months Ended Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Revenues: Income from rentals $ 653,618 $ 643,210 $ 653,013 $ 728,872 $ 735,849 $ 1,949,841 $ 2,216,303 Other income 17,564 19,574 18,009 25,542 16,095 55,147 55,839 Total revenues 671,182 662,784 671,022 754,414 751,944 2,004,988 2,272,142 Expenses: Rental operations 227,931 207,336 224,142 232,543 239,234 659,409 690,062 General and administrative 40,915 36,861 34,685 28,020 29,224 112,461 89,027 Interest 79,687 64,342 64,584 65,674 54,852 208,613 161,024 Depreciation and amortization 304,419 304,384 305,441 322,063 340,230 914,244 1,028,415 Impairment of real estate 637,904 (1) 222,470 5,499 1,717,188 323,870 865,873 485,630 Total expenses 1,290,856 835,393 634,351 2,365,488 987,410 2,760,600 2,454,158 Equity in earnings (losses) of unconsolidated real estate joint ventures 75 413 (147) (304) 201 341 (9,327) Investment income (losses) 23,990 133,227 (4,582) (3,890) 28,161 152,635 (52,453) (Loss) gain on early extinguishment of debt (3,323) — 366,435 — (107) 363,112 (107) Gain on sales of real estate — — — 619,914 9,366 — 22,531 Net (loss) income (598,932) (38,969) 398,377 (995,354) (197,845) (239,524) (221,372) Net income attributable to noncontrolling interests (38,754) (33,814) (36,724) (85,521) (34,909) (109,292) (127,323) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders (637,686) (72,783) 361,653 (1,080,875) (232,754) (348,816) (348,695) Net income attributable to unvested restricted stock awards (766) (908) (2,779) (965) (2,183) (2,603) (7,452) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders $ (638,452) $ (73,691) $ 358,874 $ (1,081,840) $ (234,937) $ (351,419) $ (356,147) Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: Basic $ (3.74) $ (0.43) $ 2.10 $ (6.35) $ (1.38) $ (2.06) $ (2.09) Diluted $ (3.74) $ (0.43) $ 2.10 $ (6.35) $ (1.38) $ (2.06) $ (2.09) Weighted-average shares of common stock outstanding: Basic 170,751 170,718 170,598 170,394 170,181 170,689 170,278 Diluted 170,751 170,718 170,867 170,394 170,181 170,689 170,278 Dividends declared per share of common stock $ 0.72 $ 0.72 $ 0.72 $ 0.72 $ 1.32 $ 2.16 $ 3.96 (1) Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details regarding impairment of real estate. Consolidated Statements of Operations September 30, 2026 (Dollars in thousands, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 10
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9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Assets Investments in real estate $ 28,426,999 $ 29,125,895 $ 28,830,116 $ 28,689,996 $ 31,743,917 Investments in unconsolidated real estate joint ventures 28,580 28,910 30,520 30,677 39,601 Cash and cash equivalents 508,855 470,449 418,720 549,062 579,474 Restricted cash 4,908 4,690 4,665 4,693 4,705 Tenant receivables 6,168 7,661 7,362 6,672 6,409 Deferred rent 1,210,911 1,209,722 1,200,047 1,179,403 1,257,378 Deferred leasing costs 452,164 453,761 456,405 458,311 505,241 Investments 1,735,673 1,685,695 1,536,419 1,501,249 1,537,638 Other assets 1,677,464 1,645,443 1,683,143 1,661,772 1,700,785 Total assets $ 34,051,722 $ 34,632,226 $ 34,167,397 $ 34,081,835 $ 37,375,148 Liabilities, Noncontrolling Interests, and Equity Unsecured senior notes payable $ 10,820,687 $ 10,818,366 $ 11,166,009 $ 12,047,394 $ 12,044,999 Junior subordinated notes payable 985,143 — — — — Unsecured senior line of credit and commercial paper 1,091,166 1,994,508 1,353,986 353,161 1,548,542 Accounts payable, accrued expenses, and other liabilities 2,604,418 2,513,526 2,154,782 2,397,073 2,432,726 Dividends payable 131,999 130,468 128,880 127,771 230,603 Total liabilities 15,633,413 15,456,868 14,803,657 14,925,399 16,256,870 Commitments and contingencies Redeemable noncontrolling interests 9,119 9,119 9,234 58,788 58,662 Alexandria Real Estate Equities, Inc.’s stockholders’ equity: Common stock 1,708 1,707 1,707 1,705 1,703 Additional paid-in capital 14,839,182 15,585,296 15,763,321 15,497,760 16,669,802 Accumulated other comprehensive loss (33,691) (33,027) (30,936) (29,395) (32,203) Alexandria Real Estate Equities, Inc.’s stockholders’ equity 14,807,199 15,553,976 15,734,092 15,470,070 16,639,302 Noncontrolling interests 3,601,991 3,612,263 3,620,414 3,627,578 4,420,314 Total equity 18,409,190 19,166,239 19,354,506 19,097,648 21,059,616 Total liabilities, noncontrolling interests, and equity $ 34,051,722 $ 34,632,226 $ 34,167,397 $ 34,081,835 $ 37,375,148 Consolidated Balance Sheets September 30, 2026 (In thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 11
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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 Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted $ (638,452) $ (73,691) $ 358,874 $ (1,081,840) $ (234,937) $ (351,419) $ (356,147) Depreciation and amortization of real estate assets 302,240 302,238 303,296 319,865 338,182 907,774 1,021,292 Noncontrolling share of depreciation and amortization from consolidated real estate JVs (32,458) (31,518) (29,473) (39,942) (45,327) (93,449) (114,785) Our share of depreciation and amortization from unconsolidated real estate JVs 858 805 914 855 852 2,577 2,848 Gain on sales of real estate — — — (307,132) (9,824) — (22,989) Impairment of real estate – rental properties and land 637,904 (1) 222,470 5,499 1,439,303 323,870 865,873 454,960 Allocation to unvested restricted stock awards (1,042) (2,201) (2,181) (1,903) (1,648) (7,141) (3,590) Funds from operations attributable to Alexandria’s common stockholders – diluted(2) 269,050 418,103 636,929 329,206 371,168 1,324,215 981,589 Unrealized (gains) losses on non-real estate investments (21,563) (131,933) 10,332 (98,548) (18,515) (143,164) 71,568 Significant realized losses on non-real estate investments — — — 103,329 — — — Impairment of non-real estate investments 13,580 (3) 8,998 12,448 20,181 25,139 35,026 75,535 Impairment of real estate — — — 12,619 — — 39,343 Loss (gain) on early extinguishment of debt 3,323 — (366,435) — 107 (363,112) 107 Acceleration of stock compensation expense due to executive officer resignation — — — 2,455 — — — (Decrease) increase in provision for expected credit losses on financial instruments — — — (341) — — 285 Allocation to unvested restricted stock awards 33 909 2,674 (363) (74) 3,496 (2,156) Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted $ 264,423 $ 296,077 $ 295,948 $ 368,538 $ 377,825 $ 856,461 $ 1,166,271 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Primarily reflects impairment charges to reduce the carrying amounts of real estate assets classified as held for sale as of 3Q26 to their respective estimated fair values less costs to sell, including (i) $343.3 million related to a development project in our Fenway submarket that is expected to be sold to an institutional user which would have required significant capital to complete and lease, (ii) $135.3 million related to four non-Megacampus vacant office properties in our Palo Alto submarket that would have required significant capital investment to convert to laboratory use, (iii) $79.2 million related to six non-Megacampus operating properties in our San Carlos submarket that would have required significant capital investment to convert to laboratory use, (iv) $50.4 million related to a land parcel located outside of a Megacampus aggregating 344,000 SF in our Austin submarket, and (v) $41.6 million related to one future development project in our Palo Alto submarket that, due to the project’s financial outlook, would have required significant capital to complete the development and lease the properties. (2) Calculated in accordance with standards established by the Nareit Board of Governors. (3) Primarily relates to one non-real estate investment in a privately held entity that does not report NAV. Funds From Operations and Funds From Operations per Share September 30, 2026 (In thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 12
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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 Nine Months Ended 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Net (loss) income per share attributable to Alexandria’s common stockholders – diluted $ (3.74) $ (0.43) $ 2.10 $ (6.35) $ (1.38) $ (2.06) $ (2.09) Depreciation and amortization of real estate assets 1.58 1.59 1.61 1.65 1.73 4.77 5.34 Gain on sales of real estate — — — (1.80) (0.06) — (0.14) Impairment of real estate – rental properties and land 3.74 1.30 0.03 8.45 1.90 5.07 2.67 Allocation to unvested restricted stock awards (0.01) (0.02) (0.01) (0.02) (0.01) (0.04) (0.02) Funds from operations per share attributable to Alexandria’s common stockholders – diluted 1.57 2.44 3.73 1.93 2.18 7.74 5.76 Unrealized (gains) losses on non-real estate investments (0.13) (0.77) 0.06 (0.58) (0.11) (0.84) 0.42 Significant realized losses on non-real estate investments — — — 0.61 — — — Impairment of non-real estate investments 0.08 0.05 0.07 0.12 0.15 0.20 0.45 Impairment of real estate — — — 0.07 — — 0.23 Loss (gain) on early extinguishment of debt 0.02 — (2.14) — — (2.12) — Acceleration of stock compensation expense due to executive officer resignation — — — 0.01 — — — Allocation to unvested restricted stock awards — 0.01 0.01 — — 0.02 (0.01) Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted $ 1.54 $ 1.73 $ 1.73 $ 2.16 $ 2.22 $ 5.00 $ 6.85 Weighted-average shares of common stock outstanding – diluted Earnings per share – diluted 170,751 170,718 170,867 170,394 170,181 170,689 170,278 Funds from operations – diluted, per share 171,418 171,210 170,867 170,504 170,305 171,169 170,351 Funds from operations – diluted, as adjusted, per share 171,418 171,210 170,867 170,504 170,305 171,169 170,351 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. Funds From Operations and Funds From Operations per Share (continued) September 30, 2026 (In thousands, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 13
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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 and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of September 30, 2026 , Alexandria has a total market capitalization of $21.01 billion and an asset base that includes 36.5 million RSF of operating properties and 1.9 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 57% of our annual rental revenue 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 70 individuals averaging 23 years of real estate experience, including 13 years with Alexandria. Our executive management team alone averages 16 years with Alexandria. EXECUTIVE MANAGEMENT TEAM Joel S. Marcus Peter M. Moglia Executive Chairman & Founder Chief Executive Officer & Chief Investment Officer Marc E. Binda Hunter L. Kass Chief Financial Officer & Treasurer Co-President & Regional Market Director – Greater Boston Hart Cole Joseph Hakman Co-President & Co-Regional Market Director – Seattle Co-Chief Operating Officer & Chief Strategic Transactions Officer Lawrence J. Diamond Blake L. Stevens Co-Chief Operating Officer & Co-Regional Market Director – Maryland EVP – Regional Market Director – Research Triangle Bret E. Gossett Jesse J. Nelson EVP – Co-Regional Market Director & Head of Leasing – San Diego EVP – Regional Market Director – San Francisco Bay Area Joshua J. Mitchell Michael E. Boss EVP – Regional Market Director – New York EVP – Co-Regional Market Director – San Diego Hallie E. Kuhn Jenna R. Foger EVP – Capital Markets & Co-Lead – Life Science EVP – Co-Lead – Life Science Jackie B. Clem Andres R. Gavinet General Counsel & Secretary Chief Accounting Officer Onn C. Lee Kristina A. Fukuzaki-Carlson EVP – Accounting EVP – Business Operations Madeleine T. Alsbrook Gregory C. Thomas EVP – Talent Management EVP – Chief Technology Officer Gary D. Dean EVP – Real Estate Legal Affairs Company Profile September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 15
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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 Citigroup Global Markets Inc. Green Street RBC Capital Markets John Kim / Juan Sanabria Nicholas Joseph / Seth Bergey Dylan Burzinski / Natacha Jouonang Michael Carroll / Henry Newell (212) 885-4115 / (312) 845-4074 (212) 816-1909 / (212) 816-2066 (949) 640-8780 / (949) 640-8780 (440) 715-2649 / (440) 715-2651 BNP Paribas Exane Citizens J.P. Morgan Securities LLC Robert W. Baird & Co. Incorporated Nate Crossett / Monir Koummal Aaron Hecht Anthony Paolone / Daniella De Armas Rosales Wesley Golladay / Nicholas Thillman (646) 342-1588 / (646) 342-1554 (415) 835-3963 (212) 622-6682 / (212) 622-0050 (216) 737-7510 / (414) 298-5053 BofA Securities Deutsche Bank AG Jefferies Farrell Granath / Andrew Reale Tayo Okusanya Joe Dickstein / Andrew Hernandez (646) 855-1351 / (646) 855-1272 (212) 250-9284 (212) 778-8771 / (212) 284-1742 BTIG, LLC Evercore ISI Mizuho Securities USA LLC Tom Catherwood / Michael Tompkins Steve Sakwa / James Kammert Vikram Malhotra / Jyoti Yadav (212) 738-6140 / (212) 527-3566 (212) 446-9462 / (312) 705-4233 (212) 282-3827 / (212) 471-2683 Cantor Fitzgerald Goldman Sachs Morgan Stanley & Co. LLC Richard Anderson / Jeffrey Carr Julien Blouin / Ryan Treais Ronald Kamdem / Derrick Metzler (929) 441-6927 / (929) 709-0434 (415) 393-7638 / (415) 249-7061 (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 / Benjamin Stueck (212) 553-0376 Michael Souers (212) 526-3521 / (212) 526-2970 (212) 834-5086 / (212) 270-6757 (212) 438-2508 CreditSights Mizuho Securities USA LLC Nicholas Moglia Thierry Perrein (212) 340-3886 (212) 205-7665 Investor Information September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 16
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Operating Results & Margins Rental revenues $ 481,348 $ 486,589 (1) $ 474,786 $ 538,330 $ 541,070 Tenant recoveries $ 172,270 $ 156,621 $ 178,227 $ 190,542 $ 194,779 General and administrative expenses $ 40,915 $ 36,861 $ 34,685 $ 28,020 $ 29,224 General and administrative expenses as a percentage of net operating income – trailing 12 months 7.5% 6.6% 6.0% 5.6% 5.7% Operating margin 66% 69% 67% 69% 68% Adjusted EBITDA margin 65% 67% 66% 70% 71% Adjusted EBITDA – quarter annualized $ 1,731,920 $ 1,765,132 $ 1,778,012 $ 2,097,444 $ 2,130,008 Adjusted EBITDA – trailing 12 months $ 1,843,127 $ 1,942,649 $ 2,044,906 $ 2,141,811 $ 2,185,820 Leverage & Credit Metrics (at end of period, unless stated otherwise) Net debt $ 11,963,187 (3) $ 12,404,801 $ 12,165,681 $ 11,921,114 $ 13,085,745 Net debt and preferred stock to Adjusted EBITDA – quarter annualized 6.9x (2) 7.0x 6.8x 5.7x 6.1x Net debt and preferred stock to Adjusted EBITDA – trailing 12 months 6.5x 6.4x 5.9x 5.6x 6.0x Total debt and preferred stock, as adjusted $ 12,396,996 (3) $ 12,812,874 $ 12,519,995 $ 12,400,555 $ 13,593,541 Gross assets $ 40,931,103 $ 41,280,369 $ 40,561,055 $ 40,209,360 $ 43,791,893 Total debt and preferred stock, as adjusted, to gross assets 30% (3) 31% 31% 31% 31% Fixed-charge coverage ratio – quarter annualized 3.2x 3.3x 3.4x 3.7x 3.9x Fixed-charge coverage ratio – trailing 12 months 3.4x 3.6x 3.8x 4.0x 4.1x Unencumbered net operating income as a percentage of total net operating income 100.0% 100.0% 100.0% 100.0% 100.0% Equity Capitalization & Dividend Information (at end of period, unless stated otherwise) Closing stock price $ 47.46 $ 52.85 $ 46.42 $ 48.94 $ 83.34 Common shares outstanding (in thousands) 170,849 170,729 170,712 170,538 170,339 Total equity capitalization $ 8,108,475 $ 9,023,023 $ 7,924,465 $ 8,346,123 $ 14,196,059 Total market capitalization $ 21,005,471 $ 21,835,897 $ 20,444,460 $ 20,746,678 $ 27,789,600 Dividend per share – quarter/annualized $0.72/$2.88 $0.72/$2.88 $0.72/$2.88 $0.72/$2.88 $1.32/$5.28 Dividend payout ratio for the quarter 47% 42% 42% 33% 60% Dividend yield – annualized 6.1% 5.4% 6.2% 5.9% 6.3% Operating Leases Operating lease liabilities at end of period $ 354,028 $ 354,905 $ 358,610 $ 360,543 $ 361,986 Rent expense $ 6,979 $ 6,917 $ 7,658 $ 8,566 $ 10,645 Capitalized Interest Capitalized interest $ 62,922 $ 73,717 $ 69,973 $ 81,845 $ 86,091 Average real estate basis capitalized during the period $ 5,866,853 $ 7,026,243 $ 6,860,098 $ 8,046,984 $ 8,407,332 Weighted-average interest rate for capitalization of interest during the period 4.29% 4.20% 4.08% 4.07% 4.10% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, for which we recognized a $5.3 million write-off of deferred rent receivable in connection with a lease termination and the receipt of a $10.5 million payment from the tenant; the space has since been re-leased, with delivery expected in 1Q27 upon completion of tenant improvements. (2) On a pro forma basis, leverage was 6.6x, reflecting the October 23, 2026 sale of a partial interest in the Campus Point by Alexandria joint venture. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details. (3) Excludes 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable. Three Months Ended (unless stated otherwise) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Financial and Asset Base Highlights September 30, 2026 (Dollars in thousands, except per share amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 17
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Components of Funds From Operations and Non-Revenue-Enhancing Capital Expenditures Straight-line rent revenue $ 2,466 (1) $ 901 $ 17,862 $ 14,096 $ 18,821 Amortization of acquired below-market leases $ 8,233 $ 8,381 $ 5,615 $ 5,889 $ 6,456 Amortization of deferred revenue related to tenant-funded and -built landlord improvements $ 11,992 $ 7,484 $ 5,405 $ 5,264 $ 5,455 Straight-line rent expense on ground leases $ 123 $ 141 $ 155 $ 116 $ 114 Stock compensation expense $ 11,953 $ 10,146 $ 11,032 $ 8,232 $ 10,293 Amortization of loan fees $ 4,422 $ 4,417 $ 4,428 $ 4,481 $ 4,505 Amortization of debt discounts $ 353 $ 352 $ 320 $ 327 $ 325 Non-revenue-enhancing capital expenditures: Building improvements $ 4,989 $ 4,600 $ 3,357 $ 4,372 $ 3,948 Tenant improvements and leasing commissions $ 31,906 $ 28,042 $ 22,811 $ 26,494 $ 16,707 Funds from operations attributable to noncontrolling interests $ 71,212 $ 65,332 $ 66,197 $ 77,922 $ 80,236 Property Statistics (at end of period and includes assets held for sale, unless stated otherwise) Number of properties – operating and development and redevelopment projects under construction 328 336 339 340 375 RSF – operating and development and redevelopment projects under construction 38,453,624 38,858,653 39,260,168 39,449,372 42,887,964 Total square footage 58,510,821 59,297,725 59,377,267 59,382,079 66,417,026 Annual rental revenue per occupied RSF $ 60.93 $ 60.45 $ 59.91 $ 59.97 $ 58.94 Occupancy of operating properties (excluding assets held for sale) 87.1% (2) 86.9% 87.7% 90.9% 90.6% Occupancy of operating and redevelopment properties (excluding assets held for sale) 85.4% 83.6% 84.1% 86.9% 85.8% Weighted-average remaining lease term (in years) 7.7 7.7 7.5 7.5 7.5 Leasing Statistics Total leasing activity – RSF 1,236,030 1,038,917 647,356 1,220,944 1,171,344 Lease renewals and re-leasing of space – change in new rental rates over expiring rates: Rental rate changes (2.4)% (0.7)% (15.0)% (9.9)% 15.2% Rental rate changes (cash basis) (3.3)% (4.3)% (15.8)% (5.2)% 6.1% RSF (included in total leasing activity above) 785,069 640,998 380,687 821,289 354,367 Previously vacant leasing activity – RSF 450,961 329,148 148,734 393,376 256,633 Developed/redeveloped leasing activity – RSF — 68,771 117,935 6,279 560,344 Top 20 Tenants Annual rental revenue $ 803,625 $ 778,069 $ 725,681 $ 725,559 $ 768,528 Annual rental revenue from investment-grade or publicly traded large cap tenants 84% 88% 87% 84% 90% Weighted-average remaining lease term (in years) 10.0 10.0 9.9 9.7 9.4 Same Property Performance (change over comparable prior year quarter) Net operating income changes (6.7)% (3) (10.6)% (11.9)% (6.0)% (6.0)% Net operating income changes (cash basis) (2.8)% (3) (8.6)% (11.7)% (1.7)% (3.1)% Three Months Ended (unless stated otherwise) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes $9.8 million reduction in rental revenues related to rents not expected to be collected in full through the lease term. (2) Refer to page 1 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details. (3) Refer to “Same property performance” in the Supplemental Information for additional details. Financial and Asset Base Highlights (continued) September 30, 2026 (Dollars in thousands, except annual rental revenue per occupied RSF amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 18
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As of September 30, 2026. Annual rental revenue represents amounts in effect as of September 30, 2026 . 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) 89% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. (3) Represents the weighted-average remaining term based on annual rental revenue in effect as of September 30, 2026. (4) 80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. High-Quality and Diverse Tenant Base September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 19 Percentage of Alexandria’s Annual Rental Revenue Life Science Product, Service, and Device Public Biotechnology – Approved or Marketed Product Public Biotechnology – Preclinical or Clinical Stage Private BiotechnologyBiomedical Institutions Government Institutions Advanced Technologies Other Commercial Multinational Pharmaceutical 15% 10% 12% 11%9% 2% 10% 2% 29% (1) (2) (4) Stable Cash Flows From Our High-Quality and Diverse Tenants Investment-Grade or Publicly Traded Large Cap Tenants 57% 84% of ARE’s Total Annual Rental Revenue of ARE’s Top 20 Tenant Annual Rental Revenue Weighted Average Remaining Term(3) 7.7 Years 10.0 Years All Tenants Top 20 Tenants
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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 measures presented in accordance with GAAP. (1) Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details. Key Operating Metrics September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 20 Occupancy Same Property Performance and Occupancy (3.5)% (9.2)% (9.5)% 2025 YTD 9/30/26 2026 Guidance Midpoint Cash Basis 0.9% (8.4)% (9.5)% 2025 YTD 9/30/26 2026 Guidance Midpoint (1) (1) Same Property Net Operating Income Changes 90.9% 87.1% 87.0% 12/31/25 9/30/26 12/31/26 Guidance Midpoint Occupancy of Operating Properties
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Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP. (1) Percentages calculated based on our annual rental revenue in effect as of September 30, 2026. (2) For the three months ended September 30, 2026. Key Operating Metrics (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 21 Rental Rate Changes, Lease Structure, and Margins Rental Rate Changes: Renewed/Re-Leased Space Favorable Lease Structure(1) Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems Increasing cash flows Percentage of leases containing annual rent escalations 97 % Stable cash flows Percentage of triple net leases 91 % Lower capex burden Percentage of leases providing for the recapture of capital expenditures 91 % 7.0% (5.1)% (5.0)% 2025 YTD 9/30/26 2026 Guidance Midpoint Cash Basis 3.5% (6.9)% (11.0)% 2025 YTD 9/30/26 2026 Guidance Midpoint Margins(2) Operating Adjusted EBITDA 66% 65%
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September 30, 2026 September 30, 2026 Same Property Financial Data Three Months Ended Nine Months Ended Same Property Statistical Data Three Months Ended Nine Months Ended Percentage change over comparable period from prior year: Number of same properties 288 284 Net operating income changes (6.7)% (1) (9.2)% (1) Rentable square feet 32,250,516 31,629,122 Net operating income changes (cash basis) (2.8)% (1) (8.4)% (1) Occupancy – current-period average 88.1% 88.6% Operating margin 66% 66% Occupancy – same-period prior-year average 91.7% 92.8% Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Income from rentals: Same properties $ 432,586 $ 454,624 $ (22,038) (4.8) % $ 1,268,273 $ 1,361,022 $ (92,749) (6.8) % Non-same properties 48,762 86,446 (37,684) (43.6) 174,450 285,537 (111,087) (38.9) Rental revenues 481,348 541,070 (59,722) (11.0) 1,442,723 1,646,559 (203,836) (12.4) Same properties 167,825 175,145 (7,320) (4.2) 478,425 498,454 (20,029) (4.0) Non-same properties 4,445 19,634 (15,189) (77.4) 28,693 71,290 (42,597) (59.8) Tenant recoveries 172,270 194,779 (22,509) (11.6) 507,118 569,744 (62,626) (11.0) Income from rentals 653,618 735,849 (82,231) (11.2) 1,949,841 2,216,303 (266,462) (12.0) Same properties — — — — — — — — Non-same properties 17,564 16,095 1,469 9.1 55,147 55,839 (692) (1.2) Other income 17,564 16,095 1,469 9.1 55,147 55,839 (692) (1.2) Same properties 600,411 629,769 (29,358) (4.7) 1,746,698 1,859,476 (112,778) (6.1) Non-same properties 70,771 122,175 (51,404) (42.1) 258,290 412,666 (154,376) (37.4) Total revenues 671,182 751,944 (80,762) (10.7) 2,004,988 2,272,142 (267,154) (11.8) Same properties 205,923 207,133 (1,210) (0.6) 600,620 597,930 2,690 0.4 Non-same properties 22,008 32,101 (10,093) (31.4) 58,789 92,132 (33,343) (36.2) Rental operations 227,931 239,234 (11,303) (4.7) 659,409 690,062 (30,653) (4.4) Same properties 394,488 422,636 (28,148) (6.7) 1,146,078 1,261,546 (115,468) (9.2) Non-same properties 48,763 90,074 (41,311) (45.9) 199,501 320,534 (121,033) (37.8) Net operating income $ 443,251 $ 512,710 $ (69,459) (13.5) % $ 1,345,579 $ 1,582,080 $ (236,501) (14.9) % Net operating income – same properties $ 394,488 $ 422,636 $ (28,148) (6.7) % $ 1,146,078 $ 1,261,546 $ (115,468) (9.2) % Straight-line rent revenue 480 (19,711) 20,191 (102.4) (16,915) (35,696) 18,781 (52.6) Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements (13,938) (10,945) (2,993) 27.3 (36,925) (32,826) (4,099) 12.5 Net operating income – same properties (cash basis) $ 381,030 $ 391,980 $ (10,950) (2.8) % $ 1,092,238 $ 1,193,024 $ (100,786) (8.4) % 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) The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 282,878 RSF and 1.2 million RSF in 3Q26 and YTD 3Q26, respectively, with weighted-average lease expiration dates of August 2026 and April 2026, respectively. Same Property Performance September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 22
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Three Months Ended Nine Months Ended Year Ended September 30, 2026 September 30, 2026 December 31, 2025 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 (2.4)% (3.3)% (5.1)% (6.9)% 7.0% 3.5% New rates $49.15 $47.59 $45.71 $46.71 $52.71 $53.66 Expiring rates $50.34 $49.21 $48.18 $50.19 $49.27 $51.87 RSF 785,069 1,806,754 2,543,473 Tenant improvements/leasing commissions $40.64 $46.45 $55.34 Weighted-average lease term 11.2 years 9.7 years 9.0 years Previously vacant/developed/redeveloped space leased New rates $58.33 $58.60 $48.30 $48.32 $72.30 (2) $67.56 (2) Previously vacant RSF 450,961 (3) 928,843 944,362 Developed/redeveloped RSF(4) — (3) 186,706 704,821 (2) Weighted-average lease term 11.9 years 12.2 years 13.8 years Leasing activity summary (totals): New rates $52.50 $51.61 $46.70 $47.33 $60.42 $59.13 RSF 1,236,030 2,922,303 4,192,656 Weighted-average lease term 11.5 years 10.9 years 11.9 years Lease expirations(1) Expiring rates $52.13 $54.53 $53.30 $57.21 $54.22 $55.56 RSF 1,102,282 (5) 3,612,133 4,460,081 Leasing activity includes 100% of results for properties in which we have an investment. (1) Excludes month-to-month leases aggregating 272,378 RSF and 58,516 RSF as of September 30, 2026 and December 31, 2025, respectively. During the trailing twelve months ended September 30, 2026, we granted free rent concessions averaging 2.0 months per annum. This includes a lease concession for a 20-year lease with a non-life science tenant in the Research Triangle market executed in 3Q26. Excluding this lease, free rent concessions were 1.1 months per annum. (2) Includes the largest life science lease in company history, executed in July 2025 with Novartis AG. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located at the Cam pus Point by Alexandria Megacampus in our University Town Center submarket. Excluding this lease, previously vacant/developed/redeveloped rental rates would have been $58.31 and $58.70 (cash basis) and development/redevelopment leasing volume would have been 238,223 RSF, for the year ended December 31, 2025. (3) During 3Q26, we executed leases of 66,859 RSF and have additional leases under negotiation of 100,684 RSF for advanced technology use at our project at 311 Arsenal Street in our Greater Boston market, all of which will be reflected as leasing of previously vacant space. This activity enabled us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future potential construction spend by approximately $220 million. As a result of this leasing progress, the entire project aggregating 339,020 RSF was reclassified from redevelopment to operating as of 3Q26. (4) Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs. (5) Includes previously disclosed key lease expirations aggregating 282,878 RSF that became vacant during 3Q26, with a weighted-average lease expiration date of August 2026. Leasing Activity September 30, 2026 (Dollars per RSF) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 23
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Year RSF Percentage of Occupied RSF Annual Rental Revenue (per RSF)(1) Percentage of Annual Rental Revenue 2026 (2) 481,770 1.6% $ 39.19 1.0% 2027 3,054,723 9.9% $ 57.27 9.4% 2028 3,701,167 (3) 12.0% $ 50.94 10.1% 2029 2,150,332 7.0% $ 41.53 4.8% 2030 2,653,670 8.6% $ 43.44 6.2% 2031 3,510,598 11.4% $ 53.88 10.1% 2032 1,067,200 3.5% $ 56.34 3.2% 2033 2,400,457 7.8% $ 46.43 6.0% 2034 2,627,230 8.6% $ 65.93 9.3% 2035 1,158,790 3.8% $ 55.45 3.4% Thereafter 7,916,798 25.8% $ 85.89 36.5% 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 Early Tenant Discussions Marketing/ Remaining Total(2) Leased Negotiating Early Tenant Discussions Marketing/ Remaining Total Greater Boston 93,181 — — 37,384 130,565 $ 29.94 90,664 — 24,259 112,178 227,101 $ 44.93 San Diego — 49,603 5,520 10,274 65,397 62.16 — 141,838 82,641 136,502 360,981 41.97 San Francisco Bay Area 12,719 — 2,927 — 15,646 22.45 32,944 40,996 24,694 68,536 167,170 78.12 Seattle 25,552 12,335 — 5,692 43,579 40.59 18,205 116,459 153,984 38,241 326,889 33.02 Maryland — — — 2,796 2,796 14.95 — 35,465 25,766 103,250 164,481 30.28 Research Triangle 13,385 5,506 — 2,690 21,581 25.94 43,238 14,870 140,150 46,314 244,572 34.56 New York City — — — 33,634 33,634 113.67 — 72,428 5,894 26,332 104,654 96.32 Texas — — — — — — — — — 26,160 26,160 27.74 Non-cluster/other markets — — — — — — — — — 54,755 54,755 15.21 Subtotal 144,837 67,444 8,447 92,470 313,198 46.37 185,051 422,056 457,388 612,268 1,676,763 44.36 Key lease expirations with expected downtime — 12,801 77,775 77,996 168,572 25.86 — 305,643 521,300 551,017 1,377,960 (3) 72.92 Total 144,837 80,245 86,222 170,466 481,770 $ 39.19 185,051 727,699 978,688 1,163,285 3,054,723 $ 57.27 Percentage of expiring leases 30% 17% 18% 35% 100% 6% 24% 32% 38% 100% Contractual lease expirations for properties classified as held for sale as of September 30, 2026 are excluded from the information on this page. (1) Amounts in effect as of September 30, 2026. (2) Excludes month-to-month leases aggregating 272,378 RSF. (3) See tables below for additional details. (4) Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across four properties, generating $24.0 million of annual rental revenue with a weighted-average expiration date of April 2027. Upon lease expiration, BMS will relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was delivered in June 2026. We expect the vacated space to experience a period of downtime and we are currently under negotiation for 190,085 RSF. (5) Refer to the footnote for Novartis AG under "Top 20 tenants" in the Supplemental Information for additional details. 2027 Key Lease Expirations with Expected Downtime 2028 Key Lease Expirations with Expected Downtime Total Annual Rental Revenue(1) Weighted Average Expiration Date Weighted Average Expected Downtime Total Annual Rental Revenue(1) Weighted Average Expiration Date Weighted Average Expected Downtime 1,377,960 RSF $100.5M March 2027 9 to 24 months 717,546 RSF $60.4M April 2028 9 to 24 months Reason for Expected Downtime (Based on RSF) Reason for Expected Downtime (Based on RSF) Current Leasing Status (Based on RSF) Current Leasing Status (Based on RSF) Contractual Lease Expirations September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 24 22% 36% 36% 6% Early Tenant Discussions Marketing/Remaining 35% 33% 32% Relocation to Other ARE Properties(4) Leases at Assets Originally Acquired for Redevelopment Other 11% 89% Relocation to Other ARE Properties Leases at Assets Originally Acquired for Redevelopment 100 Technology Square(5) Other 22% 38% 40% Negotiating Early Tenant Discussions Marketing/Remaining
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Summary of 2027 Key Lease Expirations with Expected Downtime Expiration Date Annual Rental Revenue RSF Campus Negotiating Early Tenant Discussions Marketing/ Remaining Total Campus Point by Alexandria/San Diego – University Town Center March 2027 $ 18,776 190,085 — 61,775 251,860 (1) Alexandria Center® for Life Science – Waltham/Greater Boston – Route 128 January 2027 27,045 — 232,902 — 232,902 (2) Alexandria Center® for Advanced Technologies – South San Francisco/San Francisco Bay Area – South San Francisco January 2027 8,805 — — 129,501 129,501 199 East Blaine Street/Seattle – Lake Union June 2027 7,177 — 66,464 43,505 109,969 Sequence District by Alexandria/San Diego – Sorrento Mesa January 2027 3,282 90,000 — — 90,000 (2) Alexandria Center® for Advanced Technologies – South Lake Union/Seattle – Lake Union March 2027 4,089 — 50,946 32,144 83,090 (2) 3033 Science Park Road/San Diego – Torrey Pines March 2027 5,258 — — 65,525 65,525 (1) Alexandria Technology Square®/Greater Boston – Cambridge/Inner Suburbs January 2027 5,652 — 37,960 22,951 60,911 (1) ARE Torrey Ridge/San Diego – Torrey Pines March 2027 2,889 — — 59,248 59,248 The Arsenal on the Charles/Greater Boston – Cambridge/Inner Suburbs February 2027 4,732 — 54,109 — 54,109 (1) Alexandria Center® for Advanced Technologies – Canyon Park/Seattle – Bothell July 2027 1,725 — — 50,297 50,297 (2) Alexandria Center® for Life Science – Shady Grove/Maryland – Rockville January 2027 1,599 — — 48,500 48,500 (1) 10970 Alexandria Way/San Diego – Torrey Pines November 2027 2,675 — — 36,172 36,172 Other Various 6,781 25,558 78,919 1,399 105,876 March 2027 (3) $ 100,485 305,643 521,300 551,017 1,377,960 22% 38% 40% (1) Relocation to other ARE properties. (2) Leases at assets originally acquired for redevelopment or repositioning. (3) Represents the weighted-average expiration date based on annual rental revenue as of September 30, 2026. Contractual Lease Expirations (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 25
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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 8.3 1,654,290 $ 162,062 8.6% A2 A $ 115.74 2 Eli Lilly and Company 8.7 1,054,241 92,120 4.9 Aa3 AA- $ 985.81 3 Moderna, Inc. 12.2 462,100 71,445 3.8 — — $ 23.15 4 AstraZeneca PLC 5.5 611,326 56,683 (2) 3.0 A1 A+ $ 280.03 5 Takeda Pharmaceutical Company Limited 10.1 386,111 41,673 2.2 Baa1 BBB+ $ 52.65 6 Eikon Therapeutics, Inc.(3) 12.8 299,638 38,907 2.1 — — $ 0.59 7 Intellia Therapeutics, Inc.(4) 6.9 283,272 35,090 1.9 — — $ 1.64 8 Illumina, Inc. 5.1 792,687 29,977 1.6 Baa3 BBB $ 23.02 9 United States Government 3.9 414,499 29,435 (5) 1.6 Aaa AA+ $ — 10 Novo Nordisk A/S 11.3 262,382 28,876 1.5 Aa3 AA $ 209.80 11 Uber Technologies, Inc. 56.0 (6) 1,009,188 27,879 1.5 Baa1 BBB+ $ 161.24 12 Boston Children's Hospital 14.0 309,231 26,294 1.4 Aa2 AA $ — 13 Novartis AG 1.7 (7) 321,743 25,111 1.3 Aa3 AA- $ 303.20 14 Sanofi 4.3 267,278 22,045 1.2 Aa3 AA $ 112.32 15 New York University 5.8 218,983 21,073 1.1 Aa2 AA- $ — 16 Massachusetts Institute of Technology 3.3 242,428 20,529 1.1 Aaa AAA $ — 17 Merck & Co., Inc. 7.6 300,930 18,895 1.0 Aa3 A+ $ 287.66 18 Vaxcyte, Inc. 8.3 230,755 18,656 1.0 — — $ 7.45 19 Charles River Laboratories, Inc. 9.1 189,549 18,467 1.0 — — $ 9.85 20 Altos Labs, Inc.(8) 14.5 158,990 18,408 1.0 — — $ — Total/weighted-average 10.0 (6) 9,469,621 $ 803,625 42.8% Annual rental revenue and RSF include 100% of each property managed by us. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively. (1) Based on annual rental revenue in effect as of September 30, 2026. (2) Of the $56.7 million of annual rental revenue generated by this tenant, $27.0 million relates to a 232,902 RSF lease at our Alexandria Center ® for Life Science – Waltham Megacampus, which expires in 1Q27 . This lease is included in the 1.4 million RSF of 2027 key lease expirations with expected downtime disclosed on page 24. We do not expect the tenant to renew its lease and are actively marketing the space. (3) Eikon Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a biopharmaceutical executive who previously served as an executive vice president of Merck & Co., Inc. As of June 30, 2026, the company held $531 million in cash and marketable securities. (4) Intellia Therapeutics, Inc. is an established, publicly traded clinical-stage biotechnology company focused on CRISPR-based gene-editing therapies. The company reported positive Phase 3 clinical results in 2026 and reported cash, cash equivalents and marketable securities of $628.4 million as of June 30, 2026. Additionally, on September 4, 2026, the company announced it secured a non-dilutive senior secured term loan facility for up to $400 million. (5) 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 cancelable prior to the lease expiration date. (6) 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 8.4 years as of September 30, 2026. (7) Includes one direct lease at 100 Technology Square at Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 255,441 RSF, which generates annualized rental revenue of $21.0 million and expires in March 2028. The tenant has leased the building since 2002 and has subsequently expanded and consolidated its operations in Cambridge into a larger footprint. As a result, we do not expect the tenant to renew its lease upon expiration. We are actively marketing the space for re-leasing and expect significant downtime following lease expiration to upgrade and re-lease the space. (8) Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former GlaxoSmithKline Chief Scientific Officer and President, R&D. Altos Labs launched with $3.0 billion in private funding in 2022, and is backed by a group of prominent investors. Top 20 Tenants September 30, 2026 (Dollars in thousands, except average market cap amounts) Alexandria Real Estate Equities, Inc. 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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 10,338,586 — 600,652 10,939,238 28% 63 $ 740,938 39% $ 88.46 San Diego 6,419,662 466,598 — 6,886,260 18 55 341,035 18 59.23 San Francisco Bay Area 5,469,953 212,657 50,377 5,732,987 16 39 300,013 17 70.79 Seattle 2,900,871 175,950 — 3,076,821 8 39 115,007 6 43.74 Maryland 3,676,755 — — 3,676,755 10 47 151,322 8 45.77 Research Triangle 3,436,285 — — 3,436,285 9 36 86,341 5 26.59 New York City 727,674 — — 727,674 2 2 65,575 3 93.24 Texas 1,651,094 — 66,350 1,717,444 4 13 41,539 2 29.50 Non-cluster/other markets/Canada 954,935 (1) — — 954,935 2 16 21,981 1 29.49 Properties held for sale 965,557 339,668 — 1,305,225 3 18 21,775 1 40.90 36,541,372 1,194,873 717,379 38,453,624 100% 328 $ 1,885,526 100% $ 60.93 1,912,252 Summary of occupancy Operating Properties Operating and Redevelopment Properties Market 9/30/26 6/30/26 9/30/25 9/30/26 6/30/26 9/30/25 Greater Boston 81.0% (2) 83.0% 86.8% 76.6% 73.7% 73.6% San Diego 89.7 89.9 95.2 89.7 89.9 95.2 San Francisco Bay Area 87.1 83.1 90.4 86.3 81.9 86.4 Seattle 90.6 87.7 90.1 90.6 87.7 90.1 Maryland 91.5 91.5 93.9 91.5 91.5 93.9 Research Triangle 94.5 93.9 94.9 94.5 93.9 94.9 New York City 96.6 95.5 98.3 96.6 95.5 98.3 Texas 85.3 85.3 79.9 82.0 82.0 76.5 Subtotal 87.4 87.1 90.8 85.6 83.8 85.9 Non-cluster/other markets/Canada 78.0 54.1 85.2 78.0 54.1 81.7 87.1% (3) 86.9% 90.6% 85.4% 83.6% 85.8% (1) Includes 779,842 RSF and $14.9 million of annual rental revenue in Canada. (2) Decline in occupancy was primarily due to 339,020 RSF at our 311 Arsenal Street redevelopment project in our Greater Boston market being placed back into operation following the execution of leases aggregating 66,859 RSF, with additional leases aggregating 100,684 RSF under negotiation for advanced technology use as of 3Q26 . This activity enables us to pivot the redevelopment project to a lower-cost advanced technology use, reducing future construction spend by approximately $220 million. (3) Excludes leases aggregating 1.3 million RSF, or 3.7% of total operating RSF, executed as of September 30, 2026 and expected to be occupied upon completion of building and/or tenant improvements. See the Occupancy and Leasing Progress chart on the following page for additional information. Summary of Properties and Occupancy September 30, 2026 (Dollars in thousands, except per RSF amounts) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 27
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(1) Represents executed leases aggregating 1.3 million RSF with occupancy expected upon completion of building and/or tenant improveme nts. The weighted-average expected occupancy date is approximately June 2027, with expected annual rental revenue of approximately $52 million. We expect 32% of the total 1.3 million RSF to be occupied by December 31, 2026 . These executed leases relate solely to our operating portfolio, and therefore exclude an additiona l 686 thousand RSF of executed leases with future delivery related to our development and redevelopment properties under construction. Refer to “ New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. Summary of Properties and Occupancy (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 28 Occupancy and Leasing Progress (Operating Properties) (1)
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GREATER BOSTON Cambridge/Inner Suburbs Megacampus: Alexandria Center® at Kendall Square 2,213,866 — — 2,213,866 8 $ 208,716 91.8% 91.8% 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 1,299,411 — — 1,299,411 11 123,158 83.8 83.8 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® 1,205,526 — — 1,205,526 7 95,411 87.4 87.4 100, 200, 300, 400, 500, 600, and 700 Technology Square Megacampus: The Arsenal on the Charles 1,127,487 — — 1,127,487 13 42,845 54.5 54.5 311, 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 578,176 — — 578,176 5 34,104 81.4 81.4 6,424,466 — — 6,424,466 44 504,234 81.9 81.9 Fenway Megacampus: Alexandria Center® for Life Science – Fenway 1,504,526 — — 1,504,526 3 100,523 74.0 74.0 401 and 421 Park Drive and 201 Brookline Avenue Seaport Innovation District 5 and 15(1) Necco Street 459,395 — — 459,395 2 48,088 98.6 98.6 Route 128 Megacampus: Alexandria Center® for Life Science – Waltham 734,973 — 329,049 1,064,022 5 68,463 87.1 60.2 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 1,320,199 — 329,049 1,649,248 8 82,657 91.5 73.2 Other Megacampus: 30, 200, and 3000 Minuteman Road 630,000 — 271,603 901,603 6 5,436 54.1 37.8 GREATER BOSTON TOTAL 10,338,586 — 600,652 10,939,238 63 $ 740,938 81.0% 76.6% 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 September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 29 Our Megacampus Properties Account for 80% of Our Annual Rental Revenue
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SAN DIEGO Torrey Pines Megacampus: One Alexandria Square 1,094,258 — — 1,094,258 10 $ 62,880 75.9% 75.9% 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 308,681 — — 308,681 3 14,973 97.3 97.3 10578, 10618, and 10628 Science Center Drive 1,402,939 — — 1,402,939 13 77,853 80.6 80.6 University Town Center Megacampus: Campus Point by Alexandria(1) 1,684,979 466,598 — 2,151,577 8 130,615 96.8 96.8 9880(2), 10200, 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) 171,001 — — 171,001 1 5,340 46.5 46.5 2,648,667 466,598 — 3,115,265 15 165,933 94.5 94.5 Sorrento Mesa Megacampus: SD Tech by Alexandria(1) 1,154,144 — — 1,154,144 13 48,331 86.0 86.0 9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and 10055, 10065, 10075, 10121(2), and 10151(2) Barnes Canyon Road Megacampus: Sequence District by Alexandria 572,298 — — 572,298 6 21,235 100.0 100.0 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 — — — 9877 Waples Street 63,774 — — 63,774 1 2,680 100.0 100.0 5871 Oberlin Drive 33,842 — — 33,842 1 2,103 100.0 100.0 2,368,056 — — 2,368,056 27 97,249 89.7 89.7 SAN DIEGO TOTAL 6,419,662 466,598 — 6,886,260 55 $ 341,035 89.7% 89.7% 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) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 30
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SAN FRANCISCO BAY AREA Mission Bay Megacampus: Alexandria Center® for Science and Technology – Mission Bay(1) 1,561,033 212,657 — 1,773,690 8 $ 62,130 90.5% 90.5% 1455(2), 1515(2), 1655, and 1725 Third Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South South San Francisco Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco 861,136 — 50,377 911,513 5 40,481 73.8 69.8 213(1), 249, 259, 269, and 279 East Grand Avenue Alexandria Center® for Life Science – South San Francisco 504,414 — — 504,414 3 26,516 76.1 76.1 201 Haskins Way and 400 and 450 East Jamie Court Megacampus: Alexandria Center® for Advanced Technologies – Tanforan 222,000 — — 222,000 1 1,008 100.0 100.0 1150 El Camino Real Alexandria Technology Center® – Gateway 326,197 — — 326,197 5 14,928 86.0 86.0 600, 630, 650, 901, and 951 Gateway Boulevard Alexandria Center® for Life Science – Millbrae(1) 285,346 — — 285,346 1 37,006 100.0 100.0 230 Harriet Tubman Way 500 Forbes Boulevard(1) 155,685 — — 155,685 1 10,908 100.0 100.0 2,354,778 — 50,377 2,405,155 16 130,847 83.4 81.6 San Carlos Megacampus: Alexandria Center® for Life Science – San Carlos 634,713 — — 634,713 3 41,624 95.6 95.6 825, 835, and 960 Industrial Road 634,713 — — 634,713 3 41,624 95.6 95.6 Palo Alto Alexandria Stanford Life Science District 412,852 — — 412,852 5 33,880 97.1 97.1 3160, 3165, 3170, and 3181 Porter Drive and 3330 Hillview Avenue 3412, 3420, 3440, 3450, and 3460 Hillview Avenue 340,103 — — 340,103 5 21,796 76.3 76.3 2475 Hanover Street and 1450 Page Mill Road 166,474 — — 166,474 2 9,736 73.7 73.7 919,429 — — 919,429 12 65,412 85.2 85.2 SAN FRANCISCO BAY AREA TOTAL 5,469,953 212,657 50,377 5,732,987 39 $ 300,013 87.1% 86.3% Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details. (1) We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details. (2) We own 100% of this property. Market / Submarket / Address RSF Number of Properties Annual Rental Revenue Occupancy Percentage Operating Operating and RedevelopmentOperating Development Redevelopment Total Property Listing (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 31
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SEATTLE Lake Union Megacampus: Alexandria Center® for Life Science – Eastlake 1,152,482 — — 1,152,482 9 $ 54,583 84.8% 84.8% 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 465,406 175,950 — 641,356 4 27,546 98.9 98.9 400(1) and 701 Dexter Avenue North, 428 Westlake Avenue North, and 219 Terry Avenue North 1,617,888 175,950 — 1,793,838 13 82,129 88.9 88.9 Elliott Bay 410 Elliott Avenue West 2,896 — — 2,896 1 — — — Bothell Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park 814,995 — — 814,995 19 19,103 94.8 94.8 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 465,092 — — 465,092 6 13,775 90.2 90.2 3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway 1,280,087 — — 1,280,087 25 32,878 93.1 93.1 SEATTLE TOTAL 2,900,871 175,950 — 3,076,821 39 115,007 90.6 90.6 MARYLAND Rockville Megacampus: Alexandria Center® for Life Science – Shady Grove 1,691,960 — — 1,691,960 20 91,252 92.2 92.2 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 3,704 87.6 87.6 1405 and 1450 Research Boulevard 114,182 — — 114,182 2 3,317 75.1 75.1 5 Research Place 63,852 — — 63,852 1 3,164 100.0 100.0 5 Research Court 51,520 — — 51,520 1 1,974 100.0 100.0 12301 Parklawn Drive 49,185 — — 49,185 1 1,853 100.0 100.0 2,102,206 — — 2,102,206 26 $ 105,264 91.6% 91.6% 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) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 32
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MARYLAND (CONTINUED) Gaithersburg Alexandria Technology Center® – Gaithersburg I 619,061 — — 619,061 9 $ 19,669 88.6% 88.6% 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 16,429 89.2 89.2 700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road 401 Professional Drive 63,396 — — 63,396 1 1,205 76.4 76.4 950 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 1,246,707 — — 1,246,707 19 39,744 88.9 88.9 Beltsville 8000/9000/10000 Virginia Manor Road 191,884 — — 191,884 1 3,500 100.0 100.0 101 West Dickman Street(1) 135,958 — — 135,958 1 2,814 100.0 100.0 327,842 — — 327,842 2 6,314 100.0 100.0 MARYLAND TOTAL 3,676,755 — — 3,676,755 47 151,322 91.5 91.5 RESEARCH TRIANGLE Research Triangle Megacampus: Alexandria Center® for Life Science – Durham 2,041,067 — — 2,041,067 15 39,833 97.8 97.8 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 712,537 — — 712,537 6 25,588 88.9 88.9 6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive Megacampus: Alexandria Center® for Sustainable Technologies 259,962 — — 259,962 8 7,289 85.7 85.7 104, 108, 110, 112, and 114 TW Alexander Drive and 5 Triangle Drive Alexandria Technology Center® – Alston 121,204 — — 121,204 2 2,290 80.5 80.5 800 and 801 Capitola Drive Alexandria Innovation Center® – Research Triangle 136,563 — — 136,563 3 4,438 96.9 96.9 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 TOTAL 3,436,285 — — 3,436,285 36 $ 86,341 94.5% 94.5% 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) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 33
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NEW YORK CITY New York City Megacampus: Alexandria Center® for Life Science – New York City 727,674 — — 727,674 2 $ 65,575 96.6% 96.6% 430 and 450 East 29th Street NEW YORK CITY TOTAL 727,674 — — 727,674 2 65,575 96.6 96.6 TEXAS Austin Megacampus: Intersection Campus 1,523,318 — — 1,523,318 12 37,787 88.7 88.7 507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle Greater Houston Alexandria Center® for Advanced Technologies at The Woodlands 127,776 — 66,350 194,126 1 3,752 44.6 29.4 8800 Technology Forest Place TEXAS TOTAL 1,651,094 — 66,350 1,717,444 13 41,539 85.3 82.0 Non-cluster/other markets/Canada 954,935 — — 954,935 16 21,981 78.0 78.0 Total, excluding properties held for sale 35,575,815 855,205 717,379 37,148,399 310 1,863,751 87.1% 85.4% Properties held for sale 965,557 339,668 — 1,305,225 18 21,775 55.1% 55.1% Total 36,541,372 1,194,873 717,379 38,453,624 328 $ 1,885,526 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) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 34
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Development and Redevelopment Under Construction Operating 2027–2028 Stabilization Evaluating Strategy Future Subtotal Total Square footage Operating 35,575,815 — — — — 35,575,815 Future Class A/A+ development and redevelopment properties — 905,582 667,002 18,912,303 20,484,887 20,484,887 Future development and redevelopment square feet currently included in rental properties(1) — — — (935,031) (935,031) (935,031) Total square footage, excluding properties held for sale 35,575,815 905,582 667,002 17,977,272 19,549,856 55,125,671 Properties held for sale 965,557 — 339,668 2,079,925 2,419,593 3,385,150 Total square footage 36,541,372 905,582 1,006,670 20,057,197 21,969,449 58,510,821 Investments in real estate Gross book value as of September 30, 2026(2) $ 30,198,713 $ 670,176 $ 611,311 $ 3,826,180 $ 5,107,667 (3) $ 35,306,380 Properties held for sale 459,477 — 238,232 241,902 480,134 939,611 Total gross investment in real estate, excluding properties held for sale $ 29,739,236 $ 670,176 $ 373,079 $ 3,584,278 $ 4,627,533 $ 34,366,769 (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 as of September 30, 2026 is $4.63 billion. (4) Excludes land and development parcels classified as held for sale which represented approximately 1% of total non-income-producing assets as of September 30, 2026, compared with approximately 1% as of December 31, 2025 and 2024. Investments in Real Estate September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 35 11% 9% 9% 9% 8% 3% 12/31/24 12/31/25 3Q26 12/31/26 Projected 20% 17% 11% to 16% Non-Income-Producing Assets(4) as a Percentage of Gross Assets Development/ Redevelopment Under Construction Land/Future Development 12%
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99 Coolidge Avenue 50 and 60 Sylvan Road(1) 4135 Campus Point Court Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue Megacampus: Alexandria Center® for Life Science – Waltham Megacampus: Campus Point by Alexandria 320,809 RSF 268,992 RSF 426,927 RSF 84% Occupancy 88% Occupancy 100% Occupancy 10075 Barnes Canyon Road 269 East Grand Avenue 701 Dexter Avenue North Megacampus: SD Tech by Alexandria Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union 253,079 RSF 33,780 RSF 51,627 RSF 80% Occupancy 100% Occupancy 100% Occupancy (1) Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. New Class A/A+ Development and Redevelopment Properties: Recent Deliveries September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 36
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Incremental Annual Net Operating Income Generated From YTD 3Q26 Deliveries Aggregated $98 million(1), Including $40 million in 3Q26 Property/Market/Submarket Our Ownership Interest RSF Placed in Service Occupancy Percentage(4) Total Project Unlevered Yields(2) 3Q26 Delivery Date(3) Prior to 1/1/26 1Q26 2Q26 3Q26 Total Initial Stabilized Initial Stabilized (Cash Basis)RSF Investment Development projects 99 Coolidge Avenue/Greater Boston/Cambridge/ Inner Suburbs 8/11/26 100% 129,413 16,734 — 174,662 320,809 84% 320,809 $ 446,000 5.8% 6.8% 4135 Campus Point Court/San Diego/University Town Center N/A 59.3% — — 426,927 — 426,927 100% 426,927 $ 524,000 10.8% 6.2% 10075 Barnes Canyon Road/San Diego/Sorrento Mesa N/A 50.0% 171,469 81,610 — — 253,079 80% 253,079 $ 314,000 5.5% 5.7% 701 Dexter Avenue North/Seattle/Lake Union 7/9/26 100% — — — 51,627 51,627 100% 227,577 TBD Redevelopment projects 50 and 60 Sylvan Road/Greater Boston/Route 128 9/1/26 100% — — — 268,992 268,992 88% 268,992 $ 432,000 6.3% 4.1% (5) 269 East Grand Avenue/San Francisco Bay Area/ South San Francisco 8/21/26 100% — — — 33,780 33,780 100% 84,157 TBD 8800 Technology Forest Place/Texas/Greater Houston N/A 100% 50,094 6,948 — — 57,042 100% 123,392 $ 112,000 6.3% 6.0% Weighted average/total 8/20/26 350,976 105,292 426,927 529,061 1,412,256 1,704,933 Refer to “New Class A/A+ development and redevelopment properties: under construction” 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 134,767 RSF that were vacant and/or unleased at delivery. (2) The delivered leases contain effective annual rent escalations of 3%, which are expected to contribute to growth in net operating income (cash basis) over the respective lease term. (3) Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue. (4) 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. (5) The lease with Novo Nordisk, an investment-grade tenant, was executed in a highly competitive leasing environment and provides strong long-term value through a 15-year term and 3% annual rent escalations. The lower cash yield relative to the original underwriting is primarily driven by higher development costs and lower rental assumptions than initially forecasted due to market changes. New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 37
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10200 Campus Point Drive 1450 Owens Street Megacampus: Campus Point by Alexandria Megacampus: Alexandria Center® for Science and Technology – Mission Bay 466,598 RSF 212,657 RSF 100% Leased 51% Leased/Negotiating 269 East Grand Avenue 701 Dexter Avenue North Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union 50,377 RSF 175,950 RSF 40% Leased/Negotiating 69% Leased/Negotiating New Class A/A+ Development and Redevelopment Properties: Under Construction September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 38
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Property Market/Submarket Dev/ Redev Square Footage Percentage Occupancy(1) In Service CIP Total Leased Leased/ Negotiating Initial Stabilized Under construction 2027–2028 stabilization 10200 Campus Point Drive(2) San Diego/University Town Center Dev — 466,598 466,598 100% 100% 4Q28 4Q28 1450 Owens Street San Francisco Bay Area/Mission Bay Dev — 212,657 212,657 51 51 2Q27 2028 269 East Grand Avenue San Francisco Bay Area/South San Francisco Redev 33,780 50,377 84,157 40 40 3Q26 2H27 701 Dexter Avenue North Seattle/Lake Union Dev 51,627 175,950 227,577 34 69 3Q26 2028 85,407 905,582 990,989 69% 77% Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)(4) 40 Sylvan Road Greater Boston/Route 128 Redev — 329,049 329,049 —% —% 3000 Minuteman Road Greater Boston/Other Redev — 271,603 271,603 — — 8800 Technology Forest Place Texas/Greater Houston Redev 57,042 66,350 123,392 46 46 57,042 667,002 724,044 8% 8% 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 2027–2028 stabilization(5) 10200 Campus Point Drive(2) San Diego/University Town Center 59.3% $ — $ 106,862 $ 553,138 $ 660,000 7.3% 6.5% 1450 Owens Street San Francisco Bay Area/Mission Bay 25.0% — 263,855 TBD269 East Grand Avenue San Francisco Bay Area/South San Francisco 100% 49,793 53,299 701 Dexter Avenue North Seattle/Lake Union 100% 96,398 246,160 $ 146,191 $ 670,176 $ 780,000 (6) $ 1,590,000 (6) Our share of investment(6)(7) $ 150,000 $ 420,000 $ 500,000 (6) $ 1,070,000 (6) Evaluating business and financial strategy; earliest potential lab delivery in 2028(3)(4) 40 Sylvan Road Greater Boston/Route 128 100% $ — $ 233,594 TBD3000 Minuteman Road Greater Boston/Other 100% — 97,248 8800 Technology Forest Place Texas/Greater Houston 100% 65,640 42,237 $ 65,640 $ 373,079 Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details. (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 have a 59.3% ownership interest as of September 30, 2026 . The project is fully leased to Novartis AG with 3% rent escalations. The tenant currently occupies a building within the Megacampus aggregating 52,853 RSF that generated annual rental revenue of $4.1 million as of 3Q26. The tenant is expected to vacate this building during 2028 . We expect to fund the majority of future construction costs at the Megacampus. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details. (3) We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition, based upon future leasing interest. Under a lower-investment scenario, we would expect lower rent and tenant improvement requirements, and we would evaluate whether all or a portion of the property would be placed back into operation. We would also expect stabilized yields under such alternatives to be lower than our initial underwriting assumptions. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. (4) As of June 30, 2026, 311 Arsenal Street and 421 Park Drive in our Greater Boston market were included in projects for which we were evaluating our business and financial strategy. During 3Q26, we reclassified the 339,020 RSF redevelopment project at 311 Arsenal Street to operating following the execution of leases aggregating 66,859 RSF, with additional leases aggregating 100,684 RSF under negotiation for advanced technology use, which is expected to reduce future potential construction spending by approximately $220 million. We also entered into a purchase and sale agreement with an institutional user for the sale of 339,668 RSF at 421 Park Drive, representing substantially all of our development project at this location. This portion of the project was classified as held for sale as of 3Q26. The transaction is anticipated to close in 4Q26 and is expected to reduce future potential construction spending by approximately $136 million. (5) We expect to provide total estimated costs and related yields for each project over the next several quarters. (6) Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. (7) Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects, and will be adjusted as our ownership percentage increases at the Campus Point project. New Class A/A+ Development and Redevelopment Properties: Under Construction (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 39
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80% of Our Total Development and Redevelopment Pipeline RSF Is Within Our Megacampus Ecosystems GREATER BOSTON Megacampus: Alexandria Center® for Life Science – Waltham Route 128 100% $ 300,320 329,049 515,000 844,049 40 Sylvan Road and 35 Gatehouse Drive Megacampus: 30, 200, and 3000 Minuteman Road Other 100% 115,366 271,603 350,000 621,603 3000 Minuteman Road Megacampus: 480 Arsenal Way, 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue Cambridge/Inner Suburbs 100% 25,123 — 560,000 560,000 446, 458, and 500 Arsenal Street Megacampus: Alexandria Center® at Kendall Square Cambridge 100% 49,415 — 174,500 174,500 100 Edwin H. Land Boulevard Megacampus: Alexandria Technology Square® Cambridge 100% 9,176 — 100,000 100,000 10 Necco Street Seaport Innovation District 100% 107,225 — 175,000 175,000 215 Presidential Way Route 128 100% 6,816 — 112,000 112,000 Other development and redevelopment projects 100% 182,944 — 774,157 774,157 GREATER BOSTON TOTAL $ 796,385 600,652 2,760,657 3,361,309 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 intend 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 Development and Redevelopment Square Footage Under Construction Future Total(1) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 40
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SAN DIEGO Megacampus: Campus Point by Alexandria University Town Center 59.3% (2) $ 288,339 466,598 866,816 1,333,414 10010(3), 10140(3), and 10200 Campus Point Drive and 4165, 4224, and 4275(3) Campus Point Court 11255 and 11355 North Torrey Pines Road Torrey Pines 100% 168,945 — 215,000 215,000 Megacampus: One Alexandria Square Torrey Pines 100% 71,391 — 125,280 125,280 10975 and 10995 Torreyana Road Megacampus: 5200 Illumina Way University Town Center 51.0% 17,939 — 451,832 451,832 9625 Towne Centre Drive University Town Center 30.0% 859 — 100,000 100,000 Megacampus: Sequence District by Alexandria Sorrento Mesa 100% 51,110 — 1,661,915 1,661,915 6290, 6310, 6340, 6350, and 6450 Sequence Drive Megacampus: SD Tech by Alexandria Sorrento Mesa 50.0% 144,675 — 493,845 493,845 9805 Scranton Road and 10065 Barnes Canyon Road Other development and redevelopment projects (4) — — 50,000 50,000 SAN DIEGO TOTAL 743,258 466,598 3,964,688 4,431,286 SAN FRANCISCO BAY AREA Megacampus: Alexandria Center® for Science and Technology – Mission Bay Mission Bay 25.0% 263,855 212,657 — 212,657 1450 Owens Street Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco South San Francisco 100% 59,954 50,377 90,000 140,377 211(4) and 269 East Grand Avenue Megacampus: Alexandria Center® for Advanced Technologies – Tanforan South San Francisco 100% 471,396 — 1,930,000 1,930,000 1122, 1150, and 1178 El Camino Real Alexandria Center® for Life Science – Millbrae South San Francisco 48.6% 164,771 — 348,401 348,401 201 and 231 Adrian Road and 30 Rollins Road Megacampus: Alexandria Center® for Life Science – San Carlos San Carlos 100% 510,128 — 1,497,830 1,497,830 960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road SAN FRANCISCO BAY AREA TOTAL $ 1,470,104 263,034 3,866,231 4,129,265 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 intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. (2) In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million, which reduced our interest to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is expected to increase our ownership interest over time to over 50%. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details. (3) We have a 100% interest in this property. (4) 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. Market Property Submarket Our Ownership Interest Book Value Development and Redevelopment Square Footage Under Construction Future Total(1) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 41
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SEATTLE Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union Lake Union (2) $ 548,166 175,950 1,057,400 1,233,350 601 and 701 Dexter Avenue North and 800 Mercer Street 1010 4th Avenue South SoDo 100% 64,353 — 544,825 544,825 410 West Harrison Street Elliott Bay 100% 27,147 — 91,000 91,000 Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park Bothell 100% 20,823 — 230,000 230,000 21660 20th Avenue Southeast Other development and redevelopment projects 100% 161,663 — 706,087 706,087 SEATTLE TOTAL 822,152 175,950 2,629,312 2,805,262 MARYLAND Megacampus: Alexandria Center® for Life Science – Shady Grove Rockville 100% 25,968 — 296,000 296,000 9830 Darnestown Road MARYLAND TOTAL 25,968 — 296,000 296,000 RESEARCH TRIANGLE Megacampus: Alexandria Center® for Life Science – Durham Research Triangle 100% 170,969 — 2,060,000 2,060,000 Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle 100% 118,275 — 1,170,000 1,170,000 4 and 12 Davis Drive Megacampus: Alexandria Center® for Sustainable Technologies Research Triangle 100% 57,656 — 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 RESEARCH TRIANGLE TOTAL 348,547 — 4,005,000 4,005,000 NEW YORK CITY Megacampus: Alexandria Center® for Life Science – New York City New York City 100% 185,936 — 550,000 (3) 550,000 NEW YORK CITY TOTAL $ 185,936 — 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 intend 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 364,350 RSF and a 60.0% interest in the future development project at 800 Mercer Street aggregating 869,000 RSF. (3) In 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our quarterly report on Form 10-Q for the three months ended September 30, 2026 filed with the SEC on October 26, 2026 for additional details. Market Property Submarket Our Ownership Interest Book Value Development and Redevelopment Square Footage Under Construction Future Total(1) New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 42
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TEXAS Alexandria Center® for Advanced Technologies at The Woodlands Greater Houston 100% $ 45,351 66,350 116,405 182,755 8800 Technology Forest Place 1001 Trinity Street and 1020 Red River Street Austin 100% 142,328 — 250,010 250,010 Other development and redevelopment projects 100% — — — — TEXAS TOTAL 187,679 66,350 366,415 432,765 Other development and redevelopment projects 100% 47,504 — 474,000 474,000 Total pipeline as of September 30, 2026, excluding properties held for sale 4,627,533 1,572,584 18,912,303 20,484,887 Properties held for sale 480,134 339,668 2,079,925 2,419,593 Total pipeline as of September 30, 2026 $ 5,107,667 (2) 1,912,252 20,992,228 22,904,480 Market Property Submarket Our Ownership Interest Book Value Development and Redevelopment Square Footage Under Construction Future Total(1) Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Total square footage includes 935,031 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 $1.04 billion of projects that are currently under construction. New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 43
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Construction spending Projected Guidance Midpoint for Year Ending December 31, 2026 Nine Months Ended September 30, 2026 Year Ended December 31, 2025 Construction of Class A/A+ properties: Active construction projects Development and redevelopment under construction(1) $ 1,555,000 $ 1,039,228 $ 1,216,572 Future pipeline pre-construction Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) 210,000 (2) 140,645 275,971 Revenue- and non-revenue-enhancing capital expenditures(3) 510,000 (4) 430,365 324,293 Construction spending (before contributions from noncontrolling interests or tenants) 2,275,000 1,610,238 1,816,836 Contributions from noncontrolling interests (consolidated real estate joint ventures) (100,000) (5) (50,727) (193,936) Tenant-funded and -built landlord improvements (425,000) (405,733) (178,651) Total construction spending $ 1,750,000 $ 1,153,778 $ 1,444,249 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) 4Q26 $ 49,000 2027 and beyond 56,000 Total $ 105,000 Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes smaller conversions to laboratory space through redevelopment. (2) Approximately 74% 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 53% 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 two properties at the Alexandria Technology Square® Megacampus in our Cambridge submarket, which are undergoing their first major renovation in 16 years. (5) Represents contractual capital commitments from existing real estate joint venture partners to fund construction. Construction Spending September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 44
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Key Categories of Average Real Estate Basis Qualifying for Capitalization Three Months Ended September 30, 2026 Total(1) $ 5,866,853 Projects delivered in 3Q26 or other projects no longer requiring capitalization of interest as of the end of 3Q26(2) (1,402,235) Projects continuing to qualify for capitalization of interest as of the end of 3Q26 $ 4,464,618 Components of average real estate basis of projects continuing to qualify for capitalization of interest as of the end of 3Q26 Class A/A+ development and redevelopment projects under construction and repositioning projects: 2027–2028 stabilization $ 384,632 Repositioning and smaller redevelopment projects(3) 1,735,127 2,119,759 Land/future development projects with pre-construction milestones through 2028(4) 2,344,859 Average real estate basis of projects continuing to qualify for capitalization as of the end of 3Q26 $ 4,464,618 4Q26 projected range for average real estate capitalization basis $3,400,000 – $4,900,000 (1) In addition to capitalized interest, we incur other capitalized project costs, including property taxes, insurance, 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, related costs are expensed as incurred. Annualized capitalized operating expenses represent approximately 2% of the total average real estate basis subject to capitalization for 3Q26. (2) Primarily includes projects at 421 Park Drive on the Alexandria Center® for Life Science – Fenway Megacampus and Alexandria Stanford Life Science District, both of which were classified as held for sale as of September 30, 2026, as well as a delivered project at Alexandria Center® for Life Science – Waltham Megacampus during 3Q26. (3) Primarily consists of projects related to our operating assets that generally have shorter periods for which capitalization of interest is required, including executed leases aggregating 1.3 million RSF as of September 30, 2026, with future occupancy expected after completion of building and/or tenant improvements by June 2027 on a weighted-average basis. The balance also includes redevelopment projects for which we are evaluating business and financial strategy. (4) Includes future pipeline projects expected to reach pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction, with a weighted-average key construction milestone by 1H28. As projects progress, 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 potential disposition. These projects include, among others, future Megacampus development projects at (i) Alexandria Center ® for Advanced Technologies – Tanforan, (ii) Alexandria Center® for Life Science – San Carlos, where we have a letter of intent for approximately 235,600 RSF related to existing industrial buildings that were originally expected to be demolished to allow for future development, (iii) Alexandria Center® for Life Science – New York City, and (iv) Campus Point by Alexandria, which represent approximately 52% of the total real estate basis that continues to qualify for capitalization in this category as of September 30, 2026. Capitalization of Interest September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 45 $4.1B $3.0B $2.9B $2.6B $4.0B $3.9B $4.1B $3.3B 2025 1Q26 2Q26 3Q26 4Q26 Projected Substantial Reduction in Land and Development and Redevelopment Drives Decrease in Average Real Estate Basis Capitalized $8.1B $5.9B $3.4B – $4.9B Average Real Estate Basis Capitalized $7.0B$6.9B Development/Redevelopment Under Construction and Repositioning Projects Land/Future Development
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Consolidated Real Estate Joint Ventures Property Market Submarket Noncontrolling Interest Share Operating RSF at 100% 50 and 60 Binney Street Greater Boston Cambridge/Inner Suburbs 66.0% 532,395 75/125 Binney Street Greater Boston Cambridge/Inner Suburbs 60.0% 388,270 100 and 225 Binney Street and 300 Third Street Greater Boston Cambridge/Inner Suburbs 70.0% 870,641 15 Necco Street Greater Boston Seaport Innovation District 43.3% 345,996 3215 Merryfield Row San Diego Torrey Pines 70.0% 170,523 Campus Point by Alexandria(1)(2) San Diego University Town Center 40.7% (3) 1,586,697 5200 Illumina Way San Diego University Town Center 49.0% 792,687 9625 Towne Centre Drive San Diego University Town Center 70.0% 171,001 SD Tech by Alexandria(1)(4) San Diego Sorrento Mesa 50.0% 1,051,752 Summers Ridge Science Park(5) San Diego Sorrento Mesa 70.0% 316,531 Alexandria Center® for Science and Technology – Mission Bay(6) San Francisco Bay Area Mission Bay 75.0% 551,845 211 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 1201 and 1208 Eastlake Avenue East Seattle Lake Union 70.0% 206,134 400 Dexter Avenue North Seattle Lake Union 70.0% 291,355 800 Mercer Street(1) Seattle Lake Union 40.0% — Unconsolidated Real Estate Joint Ventures Property Market Submarket Our Ownership Share 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% (7) 135,958 Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Includes properties 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. (2) Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court. (3) In October 2026, we completed a partial sale of our interest in this joint venture for $475.0 million which reduced our interest to approximately 30%. We expect to fund the majority of future construction costs at the Megacampus, which is expected to reduce the ownership interests of our new joint venture partner and existing joint venture partner over time to below 20.0% and 30.0%, respectively, and increase our ownership interest to over 50.0%. Refer to “Dispositions and sales of partial interests” in the Earnings Press Release and “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details. (4) Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road. (5) Includes 9965, 9975, 9985, and 9995 Summers Ridge Road. (6) Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South. (7) Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture. Joint Venture Financial Information September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 46
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As of September 30, 2026 Noncontrolling Interest Share of Consolidated Real Estate JVs Our Share of Unconsolidated Real Estate JVs Investments in real estate $ 3,363,861 $ 85,927 Cash, cash equivalents, and restricted cash 136,379 2,514 Other assets 403,837 10,486 Secured notes payable — (61,016) Other liabilities (292,967) (9,331) Redeemable noncontrolling interests (9,119) — $ 3,601,991 $ 28,580 Noncontrolling Interest Share of Consolidated Real Estate JVs Our Share of Unconsolidated Real Estate JVs September 30, 2026 September 30, 2026 Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Total revenues $ 105,561 $ 301,634 $ 2,885 $ 8,895 Rental operations (33,927) (97,557) (940) (3,092) 71,634 204,077 1,945 5,803 General and administrative (593) (1,876) (23) (47) Interest (20) (190) (989) (2,990) Depreciation and amortization of real estate assets (32,458) (93,449) (858) (2,577) Gain on sale of interest of unconsolidated JV — — — 152 Fixed returns allocated to redeemable noncontrolling interest(1) 191 730 — — $ 38,754 $ 109,292 $ 75 $ 341 Straight-line rent and below-market lease revenue $ 4,909 $ 9,034 $ 216 $ 550 Funds from operations(2) $ 71,212 $ 202,741 $ 933 $ 2,918 Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents an allocation of joint venture earnings to redeemable noncontrolling interest for a property in the San Francisco Bay Area market. This redeemable noncontrolling interest earns a fixed return on its investment rather than participating in the operating results of the property. (2) Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details. Joint Venture Financial Information (continued) September 30, 2026 (In thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 47
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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 (losses) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details. September 30, 2026 Year Ended December 31, 2025Three Months Ended Nine Months Ended Realized gains (losses): Realized gains $ 16,007 $ 44,497 $ 115,722 Impairment of non-real estate investments (13,580) (1) (35,026) (95,716) Significant realized losses — — (103,329) 2,427 9,471 (83,323) Unrealized gains 21,563 (2) 143,164 (2) 26,980 (3) Investment income (losses) $ 23,990 $ 152,635 $ (56,343) September 30, 2026 December 31, 2025 Investments Cost Unrealized Gains Unrealized Losses Carrying Amount Carrying Amount Publicly traded companies $ 105,921 $ 56,294 $ (24,638) $ 137,577 $ 94,928 Entities that report NAV 507,978 215,565 (43,100) 680,443 512,376 Entities that do not report NAV: Entities with observable price changes 77,062 50,568 (10,785) 116,845 123,238 Entities without observable price changes 406,415 — — 406,415 413,324 Investments accounted for under the equity method N/A N/A N/A 394,393 357,383 September 30, 2026 $ 1,097,376 (4) $ 322,427 $ (78,523) $ 1,735,673 $ 1,501,249 December 31, 2025 $ 1,010,488 $ 184,434 $ (51,056) $ 1,501,249 Public/Private Mix (Cost) Tenant/Non-Tenant Mix (Cost) (1) Primarily relates to one non-real estate investment in a privately held entity that does not report NAV. (2) Primarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and nine months ended September 30, 2026. (3) Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025. (4) Represents 2.7% of gross assets as of September 30, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details. Investments September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 48 7% Public 18% Tenant 93% Private 82% Non-Tenant
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As of September 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Top 20% 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 September 30, 2026. (2) Represents the average quarterly percentage of fixed-rate debt as of each quarter-end from January 1, 2022 through September 30, 2026. (3) Pro forma for the potential early redemption of our junior subordinated notes payable on February 15, 2032, our weighted-average remaining debt term would have been 9.7 years. (4) Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings as of June 30, 2026, except for ARE, which is as of September 30, 2026. Balance Sheet September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 49 WEIGHTED AVERAGE TOP 20% Baa2 Stable BBB+ Negative CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS(1) ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2) $4.6B 95.5% REMAINING DEBT TERM (IN YEARS)(3) DEBT INTEREST RATE 11.6 4.33% Longest Among S&P 500 REITs(4) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.4x to 3.9x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO
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Liquidity Limited Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit (in millions) $4.6B (in millions) Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program $ 3,908 Cash, cash equivalents, and restricted cash 514 Investments in publicly traded companies 138 Liquidity as of September 30, 2026 $ 4,560 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. (2) The pro forma amount reflects the October 23, 2026 sale of our partial interest in the Campus Point by Alexandria joint venture for $475.0 million. Refer to “Dispositions and Sales of Partial Interests” in the Earnings Press Release for additional details. Key Credit Metrics September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 50 12/31/25 9/30/26 9/30/26 Pro Forma 12/31/26 Target Intermediate- Term Goal 12/31/25 9/30/26 12/31/26 Target 3.4x to 3.9x5.6x to 6.2x Mid-5x Range 12/31/25 9/30/26 12/31/26 Target $5,000 $5,000$5,000 $353 $1,091 <$350 Remaining amounts available for borrowing under our unsecured senior line of credit Outstanding balance under our unsecured senior line of credit and/or commercial paper program 5.7x 3.7x 6.9x 3.2x 6.6x(2)
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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 $ 10,820,687 $ — $ 10,820,687 83.9% 4.04% 10.60 Junior subordinated notes payable 985,143 — 985,143 7.6% 7.37 (4) 30.40 (4) Unsecured senior line of credit(2) and commercial paper program(3) — 1,091,166 1,091,166 8.5 4.40 5.30 (5) Total/weighted average $ 11,805,830 $ 1,091,166 $ 12,896,996 100.0% 4.33% 11.6 (5) Percentage of total debt 91.5% 8.5% 100.0% (1) Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. (2) As of September 30, 2026, 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+0.725%. As of September 30, 2026, we had $1.09 billion of commercial paper notes outstanding. (4) Our junior subordinated notes will initially bear interest at 7.250% per year through, but excluding, February 15, 2032. Thereafter, the interest rate will reset every five years to the five-year U.S. Treasury rate plus 2.889%, subject to a minimum interest rate of 7.250%. In addition, we may redeem the notes at 100% of principal plus accrued and unpaid interest during the period beginning November 17, 2031 and ending on February 15, 2032 , and thereafter on any interest payment date. (5) 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 i s 11.2 years. The commercial paper notes sold during the nine months ended September 30, 2026 were issued at a weighted-average yield to maturity o f 4.19% and had a weighted-average maturity term of 14 days. Our total weighted-average remaining term also assumes the full maturity of our junior subordinated notes payable due in 2057. Pro forma for the potential early redemption of our junior subordinated notes on February 15, 2032, our total weighted-average remaining debt term would have been 9.7 years. Average Debt Outstanding Weighted-Average Interest Rate September 30, 2026 September 30, 2026 Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Long-term fixed-rate debt $ 11,341,163 $ 11,239,142 4.15% 4.04% Short-term variable-rate unsecured senior line of credit and commercial paper program debt 1,915,075 1,945,860 4.21 4.18 Blended-average interest rate 13,256,238 13,185,002 4.16 4.06 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 $ 13,256,238 $ 13,185,002 4.29% 4.19% Summary of Debt September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 51
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Debt covenants Unsecured Senior Notes Payable Unsecured Senior Line of Credit Debt Covenant Ratios(1) Requirement September 30, 2026 Requirement September 30, 2026 Total Debt to Total Assets ≤ 60% 33% ≤ 60.0% 35.5% Secured Debt to Total Assets ≤ 40% —% ≤ 45.0% —% Consolidated EBITDA to Interest Expense ≥ 1.5x 5.6x ≥ 1.50x 2.91x Unencumbered Total Asset Value to Unsecured Debt ≥ 150% 295% N/A N/A Unsecured Interest Coverage Ratio N/A N/A ≥ 1.75x 5.84x (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 As of September 30, 2026 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 (3) SOFR+1.95% (4) 5.91% $ 26,750 $ 19,354 58.4% 1655 and 1725 Third Street 2/10/35 6.37% 6.44% 500,000 497,138 10.0% $ 526,750 $ 516,492 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2026. (3) In October 2026, the unconsolidated real estate joint venture refinanced this debt with a new $22.5 million secured note payable bearing interest at SOFR+1.85% and maturing in October 2030. As of September 30, 2026, our investment in this unconsolidated real estate joint venture was $9.9 million. (4) This loan is subject to a SOFR floor of 0.75%. Summary of Debt (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 52
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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 notes payable 3.95% 4.13% 1/15/27 $ — $ 350,000 $ — $ — $ — $ — $ 350,000 $ (167) $ 349,833 Unsecured senior notes payable 3.95% 4.07 1/15/28 — — 425,000 — — — 425,000 (569) 424,431 Unsecured senior notes payable 4.50% 4.60 7/30/29 — — — 300,000 — — 300,000 (637) 299,363 Unsecured senior notes payable 2.75% 2.87 12/15/29 — — — 400,000 — — 400,000 (1,346) 398,654 Unsecured senior notes payable 4.70% 4.81 7/1/30 — — — — 450,000 — 450,000 (1,408) 448,592 Unsecured senior notes payable 4.90% 5.05 12/15/30 — — — — 700,000 — 700,000 (3,359) 696,641 Unsecured senior notes payable 3.375% 3.48 8/15/31 — — — — — 750,000 750,000 (3,219) 746,781 Unsecured senior notes payable 2.00% 2.12 5/18/32 — — — — — 900,000 900,000 (5,347) 894,653 Unsecured senior notes payable 1.875% 1.97 2/1/33 — — — — — 1,000,000 1,000,000 (5,586) 994,414 Unsecured senior notes payable 2.95% 3.07 3/15/34 — — — — — 800,000 800,000 (5,905) 794,095 Unsecured senior notes payable 4.75% 4.88 4/15/35 — — — — — 500,000 500,000 (4,155) 495,845 Unsecured senior notes payable 5.50% 5.66 10/1/35 — — — — — 550,000 550,000 (5,852) 544,148 Unsecured senior notes payable 5.25% 5.41 3/15/36 — — — — — 750,000 750,000 (10,601) 739,399 Unsecured senior notes payable 5.25% 5.38 5/15/36 — — — — — 400,000 400,000 (3,508) 396,492 Unsecured senior notes payable 4.85% 4.93 4/15/49 — — — — — 300,000 300,000 (2,670) 297,330 Unsecured senior notes payable 4.00% 3.95 2/1/50 — — — — — 390,801 390,801 5,419 396,220 Unsecured senior notes payable 3.00% 3.16 5/18/51 — — — — — 352,398 352,398 (4,373) 348,025 Unsecured senior notes payable 3.55% 3.70 3/15/52 — — — — — 475,406 475,406 (6,127) 469,279 Unsecured senior notes payable 5.15% 5.26 4/15/53 — — — — — 500,000 500,000 (7,204) 492,796 Unsecured senior notes payable 5.625% 5.71 5/15/54 — — — — — 600,000 600,000 (6,304) 593,696 Unsecured senior notes payable weighted- average interest rate/subtotal 4.04 — 350,000 425,000 700,000 1,150,000 8,268,605 10,893,605 (72,918) 10,820,687 Junior subordinated notes payable 7.25% (3) 7.37 (3) 2/15/57 (3) — — — — — 1,000,000 1,000,000 (14,857) 985,143 Unsecured senior line of credit and commercial paper program(4) (4) 4.40% (4) 1/22/32 (4) — — — — — 1,092,450 1,092,450 (1,284) 1,091,166 Weighted-average interest rate/total 4.33% $ — $ 350,000 $ 425,000 $ 700,000 $ 1,150,000 $ 10,361,055 $ 12,986,055 $ (89,059) $ 12,896,996 Fixed-rate debt $ — $ 350,000 $ 425,000 $ 700,000 $ 1,150,000 $ 9,268,605 $ 11,893,605 $ (87,775) $ 11,805,830 Variable-rate debt — — — — — 1,092,450 1,092,450 (1,284) 1,091,166 Total debt $ — $ 350,000 $ 425,000 $ 700,000 $ 1,150,000 $ 10,361,055 $ 12,986,055 $ (89,059) $ 12,896,996 Weighted-average stated rate on maturing debt N/A 3.95% 3.95% 3.50% 4.82% 4.22% (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 footnote 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. (4) Refer to footnotes 2, 3, and 5 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In September 2026, we amended and restated our $5.0 billion unsecured senior line of credit which, among other changes, extended the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduced the applicable borrowing rate to SOFR plus 0.725% from SOFR plus 0.835%. Summary of Debt (continued) September 30, 2026 (Dollars in thousands) Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 53
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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) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Net (loss) income $ (598,932) $ (38,969) $ 398,377 $ (995,354) $ (197,845) Interest expense 79,687 64,342 64,584 65,674 54,852 Income taxes 2,609 1,845 3,225 1,851 3,737 Depreciation and amortization 304,419 304,384 305,441 322,063 340,230 Stock compensation expense 11,953 10,146 11,032 8,232 10,293 Loss (gain) on early extinguishment of debt 3,323 — (366,435) — 107 Gain on sales of real estate — — — (619,914) (9,366) Unrealized (gains) losses on non-real estate investments (21,563) (131,933) 10,332 (98,548) (18,515) Significant realized losses on non-real estate investments — — — 103,329 — Impairment of non-real estate investments 13,580 8,998 12,448 20,181 25,139 Impairment of real estate 637,904 222,470 5,499 1,717,188 323,870 Decrease in provision for expected credit losses on financial instruments — — — (341) — Adjusted EBITDA $ 432,980 $ 441,283 $ 444,503 $ 524,361 $ 532,502 Total revenues $ 671,182 $ 662,784 $ 671,022 $ 754,414 $ 751,944 Adjusted EBITDA margin 65% 67% 66% 70% 71% 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. Adjusted EBITDA and Adjusted EBITDA margin (continued) 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 investors’ 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 September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 54
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Advanced technology Advanced technology space serves tech office and non-life-science users whose operations require building characteristics, infrastructure, or systems beyond those typically found in traditional office space. Similar to laboratory space, advanced technology space may require enhanced floor- loading capacity; increased electrical capacity, redundancy, and resilience; greater floor-to-floor heights or clear heights; enhanced freight and loading access; enhanced security features; and specialized HVAC, exhaust, or other critical building systems. 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 September 30, 2026 , approximately 91% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants related to these operating expenses, along with base rent, are classified in income from rentals in our consolidated statements of operations. Capitalization rates Capitalization rates are calculated based on net operating income and net operating income (cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter preceding the date on which the property is sold, or near-term prospective net operating income. Capitalized interest We capitalize interest cost as a cost of a project during periods for which activities necessary to develop, redevelop, or reposition a project for its intended use are ongoing, provided that expenditures for the asset have been made and interest cost has been incurred. Activities necessary to develop, redevelop, or reposition a project include pre-construction activities such as entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related to such project are expensed as incurred. Cash interest Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees, debt premiums (discounts) and interest expense associated with the equity treatment of junior subordinated notes payable. 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 September 30, 2026. 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 and advanced technology 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 generally consist of the permanent change in use of acquired office, warehouse, or shell space into facilities designed for life science innovation or advanced technology. 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. Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 55
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Development, redevelopment, and pre-construction (continued) Development, redevelopment, and pre-construction spending also includes the following costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and growth-stage life science companies. Revenue-enhancing and repositioning capital expenditures represent spending to reposition or significantly change the use of a property, including through improvement in the asset quality from Class B to Class A/A+. Non-revenue-enhancing capital expenditures represent costs required to maintain the current revenues of a stabilized property, including the associated costs for renewed and re-leased space. Dividend payout ratio (common stock) Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends on our common stock (shares of common stock outstanding on the respective record dates multiplied by the related dividend per share) to funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted. Dividend yield Dividend yield for the quarter represents the annualized quarterly dividend per share divided by the closing common stock price at the end of the quarter. Fixed-charge coverage ratio Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends. Fixed charges equal interest expense calculated in accordance with GAAP plus capitalized interest, plus preferred stock dividends, less amortization of loan fees and debt premiums (discounts), and less any portion of interest expense or preferred stock dividends incurred from any corresponding portion of any hybrid instrument that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding such amounts provides investors with useful supplemental information regarding the effect of that equity-credit treatment on our credit profile and fixed-charge coverage. The following table reconciles interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest and computes fixed- charge coverage ratio: Three Months Ended (Dollars in thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Adjusted EBITDA $ 432,980 $ 441,283 $ 444,503 $ 524,361 $ 532,502 Interest expense $ 79,687 $ 64,342 $ 64,584 $ 65,674 $ 54,852 Capitalized interest 62,922 73,717 69,973 81,845 86,091 Amortization of loan fees (4,422) (4,417) (4,428) (4,481) (4,505) Amortization of debt discounts (353) (352) (320) (327) (325) Interest expense associated with the equity treatment of junior subordinated notes payable(1) (4,028) — — — — Cash interest and fixed charges $ 133,806 $ 133,290 $ 129,809 $ 142,711 $ 136,113 Fixed-charge coverage ratio: – quarter annualized 3.2x 3.3x 3.4x 3.7x 3.9x – trailing 12 months 3.4x 3.6x 3.8x 4.0x 4.1x (1) Represents 50% of the interest expense associated with our junior subordinated notes payable, corresponding to the portion of the related amount that key rating agencies treat as equivalent to a common dividend for credit- analysis purposes. 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) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 56
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Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’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 Real Estate Equities, Inc.’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 September 30, 2026 September 30, 2026 (In thousands) Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Net income $ 38,754 $ 109,292 $ 75 $ 341 Depreciation and amortization of real estate assets 32,458 93,449 858 2,577 Funds from operations $ 71,212 $ 202,741 $ 933 $ 2,918 Gross assets Gross assets are calculated as total assets plus accumulated depreciation: (In thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Total assets $ 34,051,722 $ 34,632,226 $ 34,167,397 $ 34,081,835 $ 37,375,148 Accumulated depreciation 6,879,381 6,648,143 6,393,658 6,127,525 6,416,745 Gross assets $ 40,931,103 $ 41,280,369 $ 40,561,055 $ 40,209,360 $ 43,791,893 Incremental annual net operating income on development and redevelopment projects Incremental annual net operating income represents the annualized net operating income expected to be realized upon a project being placed into service and achieving stabilized occupancy. For projects placed into service during the period, the incremental annual net operating income disclosed excludes future incremental annual net operating income from space that was vacant or unleased at delivery. Incremental annual net operating income is calculated as the initial stabilized yield multiplied by the project’s total cost at completion. Initial stabilized yield (unlevered) Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the property. For this calculation, we exclude any tenant- funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment projects are generally expected to increase over time due to contractual annual rent escalations. Our estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion represent our initial estimates at the commencement of the project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected project yields or costs. • Initial stabilized yield reflects rental income, including contractual rent escalations and any rent concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements. • Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property. Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 57
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Investment-grade or publicly traded large cap tenants Investment-grade or publicly traded large cap tenants represent tenants that are investment- grade rated or publicly traded companies with an average daily market capitalization greater than $10 billion for the twelve months ended September 30, 2026 , as reported by Bloomberg Professional Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease obligation upon such tenant’s default. We monitor the credit quality and related material changes of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion, which are not immediately reflected in the twelve-month average, may result in their exclusion from this measure. Investments We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. We recognize, measure, present, and disclose these investments as follows: Statements of Operations Balance Sheet Gains and Losses Carrying Amount Unrealized Realized Difference between proceeds received upon disposition and historical cost Publicly traded companies Fair value Changes in fair value Privately held entities without readily determinable fair values that: Report NAV Fair value, using NAV as a practical expedient Changes in NAV, as a practical expedient to fair value Do not report NAV Cost, adjusted for observable price changes and impairments(1) Observable price changes(1) Impairments to reduce costs to fair value, which result in an adjusted cost basis and the differences between proceeds received upon disposition and adjusted or historical cost Equity method investments Contributions, adjusted for our share of the investee’s earnings or losses, less distributions received, reduced by other-than-temporary impairments Our share of unrealized gains or losses reported by the investee Our share of realized gains or losses reported by the investee, and other-than- temporary impairments (1) An observable price is a price observed in an orderly transaction for an identical or similar investment of the same issuer. Observable price changes result from, among other things, equity transactions for the same issuer with similar rights and obligations executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. Investments in real estate The following table reconciles our investments in real estate as of September 30, 2026: (In thousands) Investments in Real Estate Gross investments in real estate $ 35,306,380 Less: accumulated depreciation (6,879,381) Investments in real estate $ 28,426,999 The following table presents our new Class A/A+ development and redevelopment pipeline, excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental revenue as of September 30, 2026: (Dollars in thousands) Book Value Percentage of Gross Assets Projects under active construction $ 1,043,255 3% Future development projects(1) and land parcels primarily located in Megacampuses 3,584,278 9 Total Class A/A+ development and redevelopment pipeline, excluding properties held for sale 4,627,533 12 Properties held for sale – land and development parcels 480,134 1 Total Class A/A+ development and redevelopment pipeline $ 5,107,667 13% (1) Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes development rights associated with existing operating campuses. The square footage presented in the table below is classified as operating as of September 30, 2026 and excludes properties classified as held for sale . These lease expirations or vacant space at recently acquired properties represent future opportunities for which we intend, 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 Future projects: 446, 458, and 500 Arsenal Street/Cambridge/Inner Suburbs Dev — — 116,623 116,623 Campus Point by Alexandria/University Town Center Dev — — 96,805 96,805 Sequence District by Alexandria/Sorrento Mesa Dev/ Redev — — 457,013 457,013 1150 El Camino Real/South San Francisco Dev — — 152,000 152,000 960 Industrial Road/San Carlos Dev — — 112,590 112,590 Total — — 935,031 935,031 (1) Includes vacant square footage as of September 30, 2026. Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 58
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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, to facilitate investors’ 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. 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. The following table reconciles our annual rental revenue and development and redevelopment pipeline RSF, excluding properties classified as held for sale, as of September 30, 2026: (Dollars in thousands) Annual Rental Revenue Development and Redevelopment Pipeline RSF Megacampus $ 1,485,494 15,575,865 Core and non-core 378,257 3,973,991 Total $ 1,863,751 19,549,856 Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF 80% 80% Net cash provided by operating activities, as adjusted We use net cash provided by operating activities, as adjusted, as a supplemental measure for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Net cash provided by operating activities, as adjusted, is calculated as net cash provided by operating activities as shown in our consolidated statements of cash flows, adjusted for changes in operating assets and liabilities (as they represent timing differences), and reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from asset sales). We believe net cash provided by operating activities, as adjusted, provides investors with relevant and useful information as it allows investors to evaluate our operating cash flows on a more consistent basis that excludes period-to-period timing differences in operating assets and liabilities (working capital) and reflects cash dividends and distributions paid quarterly. The following table reconciles net cash flows from operating activities, the most directly comparable financial measure presented in accordance with GAAP, to net cash provided by operating activities, as adjusted: Nine Months Ended (in thousands) 9/30/26 9/30/25 Net cash provided by operating activities $ 875,410 $ 1,101,668 Changes in operating assets and liabilities 154,064 188,563 Common stock dividends paid (371,427) (684,419) Distributions to noncontrolling interests (171,248) (186,725) Net cash provided by operating activities, as adjusted $ 486,799 $ 419,087 Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 59
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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 for evaluating our balance sheet leverage. Net debt and preferred stock is calculated at the end of the applicable period and equals total consolidated debt (including secured debt, unsecured senior debt, and junior subordinated debt) plus preferred stock, less cash, cash equivalents, restricted cash, and the portion of any hybrid instrument included in debt or preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding such amounts provides investors with useful supplemental information regarding the effect of that equity-credit treatment on our leverage. Refer to the definition of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted EBITDA. The following table reconciles debt to net debt and preferred stock and computes the ratio to Adjusted EBITDA: (Dollars in thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Secured notes payable $ — $ — $ — $ — $ — Unsecured senior notes payable 10,820,687 10,818,366 11,166,009 12,047,394 12,044,999 Junior subordinated notes payable 985,143 — — — — Unsecured senior line of credit and commercial paper 1,091,166 1,994,508 1,353,986 353,161 1,548,542 Unamortized deferred financing costs 79,954 67,066 69,071 74,314 76,383 Cash and cash equivalents (508,855) (470,449) (418,720) (549,062) (579,474) Restricted cash (4,908) (4,690) (4,665) (4,693) (4,705) Equity treatment of junior subordinated notes payable(1) (500,000) — — — — Preferred stock — — — — — Net debt and preferred stock $ 11,963,187 $ 12,404,801 $ 12,165,681 $ 11,921,114 $ 13,085,745 Adjusted EBITDA: – quarter annualized $ 1,731,920 $ 1,765,132 $ 1,778,012 $ 2,097,444 $ 2,130,008 – trailing 12 months $ 1,843,127 $ 1,942,649 $ 2,044,906 $ 2,141,811 $ 2,185,820 Net debt and preferred stock to Adjusted EBITDA: – quarter annualized 6.9x 7.0x 6.8x 5.7x 6.1x – trailing 12 months 6.5x 6.4x 5.9x 5.6x 6.0x (1) Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable. Net debt and preferred stock to Adjusted EBITDA (continued) 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 Nine Months Ended (Dollars in thousands) 9/30/26 9/30/25 9/30/26 9/30/25 Net loss $ (598,932) $ (197,845) $ (239,524) $ (221,372) Equity in (earnings) losses of unconsolidated real estate joint ventures (75) (201) (341) 9,327 General and administrative expenses 40,915 29,224 112,461 89,027 Interest expense 79,687 54,852 208,613 161,024 Depreciation and amortization 304,419 340,230 914,244 1,028,415 Impairment of real estate 637,904 323,870 865,873 485,630 Loss (gain) on early extinguishment of debt 3,323 107 (363,112) 107 Gain on sales of real estate — (9,366) — (22,531) Investment (income) losses (23,990) (28,161) (152,635) 52,453 Net operating income 443,251 512,710 1,345,579 1,582,080 Straight-line rent revenue (2,466) (18,821) (21,229) (59,380) Amortization of deferred revenue related to tenant- funded and -built landlord improvements (11,992) (5,455) (24,881) (9,507) Amortization of acquired below-market leases (8,233) (6,456) (22,229) (31,874) Provision for expected credit losses on financial instruments — — — 285 Net operating income (cash basis) $ 420,560 $ 481,978 $ 1,277,240 $ 1,481,604 Net operating income (cash basis) – annualized $ 1,682,240 $ 1,927,912 $ 1,702,987 $ 1,975,472 Net operating income (from above) $ 443,251 $ 512,710 $ 1,345,579 $ 1,582,080 Total revenues $ 671,182 $ 751,944 $ 2,004,988 $ 2,272,142 Operating margin 66% 68% 67% 70% Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 60
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Net operating income, net operating income (cash basis), and operating margin (continued) Net operating income is a non-GAAP financial measure calculated as net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated real estate joint ventures, general and administrative expenses, interest expense, depreciation and amortization, impairments of real estate, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment income or loss. We believe net operating income provides useful information to investors regarding our financial condition and results of operations because it primarily reflects those income and expense items that are incurred at the property level. Therefore, we believe net operating income is a useful measure for investors to evaluate the operating performance of our consolidated real estate assets. Net operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements, and 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. 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 for assets held for sale or to their estimated fair value for assets held and used. These impairments result from investing decisions or a deterioration in market conditions or changes in the intended use of a property. 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. Net operating income, net operating income (cash basis), and operating margin (continued) We believe that, to facilitate investors’ 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. Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 61
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Same property comparisons (continued) The following table reconciles the number of same properties to total properties for the nine months ended September 30, 2026: Development and redevelopment – under construction Properties 1450 Owens Street 1 701 Dexter Avenue North 1 10200 Campus Point Drive 1 40 Sylvan Road 1 269 East Grand Avenue 1 8800 Technology Forest Place 1 3000 Minuteman Road Building 4 1 7 Development and redevelopment – placed into service or reclassified into operating after January 1, 2025 230 Harriet Tubman Way 1 500 North Beacon Street and 4 Kingsbury Avenue 2 10935, 10945, and 10955 Alexandria Way 3 10075 Barnes Canyon Road 1 4135 Campus Point Court 1 99 Coolidge Avenue 1 50 and 60 Sylvan Road 2 311 Arsenal Street 1 3000 Minuteman Road Building 3 1 421 Park Drive 1 14 Acquisitions after January 1, 2025 Other 2 2 Unconsolidated real estate JVs 3 Properties held for sale 18 Total properties excluded from same properties 44 Same properties 284 Total properties as of September 30, 2026 328 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 collections Tenant collections represent the percentage of recognized rental income billed during the respective quarter that has been collected as of the date of this report. Rental income from tenants for whom collection is considered not probable is recognized only upon receipt of cash and, accordingly, is included in this calculation only to the extent recognized and collected. 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 are 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 on net income of any significant variability in components of our operating expenses. The following table reconciles income from rentals to tenant recoveries: Three Months Ended Nine Months Ended (In thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Income from rentals $ 653,618 $ 643,210 $ 653,013 $ 728,872 $ 735,849 $ 1,949,841 $ 2,216,303 Rental revenues (481,348) (486,589) (474,786) (538,330) (541,070) (1,442,723) (1,646,559) Tenant recoveries $ 172,270 $ 156,621 $ 178,227 $ 190,542 $ 194,779 $ 507,118 $ 569,744 Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 62
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Total debt and preferred stock, as adjusted Total debt and preferred stock, as adjusted, is calculated at the end of the applicable period and equals total consolidated debt (including secured debt, unsecured senior, and junior subordinated debt) plus preferred stock, less the portion of any hybrid instrument included in debt or preferred stock that is treated as equity, generally consistent with the treatment by key rating agencies, as excluding such amounts provides investors with useful supplemental information regarding the effect of that equity-credit treatment on our leverage. The following table reconciles total debt and preferred stock, as adjusted: (Dollars in thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Secured notes payable $ — $ — $ — $ — $ — Unsecured senior notes payable 10,820,687 10,818,366 11,166,009 12,047,394 12,044,999 Junior subordinated notes payable 985,143 — — — — Unsecured senior line of credit and commercial paper 1,091,166 1,994,508 1,353,986 353,161 1,548,542 Equity treatment of junior subordinated notes payable(1) (500,000) — — — — Preferred stock — — — — — Total debt and preferred stock, as adjusted $ 12,396,996 $ 12,812,874 $ 12,519,995 $ 12,400,555 $ 13,593,541 (1) Represents the 50% equity treatment assigned by key rating agencies to the $1.0 billion principal amount of our junior subordinated notes payable. Total equity capitalization Total equity capitalization is equal to the outstanding shares of common stock multiplied by the closing price on the last trading day at the end of each period presented. Total market capitalization Total market capitalization is equal to the sum of total equity capitalization and total debt. Unencumbered net operating income as a percentage of total net operating income Unencumbered net operating income as a percentage of total net operating income is a non- GAAP financial measure that we believe is useful to investors as a performance measure of the results of operations of our unencumbered real estate assets as it reflects those income and expense items that are incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented. The following table summarizes unencumbered net operating income as a percentage of total net operating income: Three Months Ended (Dollars in thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 Unencumbered net operating income $ 443,251 $ 455,448 $ 446,880 $ 521,871 $ 512,710 Encumbered net operating income — — — — — Total net operating income $ 443,251 $ 455,448 $ 446,880 $ 521,871 $ 512,710 Unencumbered net operating income as a percentage of total net operating income 100.0% 100.0% 100.0% 100.0% 100.0% 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. 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. Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 63
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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 Nine Months Ended (In thousands) 9/30/26 6/30/26 3/31/26 12/31/25 9/30/25 9/30/26 9/30/25 Basic shares for earnings per share 170,751 170,718 170,598 170,394 170,181 170,689 170,278 Unvested RSAs with forfeitable dividends — — 269 — — — — Diluted shares for earnings per share 170,751 170,718 170,867 170,394 170,181 170,689 170,278 Basic shares for funds from operations per share and funds from operations per share, as adjusted 170,751 170,718 170,598 170,394 170,181 170,689 170,278 Unvested RSAs with forfeitable dividends 667 492 269 110 124 480 73 Diluted shares for funds from operations per share and funds from operations per share, as adjusted 171,418 171,210 170,867 170,504 170,305 171,169 170,351 Weighted-average unvested RSAs with nonforfeitable dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted 1,224 1,276 1,340 1,570 1,917 1,280 1,989 Definitions and Reconciliations (continued) September 30, 2026 Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 64