ALEXANDRIA REAL ESTATE EQUITIES, INC.
For the period ended Mar 31, 2026. Filed Apr 27, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 27, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0001035443-25-000198
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-27.
0001035443-26-000042
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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630 unchanged; 455 reworded; 559 added; 711 removed; 86 previous and 30 current paragraphs rearranged.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
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3.6x-4.1x, respectively.
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•We expect improvement in our quarter annualized net debt and preferred stock to Adjusted EBITDA ratio in the second
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half of 2026 as we complete dispositions and sales of partial interests.
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•As of March 31, 2026:
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Solid leasing of development and redevelopment space
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•Leasing of development and redevelopment space aggregating 117,935 RSF during thethree months ended March 31,
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2026, up 135% from the prior five quarter average, excluding a build-to-suit lease executed in July 2025 with a long-
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standing multinational pharmaceutical tenant.
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•From April 1, 2026 through the date of this report, we have executed leases and/or letters of intent aggregating
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•72% of our leasing activity during thethree months ended March 31, 2026 was generated from our existing tenant base.
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•Excluding the impact of one lease aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket,
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rental rates for renewed and re-leased space for thethree months ended March 31, 2026 would have decreased by 10.1%
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and 9.1% (cash basis). The space at 480 Arsenal Street was re-leased to an entertainment studio user to accommodate their
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expansion needs and secure a long-term extension. In addition, the reorientation of this building layout provides flexibility to
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market the remaining available space to a broader range of user demand.
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•Total revenues of$671.0 million, down 11.5%, for thethree months ended March 31, 2026, compared to$758.2 million for the
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decreased by 5.1% for the three months ended March 31, 2026 compared to thethree months ended March 31, 2025.
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$300.6 million, or 15.2%, compared to thethree months ended March 31, 2025, annualized.
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•Change in net operating income (cash basis) reflects the impact of operating properties disposed of after January 1, 2025.
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would have decreased by 8.9%.
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•The quarter-over-quarter decline was due to a decrease in same property occupancy, primarily driven by the previously
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disclosed 2026 key lease expirations aggregating 657,492 RSF that became vacant during the three months ended March
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31, 2026, with a weighted-average lease expiration date of January 2026, and by vacancy during the three months ended
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December 31, 2025 at one property aggregating 170,618 RSF at Alexandria Center® for Advanced Technologies – South
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San Francisco in our South San Francisco submarket. We expect our same property performance to improve in the
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second half of 2026, primarily due to changes in same property occupancy, including the anticipated delivery of 1.1 million
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RSF of vacant space that was leased but not yet delivered as of March 31, 2026, which has a weighted-average expected
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delivery date of approximately September 2026, and is expected to generate annual rental revenue of approximately$68
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same properties occupancy for thethree months ended March 31, 2025.
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Continued successful reduction and management of general and administrative expenses
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•General and administrative expenses for thethree months ended March 31, 2026 aggregated$34.7 million, which represents
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adecrease of$7.4 million, or 18%, compared to the quarterly average for 2024. For the trailing twelve months ended
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March 31, 2026, general and administrative expenses as a percentage of net operating income were 6.0%, approximately half
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the average of other S&P 500 REITs for 2023–2025.
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•During theyear ended December 31, 2025, we achieved general and administrative expense reduction of$51.3 million, or
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continue in 2026.
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•Common stock dividend declared of$0.72 per sharefor thethree months ended March 31, 2026, consistent with the
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preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our
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balance sheet, enhancing financial flexibility, preserving liquidity, and sharing cash flows with our stockholders.
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dispositions of land, non-core assets, and core assets (primarily sales of partial interests).
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Global trade policies
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We have been monitoring and will continue to monitor macroeconomic trends and uncertainties. In particular, we are
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assessing how recent fluctuations in international trade relations and trade policies could adversely affect our business or the
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businesses of our tenants.
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In early March 2025, the U.S. government imposed or indicated that it would impose a series of tariffs on certain goods from
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Canada and Mexico as well as raise tariffs on Chinese imports. President Trump has also indicated his intent to impose a “major”
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pharmaceutical-specific tariff, which could adversely affect our business and/or the business of our tenants. As a result of these
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developments, the global securities and trade markets have reacted with volatility, and trade tensions remain high.
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The imposition of tariffs or the potential future imposition of additional or modified tariffs in the current geopolitical climate could
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have material adverse effects on the net profitability, revenues, or operations of Alexandria and many other companies. While we are
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evaluating the potential impacts of such tariffs, as well as our ability to mitigate such impacts, these recent trends may in the meantime
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interrupt supply chains, fragment international business relationships, and create unknown risks that would thereby affect our or our
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tenants’ business operations.
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undergoing construction andone 100% pre-leased committed near-term project expected to commence construction in the next year.
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Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations” and to the tabular presentation of these items
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As of September 30, 2025, unless stated otherwise:
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6.0x and 3.6x to 4.1x, respectively.
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•$166.9 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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Solid leasing volume and rental rate increases
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a 16-year build-to-suit lease expansion aggregating 466,598 RSF on the Campus Point by Alexandria Megacampus
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•Leasing of previously vacant space aggregating 256,633 RSF, up 40%, over the quarterly average over the last five
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quarters.
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ended September 30, 2025 and 13.6% and 6.8% (cash basis) for thenine months ended September 30, 2025.
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•82% of our leasing activity during the last twelve monthswas generated from our existing tenant base.
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•Total revenues
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•$751.9 million, down 5.0%, for thethree months ended September 30, 2025, compared to$791.6 million for thethree
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•$2.3 billion, down 2.4%, for thenine months ended September 30, 2025, compared to$2.3 billion forthe nine months
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increased by 3.0% for thenine months ended September 30, 2025.
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by$118.5 million, or 5.8%, compared to thethree months ended September 30, 2024 annualized. Refer to “Net operating
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reconciliation of our net income to net operating income (cash basis).
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•Decrease in net operating income (cash basis) includes the impact of operating properties disposed of after January
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September 30, 2025, would have decreased by 1.2%, and for thenine months ended September 30, 2025 would
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have increased by 7.3%, compared to the corresponding periods in 2024.
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•(6.0)% and(3.1)% (cash basis) for thethree months ended September 30, 2025, compared to thethree months
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•(3.1)% and 3.0% (cash basis) for thenine months ended September 30, 2025, compared to thenine months ended
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•92.6% same properties’ average occupancy for thenine months ended September 30, 2025, compared to 94.6%
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average occupancy for thenine months ended September 30, 2024.
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•$89.0 million for thenine months ended September 30, 2025, representing cost reductions of $46.6 million or 34%,
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related to reducing personnel-related costs and streamlining business processes. Given that some of these cost
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savings are expected to be temporary in nature, we anticipate approximately half of the cost reductions expected to
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may affect our future plans of operations, business strategy, results of operations, and financial position. A number of important factors
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may affect our future plans of operations, business and financial strategy, results of operations, and financial position. A number of
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could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including,
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important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking
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but not limited to, the following:
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statements, including, but not limited to, the following:
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Research Triangle, and New York City. As of September 30, 2025, Alexandria has a total market capitalization of $27.8 billion and an
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Research Triangle, and New York City. As of March 31, 2026, Alexandria has a total market capitalization of $20.44 billion and an asset
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asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties
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base that includes 35.8 million RSF of operating properties and 3.4 million RSF of Class A/A+ properties undergoing construction.
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Investment-grade or publicly traded large cap tenants
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•Investment-grade or publicly traded large cap tenants represented 55% of our annual rental revenue;
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•82% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•78% of our leasing activity during the last twelve months was generated from our existing tenant base.
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A key element of our business strategy is our unique focus on Class A/A+ properties primarily located in collaborative
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A key element of our business and financial strategy is our unique focus on Class A/A+ properties primarily located in
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Megacampus ecosystems in AAA life science innovation clusters. Our Megacampus ecosystems are designed for optionality and
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collaborative Megacampus ecosystems in AAA life science innovation clusters. Our Megacampus ecosystems are designed for
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scalability, offering our tenants a clear path to address their growth requirements, including through our future developments and
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optionality and scalability, offering our tenants a clear path to address their growth requirements, including through our future
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redevelopments. Strategically located near top academic and medical research institutions and equipped with curated amenities and
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developments and redevelopments. Strategically located near top academic and medical research institutions and equipped with
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services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining
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curated amenities and services and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in
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top talent and in meeting our tenants’ growth needs, which we believe is a key driver of tenant demand for our properties. Our strategy
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attracting and retaining top talent and in meeting our tenants’ growth needs, which we believe is a key driver of tenant demand for our
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also includes drawing upon our deep, broad, and long-standing real estate and life science industry relationships in order to retain
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properties. Our strategy also includes drawing upon our deep, broad, and long-standing real estate and life science industry
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tenants, identify and attract new and leading tenants, and source additional real estate.
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relationships in order to retain tenants, identify and attract new and leading tenants, and source additional real estate.
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A sector-leading REIT with a high-quality, diverse tenant base, strong margins, and long lease terms
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A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease terms
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(1)Refer to “Definitions and reconciliations” in Item 2 for additional information.
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(1)Refer to “Tenant Collections” under “Definitions and reconciliations” for additional details.
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•Net debt and preferred stock to Adjusted EBITDA of 6.1x and fixed-charge coverage ratio of 3.9x for thethree months
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•Net debt and preferred stock to Adjusted EBITDA of 6.8x and fixed-charge coverage ratio of 3.4x for thethree months ended
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ended September 30, 2025 annualized, with targets for the three months ended December 31, 2025 annualized of 5.5x to
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March 31, 2026 annualized, with targets for the three months ending December 31, 2026 annualized of 5.6x-6.2x and
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•Significant liquidity of $4.2 billion, or 4.2x our debt maturities through 2027.
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•Significant liquidity of $4.17 billion, or 3.7x of our debt maturities through 2028.
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•Only 7% of our total debt matures through 2027.
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•Only 9% of our total debt matures through 2028.
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•11.6 years weighted-average remaining term of debt, longest among S&P 500 REITs.
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•10.0-year weighted-average remaining debt term, the longest among S&P 500 REITs.
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•Leasing volume of 1,171,344 RSF during thethree months ended September 30, 2025.
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•Leasing volume of 647,356 RSF during thethree months ended March 31, 2026.
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months ended September 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would
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three months ended March 31, 2025. Excluding dispositions completed after January 1, 2025, total revenues would have
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•Net operating income (cash basis) of$1.9 billion for thethree months ended September 30, 2025 annualized decreased
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•Net operating income (cash basis) of$1.7 billion for thethree months ended March 31, 2026, annualized, decreased by
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1, 2024. Excluding these dispositions, net operating income (cash basis) – annualized for thethree months ended
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Excluding these dispositions, net operating income (cash basis), annualized, for thethree months ended March 31, 2026,
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•Same property net operating income changes
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•Same property net operating income decreased by 11.9% and 11.7% (cash basis) for thethree months ended March 31, 2026,
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have been relatively flat compared to thethree months ended September 30, 2025.
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compared to thethree months ended March 31, 2025.
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•91.4% same properties’ average occupancy for thethree months ended September 30, 2025, compared to
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•Same properties average occupancy for thethree months ended March 31, 2026 was 88.9%, compared to 94.0% average
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compared to thenine months ended September 30, 2024, primarily the result of cost-control and efficiency initiatives
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30%, compared to theyear ended December 31, 2024, primarily as a result of cost-control and efficiency initiatives. Some of
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We anticipate that approximately half of the cost reductions expected to be achieved in 2025 will continue in 2026.
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these cost savings were temporary, and we anticipate that approximately half of the cost reduction achieved in 2025 will
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•Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating$2.3 billion
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•Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating$2.60 billion for the
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for the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range.
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years ended December 31,2022 through 2025 and the midpoint of our 2026 guidance range.
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•Dividend yield of 6.3% as of September 30, 2025 anddividend payout ratio of 60% for the three months ended
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•Dividend yield of 6.2% as of March 31, 2026 anddividend payout ratio of 42% for the three months ended March 31, 2026.
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Ongoing execution of Alexandria’s 2025 capital recycling strategy
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Ongoing execution of Alexandria’s capital recycling strategy
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We expect to fund a significant portion of our capital requirements for the year ending December 31, 2025 through dispositions
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We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through
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Leasing progress on temporary vacancy
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Occupancy and leasing progress on temporary vacancy
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(2)Represents temporary vacancies as of September 30, 2025 aggregating 617,458 RSF, primarily in the Greater Boston, San Francisco Bay Area, San Diego, and Seattle
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(3)Represents temporary vacancies aggregating 1.1 million RSF, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, that are leased and
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markets, that are leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is
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expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately September 2026, with
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•$27.8 billion in total market capitalization.
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•$20.44 billion in total market capitalization.
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Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations.”
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•Our credit ratings from S&P Global Ratings and Moody’s Ratings were BBB+ and Baa1, respectively, which rank in thetop
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15% among all publicly traded U.S. REITs.
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276,188 RSF related to our development and redevelopment pipeline.
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non-revenue-enhancing capital expenditures earlier than typically expected.
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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.
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technological organizations, located in life science innovation hubs in close proximity to top academic and medical
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that provide operational space but lack the scale and strategic design that our Megacampus ecosystems deliver.
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absorption, we implemented a disciplined reduction in construction spending. Based on the midpoint of our 2026
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comparable financial measures presented in accordance with GAAP.
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consisted of the following (dollars in thousands):
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the majority of future construction costs at the Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner.
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triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities, repairs and maintenance, common
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area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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During thethree months ended March 31, 2025, we recognized investment loss aggregating$50.0 million, which consisted of
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thethree months ended March 31, 2026 (in thousands):
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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
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interest” in Item 2 for additional details.
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construction of Class A/A+ properties, are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively,
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of the total average real estate basis subject to capitalization for thethree months ended March 31, 2026.
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financial statements in Item 1 for additional information.
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refer to Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements in Item 1.
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significant accounting policies” to our unaudited consolidated financial statements in Item 1 for additional information.
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The following table reconciles net income (loss), the most directly comparable financial measure calculated and presented in
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repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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aboveground construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such space, except when
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properties classified as held for sale, as of March 31, 2026 (dollars in thousands):
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decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Net cash provided by
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We believe net cash provided by operating activities, as adjusted, provides investors with relevant and useful information as it
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three months ended March 31, 2026 and 2025 (dollars in thousands):
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in “Results of operations” in Item 2.
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•Since 2021, ourquarter-end fixed-rate debt has averaged 96.7%.
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construction from October 1, 2025 through 2027 and beyond.
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•Includes the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for
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in our University Town Center submarket.
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ended September 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have
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income, net operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a
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94.8% average occupancy for thethree months ended September 30, 2024.
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partial interests” in Item 2 for additional details.
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2026 from projects expected to stabilize in 2027 and beyond.
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conversion and speculative development projects have contributed to a significant influx of new laboratory properties in key
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or under lease negotiations as of September 30, 2025. Additionally, landlord-funded tenant improvement allowances have
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“Item 1A. Risk factors” within “Part II – Other information” of this quarterly report on Form 10-Q and “Item 1A. Risk factors”
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within Part I in our annual report on Form 10-K for the year ended December 31,2024.
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funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under
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In addition to capitalized interest, we incur capitalized projects costs, including property taxes, insurance, and other costs
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directly related and essential to the construction of Class A/A+ properties. If we cease activities necessary to prepare a
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project for its intended use, costs related to such project are expensed as incurred.
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including various phases of entitlement, design, site work, and other activities necessary to begin aboveground
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our privately held investees being acquired by other entities — may be limited and could result in lower realized gains.
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advance their science. With our Megacampus ecosystems, we aim to provide a superior set of amenities, services, and
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Point by Alexandria Megacampus in our University Town Center submarket.
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financial measures presented in accordance with GAAP.
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and re-leased to new tenants, including the following:
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(dollars in thousands, except per RSF amounts):
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GROWTH IN ANNUAL NET OPERATING INCOME
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New Class A/A+ development and redevelopment properties: recent deliveries (continued)
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and non-real estate investments, and acceleration of stock compensation expense due to the resignations of executive officers are not
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unaudited consolidated financial statements in Item 1 for additional information.
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Same Property– Net Operating Income (Cash Basis)
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leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in
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rental operating expenses related to our Same Properties, as discussed below, partially offset by thedecrease in Non-Same Properties’
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policies” to our unaudited consolidated financial statements in Item 1.
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information, refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial
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The following table presents a comparison of the components of net operating income for our Same Properties and Non-Same
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thousands). Refer to “Definitions and reconciliations” in Item 2 for definitions of “Tenant recoveries” and “Net operating income” and
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their reconciliations from the most directly comparable financial measures presented in accordance with GAAP, income from rentals and
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compared to$2.29 billion for thenine months ended September 30, 2024, due to adecrease in rental revenues, partially offset by an
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substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
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