ALEXANDRIA REAL ESTATE EQUITIES, INC.
For the period ended Jun 30, 2026. Filed Aug 3, 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.
Jun 30, 2026 · Filed Aug 3, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0001035443-26-000066
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.
Compared 1674 previous paragraphs and 1741 current paragraphs.
917 unchanged; 436 reworded; 344 added; 293 removed; 28 previous and 44 current paragraphs rearranged.
Tables are not compared: 79 previous and 89 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (344)
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under Part I, “Item 1A. Risk factors”; and Part II, “Item 7. Management’s discussion and analysis of financial condition and results of
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undergoing construction.
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•Investment-grade or publicly traded large cap tenants represented 57% of our annual rental revenue;
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duration remaining debt term (as of June 30, 2026)
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and 3.6x–4.1x.
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•Significant liquidity of$3.60 billion and extension of our$5.0 billion unsecured senior line of creditto 2032.
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•Intermediate-term goal for leverage: mid-5x range.
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Solid leasing volume exceeding 1.0 million RSF during thethree months ended June 30, 2026
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•Total leasing volume surpassed 1.0 million RSF during thethree months ended June 30, 2026, increasing 60% from the three
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months ended March 31, 2026 and exceeding the average quarterly leasing volume for the period from the second quarter of
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2025 through the first quarter of 2026 of 952,365 RSF by approximately 87,000 RSF.
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•Includes 397,919 RSF of combined previously vacant and development and redevelopment space; second-highest
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amount since the second quarter of 2024, excluding the 466,598 RSF build-to-suit lease signed in the third quarter of
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We expect to allocate this capital as follows (based on guidance midpoints):
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(1)Refer to “Reduction of capital spend and funding needs” within this section for additional details regarding the 159,947 RSF lease executed during the three months
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(2)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average
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RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San Francisco Bay Area markets.
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ended June 30, 2025.
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•Decreased by 11.5% and 11.2% (cash basis) for thesix months ended June 30, 2026, compared to thesix months ended
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2026 and April 2026, respectively.
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•Same properties average occupancy:
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•88.2% for thesix months ended June 30, 2026, compared to 93.5% same properties average occupancy for thesix
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months ended June 30, 2025.
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•During the three months ended June 30, 2026, we executed a lease aggregating 159,947 RSF with an advanced technology
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tenant at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The lease enables us to pivot a
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portion of the redevelopment project from future laboratory and/or biomanufacturing use to a lower-cost advanced technology
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use, reducing the project’s expected aggregate construction budget byapproximately$80 million. We expect to deliver the
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159,947 RSF of leased space in thesecond quarter of 2027 upon completion of building and tenant improvements.
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•As a result, the leased space was reclassified from redevelopment to operating, reducing the redevelopment project from
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431,550 RSF as of March 31, 2026 to 271,603 RSF as of June 30, 2026.
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•We continue to evaluate the business and financial strategy forfive projects aggregating 1.4 million RSF, which may allow us
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•As of June 30, 2026, we executed letters of intent aggregating 108,800 RSF for advanced technology use at our
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redevelopment project at 311 Arsenal Street. If we are successful in executing these potential leases, we expect to evaluate
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use.
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•Non-income-producing assets as of June 30, 2026 are 16% of gross assets, a 4% reduction since December 31, 2024; we are
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Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of$57 million during 2Q26,
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with an additional $42 million anticipated to be delivered by 4Q26
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•During the three months ended June 30, 2026, we placed into service one development project aggregating 426,927 RSF that
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is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University Town Center submarket and
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delivered incremental annual net operating income aggregating$57 million.
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under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financial condition and results of
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3.6x-4.1x, respectively.
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•As of March 31, 2026:
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15% among all publicly traded U.S. REITs.
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•Significant liquidity of $4.17 billion, or 3.7x of our debt maturities through 2028.
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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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•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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three months ended March 31, 2025. Excluding dispositions completed after January 1, 2025, total revenues would have
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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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•Net operating income (cash basis) of$1.7 billion for thethree months ended March 31, 2026, annualized, decreased by
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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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Excluding these dispositions, net operating income (cash basis), annualized, for thethree months ended March 31, 2026,
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would have decreased by 8.9%.
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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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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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million.
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same properties occupancy for thethree months ended March 31, 2025.
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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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•During theyear ended December 31, 2025, we achieved general and administrative expense reduction of$51.3 million, or
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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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these cost savings were temporary, and we anticipate that approximately half of the cost reduction achieved in 2025 will
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continue in 2026.
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(1)Represents previously disclosed key lease expirations aggregating 657,492 RSF, with a weighted-average lease expiration date of January 2026 and prior annual rental
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revenue of approximately$41.6 million. These vacant spaces are currently 48% leased or under negotiation and the remaining 52% is being actively marketed for re-
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AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,
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AAA life science and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay
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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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Area, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2026, Alexandria has a total market capitalization of
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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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$21.84 billion and an asset base that includes 36.0 million RSF of operating properties and 2.8 million RSF of Class A/A+ properties
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•Approximately 92% of our leases (on anannual rental revenue basis)provided for the recapture of capital expenditures
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•Approximately 91% of our leases (on anannual rental revenue basis)provided for the recapture of capital expenditures
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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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•75% of our leasing activity during the last twelve months was generated from our existing tenant base.
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collaborative Megacampus ecosystems in AAA life science innovation clusters. Our Megacampus ecosystems are designed for
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collaborative Megacampus ecosystems in AAA life science and advanced technology innovation clusters. Our Megacampus
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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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ecosystems are designed for optionality and scalability, offering our tenants a clear path to address their growth requirements, including
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developments and redevelopments. Strategically located near top academic and medical research institutions and equipped with
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through our future developments and redevelopments. Strategically located near top academic and medical research institutions and
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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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equipped with curated amenities and services and convenient access to transit, our Megacampus ecosystems are designed to support
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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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our tenants in attracting and retaining top talent and in meeting our tenants’ growth needs, which we believe is a key driver of tenant
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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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demand for our properties. Our strategy also includes drawing upon our deep, broad, and long-standing real estate and life science
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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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industry relationships in order to retain tenants, identify and attract new and leading tenants, and source additional real estate.
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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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A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms
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Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all publicly traded U.S. REITs
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Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-
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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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•Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of 3.3x for thethree months ended
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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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June 30, 2026 annualized; the respective targets for the three months ending December 31, 2026, annualized, are 5.6x–6.2x
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half of 2026 as we complete dispositions and sales of partial interests.
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half of 2026 as we complete dispositions, sales of partial interests, and other capital sources.
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•Only 9% of our total debt matures through 2028.
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•Only 6% of our total debt matures through 2028.
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•10.0-year weighted-average remaining debt term, the longest among S&P 500 REITs.
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•9.7-year weighted-average remaining debt term, thelongest among S&P 500 REITs.
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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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•75% of our leasing activity during the last twelve months was generated from our existing tenant base.
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dispositions of land, non-core assets, and core assets (primarily sales of partial interests).
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dispositions of land, non-core assets, sales of partial interests, and other capital sources.
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delivery date is approximately September 2026, with expected annual rental revenue of approximately$68 million.
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expected occupancy date is approximately November 2026, with expected annual rental revenue of approximately$69 million. We expect 64% of the total 1.4 million
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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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•Decreased by 10.6% and 8.6% (cash basis) for thethree months ended June 30, 2026, compared to thethree months
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(1)The quarter-over-quarter decline was due to a decrease in same property occupancy, primarily driven by the previously disclosed 2026 key lease expirations
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•The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease
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three months ended March 31, 2026 and 2025 (dollars in thousands):
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expirations with expected downtime aggregating 657,492 RSF during the three months ended March 31, 2026 and
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weighted-average lease expiration date of January 2026.
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260,888 RSF during the three months ended June 30, 2026, with weighted-average lease expiration dates of January
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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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•87.1% for thethree months ended June 30, 2026, compared to 92.6% same properties average occupancy for thethree
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construction funding requirements within our active pipeline.
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to further reduce future construction funding requirements within our active pipeline.
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operation without the need to further redevelop.
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whether all or a portion of this project will be placed back into operation without the need to further redevelop for laboratory
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targeting a further reduction to 11% to 16% by December 31, 2026.
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targeting a range of 11% to 16% by December 31, 2026.
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•Annual net operating income (cash basis) from recently delivered projects is expected to increase by$25 million upon the
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•Annual net operating income (cash basis) from recently delivered projects is expected to increase by$40 million upon the
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burn-off of initial free rent, which has a weighted-average remaining period of approximately four months.
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burn-off of initial free rent, which has a weighted-average remaining period of approximately five months.
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•77% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
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•79% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.
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(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in
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(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027–
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(3)Represents the current leased/negotiating percentage of the 601,589 RSF of development and redevelopment projects that are expected to stabilize in 2026.
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(3)Represents the current leased/negotiating percentage of our 174,662 RSF development project that is expected to stabilize in 4Q26.
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Continued successful reduction and management of general and administrative expenses
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Continued successful management of general and administrative expenses
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the average of other S&P 500 REITs for 2023–2025.
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income, approximately half the average of other S&P 500 REITs for 2023–2025.
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In February 2026, we completed tender offers to repurchase an aggregate debt principal amount of$1.33 billion across a
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•In July 2026, we executed an agreement to amend our$5.0 billion unsecured senior line of credit. The amendment is expected
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extinguishment of debt of approximately$366.4 million, including the write-off of unamortized debt issuance costs and other
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amendment, we expect to recognize a loss on early extinguishment of debt of approximately$3.3 million related to the partial
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$350.0 million of 3.80% unsecured senior notes payable, respectively. These repayments were funded temporarily with
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•In April 2026, we repaid, upon maturity,$350.0 million of 3.80% unsecured senior notes payable. The repayment was funded
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•Same property net operating income changes
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•Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings
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in 2025 and 2026 (based on the midpoint of our 2026 guidance range).
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the market value of our common stock.
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North America (dollars in thousands, except per RSF amounts):
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(1)Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery.
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Incremental Annual Net Operating Income Generated From
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into operation. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.
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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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(including increases thereto) in addition to base rent.
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and impairment of real estate” in Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1.
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30, 2025, resulted from the following (dollars in thousands):
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currency swap agreements. Refer to Note 11 – “Hedge Agreements” to our unaudited consolidated financial statements in Item 1 for
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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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“Definitions and reconciliations” in Item 2 for definitions of “Tenant recoveries” and “Net operating income” and their reconciliations from
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the most directly comparable financial measures presented in accordance with GAAP, income from rentals and net income,
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$71.5 million, compared to$59.8 million for thesix months ended June 30, 2025. The increase primarily reflects the timing of the
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restructuring of compensation plans and other cost-control and efficiency initiatives during thesix months ended June 30, 2025.
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As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended
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and impairment of real estate” in Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1.
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During thesix months ended June 30, 2025, we recognized real estate impairment charges aggregating$161.8 million, which
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(1)Represents the average debt balance outstanding during the respective periods.
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(2)Represents annualized total interest incurred divided by the average debt balance outstanding during the respective periods.
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The net change in interest expense during thesix months ended June 30, 2026, compared to thesix months ended June 30,
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(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
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policies” to our unaudited consolidated financial statements in Item 1.
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3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052 for$952.2 million.
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continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use),
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(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 Item 2 for additional details.
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“Item 7. Management’s discussion and analysis of financial condition and results of operations” in our annual report on Form 10-K for the year ended December 31, 2025; as well as
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any. Refer to “Investments” in Item 2 for additional details.
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and redevelopment properties: under construction” in Item 2 for additional details.
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in publicly traded entities and privately held entities that report NAV during thethree and six months ended June 30, 2025.
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“Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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and up toone basis point with respect to the facility fee rate.
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costs and other transaction-related costs.
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convertible securities, and other forms of hybrid securities, at our discretion based on our needs and market conditions, including, as
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adjusted. Refer to “Net cash provided by operating activities, as adjusted” under “Definitions and reconciliations” in Item 2 for the
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definition and reconciliation from the most directly comparable financial measure presented in accordance with GAAP. We expect to
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(1)Refer to “Sales of real estate assets and impairment of real estate” in Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1
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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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276,188 RSF related to our development and redevelopment pipeline.
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compared to thethree months ended March 31, 2025.
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portion of our outstanding 4.00% Senior Notes due 2050,3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052.
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continues to be thelongest among S&P 500 REITs.
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for the year ended December 31,2025.
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expected incremental annual net operating income generation.
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Contractual lease expirations for properties classified as held for saleas of March 31, 2026 are excluded from the information on this page.
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(1)Amounts in effectas of March 31, 2026.
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(2)Excludes month-to-month leases aggregating 103,632 RSFas of March 31, 2026. Refer to “Leasing activity” in Item 2 for additional details.
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Dispositions and sales of partial interests
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consisted of the following (dollars in thousands):
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Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket during the three months ended
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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, 2026, we recognized a gain on early extinguishment of debt aggregating
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due 2050,3.00% Senior Notes due 2051, and 3.55% Senior Notes due 2052 for$952.2 million.
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thethree months ended March 31, 2026 (in thousands):
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2027 milestones, respectively. At each milestone date, we will evaluate whether to proceed with additional pre-construction and/or construction activities based on
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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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(1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in Item 2 for additional details.
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(1)Our assumptions presented in the table above are subject to a number of variables and uncertainties, including those discussed as “Forward-looking statements” under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion
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Fourth quarter of 2026 FFO per share – diluted, as adjusted
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recognized during thethree months ended March 31, 2026.
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“New Class A/A+ development and redevelopment properties: under construction” 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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financial statements in Item 1 for additional information.
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In January 2026 and April 2026, we repaid, upon maturity,$300.0 million of 4.30% unsecured senior notes payable and