Financial Analysis

COMMITMENTS AND CONTINGENCIES Employee retirement savings plan We have a retirement savings plan pursuant to Section 401(k) of the Code whereby our employees may contribute a portion of their compensation to their respective retirement accounts in an amount not to exceed the maximum allowed under the Code. In addition to employee contributions, we have elected to provide company discretionary profit-sharing contributions (subject to statutory limitations), which amounted to approximately $3.5 million , $7.8 million , and $8.6 million for the years ended December 31, 2025, 2024, and 2023 , respectively. Employees who participate in the plan are immediately vested in their contributions and in the contributions made on their behalf by the Company. Concentration of credit risk We maintain our cash and cash equivalents at insured financial institutions. The combined account balances at each institution periodically exceed the FDIC insurance coverage of $ 250,000 , and, as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. We have not experienced any losses to date on our invested cash. Our rental revenue is generated by a diverse array of many tenants. As of December 31, 2025 , we had approximately 850 lease s. The inability of any single tenant to make its lease payments is unlikely to have a severe or financially disruptive effect on our operations. Commitments As of December 31, 2025 , remaining aggregate costs under cont …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes our outstanding indebtedness and respective principal payments remaining as of December 31, 2025 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount) Premium Debt 2026 2027 2028 2029 2030 Thereafter Principal Total Unsecured senior line of credit and commercial paper program (3) (3) 4.33 % (3) 1/22/30 (3) $ $ $ $ $ 353,500 $ $ 353,500 $ (339) $ 353,161 Unsecured senior notes payable 4.30% 4.50 1/15/26 (4) 300,000 300,000 (36) 299,964 Unsecured senior notes payable 3.80% 3.96 4/15/26 350,000 350,000 (162) 349,838 Unsecured senior notes payable 3.95% 4.13 1/15/27 350,000 350,000 (555) 349,445 Unsecured senior notes payable 3.95% 4.07 1/15/28 425,000 425,000 (888) 424,112 Unsecured senior notes payable 4.50% 4.60 7/30/29 300,000 300,000 (805) 299,195 Unsecured senior notes payable 2.75% 2.87 12/15/29 400,000 400,000 (1,655) 398,345 Unsecured senior notes payable 4.70% 4.81 7/1/30 450,000 450,000 (1,686) 448,314 Unsecured senior notes payable 4.90% 5.05 12/15/30 700,000 700,000 (3,947) 696,053 Unsecured senior notes payable 3.375% 3.48 8/15/31 750,000 750,000 (3,704) 746,296 Unsecured senior notes payable 2.00% 2.12 5/18/32 900,000 900,000 (6,043) 893,957 Unsecured senior notes payable 1.875% 1.97 2/1/33 1,000,000 1,000,000 (6,240) 993,760 Unsecured senior notes payable 2.95% 3.07 3/15/34 800,000 800,000 (6,477) 793,5 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Stock award and incentive plan To attract and retain talent, provide incentives, and promote the long-term success of our Company, we grant share-based compensation in the form of restricted stock, pursuant to our stock award and incentive plan. Each restricted share issued reduces our share reserve by one share ( 1 :1 ratio). As of December 31, 2025 , 4,894,632 shares remained available for future grants under our stock award and incentive plan. In addition, our stock award and incentive plan permits us to issue share awards to our employees, non-employees, and non- employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the risk of forfeiture under Section 83 of the Code. Shares issued generally vest over a four -year period from the date of issuance, and the sale of the shares is restricted prior to the date of vesting. Certain restricted share awards are also subject to an additional one -year holding period after vesting. The unearned portion of time-based share awards is amortized as share-based compensation expense on a straight-line basis over the vesting period. Certain restricted share awards are subject to vesting based upon the satisfaction of levels of performance or market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares and in a reversal of previously recognized share-based compensation expense. Failure to satisfy the market cond …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entitys own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities (Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an entitys own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

We have elected to be taxed as a REIT under the Code. We believe we have qualified and continue to qualify as a REIT. Under the Code, a REIT that distributes at least 90% of its REIT taxable income to its stockholders annually and meets certain other conditions is not subject to federal income taxes, but could be subject to certain state, local, and foreign taxes. We distribute 100% of our taxable income annually; therefore, a provision for federal income taxes is not required. We distributed all of our REIT taxable income in 2024 and 2023 and, as a result, did not incur federal income tax in those years on such income. For the year ended December 31, 2025 , we expect to distribute all of our REIT taxable income and, as a result, do not expect to incur federal income tax. We expect to finalize our 2025 REIT taxable income when we file our 2025 federal income tax return in 2026 . The income tax treatment of distributions and dividends declared on our common stock for the years ended December 31, 2025, 2024, and 2023 was as follows (unaudited): Year Ended December 31, 2025 2024 2023 Ordinary income 66.6 % 65.7 % 87.8 % Return of capital 18.9 1.6 Capital gains at 25% 0.6 13.9 0.2 Capital gains at 20% 13.9 18.8 12.0 Total 100.0 % 100.0 % 100.0 % Dividends declared $ 4.68 $ 5.19 $ 4.96 Beginning in 2018, the Tax Cuts and Jobs Act of 2017 added Section 199A to allow for a new tax deduction based on certain qualified business income. Section 199A provides eligible individual taxpaye …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Refer to Lease accounting in Note 2 Summary of significant accounting policies to our consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of December 31, 2025 , we had 340 properties aggregating 35.9 million operating RSF in key cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on developing Class A/A+ properties in AAA life science innovation clusters that offer the scale and strategic design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions, our Megacampus ecosystems feature curated amenities and services, and convenient access to transit, creating environments that help our tenants attract and retain top talent. As of December 31, 2025 , a ll leases in which we are the lessor were classified as operating leases, with the exception of one direct financin g and one sales-typ e lease . Our leases are described below. Operating leases As of December 31, 2025 , our 340 p roperties were subject to operating lease agreements. Five o f th ese properties are subject to operating lease agreements that each contain a purchase option as described below: (i) Two of these properties, representin …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which will require entities to provide enhanced disclosures related to certain expense categories included in line items on the statement of operations. The ASU aims to increase transparency and provide investors with additional detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the statement of operations. Under this ASU, entities are required to disaggregate, in a tabular format, expense line items presented on the face of the statement of operations excluding earnings or losses from equity method investments if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense line item, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. Although the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our consolidated financial s …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

We are a life science REIT focused on developing, redeveloping, and operating properties that provide space for lease to tenants primarily in the life science industry. Our properties are leased predominantly through triple-net lease agreements and share key characteristics, including generic and reusable improvements, consistent lease structures, and business strategy. All properties are located within North America, predominantly in the U.S., and operate within a comparable regulatory environment. Operating segments Our Chief Operating Decision Maker (CODM), represented by our Executive Chairman and our Chief Executive Officer, evaluates operating results at the geographic market level to assess performance and allocate resources. Our operating segments align with our markets, including Greater Boston, the San Francisco Bay Area, San Diego, and Seattle, among others. Regular market performance updates are provided directly to the CODM. These updates include each markets net operating income (NOI), which serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. NOI provides useful information regarding performance of each market as it reflects income and expenses incurred in connection with real estate operations in each market. This metric enables the CODM to evaluate the profitability and performance of each market on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connecti …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Common equity transactions Common stock repurchase program O ur common stock repurchase program, authorized by our Board of Directors in December 2024 allowed for the repurchase of up to $500.0 million of our common stock in the open market, in privately negotiated transactions, or otherwise through its expiration on December 31, 2025 . During January and February 2025, we repurchased 2.2 million shares of common stock under this repurchase program at an average price per share of $96.71 , with approximately $241.8 million remaining available for additional share repurchases. No further purchases were made under this program. On December 8, 2025, we announced that our Board of Directors authorized a new common stock repurchase program that allows for the repurchase of up to $500.0 million of our common stock through December 31, 2026 . This new program replaced our prior stock repurchase progra m . As of the date of this report, no purchases have been made under the new program and $500.0 million remains available for future share repurchases. ATM common stock offering program In February 2024, we entered into an ATM common stock offering program that allows us to sell up to an aggregate of $1.50 billion of our common stock . During 2024, we entered into forward equity sales agreements to sell 230 thousand shares. We settled these agreements and received net proceeds of $27.8 million (before offering costs) in 2024. During the year ended December 31, 2025 , we had no activity …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS Repayment of unsecured senior notes payable in January 2026 In January 2026 , we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repaymen t.

SubsequentEventsTextBlock

SECURED AND UNSECURED SENIOR DEBT T h e following table summarizes our outstanding indebtedness and respective principal payments remaining as of March 31, 2026 (dollars in thousands): Stated Rate Interest Rate (1) Maturity Date (2) Principal Payments Remaining for the Periods Ending December 31, Unamortized (Deferred Financing Cost), (Discount)/ Premium Debt 2026 2027 2028 2029 2030 Thereafter Principal Total Unsecured senior line of credit and commercial paper program (3) (3) 4.27% (3) 1/22/30 (3) $ $ $ $ $ 1,355,271 $ $ 1,355,271 $ (1,285) $ 1,353,986 Unsecured senior notes payable 3.80% 3.96 4/15/26 (4) 350,000 350,000 (38) 349,962 Unsecured senior notes payable 3.95% 4.13 1/15/27 350,000 350,000 (426) 349,574 Unsecured senior notes payable 3.95% 4.07 1/15/28 425,000 425,000 (782) 424,218 Unsecured senior notes payable 4.50% 4.60 7/30/29 300,000 300,000 (749) 299,251 Unsecured senior notes payable 2.75% 2.87 12/15/29 400,000 400,000 (1,552) 398,448 Unsecured senior notes payable 4.70% 4.81 7/1/30 450,000 450,000 (1,594) 448,406 Unsecured senior notes payable 4.90% 5.05 12/15/30 700,000 700,000 (3,751) 696,249 Unsecured senior notes payable 3.375% 3.48 8/15/31 750,000 750,000 (3,543) 746,457 Unsecured senior notes payable 2.00% 2.12 5/18/32 900,000 900,000 (5,811) 894,189 Unsecured senior notes payable 1.875% 1.97 2/1/33 1,000,000 1,000,000 (6,023) 993,977 Unsecured senior notes payable 2.95% 3.07 3/15/34 800,000 800,000 (6,287) 793,713 Unsecured senior notes payable 4.75% …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The table below provides details of our consolidated total revenues for the three months ended March 31, 2026 and 2025 (in thousands): Three Months Ended March 31, 2026 2025 Income from rentals: Revenues subject to the lease accounting standard: Operating leases $ 640,659 $ 731,421 Direct financing and sales-type leases 964 810 Revenues subject to the lease accounting standard 641,623 732,231 Revenues subject to the revenue recognition accounting standard 11,390 10,944 Income from rentals 653,013 743,175 Other income 18,009 14,983 Total revenues $ 671,022 $ 758,158

DisaggregationOfRevenueTableTextBlock

Employee and non-employee share-based payments We have implemented an entity-wide accounting policy to account for forfeitures related to unmet service conditions of share- based awards granted to employees and non-employees when they occur. Under this policy, when forfeitures occur, any previously recognized expense related to those forfeited awards is reversed in the period of forfeiture. Our employee and non-employee share-based awards are measured at fair value on the grant date and recognized over the recipients required service period. For share-based awards with performance conditions, we continue to assess the probability of achieving the performance conditions and recognize expense only when it becomes probable that the performance targets will be met. Conversely, for share-based awards with market conditions, expense is recognized regardless of whether the market condition is met. Dividends paid on share-based awards with nonforfeitable dividends are initially classified in retained earnings and reclassified to compensation cost only if the underlying awards are forfeited. Conversely, for share-based awards with forfeitable dividends, declared dividends are initially classified in retained earnings and in dividends payable within our consolidated balance sheets. If the underlying awards are forfeited, the corresponding accrued dividend is reversed in the period of forfeiture. Upon vesting of the underlying share-based awards with forfeitable dividends, the accumulat …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

We provide fair value information about all financial instruments for which it is practicable to estimate fair value. We measure and disclose the estimated fair value of financial assets and liabilities by utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entitys own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities (Level 1), (ii) significant other observable inputs (Level 2), and (iii) significant unobservable inputs (Level 3). Significant other observable inputs can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves. Significant unobservable inputs are typically based on an entitys own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Refer to Lease accounting in Note 2 Summary of significant accounting policies to our unaudited consolidated financial statements for information about lease accounting standards that set principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Leases in which we are the lessor As of March 31, 2026 , we had 339 propertie s aggregating 35.8 million operating RSF in key cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. We primarily focus on developing Class A/A+ properties in AAA life science innovation clusters that offer the scale and strategic design integral to our Megacampus strategy. Strategically located near top academic and medical research institutions, our Megacampus ecosystems feature curated amenities and services and convenient access to transit, creating environments that help our tenants attract and retain top talent. As of March 31, 2026 , all leases in which we are the lessor were classified as operating leases, w ith the exception of one direct financing and one sales-type leas e . Our leases are described below. Operating leases As of March 31, 2026 , our 339 properties were subject to operating lease agreements . Five of these properties are subject to operating lease agreements that each contain a purchase option as described below: (i) Two of these properties, representing …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent accounting pronouncements On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , which will require entities to provide enhanced disclosures related to certain expense categories included in line items on the statement of operations. The ASU aims to increase transparency and provide investors with additional detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the statement of operations. Under this ASU, entities are required to disaggregate, in a tabular format, expense line items presented on the face of the statement of operations excluding earnings or losses from equity method investments if they include any of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense line item, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. Although the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the notes to …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION We are a life science REIT focused on developing, redeveloping, and operating properties that provide space for lease to tenants primarily in the life science industry. Our properties are leased predominantly through triple-net lease agreements and share key characteristics, including generic and reusable improvements, consistent lease structures, and business and financial strategy. All properties are located within North America, predominantly in the U.S., and operate within a comparable regulatory environment. Operating segments Our Chief Operating Decision Maker (CODM), represented by our Executive Chairman and our Chief Executive Officer, evaluates operating results at the geographic market level to assess performance and allocate resources. Our operating segments align with our markets, including Greater Boston, the San Francisco Bay Area, San Diego, and Seattle, among others. Regular market performance updates are provided directly to the CODM. These updates include each markets net operating income (NOI), which serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. NOI provides useful information regarding performance of each market as it reflects income and expenses incurred in connection with real estate operations in each market. This metric enables the CODM to evaluate the profitability and performance of each market on a consistent and comparable basis, supporting decisions on capital resource …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY C o mmon equity transaction s Common stock repurchase program On December 8, 2025, we announced that our Board of Directors authorized a new common stock repurchase program that allows for the repurchase of up to $500.0 million of our common stock through December 31, 2026 . This new program replaced our prior stock repurchase program. As of the date of this report, no repurchases have been made under the new program and $500.0 million remains available for future share repurchases. ATM common stock offering program In February 2024, we entered into an ATM common stock offering program that allows us to sell up to an aggregate of $1.50 billion of our common stock. During the three months ended March 31, 2026 , we had no activity under our ATM progra m. As of March 31, 2026 , the remaining aggregate amount available under our ATM program for future sales of common stock was $1.47 billion . Dividends During the three months ended March 31, 2026 , we declared cash dividends on our common stock aggregating $125.5 million , or $0.72 per share . Accumulated other comprehensive loss The change in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities, Inc.s stockholders during the three months ended March 31, 2026 was entirely due to net unrealized losses of $1.5 million on foreign currency translation related to our operations primarily in Canada. The change in accumulated other comprehensive loss attributable to Alexandria Real Est …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS In April 2026 , we repaid $350.0 million of 3.80% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment.

SubsequentEventsTextBlock