Alexandria Real Estate Equities, Inc. Reports: 2Q25 and 1H25 Net Loss per Share - Diluted of $(0.64) and $(0.71), respectively; and 2Q25 and 1H25 FFO per Share - Diluted, as Adjusted, of $2.33 and $4.63, respectively

, /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the second quarter ended June 30, 2025. Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2025 (PRNewsfoto/Alexandria Real Estate Equities, Inc.) Key highlights Operating results 2Q25 2Q24 1H25 1H24 Total revenues: In millions $ 762.0 $ 766.7 $ 1,520.2 $ 1,535.8 Net (loss) income attributable to Alexandria's common stockholders – diluted: In millions $ (109.6) $ 42.9 $ (121.2) $ 209.8 Per share $ (0.64) $ 0.25 $ (0.71) $ 1.22 Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted: In millions $ 396.4 $ 405.5 $ 788.4 $ 809.4 Per share $ 2.33 $ 2.36 $ 4.63 $ 4.71 A sector-leading REIT with a high-quality, diverse tenant base and strong margins (As of June 30, 2025, unless stated otherwise) Occupancy of operating properties in North America 90.8 % (1) Percentage of annual rental revenue in effect from Megacampus™ platform 75 % Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants 53 % Operating margin 71 % Adjusted EBITDA margin 71 % Percentage of leases containing annual rent escalations 97 % Weighted-average remaining lease term: Top 20 tenants 9.4 years All tenants 7.4 years Sustained strength in tenant collections: July 2025 tenant rents and receivables collected as of July 21, 2025 99.4 % 2Q25 tenant rents and receivables collected as of July 21, 2025 99.9 % (1) Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is January 2, 2026. Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all publicly traded U.S. REITs Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.1x for 2Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x, respectively. Significant liquidity of $4.6 billion. Only 9% of our total debt matures through 2027. 12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs. Since 2021, our quarter-end fixed-rate debt averaged 97.2%. Total debt and preferred stock to gross assets of 30%. $297.3 million of capital contribution commitments from existing real estate joint venture partners to fund construction from 3Q25 through 2027 and beyond, including $116.7 million from 3Q25 to 4Q25. Leasing volume and rental rate increases Leasing volume of 769,815 RSF during 2Q25. In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF. Refer to "Subsequent events" in the Earnings Press Release for additional details. Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash basis) for 2Q25 and 13.2% and 6.9% (cash basis) for 1H25. 84% of our leasing activity during the last twelve months was generated from our existing tenant base. 2Q25 1H25 Total leasing activity – RSF 769,815 1,800,368 Lease renewals and re-leasing of space: RSF (included in total leasing activity above) 483,409 1,367,817 Rental rate increase 5.5 % 13.2 % Rental rate increase (cash basis) 6.1 % 6.9 % Leasing of development and redevelopment space – RSF 131,768 138,198 Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment Common stock dividend declared for 2Q25 of $1.32 per share aggregating $5.26 per common share for the twelve months ended June 30, 2025, up 18 cents, or 3.5%, over the twelve months ended June 30, 2024. By maintaining our recent dividend at $1.32 per share, over $40 million of additional liquidity and equity capital can be reinvested annually. Dividend yield of 7.3% as of June 30, 2025. Dividend payout ratio of 57% for the three months ended June 30, 2025. Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Ongoing execution of Alexandria's 2025 capital recycling strategyWe expect to fund a significant portion of our capital requirements for the year ending December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and sales to owner/users. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interests for 2025. (in millions) Completed dispositions $ 261 Our share of pending transactions subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations 525 Our share of completed and pending 2025 dispositions 786 40 % Additional targeted dispositions 1,164 60 2025 guidance midpoint for dispositions and sales of partial interests $ 1,950 100 % Alexandria's development and redevelopment pipeline delivered incremental annual net operating income of $15 million commencing during 2Q25, with an additional $139 million of incremental annual net operating income anticipated to deliver by 4Q26 primarily from projects 84% leased/negotiating During 2Q25, we placed into service development and redevelopment projects aggregating 217,774 RSF that are 90% occupied across three submarkets and delivered incremental annual net operating income of $15 million. A significant 2Q25 delivery was 119,202 RSF at 10935, 10945, and 10955 Alexandria Way located in this asset at the One Alexandria Square Megacampus in our Torrey Pines submarket. Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield (cash basis), respectively, were primarily driven by leasing space at higher rental rates than previously underwritten and a $23 million reduction in total investment due to construction cost savings from overall project efficiencies. Annual net operating income (cash basis) from recently delivered projects is expected to increase by $57 million upon the burn-off of initial free rent, which has a weighted-average burn-off period of approximately three months. During 1Q25-4Q26, we expect to deliver annual net operating income representing nearly 9% of the total net operating income for 2024. 74% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems. Development and Redevelopment Projects Incremental Annual Net Operating Income RSF Occupied/ Leased/ Negotiating Percentage (dollars in millions) Placed into service: 1Q25 $ 37 309,494 100 % 2Q25 15 (1) 217,774 90 Placed into service in 1H25 $ 52 (1) 527,268 96 % Expected to be placed into service: 3Q25 through 4Q26 $ 139 (2) 1,155,041 (3) 84 % (4) 2027 through 2028(5) 261 3,270,238 28 % $ 400 (1) Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025. (2) Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years under "New Class A/A+ development and redevelopment properties: current projects" in the Supplemental Information for additional details. (3) Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond. (4) Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2H25 and 2026. (5) Includes one 100% pre-leased committed near-term project expected to commence construction in the next year. Significant leasing progress on temporary vacancy Occupancy as of June 30, 2025 90.8 % (1) Temporary vacancies now leased with future delivery 1.7 (2) Occupancy as of June 30, 2025, including leased, but not yet delivered space 92.5 % (1) Refer to "Summary of properties and occupancy" in the Supplemental Information for additional details. (2) Represents temporary vacancy as of June 30, 2025 aggregating 668,795 RSF, primarily in the Greater Boston, San Francisco Bay Area, and San Diego markets, which is leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is January 2, 2026. Key operating metrics Net operating income (cash basis) of $2.0 billion for 2Q25 annualized, up $111.4 million, or 5.8%, compared to 2Q24 annualized. Same property net operating income changes of (5.4)% and 2.0% (cash basis) for 2Q25 over 2Q24 and (4.3)% and 3.4% (cash basis) for 1H25 over 1H24, which include lease expirations that became vacant during 1Q25 aggregating 768,080 RSF across six properties and four submarkets with a weighted-average lease expiration date of January 21, 2025. Excluding the impact of these lease expirations, same property net operating income changes for 2Q25 would have been (2.1)% and 6.5% (cash basis). As of June 30, 2025, 153,658 RSF was leased with a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining 614,422 RSF over the next several quarters. General and administrative expenses of $59.8 million for 1H25, representing cost savings of $31.9 million or 35%, compared to 1H24, primarily the result of cost-control and efficiency initiatives on reducing personnel-related costs and streamlining business processes. As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended June 30, 2025 were 6.3%, representing the lowest level in the past ten years, compared to 9.2% for the trailing twelve months ended June 30, 2024. Strong and flexible balance sheetKey metrics as of or for the three months ended June 30, 2025 $25.7 billion in total market capitalization. $12.4 billion in total equity capitalization. 2Q25 Target Quarter Annualized Trailing 12 Months 4Q25 Annualized Net debt and preferred stock to Adjusted EBITDA 5.9x 5.8x Less than or equal to 5.2x Fixed-charge coverage ratio 4.1x 4.3x 4.0x to 4.5x Key capital events Upon maturity on April 30, 2025, we repaid $600.0 million of our 3.45% unsecured senior notes payable with proceeds from our February 2025 unsecured senior notes payable offering. Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 2Q25, we did not repurchase any shares. As of July 21, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9% interest. The project is currently 76% leased/negotiating and is expected to deliver in 2026. We expect to repay the loan aggregating $153.5 million which matures in 2026 and bears an interest rate of 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early extinguishment of debt of $99 thousand for the write-off of unamortized deferred financing costs in 3Q25. Investments As of June 30, 2025: Our non-real estate investments aggregated $1.5 billion. Unrealized gains presented in our consolidated balance sheet were $7.7 million, comprising gross unrealized gains and losses aggregating $180.2 million and $172.5 million, respectively. Investment loss of $30.6 million for 2Q25 presented in our consolidated statement of operations consisted of $30.5 million of realized gains, $21.9 million of unrealized losses, and $39.2 million of impairment charges. Other key highlights Key items included in net income attributable to Alexandria's common stockholders: 2Q25 2Q24 2Q25 2Q24 1H25 1H24 1H25 1H24 (in millions, except per share amounts) Amount Per Share – Diluted Amount Per Share – Diluted Unrealized losses on non- real estate investments $ (21.9) $ (64.2) $ (0.13) $ (0.37) $ (90.1) $ (35.1) $ (0.53) $ (0.20) Gain on sales of real estate — — — — 13.2 0.4 0.08 — Impairment of non-real estate investments (39.2) (12.8) (0.23) (0.08) (50.4) (27.5) (0.30) (0.16) Impairment of real estate(1) (129.6) (30.8) (0.76) (0.18) (161.8) (30.8) (0.95) (0.18) Increase in provision for expected credit losses on financial instruments — — — — (0.3) — — — Total $ (190.7) $ (107.8) $ (1.12) $ (0.63) $ (289.4) $ (93.0) $ (1.70) $ (0.54) (1) Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details. Subsequent event In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our University Town Center submarket. The tenant currently occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the demolition and development of the new purpose-built life science building at this site. Upon delivery of the new build-to-suit property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the construction of an amenity which will service the entire Megacampus. Industry and corporate responsibility leadership: catalyzing and leading the way for positive change to benefit human health and society 8 Davis Drive on the Alexandria Center® for Advanced Technologies – Research Triangle Megacampus won the prestigious 2025 BOMA (Building Owners and Managers Association) International TOBY (The Outstanding Building of the Year) Award in the Life Science category. The TOBY Awards are the commercial real estate industry's highest recognition honoring excellence in building management and operations. The award represents the company's first win in the International TOBY Awards. Of the four regional winners in the Life Science category that progressed as international TOBY nominees, three were Alexandria-owned, -operated, and -developed facilities. The two additional Alexandria facilities were: 201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco campus in the San Francisco Bay Area and 188 East Blaine Street on the Alexandria Center® for Life Science – Eastlake Megacampus in Seattle. We released our 2024 Corporate Responsibility Report, which underscores our groundbreaking sustainability approach and the continued execution of our impactful corporate responsibility platform. Notable highlights in the report include: The continued advancement of our innovative strategy to reduce operational greenhouse gas (GHG) emissions in our asset base through energy efficiency, electrification and alternative energy, and renewable electricity. We reduced operational GHG emissions intensity by 18% from 2022 to 2024, representing ongoing progress toward our 30% reduction target by 2030 relative to a 2022 baseline. Our steadfast work to catalyze the health and vitality of our local communities and make a tangible positive impact through action-oriented solutions addressing some of the nation's most pressing issues, including mental health and education. 15 Necco Street, a state-of-the-art R&D facility totaling 345,996 RSF in our Seaport Innovation District submarket in Greater Boston, earned LEED Platinum certification, the highest certification level under the U.S. Green Building Council's Core and Shell rating system. Home to the Lilly Seaport Innovation Center, the facility serves as the central hub for Lilly's genetic medicines efforts. We deepened our commitment to driving educational opportunities for students and supporting STEM education with the opening of the Alexandria Real Estate Equities, Inc. Learning Lab at the Fred Hutch Cancer Center in Seattle. Designed and built by Alexandria in close collaboration with Fred Hutch's Science Education and Facilities teams, the innovative laboratory environment is dedicated to inspiring and training future scientists. Alexandria was named a recipient of the 2025 Charles A. Sanders, MD, Partnership Award by the Foundation for the National Institutes of Health (FNIH) in recognition of our key role in catalyzing a public-private partnership focused on the development of biomarkers for major depressive disorder to address the urgent need for new medicines for neuropsychology. Lawrence J. Diamond, co-chief operating officer and regional market director of Maryland, was honored with the Beacon of Service Award at the Maryland Tech Council's 2025 ICON Awards. The award recognizes Mr. Diamond's leadership, service, and profound impact on Maryland's innovation ecosystem and broader community. About Alexandria Real Estate Equities, Inc. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed near-term project expected to commence construction in the next year. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants' ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. Guidance June 30, 2025 (Dollars in millions, except per share amounts) Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of "forward-looking statements" of the Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. 2025 Guidance Midpoint 2025 Guidance Midpoint Summary of Key Changes in Guidance As of 7/21/25 As of 4/28/25 Summary of Key Changes in Sources and Uses of Capital As of 7/21/25 As of 4/28/25 EPS, FFO per share, and FFO per share, as adjusted See updates below Repayment of secured note payable(5) $ 154 $ — Key Credit Metric Targets(3) Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized Less than or equal to 5.2x Fixed-charge coverage ratio – 4Q25 annualized 4.0x to 4.5x Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted As of 7/21/25 As of 4/28/25 Earnings per share(1) $0.40 to $0.60 $1.36 to $1.56 Depreciation and amortization of real estate assets 7.05 7.05 Gain on sales of real estate (0.08) (0.08) Impairment of real estate – rental properties and land(2) 0.77 0.21 Allocation to unvested restricted stock awards (0.03) (0.03) Funds from operations per share and funds from operations per share, as adjusted(3) $8.11 to $8.31 $8.51 to $8.71 Unrealized losses on non-real estate investments 0.53 0.40 Impairment of non-real estate investments(2) 0.30 0.07 Impairment of real estate 0.23 0.19 Allocation to unvested restricted stock awards (0.01) (0.01) Funds from operations per share, as adjusted(3) $9.16 to $9.36 $9.16 to $9.36 Midpoint $9.26 $9.26 Key Sources and Uses of Capital Range Midpoint Certain Completed Items Sources of capital: Reduction in debt $ (290) $ (290) $ (290) See below Net cash provided by operating activities after dividends 425 525 475 Dispositions and sales of partial interests 1,450 2,450 1,950 (6) Total sources of capital $ 1,585 $ 2,685 $ 2,135 Uses of capital: Construction $ 1,450 $ 2,050 $ 1,750 Acquisitions and other opportunistic uses of capital(7) — 500 250 $ 208 (7) Ground lease prepayment 135 135 135 $ 135 Total uses of capital $ 1,585 $ 2,685 $ 2,135 Reduction in debt (included above): Issuance of unsecured senior notes payable $ 550 $ 550 $ 550 $ 550 Repayment of unsecured notes payable (600) (600) (600) $ (600) Repayment of secured note payable(5) (154) (154) (154) Unsecured senior line of credit, commercial paper, and other (86) (86) (86) Net reduction in debt $ (290) $ (290) $ (290) Key Assumptions Low High Occupancy percentage in North America as of December 31, 2025 90.9 % 92.5 % Lease renewals and re-leasing of space: Rental rate changes 9.0 % 17.0 % Rental rate changes (cash basis) 0.5 % 8.5 % Same property performance: Net operating income (3.7) % (1.7) % Net operating income (cash basis) (1.2) % 0.8 % Straight-line rent revenue $ 96 $ 116 General and administrative expenses $ 112 $ 127 Capitalization of interest $ 320 $ 350 Interest expense $ 185 $ 215 Realized gains on non-real estate investments(4) $ 100 $ 130 (1) Excludes unrealized gains or losses on non-real estate investments after June 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted. (2) Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details. (3) Refer to "Definitions and reconciliations" in the Supplemental Information for additional details. (4) Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to "Investments" in the Supplemental Information for additional details. (5) In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9% interest. Refer to "Key capital events" in the Earnings Press release for additional details. (6) As of July 21, 2025, completed dispositions aggregated $260.6 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $524.7 million. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and partial interest sales (excluding land and including stabilized and non-stabilized operating properties) in the 7.5% – 8.5% range. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interest sales for the year ending December 31, 2025. Refer to "Dispositions and sales of partial interests" in the Earnings Press Release for additional details. (7) Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 2Q25, we did not repurchase any shares of common stock. As of July 21, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may consider repurchasing additional shares of our common stock. Dispositions and Sales of Partial Interests June 30, 2025 (Dollars in thousands) Square Footage Gain on Sales of Real Estate Property Submarket/Market Date of Sale Interest Sold Operating Future Development Sales Price Completed in 1Q25 $ 176,352 $ 13,165 Completed in 2Q25: Properties with vacancies 2425 Garcia Avenue and 2400/2450 Bayshore Parkway Greater Stanford/San Francisco Bay Area 6/30/25 100 % 95,901 — 11,000 — Land Land parcel Texas 5/7/25 100 % — 1,350,000 73,287 — 84,287 — Dispositions completed in 1H25 260,639 $ 13,165 Our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations 524,745 Our share of completed and pending 2025 dispositions and sales of partial interests $ 785,384 2025 guidance range for dispositions and sales of partial interests $1,450,000 – $2,450,000 2025 guidance midpoint for dispositions and sales of partial interests $ 1,950,000 Earnings Call Information and About the CompanyJune 30, 2025We will host a conference call on Tuesday, July 22, 2025, at 2:00 p.m. Eastern Time ("ET")/11:00 a.m. Pacific Time ("PT"), which is open to the general public, to discuss our financial and operating results for the second quarter ended June 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the "For Investors" section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday, July 22, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1006663.Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2025 is available in the "For Investors" section of our website at www.are.com or by following this link: https://www.are.com/fs/2025q2.pdf. For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.About the CompanyAlexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed near-term project expected to commence construction in the next year. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants' ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. Forward-Looking StatementsThis document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as "forecast," "guidance," "goals," "projects," "estimates," "anticipates," "believes," "expects," "intends," "may," "plans," "seeks," "should," "targets," or "will," or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the "Company," "Alexandria," "ARE," "we," "us," and "our" refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That's What's in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners. Consolidated Statements of OperationsJune 30, 2025(Dollars in thousands, except per share amounts) Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Revenues: Income from rentals $ 737,279 $ 743,175 $ 763,249 $ 775,744 $ 755,162 $ 1,480,454 $ 1,510,713 Other income 24,761 14,983 25,696 15,863 11,572 39,744 25,129 Total revenues 762,040 758,158 788,945 791,607 766,734 1,520,198 1,535,842 Expenses: Rental operations 224,433 226,395 240,432 233,265 217,254 450,828 435,568 General and administrative 29,128 30,675 32,730 43,945 44,629 59,803 91,684 Interest 55,296 50,876 55,659 43,550 45,789 106,172 86,629 Depreciation and amortization 346,123 342,062 330,108 293,998 290,720 688,185 578,274 Impairment of real estate 129,606 32,154 186,564 5,741 30,763 161,760 30,763 Total expenses 784,586 682,162 845,493 620,499 629,155 1,466,748 1,222,918 Equity in (losses) earnings of unconsolidated real estate joint ventures (9,021) (1) (507) 6,635 139 130 (9,528) 285 Investment (loss) income (30,622) (49,992) (67,988) 15,242 (43,660) (80,614) (376) Gain on sales of real estate — 13,165 101,806 27,114 — 13,165 392 Net (loss) income (62,189) 38,662 (16,095) 213,603 94,049 (23,527) 313,225 Net income attributable to noncontrolling interests (44,813) (47,601) (46,150) (45,656) (47,347) (92,414) (95,978) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s stockholders (107,002) (8,939) (62,245) 167,947 46,702 (115,941) 217,247 Net income attributable to unvested restricted stock awards (2,609) (2,660) (2,677) (3,273) (3,785) (5,269) (7,444) Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders $ (109,611) $ (11,599) $ (64,922) $ 164,674 $ 42,917 $ (121,210) $ 209,803 Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders: Basic $ (0.64) $ (0.07) $ (0.38) $ 0.96 $ 0.25 $ (0.71) $ 1.22 Diluted $ (0.64) $ (0.07) $ (0.38) $ 0.96 $ 0.25 $ (0.71) $ 1.22 Weighted-average shares of common stock outstanding: Basic 170,135 170,522 172,262 172,058 172,013 170,328 171,981 Diluted 170,135 170,522 172,262 172,058 172,013 170,328 171,981 Dividends declared per share of common stock $ 1.32 $ 1.32 $ 1.32 $ 1.30 $ 1.30 $ 2.64 $ 2.57 (1) Refer to footnote 1 in "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details. Consolidated Balance SheetsJune 30, 2025(In thousands) 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 Assets Investments in real estate $ 32,160,600 $ 32,121,712 $ 32,110,039 $ 32,951,777 $ 32,673,839 Investments in unconsolidated real estate joint ventures 40,234 50,086 39,873 40,170 40,535 Cash and cash equivalents 520,545 476,430 552,146 562,606 561,021 Restricted cash 7,403 7,324 7,701 17,031 4,832 Tenant receivables 6,267 6,875 6,409 6,980 6,822 Deferred rent 1,232,719 1,210,584 1,187,031 1,216,176 1,190,336 Deferred leasing costs 491,074 489,287 485,959 516,872 519,629 Investments 1,476,696 1,479,688 1,476,985 1,519,327 1,494,348 Other assets 1,688,091 1,758,442 1,661,306 1,657,189 1,356,503 Total assets $ 37,623,629 $ 37,600,428 $ 37,527,449 $ 38,488,128 $ 37,847,865 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $ 153,500 $ 150,807 $ 149,909 $ 145,000 $ 134,942 Unsecured senior notes payable 12,042,607 12,640,144 12,094,465 12,092,012 12,089,561 Unsecured senior line of credit and commercial paper 1,097,993 299,883 — 454,589 199,552 Accounts payable, accrued expenses, and other liabilities 2,360,840 2,281,414 2,654,351 2,865,886 2,529,535 Dividends payable 229,686 228,622 230,263 227,191 227,408 Total liabilities 15,884,626 15,600,870 15,128,988 15,784,678 15,180,998 Commitments and contingencies Redeemable noncontrolling interests 9,612 9,612 19,972 16,510 16,440 Alexandria Real Estate Equities, Inc.'s stockholders' equity: Common stock 1,701 1,701 1,722 1,722 1,720 Additional paid-in capital 17,200,949 17,509,148 17,933,572 18,238,438 18,284,611 Accumulated other comprehensive loss (27,415) (46,202) (46,252) (22,529) (27,710) Alexandria Real Estate Equities, Inc.'s stockholders' equity 17,175,235 17,464,647 17,889,042 18,217,631 18,258,621 Noncontrolling interests 4,554,156 4,525,299 4,489,447 4,469,309 4,391,806 Total equity 21,729,391 21,989,946 22,378,489 22,686,940 22,650,427 Total liabilities, noncontrolling interests, and equity $ 37,623,629 $ 37,600,428 $ 37,527,449 $ 38,488,128 $ 37,847,865 Funds From Operations and Funds From Operations per ShareJune 30, 2025(In thousands) The following table presents a reconciliation of net income (loss) attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria's common stockholders – diluted, and funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below: Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Net (loss) income attributable to Alexandria's common stockholders – basic and diluted $ (109,611) $ (11,599) $ (64,922) $ 164,674 $ 42,917 $ (121,210) $ 209,803 Depreciation and amortization of real estate assets 343,729 339,381 327,198 291,258 288,118 683,110 573,068 Noncontrolling share of depreciation and amortization from consolidated real estate JVs (36,047) (33,411) (34,986) (32,457) (31,364) (69,458) (62,268) Our share of depreciation and amortization from unconsolidated real estate JVs 942 1,054 1,061 1,075 1,068 1,996 2,102 Gain on sales of real estate — (13,165) (100,109) (27,114) — (13,165) (392) Impairment of real estate – rental properties and land 131,090 (1) — 184,532 5,741 2,182 131,090 2,182 Allocation to unvested restricted stock awards (1,222) (686) (1,182) (2,908) (1,305) (1,916) (4,736) Funds from operations attributable to Alexandria's common stockholders – diluted(2) 328,881 281,574 311,592 400,269 301,616 610,447 719,759 Unrealized losses (gains) on non-real estate investments 21,938 68,145 79,776 (2,610) 64,238 90,083 35,080 Impairment of non-real estate investments 39,216 (3) 11,180 20,266 10,338 12,788 50,396 27,486 Impairment of real estate 7,189 32,154 2,032 — 28,581 39,343 28,581 Increase (decrease) in provision for expected credit losses on financial instruments — 285 (434) — — 285 — Allocation to unvested restricted stock awards (794) (1,329) (1,407) (125) (1,738) (2,116) (1,528) Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted $ 396,430 $ 392,009 $ 411,825 $ 407,872 $ 405,485 $ 788,438 $ 809,378 Refer to "Definitions and reconciliations" in the Supplemental Information for additional details. (1) Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification asheld for sale in 2Q25, including (i) $47.5 million related to land parcels in our non-cluster market, (ii) $35.4 million related to an office property located in Carlsbad, San Diego, and (iii) $8.7 million related to an unconsolidated real estate joint venture, which is classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations. (2) Calculated in accordance with standards established by the Nareit Board of Governors. (3) Primarily related to one non-real estate investment in a privately held entity that does not report NAV. Funds From Operations and Funds From Operations per Share (continued)June 30, 2025(In thousands, except per share amounts) The following table presents a reconciliation of net income (loss) per share attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria's common stockholders – diluted, and funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding. Three Months Ended Six Months Ended 6/30/25 3/31/25 12/31/24 9/30/24 6/30/24 6/30/25 6/30/24 Net (loss) income per share attributable to Alexandria's common stockholders – diluted $ (0.64) $ (0.07) $ (0.38) $ 0.96 $ 0.25 $ (0.71) $ 1.22 Depreciation and amortization of real estate assets 1.81 1.80 1.70 1.51 1.50 3.61 2.98 Gain on sales of real estate — (0.08) (0.58) (0.16) — (0.08) — Impairment of real estate – rental properties and land 0.77 — 1.07 0.03 0.01 0.77 0.01 Allocation to unvested restricted stock awards (0.01) — — (0.01) (0.01) (0.01) (0.02) Funds from operations per share attributable to Alexandria's common stockholders – diluted 1.93 1.65 1.81 2.33 1.75 3.58 4.19 Unrealized losses (gains) on non-real estate investments 0.13 0.40 0.46 (0.02) 0.37 0.53 0.20 Impairment of non-real estate investments 0.23 0.07 0.12 0.06 0.08 0.30 0.16 Impairment of real estate 0.04 0.19 0.01 — 0.17 0.23 0.17 Allocation to unvested restricted stock awards — (0.01) (0.01) — (0.01) (0.01) (0.01) Funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted $ 2.33 $ 2.30 $ 2.39 $ 2.37 $ 2.36 $ 4.63 $ 4.71 Weighted-average shares of common stock outstanding – diluted Earnings per share – diluted 170,135 170,522 172,262 172,058 172,013 170,328 171,981 Funds from operations – diluted, per share 170,192 170,599 172,262 172,058 172,013 170,390 171,981 Funds from operations – diluted, as adjusted, per share 170,192 170,599 172,262 172,058 172,013 170,390 171,981 Refer to "Definitions and reconciliations" in the Supplemental Information for additional details. 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Alexandria Real Estate Equities, Inc. Reports: 2Q25 and 1H25 Net Loss per Share - Diluted of $(0.64) and $(0.71), respectively; and 2Q25 and 1H25 FFO per Share - Diluted, as Adjusted, of $2.33 and $4.63, respectively

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