Alexandria Real Estate Equities, Inc. · NYSE:ARE
Alexandria Real Estate Equities — Investor Day (December 2024)
164 slides from Alexandria Real Estate Equities's investor day presentation, Dec 4, 2024
Slide 1: Alexandria Investor Day 2024: Strategic Positioning for Future Growth
1ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA REAL ESTATE EQUITIES, INC. ALEXANDRIA INVESTOR DAY 2024 STRATEGIC POSITIONING for FUTURE GROWTH ONE ALEXANDRIA SQUARE MEGACAMPUS™ | SAN DIEGO December 4, 2024 | Alexandria Center® for Life Science — NYC
Slide 2: Safe Harbor
2ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, Alexandria Center®, Alexandria Technology Square®, Labspace®, Alexandria Summit®, and Alex
Slide 3: Table of Contents
3ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 TABLE OF CONTENTS Alexandria: Jim Collins’ Definition of a Great Company 4 The Next Generation of Life Science Real Estate Demand 29 Alexandria’s Megacampus™ Strategy: Strategic Positioning for Future Growth 49 Life Sc
Slide 4: Alexandria: Jim Collins' Definition of a Great Company
4ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 ALEXANDRIA: JIM COLLINS’ DEFINITION OF A GREAT COMPANY
Slide 5: Alexandria's Cluster Model: Our North Star
5ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Alexandria Pioneered the Life Science Real Estate Niche Based on the Principle of “Clustering” That Is Rooted in the DNA of the Life Science Industry Alexandria’s Cluster Model: OUR NORTH STAR 1994 ONE ALEXANDRIA SQUAR
Slide 6: Initial Public Offering and Pure-Play Life Science REIT
6ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Alexandria’s initial public offering was priced at $20.00 per share on May 27, 1997. NYSE:ARE Alexandria Completed Our Initial Public Offering, Igniting Our Strong Growth Trajectory Catalyzed by the Rapid Accelerati
Slide 7: We Are Mission Driven
7ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 WE ARE MISSION DRIVEN To create and grow life science ecosystems and clusters that ignite and accelerate the world’s leading innovators in their noble pursuit to advance human health by curing disease and improving nut
Slide 8: Life Science Real Estate: We Invented It. We Own It. We Dominate It.
8ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE OWN IT. WE DOMINATE IT. As of September 30, 2024, unless otherwise indicated. Refer to ‘Megacampus” in the appendix. 1. A credit rating is not a recommendation to buy, sell,
Slide 9: Alexandria's Competitive Advantages
9ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S COMPETITIVE ADVANTAGES 1. As of September 30, 2024. 2. Source: Evaluate Pharma. Represents aggregate total market capitalization for the life science industry, including global major, regional major, and s
Slide 10: Jim Collins quote on disciplined focus
10ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Alexandria’s long-term successful track record flows from its disciplined focus on what it can be the best in the world at, disciplined insight into what drives its economic engine, and disciplined people passionate a
Slide 11: Good to Great concepts on path to enduring greatness
11ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA HAS INTEGRATED JIM COLLINS’ GOOD TO GREAT® CONCEPTS ON OUR PATH TO ACHIEVING ENDURING GREATNESS Superior Results Distinctive Impact Lasting Endurance Disciplined Focus OUTPUTSINPUTS Disciplined People Disci
Slide 12: Disciplined Focus: Only Pure-Play Life Science REIT
12ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Disciplined Focus ALEXANDRIA HAS MAINTAINED OUR DISCIPLINED FOCUS AS THE ONLY PURE-PLAY LIFE SCIENCE REIT, CULTIVATING AND GROWING THRIVING LIFE SCIENCE CLUSTERS THAT CATALYZE INNOVATION As of September 30, 2024. RSF
Slide 13: Long-Tenured, Highly Experienced Management Team
13ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S LONG-TENURED, HIGHLY EXPERIENCED MANAGEMENT TEAM HAS A PROVEN TRACK RECORD LEADING AND GROWING THE COMPANY THROUGH MULTIPLE ECONOMIC CYCLES STARTUP IN THE BASEMENT OF JACOBS ENGINEERING GROUP Alexandria f
Slide 14: Long-Term Strategic Tenant Relationships
14ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Disciplined Insight ALEXANDRIA DOUBLES DOWN ON CULTIVATING LONG-TERM STRATEGIC TENANT RELATIONSHIPS WITH LIFE SCIENCE INDUSTRY LEADERS UNITED STATES GOVERNMENT — 1996 — — 1999 — — 2000 — — 2002 —— 1996 — — 2004 — — 20
Slide 15: Relationships with Highly Disruptive Companies
15ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA HAS A STRONG AND LONG-TERM TRACK RECORD OF FOSTERING STRATEGIC RELATIONSHIPS WITH HIGHLY DISRUPTIVE COMPANIES ADDRESSING SIGNIFICANT UNMET MEDICAL NEED 1. Source: S&P Capital IQ, November 19, 2024. In 2002,
Slide 16: Improved Credit Profile and Investment-Grade Ratings
16ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA STRATEGICALLY IMPROVED OUR CREDIT PROFILE TO ACHIEVE OUR INVESTMENT-GRADE CREDIT RATINGS IN 2011 1. Ratings and outlooks are as of September 30, 2024. A credit rating is not a recommendation to buy, sell, o
Slide 17: Value Creation on Cambridge Development Parcels
17ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 As of September 30, 2024. Refer to “Megacampus” in the appendix. Disciplined Insight MEGACAMPUS™ ALEXANDRIA CENTER® AT KENDALL SQUARE 3.0M RSF ALEXANDRIA CONTINUES TO CREATE VALUE ON STRATEGIC FUTURE DEVELOPMENT PARCE
Slide 18: Value Creation on Mission Bay Development Parcels
18ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 RESIDENTIAL CHASE CENTER MEGACAMPUS™ ALEXANDRIA CENTER® FOR SCIENCE AND TECHNOLOGY – MISSION BAY 2.2M RSF ALEXANDRIA CONTINUES TO CREATE VALUE ON STRATEGIC FUTURE DEVELOPMENT PARCELS IN MISSION BAY Disciplined Insight
Slide 19: Strategy Positioned Tenants' Growth During 2013–2021 Bull Run
19ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Disciplined Insight ALEXANDRIA’S STRATEGY POSITIONED US TO ENABLE OUR TENANTS’ GROWTH DURING THE UNPRECEDENTED 9-YEAR LIFE SCIENCE BULL RUN FROM 2013 TO 2021 Refer to “Net operating income and net operating income (ca
Slide 20: Strategic Dispositions of Non-Core Assets
20ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA EXECUTES ON STRATEGIC DISPOSITIONS OF NON-CORE ASSETS TO FUND THE FUTURE GROWTH OF OUR BUSINESS CONCENTRATED ON OUR MEGACAMPUS™ PLATFORM As of September 30, 2024. Refer to “Megacampus” in the appendix. 1. R
Slide 21: Core Values of a Disciplined Company
21ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S CORE VALUES EXEMPLIFY THE BEHAVIORS OF A DISCIPLINED COMPANY WITH DISCIPLINED PEOPLE INTEGRITY MUTUAL RESPECT EGOLESS LEADERSHIP HUMILITY TRANSPARENCY TEAMWORK TRUST Disciplined People 1 of only 3 S&P 500
Slide 22: Jim Collins quote on three outputs of a great company
22ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Alexandria has achieved the three outputs that define a great company: Superior Results, Distinctive Impact, and Lasting Endurance. JIM COLLINS Renowned Author & Business Strategist
Slide 23: From Pioneer to Undisputed Leader
23ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA: FROM THE VISIONARY PIONEER OF THE LIFE SCIENCE REAL ESTATE NICHE TO THE UNDISPUTED LEADER OF AN IMPORTANT MAINSTREAM ASSET CLASS Refer to ”Total market capitalization” in the appendix. 1. As of December 31
Slide 24: Alexandria's Outstanding Long-Term Value
24ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE Source: S&P Global Market Intelligence. Assumes reinvestment of dividends. The REITs presented individually in the chart above are only those constituents of the FTSE NAREIT Eq
Slide 25: Labspace Infrastructure Helps Tenants Meet Sustainability Goals
25ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S ESSENTIAL LABSPACE® INFRASTRUCTURE HELPS POSITION OUR TENANTS TO MEET THEIR SUSTAINABILITY GOALS Distinctive Impact ENERGY DISTRICT SEATTLE ELECTRIFICATION AND ALTERNATIVE ENERGY POWER PURCHASE AGREEMENT
Slide 26: Philanthropic and mission-driven initiatives
26ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Accelerating medical innovation to save lives Harnessing agtech to combat hunger and improve nutrition Prioritizing the mental health crisis Building principled leaders through education Revolutionizing addiction trea
Slide 27: 2024 Capital Markets Engagement: Key Focus Areas
27ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S DISCIPLINED AND PROACTIVE 2024 CAPITAL MARKETS ENGAGEMENT 32.7% 18.7% 15.6% 7.2% 14.0% 11.8% Leasing/ Demand and Rental Rate Growth Capital Planning: Sources and Uses/ Balance Sheet Life Science Industry
Slide 28: Innovation in Medicine Is a National Imperative
28ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Lasting Endurance INNOVATION IN MEDICINE IS A NATIONAL IMPERATIVE 1. Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 2. Source: PhRMA, “
Slide 29: The Next Generation of Life Science Real Estate Demand
29ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 THE NEXT GENERATION OF LIFE SCIENCE REAL ESTATE DEMAND
Slide 30: Opportunity to Solve Diseases With No Treatments
30ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Projected Deaths Due to Cancer in 20242 CANCER 612K Deaths Due to Heart Disease in 20213 HEART DISEASE 695K 6.9M Individuals Over 65 Living With Alzheimer’s Disease in 20244 ALZHEIMER’S DISEASE Overdose Deaths in 2023
Slide 31: Biogen's Tysabri: Journey from Discovery to Commercialization
31ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA TENANT BIOGEN’S MS TREATMENT TYSABRI DEMONSTRATES THE COMPLEX JOURNEY OF A MEDICINE FROM ACADEMIC DISCOVERY TO DEVELOPMENT TO COMMERCIALIZATION Source: JAMA Neurology, “Natalizumab: Bench to Bedside and Bey
Slide 32: Novel FDA-Approved Therapies from Alexandria Tenants
32ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 26 43 55 2003–2012 2013–2022 2023 NOVEL FDA-APPROVED THERAPIES FROM ALEXANDRIA TENANTS IN 2024 >2x INCREASE SINCE 2003 KISUNLA Therapy treating adults with early symptomatic Alzheimer’s disease COBENFY First therapy a
Slide 33: Innovation Driving Life Science Industry Growth
33ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 — 1998 — SYNAGIS, developed by MedImmune, is approved for prevention of respiratory syncytial virus infection INNOVATION IS THE DRIVING FORCE BEHIND THE LIFE SCIENCE INDUSTRY’S GROWTH AND DEMAND FOR ALEXANDRIA’S CRITI
Slide 34: Life Science Industry Resilience and $5.5T Market Capitalization
34ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 OVER THE THREE DECADES SINCE ALEXANDRIA’S FOUNDING, THE HIGHLY RESILIENT LIFE SCIENCE INDUSTRY HAS INNOVATED THROUGH MULTIPLE MACROECONOMIC CYCLES AND GROWN TO A TOTAL MARKET CAPITALIZATION OF $5.5T1 1. Source: Evalua
Slide 35: Multifaceted Drivers of Demand
35ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 FUNDING IS ONLY ONE OF THE MULTIFACETED DRIVERS OF DEMAND FOR ALEXANDRIA’S LIFE SCIENCE REAL ESTATE Demand Drivers Across Key Tenant Segments of Leasing Activity in 2024 New Biological Discoveries Employee Recruitment
Slide 36: Tenant Case Study: City Therapeutics
36ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 TENANT CASE STUDY PRIVATE BIOTECH 1. Represents RSF leased by City Therapeutics during the nine months ended September 30, 2024. CITY THERAPEUTICS Co-founded by former Alnylam CEO John Maraganore, City Therapeutics is
Slide 37: Tenant Case Study: Vaxcyte
37ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 TENANT CASE STUDY PUBLIC BIOTECH VAXCYTE Vaxcyte is a clinical-stage biopharmaceutical company developing novel medicines to protect individuals from the consequences of severe bacterial diseases ALEXANDRIA TENANT SIN
Slide 38: Tenant Case Study: Vividion
38ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 TENANT CASE STUDY LARGE PHARMA VIVIDION Wholly Owned Subsidiary of Bayer Acquired by Bayer in 2021 for its leading small molecule chemistry platform, Vividion is developing first-in-class medicines to treat cancer and
Slide 39: Leasing Fueled by Client Base of ~800 Tenants
39ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S LEASING ACTIVITY IS UNIQUELY FUELED BY A SECTOR-LEADING CLIENT BASE OF ~800 TENANTS CULTIVATED OVER 30+ YEARS 1. As of September 30, 2024. 8 213 440 1994 2004 2014 3Q24 NUMBER OF ALEXANDRIA TENANTS 80% OF
Slide 40: Diverse Life Science Tenant Base and 2024 Leasing
40ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S STRONG, BROAD, AND DIVERSE LIFE SCIENCE TENANT BASE BOLSTERED OUR SOLID 2024 LEASING ACTIVITY PERCENTAGE OF LIFE SCIENCE LEASING ACTIVITY BY RSF (1Q–3Q24) MULTINATIONAL PHARMACEUTICAL 37% PRIVATE BIOTECHN
Slide 41: Public Biotech Tenant Relationships
41ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S LONG-TERM RELATIONSHIPS WITH CLINICAL AND COMMERCIAL PUBLIC BIOTECH COMPANIES PROVIDE A PATH FOR GROWTH AS THEY ACHIEVE CLINICAL MILESTONES AND SEEK TO EXPAND R&D CAPABILITIES 7% OF LIFE SCIENCE LEASING A
Slide 42: Biomedical and Government Institutional Tenants
42ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S BIOMEDICAL AND GOVERNMENT INSTITUTIONAL TENANTS ARE EMBEDDED AND FOUNDATIONAL IN OUR MEGACAMPUSES AND SERVE AS KEY FEEDERS FOR FUTURE CLUSTER GROWTH Refer to “Megacampus” in the appendix. 1. Source: Inc.,
Slide 43: Life Science Product, Service, and Device Tenants
43ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S INNOVATIVE LIFE SCIENCE PRODUCT, SERVICE, AND DEVICE TENANTS DEVELOP CUTTING- EDGE TOOLS AND SERVICES TO ACCELERATE THE DISCOVERY AND ADVANCEMENT OF NEW MEDICINES 23% OF LIFE SCIENCE LEASING ACTIVITY2 90%
Slide 44: Private Biotech Tenants Drive Future Innovation
44ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S BENCH OF HIGHLY INNOVATIVE PRIVATE BIOTECH TENANTS DRIVES DEVELOPMENT OF SCIENTIFIC PLATFORMS THAT REPRESENT THE FUTURE WAVE OF INNOVATIVE MEDICINES 1. Source: PitchBook, November 2024. Includes pharmaceu
Slide 45: Pharma's Real Estate Partner of Choice
45ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA IS PHARMA’S REAL ESTATE PARTNER OF CHOICE, WITH 17 OF THE TOP 20 LARGE PHARMA COMPANIES AS OUR EXISTING TENANTS 37% OF LIFE SCIENCE LEASING ACTIVITY2 100% OF ABOVE LEASING ACTIVITY WAS FROM EXISTING TENANT
Slide 46: AI Has Been a Critical Tool for Decades
46ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Source: National Library of Medicine SRA Database Growth October 5, 1981 “DESIGNING DRUGS BY COMPUTER” AI HAS BEEN A CRITICAL TOOL FOR THE LIFE SCIENCE INDUSTRY FOR DECADES November 15, 2024 “AI LEARNS THE LANGUAGE
Slide 47: AI as a Tool for Analyzing Life Science Data
47ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Generating large volumes of high-quality biological and chemical data within the laboratory Integrating vast amounts of data generated in the research lab with the aid of AI tools, which then inform the next set of la
Slide 48: Clustering Is the DNA of the Life Science Industry
48ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to “Megacampus” in the appendix. CLUSTERING is the DNA of the LIFE SCIENCE INDUSTRY Alexandria’s Megacampus™ platform strategically located in core R&D clusters uniquely meets the infrastructure and critical ope
Slide 49: Alexandria's Megacampus Strategy
49ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 ALEXANDRIA’S MEGACAMPUS™ STRATEGY STRATEGIC POSITIONING FOR FUTURE GROWTH
Slide 50: Clustering Is the DNA of the Life Science Industry
50ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 CO-LOCATED with RESEARCH INSTITUTIONS, VENTURE CAPITAL, BIOTECH, and PHARMA STRATEGIC OPTIONALITY and FUTURE GROWTH OPPORTUNITIES BESPOKE AMENITIES to RECRUIT and RETAIN TOP TALENT ENGAGING WORKPLACES that DRIVE PRODU
Slide 51: Clustering Is the DNA of the Alexandria Megacampus
51ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 CLUSTERING is the DNA of the ALEXANDRIA MEGACAMPUS™ Refer to ”Megacampus” in the appendix. Co-Location Strategic Optionality Talent Attraction Mission-Critical Infrastructure Productivity HIGH-QUALITY ASSETS CLUSTERED
Slide 52: Cambridge Megacampus Clusters
52ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 M A IN STR E E T FOR OVER 30 YEARS ALEXANDRIA HAS CURATED AND DOMINATED THE CREATION AND GROWTH OF VIBRANT LIFE SCIENCE CLUSTERS MEGACAMPUS™ ALEXANDRIA CENTER® AT ONE KENDALL SQUARE 1.4M RSF MEGACAMPUS™ ALEXANDRIA TEC
Slide 53: Mission Bay Megacampus
53ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 FOR OVER 30 YEARS ALEXANDRIA HAS CURATED AND DOMINATED THE CREATION AND GROWTH OF VIBRANT LIFE SCIENCE CLUSTERS MISSION BAY SAN FRANCISCO BAY AREA As of September 30, 2024. Refer to “Megacampus” in the appendix. RESID
Slide 54: Torrey Pines Megacampuses
54ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 FOR OVER 30 YEARS ALEXANDRIA HAS CURATED AND DOMINATED THE CREATION AND GROWTH OF VIBRANT LIFE SCIENCE CLUSTERS As of September 30, 2024. Refer to “Megacampus” in the appendix. TORREY PINES SAN DIEGO WITH THE ACQUISIT
Slide 55: Lake Union Megacampuses
55ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 FOR OVER 30 YEARS ALEXANDRIA HAS CURATED AND DOMINATED THE CREATION AND GROWTH OF VIBRANT LIFE SCIENCE CLUSTERS As of September 30, 2024. Refer to ”Megacampus” in the appendix. LAKE UNION SEATTLE ALEXANDRIA ENTERED LA
Slide 56: Growing Megacampus Ecosystems for Nearly Two Decades
56ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA HAS BEEN CURATING AND GROWING HIGHLY DESIRABLE AND WELL-AMENITIZED MEGACAMPUS™ ECOSYSTEMS IN THE TOP LIFE SCIENCE CLUSTERS FOR NEARLY TWO DECADES Refer to “Megacampus” in the appendix. Represents the year i
Slide 57: Growing Megacampus Ecosystems for Nearly Two Decades (continued)
57ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA HAS BEEN CURATING AND GROWING HIGHLY DESIRABLE AND WELL-AMENITIZED MEGACAMPUS™ ECOSYSTEMS IN THE TOP LIFE SCIENCE CLUSTERS FOR NEARLY TWO DECADES Refer to “Annual rental revenue” and “Megacampus” in the app
Slide 58: Aggregating Campus Point Megacampus
58ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA HAS BEEN STRATEGICALLY AGGREGATING OUR CAMPUS POINT MEGACAMPUS™ FOR NEARLY 15 YEARS As of September 30, 2024. Refer to "Megacampus” in the appendix. RSF amounts represent the actual or anticipated total squ
Slide 59: World-Class Design and Development of Infrastructure
59ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S WORLD-CLASS DESIGN AND DEVELOPMENT OF MISSION-CRITICAL INFRASTRUCTURE SOLUTIONS 1. For the period from January 1, 2010 through September 30, 2024. The top life science companies in the world continue to s
Slide 60: Curated Amenities and Activation
60ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S HIGHLY CURATED AMENITIES ARE SPECIFICALLY DESIGNED TO ENABLE TENANTS TO RECRUIT, RETAIN, AND ENGAGE TOP TALENT AMENITIES AND ACTIVATION
Slide 61: Direct Management of Mission-Critical Infrastructure
61ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S DIRECT MANAGEMENT AND OPERATION OF MISSION- CRITICAL INFRASTRUCTURE DRIVE TENANT RETENTION 1. Represents average years of applicable experience of our asset services team leadership as of December 4, 2024
Slide 62: The Power of the Megacampus Platform
62ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to "Megacampus” in the appendix. Driving Superior Operating and Financial Results EXCEPTIONAL ANNUAL RENTAL REVENUE GROWTH LEASING OUTPERFORMANCE RENTAL RATE PREMIUMS OCCUPANCY OUTPERFORMANCE SUPERIOR RETURN ON
Slide 63: Exceptional Annual Rental Revenue Growth
63ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE POWER OF ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM EXCEPTIONAL ARR GROWTH Refer to ”Annual rental revenue” and “Megacampus” in the appendix. 1. Represents growth in annual rental revenue in effect as of Dece
Slide 64: Leasing Outperformance: Operating
64ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE POWER OF ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM LEASING OUTPERFORMANCE: OPERATING Refer to “Megacampus” in the appendix. 1. Represents our lease signed with Vaxcyte in November 2024. 2. As of September 30
Slide 65: Leasing Outperformance: Development
65ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE POWER OF ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM LEASING OUTPERFORMANCE: DEVELOPMENT As of September 30, 2024, unless otherwise indicated. Refer to “Competitive supply” and “Megacampus” in the appendix. 1.
Slide 66: Rental Rate Premiums
66ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE POWER OF ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM Refer to “Megacampus” in the appendix. 1. Sources: Internal records for One Alexandria Square; Cushman & Wakefield for competitor building. Represents the p
Slide 67: Occupancy Outperformance
67ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE POWER OF ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM OCCUPANCY OUTPERFORMANCE Refer to “Competitive supply” and “Megacampus” in the appendix. 1. Represents average occupancy of operating properties for the Ale
Slide 68: Megacampus Platform Drives Superior Financial Performance
68ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE ALEXANDRIA MEGACAMPUS™ PLATFORM DRIVES SUPERIOR FINANCIAL PERFORMANCE Refer to “Annual rental revenue” and “Megacampus” in the appendix. Percentages represent the compounded annual growth rate (CAGR) in annual ren
Slide 69: Future Development and Redevelopment Provide NOI Growth
69ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 ALEXANDRIA’S MEGACAMPUS™ STRATEGY FUTURE DEVELOPMENT AND REDEVELOPMENT WITHIN THE ALEXANDRIA MEGACAMPUS™ PLATFORM PROVIDE SIGNIFICANT NOI GROWTH
Slide 70: Spotlight on Cambridge
70ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 18+ YEARS EXECUTING ON OUR VISION As of September 30, 2024. Refer to “Megacampus” in the appendix. ALEXANDRIA’S DISCIPLINED AND PROVEN APPROACH TO CREATING A COLLABORATIVE MEGACAMPUS™ IN CAMBRIDGE GUIDES OUR DISCIPLIN
Slide 71: Spotlight on Mission Bay
71ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 20+ YEARS EXECUTING ON OUR VISION As of September 30, 2024. Refer to “Megacampus” in the appendix. SPOTLIGHT ON MISSION BAY ALEXANDRIA CENTER® FOR SCIENCE AND TECHNOLOGY 2.2M RSF ALEXANDRIA’S DISCIPLINED AND PROVEN AP
Slide 72: Visibility of Future NOI Growth from Deliveries
72ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S VISIBILITY OF FUTURE GROWTH IN ANNUAL NET OPERATING INCOME FROM DELIVERIES OF DEVELOPMENT AND REDEVELOPMENT PROJECTS As of September, 30, 2024. Refer to “Megacampus” and “Net operating income and net oper
Slide 73: Key Anticipated Deliveries 4Q24 through 4Q25
73ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 230 HARRIET TUBMAN WAY SOUTH SAN FRANCISCO | SAN FRANCISCO BAY AREA 285,346 RSF | 100% LEASED ALEXANDRIA’S KEY ANTICIPATED DELIVERIES 4Q24 THROUGH 4Q25 As of September 30, 2024. Refer to “Net operating income and net
Slide 74: Key Anticipated Deliveries 1Q26 through 1Q28
74ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S KEY ANTICIPATED DELIVERIES 1Q26 THROUGH 1Q28 As of September 30, 2024. Refer to “Net operating income and net operating income (cash basis)” in the appendix. 1. 60 Sylvan Road is included in the 596,064 R
Slide 75: Strategic Resolution of Development Projects
75ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 99 COOLIDGE STREET GREATER BOSTON (TOP) ◎ Leased/negotiating increased to 62%1 (from 40%2 as of 3Q24) ALEXANDRIA’S STRATEGIC RESOLUTION OF DEVELOPMENT PROJECTS FUTURE GROWTH OPPORTUNITIES FOR 2026 AND BEYOND 1. As of
Slide 76: Next Generation of Long-Term Megacampus Developments
76ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE NEXT GENERATION OF ALEXANDRIA’S LONG-TERM MEGACAMPUS™ DEVELOPMENTS ALEXANDRIA CENTER® FOR ADVANCED TECHNOLOGIES – TANFORAN SOUTH SAN FRANCISCO 1.9M FUTURE SF 1.5M FUTURE SF ALEXANDRIA CENTER® FOR LIFE SCIENCE – SA
Slide 77: Proven Development Execution Over the Long Term
77ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S PROVEN DEVELOPMENT EXECUTION OVER THE LONG TERM 1. Represents the percentage of RSF leased at development projects initially delivered during 2015 through 3Q24. 100% 100% 97% 100% 94% 93% 98% 86% 95% 2015
Slide 78: Life Science Real Estate Supply: Aftermath of COVID
78ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 LIFE SCIENCE REAL ESTATE SUPPLY: AFTERMATH OF COVID
Slide 79: Competitive Advantage vs. New Supply Deliveries
79ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to "Megacampus" in the appendix. 1. As of September 30, 2024. 2. Source: ARE company update from Deutsche Bank AG. ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM AND WORLD-CLASS BRAND PROVIDE THE COMPANY A COMP
Slide 80: Consistently High Occupancy
80ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 As of September 30, 2024. 1. Represents average occupancy of operating properties in North America as of each December 31 from 2015 through 2023 and as of September 30, 2024. Alexandria’s Consistently HIGH OCCUPANCY S
Slide 81: Occupancy Resilient Through Market Cycles
81ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 GREAT FINANCIAL CRISIS Only a 70-BPS Decline OCCUPANCY PERCENTAGE1 DOTCOM BUBBLE BURST Only a 210-BPS Decline PEAK PANDEMIC Only a 60-BPS Decline HIGH INFLATION Only a 10-BPS Decline 98.4 99.0 96.3 93.9 95.2 93.2 93.1
Slide 82: Development Leasing Outperformance vs. Competitive Supply
82ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Alexandria’s 2024/2025 Development and Redevelopment LEASING OUTPERFORMANCE 99% ALEXANDRIA DELIVERIES LEASED1 vs 39% COMPETITIVE SUPPLY LEASED2 ALEXANDRIA REMAINS THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE 1.
Slide 83: Labspace Platform Captures Outsized Share of Demand
83ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Alexandria’s Leading Labspace® Platform CONTINUES TO CAPTURE OUTSIZED SHARE OF DEMAND 1. Source: Alexandria’s proprietary competitive supply database. Represents Alexandria’s total leasing executed during the year end
Slide 84: What Supply Is Competitive?
84ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 WHAT SUPPLY IS COMPETITIVE? Projects are considered competitive if included as options in market tours for life science companies with space requirements Refer to “Competitive supply” in the appendix. KEY ATTRIBUTES O
Slide 85: New Competitive Life Science Supply in Select Markets
85ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 45.8M 29.9M 19.2M 3.5M 2.0M 2.5M 0.3M 0.6M0.9M 1.3M 0.6M0.8M NEW COMPETITIVE LIFE SCIENCE SUPPLY IN SELECT ALEXANDRIA MARKETS: 4Q24–2026 As of September 30, 2024. Total laboratory inventory RSF and total under constru
Slide 86: Limited New Supply in High-Barrier Submarkets
86ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 LIMITED NEW SUPPLY DELIVERING IN HIGH-BARRIER-TO-ENTRY SUBMARKETS As of September 30, 2024. Refer to ”Annual rental revenue” and “Competitive supply” in the appendix. RSF reflects deliveries by Alexandria and other co
Slide 87: Superior Projects Outperform Competitive Supply: Watertown
87ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S SUPERIOR PROJECTS OUTPERFORM COMPETITIVE SUPPLY As of September 30, 2024. Refer to “Competitive supply” in the appendix. WATERTOWN GREATER BOSTON 63% ALEXANDRIA LEASED vs 38% COMPETITIVE SUPPLY LEASED 202
Slide 88: Superior Projects Outperform: South San Francisco
88ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA TECHNOLOGY CENTER® – GATEWAY MEGACAMPUS™ALEXANDRIA’S SUPERIOR PROJECTS OUTPERFORM COMPETITIVE SUPPLY As of September 30, 2024. Refer to “Competitive supply” in the appendix. SOUTH SAN FRANCISCO SAN FRANCISC
Slide 89: Superior Projects Outperform: Sorrento Mesa
89ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S SUPERIOR PROJECTS OUTPERFORM COMPETITIVE SUPPLY As of September 30, 2024. Refer to “Competitive supply” in the appendix. 70% ALEXANDRIA LEASED vs 8% COMPETITIVE SUPPLY LEASED 2023–2026 DEVELOPMENT AND RED
Slide 90: What Happens to Unleased Supply?
90ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 WHAT HAPPENS TO UNLEASED SUPPLY? Data is as of or for the three months ended September, 30, 2024. 1. Source: Savills, “Boston Q3 2024 Office Report,” October 1, 2024. 2. Source: CBRE, “San Francisco Peninsula Office F
Slide 91: Megacampus Platform vs. Competitive Supply
91ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM AND WORLD-CLASS BRAND PROVIDE THE COMPANY A SIGNIFICANT COMPETITIVE ADVANTAGE VS. NEW SUPPLY DELIVERIES ALEXANDRIA’S MEGACAMPUS PLATFORM Main & Main Locations Unmatched
Slide 92: Capital Recycling Strategy: Funding Self-Sufficiency
92ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 ALEXANDRIA’S CAPITAL RECYCLING STRATEGY: FUNDING SELF-SUFFICIENCY
Slide 93: Multifaceted Strategic Self-Funding Tools
93ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 LEVERAGE- NEUTRAL DEBT CASH FLOWS FROM OPERATING ACTIVITIES¹ OUTRIGHT DISPOSITIONS PARTIAL INTEREST SALES 1. Represents net cash provided by operating activities after dividends and distributions to noncontrolling int
Slide 94: Bond Issuances and Credit Ratings
94ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 $ in millions. 1. Ratings and outlooks are as of September 30, 2024. A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking r
Slide 95: Consistent Increase in Annual Cash Flows
95ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 $222M $450M 2019 2024 Projected² NET CASH PROVIDED BY OPERATING ACTIVITIES AFTER DIVIDENDS Refer to “Net cash provided by operating activities after dividends” in the appendix. 1. Represents net cash provided by opera
Slide 96: Dispositions and Partial Interest Sales
96ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Represents dispositions and partial interest sales from January 1, 2019 through December 31, 2024. Amounts for the year ending December 31, 2024 include completed dispositions and pending dispositions subject to no
Slide 97: Self-Funding Capital Sources and Uses
97ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Represents the five-year average for the years ended December 31, 2018 through 2022. 2. Represents the two-year average for the year ended December 31, 2023 and projected amounts for the year ending December 31, 20
Slide 98: Development and Redevelopment Deliveries 2019–2024
98ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Represents cost at completion and weighted-average initial stabilized yields for all development and redevelopment deliveries, partial deliveries, and projected deliveries from January 1, 2019 through December 31,
Slide 99: Accretive Reinvestment Strategy
99ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S ACCRETIVE REINVESTMENT STRATEGY Refer to ”Capitalization rates” and ”Initial stabilized yield (unlevered)” in the appendix. 1. Represents the margin between disposition capitalization rates and delivery y
Slide 100: Capital Recycling Results 2019–2024
100ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. For the years ended December 31, 2019 through 2023 and the midpoint of our guidance ranges for the year ending December 31, 2024 disclosed on October 21, 2024, unless otherwise indicated. 2. Represents net cash pr
Slide 101: Strategic Dispositions for 2024
101ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 $1.05B TO $2.05B ALEXANDRIA’S STRATEGIC DISPOSITIONS FOR 2024 $370M 24%³ PENDING Subject to Signed LOI/PSA $724M 48%³ NON-REFUNDABLE $433M 28%³ COMPLETED² $1.1B REMAINING⁴ 1. Represents our guidance range for 2024 di
Slide 102: Key 2024 Strategic Dispositions
102ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S KEY 2024 STRATEGIC DISPOSITIONS As of December 4, 2024. Percentages represent estimated breakout of the types of dispositions that were completed or are pending subject to non-refundable deposits and sig
Slide 103: Asset Base Today: Megacampus vs. Core and Non-Core
103ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 15 NECCO STREET | GREATER BOSTON 230 HARRIET TUBMAN WAY | SAN FRANCISCO BAY AREA ALEXANDRIA’S ASSET BASE TODAY 24% 76% MEGACAMPUS CORE AND NON-CORE CAMPUS POINT BY ALEXANDRIA | SAN DIEGO As of September 30, 2024. Ref
Slide 104: Investing Capital Into Assets With Highest NAV Potential
104ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA IS INVESTING PRECIOUS CAPITAL INTO ASSETS WITH THE HIGHEST NET ASSET VALUE POTENTIAL Refer to “Megacampus” in the appendix. Gross margin for each Megacampus is calculated as gain divided by gross book valu
Slide 105: Future Strategic Asset Base
105ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S FUTURE STRATEGIC ASSET BASE PERCENTAGE OF ANNUAL RENTAL REVENUE Refer to “Annual rental revenue” and “Megacampus” in the appendix. 1. As of September 30, 2024. TODAY¹ STRATEGIC TARGET (2029) 24% 76% MEGA
Slide 106: Alexandria's Balance Sheet and 2025 Guidance
106ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 ALEXANDRIA’S BALANCE SHEET AND 2025 GUIDANCE
Slide 107: Fortress Balance Sheet Offers Capital Allocation Opportunities
107ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024Confidential and Proprietary | Do Not Copy or Distribute | All Rights Reserved © 2024 ALEXANDRIA’S IMPRESSIVE FORTRESS BALANCE SHEET OFFERS FUTURE CAPITAL ALLOCATION OPPORTUNITIES ALEXANDRIA CENTER® FOR LIFE SCIENCE –
Slide 108: REIT Industry-Leading Credit Profile
108ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S REIT INDUSTRY-LEADING CREDIT PROFILE Ratings and outlooks are as of September 30, 2024. A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdraw
Slide 109: Key 2024 Balance Sheet Accomplishments
109ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S IMPRESSIVE KEY 2024 BALANCE SHEET ACCOMPLISHMENTS As of or for the nine months ended September 30, 2024, unless otherwise indicated. 1. Represents completed dispositions and pending dispositions subject
Slide 110: Significant Liquidity
110ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024Confidential and Proprietary | Do Not Copy or Distribute | All Rights Reserved © 2024 ALEXANDRIA’S SIGNIFICANT LIQUIDITY 1. Represents availability under our unsecured senior line of credit, net of amounts outstanding
Slide 111: Significant Liquidity vs. REIT Peers
111ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024Confidential and Proprietary | Do Not Copy or Distribute | All Rights Reserved © 2024 As of September 30, 2024. Refer to ”Total market capitalization” in the appendix. Sources: S&P Global Market Intelligence for perce
Slide 112: Opportunistic Bond Issuances of Debt
112ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Represents the weighted-average interest rate, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees for the $8.8 billion in unsecured senior notes payable issued from
Slide 113: Weighted-Average Remaining Debt Term
113ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024Confidential and Proprietary | Do Not Copy or Distribute | All Rights Reserved © 2024 ALEXANDRIA’S IMPRESSIVE WEIGHTED-AVERAGE REMAINING DEBT TERM As of September 30, 2024. Sources: S&P Global Market Intelligence for
Slide 114: Minimal Near-Term Debt Maturities
114ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 As of June 30, 2024, except for ARE, which is as of September 30, 2024. Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of June 30, 2024”; company filings. ALEXANDRIA’S MINIMAL NEAR-TERM DEBT MATURITIES MITIG
Slide 115: Prudent Laddering of Debt Maturities
115ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 As of September 30, 2024. ALEXANDRIA’S PRUDENT LADDERING OF DEBT MATURITIES Manageable Debt Maturities ($ in millions) $500 $850 $600 $795 $350 $425 $700 $1,605 $750 $900 $1,000 $800 $400 $300 $700 $1,000 $500 $0 $20
Slide 116: Fixed-Rate Debt Approach
116ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 OF ALEXANDRIA’S DEBT IS FIXED RATE 97.7% AVERAGE DEBT COMPOSITION SINCE 20201 ALEXANDRIA’S CONSISTENT AND STRATEGIC APPROACH TO LOCKING IN LONG-TERM FIXED-RATE DEBT 1. Represents the average fixed-rate debt as a perc
Slide 117: Leverage and Fixed-Charge Coverage Ratios
117ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 5.2x ≤5.2x 2020–2024 Average¹ 4Q25 Projected² NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO 4.8x 4.0x to 4.5x 2020–2024 Average¹ 4Q25 Projected² Refer to “Net debt and preferred stock to
Slide 118: Strong and Flexible Balance Sheet
118ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 WEIGHTED AVERAGE REMAINING DEBT TERM 12.6 YEARS 3.91% AVERAGE PERCENTAGE OF FIXED-RATE DEBT SINCE 20203 97.7%14% PERCENTAGE OF DEBT MATURING IN NEXT 3 YEARS2 INTEREST RATE ALEXANDRIA’S STRONG AND FLEXIBLE BALANCE SHE
Slide 119: Alexandria: 2025 Guidance
119ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 ALEXANDRIA’S BALANCE SHEET AND 2025 GUIDANCE ALEXANDRIA: 2025 GUIDANCE
Slide 120: Guidance for 2025 Earnings Per Share
120ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 EARNINGS PER SHARE 1. Excludes unrealized gains or losses after December 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, a
Slide 121: Guidance for 2025 Funds From Operations Per Share
121ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 FUNDS FROM OPERATIONS PER SHARE Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders,” ”Reconciliation of funds from
Slide 122: Ground Lease Extension at Alexandria Technology Square
122ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 M A IN STR E E T MEGACAMPUS™ ALEXANDRIA TECHNOLOGY SQUARE® 1.3M RSF ALEXANDRIA SIGNIFICANTLY ENHANCES LONG-TERM VALUE OF OUR FIRST MEGACAMPUS™, ALEXANDRIA TECHNOLOGY SQUARE®, WITH CRITICAL GROUND LEASE EXTENSION ○ Ge
Slide 123: Strategic Optionality for Future Growth Beyond 2025
123ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S STRATEGIC OPTIONALITY FOR FUTURE GROWTH BEYOND 2025 (2026–2029) INTERNAL GROWTH STRATEGIES COMPLETION AND LEASE-UP OF ACTIVE DEVELOPMENT AND REDEVELOPMENT PIPELINE PROJECTS INCREMENTAL ACCRETIVE INVESTME
Slide 124: Internal Growth Strategies Beyond 2025
124ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 INTERNAL GROWTH STRATEGIES Increased rental rates Increased occupancy Consistently strong operating margins Focus on G&A efficiencies ALEXANDRIA’S STRATEGIC OPTIONALITY FOR FUTURE GROWTH BEYOND 2025 (2026–2029) Enhan
Slide 125: Incremental Accretive Investment Strategies
125ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 INCREMENTAL ACCRETIVE INVESTMENT STRATEGIES Commencement of new development and/or redevelopment projects on balance sheet on, or with adjacency to, a Megacampus™ or stand-alone core asset Accretive acquisitions with
Slide 126: 2025 Same Property NOI Guidance
126ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 SAME PROPERTY NET OPERATING INCOME PERFORMANCE GUIDANCE RANGES FOR CHANGE IN 2025 SAME PROPERTY NET OPERATING INCOME PERFORMANCE (1.0)% TO 1.0% (Cash Basis) (3.0)% TO (1.0)% Refer to “N
Slide 127: Temporary Vacancy from Key 1Q25 Lease Expirations
127ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 As of September 30, 2024, except for re-leasing status, which is as of November 22, 2024. Refer to “Megacampus,” “Net operating income and net operating income (cash basis),” and “Same property” in the appendix. 1. R
Slide 128: Proforma 2025 Same Property NOI Performance
128ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to “Net operating income and net operating income (cash basis)” and “Same property” in the appendix. 1. Represents proforma projected 2025 same property net operating income performance based upon the midpoint
Slide 129: 10-Year Average Same Property Cash NOI Growth
129ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to “Net operating income and net operating income (cash basis)” and “Same property” in the appendix. Source: GreenStreet.com, accessed on November 10, 2024; internal records for ARE. 1. Not to scale. 2. Alexand
Slide 130: Year-End Operating Occupancy
130ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 93.8 94.8 94.1 94.3 94.9 94.6 95.9 97.0 97.2 96.6 96.8 97.3 96.8 94.6 94.0 94.8 94.6 94.6 to 95.6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Guidance Range¹ YEAR-END OPE
Slide 131: 2025 Occupancy Guidance Proforma
131ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. Represents proforma projected based upon the midpoint of our guidance range for occupancy percentage of operating properties in North America as of December 31, 2025 disclosed on December 4, 2024 excluding the imp
Slide 132: Guidance for 2025 Rental Rate Growth
132ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S CONTINUED SOLID GUIDANCE FOR 2025 RENTAL RATE GROWTH THROUGH CHALLENGING MACROECONOMIC CONDITIONS | | GUIDANCE RANGES FOR 2025 RENTAL RATE INCREASES 0.5% TO 8.5% (Cash Basis) 9.0% TO 17.0% Represents ren
Slide 133: Spot Mark-to-Market for Entire Asset Base
133ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S SOLID SPOT MARK-TO-MARKET FOR OUR ENTIRE ASSET BASE PROVIDES OPPORTUNITY TO INCREASE RENTS ON RENEWALS AND RE-LEASING OF SPACE ~10% (CASH BASIS) AS OF 3Q24
Slide 134: G&A Expenses and Savings
134ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 GENERAL AND ADMINISTRATION EXPENSES $181.0M $136.5M 2024 Projected Midpoint¹ 2025 Projected Midpoint¹ ALEXANDRIA’S OPERATIONAL EFFICIENCIES DRIVE SIGNIFICANT G&A SAVINGS 1. Represents the midpoints of our guidance ra
Slide 135: G&A as Percentage of Net Operating Income
135ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Sources: S&P Global Market Intelligence for percentages of REIT asset types; internal records for ARE. Refer to “Net operating income and net operating income (cash basis)” in the appendix. 1. Excludes acceleration o
Slide 136: Guidance for 2025 Interest Expense
136ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 INTEREST EXPENSE INTEREST EXPENSE $165M TO $195M CAPITALIZATION OF INTEREST $340M TO $370M 2025 GUIDANCE RANGES
Slide 137: Capitalization of Interest Components
137ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S CAPITALIZATION OF INTEREST COMPONENTS 1. Includes three projects expected to commence active construction through 4Q25. 2. Percentages based upon the midpoints of our guidance ranges for 2024 and 2025 ca
Slide 138: Next Generation of Long-Term Megacampus Developments
138ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 THE NEXT GENERATION OF ALEXANDRIA’S LONG-TERM MEGACAMPUS™ DEVELOPMENTS As of September 30, 2024. Refer to “Megacampus” in the appendix. Represents total square footage upon completion of development or redevelopment
Slide 139: Spotlight on Cambridge
139ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 18+ YEARS EXECUTING ON OUR VISION As of September 30, 2024. Refer to “Megacampus” in the appendix. ALEXANDRIA’S DISCIPLINED AND PROVEN APPROACH TO CREATING A COLLABORATIVE MEGACAMPUS™ IN CAMBRIDGE GUIDES OUR DISCIPLI
Slide 140: Spotlight on Mission Bay
140ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 As of September 30, 2024. Refer to “Megacampus” in the appendix. SPOTLIGHT ON MISSION BAY ALEXANDRIA CENTER® FOR SCIENCE AND TECHNOLOGY 2.2M RSF ALEXANDRIA’S DISCIPLINED AND PROVEN APPROACH TO CREATING A COLLABORATIV
Slide 141: Realized and Unrealized Gains Included in FFO
141ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. 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. Refer to “Funds from operation
Slide 142: Discipline, Focus, Flexibility, and Strategy
142ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 DISCIPLINE FLEXIBILITY Disciplined development and redevelopment within our Megacampus ecosystems Fortress balance sheet provides us flexibility to execute on our Megacampus strategy and enable our tenants to advance
Slide 143: Guidance for 2025 Key Uses of Capital
143ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 KEY USES OF CAPITAL $ in millions. 1. Represents the midpoint of our 2025 guidance ranges disclosed on December 4, 2024. Refer to the appendix for our guidance ranges. 2. Refer to “Deve
Slide 144: Moderation of Construction Spending
144ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to “Development, redevelopment, and pre-construction” in the appendix. 1. Represent the midpoints of our guidance ranges for 2024 and 2025 construction disclosed on October 21, 2024 and December 4, 2024, respec
Slide 145: Revenue- and Non-Revenue-Enhancing Capital Expenditures
145ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 19% 58% 23% Refer to “Megacampus” and “Net operating income and net operating income (cash basis)” in the appendix. 1. Refer to the appendix for our guidance range for 2025 construction. 2. Percentages based on the m
Slide 146: Capital Expenditures Increase Drivers
146ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 Refer to “Development, redevelopment, and pre-construction” and “Net operating income and net operating income (cash basis)” in the appendix. 1. We expect an approximate $165 million increase in revenue-/non-revenue-
Slide 147: Contributions from Consolidated Joint Ventures
147ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 1. For the years ended December 31, 2022 through 2023 and the nine months ended September 30, 2024 for contributions from noncontrolling interests (consolidated real estate joint ventures). 2. As of September 30, 202
Slide 148: Guidance for 2025 Key Sources of Capital
148ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 KEY SOURCES OF CAPITAL $ in millions. 1. Represents the midpoints of our 2025 guidance ranges for key sources of capital disclosed on December 4, 2024. Refer to the appendix for our gui
Slide 149: Guidance for 2025 Reduction in Debt
149ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S GUIDANCE FOR 2025 REDUCTION IN DEBT $ in millions. 1. Represents the midpoints of our 2025 guidance ranges for reduction in debt disclosed on December 4, 2024. Refer to the appendix for our guidance rang
Slide 150: Annual Cash Flows Provide Capital for Reinvestment
150ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S CONSISTENT INCREASE IN ANNUAL CASH FLOWS PROVIDES SIGNIFICANT CAPITAL FOR REINVESTMENT Refer to “Net cash provided by operating activities after dividends” in the appendix. 1. Represents the years ended
Slide 151: Consistent Growth in Dividends Per Share
151ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 $4.24 $4.48 $4.72 $4.96 $5.16 2020 2021 2022 2023 2024³ ANNUAL COMMON STOCK DIVIDEND PER SHARE 58% 57% 55%60% 55%DIVIDEND PAYOUT RATIO4 DIVIDEND YIELD1 4.4% 5.2% AVERAGE ANNUAL DIVIDEND PER-SHARE GROWTH2 ALEXANDRIA S
Slide 152: 2025 Disposition Strategy
152ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S 2025 DISPOSITION STRATEGY 1. Represents the midpoint of our guidance range for 2025 dispositions and sales of partial interests disclosed on December 4, 2024. Refer to the appendix for our guidance range
Slide 153: Strategic Optionality for Future Growth Beyond 2025
153ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 ALEXANDRIA’S STRATEGIC OPTIONALITY FOR FUTURE GROWTH BEYOND 2025 (2026–2029) INTERNAL GROWTH STRATEGIES COMPLETION AND LEASE-UP OF ACTIVE DEVELOPMENT AND REDEVELOPMENT PIPELINE PROJECTS INCREMENTAL ACCRETIVE INVESTME
Slide 154: Appendix
154ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 STRATEGIC POSITIONING for FUTURE GROWTH ALEXANDRIA INVESTOR DAY 2024 APPENDIX
Slide 155: Definitions and Non-GAAP Reconciliations
155ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 DEFINITIONS AND NON-GAAP RECONCILIATIONS Adjusted EBITDA and Adjusted EBITDA margin We use Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and a
Slide 156: Definitions and Non-GAAP Reconciliations
156ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 DEFINITIONS AND NON-GAAP RECONCILIATIONS Class A/A+ properties and AAA locations Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative e
Slide 157: Definitions and Non-GAAP Reconciliations
157ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 DEFINITIONS AND NON-GAAP RECONCILIATIONS Dividend payout ratio (common stock) Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends on our common stock (shares of common stock o
Slide 158: Definitions and Non-GAAP Reconciliations
158ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 DEFINITIONS AND NON-GAAP RECONCILIATIONS Initial stabilized yield (unlevered) Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the
Slide 159: Definitions and Non-GAAP Reconciliations
159ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 DEFINITIONS AND NON-GAAP RECONCILIATIONS Net operating income and net operating income (cash basis) Net operating income is a non-GAAP financial measure calculated as net income, the most directly comparable financia
Slide 160: Reconciliation of FFO Per Share – Diluted, As Adjusted
160ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 RECONCILIATION OF FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED 1. Represents our guidance for projected 2024 earnings per share and funds from operations per share attributable to Alexandria’s common stockh
Slide 161: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
161ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 RECONCILIATION OF ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN $ in thousands. 4Q20 4Q21 4Q22 4Q23 3Q24 Net income $ 457,133 $ 99,796 $ 95,268 $ (42,658) $ 213,603 Interest expense 37,538 34,862 17,522 31,967 43,500 In
Slide 162: Reconciliation of Net Debt and Preferred Stock to Adjusted EBITDA
162ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 RECONCILIATION OF NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA $ in thousands. 4Q20 4Q21 4Q22 4Q23 3Q24 Secured notes payable $ 230,925 $ 205,198 $ 59,045 $ 119,662 $ 145,000 Unsecured senior notes payable 7,232,3
Slide 163: Reconciliation of Fixed-Charge Coverage Ratio
163ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 RECONCILIATION OF FIXED-CHARGE COVERAGE RATIO $ in thousands. 4Q20 4Q21 4Q22 4Q23 3Q24 Interest expense $ 37,538 $ 34,862 $ 17,522 $ 31,967 $ 43,550 Capitalized interest 37,589 44,078 79,491 89,115 86,496 Amortizatio
Slide 164: Key 2025 Sources and Uses of Capital
164ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2024 KEY 2025 SOURCES AND USES OF CAPITAL RANGE MIDPOINT Sources of capital: Incremental (reduction in) debt $ 110 $ (490) $ (190) Excess 2024 bond capital expected to be held as cash at December 31, 2024 - 300 150 110 (1
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