Alexandria Real Estate Equities, Inc. · NYSE:ARE

Alexandria Real Estate Equities — Q3 2025 Earnings Presentation

62 slides from Alexandria Real Estate Equities's earnings presentation, Oct 27, 2025

  1. Slide 1: Reserved . © 2025

    Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2025

  2. Slide 2: Alexandria executes largest life science lease in company history

    ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL TENANT FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT THE CAMPUS POINT MEGACAMPUS ™ IN SAN DIEGO Our long-term lease with a high-credit tenant underscores the strength and uniqueness

  3. Slide 3: Reserved. © 2025 iv

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 iv

  4. Slide 4: Reserved. © 2025 v

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 v

  5. Slide 5: Alexandria: the most trusted brand in life science real estate

    ALEXANDRIA: THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE ™ WE INVENTED IT. WE DOMINATE IT. ALEXANDRIA’S MEGACAMPUS ™ PLATFORM REPRESENTS 77% OF OUR ANNUAL RENTAL REVENUE LARGEST, HIGHEST-QUALITY ASSET BASE CLUSTERED IN THE KEY CENTERS OF LIFE SCIENCE INNOVATION SECTOR-LEADING CLIENT BASE OF ~

  6. Slide 6: Megacampus platform drives superior operating results

    ALEXANDRIA’S MEGACAMPUS ™ PLATFORM DRIVES SUPERIOR OPERATING RESULTS BY CLUSTERING HIGH-QUALITY COLLABORATIVE LIFE SCIENCE AND ADVANCED TECHNOLOGIES FACILITIES IN TOP INNOVATION MARKETS ALEXANDRIA’S MEGACAMPUS OCCUPANCY OUTPERFORMS THE MARKET (1) ALEXANDRIA’S MEGACAMPUS PLATFORM 77% of Annual Rental

  7. Slide 7: (1) Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion

    (1) Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 viii

  8. Slide 8: Reserved. © 2025 ix

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 ix

  9. Slide 9: NBI TSR tracks the S&P 500 index TSR

    (1) Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. (2) Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October

  10. Slide 10: Slide 10

  11. Slide 11: NBI, S&P Index and ARE TSR

    NBI TSR 1,441% S&P 500 Index TSR 1,221% ARE TSR 1,064%

  12. Slide 12: Novel therapies approved by the FDA

    (1) Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have not previously been approved by the FDA. (1) Includes two additional

  13. Slide 13: Life science industry and corporate responsibility leadership

    ALEXANDRIA’S LIFE SCIENCE INDUSTRY AND CORPORATE RESPONSIBILITY LEADERSHIP Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025 xiii 2025 RECYCLED ASSETS SOLD OR TO BE SOLD TO FUND OUR CAPITAL NEEDS AND ENABLE ACHIEVEMENT OF 80% ANNUAL RENTAL REVENUE FROM MEGACAMPUSES

  14. Slide 14: 2025 recycled assets sold to fund capital needs

    $87M REDUCTION IN ANNUAL NET OPERATING INCOME (1) FROM 2025 DISPOSITIONS (2) 32 TOTAL TRANSACTIONS (2) $1.5B TOTAL SALES (2)

  15. Slide 15: 2025 dispositions by real estate classification

    Stabilized Properties Land 20% to 30% 20% to 30% 40% to 60% Non-stabilized Properties 2025 DISPOSITIONS BY REAL ESTATE CLASSIFICATION (2) (1) Represents annual net operating income for the quarter preceding the date on which the property is sold, or near-term prospective net operating income. (2) Re

  16. Slide 16: 2019 – YTD 3Q25 dispositions and partial interest sales

    2019 – YTD 3Q25 AGGREGATE $10B Total Proceeds (1) $3.6B Total Gains on Sales of Real Estate (2) $1.4B Total Impairments of Real Estate (2) 2019 – YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES (1) Represents aggregate proceeds from outright sales and sales of partial interests. (2) Total gains and

  17. Slide 17: G&A expenses: Alexandria vs S&P REITs

    ALEXANDRIA S&P 500 REITS (excluding Alexandria)

  18. Slide 18: 2023 2024 9/30/2025

    2023 2024 9/30/2025

  19. Slide 19: 6/30/2025

    6/30/2025

  20. Slide 20: G&A expenses as a percentage of net operating income

    (1) (1) GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME (2) Source for S&P 500 REIT data: S&P Global Market Intelligence. (1) Trailing twelve months ended September 30, 2025 and June 30, 2025, respectively. Refer to “2026 Considerations” in the Earnings Release for additi

  21. Slide 21: Reports 3Q25 and YTD 3Q25 results

    Alexandria Real Estate Equities, Inc. Reports: 3Q25 and YTD 3Q25 Net Loss per Share – Diluted of $(1.38) and $(2.09) , respectively ; and 3Q25 and YTD 3Q25 FFO per Share – Diluted, as Adjusted, o f $2.22 and $6.85 , respectively PASADENA, Calif. – October 27, 2025 – Alexandria Real Estate Equities,

  22. Slide 22: Tenant mix by percentage of annual rental revenue

    Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology – Approved or Marketed Other (1) Advanced Technologies (2) Public Biotechnology – Preclinical or Clinical Stage Government Institutions Biomedical Institutions (3) Private Biotechnology Percentage of ARE’s An

  23. Slide 23: 2024 YTD

    16.9% 13.6% 2024 YTD 9/30/25

  24. Slide 24: 2024 YTD

    4.6% 3.0% 2024 YTD 9/30/25 Cash Basis

  25. Slide 25: 2024 YTD

    7.2% 6.8% 2024 YTD 9/30/25 Cash Basis

  26. Slide 26: Same property performance

    (3.1)% 2024 YTD 9/30/25 (1) Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation from the most directly comparable

  27. Slide 27: 2.00% 0.00% -2.00% -4.00% -6.00% -8.00% -10.00% 1025 2025 25 —eAs Reported 3025 Same

    2.00% 0.00% -2.00% -4.00% -6.00% -8.00% -10.00% 1025 2025 3025 —eAs Reported 3025 Same Properties

  28. Slide 28: Percentage change in same property performance

    Net Operating Income Net Operating Income (Cash Basis) Percentage Change in Same Property Performance 1Q25 2Q25 3Q25 1Q25 2Q25 3Q25 As reported (3.1)% (5.4)% (6.0)% 5.1% 2.0% (3.1)% 3Q25 same properties 0.3% (2.5)% (6.0)% 8.0% 5.6% (3.1)% Refer to “ Same property comparisons ” under “Definitions and

  29. Slide 29: Development and redevelopment deliveries expected to provide incremental NOI growth

    ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL GROWTH IN ANNUAL NET OPERATING INCOME Placed Into Service Near-Term Deliveries YTD 3Q25 4Q25 – 4Q26 $68M $111M 94% Occupied 80% Leased/Negotiating 712,785 RSF 969,524 RSF (2) (1) (3) (4) Refer to “Net operating

  30. Slide 30: Non-income-producing assets

    Projects under active construction with stabilization in 2025-2027 and beyond and one 100% pre-leased committed near-term project expected to commence in the next year – $3.7 billion 20% Non-Income- Producing Assets Future development projects (5) and land parcels, primarily located in Megacampuses

  31. Slide 31: Slide 31

  32. Slide 32: Recent deliveries

    230 Harriet Tubman Way 10935, 10945, and 10955 Alexandria Way (2) 10075 Barnes Canyon Road San Francisco Bay Area/ South San Francisco San Diego/Torrey Pines San Diego/Sorrento Mesa 285,346 RSF 334,996 RSF 31,490 RSF 100% Occupancy 100% Occupancy 100% Occupancy

  33. Slide 33: wAN

    wAN ALEXANDRIA centet) i sun = CHANGING INNOVATION FUTU} BUILDIN,

  34. Slide 34: Slide 34

  35. Slide 35: New Class A/A+ properties: recent deliveries

    (1) Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus. (2) Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus. Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2025 35 New Class A/A+ Development and Redevelopment Properties: Rec

  36. Slide 36: Slide 36

  37. Slide 37: Near-term deliveries

    10075 Barnes Canyon Road 8800 Technology Forest Place San Diego/Sorrento Mesa Texas/Greater Houston 221,589 RSF 73,298 RSF 68% Leased/Negotiating 41% Leased/Negotiating

  38. Slide 38: Slide 38

  39. Slide 39: Key properties: 2027 and beyond stabilization

    Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2025 37 Key New Class A/A+ Development and Redevelopment Properties: 2027 and Beyond Stabilization (Intermediate-Term Deliveries)

  40. Slide 40: Slide 40

  41. Slide 41: Slide 41

  42. Slide 42: | | i) tess

    | | i) tess a) fill HESS ype wl aml ais aiden AtEm i fees hee We

  43. Slide 43: Intermediate-term delivery properties

    1450 Owens Street 651 Gateway Boulevard 269 East Grand Avenue 701 Dexter Avenue North San Francisco Bay Area/ Mission Bay San Francisco Bay Area/ South San Francisco San Francisco Bay Area/ South San Francisco Seattle/Lake Union 212,796 RSF 237,684 RSF 107,250 RSF 227,577 RSF

  44. Slide 44: Slide 44

  45. Slide 45: Slide 45

  46. Slide 46: < Lijee a i. ‘al pelt

    Ji < Lijee a i. 2 ‘al pelt

  47. Slide 47: New Class A/A+ properties: current projects

    (1) Image represents 60 Sylvan Road on the Alexandria Center ® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket. Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2025 38 New Class A/A+ Development and Redevelopment Properties: C

  48. Slide 48: Average real estate basis capitalized YTD 3Q25

    Smaller redevelopments and repositioning of capital projects (1) – $1.1 billion Under construction – 2025 and 2026 stabilization – $650.0 million ( 80% leased/negotiating) Critical milestones in 4Q25 and 2026 – Future Megacampus projects (2) – $3.0 billion Under construction and committed near-term

  49. Slide 49: Capitalization of interest (continued)

    1.4M RSF ACTIVE/FUTURE 100% Pre-Leased Committed Near- Term Development Refer to “ Megacampus™ ” under “Definitions and reconciliations” in the Supplemental Information for additional details. Represents total square footage upon completion of development or redevelopment of one or more new Class A/

  50. Slide 50: Capitalization of interest (continued)

    1.5M RSF FUTURE Refer to “ Megacampus™ ” under “Definitions and reconciliations” in the Supplemental Information for additional details. Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF

  51. Slide 51: Capitalization of interest (continued)

    1.3M RSF ACTIVE/FUTURE Refer to “ Megacampus™ ” under “Definitions and reconciliations” in the Supplemental Information for additional details. Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes

  52. Slide 52: Capitalization of interest (continued)

    1.9M RSF FUTUR E Refer to “ Megacampus™ ” under “Definitions and reconciliations” in the Supplemental Information for additional details. Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RS

  53. Slide 53: Slide 53

  54. Slide 54: Investments

    13% Public 21% Tenant 87% Private 79% Non-Tenant (1) Consists of realized gains of $34.8 million and $94.7 million , partially offset by impairment charges o f $25.1 million and $75.5 million during the three and nine months ended September 30, 2025 , respectively. (2) Consists of realized gains of

  55. Slide 55: Significant liquidity and fixed-rate debt

    SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2021 (1) $4.2B 96.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 11.6 3.97% Longest Among S&P 500 REITs (3) TOP 15% CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS (2) BBB+ Stable Baa1 Negative WEIGHTED AVERAGE As of Septembe

  56. Slide 56: Liquidity and leverage

    (in millions) Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program $ 3,450 Cash, cash equivalents, and restricted cash 584 Investments in publicly traded companies 124 Liquidity as of September 30, 2025 $ 4,158 Net Debt and Preferred S

  57. Slide 57: Net debt to adjusted EBITDA targets

    6.1x 5.2x 12/31/24 9/30/25 12/31/25 Target

  58. Slide 58: Summary of debt

    5.5x to 6.0x 3.6x to 4.1x Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Quarter annualized. Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2025 56 Summary of Debt

  59. Slide 59: Summary of debt (continued)

    (1) We expect to have limited borrowings, with less than $500.0 million outstanding on our unsecured senior line of credit and commercial paper program by the end of 2025. We expect to reduce the outstanding balance with proceeds from our 2025 dispositions expected to close in 4Q25. Refer to “Dispos

  60. Slide 60: Slide 60

  61. Slide 61: Remaining debt term vs S&P REITs

    14.0 12.0 11.6 10.0 8.0 6.0 4.0 2.0 b0 3.204.104.404.484.504.504.7 5.1 95.2 05.4095.695.8 65.8 6.5 6.76.7 7,087.1 87.5 8.7 SBAC BXP DOC EXR IRM DLR UDR VTR CPT INVH HST AMTWELL O FRT CCI VICI ESS EQIXMAA AVB EQR REG SPG KIM PLD ARE

  62. Slide 62: Average debt term of S&P REITs

    5.8 Years Average Debt Term of S&P 500 REITs as of June 30, 2025

Alexandria Real Estate Equities — Q3 2025 Earnings Presentation on 6ix