Alexandria Real Estate Equities, Inc. · NYSE:ARE
Alexandria Real Estate Equities — Q2 2026 Earnings Presentation
71 slides from Alexandria Real Estate Equities's earnings presentation, Aug 3, 2026
Slide 1: Reserved . © 2026
Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 iv
Slide 3: Alexandria: Highly Impactful, Consequential Company & Most Trusted Brand in Life Science Real Estate
ALEXANDRIA: HIGHLY IMPACTFUL, CONSEQUENTIAL COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE DOMINATE IT. HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS OF LIFE SCIENCE AND TECHNOLOGY INNOVATION LEADING TENANT BASE
Slide 4: Delivered in June 2026: R&D Hub for Bristol Myers Squibb
DELIVERED IN JUNE 2026 : ALEXANDRIA’S HIGHLY SUSTAINABLE STATE-OF-THE-ART R&D HUB FOR BRISTOL MYERS SQUIBB UNDER A 15-YEAR LEASE This new 426,927 RSF facility will support BMS’s cutting-edge research in cancer as well as immune-mediated and neurodegenerative diseases Alexandria Real Estate Equities,
Slide 5: (1) Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug
(1) Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025. (2) Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease
Slide 6: The Health of the Life Science Industry Depends on Four Critical Pillars
THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY IS DEPENDENT ON FOUR CRITICAL PILLARS Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 viii
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 ix
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 x
Slide 9: FDA novel therapy approvals
Source: U.S. Food and Drug Administration, June 2026. 1H26 covers the period from January 1, 2026 to June 30, 2026. 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
Slide 10: AI's Impact on Drug Discovery Is Constrained by Complexity of Human Biology
AI’S IMPACT ON DRUG DISCOVERY IS CONSTRAINED BY THE COMPLEXITY OF HUMAN BIOLOGY Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xii
Slide 11: Alexandria's Path Forward
ALEXANDRIA’S PATH FORWARD Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant Base Continue to Successfully Manage G&A Maintain Optionality for Future Growth Focused on Megacampus TM Investment Consider Flexible and Opportunistic Share Buyback Plan Maintain
Slide 12: Significant Liquidity
SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022 (2) $3.6B 95.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 9.7 4.08% Longest Among S&P 500 REITs (3) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.6x to 4.1x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO TO
Slide 13: Longest Debt Maturity Profile Among S&P REITs
Longest Debt Maturity Profile Among S&P 500 REITs: Weighted-Average Remaining Debt Term of 9.7 Years
Slide 14: Debt Maturities by Year
(1) 6% OF TOTAL DEBT 20% OF TOTAL DEBT (1) (2) Debt Maturities by Year ($ in millions) As of June 30, 2026 , unless stated otherwise. (1) Reflects the unsecured senior line of credit and commercial paper at the pro forma maturity date of January 22, 2032 , based on the July 2026 amendment to the uns
Slide 15: Sales of Partial Interests and Other Capital Sources
Sales of Partial Interests and Other Capital Sources 50%-70%
Slide 16: 2026 Sources of Capital
$1.33B (2) (3) September 2026 Projected Weighted-Average Completion Date $2.9B Guidance Midpoint (1) $471M $1.10B Refer to “ Dispositions, sales of partial interests, and other capital sources ” in the Earnings Press Release for additional details. (1) Based on the midpoint of our 2026 guidance rang
Slide 17: Projected
11% 9% 9% 12/31/24 12/31/25 2026 12/31/26 Projected
Slide 18: Non-Income-Producing Assets
20% 17% 16% Development/ Redevelopment Under Construction Land/Future Development 11% to 16% 5% to 10% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Excludes properties classified as held for sale. Land parcels classified as held for sale repr
Slide 19: Focus on Steady Improvement in Occupancy and NOI
FOCUS ON STEADY IMPROVEMENT IN OCCUPANCY AND NOI + 4.0% future benefit to occupancy from 1.4 million RSF of leased space not yet occupied as of 2Q26 (1) FOCUS ON INCREASING OCCUPANCY and CASH FLOWS through LEASING (1) Represents 1.4 million RSF of leases executed but not occupied as of June 30, 2026
Slide 20: 2Q26 Total Leasing Volume Surpasses 1M RSF
2Q26 TOTAL LEASING VOLUME SURPASSES 1M RSF AND EXCEEDS PRIOR QUARTER AND 2Q25–1Q26 AVERAGE Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xix
Slide 21: Leasing Volume
LEASING VOLUME
Slide 22: 1,039
1,039
Slide 23: 1Q26
1Q26
Slide 24: Quarterly Total Leasing Volume
647 (1) Renewals & Re-leasing Development & Redevelopment Previously Vacant Projected Total Leasing QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) Refer to “Leasing activity” in the Supplemental Information for additional details. (1) The projected 3Q26 leasing RSF is an estimate based on our cur
Slide 25: Leasing Volume Driven by Diverse Tenants
ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS 68% of our leasing activity during 2Q26 was generated from our existing tenant base
Slide 26: 2Q26 Leasing Volume by Tenant Type
(1) 2Q26 Leasing Volume by Tenant Type (% of 2Q26 Total RSF Leased) (1) Includes a 159,947 RSF lease with an advanced technology tenant at 3000 Minuteman Road in our Greater Boston market executed i n 2Q26, enabling a pivot from a redevelopment strategy for laboratory use to advanced technology use.
Slide 27: Leasing Performance in Top Markets Exceeds Overall Market Occupancy
Alexandria’s Leasing Performance In Its Top 3 Markets Has Significantly Exceeded Overall Market OCCUPANCY AS OF 2Q26 (1) 83.0% 74.6% + 8.4% 89.9% 78.2% + 11.7% 83.1% 74.4% + 8.7% (1) Source: Alexandria’s proprietary market database. Represents the market occupancy in the Greater Boston, San Diego, a
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Slide 29: G&A Expenses as a Percentage of NOI
6.6% 14.3% Alexandria 2Q26 (1) S&P 500 REIT (2) Average 2023–2025 (excluding Alexandria) GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME (3) (1) Trailing twelve months ended June 30, 2026 . (2) Source for S&P 500 REIT data: S&P Global Market Intelligence. (3) Refer to “Ne
Slide 30: Annual General & Administrative Expense
$24.4M Savings vs. 2024 $168M $76M Projected Cumulative G&A Savings in 2025 and 2026 (1) Relative to 2024 $51.3M Savings vs. 2024 $144M (1) $117M ANNUAL GENERAL & ADMINISTRATIVE EXPENSE (1) Based on the midpoint of our guidance range for 2026 general and administrative expenses. Alexandria Real Esta
Slide 31: Operational Excellence Supports Tenant Retention and Long-Term Cash Flow
ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSET MANAGEMENT, DESIGN, AND DEVELOPMENT SUPPORTS TENANT RETENTION AND LONG-TERM CASH FLOW The Outstanding Building of the Year (TOBY) Awards are the commercial real estate industry’s highest recognition honoring excellence in commercial building management an
Slide 32: Reports 2Q26 and 1H26 Net (Loss) Income per Share
Alexandria Real Estate Equities, Inc. Reports 2Q26 and 1H26 Net (Loss) Income per Share – D iluted o f $(0.43) and $1.68 , respectively, and 2Q26 and 1H26 FFO per Share – Diluted, as Adjusted, o f $1.73 and $3.46 , respectively PASADENA, Calif. – August 3, 2026 – Alexandria Real Estate Equities, Inc
Slide 33: 2026 and 4Q26 FFO per Share Guidance
2026 and 4Q26 funds from operations per share – diluted, as adjusted • On April 27, 2026, we provided a guidance range of $6.30 to $6.50 for projected 2026 funds from operations per share – diluted, as $1 .40 –$1.50 adjusted. On August 3, 2026, we narrowed this range to $6.35 to $6.45 while maintain
Slide 34: Stable Cash Flows From High-Quality and Diverse Tenants
Stable Cash Flows From Our High-Quality and Diverse Tenants
Slide 35: Tenant Categories
Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology — Approved or Marketed Product Other Advanced Public Technologies Biotechnology — Preclinical or Government Clinical Stage Institutions Biomedical Private Institutions Biotechnology
Slide 36: Investment-Grade or Publicly Traded Large Cap Tenants
Investment-Grade or Publicly Traded Large Cap Tenants 88% 57% of ARE’s Top 20 Tenant Annual Rental Revenue of ARE’s Total Annual Rental Revenue Weighted Average Remaining Term (3) 10.0 Years 7.7 Years Top 20 Tenants All Tenants (1) (2) (4) Percentage of Alexandria’s Annual Rental Revenue As of June
Slide 37: Same Property Performance and Occupancy
Same Property Performance and Occupancy Same Property Net Operating Income Changes
Slide 38: Same Property NOI Changes
0.9% (9.5)% (11.2)% 2025 YTD 6/30/26 2026 Guidance Midpoint Cash Basis
Slide 39: Same Property NOI Changes (Cash Basis)
(3.5)% (9.5)% (11.5)% 2025 YTD 6/30/26 2026 Guidance Midpoint
Slide 40: Occupancy of Operating Properties
Occupancy of Operating Properties 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 compa
Slide 41: Rental Rate Changes, Lease Structure, and Margins
Rental Rate Changes, Lease Structure, and Margins Rental Rate Changes: Renewed/Re-Leased Space Favorable Lease Structure (1) Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems Increasing cash flows Percentage of leases containing annual rent escalations 97 % Stabl
Slide 42: Rental Rate Changes
7.0% (5.0)% (7.4)% 2025 YTD 2026 6/30/26 Guidance Midpoint
Slide 43: Margins
Margins (2) Operating Adjusted EBITDA 69% 67% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable financial measures
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Slide 45: Current Leasing Status
Relocation to Other ARE Properties (4) Leases at Assets Originally Acquired for Redevelopment Other Relocation to Other ARE Properties Other Current Leasing Status (Based on RSF) Current Leasing Status (Based on RSF)
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Slide 47: Top 20 Tenants
Early Discussions Marketing Leased/Negotiating Early Discussions Marketing Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 24 Top 20 Tenants
Slide 48: Property Listing
(1) (1) Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improveme nts. The weighted-average expected occupancy date is approximately November 2026 , with expected annual rental revenue of approximately $69 million . We expect 6
Slide 49: Incremental Annual NOI Growth from Development and Redevelopment Deliveries
INCREMENTAL ANNUAL NET OPERATING INCOME GROWTH EXPECTED FROM ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT DELIVERIES Placed Into Service Near-Term Deliveries Intermediate-Term Deliveries 1H26 Projected Stabilization: 2H26 Projected Stabilization: 2027 – 2028 $58M $42M $93M 91% Occupied 84% Leased/Nego
Slide 50: Projected
12/31/24 12/31/25 2Q26 12/31/26 Projected
Slide 51: Non-Income-Producing Assets as a Percentage of Gross Assets
20% Development/ Redevelopment Under Construction Land/Future Development 17% 16% 11% to 16% Non-Income-Producing Assets (4) as a Percentage of Gross Assets (1) Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, inclu
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Slide 55: New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
Property/Market/Submarket Our Ownership Interest RSF Placed in Service Occupancy Percentage (2) Total Project Unlevered Yields 2Q26 Delivery Date (1) Prior to 1/1/26 1Q26 2Q26 Total Initial Stabilized Initial Stabilized (Cash Basis) RSF Investment Development projects 99 Coolidge Avenue/Greater Bost
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Slide 58: Under Construction Projects
1450 Owens Street 269 East Grand Avenue 701 Dexter Avenue North San Francisco Bay Area/ Mission Bay San Francisco Bay Area/ South San Francisco Seattle/Lake Union 212,657 RSF 84,157 RSF 227,577 RSF 51% Leased/Negotiating 40% Leased/Negotiating 23% Leased/Negotiating
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Slide 60: < Lijee a i. ‘al pelt
Ji < Lijee a i. 2 ‘al pelt
Slide 61: New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)
(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 . © 2026 37 New Class A/A+ Development and Redevelopment Properties: U
Slide 62: Development/Redevelopment and Land Average Real Estate Basis
$8.1B Development/Redevelopment Under Construction and Repositioning Projects Land/Future Development $6.9B $3.4B – $4.9B Average Real Estate Basis Capitalized (1) Includes five projects aggregating 1.4 million RSF for which we are evaluating business and financial strategy. We are evaluating multip
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Slide 64: Investments
17% Tenant 6% Public 83% Non-Tenant 94% Private (1) Primarily related to two non-real estate investments in privately held entities that do not report NAV. (2) Primarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and six m
Slide 65: Significant Liquidity
SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022 (2) $3.6B 95.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 9.7 4.08% Longest Among S&P 500 REITs (3) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.6x to 4.1x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO TO
Slide 66: Liquidity as of June 30, 2026
(in millions) Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program $ 3,003 Cash, cash equivalents, and restricted cash 475 Investments in publicly traded companies 123 Liquidity as of June 30, 2026 $ 3,601 Net Debt and Preferred Stock
Slide 67: Net Debt and Preferred Stock to Adjusted EBITDA
7.0x 12/31/25 6/30/26 12/31/26 Intermediate- Target Term Goal
Slide 68: Leverage and Fixed-Charge Coverage Ratio
3.6x to 4.1x Mid-5x Range Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Quarter annualized. Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 50 Summary of Debt
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Slide 70: Weighted-Average Remaining Debt Term vs S&P REITs
12.0 10.0 6.0 4.0 2 0.0 2.6 93.7 93.7 94.3 943 5.0 5.3 LYy/ 6.1 96.3 6.7 97.0 87.1 87.8 9.7 0.0 SBAC BXP DOC UDR EXR IRM INVH DLR HST WELL FRT AMT VTR O- CPT VICI CCl WY MAA EQR PSA AVB EQIX ESS REG SPG KIM PLD ARE °
Slide 71: Average Debt Term of S&P REITs
5.5 Years Average Debt Term of S&P 500 REITs as of March 31, 2026
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