Alexandria Real Estate Equities, Inc. · NYSE:ARE

Alexandria Real Estate Equities — Q4 2025 Earnings Presentation

54 slides from Alexandria Real Estate Equities's earnings presentation, Jan 26, 2026

  1. Slide 1: Reserved . © 2026

    Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026

  2. Slide 2: Reserved. © 2026 iv

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 iv

  3. Slide 3: Alexandria's Path Forward

    ALEXANDRIA’S PATH FORWARD Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage Continue to Successfully Manage G&A Maintain Optionality for Future Growth Focused on Megacampus ™ Investment Reduce Capital Spend and Funding Needs Consider Flexible and Opportunisti

  4. Slide 4: (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. (2) Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October

  5. Slide 5: Reserved. © 2026 vii

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 vii

  6. Slide 6: Reserved. © 2026 viii

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 viii

  7. Slide 7: Reserved. © 2026 ix

    Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 ix

  8. Slide 8: 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 78% OF OUR ANNUAL RENTAL REVENUE LARGEST, HIGHEST-QUALITY ASSET BASE CLUSTERED IN THE KEY CENTERS OF LIFE SCIENCE INNOVATION SECTOR-LEADING CLIENT TENANT BAS

  9. Slide 9: Alexandria Executes Lease Through 2041 With AstraZeneca

    Alexandria Executes Lease Through 2041 With High-Credit Tenant AstraZeneca for 171,239 RSF Mission-Critical Manufacturing Facility in Maryland This long-term lease at 700 Quince Orchard Road demonstrates AstraZeneca’s commitment to Maryland and brings its aggregate footprint across multiple Alexandr

  10. Slide 10: Completed Transactions

    35 COMPLETED TRANSACTIONS (1) $1.8B TOTAL SALES (1) $642M TOTAL GAIN ON SALES OF REAL ESTATE (1)

  11. Slide 11: 2025 Dispositions and Sales of Partial Interests by Real Estate Classification

    Stabilized Properties Land Non-Stabilized Properties 2025 DISPOSITIONS AND SALES OF PARTIAL INTERESTS BY REAL ESTATE CLASSIFICATION (1) Refer to “2025 dispositions and sales of partial interests” in the Earnings Press Release for additional details. Alexandria Real Estate Equities, Inc. All Rights R

  12. Slide 12: 2019–2025 Dispositions and Partial Interest Sales

    2019 – 2025 AGGREGATE $11B Total Sales (1) $3.9B Total Gains on Sales of Real Estate (2) $2.8B Total Impairments of Real Estate (2) 2019 – 2025 DISPOSITIONS AND PARTIAL INTEREST SALES (2) (1) (2) (1) Represents aggregate sales from outright sales and sales of partial interests. (2) Total gains and i

  13. Slide 13: Key Disposition in 4Q25: 409 and 499 Illinois Street

    Alexandria’s opportunistic sale to UCSF, a longstanding tenant, generates proceeds to recycle into the business and enables UCSF to expand its Mission Bay campus. $767.1M $180.3M (Our Share) (1) SALES PRICE IN 4Q25 $1,645 SALES PRICE PER RSF $416.7M $103.9M (Our Share) GAIN ON SALE OF REAL ESTATE $2

  14. Slide 14: Strong and Flexible Balance Sheet With Significant Liquidity

    ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2021 (1) $5.3B 96.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 12.1 3.91% Longest Among S&P 500 REITs (3) ACHIEVED 4Q25 LEVERAGE (2) 5.7 x WEI

  15. Slide 15: 12% 17% (2) As of December 31, 2025 . Refer to “Definitions and reconciliations”

    12% 17% (2) As of December 31, 2025 . Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Represents non-core assets outside our Megacampus ecosystems. (2) Excludes properties classified as held for sale, of which land parcels represent approximatel

  16. Slide 16: Continue to Successfully Manage and Reduce G&A

    CONTINUE TO SUCCESSFULLY MANAGE AND REDUCE G&A Alexandria’s General and Administrative Expense Levels Outperform Other S&P 500 REITs $76M Projected Cumulative G&A Savings in 2025 and 2026 Compared to 2024 (1) 5.6% 11.3% Alexandria 4Q25 (2) S&P 500 REIT Average 2023–3Q25 (Excluding Alexandria) (3) GE

  17. Slide 17: Reserved . © 2026

    Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 1

  18. Slide 18: Reports 4Q25 and 2025 Net Loss per Share and FFO per Share

    Alexandria Real Estate Equities, Inc. Reports 4Q25 and 2025 Net Loss per Share – Diluted of $6.35 and $8.44 , respectively ; and 4Q25 and 2025 FFO per Share – Diluted, as Adjusted, o f $2.16 and $9.01 , respectively PASADENA, Calif. – January 26, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: A

  19. Slide 19: Tenant Mix by 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

  20. Slide 20: Occupancy and Leasing Metrics

    16.9% 7.0% 2024 2025

  21. Slide 21: Rental Rate Changes (Cash Basis)

    4.6% 0.9% 2024 2025 Cash Basis

  22. Slide 22: Rental Rate Changes (Cash Basis)

    7.2% 3.5% 2024 2025 Cash Basis

  23. Slide 23: Same Property Performance

    (3.5)% 2024 2025 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 financial m

  24. Slide 24: Leasing Volume Driven by Diverse Tenant Mix

    Alexandria’s Leasing Volume Is Driven by Our Diverse Tenant Mix

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  26. Slide 26: Contractual Lease Expirations

    Life Science Product, Service, and Device Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology Multinational Pharmaceutical 4Q25 2025 Private Biotechnology Public Biotechnology Other Advanced Technology Other Biomedical Institutions Private Biotechnology Advanc

  27. Slide 27: 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 Intermediate- Term Deliveries Evaluating Business Strategy 2025 2026 2027 – 2028 2026-2028 $78M $97M $123M $113M 97% Occupied 86% L

  28. Slide 28: Non-Income-Producing Assets as a Percentage of Gross Assets

    20% 17% 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, including future development and redevelopment square feet currently included i

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  30. Slide 30: 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 171,469 RSF 100% Occupancy 100% Occupancy 100% Occupancy

  31. Slide 31: wAN

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

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  33. Slide 33: 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 . © 2026 34 New Class A/A+ Development and Redevelopment Properties: Rec

  34. Slide 34: Reduced Future Construction Commitments by More Than $300 Million

    REDUCED FUTURE CONSTRUCTION COMMITMENTS BY MORE THAN $300 MILLION FROM FOUR PROJECTS Submarket As of 3Q25 Property CIP RSF Total Project Leased/ Negotiating Project Status as of 4Q25 Projects under construction as of 3Q25 4,239,762 43% Redevelopment projects removed from pipeline in 4Q25: 651 Gatewa

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  38. Slide 38: Current Projects

    269 East Grand Avenue 4135 Campus Point Court Campus Point by Alexandria 10075 Barnes Canyon Road 701 Dexter Avenue North San Francisco Bay Area/ South San Francisco San Diego/ University Town Center San Diego/ University Town Center San Diego/Sorrento Mesa Seattle/Lake Union 107,250 RSF 426,927 RSF

  39. Slide 39: < Lijee a i. ‘al pelt

    Ji < Lijee a i. 2 ‘al pelt

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  43. Slide 43: Current Projects (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:

  44. Slide 44: Real Estate Basis Capitalized During 2025 by Project Category

    Under construction – evaluating business strategy – $878.7 million Repositioning and smaller redevelopment projects (1) – $1.19 billion Under construction – 2026 stabilization – $590.1 million ( 86% leased/negotiating ) Future projects with critical milestones in 2026 – Megacampus projects (2) – $2.

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  46. Slide 46: Investments Tenant and Non-Tenant Mix

    18% Tenant 4% Public 82% Non-Tenant 96% Private (1) Primarily related to two non-real estate investments in privately held entities that do not report NAV. (2) In November 2025, we contributed certain publicly traded securities to an unconsolidated joint venture, which resulted in a realized loss of

  47. Slide 47: Strong and Flexible Balance Sheet With Significant Liquidity

    ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE BALANCE SHEET WITH SIGNIFICANT LIQUIDITY SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2021 (1) $5.3B 96.7% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 12.1 3.91% Longest Among S&P 500 REITs (3) ACHIEVED 4Q25 LEVERAGE (2) 5.7 x WEI

  48. Slide 48: Liquidity

    (in millions) Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program $ 4,647 Cash, cash equivalents, and restricted cash 554 Investments in publicly traded companies 95 Liquidity as of December 31, 2025 $ 5,296 Net Debt and Preferred Sto

  49. Slide 49: Net Debt and Preferred Stock to Adjusted EBITDA

    5 2x 5.7X 12/31/24 12/31/25 12/31/26 Target

  50. Slide 50: Summary of Debt

    5.6x to 6.2x 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 . © 2026 50 Summary of Debt

  51. Slide 51: Summary of Debt (continued)

    (1) In January 2026 , we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment. (2) Refer to footnotes 2 through 4 on page 52 under “Fixed-rate and variab le-rate debt” for additional details. Alexandria Real Estat

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  53. Slide 53: Remaining Debt Term vs. S&P 500 REITs

    14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 BXP DOC DLR EXR IRM UDR CPT VTR INVH HST O AMTWELLFRT CCI VICI MAA AVB EOR ESS EQIX REG SPG KIM PLD ARE

  54. Slide 54: Average Debt Term of S&P REITs

    5.9 Years Average Debt Term of S&P 500 REITs as of September 30, 2025

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