Alexandria Real Estate Equities, Inc. · NYSE:ARE

Alexandria Real Estate Equities — Investor Day (December 2025)

159 slides from Alexandria Real Estate Equities's investor day presentation, Dec 3, 2025

Slide 1: Investor Day 2025: Alexandria's Reset and Path Forward
ALEXANDRIA REAL ESTATE EQUITIES, INC. INVESTOR DAY 2025 Alexandria’s Reset and Path Forward DECEMBER 3, 2025 | ALEXANDRIA CENTER® for LIFE SCIENCE – NYC ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking non-GAAP financial measures, including funds from operations, per share – diluted, as adjusted. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of fu
Slide 3: Table of Contents
TABLE OF CONTENTS 1 Alexandria’s Reset and Path Forward 4 2 The Future Prospects of the Life Science Industry 29 3 Alexandria’s Megacampus™ Business Model 55 4 2025 Guidance Update; 2026 Guidance and Balance Sheet 102 5 Appendix 149 ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Re
Slide 4: Alexandria: At the Vanguard and Heart of the Life Science Industry
ALEXANDRIA: AT THE WHAT ARE YOU VANGUARD AND HEART OF DEEPLY PASSIONATE ABOUT? THE LIFE SCIENCE INDUSTRY Enabling the most innovative scientific and technological minds to cure disease Developed in Jim Collins’ book Good to Great, the Hedgehog Concept is a WHAT CAN YOU WHAT DRIVES strategic framewor
Slide 5: 2025: The Fifth Year of a Broad-Based Biotech Bear Market
2025: THE FIFTH YEAR OF A BROAD-BASED BIOTECH BEAR MARKET The Highly Regulated Life Science Industry Has Confronted the Cumulative Medicare unveils price reductions Impact of a Wave of Market, Regulatory, Policy, and Global Headwinds for 15 drugs as part of the IRA Tensions reportedly escalate betwe
Slide 6: Four Critical Pillars Under Pressure
THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY IS DEPENDENT ON FOUR CRITICAL PILLARS — All of Which Are Currently Under Pressure Strong basic High cost of capital, FDA leadership issues Government pressure and translational risk-off venture capital and significant to drive down drug resear
Slide 7: Life Science Real Estate Availability Has Grown 7.5x Since 2021
FUELED BY A UNIQUE PANDEMIC-ERA SUPPLY SURGE, LIFE SCIENCE REAL ESTATE AVAILABILITY HAS GROWN 7.5X SINCE 2021 ALEXANDRIA’S TOP 3 MARKETS: GREATER BOSTON, SAN FRANCISCO BAY AREA, AND SAN DIEGO 120 35% 100 107.4 30% 103.9 30% 25% 80 89.1 83.3 26% 73.0 20% 68.6 69.1 71.4 60 66.3 60.0 63.1 57.5 58.6 58.
Slide 8: Life Science Demand Has Declined Over 60% Since 2021
LIFE SCIENCE DEMAND HAS DECLINED OVER 60% SINCE HISTORICALLY UNIQUE COVID-DRIVEN DEMAND SURGE IN 2021 ALEXANDRIA’S TOP 3 MARKETS: GREATER BOSTON, SAN FRANCISCO BAY AREA, AND SAN DIEGO 14.0 62% DECREASE 8.4 8.3 7.7 6.7 6.1 6.3 5.7 5.6 5.3 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 TOTAL AVERAG
Slide 9: Key Challenges Driving Alexandria's Reset
Key Challenges From the Accumulation of 2025 Life Science Industry Issues, Coupled With the Fifth Year of a Broad-Based Biotech Bear Market, ARE DRIVING ALEXANDRIA’S RESET COVID-Driven Building Boom Has Left Many Markets Oversupplied Unprecedented Life Science Industry Headwinds Impacting Supply and
Slide 10: Alexandria's 2026 Strategic Capital Allocation Priorities
ALEXANDRIA’S 2026 STRATEGIC CAPITAL ALLOCATION PRIORITIES KEY ACTIONS KEY GOALS Maintain Balance Sheet Strength and Flexibility With Meet Targeted Solid Leverage Metrics, Credit Rating, and High Liquidity Leverage Invest in Operating Portfolio to Drive Occupancy Optimize High-Quality and Net Operati
Slide 11: Path Forward
PATH FORWARD 1 Maintain a Strong and Continue to Successfully 5 Flexible Balance Sheet, Manage G&A Significant Liquidity, and Targeted Leverage 6 Maintain Optionality for Future Growth Focused on 2 Reduce Capital Spend Megacampus™ Investment and Funding Needs Reduce Size of Our 7 Consider Flexible a
Slide 12: Maintain a Strong and Flexible Balance Sheet, Significant Liquidity
1 MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET, SIGNIFICANT LIQUIDITY, AND TARGETED LEVERAGE 7.1x 6.4x 5.7x 5.5x to 5.6x to 5.5x to 5.6x 5.5x 5.3x 5.2x 5.1x 5.1x 5.2x 6.0x 6.2x 6.0x 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q25 4Q26 Near-Term Projected¹ Projected² Goal Beyond 2026 NET DEBT
Slide 13: Reduce Capital Spend and Funding Needs
2 REDUCE CAPITAL SPEND AND FUNDING NEEDS $2.8B 39% DECREASE $1.7B $1.1B REDUCTION IN ANNUAL CONSTRUCTION SPENDING Average Annual Average Annual 2021–2023 2024–2026 Projected¹ ANNUAL CONSTRUCTION SPENDING 1. Includes the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on Dec
Slide 14: Highly Leased Near-Term Active Pipeline Projects
2 REEVALUATE CAPEX FUNDING NEEDS FOR HIGHLY LEASED NEAR-TERM ACTIVE PIPELINE PROJECTS Remains in Pipeline Evaluating Located on Leased/ Continue Business Held for Megacampus Negotiating Construction Strategy Sale1 2026 STABILIZATION 99 Coolidge Avenue, Greater Boston X 81% X 4135 Campus Point Court,
Slide 15: Reduce Capex for 2027 and Beyond Active Pipeline Projects
2 REDUCE CAPEX FUNDING NEEDS FOR 2027 AND BEYOND ACTIVE PIPELINE PROJECTS Remains in Pipeline Evaluating Located on Leased/ Continue Business Held for Reposition Megacampus Negotiating Construction Strategy Sale1 as Office 2027 AND BEYOND STABILIZATION 311 Arsenal Street, Greater Boston X 7% X 421 P
Slide 16: Substantially Complete Large-Scale Non-Core Disposition Plan
3 SUBSTANTIALLY COMPLETE LARGE-SCALE NON-CORE DISPOSITION PLAN $2.9B $2.6B $2.2B Reduce Asset $1.8B Base Size to Position the Company $1.3B $1.4B for Growth on Megacampuses 2021 2022 2023 2024 2025 2026 Guidance Completed Midpoint² & Pending¹ DISPOSITIONS AND SALES OF PARTIAL INTERESTS 1. Represents
Slide 17: Reduce Non-Core and Non-Income-Producing Assets
3 REDUCE NON-CORE AND NON-INCOME-PRODUCING ASSETS Anticipated Annual Rental Revenue Anticipated Non-Income-Producing Assets From Non-Core Assets1 as a Percentage of Gross Assets 12% 20% 11% to 16% 5% to 10% 12/31/24 12/31/26 12/31/24 12/31/26 Projected Projected Refer to “Annual rental revenue” in t
Slide 18: Increase Concentration in Megacampus Real Estate and Core Assets
3 INCREASE CONCENTRATION CAMPUS POINT BY ALEXANDRIA MEGACAMPUS IN MEGACAMPUS™ REAL SAN DIEGO ESTATE AND CORE ASSETS ANNUAL RENTAL REVENUE FROM MEGACAMPUS REAL ESTATE AND OTHER CORE ASSETS 90% to 95% 12/31/26 Projected Refer to “Annual rental revenue” and “Megacampus” in the appendix. ALEXANDRIA REAL
Slide 19: Steadily Improve Occupancy and Increase NOI: Tenant Base
4 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI Life Science Product, Multinational Service, and Device Pharmaceutical 20% 23% Focusing on All Sectors of Our Tenant Base, PERCENTAGE INCLUDING THE MOST Other1 3% OF ARE’S Public Biotechnology – 11% INNOVATIVE ENTITIES IN ANNUAL RENTAL Approved or Market
Slide 20: Alexandria Continues to Capture Outsized Share of Demand
4 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI ALEXANDRIA CONTINUES TO CAPTURE Strong Tenant OUTSIZED SHARE OF DEMAND Retention Alexandria’s Greater Boston, San Francisco Bay Area, and San Diego Combined Leasing Volume ~105% >80% of the Next Five Largest Life Science Real Estate Average Tenant Retent
Slide 21: Increasing Occupancy and Cash Flows
4 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI INCREASING OCCUPANCY and CASH FLOWS through VACANCY LEASING BEST LEASING BEST ASSETS in the TEAM BEST LOCATIONS RENEWAL LEASING DOMINATING THE ALEXANDRIA DEVELOPMENT/ LIFE SCIENCE MEGACAMPUS™ REDEVELOPMENT LEASING MARKET LEASING ALEXANDRIA REAL ESTATE EQ
Slide 22: Illustrative Occupancy Crosswalk Through 2029
4 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI Illustrative Occupancy Crosswalk Through 2029 RSF 2026 2027 2028 2029 Total Lease Expirations as of 3Q25, 2,867K 2,952K 3,817K 1,897K Excluding Assets Held for Sale as of 12/3/251 Annualized 3Q25 YTD Leasing Illustrative Leasing Volume2 3,031K 3,031K 3,0
Slide 23: Favorable Lease Structure Provides Annual Rental Revenue Growth
4 FAVORABLE LEASE STRUCTURE PROVIDES ANNUAL CONTRACTUAL CASH RENTAL REVENUE GROWTH Average Annual Contractual Rent Escalations2 97%Percentage of Leases ~3% Average Annual ~$50M–$60M Average Annual Cash Rent Containing Annual Contractual Increases From Contractual Rent Escalations1 Rent Escalations2
Slide 24: Triple Net Lease Structure Drives Durable High Margins
4 EMBEDDED FAVORABLE TRIPLE NET LEASE STRUCTURE DRIVES DURABLE HIGH MARGINS Average Annual Contractual Rent Escalations2 91% 68% 71% Percentage of Operating Adjusted EBITDA Triple Net Leases1 Margin2 Margin2 Refer to “Adjusted EBITDA and Adjusted EBITDA margin,” “Annual rental revenue,” and “and “Ne
Slide 25: Continue to Successfully Manage G&A
5 CONTINUE TO SUCCESSFULLY MANAGE G&A Alexandria’s General and Administrative Expense Levels Outperform Other REITs $72M 5.7% 11.3% Projected Cumulative Alexandria S&P 500 REIT G&A Savings 3Q252 Average 2023–3Q25 in 2025 and 2026 (Excluding Alexandria)3 Compared to 20241 GENERAL AND ADMINISTRATIVE E
Slide 26: Maintain Optionality for Future Growth Focused on Megacampus Investment
6 MAINTAIN OPTIONALITY FOR FUTURE GROWTH FOCUSED ON MEGACAMPUS™ INVESTMENT ALEXANDRIA CENTER® FOR LIFE SCIENCE – SAN CARLOS MEGACAMPUS SAN FRANCISCO BAY AREA Refer to “Megacampus” in the appendix. ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 26
Slide 27: Consider Flexible and Opportunistic Share Buyback Plan
7 CONSIDER FLEXIBLE AND OPPORTUNISTIC SHARE BUYBACK PLAN Buyback Opportunity Represents Significant Discount to Net Asset Value ALEXANDRIA AVERAGE SELL-SIDE SHARE PRICE1 NET ASSET VALUE2 $52.65 $94 PER SHARE 1. Alexandria’s closing share price on November 25, 2025. 2. Based on the average of net ass
Slide 28: Preserve the Core and Stimulate Progress
PRESERVE THE CORE AND STIMULATE PROGRESS Enduring great organizations exhibit a dynamic duality. On the one hand, they have a set of timeless core values and purpose that remain constant over time. On the other hand, they have a relentless drive for progress — change, improvement, innovation, and re
Slide 30: Immense Opportunity: 10,000 Diseases, 90% Have No Treatments
IMMENSE OPPORTUNITY: 10,000 DISEASES 90% HAVE NO TREATMENTS1 After transforming rare diseases KEY DISEASE AREAS OF SIGNIFICANT and beginning to bend the UNMET NEED IN THE UNITED STATES mortality curve on cancer, the same tools, technologies, and molecular approaches — RNA CHRONIC DISEASE HEART DISEA
Slide 31: The Life Science Industry: A Cornerstone of U.S. Health, Security, and Leadership
CRITICAL PRIORITY FOR NATIONAL HEALTH, SECURITY, AND LEADERSHIP The life science industry is critical for maintaining a strong, safe, and healthy country and ensuring future economic growth THE LIFE SCIENCE INDUSTRY: RELENTLESS INNOVATION A CORNERSTONE The U.S. has the best substrate in the world OF
Slide 32: 2025: The Fifth Year of a Broad-Based Biotech Bear Market
2025: THE FIFTH YEAR OF A BROAD-BASED BIOTECH BEAR MARKET The Highly Regulated Life Science Industry Has Confronted the Cumulative Medicare unveils price reductions Impact of a Wave of Market, Regulatory, Policy, and Global Headwinds for 15 drugs as part of the IRA Tensions reportedly escalate betwe
Slide 33: Key Catalysts for Growth: Four Pillars of the U.S. Life Science Industry
KEY CATALYSTS FOR GROWTH: Four Pillars of the U.S. Life Science Industry That Are Collectively Critical to Driving Demand STRONG BASIC & INNOVATIVE TRANSLATIONAL 1 2 ENTREPRENEURIAL RESEARCH ENVIRONMENT & ACCESS TO LOWER-COST CAPITAL Discovery of fundamental disease biology that R&D funding across p
Slide 34: The NIH: A Foundation for Basic and Translational Research
1 BASIC & TRANSLATIONAL RESEARCH The U.S. Senate’s Proposed FY26 NIH $48.7B budget, which is slightly above FY25 levels, despite the White House’s PROPOSED proposal to slash the budget by 40% The NIH — a 2026 BUDGET1 Foundation for Basic and Translational Research Estimated number of career NIH empl
Slide 35: Life Science Innovation Driven by Biotech and Pharma R&D
1 BASIC & TRANSLATIONAL RESEARCH Importantly, Life Science Innovation Is Also Driven by Biotech and Pharma R&D 18 OF THE TOP 20 Biopharma R&D Spenders 90% in 2024 Represent ALEXANDRIA Alexandria Tenants TENANTS 58% Increase IN TOTAL ANNUAL SPEND ON R&D OVER THE PAST 10 YEARS $317B $284B $292B $293B
Slide 36: U.S. Life Science Faces a "Sputnik" Moment as China Innovates
1 BASIC & TRANSLATIONAL RESEARCH The U.S. Life Science Industry Faces a Critical “Sputnik” Moment as China Transitions From a “Follower” to True “Innovator” 31% Pharma Is Sourcing 29% NEARLY A THIRD OF EXTERNAL MOLECULES FROM CHINA 12% 12% 10% 5% 3% 0% 0% 0% 0% 3SBio Innovent 2014 2015 2016 2017 201
Slide 37: Life Science Venture Fundraising at Lowest Levels Since 2016
2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL Life Science Venture Fundraising Is at Its Lowest Levels Since 2016 With Many Delaying Fundraising Given Lackluster Returns LIFE SCIENCE VENTURE FUNDRAISING 2015–20251 $41B $27B $24B $23B $19B $18B $15B $9B $12B $10B $9B 2015 2016 2017 2018 2019 2020
Slide 38: IPO Window Remains Essentially Closed
2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL IPO Window Remains Essentially Closed, Cutting Off a Critical Source of Capital for Private Biotechs, Reminiscent of the IPO Market in 2008–2009 100 73 57 50 47 35 27 27 18 18 8 $4.9B $2.5B $3.6B $6.7B $5.3B $12.8B $15.1B $1.7B $2.7B $4.0B $1.5B 2015
Slide 39: XBI Biotech Index Focused on Near-Commercial Companies
2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL The XBI Biotech Index Is Highly Focused on Near-Commercial and Commercial-Stage Companies and Is Decoupled From Broader Biotech Trends as Well as Demand INDEX PERFORMANCE1 30% January 1, 2025—November 15, 2025 XBI Index 20% 24.5% S&P 500 Index 16.0%
Slide 40: 2025 Has Been a Strong Year for M&A
2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL 2025 Has Been a Strong Year for M&A as Pharma Looks to Replace Revenue Loss Due to Patent Expirations Pharma Faces Over $180B in Potential Revenue Loss Due to Patent Expirations Through 20301 BIOPHARMA M&A TRANSACTIONS2 129 95 80 80 83 82 76 79 78 72
Slide 41: FDA Reforms and Leadership Turmoil
1 3 REGULATORY FRAMEWORK & PACE OF FDA APPROVALS The FDA Has Rolled Out Reforms to Modernize the Agency and Expedite Approval Timelines, But Understaffing and FDA Leadership Turmoil Threaten the Agency’s Ability to Maintain Consistent and Reliable Regulatory Review Cadence 50%+ 3,500 ~3x Targeted FD
Slide 42: Pace of 2025 Novel FDA Approvals Lags Average
3 REGULATORY FRAMEWORK & PACE OF FDA APPROVALS Pace of 2025 Novel FDA Approvals 49% Percentage of FDA Approvals YTD Lags Behind the 2020–2024 Marketed by Alexandria Annual Average Tenants Since 2013 ~12 AVERAGE QUARTERLY NOVEL FDA APPROVALS SINCE 2020 NOVEL THERAPIES FROM ALEXANDRIA TENANTS APPROVED
Slide 43: Prescription Medicines Account for Less Than a Sixth of Healthcare Costs
4 REIMBURSEMENT FOR INNOVATIVE MEDICINES Prescription Medicines Account for Less U.S. HEALTHCARE SPEND Than a Sixth of Overall Healthcare Costs and Are Critical for Decreasing PRESCRIPTION Long-Term Healthcare Costs 14% MEDICINE COSTS1 There’s no limit to human disease, and actually the longer we he
Slide 44: PBMs and Hospitals Drive Up Cost of Medicines
4 REIMBURSEMENT FOR INNOVATIVE MEDICINES Pharmacy Benefit Managers (PBMs) and Hospitals Significantly Drive Up the Cost of Medicines for Patients 9 out of 10 500% >50% Medicines Average Hospital of Prescription Medicine Dispensed in the U.S. Markup on Prescription Spend Goes to Middlemen, Are Generi
Slide 45: White House and Pharma Deals on U.S. Drug Prices
4 REIMBURSEMENT FOR INNOVATIVE MEDICINES The White House and Select Pharma Have Struck One-Off Deals Aimed at INFLATION REDUCTION ACT Reducing U.S. Drug Prices to Those of To date, CMS has announced 25 medicines subject to price Other Developed Countries negotiation, most of which have been viewed a
Slide 46: Tariff and Drug Pricing Threats Drive Onshoring Commitments
4 REIMBURSEMENT FOR INNOVATIVE MEDICINES Tariff and Drug Pricing Threats SELECT U.S. ONSHORING OF SUPPLY Have Incentivized Significant CHAIN AND BIOMANUFACTURING Commitments to Onshore ANNOUNCED COMMITMENTS1 Biomanufacturing and Pressure $55B Countries to Pay Their Fair Share for Medicines $50B “Mer
Slide 47: The Case for Optimism
GOLDEN AGE OF BIOLOGICAL DISCOVERIES THE CASE FOR OPTIMISM MASSIVE OPPORTUNITY REDUCTION IN DRUG DEVELOPMENT COST AND TIMELINE ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 47
Slide 48: Massive Opportunity
MASSIVE OPPORTUNITY Thousands of Diseases Don’t Have Approved Medicines THOSE THAT DO ARE FAR FROM SOLVED Total Market Capitalization of the 10% Biotech and Pharma Industry1 of Diseases With Approved Treatments2 1. Source: BCIQ as of November 18, 2025. Includes pharma, biotech, and medical device an
Slide 49: We Are in the Golden Age of Biological Discoveries
WE ARE IN THE GOLDEN AGE OF BIOLOGICAL DISCOVERIES Enabling Novel and More Targeted Approaches to Address the Root Cause of Disease BIOLOGICAL GENETIC PROTEIN ATLASES ENGINEERING ENGINEERING Initiatives like the Novel genome-editing AI-driven methods can Human Cell Atlas, which is technologies have
Slide 50: Eli Lilly: Treating Massive Areas of Unmet Medical Need
Eli Lilly Is a Prime Example of What Happens When MASSIVE AREAS OF UNMET MEDICAL NEED CAN BE TREATED EFFECTIVELY WITH NOVEL MEDICINES Novel Medicines Can Significantly Reduce Long-Term Healthcare Costs by Preventing Co-Morbidities and Hospital and Physician Visits $1,000 $1T Market Cap $2.8T DATA PU
Slide 51: AI Tools Could Drive Down Cost and Time to Develop Medicines
AI Tools Deployed Across the Drug Development Process HAVE THE POTENTIAL TO DRIVE DOWN THE COST AND TIME TO DEVELOP NEW MEDICINES I would estimate we might know 10-15% of human biology, so GenAI/ML-assisted the machine is not “lab in a loop” HUMAN going to be good at development to AI-assisted revie
Slide 52: Decreasing Cost and Timeline of New Medicine Development
Decreasing the Cost and Timeline of New Medicine Development Is MISSION CRITICAL TO DRIVING SIGNIFICANT CAPITAL INFLOW INTO THE LIFE SCIENCE INDUSTRY The Cost and Time to Develop New CURRENT COST & TIMELINE TO Medicines Has Only DEVELOP A NEW MEDICINE IN THE U.S.1 Increased Over Time $2.5B+ TO REVER
Slide 53: The Life Science Industry Has Immense Potential to Grow
TODAY FUTURE THE LIFE SCIENCE 90% INDUSTRY HAS DISEASES SOLVED IMMENSE $20T+ TOTAL MARKET POTENTIAL CAPITALIZATION (Equivalent to Today’s MAG7) TO GROW ONLY 10% DISEASES SOLVED¹ MAINSTREAM ASSET CLASS $6T TOTAL MARKET CAPITALIZATION² COTTAGE INDUSTRY DOMINATED BY SPECIALISTS BIRTH OF BIOTECH 1976 BI
Slide 54: Innovation at the Convergence of Life Science and Technology
Innovation at the Convergence of Life Science and Technology Positions Alexandria’s Tenant Base for Growth and Diversification Life Science Product, Multinational Service, and Device Pharmaceutical 23% 20% PERCENTAGE Public Biotechnology – Other1 3% OF ARE’S Approved or Marketed 11% ANNUAL RENTAL Pr
Slide 57: Greater Boston: 5.5x Availability
GREATER BOSTON RATIONAL MARKET FORCES TURNED INTO COVID-FUELED EXPONENTIAL GROWTH IN LIFE SCIENCE REAL ESTATE, RAPIDLY OUTPACING DEMAND 48.1M 5.5x AVAILABILITY 2015–3Q25 21.8M 120% 175% 10 YEARS 17.5M 25% 5 YEARS MARKET 11% AVAILABILITY 6% AVAILABILITY 33% AVAILABILITY GROWTH 2010 2015 3Q25 2010–3Q2
Slide 58: Greater Boston Supply and Demand Dynamics
48.1M RSF GREATER BOSTON Life Science Real Estate Supply & Demand Dynamics 21.8M RSF 120% INCREASE IN MARKET SIZE 2015 3Q25 5 YEARS OF ROBUST DEMAND DROVE SUPPLY BOOM 7.6M RSF Today’s Demand Fundamentals Are 4.1M RSF Different and 3.8M RSF 3.5M RSF 3.6M RSF 2.9M RSF 2.9M RSF Changing Rapidly 2019 20
Slide 59: San Diego: 4.5x Availability
SAN DIEGO RATIONAL MARKET FORCES TURNED INTO COVID-FUELED EXPONENTIAL GROWTH IN LIFE SCIENCE REAL ESTATE, RAPIDLY OUTPACING DEMAND 20.5M 4.5x AVAILABILITY 13.2M 12.1M 2015–3Q25 55% 10 YEARS 68% 8% MARKET GROWTH 5 YEARS 13% 6% 27% AVAILABILITY AVAILABILITY AVAILABILITY 2010 2015 3Q25 2010–3Q25 MARKET
Slide 60: San Diego Supply and Demand Dynamics
SAN DIEGO Life Science Real Estate Supply & Demand Dynamics 20.5M RSF 13.2M RSF 55% INCREASE IN MARKET SIZE 2015 3Q25 5 YEARS OF ROBUST DEMAND DROVE SUPPLY BOOM Today’s Demand 2.9M RSF Fundamentals Are 1.9M RSF 1.7M RSF 1.4M RSF 1.6M RSF 1.6M RSF Different and 0.9M RSF Changing Rapidly 2019 2020 202
Slide 61: Clustering Is Mission Critical for Life Science Innovation
CLUSTERING is MISSION CRITICAL for FUELING LIFE SCIENCE INNOVATION Alexandria Conceived Our Megacampus™ Platform to Meet the Needs of the Collaborative and Cooperative Life Science Industry Our Megacampus ecosystems are strategically located in key innovation clusters to enable us to capture outsize
Slide 62: Clustering Is the DNA of the Life Science Industry
CLUSTERING is the DNA of the LIFE SCIENCE INDUSTRY THE DNA of the ALEXANDRIA’S ALEXANDRIA MEGACAMPUS IRREPLACEABLE PLATFORM PLATFORM ALEXANDRIA’S PROPRIETARY ALGORITHM Driving Our Differentiated Megacampus™ Strategy Refer to “Megacampus” in the appendix. ALEXANDRIA REAL ESTATE EQUITIES, INC. | Propr
Slide 63: First-Mover Advantage in Life Science Real Estate
Alexandria’s First-Mover Advantage Has THE PIONEER OF LIFE Enabled Us to Secure Irreplaceable Real Estate SCIENCE REAL ESTATE in the Top Centers of Innovation 30+ YEARS Owning, Operating, and Developing Life Science Real Estate Infrastructure 2004 | Pioneered our cluster campus strategy in Mission B
Slide 64: Greater Boston: Continues to Capture Outsized Share of Demand
ALEXANDRIA — SPONSORSHIP MATTERS — GREATER BOSTON: Alexandria’s Leading Real Estate Platform LIFE SCIENCE LEASING OUTPERFORMANCE Continues to Capture Outsized Share of Demand ALEXANDRIA’S GREATER BOSTON LEASING VOLUME ~110% OF THE NEXT FIVE LARGEST LIFE SCIENCE REAL ESTATE OWNERS (BY RSF LEASED) COM
Slide 65: San Diego: Continues to Capture Outsized Share of Demand
ALEXANDRIA SAN DIEGO: — SPONSORSHIP MATTERS — LIFE SCIENCE LEASING Alexandria’s Leading Real Estate Platform OUTPERFORMANCE Continues to Capture Outsized Share of Demand ALEXANDRIA’S SAN DIEGO LEASING VOLUME ~150% OF THE NEXT FIVE LARGEST LIFE SCIENCE REAL ESTATE OWNERS (BY RSF LEASED) COMBINED1 CAM
Slide 66: Megacampus Case Studies
ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM CASE STUDIES ALEXANDRIA CAMPUS POINT TECHNOLOGY SQUARE® BY ALEXANDRIA CAMBRIDGE SAN DIEGO Established 2006 Established 2010 Refer to "Megacampus” in the appendix. ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 66
Slide 67: Alexandria Technology Square
ALEXANDRIA TECHNOLOGY First Foundational Megacampus™ in Operation SQUARE® Nearly 20-year ownership of a generational Cambridge, Greater Boston asset with critical adjacency to MIT’s main science campus, at the heart of innovation Refer to “Megacampus” in the appendix. ALEXANDRIA REAL ESTATE EQUITIES
Slide 68: Alexandria's Presence in Kendall Square
CAMBRIDGE | LOCATION Alexandria’s Significant Presence in Kendall Square “The Most Innovative Square Mile on the Planet”1 MEGACAMPUS: ALEXANDRIA CENTER® CHARLES/MGH AT KENDALL SQUARE 2.2M RSF | 8 Properties KENDALL/MIT STREET MEGACAMPUS: ALEXANDRIA CENTER® MEGACAMPUS: ALEXANDRIA AT ONE KENDALL SQUAR
Slide 69: Kendall Square Innovation for Over 60 Years
CAMBRIDGE | INNOVATION Kendall Square Has Been the Home of Technology and Biotechnology Innovation for Over 60 Years Artificial Intelligence Laboratory 1963-2004 Electronic Research Cambridge Scientific Center Center 1964-1970 1964-1992 World Wide Web Consortium 1994-2004 Worldwide Drug Discovery Ce
Slide 70: Greater Boston's STEM Talent Base
CAMBRIDGE | TALENT Greater Boston’s Attractive STEM Talent Base at the Intersection of Science and Technology #1 STEM graduates per capita and percentage of adults with bachelor’s degree or higher1 #1 The Ray and Maria Stata Center High-tech job concentration1 1.4M+ MEGACAMPUS: ALEXANDRIA Workers in
Slide 71: Life Science Venture Capital Raised Since 2023
CAMBRIDGE | CAPITAL Sophisticated Life Science Investors Continue to Focus on Core Markets Like Greater Boston $14B+ LIFE SCIENCE VENTURE 30%+ CAPITAL RAISED SINCE 2023 Proportion of U.S. Biotech Capital However, in the Current Environment, Deployed to Many Venture Investors Greater Boston Over the
Slide 72: Megacampus Strategy Delivers Differentiated Ecosystems
Alexandria Technology Square® ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY DELIVERS DIFFERENTIATED ECOSYSTEMS SPACE | PLACE | SERVICE Refer to "Megacampus" in the appendix. ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 72
Slide 73: Alexandria Technology Square Strategic Optionality
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE 400 TECHNOLOGY SQUARE 100 TECHNOLOGY SQUARE FUTURE DEVELOPMENT 700 TECHNOLOGY SQUARE 200 TECHNOLOGY SQUARE ALEXANDRIA 600 TECHNOLOGY SQUARE TECHNOLOGY SQUARE® 300 TECHNOLOGY SQUARE Offers Scale and Flexibility That Delivers Tenants 500 TEC
Slide 74: Tech Square Durable High Occupancy and Regional Growth
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE 4Q23: FOOTPRINT AT FOOTPRINT TECH SQUARE TODAY2 Historic Durable High Occupancy 10K RSF 101K RSF Delivered Regional Growth 300 Technology Square, 923% GROWTH The Arsenal on the Cambridge Charles Megacampus 29% 105K RSF Multinational 17K RS
Slide 75: Curated Technology Square Ecosystem
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE Alexandria’s Curated Technology Square Ecosystem Designed to Recruit & Retain Top Talent, Ignite Collaboration, and Catalyze Innovation We’re not here just to gain new knowledge; we’re here to transfer that new knowledge into useful things
Slide 76: Operational Excellence in Asset Management and Design
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE Alexandria’s Operational Excellence in Asset Management, Design, Development, and Sustainability Earth Building (Sustainability) Suburban Campus of the Year The Building Owners and 325 Binney Street, Cambridge The Arsenal on the Charles, W
Slide 77: Alexandria Technology Square's Strong Financial Performance
ALEXANDRIA TECHNOLOGY SQUARE’S STRONG FINANCIAL PERFORMANCE Year Acquired 2006 Cash NOI Growth Since Acquisition VALUE- 313% CREATION MARGIN1 79% As of September 30, 2025. Refer to “Megacampus” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Va
Slide 78: Financial Case Study: Cambridge Laboratory Building Valuations
FINANCIAL CASE STUDY: CAMBRIDGE LABORATORY BUILDING VALUATIONS 75 BROADWAY 730–750 MAIN STREET CAMBRIDGE CAMBRIDGE Target Delivery 1Q28 In Operation ~18% VALUE-CREATION POTENTIAL SELLER JV PARTNER DEVELOPER/OWNER BUYER Massachusetts Institute BioMed Realty Massachusetts Institute BioMed Realty/ of T
Slide 79: Campus Point by Alexandria
CAMPUS POINT The Miracle Mile of Medicine™ BY ALEXANDRIA An over 15-year journey of strategic aggregation and development to create University Town Center, San Diego an irreplicable 100-acre Megacampus™ ecosystem with future growth opportunities Refer to “Megacampus” in the appendix. ALEXANDRIA REAL
Slide 80: San Diego Megacampus Ecosystems
SAN DIEGO | LOCATION Alexandria’s Premier Megacampus™ Ecosystems Within the San Diego Science Sector MEGACAMPUS: ONE MEGACAMPUS: CAMPUS MEGACAMPUS: SD TECH ALEXANDRIA SQUARE POINT BY ALEXANDRIA BY ALEXANDRIA 1.1M RSF | 10 Properties 1.7M RSF | 8 Properties 1.1M RSF | 11 Properties MEGACAMPUS: 5200 I
Slide 81: San Diego Innovation and Talent
SAN DIEGO | INNOVATION & TALENT Deep and Diverse Innovation Ecosystem RESEARCH INSTITUTIONS LIFE SCIENCE ADVANCED TECHNOLOGIES DEFENSE TECHNOLOGY & MILITARY HOSPITAL SYSTEMS #1 Densest Alexandria Life Science Cluster1 #1 Fastest-Growing U.S. Metro in Tech Talent2 #1 Largest Concentration of U.S. Mil
Slide 82: Significant M&A Has Driven San Diego Growth
SAN DIEGO | CAPITAL Significant M&A Has Driven the Growth of the San Diego Science Sector San Diego’s Life Science M&A Activity Ranks #1 in Total Deal Value Since 2024, Exceeding Greater Boston and the San Francisco Bay Area1 $37B SAN DIEGO $32B GREATER BOSTON $19B SAN FRANCISCO BAY AREA 1. Source:
Slide 83: Megacampus Strategy Delivers Differentiated Ecosystems
Campus Point by Alexandria ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY DELIVERS DIFFERENTIATED ECOSYSTEMS SPACE | PLACE | SERVICE Refer to "Megacampus" in the appendix. ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 83
Slide 84: Flexible Human-Centered Environments
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE Alexandria Designs and Operates Flexible Human-Centered Environments to Optimize Productivity CAMPUS POINT BY ALEXANDRIA 8 1.3M RSF 1.4M SF Properties Operating Active/Future Development As of September 30, 2025. Refer to “Megacampus” in t
Slide 85: Unmatched Campus Experience
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE Campus Point Provides an Unmatched Campus Experience There is no way anyone would ever go back to any other real estate group after having access That Enables Tenants to Recruit to all these amenities with ARE.” and Retain Top Talent LARGE
Slide 86: Service Platform Curates Ecosystem Events
ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE Alexandria’s Service Platform Curates Ecosystem Events That Drive Innovation, Engagement, and Teamwork White-Glove Operational Team ~1,500 EVENTS ACROSS OUR SAN DIEGO Being part of Alexandria’s PORTFOLIO IN 20251 ecosystem gives our team a
Slide 87: Campus Point's Strong and Diverse Tenant Base
Campus Point’s Strong and Diverse Tenant Base Drives High-Quality Cash Flows and Strong Occupancy 24% Advanced Technologies 85% of Annual Rental Revenue Is From Credit Tenants CAMPUS POINT BY ALEXANDRIA’S 55% Multinational TENANT MIX Pharmaceutical ARR AS OF 3Q251 99.5% 7% Biomedical Occupancy Insti
Slide 88: Megacampus Platform Is a Pipeline for Growth
The Alexandria Megacampus™ Platform Is a Pipeline for Growth 4.0x INCREASE in Annual Rental Revenue From Campus Point Tenants Since Initial Lease1 ~$130.7M RSF Growth by Tenants at Campus Point Since Initial Lease1 2.3x ~$33.0M Starting ARR 3Q25 ARR As of September 30, 2025. Refer to “Annual rental
Slide 89: Campus Point by Alexandria's Strong Financial Performance
CAMPUS POINT BY ALEXANDRIA’S STRONG FINANCIAL PERFORMANCE Methodically acquiring assets and land from 2010 to 2022 to create an 2019 2018 2017 irreplicable Megacampus™ ecosystem Multi-Tenant Advanced Tech Large Pharma 2022 2019 2018 2015 2010 Third-Party Residential Large Pharma Parking Large Pharma
Slide 90: The Alexandria Brand Means Trust
THE ALEXANDRIA BRAND MEANS — 1996 — — 1996 — TRUST — 1998 — — 2000 — — 2002 — Enduring, Long-Standing Strategic Relationships in the Life Science Community — 2004 — — 2005 — — 2005 — — 2006 — >80% — 2007 — — 2008 — — 2009 — — 2009 — — 2010 — Average Tenant Retention Rate for the Past 5 Years1 — 2010
Slide 91: Largest Life Science Lease in Company History
Alexandria Executes Largest Life Science Lease in Company History With Long-Standing 16-YEAR LEASE Multinational Pharmaceutical Tenant 467K RSF BUILD-TO-SUIT BIOMEDICAL RESEARCH HUB Total Rental Revenue Over Lease Term1 ~$800M Value-Creation Margin2 14% Refer to “Initial stabilized yield (unlevered)
Slide 92: Sponsorship Matters: Leading Innovators Trust Alexandria
SPONSORSHIP MATTERS: THE WORLD’S LEADING INNOVATORS TRUST ALEXANDRIA ELI LILLY EIKON THERAPEUTICS Greater Boston San Francisco Bay Area BEAM THERAPEUTICS BAYER LEIDOS Research Triangle San Diego San Diego LILLY GATEWAY LABS San Diego KYMERA THERAPEUTICS ILLUMINA Greater Boston San Diego MILLIPORESIG
Slide 93: Megacampus Platform Drives Superior Operating Results
26 ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS MEGACAMPUS™ PLATFORM DRIVES ECOSYSTEMS SUPERIOR OPERATING RESULTS 27.1M RSF in Operation As of September 30, 2025. Refer to “Megacampus” in the appendix. ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 93
Slide 94: Megacampus Platform Anchors High-Quality Asset Base
Alexandria’s Highly Differentiated Megacampus™ Platform Anchors Our High-Quality Asset Base Clustered in the Key Centers of Life Science Innovation 2.6M RSF SEATTLE 3 Megacampuses 7.7M RSF GREATER BOSTON 5.0M RSF SAN FRANCISCO BAY AREA 26 7 Megacampuses 743K RSF 5 Megacampuses NEW YORK CITY ALEXANDR
Slide 95: Established Megacampuses by Market
Alexandria’s Highly Differentiated Megacampus™ Platform Anchors Our High-Quality Asset Base Clustered in the Key Centers of Life Science Innovation 2.2M RSF SEATTLE 6.8M RSF Alexandria Center® for Life Science – Eastlake GREATER BOSTON Alexandria Center® for Advanced Alexandria Center® at Kendall Sq
Slide 96: Alexandria's Proprietary Algorithm
ALEXANDRIA’S PROPRIETARY ALGORITHM Driving Our Differentiated Megacampus™ Strategy ALEXANDRIA’S CLUSTERING: THE DNA of the IRREPLACEABLE THE DNA of the ALEXANDRIA LIFE SCIENCE MEGACAMPUS PLATFORM INDUSTRY PLATFORM ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 96
Slide 97: Megacampus Rental Rate Premium
The Power of ALEXANDRIA CENTER® FOR LIFE SCIENCE – Alexandria’s Irreplaceable EASTLAKE MEGACAMPUS SEATTLE Megacampus™ Platform RENTAL RATE PREMIUM: 1Q23–3Q25 ALEXANDRIA’S ALEXANDRIA’S MEGACAMPUS ESTABLISHED NON- GROWTH MEGACAMPUSES1 MEGACAMPUSES1 PREMIUM Rental rate increases: 23.8% 15.4% 1.5x Renta
Slide 98: Longer Average Lease Term
The Power of Alexandria’s Irreplaceable Megacampus™ Platform LONGER AVERAGE LEASE TERM (IN YEARS): 1Q23–3Q25 ALEXANDRIA’S ALEXANDRIA’S ESTABLISHED NON- MEGACAMPUS MEGACAMPUSES1 MEGACAMPUSES1 OUTPERFORMANCE All Leases 11.7 8.3 3.4 The Alexandria Megacampus Platform Renewed/ Typically Drives Re-Leased
Slide 99: Superior Credit Profile
The Power of Alexandria’s Irreplaceable Megacampus™ Platform SUPERIOR CREDIT PROFILE 36% 36% 60% 40% Non- 60% Investment Non- Grade or Investment Non-Large Cap Grade or Investment- Investment- Non-Large Cap Grade or Grade or 64% Publicly Publicly Traded Large Traded Large Cap Tenants Cap Tenants ALE
Slide 100: Occupancy Outperformance
The Power of Alexandria’s Irreplaceable Megacampus™ Platform OCCUPANCY OUTPERFORMANCE ALEXANDRIA’S TOP 3 MARKETS: GREATER BOSTON, SAN FRANCISCO BAY AREA, AND SAN DIEGO ALEXANDRIA’S ALEXANDRIA’S ESTABLISHED NON- MEGACAMPUSES1 MEGACAMPUSES1 MARKET2 90% vs 89% vs 73% Refer to “Megacampus” in the append
Slide 101: Megacampus Platform Drives Superior Operating Results
Alexandria’s Irreplaceable Megacampus™ Platform DRIVES SUPERIOR OPERATING RESULTS AND POSITIONS THE COMPANY TO OVERCOME CURRENT CHALLENGES RENTAL RATE GROWTH PREMIUM CLUSTERING: THE DNA of the ALEXANDRIA LONGER LEASE TERMS THE DNA of the LIFE SCIENCE MEGACAMPUS INDUSTRY PLATFORM HIGHER-QUALITY TENAN
Slide 103: 2025 Guidance Update
2025 2025 GUIDANCE UPDATE 3Q25 INVESTOR DAY 2025 FFO Per Share Midpoint of $9.011 Unchanged Occupancy Range as of 12/31/25 of 90.0% to 91.6% Unchanged ~$1.5B of Dispositions of Non-Core Assets Unchanged (Land, Stabilized, and Non-Stabilized) to Recycle Capital2 4Q25 Annualized Leverage Target Range
Slide 104: 2025 Dispositions Update
2025 DISPOSITIONS UPDATE On Track to Meet or Exceed $1.5 Billion1 Midpoint of Our 2025 Guidance Range Completed Stabilized $695M Properties Land 21% 21% $1.8B TYPE OF Under TRANSACTION SALE2 Signed $296M STATUS2 LOI/PSA $840M 58% Non-Refundable Non- Deposit Stabilized Properties $1,535M Completed or
Slide 105: Changes to Projects Expected to Stabilize in 2026
Changes to Projects Expected to Stabilize in 2026 As of 3Q25, Pro Forma for Expected Changes Remains in Pipeline Evaluating Located on Leased/ Continue Business Held for Megacampus Negotiating Construction Strategy Sale1 2026 STABILIZATION 99 Coolidge Avenue, Greater Boston X 81% X 4135 Campus Point
Slide 106: Changes to Projects Expected to Stabilize in 2027 and Beyond
Changes to Projects Expected to Stabilize in 2027 and Beyond As of 3Q25, Pro Forma for Expected Changes Remains in Pipeline Evaluating Located on Leased/ Continue Business Held for Reposition Megacampus Negotiating Construction Strategy Sale1 as Office 2027 AND BEYOND STABILIZATION 311 Arsenal Stree
Slide 107: Summary of Key Items Impacting 2026 Results
2026 Considerations September 30, 2025 Summary of Key Items That May Impact 2026 Results We expect to introduce 2026 guidance on December 3, 2025 at our Investor Day. The following is an initial summary of key items that are expected to impact 2026 results: • Core operations – Slower demand across t
Slide 108: Key Components Impacting 2026 FFO Per Share Guidance
Key Components Impacting 2026 Funds From Operations Per Share Guidance % Change in FFO From 2025 to 20261 Core Operations: Primarily Driven by Lower Occupancy (9)% Capitalized Interest: Primarily Driven by Dispositions and Milestones Reached (6)2 Realized Gains on Non-Real Estate Investments: Lower
Slide 109: Alexandria's 2026 Guidance
ALEXANDRIA’S 2026 GUIDANCE FUNDS FROM OPERATIONS PER SHARE 2026 GUIDANCE RANGE FUNDS FROM OPERATIONS PER SHARE1 $6.25 TO $6.55 $6.40 MIDPOINT 1. Represents funds from operations per share – diluted, as adjusted. We do not provide guidance for the most comparable GAAP financial measure or a reconcili
Slide 110: 2026 FFO Per Share Guidance
2026 Funds From Operations Per Share Guidance Expect Quarterly FFO to Flatten in 2H26 Primarily Due to Weighting of Dispositions Around Midyear $2.13 to $2.19 $1.40 to $1.60 4Q25¹ 1Q26 2Q26 3Q26 4Q26 PROJECTED QUARTERLY FFO PER SHARE – DILUTED, AS ADJUSTED2 1. Represents the implied range for 4Q25 f
Slide 111: 2026 Guidance: Operating Metrics
ALEXANDRIA’S 2026 GUIDANCE OPERATING METRICS Ranges Reflect Expected Challenged Demand and Elevated Supply Across the Life Science Real Estate Sector RENTAL RATE SAME PROPERTY CHANGES ON NET OPERATING OCCUPANCY LEASE RENEWALS AND INCOME PERFORMANCE AT DECEMBER 31, 20261 RE-LEASING OF SPACE (9.5)% TO
Slide 112: Historical Same Property Cash NOI Performance
Alexandria’s Historical Same Property Cash NOI Performance 9.2% 9.6% 7.3% 7.1% 7.1% 6.8% 5.5% 6.0% 5.4% 5.1% 4.7% 4.7% 4.6% 4.6% 4.1% 3.5% 1.5% (0.2)% (8.5)% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Guidance Guidance Midpoint¹ Midpoint¹ SAME PROP
Slide 113: Key Drivers of 2026 Same Property Performance
Key Drivers of 2026 Same Property Performance Same Property Performance Primarily Driven by Occupancy Key 2026 Lease Expirations/ Known Vacancies: As Initially Disclosed in 2Q25 and 2026 GUIDANCE RANGES Subsequently Updated Same Property Net Operating Income Performance 1.2M RSF | $79M of ARR1 Poten
Slide 114: Key 2026 Lease Expirations/Known Vacancies
Summary of Key 2026 Lease Expirations/Known Vacancies Initially Disclosed in 2Q25 and Subsequently Updated Lease Expirations/Known Vacancies by ARR (in Thousands) Weighted- Relocation/ Space Average Consolidation Requires Major Located on Expiration Negotiating/ Tenant From Within ARE Renovation/ Ca
Slide 115: Summary of 2026 Lease Expirations
Summary of 2026 Lease Expirations RSF as of 3Q25 NEGOTIATING/ TOO TARGETED FOR POTENTIAL LEASED ANTICIPATING EARLY SUBTOTAL FUTURE DEVELOPMENT DISPOSITIONS1 TOTAL 494,758 64,717 737,393 1,296,868 52,6202 286,589 1,636,077 68% Are Located on Megacampuses 60% to 70% Anticipated Retention Rate Key Leas
Slide 116: Top Lease Expirations in 2027
Summary of Top 10 Lease Expirations in 2027 RSF as of 3Q25 Known Vacancies Early Tenant Relocation/ Discussions Consolidating Back Consolidation Located on Expiration for Renewal Negotiating/ Tenant From Into Owned Within ARE Address/Market – Submarket Megacampus Date or Re-Lease Too Early Anticipat
Slide 117: Alexandria's Occupancy Guidance
Alexandria’s Occupancy Guidance We Expect a Meaningful Occupancy Benefit From Properties That May Be Sold in 2026 88.5% 90.6% 90.8% ~2% Anticipated Benefit From Properties That May Be Sold in 20261 3Q25 4Q25 4Q26 Actual Guidance Guidance Midpoint² Midpoint³ OPERATING OCCUPANCY PERCENTAGE4 1. Represe
Slide 118: Guidance for Rental Rate Changes
Alexandria’s Guidance for Rental Rate Changes on Renewed/Re-Leased Space Focus on Meeting the Market and Growing Occupancy Over Time 17.2% 11.0% 7.4% 4.5% 2.0% (8.0)% Pre-COVID 10-Year 2025 2026 Pre-COVID 10-Year 2025 2026 Average Guidance Guidance Average Guidance Guidance (2010–2019) Midpoint1 Mid
Slide 119: Management of G&A in 2026
Alexandria’s Continued Successful Management of G&A in 2026 2026 GUIDANCE RANGE ALEXANDRIA’S 2026 GUIDANCE GENERAL AND ADMINISTRATION EXPENSES $134M TO $154M $168M o Primarily the result of $144M $72M cost-control and efficiency initiatives related to reducing Projected personnel-related costs and C
Slide 120: G&A Expense Levels Outperform Other REITs
ALEXANDRIA’S GENERAL AND ADMINISTRATIVE EXPENSE LEVELS OUTPERFORM OTHER REITS 11.3% 7.4% to 8.9% S&P 500 REIT Alexandria′s Average 2023–3Q25 2026 Guidance (Excluding Alexandria)¹ Range² GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME3 1. Source for S&P 500 REIT data: S&P
Slide 121: Adjusted EBITDA Margin Relative to Other Sectors
Alexandria’s Strong Adjusted EBITDA Margin Relative to Other Sectors 76% 71% 64% to 69% 55% 55% 56% 47% 27% Lodging/Resorts Health Care Office Industrial Residential ARE ARE Retail 2026 Projected¹ YTD 3Q25 ADJUSTED EBITDA MARGIN2 Sources: S&P Global Market Intelligence for percentages of REIT asset
Slide 122: 2026 Guidance: Interest Expense
ALEXANDRIA’S 2026 GUIDANCE INTEREST EXPENSE 2026 GUIDANCE RANGES INTEREST EXPENSE CAPITALIZATION OF INTEREST $230M TO $280M $225M TO $275M ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 122
Slide 123: Reduction in 2026 Capitalized Interest
Key Components of Reduction in 2026 Capitalized Interest ~$85M or ~25% DECLINE vs 20251 $335M $(80M) to $(60M) $(20M) to $0M $(15M) to $5M $250M 2025 Dispositions1,2 Projected Pause Change in 2026 Guidance in Pre-Construction Active Pipeline Guidance Midpoint¹ Activities on Land¹ and Other 1,3 Midpo
Slide 124: Anticipated Reduction of Capitalized Interest
Anticipated Reduction of Capitalized Interest as Non-Income-Producing Assets and Development Activities Decrease $8.4B $4.0B to $5.5B 3Q25 4Q26 Projected AVERAGE REAL ESTATE BASIS CAPITALIZED DURING THE QUARTER ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 124
Slide 125: Reducing Non-Income-Producing Assets
Anticipated Progress on Reducing Non-Income-Producing Assets 20% 11% to 16% 12/31/24 12/31/26 Projected NON-INCOME-PRODUCING ASSETS AS A PERCENTAGE OF GROSS ASSETS ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 125
Slide 126: Recalibrate Investment Gains
RECALIBRATE INVESTMENT GAINS Alexandria’s Venture Investment Gains Expected to Return to 2020 Levels $117M $110M $106M $101M $81M $75M $72M $50M 2019 2020 2021 2022 2023 2024 2025 2026 Guidance Guidance Midpoint¹ Midpoint¹ REALIZED GAINS INCLUDED IN FFO PER SHARE – DILUTED, AS ADJUSTED 2026 GUIDANCE
Slide 127: 2026 Key Sources and Uses of Capital
ALEXANDRIA’S 2026 GUIDANCE KEY SOURCES AND USES OF CAPITAL 2026 Guidance Midpoint¹ Reduction in debt $ (1,675) Net cash provided by operating activities after dividends² 525 Dispositions and sales of partial interests 2,900 Total key sources of capital $ 1,750 Construction³ $ 1,750 Total key uses of
Slide 128: Moderation of Construction Spending
ALEXANDRIA’S CONTINUED MODERATION OF CONSTRUCTION SPENDING OVER THE PAST SEVERAL YEARS $2.8B 39% DECREASE $1.7B Average Annual Average Annual 2021–2023 2024–2026 Projected¹ ANNUAL CONSTRUCTION SPENDING CAMPUS POINT BY ALEXANDRIA MEGACAMPUS™ 4135 CAMPUS POINT COURT | SAN DIEGO 1. Includes the midpoin
Slide 129: 2026 Guidance for Construction Spending
Alexandria’s 2026 Guidance for Construction Spending Primarily Focused on Lease-Up of Vacant Space and Active Construction Projects PROJECTED 2026 CONSTRUCTION ACTIVE CONSTRUCTION REVENUE-/NON-REVENUE- PROJECTS 66% $1.75B ENHANCING CAPITAL EXPENDITURES 2026 24% • Includes development and redevelopme
Slide 130: Elevated Capital Expenditures in 2026
Alexandria Expects Elevated Revenue- and Non-Revenue-Enhancing Capital Expenditures in 2026 Related to Lease-Up of Vacancy at Operating Properties 5-YEAR AVERAGE (2022–2026) TOP 2 PROJECTS IN 2026 17% ~55% of Total 2026 Revenue- and Non-Revenue- Revenue- and Enhancing Capital Expenditures Non-Revenu
Slide 131: 2026 Funding Plan
Alexandria’s 2026 Funding Plan We Intend to Fund 2026 Capital Needs Primarily With Retained Cash Flows, Dispositions of Non-Core Assets, and Joint Ventures CASH FLOWS FROM NON-CORE JOINT OPERATING DISPOSITIONS VENTURES ACTIVITIES AFTER DIVIDENDS¹ 1. Represents net cash from operating activities afte
Slide 132: 2026 Self-Funding and Capital Recycling Strategy
2026 Self-Funding and Capital Recycling Strategy 2026 Self-Funding Sources 45% Dispositions and 2026 2026 Capital Dividend Sales of Partial Guidance Needs Reduction1 Interests2 Midpoint2 Key Sources of Capital Reduction in debt $ (1,075) $ – $ (600) $ (1,675) Net cash provided by operating activitie
Slide 133: 45% Dividend Reduction to Conserve $410M of Capital
Alexandria’s 45% Dividend Reduction to Conserve $410M of Capital Allows for Retaining Significant Cash Flow for Reinvestment While Maintaining an Attractive Dividend Yield 9.1% 5.0% 4.2% S&P 500 REIT 10/31/25 Prior to 10/31/25 Pro Forma for Average¹ Dividend Reduction² Dividend Reduction³ DIVIDEND Y
Slide 134: Net Cash Flows From Operating Activities After Dividends
Alexandria’s Net Cash Flows From Operating Activities After Dividends We Have Retained Significant Cash Flows to Reinvest Into the Company $536M $525M $498M $467M $475M 2022 2023 2024 2025 2026 Guidance Guidance Midpoint¹ Midpoint¹ NET CASH PROVIDED BY OPERATING ACTIVITIES AFTER DIVIDENDS2 1. Repres
Slide 135: 2026 Disposition Program
Alexandria’s 2026 Disposition Program Expect Substantial Completion of Large-Scale Non-Core Asset Sale Program in 2026 Land 25% 8.5% to 9.5% to Average Capitalization Rate Non-Core 35% for Non-Core Dispositions 35% to 45% $2.9B (Excluding Land and Core Dispositions or Partial Interest Sales)² 2026 G
Slide 136: Track Record of Monetizing Embedded Asset Value
Alexandria’s Long-Standing Track Record of Monetizing Embedded Asset Value: 2019–YTD 3Q25 Dispositions and Partial Interest Sales $2.6 2019–YTD 3Q25 $2.2 AGGREGATE $1.4 $10B $1.3 Total Proceeds1 $1.2 $1.1 $1.1 $0.9 $0.4 $0.4 $0.4 $0.5 $0.5 $3.6B $0.3 Total Gains on Sales $0.2 $0.1 $0.1 $0.1 $0.1 of
Slide 137: Large-Scale Non-Core Disposition Plan
Large-Scale Non-Core Disposition Plan INCREASE CONCENTRATION REDUCE EXPOSURE IN MEGACAMPUS™ ECOSYSTEMS TO NON-CORE ASSETS 12% 90% to 95% 12/31/26 5% to 10% Projected 12/31/24 12/31/26 Projected ANNUAL RENTAL REVENUE FROM ANNUAL RENTAL REVENUE MEGACAMPUS REAL ESTATE AND FROM NON-CORE ASSETS1 OTHER CO
Slide 138: Debt Repayment Strategy From Disposition Proceeds
Debt Repayment Strategy From Projected Disposition Proceeds DEBT REPAYMENT PRIORITIES $1.7B Existing Short-Term Borrowings $650M of 2026 Bond Maturities 2026 NET DEBT REDUCTION1 Potentially Other Bonds, Including 2027 Bond Maturity 1. Represents the midpoint of our guidance range for 2026 reduction
Slide 139: Key Factors Expected to Impact 2027 Results
Key Factors Expected to Impact 2027 Results Funds From Operations • Guidance range for 4Q26 funds from operations per share – diluted, as adjusted, of $1.40 to $1.601 Core Operations • Highly dependent on ability to lease vacant space in 2026 Capitalized Interest • Range of average real estate basis
Slide 140: Strong and Flexible Balance Sheet With Significant Liquidity
Alexandria Continues to Have a Strong and Flexible Balance Sheet With Significant Liquidity PERCENTAGE OF SIGNIFICANT FIXED-RATE TOP 15% LIQUIDITY DEBT SINCE 20211 CREDIT RATING RANKING $4.2B 96.7% AMONG ALL PUBLICLY TRADED U.S. REITS2 BBB+ REMAINING DEBT TERM DEBT INTEREST Stable (IN YEARS) RATE Ba
Slide 141: Prudent Laddering of Debt Maturities
Alexandria’s Prudent Laddering of Debt Maturities ($ in millions) $2,7001 $2,700 $2,400 $2,100 7% 29% OF TOTAL DEBT OF TOTAL DEBT $1,800 $1,500 $1,200 $1,050 $1,000 $1,000 $900 $900 $850 $700 $750 $800 $700 $650 $600 $600 $500 $350 $425 $400 $300 $300 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033
Slide 142: Longest Weighted-Average Remaining Debt Term Among S&P 500 REITs
Alexandria Has the Longest Weighted-Average Remaining Debt Term Among S&P 500 REITs at Nearly 2x the Average Debt Term for These REITs 14.0 12.0 5.9 Years Average Debt Term of 11.6 S&P 500 REITs as of 10.0 September 30, 2025 8.0 6.0 4.0 2.0 4.0 4.4 4.5 4.6 4.6 4.6 5.0 5.0 5.2 5.2 5.5 5.5 5.7 6.0 6.0
Slide 143: Fixed-Rate Long-Dated Bonds With Favorable Terms
Alexandria’s Outstanding Fixed-Rate Long-Dated Bonds With Favorable Terms Relative to Market Discount Equivalent to ~$8 of NAV Per Share $12.1B $10.8B $1.3B Principal Balance Fair Value Discount of Bonds1 of Bonds2 Amount 3.90% Coupon 12.6 Remaining ~$8 Rate1 Debt Term1 NAV Per Share (in Years) Bene
Slide 144: Significant Liquidity
ALEXANDRIA’S SIGNIFICANT LIQUIDITY Impressive Growth in Liquidity Since 2010 ~$5.0B ~$5.0B $4.1B ~5.5x GREATER THAN $2.0B IN 2010 $0.9B 2010 2015 2020 2025 2026 Projected Projected LIQUIDITY1 1. Represents availability under our unsecured senior line of credit, net of amounts outstanding under our c
Slide 145: 2026 Guidance: Credit Metrics
ALEXANDRIA’S 2026 GUIDANCE CREDIT METRICS 2026 GUIDANCE RANGES NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO 5.6x TO 6.2x 3.6x TO 4.1x Represents 4Q26 annualized. Refer to “Net debt and preferred stock to Adjusted EBITDA“ and “Fixed-charge coverage ratio“ in the appendi
Slide 146: Net Debt and Preferred Stock to Adjusted EBITDA
Alexandria’s Net Debt and Preferred Stock to Adjusted EBITDA FACTORS IMPACTING LEVERAGE BEYOND 2026 5.5x to 6.0x 5.6x to 6.2x 5.5x to 6.0x Retained Cash Flows Future Occupancy Growth Incremental NOI From Active Pipeline Deliveries Lower Future Construction 4Q25 4Q26 Near-Term Spending on Pipeline Pr
Slide 147: Key Projected Financial Covenants
Alexandria’s Key Projected Financial Covenants Expect to Remain Comfortably in Compliance With Our Debt Covenants ACTUAL PROJECTED 1 UNSECURED SENIOR NOTES PAYABLE REQUIREMENT 9/30/25 12/31/26 Total Debt to Total Assets ≤ 60% 32% 28% to 32% Secured Debt to Total Assets ≤ 40% −% −% Consolidated EBITD
Slide 148: Alexandria's Mission and Values
Alexandria’s Important Mission and Values Are the Foundation of Our One-of-a-Kind, Consequential Company WE ARE MISSION DRIVEN Core Values That Guide Us To create and grow life science INTEGRITY ecosystems and clusters that MUTUAL RESPECT ignite and accelerate the EGOLESS LEADERSHIP world’s leading
Slide 150: Definitions and Non-GAAP Reconciliations
Definitions and Non-GAAP Reconciliations Adjusted EBITDA and We use Adjusted EBITDA as a supplemental performance measure of our operations, for financial and operational decision-making, and as a supplemental means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is
Slide 151: Definitions and Non-GAAP Reconciliations
Definitions and Non-GAAP Reconciliations Capitalized interest We capitalize interest cost as a cost of a project during periods for which activities necessary to develop, redevelop, or reposition a project for its intended use are ongoing, provided that expenditures for the asset have been made and
Slide 152: Definitions and Non-GAAP Reconciliations
Definitions and Non-GAAP Reconciliations Dividend payout ratio Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends on our common stock (shares of common stock outstanding on the respective record dates multiplied by the related dividend per share) to funds fr
Slide 153: Definitions and Non-GAAP Reconciliations
Definitions and Non-GAAP Reconciliations Initial stabilized yield Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the property. For this calculation, we exclude any tenant-funded and tenant-built landlord improveme
Slide 154: Definitions and Non-GAAP Reconciliations
Definitions and Non-GAAP Reconciliations Net operating income, Net operating income is a non-GAAP financial measure calculated as net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, excluding equity in the earnings of our unconsolidated
Slide 155: Funds From Operations Per Share – Diluted, As Adjusted
Funds From Operations Per Share – Diluted, As Adjusted PROJECTED 2025 NET LOSS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE ATTRIBUTABLE TO ALEXANDRIA’S COMMON STOCKHOLDERS – DILUTED PROJECTED 20251 Net loss per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders2 $ (9
Slide 156: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 3Q25 Net income (loss) $42,977 $19,792 $45,607 $(18,631) $216,053 $457,133 $99,796 $95,268 $(42,658) $(16,095) $(197,845) Interest expense 28,230 31,223 36,082 40,239 45,493 37,538 34,862 17,522 31,967 55,65
Slide 157: Net Debt and Preferred Stock to Adjusted EBITDA
Net Debt and Preferred Stock to Adjusted EBITDA 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 3Q25 Secured notes payable $ 809,818 $ 1,011,292 $ 771,061 $ 630,547 $ 349,352 $ 230,925 $ 205,198 $ 59,045 $ 119,662 $ 149,909 $ - Unsecured senior notes payable 2,030,631 2,378,262 3,395,804 4,292,293
Slide 158: Key 2025 Sources and Uses of Capital
Key 2025 Sources and Uses of Capital RANGE MIDPOINT Sources of capital: Reduction in debt $ (90) $ (190) $ (140) Net cash provided by operating activities after dividends 425 525 475 Dispositions and sales of partial interests 1,100 1,900 1,500 Total sources of capital $ 1,435 $ 2,235 $ 1,835 Uses o
Slide 159: Key 2026 Sources and Uses of Capital
Key 2026 Sources and Uses of Capital RANGE MIDPOINT Sources of capital: Reduction in debt $ (1,075) $ (2,275) $ (1,675) Net cash provided by operating activities after dividends 475 575 525 Dispositions and sales of partial interests 2,100 3,700 2,900 Total sources of capital $ 1,500 $ 2,000 $ 1,750

Alexandria Real Estate Equities — Investor Day (December 2025) on 6ix

Alexandria Real Estate Equities — Investor Day (December 2025)

Slide 1: Investor Day 2025: Alexandria's Reset and Path Forward

Slide 2: Safe Harbor

Slide 3: Table of Contents

Slide 4: Alexandria: At the Vanguard and Heart of the Life Science Industry

Slide 5: 2025: The Fifth Year of a Broad-Based Biotech Bear Market

Slide 6: Four Critical Pillars Under Pressure

Slide 7: Life Science Real Estate Availability Has Grown 7.5x Since 2021

Slide 8: Life Science Demand Has Declined Over 60% Since 2021

Slide 9: Key Challenges Driving Alexandria's Reset

Slide 10: Alexandria's 2026 Strategic Capital Allocation Priorities

Slide 11: Path Forward

Slide 12: Maintain a Strong and Flexible Balance Sheet, Significant Liquidity

Slide 13: Reduce Capital Spend and Funding Needs

Slide 14: Highly Leased Near-Term Active Pipeline Projects

Slide 15: Reduce Capex for 2027 and Beyond Active Pipeline Projects

Slide 16: Substantially Complete Large-Scale Non-Core Disposition Plan

Slide 17: Reduce Non-Core and Non-Income-Producing Assets

Slide 18: Increase Concentration in Megacampus Real Estate and Core Assets

Slide 19: Steadily Improve Occupancy and Increase NOI: Tenant Base

Slide 20: Alexandria Continues to Capture Outsized Share of Demand

Slide 21: Increasing Occupancy and Cash Flows

Slide 22: Illustrative Occupancy Crosswalk Through 2029

Slide 23: Favorable Lease Structure Provides Annual Rental Revenue Growth

Slide 24: Triple Net Lease Structure Drives Durable High Margins

Slide 25: Continue to Successfully Manage G&A

Slide 26: Maintain Optionality for Future Growth Focused on Megacampus Investment

Slide 27: Consider Flexible and Opportunistic Share Buyback Plan

Slide 28: Preserve the Core and Stimulate Progress

Slide 29: Investor Day 2025

Slide 30: Immense Opportunity: 10,000 Diseases, 90% Have No Treatments

Slide 31: The Life Science Industry: A Cornerstone of U.S. Health, Security, and Leadership

Slide 32: 2025: The Fifth Year of a Broad-Based Biotech Bear Market

Slide 33: Key Catalysts for Growth: Four Pillars of the U.S. Life Science Industry

Slide 34: The NIH: A Foundation for Basic and Translational Research

Slide 35: Life Science Innovation Driven by Biotech and Pharma R&D

Slide 36: U.S. Life Science Faces a "Sputnik" Moment as China Innovates

Slide 37: Life Science Venture Fundraising at Lowest Levels Since 2016

Slide 38: IPO Window Remains Essentially Closed

Slide 39: XBI Biotech Index Focused on Near-Commercial Companies

Slide 40: 2025 Has Been a Strong Year for M&A

Slide 41: FDA Reforms and Leadership Turmoil

Slide 42: Pace of 2025 Novel FDA Approvals Lags Average

Slide 43: Prescription Medicines Account for Less Than a Sixth of Healthcare Costs

Slide 44: PBMs and Hospitals Drive Up Cost of Medicines

Slide 45: White House and Pharma Deals on U.S. Drug Prices

Slide 46: Tariff and Drug Pricing Threats Drive Onshoring Commitments

Slide 47: The Case for Optimism

Slide 48: Massive Opportunity

Slide 49: We Are in the Golden Age of Biological Discoveries

Slide 50: Eli Lilly: Treating Massive Areas of Unmet Medical Need

Slide 51: AI Tools Could Drive Down Cost and Time to Develop Medicines

Slide 52: Decreasing Cost and Timeline of New Medicine Development

Slide 53: The Life Science Industry Has Immense Potential to Grow

Slide 54: Innovation at the Convergence of Life Science and Technology

Slide 55: Investor Day 2025

Slide 56: State of the Market: Greater Boston & San Diego

Slide 57: Greater Boston: 5.5x Availability

Slide 58: Greater Boston Supply and Demand Dynamics

Slide 59: San Diego: 4.5x Availability

Slide 60: San Diego Supply and Demand Dynamics

Slide 61: Clustering Is Mission Critical for Life Science Innovation

Slide 62: Clustering Is the DNA of the Life Science Industry

Slide 63: First-Mover Advantage in Life Science Real Estate

Slide 64: Greater Boston: Continues to Capture Outsized Share of Demand

Slide 65: San Diego: Continues to Capture Outsized Share of Demand

Slide 66: Megacampus Case Studies

Slide 67: Alexandria Technology Square

Slide 68: Alexandria's Presence in Kendall Square

Slide 69: Kendall Square Innovation for Over 60 Years

Slide 70: Greater Boston's STEM Talent Base

Slide 71: Life Science Venture Capital Raised Since 2023

Slide 72: Megacampus Strategy Delivers Differentiated Ecosystems

Slide 73: Alexandria Technology Square Strategic Optionality

Slide 74: Tech Square Durable High Occupancy and Regional Growth

Slide 75: Curated Technology Square Ecosystem

Slide 76: Operational Excellence in Asset Management and Design

Slide 77: Alexandria Technology Square's Strong Financial Performance

Slide 78: Financial Case Study: Cambridge Laboratory Building Valuations

Slide 79: Campus Point by Alexandria