Alexandria Real Estate Equities, Inc. · NYSE:ARE

Alexandria Real Estate Equities — Q1 2026 Earnings Presentation

68 slides from Alexandria Real Estate Equities's earnings presentation, Apr 27, 2026

Slide 3: Alexandria: Highly Impactful, Consequential Company & Most Trusted Brand
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 CLIENT TENAN
Slide 5: Sources for life science industry data
(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
Slide 6: Life Science Industry Dependent 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
Slide 7: Drug Approvals Decelerated Slightly in 1Q26
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 ix DRUG APPROVALS DECELERATED SLIGHTLY IN 1Q26 COMPARED TO 10-YEAR QUARTERLY AVERAGE
Slide 8: FDA novel therapy approvals
Source: U.S. Food and Drug Administration, April 2026. YTD 2026 as of March 31, 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 not previously been approved b
Slide 10: Biotech funding and near-commercial companies
(1) Source: Capital IQ. (2) Source: State Street. XBI constituents as of November 13, 2025. Near-commercial refers to companies with products in Phase III or registrational trials. Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xii
Slide 15: Alexandria's Path Forward: 1Q26 Update
ALEXANDRIA’S PATH FORWARD: 1Q26 UPDATE Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage: On Track for Annualized 4Q26 Leverage (1) of 5.6 x to 6.2 x Reduce Capital Spend and Funding Needs: 242,408 RSF Letters of Intent Executed for Lower-Investment Alternati
Slide 16: Significant Liquidity
SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022 (2) $4.2B 96.4% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 10.0 4.06% Longest Among S&P 500 REITs (3) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.6x to 4.1x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RATIO T
Slide 17: Weighted-Average Remaining Debt Term of 10.0 Years
Weighted-Average Remaining Debt Term of 10.0 Years
Slide 18: Debt Maturities by Year
9% OF TOTAL DEBT 21% OF TOTAL DEBT (1) (2) Debt Maturities by Year ($ in millions) As of March 31, 2026 . (1) In April 2026 , we repaid $350.0 million of 3.80% unsecured senior notes payable upon maturity using short-term borrowings , which we expect to retire in 2026 with future proceeds from our d
Slide 19: Leasing Volume by RSF
LEASING VOLUME BY RSF
Slide 20: Leasing volume projected 2026
950,000 Projected 2026
Slide 21: Leasing volume by type
647,356 Renewals & Re-leasing Development & Redevelopment Previously Vacant (1) Refer to “Leasing activity” in the Supplemental Information for additional details. (1) The projected 2Q26 leasing RSF is an estimate based on our current assessment of a range of potential leasing outcomes, subject to o
Slide 22: Leasing Volume Driven by Diverse Tenant Mix
ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANT MIX 72% of our leasing activity during 1Q26 was generated from our existing tenant base
Slide 23: Leasing detail and key disposition at Mission Bay
(1) 1Q26 2025 (1) Includes one lease aggregating 47,719 RSF at 480 Arsenal Street in our Cambridge/Inner Suburbs submarket, which was signed with an entertainment studio user to accommodate their expansion needs and secure a long-term extension. Alexandria Real Estate Equities, Inc. All Rights Reser
Slide 24: Record $1,645 Price Per RSF Sale to UCSF
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. $1,645 SALES PRICE PER RSF $767.1M $180.3M (Our Share) (2) SALES PRICE IN 4Q25 $416.7M $103.9M (Our Share) GAIN ON SALE OF REAL ESTATE $2
Slide 25: 2026 Dispositions and Sales of Partial Interests
(1) 2026 DISPOSITIONS AND SALES OF PARTIAL INTERESTS
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Slide 28: Land
Land 10%- 25%
Slide 29: Dispositions and partial interest sales guidance
(2) (1) $2.9B Sales Amount August 2026 Weighted-Average Projected Disposition Date (3) Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details. (1) Based on the midpoint of 2026 guidance for dispositions and partial interest sales. Actual results m
Slide 30: Projected Reduction in Non-Income-Producing and Non-Core Assets
PROJECTED REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE ASSETS Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Excludes properties classified as held for sale as of each date presented. Land parcels classified as held for sale represented appro
Slide 31: Continuing Reduction and Management of G&A Expenses
CONTINUING SUCCESSFUL REDUCTION AND MANAGEMENT OF G&A EXPENSES $76M Projected Cumulative G&A Savings in 2025 and 2026 Relative to 2024 (1) 6.0% 14.3% Alexandria 1Q26 (2) S&P 500 REIT (3) Average 2023–2025 (excluding Alexandria) GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INC
Slide 32: Operational Excellence in Asset Management, Design, Development, and Sustainability
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 xxvi ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSET MANAGEMENT, DESIGN, DEVELOPMENT, AND SUSTAINABILITY
Slide 34: Reports 1Q26 Net Income per Share – Diluted of $2.10
Alexandria Real Estate Equities, Inc. Reports 1Q26 Net Income per Share – Diluted of $2.10 ; and 1Q26 FFO per Share – Diluted, as Adjusted, o f $1.73 PASADENA, Calif. – April 27, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the first quarter
Slide 35: 4Q26 FFO per share guidance update
• On December 3, 2025, we provided guidance for our projected 4Q26 funds from operations per share – diluted, as adjusted, to be within $1.40–$1.50 a range of $1.40 to $1.60 as part of our path forward. The decline in our quarterly FFO from 1Q26 to 4Q26 is due, in part, to projected dispositions and
Slide 36: Tenant base by type
Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology — Approved or Marketed Product Other =~ 7 Advanced Technologies Public Biotechnology — Preclinical or Clinical Stage Government Institutions Biomedical Institutions Private Biotechnology
Slide 37: Percentage of Annual Rental Revenue by tenant
(1) (2) (4) Percentage of Alexandria’s Annual Rental Revenue As of March 31, 2026 . Annual rental revenue represents amounts in effect as of March 31, 2026 . Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating an
Slide 38: Same property performance guidance
3.5% (11.0)% (15.8)% 2025 3/31/26 2026 Guidance Midpoint Cash Basis
Slide 39: Same property performance guidance
7.0% (5.0)% (15.0)% 2025 3/31/26 2026 Guidance Midpoint
Slide 40: Same property performance guidance
0.9% (9.5)% (11.7)% 2025 3/31/26 2026 Guidance Midpoint Cash Basis
Slide 41: Same Property Performance
(2) (2) (1) (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”, “Adjusted EBITDA” and its reconciliation from the most directly comp
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Slide 43: Progress on 2027 Key Lease Expirations
have identified prospective tenants or are in early discussions for 532,585 RSF. Compared to 4Q25, 2027 key lease expirations increased primarily due to a 232,902 -RSF lease expiration with a single tenant at our Alexandria Center ® for Life Science – Waltham Megacampus with $27.0 million of annual
Slide 44: Incremental Annual NOI Growth from Development and Redevelopment Deliveries
INCREMENTAL ANNUAL NET OPERATING INCOME GROWTH EXPECTED FROM ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT DELIVERIES Near-Term Deliveries Intermediate-Term Deliveries 2Q26 – 4Q26 2027 – 2028 $92M $93M 93% Leased/Negotiating 68% Leased/Negotiating 601,589 RSF 1.3 million RSF (1) (2) (3) (4) Refer to “N
Slide 45: Projected 12/31/26
12/31/24 12/31/25 12/31/26 Projected
Slide 46: Development/Redevelopment and Non-Income-Producing Assets
20% Development/ Redevelopment Under Construction Land/Future Development 17% 11%–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 fu
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Slide 49: 1Q26 Development and Redevelopment Deliveries
Property/Market/Submarket Our Ownership Interest RSF Placed in Service Occupancy Percentage (2) Total Project Unlevered Yields 1Q26 Delivery Date (1) Prior to 1/1/26 1Q26 Total Initial Stabilized Initial Stabilized (Cash Basis) RSF Investment Development projects 99 Coolidge Avenue/Greater Boston/Ca
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Slide 52: Projects under construction
269 East Grand Avenue 4135 Campus Point Court 10200 Campus Point Drive 701 Dexter Avenue North San Francisco Bay Area/ South San Francisco San Diego/ University Town Center San Diego/ University Town Center Seattle/Lake Union 84,157 RSF 426,927 RSF 466,598 RSF 227,577 RSF 40% Leased/Negotiating 100%
Slide 53: < Lijee a i. ‘al pelt
Ji < Lijee a i. 2 ‘al pelt
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Slide 56: New Class A/A+ Development and Redevelopment Properties: Under Construction
(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 35 New Class A/A+ Development and Redevelopment Properties: U
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Slide 58: Development/Redevelopment and Land/Future Development Basis
$8.1B $6.8B Development/Redevelopment Under Construction and Repositioning Projects Land/Future Development $3.8B – $5.3B Average Real Estate Basis Capitalized (1) Includes projects aggregating 1.6 million RSF for which we are evaluating business and financial strategy and that are expected to reach
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Slide 60: Investments portfolio
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) P rimarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realizat
Slide 61: Significant Liquidity
SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022 (2) $4.2B 96.4% REMAINING DEBT TERM (IN YEARS) DEBT INTEREST RATE 10.0 4.06% 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 T
Slide 62: 1Q26 Tender Offers and New Issuance
KEY HIGHLIGHTS: Repurchased $1.33 billion debt principal at a 28% discount for $952.2 million across 2050, 2051, and 2052 notes Funded repurchase primarily with issuance of $750 million of 5.25% senior unsecured notes due 2036 Recognized $366.4 million (1) gain on early extinguishment of debt with a
Slide 63: Liquidity as of March 31, 2026
(in millions) Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program $ 3,645 Cash, cash equivalents, and restricted cash 423 Investments in publicly traded companies 102 Liquidity as of March 31, 2026 $ 4,170 Net Debt and Preferred Stock
Slide 64: Net Debt and Preferred Stock to Adjusted EBITDA
6.8x 12/31/25 3/31/26 12/31/26 Target
Slide 65: Leverage and fixed-charge coverage targets
3.6x to 4.1x 5.6x to 6.2x Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Quarter annualized. Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 49 Summary of Debt
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Slide 67: Debt term comparison among S&P REITs
8.0 6 °o 4 ) 2 ° 0.0 SBAC BXP DOC UDR EXR CPT IRM INVH DLR VTR WELLFRT HST AMT O ccl VICl PSA MAA WY EQIX AVB EOR ESS SPG REG KIM PLD ARE
Slide 68: Average Debt Term of S&P REITs
5.6 Years Average Debt Term of S&P 500 REITs as of December 31, 2025 WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2025 , except for ARE , which is as of March 31, 2026 . Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities — Q1 2026 Earnings Presentation on 6ix

Alexandria Real Estate Equities — Q1 2026 Earnings Presentation

Slide 1: Reserved . © 2026

Slide 2: Reserved. © 2026 iv

Slide 3: Alexandria: Highly Impactful, Consequential Company & Most Trusted Brand

Slide 4: Reserved. © 2026 vi

Slide 5: Sources for life science industry data

Slide 6: Life Science Industry Dependent on Four Critical Pillars

Slide 7: Drug Approvals Decelerated Slightly in 1Q26

Slide 8: FDA novel therapy approvals

Slide 9: Reserved. © 2026 xi

Slide 10: Biotech funding and near-commercial companies

Slide 11: Reserved. © 2026 xiii

Slide 12: Reserved. © 2026 xiv

Slide 13: Reserved. © 2026 xv

Slide 14: Reserved. © 2026 xvi

Slide 15: Alexandria's Path Forward: 1Q26 Update

Slide 16: Significant Liquidity

Slide 17: Weighted-Average Remaining Debt Term of 10.0 Years

Slide 18: Debt Maturities by Year

Slide 19: Leasing Volume by RSF

Slide 20: Leasing volume projected 2026

Slide 21: Leasing volume by type

Slide 22: Leasing Volume Driven by Diverse Tenant Mix

Slide 23: Leasing detail and key disposition at Mission Bay

Slide 24: Record $1,645 Price Per RSF Sale to UCSF

Slide 25: 2026 Dispositions and Sales of Partial Interests

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Slide 28: Land

Slide 29: Dispositions and partial interest sales guidance

Slide 30: Projected Reduction in Non-Income-Producing and Non-Core Assets

Slide 31: Continuing Reduction and Management of G&A Expenses

Slide 32: Operational Excellence in Asset Management, Design, Development, and Sustainability

Slide 33: Reserved . © 2026

Slide 34: Reports 1Q26 Net Income per Share – Diluted of $2.10

Slide 35: 4Q26 FFO per share guidance update

Slide 36: Tenant base by type

Slide 37: Percentage of Annual Rental Revenue by tenant

Slide 38: Same property performance guidance

Slide 39: Same property performance guidance

Slide 40: Same property performance guidance

Slide 41: Same Property Performance

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Slide 43: Progress on 2027 Key Lease Expirations

Slide 44: Incremental Annual NOI Growth from Development and Redevelopment Deliveries

Slide 45: Projected 12/31/26

Slide 46: Development/Redevelopment and Non-Income-Producing Assets

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Slide 49: 1Q26 Development and Redevelopment Deliveries

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Slide 52: Projects under construction

Slide 53: < Lijee a i. ‘al pelt

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Slide 56: New Class A/A+ Development and Redevelopment Properties: Under Construction

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Slide 58: Development/Redevelopment and Land/Future Development Basis

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Slide 60: Investments portfolio

Slide 61: Significant Liquidity

Slide 62: 1Q26 Tender Offers and New Issuance

Slide 63: Liquidity as of March 31, 2026

Slide 64: Net Debt and Preferred Stock to Adjusted EBITDA

Slide 65: Leverage and fixed-charge coverage targets

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Slide 67: Debt term comparison among S&P REITs

Slide 68: Average Debt Term of S&P REITs