Alexandria Real Estate Equities, Inc. Reports 2Q26 and 1H26 Net (Loss) Income per Share - Diluted of $(0.43) and $1.68, respectively, and 2Q26 and 1H26 FFO per Share - Diluted, as Adjusted, of $1.73 and $3.46, respectively

About this update from Alexandria Real Estate Equities, Inc.

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All Rights Reserved. ©2026"},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" KEY HIGHLIGHTS "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Operating results "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2Q26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2Q25 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1H26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1H25 "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Net (loss) income attributable to Alexandria's common stockholders – diluted: "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  In millions "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $ (73.7) 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operating properties, including executed leases with future occupancy "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 90.9 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Percentage of annual rental revenue in effect from Megacampus platform "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 80 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Percentage of annual rental revenue in effect from investment-grade or publicly traded large cap tenants "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 57 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Operating margin "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 69 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Adjusted EBITDA margin "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 67 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Percentage of leases containing annual rent escalations "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 97 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Weighted-average remaining lease term: "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  Top 20 tenants "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 10.0 "}]},{"val":[{"type":"text","tagName":"p","content":" years "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  All tenants "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 7.7 "}]},{"val":[{"type":"text","tagName":"p","content":" years "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Strong 2Q26 tenant collections(1): "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  2Q26 rents and receivables collected as of August 3, 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 99.9 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (1) Refer to \"Tenant collections\" under \"Definitions and reconciliations\" in the Supplemental Information. "}]}]}]},{"type":"text","tagName":"p","content":" Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 6/30/26) "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" $21.84 billion in total market capitalization. "}]},{"val":[{"type":"text","tagName":"p","content":" $9.02 billion in total equity capitalization. "}]},{"val":[{"type":"text","tagName":"p","content":" Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of 3.3x for 2Q26 annualized; 4Q26 annualized targets: 5.6x–6.2x and 3.6x–4.1x, respectively. We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted EBITDA ratio in 2H26 as we complete dispositions, sales of partial interests, and other capital sources. "}]},{"val":[{"type":"text","tagName":"p","content":" Significant liquidity of $3.60 billion and extension of our $5.0 billion unsecured senior line of credit to 2032. "}]},{"val":[{"type":"text","tagName":"p","content":" Only 6% of our total debt matures through 2028. "}]},{"val":[{"type":"text","tagName":"p","content":" 9.7-year weighted-average remaining debt term, the longest among S&P 500 REITs. "}]},{"val":[{"type":"text","tagName":"p","content":" Total debt and preferred stock to gross assets of 31%. "}]},{"val":[{"type":"text","tagName":"p","content":" Intermediate-term goal for leverage: mid-5x range. "}]}]},{"type":"text","tagName":"p","content":" Solid 2Q26 leasing volume exceeding 1.0 million RSF "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" 2Q26 total leasing volume surpassed 1.0 million RSF, increasing 60% from 1Q26 and exceeding the 2Q25–1Q26 quarterly average of 952,365 RSF by approximately 87,000 RSF. Includes 397,919 RSF for combined previously vacant and development and redevelopment space; second-highest amount since 2Q24, excluding the 466,598 RSF build-to-suit lease signed in 3Q25. "}]},{"val":[{"type":"text","tagName":"p","content":" 75% of our leasing activity during the last twelve months was generated from our existing tenant base. "}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Leasing Volume in RSF: "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2Q26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1Q26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1H26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 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"}]},{"val":[{"type":"text","tagName":"p","content":" 664,588 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":"  Lease renewals and re-leasing of space "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 640,998 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 380,687 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1,021,685 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" 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"}]},{"val":[{"type":"text","tagName":"p","content":" Lease renewals and re-leasing of space: "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":"  Rental rate changes "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (0.7) % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (15.0) % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (7.4) % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":"  Rental rate changes (cash basis) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (4.3) % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (15.8) % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (9.6) % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"text","tagName":"p","content":" Ongoing execution of Alexandria's capital recycling strategy "},{"type":"text","tagName":"p","content":" We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through dispositions of land, non-core dispositions, sales of partial interests, and other capital sources. "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" (in millions) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Sales Price "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" % "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Completed as of August 3, 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $ 170 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Pending transactions subject to non-refundable deposits, signed letters of intent, and/or sale agreement negotiations "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1,159 "}]},{"val":[{"type":"text","tagName":"p","content":" 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The weighted-average expected occupancy date is approximately November 2026, with expected annual rental revenue of approximately $69 million. We expect 64% of the total 1.4 million RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San Francisco Bay Area markets. "}]}]}]},{"type":"text","tagName":"p","content":" KEY OPERATING METRICS "},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Operating metrics "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 2Q26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 1H26 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Same property performance: "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  Net operating income changes "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (10.6) % "}]},{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" (11.5) % "}]},{"val":[{"type":"text","tagName":"p","content":" (1) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  Net operating income changes (cash basis) "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (8.6) % "}]},{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" (11.2) % "}]},{"val":[{"type":"text","tagName":"p","content":" (1) "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  Occupancy – current-period average "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 87.1 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 88.2 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":"  Occupancy – same-period prior-year average "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 92.6 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 93.5 % "}]},{"val":[{"type":"text","tagName":"p","content":" "}]}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" Refer to \"Same property comparisons\" and \"Net operating income\" under \"Definitions and reconciliations\" in the Supplemental Information for additional details and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (1) "}]},{"val":[{"type":"text","tagName":"p","content":" The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with weighted-average lease expiration dates of January 2026 and April 2026, respectively. "}]}]}]},{"type":"text","tagName":"p","content":" Reduction of capital spend and funding needs "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" In 2Q26, we executed a lease aggregating 159,947 RSF with an advanced technology tenant at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The lease enables us to pivot a portion of the redevelopment project from future laboratory and/or biomanufacturing use to a lower-cost advanced technology use, reducing the project's expected aggregate construction budget by approximately $80 million. We expect to deliver the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant improvements. As a result, the leased space was reclassified from redevelopment to operating, reducing the redevelopment project from 431,550 RSF as of 1Q26 to 271,603 RSF as of 2Q26. "}]},{"val":[{"type":"text","tagName":"p","content":" We continue to evaluate the business and financial strategy for five projects aggregating 1.4 million RSF, which may allow us to further reduce future construction funding requirements within our active pipeline. "}]},{"val":[{"type":"text","tagName":"p","content":" As of 2Q26, we executed letters of intent aggregating 108,800 RSF for advanced technology use at our redevelopment project at 311 Arsenal Street. If we are successful in executing these potential leases, we expect to evaluate whether all or a portion of this project will be placed back into operation without the need to further redevelop for laboratory use. "}]},{"val":[{"type":"text","tagName":"p","content":" Non-income-producing assets for 2Q26 are 16% of gross assets, a 4% reduction since 4Q24; targeting a range of 11% to 16% by 4Q26. "}]}]},{"type":"text","tagName":"p","content":" Alexandria's development and redevelopment pipeline delivered incremental annual net operating income of $57 million during 2Q26, with an additional $42 million anticipated to be delivered by 4Q26 "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" During 2Q26, we placed into service one development project aggregating 426,927 RSF that is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University Town Center submarket and delivered incremental annual net operating income aggregating $57 million. "}]},{"val":[{"type":"text","tagName":"p","content":" Annual net operating income (cash basis) from recently delivered projects is expected to increase by $40 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately five months. "}]},{"val":[{"type":"text","tagName":"p","content":" 79% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems. 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Refer to the initial and stabilized occupancy years under \"New Class A/A+ development and redevelopment properties: under construction\" in the Supplemental Information for additional details. 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"}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" Represents the current leased/negotiating percentage of our 174,662 RSF development project that is expected to stabilize in 4Q26. "}]}]}]},{"type":"text","tagName":"p","content":" Continued successful management of general and administrative expenses "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" General and administrative expenses for 2Q26 aggregated $36.9 million, an increase of $7.7 million, or 26.5%, from 2Q25, but a decrease of $7.8 million, or 17.4%, from 2Q24, reflecting the continued benefit from cost‑efficiency initiatives implemented in prior years. Some of the cost savings in 2025 were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026. "}]},{"val":[{"type":"text","tagName":"p","content":" Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings in 2025 and 2026 (based on the midpoint of our 2026 guidance range). "}]},{"val":[{"type":"text","tagName":"p","content":" For the trailing twelve months ended June 30, 2026, our general and administrative expenses represented 6.6% of net operating income, approximately half the average of other S&P 500 REITs for 2023–2025. "}]}]},{"type":"text","tagName":"p","content":" Key capital events "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is expected to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduces the applicable borrowing rate to SOFR plus 0.725% from the currently applicable SOFR plus 0.835%. In connection with the amendment, we expect to recognize a loss on early extinguishment of debt of approximately $3.3 million related to the partial write-off of unamortized loan fees in 3Q26. "}]},{"val":[{"type":"text","tagName":"p","content":" In April 2026, we repaid, upon maturity, $350.0 million of 3.80% unsecured senior notes payable. The repayment was funded temporarily with borrowings under our commercial paper program, which will be repaid through planned dispositions, sales of partial interests, and other capital sources included in our 2026 guidance. No gain or loss was incurred in connection with this repayment. "}]},{"val":[{"type":"text","tagName":"p","content":" Under our common stock repurchase program authorized in December 2025, we may repurchase up to $500.0 million of our common stock through December 31, 2026. As of June 30, 2026, no shares have been repurchased under this program and $500.0 million remains available for future share repurchases. "}]}]},{"type":"text","tagName":"p","content":" Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" Common stock dividend declared of $0.72 per share for 2Q26, consistent with the preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing cash flows with our stockholders. "}]},{"val":[{"type":"text","tagName":"p","content":" Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the midpoint of our 2026 guidance range. 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As of August 3, 2026, completed dispositions aggregated $170.4 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $1.16 billion, and in-process dispositions, sales of partial interests, and other capital sources aggregated $1.10 billion, with the remaining $471.0 million representing multiple alternatives that we are currently evaluating. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" We are currently evaluating our future construction spending estimates for 2027, and a number of factors could cause our preliminary estimates for 2027 to change as we refine our estimates over the next several months. As of August 3, 2026, our updated estimate of 2027 construction spending assumes a decline of $100 million to $600 million (relative to the $1.75 billion midpoint of our 2026 guidance range), resulting in an expected range of $1.15 billion to $1.65 billion, subject to market conditions. The updates to our 2027 construction spending outlook primarily reflect additional leasing activity since 1Q26, including recently executed leases and leases currently under negotiation, which has refined our expectations regarding the amount and timing of 2027 construction spending. 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"}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (2) "}]},{"val":[{"type":"text","tagName":"p","content":" Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance continues to assume a $25 million to $30 million reduction in funds from operations related to potential tenant wind-downs, of which approximately $14 million was recognized during 1H26, including approximately $8 million recognized in 2Q26. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (3) "}]},{"val":[{"type":"text","tagName":"p","content":" Reduction driven primarily by the achievement of certain milestone dates across several projects impacting 4Q26, including a potential decline related to projects for which we are evaluating business and financial strategies. Refer to the discussion of \"2026 and 4Q26 funds from operations per share – diluted, as adjusted\" and \"Capitalization of interest\" below, and \"Capitalization of interest\" in the Supplemental Information for additional details. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (4) "}]},{"val":[{"type":"text","tagName":"p","content":" Includes: (i) an approximate $15 million increase resulting primarily from a shift of approximately six weeks in the weighted-average projected completion date of our 2026 dispositions, sales of partial interests, and other capital sources, from August 2026 to September 2026, and (ii) an approximate $5 million increase resulting primarily from the reduction in 2026 capitalization of interest in 4Q26 discussed in the footnote above. "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" (5) "}]},{"val":[{"type":"text","tagName":"p","content":" Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. Refer to \"Investments\" in the Supplemental Information for additional details. "}]}]}]},{"type":"text","tagName":"p","content":" 2026 and 4Q26 funds from operations per share – diluted, as adjusted "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" 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 adjusted. On August 3, 2026, we narrowed this range to $6.35 to $6.45 while maintaining the midpoint of $6.40. Our outlook includes the following assumptions: The $6.40 midpoint of the guidance range for 2026 funds from operations per share – diluted, as adjusted, remains unchanged, as we expect the benefit from the later dispositions, sales of partial interests, and other capital sources to substantially offset the higher interest expense and lower capitalization of interest for 2026. The narrowed guidance range reflects additional visibility into our full-year outlook. We expect higher 3Q26 funds from operations per share – diluted, as adjusted, than previously assumed due to the approximately six-week shift in the weighted-average projected completion date of the dispositions, sales of partial interests, and other capital sources assumed at the midpoint of our 2026 guidance, from August to September 2026. During 4Q26, we expect lower capitalization of interest than previously assumed primarily driven by the achievement of certain milestone dates across several projects, including a potential decline related to projects for which we are evaluating business and financial strategies. The lower capitalized interest is expected to result in our 4Q26 funds from operations per share – diluted, as adjusted, being at the lower end of our previously provided, and now reiterated, range of $1.40 to $1.50. "}]}]},{"type":"image","size":{"original":{"url":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw=="}},"alt":"Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026"},{"type":"text","tagName":"p","content":" 1) Development-related other income "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" During 1H26, we recognized development fees and other related revenues of approximately $5.6 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete the respective projects. "}]}]},{"type":"text","tagName":"p","content":" 2) Development and redevelopment projects under business and financial strategy evaluation "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" We have five development and redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to \"New Class A/A+ development and redevelopment properties: under construction\" in the Supplemental Information for additional details. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), these projects could deliver earlier than 2028. The incremental capital required for alternative-use construction, and corresponding rental rates earned, are generally lower than those associated with laboratory improvements. In 2Q26, we executed a lease with an advanced technology tenant at the 3000 Minuteman Road redevelopment project in our Greater Boston market. This lease is for a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed one building at our 3000 Minuteman Road redevelopment project, aggregating 159,947 RSF, back into operation this quarter and included it in our operating occupancy as of June 30, 2026. Refer to the Earnings Press Release and \"Leasing Activity\" in the Supplemental Information for additional details. In addition, we have signed letters of intent at our 311 Arsenal Street redevelopment project for non-laboratory use, including advanced technology uses, aggregating 108,800 RSF. If we are successful in executing these potential leases for advanced technology use, we expect lower rental rates and stabilized yields than our initial underwriting. "}]}]},{"type":"text","tagName":"p","content":" 3) Capitalization of interest "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" We expect average real estate basis capitalized to decline from $6.94 billion for 1H26 to an updated range of $3.4 billion to $4.9 billion for 4Q26, primarily driven by the achievement of certain milestone dates across several projects due to deliveries of development and redevelopment projects, deliveries of leased vacant space under construction, and pauses in construction and pre-construction activities, including a potential decline related to projects for which we are evaluating business and financial strategies. The updated range for 4Q26 represents a $400 million reduction (at the midpoint) from the projected range of $3.8 billion to $5.3 billion that was previously disclosed on April 27, 2026. Refer to \"Capitalization of interest\" in the Supplemental Information for additional details. "}]},{"val":[{"type":"text","tagName":"p","content":" At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider potential dispositions of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1H26. "}]}]},{"type":"text","tagName":"p","content":" 4) 2Q26 Key lease expirations "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" We estimate 451 thousand RSF and 1.4 million RSF of leases expiring in 2026 and 2027 with approximately $18.1 million and $100.5 million of annual rental revenue, respectively, to have downtime after lease expiration. These 2026 and 2027 expirations have weighted-average contractual lease expiration dates of August 2026 and March 2027, respectively, and expected weighted-average downtime of 12 to 24 months. Refer to \"Contractual lease expirations\" in the Supplemental Information for additional details. "}]}]},{"type":"table","items":[{"val":[{"val":[{"type":"text","tagName":"p","content":" Key Lease Expirations "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" RSF "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Annual Rental Revenue "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Weighted-Average Expiration Date "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" Weighted-Average Downtime "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" 451,450 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $18.1 million "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" August 2026 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 12 to 24 months "}]}]},{"val":[{"val":[{"type":"text","tagName":"p","content":" 2027 "}]},{"val":[{"type":"text","tagName":"p","content":" 1,377,960 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" $100.5 million "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" March 2027 "}]},{"val":[{"type":"text","tagName":"p","content":" "}]},{"val":[{"type":"text","tagName":"p","content":" 12 to 24 months "}]}]}]},{"type":"text","tagName":"p","content":" 5) Dispositions, sales of partial interests, and other capital sources "},{"type":"list","bulletedList":true,"items":[{"val":[{"type":"text","tagName":"p","content":" We may utilize multiple sources of capital, including land dispositions, non-core dispositions, sales of partial interests, and other capital sources to support the achievement of our leverage ratio targets beyond 2026, given (i) key lease expirations in 2027 with downtime and the factors previously described that could negatively impact EBITDA, (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, and (iii) revenue- and non-revenue-enhancing capital expenditures required to secure leasing of vacant space and renewals and re-leasing of space at our operating properties. Refer to footnotes 4 and 5 under \"Key sources and uses of capital\" above for additional details. "}]}]},{"type":"text","tagName":"p","content":" We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice. 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