EX-99.1 2 a2025ex991supp.htm EX-99.1 2025 EX 99.1 SUPP
campuspointvda.jpg
JUST ANNOUNCED
ALEXANDRIA EXECUTES LARGEST LIFE SCIENCE LEASE IN COMPANY
HISTORY WITH A LONG-STANDING MULTINATIONAL PHARMACEUTICAL TENANT
IN JULY FOR A 466,598 RSF BUILD-TO-SUIT RESEARCH HUB AT OUR CAMPUS
POINT BY ALEXANDRIA MEGACAMPUS™ IN SAN DIEGO
HIGHLIGHTS
•
16-year lease term with a
credit tenant
•
Underscores uniquely
targeted demand for
our leading life science
destination in
San Diego
•
R&D hub embedded
in an amenity-rich
Megacampus
ecosystem that enables
tenants to recruit and
retain top talent
footerlogov2a.jpg
Table of Contents
June 30, 2025
COMPANY HIGHLIGHTS
Page
Mission and Cluster Model .....................................................................
EARNINGS PRESS RELEASE
Page
Page
Second Quarter Ended June 30, 2025 Financial and Operating
Results ...................................................................................................
Consolidated Statements of Operations ..........................................
Guidance ...................................................................................................
Consolidated Balance Sheets ............................................................
Dispositions and Sales of Partial Interests ..........................................
SUPPLEMENTAL INFORMATION
Page
Page
Company Profile .......................................................................................
External Growth / Investments in Real Estate
Investor Information .................................................................................
Investments in Real Estate ................................................................
Financial and Asset Base Highlights .....................................................
New Class A/A+ Development and Redevelopment Properties:
High-Quality and Diverse Client Base .................................................
Recent Deliveries ...........................................................................
Internal Growth
Current Projects ..............................................................................
Key Operating Metrics .............................................................................
Summary of Pipeline ......................................................................
Same Property Performance ..................................................................
Construction Spending ........................................................................
Leasing Activity .........................................................................................
Capitalization of Interest .....................................................................
Contractual Lease Expirations ...............................................................
Joint Venture Financial Information ...................................................
Top 20 Tenants .........................................................................................
Balance Sheet Management
Summary of Properties and Occupancy ..............................................
Investments ..........................................................................................
Property Listing ........................................................................................
Balance Sheet ......................................................................................
Key Credit Metrics ...............................................................................
Summary of Debt .................................................................................
Definitions and Reconciliations
Definitions and Reconciliations ..........................................................
CONFERENCE CALL
INFORMATION:
Tuesday, July 22, 2025
2:00 p.m. Eastern Time
11:00 a.m. Pacific Time
(833) 366-1125 or
(412) 902-6738
Ask to join the conference call for
Alexandria Real Estate Equities, Inc.
CONTACT INFORMATION:
Alexandria Real Estate Equities, Inc.
corporateinformation@are.com
JOEL S. MARCUS
Executive Chairman &
Founder
PETER M. MOGLIA
Chief Executive Officer &
Chief Investment Officer
MARC E. BINDA
Chief Financial Officer &
Treasurer
PAULA SCHWARTZ
Managing Director,
Rx Communications Group
(917) 633-7790
competitiveadvantagev3a.jpg
ALEXANDRIA’S
MEGACAMPUS™
PLATFORM
75%
OF OUR ANNUAL
RENTAL REVENUE
As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
LARGEST, HIGHEST-QUALITY
ASSET BASE CLUSTERED IN
THE BEST LOCATIONS
SECTOR-LEADING CLIENT
BASE OF ~750 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY
EXPERIENCED MANAGEMENT TEAM
LIFE SCIENCE REAL ESTATE
WE INVENTED IT.
WE DOMINATE IT.
THE MOST TRUSTED BRAND IN
LIFE SCIENCE REAL ESTATE
megacampusplatformv3.jpg
ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES
SUPERIOR OPERATING RESULTS
ALEXANDRIA’S
MEGACAMPUS PLATFORM
75%
of Annual Rental Revenue
ALEXANDRIA’S MEGACAMPUS OCCUPANCY
OUTPERFORMS THE MARKET(1)
17%
Occupancy
Outperformance
91%
Megacampus
74%
Market
  As of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the occupancy at Alexandria’s Megacampus ecosystems within the Greater Boston, San Francisco Bay Area, and San Diego markets as of June 30, 2025, compared to the average market occupancy for these markets per the
Q1 2025 U.S. Life Sciences Report published by CBRE Research.
innovationv2.jpg
(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 
lifescienceinnovation.jpg
(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 24, 2024. Represents the latest published data, which reflects U.S. estimate for 2022.
(4)Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to COVID.
(5)Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025.
top20pharmav2.jpg
(1)Source: Evaluate Pharma, May 27, 2025. Represents percentage of top 20 biopharma product sales generated from M&A and partnerships in 2024. M&A includes company and product acquisitions. Partnerships include products
sourced by a company through in-licensing deals.
ALEXANDRIA’S HISTORICALLY CONSISTENT AND SOLID DIVIDENDS
dividendv2a.jpg
2Q25
7.3%
Dividend
Yield
57%
Dividend Payout
Ratio
2021–2025
$2.3B
Net Cash Provided by
Operating Activities
After Dividends
chart-a561b74201ec481aa05.gif
ANNUAL COMMON STOCK DIVIDEND PER SHARE
(1)
(2)
(3)
(1)Dividend yield is calculated as the dividend declared for the three months ended June 30, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on June 30, 2025 of $72.63.
(2)Represents the aggregate sum for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.
(3)Represents the common stock dividend declared of $1.32 per share for the three months ended June 30, 2025 annualized.
logo.jpg
Alexandria Real Estate Equities, Inc. Reports:
2Q25 and 1H25 Net Loss per Share – Diluted of $(0.64) and $(0.71), respectively; and
2Q25 and 1H25 FFO per Share – Diluted, as Adjusted, of $2.33 and $4.63, respectively
PASADENA, Calif. – July 21, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the second quarter ended June 30, 2025.
Key highlights
Operating results
2Q25
2Q24
1H25
1H24
Total revenues:
In millions
$762.0
$766.7
$1,520.2
$1,535.8
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions
$(109.6)
$42.9
$(121.2)
$209.8
Per share
$(0.64)
$0.25
$(0.71)
$1.22
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions
$396.4
$405.5
$788.4
$809.4
Per share
$2.33
$2.36
$4.63
$4.71
A sector-leading REIT with a high-quality, diverse tenant base and strong margins
(As of June 30, 2025, unless stated otherwise)
Occupancy of operating properties in North America
90.8%
(1)
Percentage of annual rental revenue in effect from Megacampus™ platform
75%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
53%
Operating margin
71%
Adjusted EBITDA margin
71%
Percentage of leases containing annual rent escalations
97%
Weighted-average remaining lease term:
Top 20 tenants
9.4
years
All tenants
7.4
years
Sustained strength in tenant collections:
July 2025 tenant rents and receivables collected as of July 21, 2025
99.4%
2Q25 tenant rents and receivables collected as of July 21, 2025
99.9%
(1)Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be
occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date
is January 2, 2026.
Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all
publicly traded U.S. REITs
•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of
4.1x for 2Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x,
respectively.
•Significant liquidity of $4.6 billion.
•Only 9% of our total debt matures through 2027.
•12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.
•Since 2021, our quarter-end fixed-rate debt averaged 97.2%.
•Total debt and preferred stock to gross assets of 30%.
•$297.3 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 3Q25 through 2027 and beyond, including $116.7 million
from 3Q25 to 4Q25.
Leasing volume and rental rate increases
•Leasing volume of 769,815 RSF during 2Q25.
•In July 2025, we executed the largest life science lease in company history with a long-
standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease,
aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our
University Town Center submarket. If this were included in the leasing volume for 2Q25, the
total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF. Refer
to “Subsequent events” in the Earnings Press Release for additional details.
•Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash
basis) for 2Q25 and 13.2% and 6.9% (cash basis) for 1H25.
•84% of our leasing activity during the last twelve months was generated from our existing
tenant base.
2Q25
1H25
Total leasing activity – RSF
769,815
1,800,368
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)
483,409
1,367,817
Rental rate increase
5.5%
13.2%
Rental rate increase (cash basis)
6.1%
6.9%
Leasing of development and redevelopment space – RSF
131,768
138,198
Dividend strategy to share net cash flows from operating activities with stockholders while
retaining a significant portion for reinvestment
•Common stock dividend declared for 2Q25 of $1.32 per share aggregating $5.26 per
common share for the twelve months ended June 30, 2025, up 18 cents, or 3.5%, over the
twelve months ended June 30, 2024.
•By maintaining our recent dividend at $1.32 per share, over $40 million of additional liquidity
and equity capital can be reinvested annually.
•Dividend yield of 7.3% as of June 30, 2025.
•Dividend payout ratio of 57% for the three months ended June 30, 2025.
•Significant net cash flows provided by operating activities after dividends retained for
reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024
and the midpoint of our 2025 guidance range.
Ongoing execution of Alexandria’s 2025 capital recycling strategy
We expect to fund a significant portion of our capital requirements for the year ending
December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and
sales to owner/users. We expect dispositions of land to represent 20%–30% of our total
dispositions and sales of partial interests for 2025.
(in millions)
Completed dispositions
$261
Our share of pending transactions subject to non-refundable deposits,
signed letters of intent, and/or purchase and sale agreement
negotiations
525
Our share of completed and pending 2025 dispositions
786
40%
Additional targeted dispositions
1,164
60
2025 guidance midpoint for dispositions and sales of partial interests
$1,950
100%
footerlogov2a.jpg
Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)
June 30, 2025
Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $15 million commencing during 2Q25, with an additional $139 million of incremental
annual net operating income anticipated to deliver by 4Q26 primarily from projects 84% leased/
negotiating
•During 2Q25, we placed into service development and redevelopment projects aggregating
217,774 RSF that are 90% occupied across three submarkets and delivered incremental
annual net operating income of $15 million.
•A significant 2Q25 delivery was 119,202 RSF at 10935, 10945, and 10955 Alexandria Way
located in this asset at the One Alexandria Square Megacampus in our Torrey Pines
submarket.
•Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield
(cash basis), respectively, were primarily driven by leasing space at higher rental rates 
than previously underwritten and a $23 million reduction in total investment due to
construction cost savings from overall project efficiencies.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $57 million upon the burn-off of initial free rent, which has a weighted-average
burn-off period of approximately three months.
•During 1Q25-4Q26, we expect to deliver annual net operating income representing nearly 9%
of the total net operating income for 2024.
•74% of the RSF in our total development and redevelopment pipeline is within our
Megacampus ecosystems.
Development and Redevelopment Projects
Incremental
Annual Net
Operating Income
RSF
Occupied/
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service:
1Q25
$37
309,494
100%
2Q25
15
(1)
217,774
90
Placed into service in 1H25
$52
(1)
527,268
96%
Expected to be placed into service:
3Q25 through 4Q26
$139
(2)
1,155,041
(3)
84%
(4)
2027 through 2028(5)
261
3,270,238
28%
$400
(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF
that are vacant and/or unleased as of June 30, 2025.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond,
including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy
years under “New Class A/A+ development and redevelopment properties: current projects” in the
Supplemental Information for additional details.
(3)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial
deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected
to stabilize during 2H25 and 2026.
(5)Includes one 100% pre-leased committed near-term project expected to commence construction in the next
year. 
Significant leasing progress on temporary vacancy
Occupancy as of June 30, 2025
90.8%
(1)
Temporary vacancies now leased with future delivery
1.7
(2)
Occupancy as of June 30, 2025, including leased, but not yet delivered space
92.5%
(1)Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)Represents temporary vacancy as of June 30, 2025 aggregating 668,795 RSF, primarily in the Greater Boston,
San Francisco Bay Area, and San Diego markets, which is leased and expected to be occupied upon
completion of building and/or tenant improvements. The weighted-average expected delivery date is
January 2, 2026.
Key operating metrics
•Net operating income (cash basis) of $2.0 billion for 2Q25 annualized, up $111.4 million, or
5.8%, compared to 2Q24 annualized.
•Same property net operating income changes of (5.4)% and 2.0% (cash basis) for 2Q25 over
2Q24 and (4.3)% and 3.4% (cash basis) for 1H25 over 1H24, which include lease expirations
that became vacant during 1Q25 aggregating 768,080 RSF across six properties and four
submarkets with a weighted-average lease expiration date of January 21, 2025. Excluding
the impact of these lease expirations, same property net operating income changes for 2Q25
would have been (2.1)% and 6.5% (cash basis). As of June 30, 2025, 153,658 RSF was
leased with a weighted-average lease commencement date of April 30, 2026, and we expect
to favorably resolve the remaining 614,422 RSF over the next several quarters.
•General and administrative expenses of $59.8 million for 1H25, representing cost savings of
$31.9 million or 35%, compared to 1H24, primarily the result of cost-control and efficiency
initiatives on reducing personnel-related costs and streamlining business processes.
•As a percentage of net operating income, our general and administrative expenses for the
trailing twelve months ended June 30, 2025 were 6.3%, representing the lowest level in the
past ten years, compared to 9.2% for the trailing twelve months ended June 30, 2024.
Strong and flexible balance sheet
Key metrics as of or for the three months ended June 30, 2025
•$25.7 billion in total market capitalization.
•$12.4 billion in total equity capitalization.
2Q25
Target
Quarter
Trailing
4Q25
Annualized
12 Months
Annualized
Net debt and preferred stock to
Adjusted EBITDA
5.9x
5.8x
Less than or equal to 5.2x
Fixed-charge coverage ratio
4.1x
4.3x
4.0x to 4.5x
footerlogov2a.jpg
Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)
June 30, 2025
Strong and flexible balance sheet (continued)
Key capital events
•Upon maturity on April 30, 2025, we repaid $600.0 million of our 3.45% unsecured senior
notes payable with proceeds from our February 2025 unsecured senior notes payable
offering.
•Under our common stock repurchase program authorized in December 2024, we may
repurchase up to $500.0 million of our common stock through December 31, 2025. During
2Q25, we did not repurchase any shares. As of July 21, 2025, the approximate value of
shares authorized and remaining under this program was $241.8 million.
•In August 2025, we expect to repay a secured construction loan held by our consolidated real
estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9%
interest. The project is currently 76% leased/negotiating and is expected to deliver in 2026.
We expect to repay the loan aggregating $153.5 million which matures in 2026 and bears an
interest rate of 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early
extinguishment of debt of $99 thousand for the write-off of unamortized deferred financing
costs in 3Q25.
Investments
•As of June 30, 2025:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $7.7 million,
comprising gross unrealized gains and losses aggregating $180.2 million and
$172.5 million, respectively.
•Investment loss of $30.6 million for 2Q25 presented in our consolidated statement of
operations consisted of $30.5 million of realized gains, $21.9 million of unrealized losses, and
$39.2 million of impairment charges.
Other key highlights
Key items included in net income attributable to Alexandria’s common stockholders:
2Q25
2Q24
2Q25
2Q24
1H25
1H24
1H25
1H24
(in millions, except per share
amounts)
Amount
Per Share –
Diluted
Amount
Per Share –
Diluted
Unrealized losses on non-
real estate investments
$(21.9)
$(64.2)
$(0.13)
$(0.37)
$(90.1)
$(35.1)
$(0.53)
$(0.20)
Gain on sales of real estate
—
—
—
—
13.2
0.4
0.08
—
Impairment of non-real
estate investments
(39.2)
(12.8)
(0.23)
(0.08)
(50.4)
(27.5)
(0.30)
(0.16)
Impairment of real estate(1)
(129.6)
(30.8)
(0.76)
(0.18)
(161.8)
(30.8)
(0.95)
(0.18)
Increase in provision for
expected credit losses on
financial instruments
—
—
—
—
(0.3)
—
—
—
Total
$(190.7)
$(107.8)
$(1.12)
$(0.63)
$(289.4)
$(93.0)
$(1.70)
$(0.54)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for
additional details.
Subsequent event
•In July 2025, we executed the largest life science lease in company history with a long-
standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease,
aggregating 466,598 RSF, located on the Campus Point by Alexandria Megacampus in our
University Town Center submarket.
•The tenant currently occupies two buildings within the Megacampus, one building
aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025,
the tenant will vacate the 52,620 RSF building to allow for the demolition and development
of the new purpose-built life science building at this site. Upon delivery of the new build-to-
suit property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to
allow for the construction of an amenity which will service the entire Megacampus.
Industry and corporate responsibility leadership: catalyzing and leading the way for
positive change to benefit human health and society
•8 Davis Drive on the Alexandria Center® for Advanced Technologies – Research Triangle
Megacampus won the prestigious 2025 BOMA (Building Owners and Managers Association)
International TOBY (The Outstanding Building of the Year) Award in the Life Science
category. The TOBY Awards are the commercial real estate industry’s highest recognition
honoring excellence in building management and operations. The award represents the
company’s first win in the International TOBY Awards. Of the four regional winners in the Life
Science category that progressed as international TOBY nominees, three were Alexandria-
owned, -operated, and -developed facilities. The two additional Alexandria facilities were:
•201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco
campus in the San Francisco Bay Area and 
•188 East Blaine Street on the Alexandria Center® for Life Science – Eastlake Megacampus
in Seattle.
•We released our 2024 Corporate Responsibility Report, which underscores our
groundbreaking sustainability approach and the continued execution of our impactful
corporate responsibility platform. Notable highlights in the report include:
•The continued advancement of our innovative strategy to reduce operational greenhouse
gas (GHG) emissions in our asset base through energy efficiency, electrification and
alternative energy, and renewable electricity. We reduced operational GHG emissions
intensity by 18% from 2022 to 2024, representing ongoing progress toward our 30%
reduction target by 2030 relative to a 2022 baseline.
•Our steadfast work to catalyze the health and vitality of our local communities and make a
tangible positive impact through action-oriented solutions addressing some of the nation’s
most pressing issues, including mental health and education.
•15 Necco Street, a state-of-the-art R&D facility totaling 345,996 RSF in our Seaport
Innovation District submarket in Greater Boston, earned LEED Platinum certification, the
highest certification level under the U.S. Green Building Council’s Core and Shell rating
system. Home to the Lilly Seaport Innovation Center, the facility serves as the central hub for
Lilly’s genetic medicines efforts.
•We deepened our commitment to driving educational opportunities for students and
supporting STEM education with the opening of the Alexandria Real Estate Equities, Inc.
Learning Lab at the Fred Hutch Cancer Center in Seattle. Designed and built by Alexandria in
close collaboration with Fred Hutch’s Science Education and Facilities teams, the innovative
laboratory environment is dedicated to inspiring and training future scientists.
footerlogov2a.jpg
Second Quarter Ended June 30, 2025 Financial and Operating Results (continued)
June 30, 2025
Industry and corporate responsibility leadership (continued)
•Alexandria was named a recipient of the 2025 Charles A. Sanders, MD, Partnership Award by
the Foundation for the National Institutes of Health (FNIH) in recognition of our key role in
catalyzing a public-private partnership focused on the development of biomarkers for major
depressive disorder to address the urgent need for new medicines for neuropsychology.
•Lawrence J. Diamond, co-chief operating officer and regional market director of Maryland,
was honored with the Beacon of Service Award at the Maryland Tech Council’s 2025 ICON
Awards. The award recognizes Mr. Diamond’s leadership, service, and profound impact on
Maryland’s innovation ecosystem and broader community. 
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class,
mission-driven life science REIT making a positive and lasting impact on the world. With our
founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the
preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™
ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San
Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of
June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset base in
North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class
A/A+ properties undergoing construction and one 100% pre-leased committed near-term project
expected to commence construction in the next year. Alexandria has a long-standing and proven
track record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain
world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also
provides strategic capital to transformative life science companies through our venture capital
platform. We believe our unique business model and diligent underwriting ensure a high-quality
and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental
income, higher returns, and greater long-term asset value. For more information on Alexandria,
please visit www.are.com.
Guidance
footerlogov2a.jpg
June 30, 2025
(Dollars in millions, except per share amounts)
Guidance for 2025 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2025. There can be no assurance that actual amounts will
not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current U.S. administration
related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion relating to risks and uncertainties
that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press Release as well as our SEC filings, including our
most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
2025 Guidance Midpoint
2025 Guidance Midpoint
Summary of Key Changes in Guidance
As of 7/21/25
As of 4/28/25
Summary of Key Changes in Sources and Uses of Capital
As of 7/21/25
As of 4/28/25
EPS, FFO per share, and FFO per share, as adjusted
See updates below
Repayment of secured note payable(5)
$154
$—
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to
Alexandria’s Common Stockholders – Diluted
As of 7/21/25
As of 4/28/25
Earnings per share(1)
$0.40 to $0.60
$1.36 to $1.56
Depreciation and amortization of real estate assets
7.05
7.05
Gain on sales of real estate
(0.08)
(0.08)
Impairment of real estate – rental properties and land(2)
0.77
0.21
Allocation to unvested restricted stock awards
(0.03)
(0.03)
Funds from operations per share and funds from operations
per share, as adjusted(3)
$8.11 to $8.31
$8.51 to $8.71
Unrealized losses on non-real estate investments
0.53
0.40
Impairment of non-real estate investments(2)
0.30
0.07
Impairment of real estate
0.23
0.19
Allocation to unvested restricted stock awards
(0.01)
(0.01)
Funds from operations per share, as adjusted(3)
$9.16 to $9.36
$9.16 to $9.36
Midpoint
$9.26
$9.26
Key Assumptions
Low
High
Occupancy percentage in North America as of December 31, 2025
90.9%
92.5%
Lease renewals and re-leasing of space:
Rental rate changes
9.0%
17.0%
Rental rate changes (cash basis)
0.5%
8.5%
Same property performance:
Net operating income
(3.7)%
(1.7)%
Net operating income (cash basis)
(1.2)%
0.8%
Straight-line rent revenue
$96
$116
General and administrative expenses
$112
$127
Capitalization of interest
$320
$350
Interest expense
$185
$215
Realized gains on non-real estate investments(4)
$100
$130
Key Credit Metric Targets(3)
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized
Less than or equal to 5.2x
Fixed-charge coverage ratio – 4Q25 annualized
4.0x to 4.5x
Key Sources and Uses of Capital
Range
Midpoint
Certain
Completed
Items
Sources of capital:
Reduction in debt
$(290)
$(290)
$(290)
See below
Net cash provided by operating activities after
dividends
425
525
475
Dispositions and sales of partial interests (refer to
page 6)
1,450
2,450
1,950
(6)
Total sources of capital
$1,585
$2,685
$2,135
Uses of capital:
Construction
$1,450
$2,050
$1,750
Acquisitions and other opportunistic uses of
capital(7)
—
500
250
$208
(7)
Ground lease prepayment
135
135
135
$135
Total uses of capital
$1,585
$2,685
$2,135
Reduction in debt (included above):
Issuance of unsecured senior notes payable
$550
$550
$550
$550
Repayment of unsecured notes payable
(600)
(600)
(600)
$(600)
Repayment of secured note payable(5)
(154)
(154)
(154)
Unsecured senior line of credit, commercial paper,
and other
(86)
(86)
(86)
Net reduction in debt
$(290)
$(290)
$(290)
(1)Excludes unrealized gains or losses on non-real estate investments after June 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
(3)Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(4)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to “Investments” in the Supplemental
Information for additional details.
(5)In August 2025, we expect to repay a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, a development project where we have a 76.9% interest. Refer to “Key capital events” in the
Earnings Press release for additional details.
(6)As of July 21, 2025, completed dispositions aggregated $260.6 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated
$524.7 million. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and partial interest sales (excluding land and including stabilized and non-stabilized operating properties) in the 7.5% – 8.5%
range. We expect dispositions of land to represent 20%–30% of our total dispositions and sales of partial interest sales for the year ending December 31, 2025. Refer to “Dispositions and sales of partial interests” in the Earnings Press
Release for additional details.
(7)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 2Q25, we did not repurchase any shares of common stock. 
As of July 21, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may consider repurchasing additional shares of our common stock.
Dispositions and Sales of Partial Interests
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Square Footage
Gain on
Sales of
Real Estate
Property
Submarket/Market
Date of
Sale
Interest
Sold
Operating
Future
Development
Sales Price
Completed in 1Q25
$176,352
$13,165
Completed in 2Q25:
Properties with vacancies
2425 Garcia Avenue and 2400/2450 Bayshore Parkway
Greater Stanford/San Francisco Bay Area
6/30/25
100%
95,901
—
11,000
—
Land
Land parcel
Texas
5/7/25
100%
—
1,350,000
73,287
—
84,287
—
Dispositions completed in 1H25
260,639
$13,165
Our share of pending dispositions and sales of partial interests subject to
non-refundable deposits, signed letters of intent, and/or purchase and
sale agreement negotiations
524,745
Our share of completed and pending 2025 dispositions and sales of
partial interests
$785,384
2025 guidance range for dispositions and sales of partial interests
$1,450,000 – $2,450,000
2025 guidance midpoint for dispositions and sales of partial interests
$1,950,000
footerlogov2a.jpg
Earnings Call Information and About the Company
June 30, 2025
We will host a conference call on Tuesday, July 22, 2025, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results
for the second quarter ended June 30, 2025. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria
Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday,
July 22, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1006663.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2025 is available in the “For Investors” section of our website at www.are.com or
by following this link: https://www.are.com/fs/2025q2.pdf.
For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,
chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,
Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation
cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of
$25.7 billion and an asset base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction and one 100% pre-leased committed
near-term project expected to commence construction in the next year. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to
transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation, statements regarding our projected 2025 earnings per share, projected 2025 funds from operations per share, projected 2025 funds from operations per
share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,”
“guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking
statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a
number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties,
assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without
limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real
estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or
redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace
expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to
obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned
not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated,
we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For
more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our
SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a
prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.
Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria
Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names,
trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended
Six Months Ended
 
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Revenues:
 
 
 
 
 
 
 
Income from rentals
$737,279
$743,175
$763,249
$775,744
$755,162
$1,480,454
$1,510,713
Other income
24,761
14,983
25,696
15,863
11,572
39,744
25,129
Total revenues
762,040
758,158
788,945
791,607
766,734
1,520,198
1,535,842
Expenses:
Rental operations
224,433
226,395
240,432
233,265
217,254
450,828
435,568
General and administrative
29,128
30,675
32,730
43,945
44,629
59,803
91,684
Interest
55,296
50,876
55,659
43,550
45,789
106,172
86,629
Depreciation and amortization
346,123
342,062
330,108
293,998
290,720
688,185
578,274
Impairment of real estate
129,606
32,154
186,564
5,741
30,763
161,760
30,763
Total expenses
784,586
682,162
845,493
620,499
629,155
1,466,748
1,222,918
Equity in (losses) earnings of unconsolidated real estate joint ventures
(9,021)
(1)
(507)
6,635
139
130
(9,528)
285
Investment (loss) income
(30,622)
(49,992)
(67,988)
15,242
(43,660)
(80,614)
(376)
Gain on sales of real estate
—
13,165
101,806
27,114
—
13,165
392
Net (loss) income
(62,189)
38,662
(16,095)
213,603
94,049
(23,527)
313,225
Net income attributable to noncontrolling interests
(44,813)
(47,601)
(46,150)
(45,656)
(47,347)
(92,414)
(95,978)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
stockholders
(107,002)
(8,939)
(62,245)
167,947
46,702
(115,941)
217,247
Net income attributable to unvested restricted stock awards
(2,609)
(2,660)
(2,677)
(3,273)
(3,785)
(5,269)
(7,444)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
common stockholders
$(109,611)
$(11,599)
$(64,922)
$164,674
$42,917
$(121,210)
$209,803
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.’s common stockholders:
Basic
$(0.64)
$(0.07)
$(0.38)
$0.96
$0.25
$(0.71)
$1.22
Diluted
$(0.64)
$(0.07)
$(0.38)
$0.96
$0.25
$(0.71)
$1.22
Weighted-average shares of common stock outstanding:
Basic
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Diluted
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Dividends declared per share of common stock
$1.32
$1.32
$1.32
$1.30
$1.30
$2.64
$2.57
(1)Refer to footnote 1 in “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
Consolidated Balance Sheets
footerlogov2a.jpg
June 30, 2025
(In thousands)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Assets
 
 
 
 
Investments in real estate
$32,160,600
$32,121,712
$32,110,039
$32,951,777
$32,673,839
Investments in unconsolidated real estate joint ventures
40,234
50,086
39,873
40,170
40,535
Cash and cash equivalents
520,545
476,430
552,146
562,606
561,021
Restricted cash
7,403
7,324
7,701
17,031
4,832
Tenant receivables
6,267
6,875
6,409
6,980
6,822
Deferred rent
1,232,719
1,210,584
1,187,031
1,216,176
1,190,336
Deferred leasing costs
491,074
489,287
485,959
516,872
519,629
Investments
1,476,696
1,479,688
1,476,985
1,519,327
1,494,348
Other assets
1,688,091
1,758,442
1,661,306
1,657,189
1,356,503
Total assets
$37,623,629
$37,600,428
$37,527,449
$38,488,128
$37,847,865
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable
$153,500
$150,807
$149,909
$145,000
$134,942
Unsecured senior notes payable
12,042,607
12,640,144
12,094,465
12,092,012
12,089,561
Unsecured senior line of credit and commercial paper
1,097,993
299,883
—
454,589
199,552
Accounts payable, accrued expenses, and other liabilities
2,360,840
2,281,414
2,654,351
2,865,886
2,529,535
Dividends payable
229,686
228,622
230,263
227,191
227,408
Total liabilities
15,884,626
15,600,870
15,128,988
15,784,678
15,180,998
Commitments and contingencies
Redeemable noncontrolling interests
9,612
9,612
19,972
16,510
16,440
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,701
1,701
1,722
1,722
1,720
Additional paid-in capital
17,200,949
17,509,148
17,933,572
18,238,438
18,284,611
Accumulated other comprehensive loss
(27,415)
(46,202)
(46,252)
(22,529)
(27,710)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
17,175,235
17,464,647
17,889,042
18,217,631
18,258,621
Noncontrolling interests
4,554,156
4,525,299
4,489,447
4,469,309
4,391,806
Total equity
21,729,391
21,989,946
22,378,489
22,686,940
22,650,427
Total liabilities, noncontrolling interests, and equity
$37,623,629
$37,600,428
$37,527,449
$38,488,128
$37,847,865
Funds From Operations and Funds From Operations per Share
footerlogov2a.jpg
June 30, 2025
(In thousands)
The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations
attributable to Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:
 
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Net (loss) income attributable to Alexandria’s common stockholders – basic
and diluted
$(109,611)
$(11,599)
$(64,922)
$164,674
$42,917
$(121,210)
$209,803
Depreciation and amortization of real estate assets
343,729
339,381
327,198
291,258
288,118
683,110
573,068
Noncontrolling share of depreciation and amortization from consolidated real estate
JVs
(36,047)
(33,411)
(34,986)
(32,457)
(31,364)
(69,458)
(62,268)
Our share of depreciation and amortization from unconsolidated real estate JVs
942
1,054
1,061
1,075
1,068
1,996
2,102
Gain on sales of real estate
—
(13,165)
(100,109)
(27,114)
—
(13,165)
(392)
Impairment of real estate – rental properties and land
131,090
(1)
—
184,532
5,741
2,182
131,090
2,182
Allocation to unvested restricted stock awards
(1,222)
(686)
(1,182)
(2,908)
(1,305)
(1,916)
(4,736)
Funds from operations attributable to Alexandria’s common stockholders –
diluted(2)
328,881
281,574
311,592
400,269
301,616
610,447
719,759
Unrealized losses (gains) on non-real estate investments
21,938
68,145
79,776
(2,610)
64,238
90,083
35,080
Impairment of non-real estate investments
39,216
(3)
11,180
20,266
10,338
12,788
50,396
27,486
Impairment of real estate
7,189
32,154
2,032
—
28,581
39,343
28,581
Increase (decrease) in provision for expected credit losses on financial instruments
—
285
(434)
—
—
285
—
Allocation to unvested restricted stock awards
(794)
(1,329)
(1,407)
(125)
(1,738)
(2,116)
(1,528)
Funds from operations attributable to Alexandria’s common stockholders –
diluted, as adjusted
$396,430
$392,009
$411,825
$407,872
$405,485
$788,438
$809,378
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Primarily represents impairment charges to reduce the carrying amount of our investments in real estate assets to their respective estimated fair values less costs to sell upon their classification as held for sale in 2Q25, including
(i) $47.5 million related to land parcels in our non-cluster market, (ii) $35.4 million related to an office property located in Carlsbad, San Diego, and (iii) $8.7 million related to an unconsolidated real estate joint venture, which is
classified in equity in earnings of unconsolidated real estate joint ventures in our consolidated statement of operations.
(2)Calculated in accordance with standards established by the Nareit Board of Governors.
(3)Primarily related to one non-real estate investment in a privately held entity that does not report NAV.
Funds From Operations and Funds From Operations per Share (continued)
footerlogov2a.jpg
June 30, 2025
(In thousands, except per share amounts)
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common
stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to
rounding.
Three Months Ended
Six Months Ended
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
6/30/25
6/30/24
Net (loss) income per share attributable to Alexandria’s common stockholders –
diluted
$(0.64)
$(0.07)
$(0.38)
$0.96
$0.25
$(0.71)
$1.22
Depreciation and amortization of real estate assets
1.81
1.80
1.70
1.51
1.50
3.61
2.98
Gain on sales of real estate
—
(0.08)
(0.58)
(0.16)
—
(0.08)
—
Impairment of real estate – rental properties and land
0.77
—
1.07
0.03
0.01
0.77
0.01
Allocation to unvested restricted stock awards
(0.01)
—
—
(0.01)
(0.01)
(0.01)
(0.02)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted
1.93
1.65
1.81
2.33
1.75
3.58
4.19
Unrealized losses (gains) on non-real estate investments
0.13
0.40
0.46
(0.02)
0.37
0.53
0.20
Impairment of non-real estate investments
0.23
0.07
0.12
0.06
0.08
0.30
0.16
Impairment of real estate
0.04
0.19
0.01
—
0.17
0.23
0.17
Allocation to unvested restricted stock awards
—
(0.01)
(0.01)
—
(0.01)
(0.01)
(0.01)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted, as adjusted
$2.33
$2.30
$2.39
$2.37
$2.36
$4.63
$4.71
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,135
170,522
172,262
172,058
172,013
170,328
171,981
Funds from operations – diluted, per share
170,192
170,599
172,262
172,058
172,013
170,390
171,981
Funds from operations – diluted, as adjusted, per share
170,192
170,599
172,262
172,058
172,013
170,390
171,981
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
SUPPLEMENTAL
INFORMATION
footerlogov2a.jpg
Company Profile
June 30, 2025
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a
best-in-class, mission-driven life science REIT making a positive and lasting impact on the
world. With our founding in 1994, Alexandria pioneered the life science real estate niche.
Alexandria is the preeminent and longest-tenured owner, operator, and developer of
collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations,
including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland,
Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market
capitalization of $25.7 billion and an asset base in North America that includes 39.7 million
RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing
construction and one 100% pre-leased committed near-term project expected to
commence construction in the next year. Alexandria has a long-standing and proven track
record of developing Class A/A+ properties clustered in highly dynamic and collaborative
Megacampus environments that enhance our tenants’ ability to successfully recruit and
retain world-class talent and inspire productivity, efficiency, creativity, and success.
Alexandria also provides strategic capital to transformative life science companies through
our venture capital platform. We believe our unique business model and diligent
underwriting ensure a high-quality and diverse tenant base that results in higher
occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value. For more information on Alexandria, please visit www.are.com.
Tenant base
Alexandria is known for our high-quality and diverse tenant base, with 53% of our 
annual rental revenue being generated from tenants that are investment-grade rated or
publicly traded large cap companies. The quality, diversity, breadth, and depth of our
significant relationships with our tenants provide Alexandria with high-quality and stable
cash flows. Alexandria’s underwriting team and long-term industry relationships positively
distinguish us from all other publicly traded REITs and real estate companies.
Executive and senior management team
Alexandria’s executive and senior management team has unique experience and
expertise in creating, owning, and operating highly dynamic and collaborative
Megacampus real estate in key life science cluster locations to catalyze innovation. From
design to development to the management of our high-quality, sustainable real estate, as
well as our ongoing cultivation of collaborative environments with unique amenities and
events, the Alexandria team has a best-in-class reputation of excellence in life science real
estate. Alexandria’s highly experienced management team includes regional market
directors with leading reputations and long-standing relationships within the life science
communities in their respective innovation clusters. We believe that our experience,
expertise, reputation, and key relationships in the real estate and life science industries
provide Alexandria significant competitive advantages in attracting new business
opportunities.
Alexandria’s executive and senior management team consists of
62 individuals, averaging 24 years of real estate experience,
including 13 years with Alexandria. Our executive management
team alone averages 19 years with Alexandria.
EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus
Peter M. Moglia
Executive Chairman &
Founder
Chief Executive Officer &
Chief Investment Officer
Daniel J. Ryan
Hunter L. Kass
Co-President & Regional Market
Director – San Diego
Co-President & Regional Market
Director – Greater Boston
Marc E. Binda
Lawrence J. Diamond
Chief Financial Officer &
Treasurer
Co-Chief Operating Officer & Regional
Market Director – Maryland
Joseph Hakman
Hart Cole
Co-Chief Operating Officer &
Chief Strategic Transactions Officer
Executive Vice President – Capital
Markets/Strategic Operations &
Co-Regional Market Director – Seattle
Jackie B. Clem
Gary D. Dean
General Counsel & Secretary
Executive Vice President –
Real Estate Legal Affairs
Andres R. Gavinet
Onn C. Lee
Chief Accounting Officer
Executive Vice President –
Accounting
Kristina A. Fukuzaki-Carlson
Madeleine T. Alsbrook
Executive Vice President –
Business Operations
Executive Vice President –
Talent Management
footerlogov2a.jpg
Investor Information
June 30, 2025
Corporate Headquarters
 
New York Stock Exchange Trading Symbol
 
Information Requests
26 North Euclid Avenue
 
Common stock: ARE
 
Phone:
(626) 578-0777
Pasadena, California 91101
 
 
Email:
corporateinformation@are.com
www.are.com
 
 
Website:
investor.are.com
Equity Research Coverage
Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company.
Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or
forecasts of Alexandria or our management. Alexandria does not by our reference or distribution of the information below imply our endorsement of or concurrence with any opinions,
estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to
time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us.
BNP Paribas Exane
Citigroup Global Markets Inc.
Green Street
RBC Capital Markets
Nate Crossett / Monir Koummal
Nicholas Joseph / Seth Bergey
Dylan Burzinski
Michael Carroll
(646) 342-1588 / (646) 342-1554
(212) 816-1909 / (212) 816-2066
(949) 640-8780
(440) 715-2649
BofA Securities
Citizens
J.P. Morgan Securities LLC
Robert W. Baird & Co. Incorporated
Jeff Spector / Farrell Granath
Aaron Hecht / Linda Fu
Anthony Paolone / Ray Zhong
Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1351
(415) 835-3963 / (415) 869-4411
(212) 622-6682 / (212) 622-5411
(216) 737-7510 / (414) 298-5053
BTIG, LLC
Deutsche Bank AG
Jefferies
Tom Catherwood / Michael Tompkins
Tayo Okusanya / Samuel Ohiomah
Peter Abramowitz / Katie Elders
(212) 738-6140 / (212) 527-3566
(212) 250-9284 / (212) 250-0057
(212) 336-7241 / (917) 421-1968
CFRA
Evercore ISI
Mizuho Securities USA LLC
Nathan Schmidt
Steve Sakwa / James Kammert
Vikram Malhotra / Georgi Dinkov
(646) 517-1144
(212) 446-9462 / (312) 705-4233
(212) 282-3827 / (617) 352-1721
Fixed Income Research Coverage
Rating Agencies
Barclays Capital Inc.
J.P. Morgan Securities LLC
Moody’s Ratings
 
S&P Global Ratings
Srinjoy Banerjee / Japheth Otieno
Mark Streeter
(212) 553-0376
 
Alan Zigman
(212) 526-3521 / (212) 526-6961
(212) 834-5086
 
(416) 507-2556
Mizuho Securities USA LLC
Thierry Perrein
(212) 205-7665
Financial and Asset Base Highlights
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended (unless stated otherwise)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Selected financial data from consolidated financial statements and related information
Rental revenues
$553,377
$552,112
$566,535
$579,569
$576,835
Tenant recoveries
$183,902
$191,063
$196,714
$196,175
$178,327
General and administrative expenses
$29,128
$30,675
$32,730
$43,945
$44,629
General and administrative expenses as a percentage of net operating income –
trailing 12 months
6.3%
6.9%
7.6%
8.9%
9.2%
Operating margin
71%
70%
70%
71%
72%
Adjusted EBITDA margin
71%
71%
72%
70%
72%
Adjusted EBITDA – quarter annualized
$2,174,160
$2,165,632
$2,273,480
$2,219,632
$2,216,144
Adjusted EBITDA – trailing 12 months
$2,208,226
$2,218,722
$2,228,921
$2,184,298
$2,122,250
Net debt at end of period
$12,844,726
$12,687,856
$11,762,176
$12,191,574
$11,940,144
Net debt and preferred stock to Adjusted EBITDA – quarter annualized
5.9x
5.9x
5.2x
5.5x
5.4x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months
5.8x
5.7x
5.3x
5.6x
5.6x
Total debt and preferred stock at end of period
$13,294,100
$13,090,834
$12,244,374
$12,691,601
$12,424,055
Gross assets at end of period
$43,770,007
$43,486,989
$43,152,628
$44,112,770
$43,305,279
Total debt and preferred stock to gross assets at end of period
30%
30%
28%
29%
29%
Fixed-charge coverage ratio – quarter annualized
4.1x
4.3x
4.3x
4.4x
4.5x
Fixed-charge coverage ratio – trailing 12 months
4.3x
4.4x
4.5x
4.5x
4.6x
Unencumbered net operating income as a percentage of total net operating income
99.7%
99.8%
99.9%
99.1%
99.1%
Closing stock price at end of period
$72.63
$92.51
$97.55
$118.75
$116.97
Common shares outstanding (in thousands) at end of period
170,146
170,130
172,203
172,244
172,018
Total equity capitalization at end of period
$12,357,709
$15,738,715
$16,798,446
$20,454,023
$20,120,907
Total market capitalization at end of period
$25,651,809
$28,829,549
$29,042,820
$33,145,624
$32,544,962
Dividend per share – quarter/annualized
$1.32/$5.28
$1.32/$5.28
$1.32/$5.28
$1.30/$5.20
$1.30/$5.20
Dividend payout ratio for the quarter
57%
57%
55%
55%
55%
Dividend yield – annualized
7.3%
5.7%
5.4%
4.4%
4.4%
Amounts related to operating leases:
Operating lease liabilities at end of period
$363,419
$371,412
$507,127
$648,338
$379,223
Rent expense
$12,139
$11,666
$10,685
$10,180
$9,412
Capitalized interest
$82,423
(1)
$80,065
$81,586
$86,496
$81,039
Average real estate basis capitalized during the period
$8,107,180
$8,026,566
$8,118,010
$8,281,318
$7,936,612
Weighted-average interest rate for capitalization of interest during the period
4.07%
3.99%
4.02%
3.98%
3.96%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)  Increase in capitalized interest driven primarily by an increase in the weighted-average interest rate from 3.99% at 1Q25 to 4.07% at 2Q25.
Financial and Asset Base Highlights (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
 
Three Months Ended (unless stated otherwise)
6/30/25
3/31/25
12/31/24
9/30/24
6/30/24
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue
$18,536
$22,023
$17,653
$29,087
$48,338
Amortization of acquired below-market leases
$10,196
$15,222
$15,512
$17,312
$22,515
Amortization of deferred revenue related to tenant-funded and -built landlord improvements
$2,401
$1,651
$1,214
$329
$—
Straight-line rent expense on ground leases
$87
$149
$1,021
$789
$341
Cash payment for ground lease extension
$—
$(135,000)
$(135,000)
$—
$—
Stock compensation expense
$12,530
$10,064
$12,477
$15,525
$14,507
Amortization of loan fees
$4,615
$4,691
$4,620
$4,222
$4,146
Amortization of debt discounts
$335
$349
$333
$330
$328
Non-revenue-enhancing capital expenditures:
Building improvements
$4,622
$3,789
$4,313
$4,270
$4,210
Tenant improvements and leasing commissions
$23,971
$73,483
$81,918
$55,920
$15,724
Funds from operations attributable to noncontrolling interests
$80,860
$81,012
$76,111
$78,113
$78,711
Operating statistics and related information (at end of period)
Number of properties – North America
384
386
391
406
408
RSF – North America (including development and redevelopment projects under construction)
43,699,922
43,687,343
44,124,001
46,748,734
47,085,993
Total square footage – North America
67,220,337
68,518,184
69,289,411
73,611,815
74,103,404
Annual rental revenue per occupied RSF – North America
$58.68
$58.38
$56.98
$57.09
$56.87
Occupancy of operating properties – North America
90.8%
(1)
91.7%
94.6%
94.7%
94.6%
Occupancy of operating and redevelopment properties – North America
86.2%
86.9%
89.7%
89.7%
89.9%
Weighted-average remaining lease term (in years)
7.4
7.6
7.5
7.5
7.4
Total leasing activity – RSF
769,815
(2)
1,030,553
1,310,999
1,486,097
1,114,001
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes
5.5%
18.5%
18.1%
5.1%
7.4%
Rental rate changes (cash basis)
6.1%
7.5%
3.3%
1.5%
3.7%
RSF (included in total leasing activity above)
483,409
884,408
1,024,862
1,278,857
589,650
Top 20 tenants:
Annual rental revenue
$795,244
$754,354
$741,965
$796,898
$805,751
Annual rental revenue from investment-grade or publicly traded large cap tenants
89%
87%
92%
92%
92%
Weighted-average remaining lease term (in years)
9.4
9.6
9.3
9.5
9.4
Same property – percentage change over comparable quarter from prior year:
Net operating income changes
(5.4)%
(3)
(3.1)%
0.6%
1.5%
1.5%
Net operating income changes (cash basis)
2.0%
(3)
5.1%
6.3%
6.5%
3.9%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Refer to page 2 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus
Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from 769,815 RSF.
(3)Refer to page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional details.
footerlogov2a.jpg
High-Quality and Diverse Client Base
June 30, 2025
Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 750 Tenants
Investment-Grade or Publicly Traded
Large Cap Tenants
89%
of ARE’s Top 20 Tenant
Annual Rental Revenue
53%
Percentage of ARE’s Annual Rental Revenue
of ARE’s Total
Annual Rental Revenue
chart-93a15c923e3b45bba49.gif
Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public Biotechnology –
Preclinical or Clinical
Stage
Private
Biotechnology
Other(3)
Biomedical
Institutions(1)
Government
Institutions
Advanced Technologies(2)
As of June 30, 2025. Annual rental revenue represents amounts in effect as of June 30, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental
revenue from unconsolidated real estate joint ventures.
(1)79% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.
(2)63% of our annual rental revenue from advanced technology tenants is from investment-grade or publicly traded large cap tenants.
(3)Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.
footerlogov2a.jpg
High-Quality and Diverse Client Base (continued)
June 30, 2025
Strong, Broad, and Diverse Life Science Tenant Base Drives Solid
Leasing and Long-Term Remaining Lease Terms
Long-Duration Life Science Lease Terms
Remaining Lease
Term (in years)(1)
Multinational Pharmaceutical
7.1
Life Science Product, Service, and
Device
6.6
Government Institutions
5.1
Biomedical Institutions
7.8
Private Biotechnology
7.2
Public Biotechnology
7.1
Percentage of Life Science Leasing Activity by RSF(2)
Multinational
Pharmaceutical
Public
Biotechnology
Life Science
Product,
Service, and
Device
Biomedical
Institutions
Private
Biotechnology
chart-293fd959c25e42f5a9ca.gif
Other
Advanced
Technologies
(1)Average remaining lease term based on annual rental revenue in effect as of June 30, 2025.
(2)Represents the percentage of RSF for leases executed during the three months ended June 30, 2025 for each respective business type.
footerlogov2a.jpg
High-Quality and Diverse Client Base (continued)
June 30, 2025
Sustained Operational Excellence and Strength in Tenant Collections
Tenant Rents And Receivables Collected(1)
99.9%
2Q25
99.4%
July 2025
99.8%
Average Tenant
Collections
1Q21–2Q25
chart-722408bfd13e4e39afca.gif
(1)Represents tenant collections for each quarter-end as of each respective earnings release date.
footerlogov2a.jpg
Key Operating Metrics
June 30, 2025
Same Property
Net Operating Income Performance
Rental Rate Growth:
Renewed/Re-Leased Space
Margins(2)
Favorable Lease Structure(3)
Operating
Adjusted EBITDA
Strategic Lease Structure by Owner and
Operator of Collaborative Megacampus Ecosystems
71%
71%
Increasing cash flows
Percentage of leases containing
annual rent escalations
97%
Stable cash flows
Long-Duration Lease Terms(4)
Percentage of triple net leases
91%
9.4 Years
7.4 Years
Lower capex burden
Percentage of leases providing for the
recapture of capital expenditures
92%
Top 20 Tenants
All Tenants
chart-2d6184df01ad4ed99fb.gif
chart-3930a7501b774816bd3.gif
chart-dd31d154c1b148ef830.gif
chart-1db258f919df48d69e9.gif
(1)
(4.3)%
2024
YTD
6/30/25
Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation
from the most directly comparable financial measure presented in accordance with GAAP.
(1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
(2)For the three months ended June 30, 2025.
(3)Percentages calculated based on our annual rental revenue in effect as of June 30, 2025.
(4)Represents the weighted-average remaining term based on annual rental revenue in effect as of June 30, 2025.
Same Property Performance
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
June 30, 2025
June 30, 2025
Same Property Financial Data
Three Months
Ended
Six Months
Ended
Same Property Statistical Data
Three Months
Ended
Six Months
Ended
Percentage change over comparable period from prior year:
Number of same properties
330
329
Net operating income changes(1)
(5.4)%
(4.3)%
Rentable square feet
33,904,941
33,709,506
Net operating income changes (cash basis)(1)(2)
2.0%
3.4%
Occupancy – current-period average
91.3%
92.5%
Operating margin
68%
68%
Occupancy – same-period prior-year average
94.5%
94.4%
 
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
$ Change
% Change
2025
2024
$ Change
% Change
Income from rentals:
Same properties
$462,622
$480,547
$(17,925)
(3.7)%
$925,636
$950,433
$(24,797)
(2.6)%
Non-same properties
90,755
96,288
(5,533)
(5.7)
179,853
207,802
(27,949)
(13.4)
Rental revenues
553,377
576,835
(23,458)
(4.1)
1,105,489
1,158,235
(52,746)
(4.6)
Same properties
166,465
155,157
11,308
7.3
335,349
308,553
26,796
8.7
Non-same properties
17,437
23,170
(5,733)
(24.7)
39,616
43,925
(4,309)
(9.8)
Tenant recoveries
183,902
178,327
5,575
3.1
374,965
352,478
22,487
6.4
Income from rentals
737,279
755,162
(17,883)
(2.4)
1,480,454
1,510,713
(30,259)
(2.0)
Same properties
429
379
50
13.2
774
719
55
7.6
Non-same properties
24,332
11,193
13,139
117.4
38,970
24,410
14,560
59.6
Other income
24,761
11,572
13,189
114.0
39,744
25,129
14,615
58.2
Same properties
629,516
636,083
(6,567)
(1.0)
1,261,759
1,259,705
2,054
0.2
Non-same properties
132,524
130,651
1,873
1.4
258,439
276,137
(17,698)
(6.4)
Total revenues
762,040
766,734
(4,694)
(0.6)
1,520,198
1,535,842
(15,644)
(1.0)
Same properties
201,305
183,582
17,723
9.7
403,337
362,407
40,930
11.3
Non-same properties
23,128
33,672
(10,544)
(31.3)
47,491
73,161
(25,670)
(35.1)
Rental operations
224,433
217,254
7,179
3.3
450,828
435,568
15,260
3.5
Same properties
428,211
452,501
(24,290)
(5.4)
858,422
897,298
(38,876)
(4.3)
Non-same properties
109,396
96,979
12,417
12.8
210,948
202,976
7,972
3.9
Net operating income
$537,607
$549,480
$(11,873)
(2.2)%
(3)
$1,069,370
$1,100,274
$(30,904)
(2.8)%
(3)
Net operating income – same properties
$428,211
$452,501
$(24,290)
(5.4)%
$858,422
$897,298
$(38,876)
(4.3)%
Straight-line rent revenue
(8,463)
(38,585)
30,122
(78.1)
(13,930)
(76,294)
62,364
(81.7)
Amortization of acquired below-market leases
(9,199)
(11,349)
2,150
(18.9)
(19,097)
(22,772)
3,675
(16.1)
Net operating income – same properties (cash basis)
$410,549
$402,567
$7,982
2.0%
$825,395
$798,232
$27,163
3.4%
Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also
contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
(1)Includes 1Q25 lease expirations aggregating 768,080 RSF, that are vacant as of June 30, 2025, across six properties and four submarkets. Excluding the impact of the properties with these leases, same property net operating
income changes for the three and six months ended June 30, 2025 would have been (2.1)% and 6.5% (cash basis) and (1.1)% and 7.6% (cash basis), respectively. Refer to “Summary of properties and occupancy” in the
Supplemental Information for additional details.
(2)Includes the impact of initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool for the
three and six months ended June 30, 2025, including at 325 Binney Street in our Cambridge submarket, 15 Necco Street in our Seaport Innovation District submarket, and 751 Gateway Boulevard in our South San Francisco
submarket. Excluding the impact of these initial free rent concessions, same property net operating income changes (cash basis) for the three and six months ended June 30, 2025 would have been (1.8)% and (0.8)%, respectively.
(3)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income for the three and six months ended June 30, 2025 would have
increased by 4.0% and 3.2%, respectively, over the corresponding periods in 2024.
Leasing Activity
footerlogov2a.jpg
June 30, 2025
(Dollars per RSF)
Three Months Ended
Six Months Ended
Year Ended
June 30, 2025
June 30, 2025
December 31, 2024
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Leasing activity:
Renewed/re-leased space(1)
 
 
Rental rate changes
5.5%
6.1%
13.2%
6.9%
16.9%
7.2%
New rates
$64.78
$68.27
$60.11
$59.72
$65.48
$64.18
Expiring rates
$61.38
$64.36
$53.10
$55.84
$56.01
$59.85
RSF
483,409
1,367,817
3,888,139
Tenant improvements/leasing commissions
$49.59
$80.68
(2)
$46.89
Weighted-average lease term
9.4 years
9.8 years
8.5 years
Developed/redeveloped/previously vacant space leased(3)
New rates
$58.12
$58.73
$55.31
$55.61
$59.44
$57.34
RSF
286,406
432,551
1,165,815
Weighted-average lease term
12.3 years
11.5 years
10.0 years
Leasing activity summary (totals):
New rates
$62.30
$64.72
$58.96
$58.73
$64.16
$62.68
RSF
769,815
(4)
1,800,368
5,053,954
Weighted-average lease term
10.5 years
10.2 years
8.9 years
Lease expirations(1)
Expiring rates
$63.31
$63.62
$53.95
$55.17
$53.82
$57.24
RSF
825,583
2,748,631
5,005,638
Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 163,493 RSF and 136,131 RSF as of June 30, 2025 and December 31, 2024, respectively. During the trailing twelve months ended June 30, 2025, we granted free rent
concessions averaging 0.9 months per annum.
(2)Includes tenant improvements and leasing commissions for one 11.4-year lease, executed during the three months ended March 31, 2025, at the Alexandria Technology Square® Megacampus in our Cambridge submarket
aggregating 119,280 RSF. Excluding this lease, tenant improvements and leasing commissions per RSF for the six months ended June 30, 2025 was $47.01.
(3)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.
(4)In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the
Campus Point by Alexandria Megacampus in our University Town Center submarket. If this were included in the leasing volume for 2Q25, the total leased RSF would have increased to 1.2 million RSF for 2Q25 from
769,815 RSF.
footerlogov2a.jpg
Contractual Lease Expirations
June 30, 2025
Year
RSF
Percentage of
Occupied RSF
Annual Rental Revenue
(per RSF)(1)
Percentage of
Annual Rental Revenue
2025
(2)
1,320,692
3.7%
$51.73
3.3%
2026
3,137,647
8.9%
$57.29
8.8%
2027
3,393,561
9.6%
$50.88
8.4%
2028
4,015,759
11.4%
$50.83
10.0%
2029
2,286,491
6.5%
$48.02
5.4%
2030
3,078,313
8.7%
$43.50
6.5%
2031
3,585,208
10.2%
$54.35
9.5%
2032
993,042
2.8%
$57.50
2.8%
2033
2,592,303
7.3%
$47.59
6.0%
2034
3,063,408
8.7%
$68.56
10.2%
Thereafter
7,838,957
22.2%
$76.19
29.1%
Market
2025 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
2026 Contractual Lease Expirations (in RSF)
Annual
Rental
Revenue
(per RSF)(1)
Leased
Negotiating/
Anticipating
Targeted for
Future
Development/
Redevelopment(3)
Remaining
Expiring
Leases(4)
Total(2)
Leased
Negotiating/
Anticipating
Targeted for
Future
Development/
Redevelopment
Remaining
Expiring
Leases(4)
Total
Greater Boston
214,399
—
—
145,329
359,728
$35.89
60,418
11,897
—
514,566
586,881
$89.16
San Francisco Bay Area
134,423
10,208
—
279,182
423,813
95.48
28,454
—
—
686,304
714,758
72.57
San Diego
23,327
—
—
68,081
91,408
55.21
—
—
—
846,084
846,084
48.90
Seattle
1,868
—
—
54,781
56,649
32.64
29,604
50,552
—
111,720
191,876
30.42
Maryland
41,283
—
—
23,469
64,752
22.61
—
—
—
255,147
255,147
18.85
Research Triangle
10,478
8,368
—
34,461
53,307
43.56
19,753
—
—
159,362
179,115
39.19
New York City
—
—
—
30,384
30,384
96.62
—
—
—
73,363
73,363
103.16
Texas
—
—
198,972
—
198,972
N/A
—
—
—
—
—
—
Canada
—
—
—
40,679
40,679
10.65
—
247,743
—
1,755
249,498
21.57
Non-cluster/other markets
—
—
—
1,000
1,000
N/A
—
9,266
—
31,659
40,925
85.36
Total
425,778
18,576
198,972
677,366
1,320,692
$51.73
138,229
319,458
—
2,679,960
3,137,647
$57.29
Percentage of expiring leases
32%
1%
15%
52%
100%
4%
10%
0%
86%
100%
Contractual lease expirations for properties classified as held for sale as of June 30, 2025 are excluded from the information on this page.
(1)Represents amounts in effect as of June 30, 2025.
(2)Excludes month-to-month leases aggregating 163,493 RSF as of June 30, 2025.
(3)Primarily represents assets that were recently acquired for future development or redevelopment opportunities, for which we expect, subject to market conditions and leasing, to commence first-time conversion from non-laboratory space
to laboratory space, or to commence future ground-up development. As of June 30, 2025, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $895 thousand and July 1, 2025, respectively.
Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(4)Includes 12 properties primarily located in Greater Boston, the San Francisco Bay Area, and San Diego markets aggregating 868,289 RSF with a weighted-average lease expiration date of February 9, 2026 and annual rental revenue
aggregating $70 million and are expected to be re-leased to new tenants, including the following:
(i)Three properties aggregating 213,705 RSF in our Greater Stanford submarket that were recently acquired and we are evaluating options to reposition the campus for advanced technology use;
(ii)One property aggregating 118,225 RSF in our Torrey Pines submarket for which we are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy; and
(iii)One lease expiration aggregating 34,714 RSF at our Alexandria Technology Square Megacampus in our Cambridge submarket for which we are in the process of repositioning the building for multi-tenant use.
We continue to evaluate the business plans and re-leasing strategies for these projects.
Top 20 Tenants
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands, except average market cap amounts)
89% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade
or Publicly Traded Large Cap Tenants(1)
Tenant
Remaining Lease
Term(1) (in years)
Aggregate
RSF
Annual Rental
Revenue(1)
Percentage of
Annual Rental
Revenue(1)
Investment-Grade
Credit Ratings
Average
Market Cap
(in billions)
Moody’s
S&P
1
Bristol-Myers Squibb Company(2)
5.8
1,312,184
$113,542
5.5%
A2
A
$106.0
2
Eli Lilly and Company
9.3
1,086,165
91,233
4.4
Aa3
A+
$791.0
3
Moderna, Inc.
10.9
496,814
88,729
4.3
—
—
$19.5
4
Takeda Pharmaceutical Company Limited
9.9
549,759
47,899
2.3
Baa1
BBB+
$45.0
5
AstraZeneca PLC
6.4
450,848
39,637
1.9
A1
A+
$227.0
6
Eikon Therapeutics, Inc.(3)
13.5
311,806
38,913
1.9
—
—
$—
7
Roche
7.7
647,069
36,373
1.7
Aa2
AA
$255.0
8
Illumina, Inc.
5.4
857,967
35,924
1.7
Baa3
BBB
$18.1
9
Alphabet Inc.
2.3
625,015
34,899
1.7
Aa2
AA+
$2,120.0
10
United States Government
5.1
429,359
29,502
(4)
1.4
Aaa
AA+
$—
11
Uber Technologies, Inc.
57.3
(5)
1,009,188
27,809
1.3
Baa1
BBB
$155.0
12
Novartis AG
3.1
387,563
27,709
1.3
Aa3
AA-
$238.0
13
Cloud Software Group, Inc.
1.0
(6)
292,013
26,446
1.3
—
—
$—
14
Boston Children's Hospital
11.7
309,231
26,294
1.3
Aa2
AA
$—
15
The Regents of the University of California
9.9
363,974
25,309
1.2
Aa2
AA
$—
16
Sanofi
5.5
267,278
21,851
1.0
Aa3
AA
$132.0
17
New York University
7.1
218,983
21,110
1.0
Aa2
AA-
$—
18
Merck & Co., Inc.
8.2
333,124
21,001
1.0
Aa3
A+
$250.0
19
Charles River Laboratories, Inc.
10.0
250,905
20,535
1.0
—
—
$8.9
20
Massachusetts Institute of Technology
4.5
242,428
20,529
1.0
Aaa
AAA
$—
Total/weighted-average
9.4
(5)
10,441,673
$795,244
38.2%
Annual rental revenue and RSF include 100% of each property managed by us in North America. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the
Supplemental Information for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of June 30, 2025.
(2)During the three months ended June 30, 2025, Bristol-Myers Squibb Company acquired 2seventy bio, Inc., which was a Top 20 tenant as of March 31, 2025.
(3)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharma executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over
$1.2 billion in private venture capital funding.
(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration. Approximately 3% of the annual rental revenue derived from our
leases with the United States Government is cancellable prior to the lease expiration date.
(5)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by
our unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental
revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.6 years as of June 30, 2025.
(6)Represents one lease encompassing four properties acquired in 2022 that we expect to reposition upon lease expiration. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we
acquired the properties. Refer to footnote 4 in “Contractual lease expirations” in the Supplemental Information for additional details.
Summary of Properties and Occupancy
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands, except per RSF amounts)
Solid Historical Occupancy of 95% Over Past 10 Years(1) From Historically
Strong Demand for Our Class A/A+ Properties in AAA Locations
Summary of properties
Market
RSF
Number of
Properties
Annual Rental Revenue
Operating
Development
Redevelopment
Total
% of Total
Total
% of Total
Per RSF
Greater Boston
9,270,787
632,850
1,626,322
11,529,959
26%
65
$731,510
35%
$87.55
San Francisco Bay Area
7,991,106
212,796
344,934
8,548,836
20
64
459,269
22
69.82
San Diego
6,851,449
784,590
—
7,636,039
17
74
324,236
16
49.91
Seattle
3,178,090
227,577
—
3,405,667
8
45
130,470
6
45.45
Maryland
3,848,923
—
—
3,848,923
9
50
155,975
7
43.70
Research Triangle
3,825,870
—
—
3,825,870
9
38
107,155
5
30.19
New York City
921,800
—
—
921,800
2
4
75,006
4
91.48
Texas
1,845,159
—
73,298
1,918,457
4
15
37,761
2
24.93
Canada
979,575
—
56,314
1,035,889
2
11
20,208
1
22.74
Non-cluster/other markets
349,099
—
—
349,099
1
10
14,577
1
57.54
Properties held for sale
679,383
—
—
679,383
2
8
25,063
1
43.66
North America
39,741,241
1,857,813
2,100,868
43,699,922
100%
384
$2,081,230
100%
$58.68
3,958,681
Summary of occupancy
 
Operating Properties
Operating and Redevelopment Properties
Market
6/30/25
3/31/25
6/30/24
6/30/25
3/31/25
6/30/24
Greater Boston
90.1%
(2)
91.8%
94.2%
76.7%
78.4%
81.7%
San Francisco Bay Area
88.9
(2)
90.3
94.0
85.2
86.3
90.7
San Diego
94.8
94.3
95.1
94.8
94.3
95.1
Seattle
90.3
91.5
94.7
90.3
91.5
93.7
Maryland
93.9
94.1
96.5
93.9
94.1
96.5
Research Triangle
92.8
(2)
93.4
97.4
92.8
93.4
97.4
New York City
88.9
(3)
87.6
85.1
88.9
87.6
85.1
Texas
82.1
(2)
82.1
95.5
78.9
78.9
91.8
Subtotal
91.0
91.8
94.7
86.3
87.1
90.2
Canada
90.7
94.6
94.9
85.8
82.4
82.5
Non-cluster/other markets
72.6
73.0
75.6
72.6
73.0
75.6
North America
90.8%
(2)(4)
91.7%
94.6%
86.2%
86.9%
89.9%
(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2016 through 2024 and as of June 30, 2025.
(2)Includes previously disclosed lease expirations that became vacant in 1Q25 aggregating 768,080 RSF across six properties and in four submarkets comprising the following: (i) 182,054 RSF at the Alexandria Technology
Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street in our Mission Bay submarket, (iii) one property aggregating 104,531 RSF in our Research Triangle market, and (iv) two properties
aggregating 247,246 RSF in our Austin submarket. As of June 30, 2025, 153,658 RSF was leased with a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining
614,422 RSF over the next several quarters.
(3)The Alexandria Center® for Life Science – New York City Megacampus is 97.8% occupied as of June 30, 2025. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for Life
Science – Long Island City property, which was 52.2% occupied as of June 30, 2025.
(4)Includes temporary vacancies as of June 30, 2025 aggregating 668,795 RSF, or 1.7%, primarily in the Greater Boston, San Francisco Bay Area, and San Diego markets, which are leased and expected to be occupied
upon completion of building and/or tenant improvements. The weighted-average expected delivery date is January 2, 2026.
Property Listing
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Our Megacampus™ Properties Account for 75% of Our Annual Rental Revenue
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Greater Boston
Cambridge/Inner Suburbs
Megacampus: Alexandria Center® at Kendall Square
2,213,867
—
—
2,213,867
8
$211,592
97.4%
97.4%
50(1), 60(1), 75/125(1), 90, 100(1), and 225(1) Binney Street, 140 First Street,
and 300 Third Street(1)
Megacampus: Alexandria Center® at One Kendall Square
1,284,337
—
104,956
1,389,293
12
144,417
94.2
87.1
One Kendall Square (Buildings 100, 200, 300, 400, 500, 600/700, 1400,
1800, and 2000), 325 and 399 Binney Street, and One Hampshire Street
Megacampus: Alexandria Technology Square®
1,190,888
—
—
1,190,888
7
96,651
79.5
79.5
100, 200, 300, 400, 500, 600, and 700 Technology Square
Megacampus: The Arsenal on the Charles
751,316
36,444
333,758
1,121,518
13
45,819
79.6
55.1
  311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,
1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
Megacampus: 480 Arsenal Way, 446, 458, 500, and 550 Arsenal Street,
and 99 Coolidge Avenue(1)
623,056
204,395
—
827,451
6
27,508
95.9
95.9
Cambridge/Inner Suburbs
6,063,464
240,839
438,714
6,743,017
46
525,987
90.9
84.7
Fenway
Megacampus: Alexandria Center® for Life Science – Fenway
1,295,745
392,011
137,675
1,825,431
3
99,477
87.2
78.8
401 and 421 Park Drive and 201 Brookline Avenue
Seaport Innovation District
5 and 15(1) Necco Street
459,395
—
—
459,395
2
47,345
96.6
96.6
Seaport Innovation District
459,395
—
—
459,395
2
47,345
96.6
96.6
Route 128
Megacampus: Alexandria Center® for Life Science – Waltham
466,094
—
596,064
1,062,158
5
39,741
100.0
43.9
40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street
19, 225, and 235 Presidential Way
585,226
—
—
585,226
3
14,194
97.0
97.0
Route 128
1,051,320
—
596,064
1,647,384
8
53,935
98.3
62.8
Other
400,863
—
453,869
854,732
6
4,766
59.7
28.0
Greater Boston
9,270,787
632,850
1,626,322
11,529,959
65
$731,510
90.1%
76.7%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
San Francisco Bay Area
Mission Bay
Megacampus: Alexandria Center® for Science and Technology –
Mission Bay(1)
2,023,185
212,796
(3)
—
2,235,981
10
$78,852
82.5%
82.5%
1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street,
1450(3), 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard
South
Mission Bay
2,023,185
212,796
—
2,235,981
10
78,852
82.5
82.5
South San Francisco
Megacampus: Alexandria Technology Center® – Gateway(1)
1,431,608
—
237,684
1,669,292
12
76,715
81.3
69.7
600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2)
Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South
San Francisco
812,453
—
107,250
919,703
5
52,990
100.0
88.3
213(1), 249, 259, 269, and 279 East Grand Avenue
Alexandria Center® for Life Science – South San Francisco
504,235
—
—
504,235
3
32,001
88.0
88.0
201 Haskins Way and 400 and 450 East Jamie Court
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan
445,232
—
—
445,232
2
2,359
100.0
100.0
1122 and 1150 El Camino Real
Alexandria Center® for Life Science – Millbrae(1)
285,346
—
—
285,346
1
35,828
100.0
100.0
230 Harriet Tubman Way
500 Forbes Boulevard(1)
155,685
—
—
155,685
1
10,908
100.0
100.0
South San Francisco
3,634,559
—
344,934
3,979,493
24
210,801
91.0
83.1
Greater Stanford
Megacampus: Alexandria Center® for Life Science – San Carlos
738,038
—
—
738,038
9
44,886
88.1
88.1
825, 835, 960, and 1501-1599 Industrial Road
Alexandria Stanford Life Science District
704,716
—
—
704,716
9
72,225
97.0
97.0
3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and
3330 Hillview Avenue
3412, 3420, 3440, 3450, and 3460 Hillview Avenue
340,103
—
—
340,103
5
23,597
82.9
82.9
3875 Fabian Way
228,000
—
—
228,000
1
9,642
100.0
100.0
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road
198,548
—
—
198,548
3
12,893
89.4
89.4
2100 and 2200 Geng Road
62,526
—
—
62,526
2
2,732
100.0
100.0
3350 West Bayshore Road
61,431
—
—
61,431
1
3,641
73.2
73.2
Greater Stanford
2,333,362
—
—
2,333,362
30
169,616
91.2
91.2
San Francisco Bay Area
7,991,106
212,796
344,934
8,548,836
64
$459,269
88.9%
85.2%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
(2)We own 100% of this property.
(3)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of
intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the institution decided to pursue a
long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF to our presentation of the development project.
Property Listing (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
San Diego
Torrey Pines
Megacampus: One Alexandria Square
968,527
122,302
—
1,090,829
10
$62,077
88.2%
88.2%
3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road,
10935, 10945, 10955, and 10970 Alexandria Way, 10996 Torreyana
Road, and 3545 Cray Court
ARE Torrey Ridge
299,138
—
—
299,138
3
13,263
79.7
79.7
10578, 10618, and 10628 Science Center Drive
ARE Nautilus
218,459
—
—
218,459
4
14,656
97.7
97.7
3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics
Court
Torrey Pines
1,486,124
122,302
—
1,608,426
17
89,996
87.9
87.9
University Town Center
Megacampus: Campus Point by Alexandria(1)
1,310,696
426,927
—
1,737,623
8
81,788
98.8
98.8
9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155,
4224, and 4242 Campus Point Court
Megacampus: 5200 Illumina Way(1)
792,687
—
—
792,687
6
29,978
100.0
100.0
9625 Towne Centre Drive(1)
163,648
—
—
163,648
1
6,520
100.0
100.0
University Town Center
2,267,031
426,927
—
2,693,958
15
118,286
99.3
99.3
Sorrento Mesa
Megacampus: SD Tech by Alexandria(1)
816,048
235,361
—
1,051,409
11
37,003
96.0
96.0
9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, and
10055, 10065, and 10075 Barnes Canyon Road
Megacampus: Sequence District by Alexandria
671,039
—
—
671,039
6
23,458
100.0
100.0
6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
Pacific Technology Park(1)
544,352
—
—
544,352
5
9,352
92.8
92.8
9389, 9393, 9401, 9455, and 9477 Waples Street
Summers Ridge Science Park(1)
316,531
—
—
316,531
4
11,521
100.0
100.0
9965, 9975, 9985, and 9995 Summers Ridge Road
Scripps Science Park by Alexandria
144,113
—
—
144,113
1
11,379
100.0
100.0
10102 Hoyt Park Drive
ARE Portola
101,857
—
—
101,857
3
4,222
100.0
100.0
6175, 6225, and 6275 Nancy Ridge Drive
5810/5820 Nancy Ridge Drive
83,354
—
—
83,354
1
4,621
100.0
100.0
9877 Waples Street
63,774
—
—
63,774
1
2,680
100.0
100.0
5871 Oberlin Drive
33,842
—
—
33,842
1
2,103
100.0
100.0
Sorrento Mesa
2,774,910
235,361
—
3,010,271
33
106,339
97.4
97.4
Sorrento Valley
3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
151,406
—
—
151,406
6
2,866
42.7
42.7
11045 and 11055 Roselle Street
43,233
—
—
43,233
2
2,191
96.3
96.3
Sorrento Valley
194,639
—
—
194,639
8
5,057
54.6
54.6
Other
128,745
—
—
128,745
1
4,558
100.0
100.0
San Diego
6,851,449
784,590
—
7,636,039
74
$324,236
94.8%
94.8%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
(2)We own 100% of this property.
Property Listing (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Seattle
Lake Union
Megacampus: Alexandria Center® for Life Science – Eastlake
1,151,672
—
—
1,151,672
9
$73,275
93.8%
93.8%
1150, 1201(1), 1208(1), 1551, 1600, and 1616 Eastlake Avenue East, 188 and
199(1) East Blaine Street, and 1600 Fairview Avenue East
Megacampus: Alexandria Center® for Advanced Technologies – South
Lake Union
381,380
227,577
—
608,957
3
21,811
99.6
99.6
400(1) and 701 Dexter Avenue North and 428 Westlake Avenue North
219 Terry Avenue North
31,797
—
—
31,797
1
1,368
56.9
56.9
Lake Union
1,564,849
227,577
—
1,792,426
13
96,454
94.5
94.5
Elliott Bay
410 West Harrison Street and 410 Elliott Avenue West
20,101
—
—
20,101
2
710
100.0
100.0
Bothell
Megacampus: Alexandria Center® for Advanced Technologies – Canyon
Park
1,065,194
—
—
1,065,194
22
21,113
86.3
86.3
22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030,
22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522,
22722, and 22745 29th Drive Southeast, 21540, 22213 and 22309 30th
Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street
Southeast
Alexandria Center® for Advanced Technologies – Monte Villa Parkway
464,889
—
—
464,889
6
11,527
83.9
83.9
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
Bothell
1,530,083
—
—
1,530,083
28
32,640
85.6
85.6
Other
63,057
—
—
63,057
2
666
100.0
100.0
Seattle
3,178,090
227,577
—
3,405,667
45
130,470
90.3
90.3
Maryland
Rockville
Megacampus: Alexandria Center® for Life Science – Shady Grove
1,691,960
—
—
1,691,960
20
92,343
94.4
94.4
9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and
9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920
Belward Campus Drive, and 9810 and 9820 Darnestown Road
1330 Piccard Drive
131,508
—
—
131,508
1
4,324
100.0
100.0
1405 and 1450(1) Research Boulevard
114,182
—
—
114,182
2
2,958
72.8
72.8
1500 and 1550 East Gude Drive
91,359
—
—
91,359
2
1,844
100.0
100.0
5 Research Place
63,852
—
—
63,852
1
3,108
100.0
100.0
5 Research Court
51,520
—
—
51,520
1
1,976
100.0
100.0
12301 Parklawn Drive
49,185
—
—
49,185
1
1,598
100.0
100.0
Rockville
2,193,566
—
—
2,193,566
28
$108,151
94.3%
94.3%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Maryland (continued)
Gaithersburg
Alexandria Technology Center® – Gaithersburg I
619,061
—
—
619,061
9
$19,642
93.6%
93.6%
9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940
Clopper Road
Alexandria Technology Center® – Gaithersburg II
486,300
—
—
486,300
7
17,692
95.1
95.1
700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield
Road
20400 Century Boulevard
81,006
—
—
81,006
1
1,858
100.0
100.0
401 Professional Drive
63,207
—
—
63,207
1
1,434
82.7
82.7
950 Wind River Lane
50,000
—
—
50,000
1
1,234
100.0
100.0
620 Professional Drive
27,950
—
—
27,950
1
1,207
100.0
100.0
Gaithersburg
1,327,524
—
—
1,327,524
20
43,067
94.4
94.4
Beltsville
8000/9000/10000 Virginia Manor Road
191,884
—
—
191,884
1
3,050
100.0
100.0
101 West Dickman Street(1)
135,949
—
—
135,949
1
1,707
75.0
75.0
Beltsville
327,833
—
—
327,833
2
4,757
89.6
89.6
Maryland
3,848,923
—
—
3,848,923
50
155,975
93.9
93.9
Research Triangle
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham
2,214,887
—
—
2,214,887
16
54,090
97.6
97.6
6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31
Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
Megacampus: Alexandria Center® for Advanced Technologies and
AgTech – Research Triangle
711,490
—
—
711,490
6
29,518
93.2
93.2
6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
Megacampus: Alexandria Center® for Sustainable Technologies
364,493
—
—
364,493
7
7,283
60.7
60.7
104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
Alexandria Technology Center® – Alston
155,731
—
—
155,731
3
2,755
82.2
82.2
100, 800, and 801 Capitola Drive
Alexandria Innovation Center® – Research Triangle
136,722
—
—
136,722
3
4,222
98.3
98.3
7010, 7020, and 7030 Kit Creek Road
2525 East NC Highway 54
82,996
—
—
82,996
1
3,651
100.0
100.0
407 Davis Drive
81,956
—
—
81,956
1
3,323
100.0
100.0
601 Keystone Park Drive
77,595
—
—
77,595
1
2,313
100.0
100.0
Research Triangle
3,825,870
—
—
3,825,870
38
$107,155
92.8%
92.8%
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
Property Listing (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
 
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
New York City
New York City
Megacampus: Alexandria Center® for Life Science – New York City
742,700
—
—
742,700
3
$69,318
97.8%
97.8%
430 and 450 East 29th Street
Alexandria Center® for Life Science – Long Island City
179,100
—
—
179,100
1
5,688
52.2
52.2
30-02 48th Avenue
New York City
921,800
—
—
921,800
4
75,006
88.9
88.9
Texas
Austin
Megacampus: Intersection Campus
1,525,359
—
—
1,525,359
12
33,694
83.0
83.0
507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center
Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle
1001 Trinity Street and 1020 Red River Street
198,972
—
—
198,972
2
895
100.0
100.0
Austin
1,724,331
—
—
1,724,331
14
34,589
84.9
84.9
Greater Houston
Alexandria Center® for Advanced Technologies at The Woodlands
120,828
—
73,298
194,126
1
3,172
41.5
25.8
8800 Technology Forest Place
Texas
1,845,159
—
73,298
1,918,457
15
37,761
82.1
78.9
Canada
979,575
—
56,314
1,035,889
11
20,208
90.7
85.8
Non-cluster/other markets
349,099
—
—
349,099
10
14,577
72.6
72.6
North America, excluding properties held for sale
39,061,858
1,857,813
2,100,868
43,020,539
376
2,056,167
90.8%
86.2%
Properties held for sale
679,383
—
—
679,383
8
25,063
84.5%
84.5%
Total – North America
39,741,241
1,857,813
2,100,868
43,699,922
384
$2,081,230
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments in Real Estate
footerlogov2a.jpg
June 30, 2025
pipelinepagev2.jpg
ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT
DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL
GROWTH IN ANNUAL NET OPERATING INCOME
Placed Into
Service
Near-Term
Deliveries
Intermediate-Term
Deliveries
1H25
3Q25–4Q26
2027–2028
$52M
$139M
$261M
96%
Occupied
84%
Leased/Negotiating
28%
Leased/Negotiating
527,268 RSF
1.2 million RSF
3.3 million RSF
(4)
(2)
(5)
(1)
(3)
Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.
(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from
development and redevelopment projects expected to be placed into service primarily commencing from 3Q25 through 4Q26 is projected to be $103 million. Refer to the initial and stabilized occupancy years under “New Class A/A+
development and redevelopment properties: current projects” in the Supplemental Information for additional details.
(3)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2027 through 2028 is projected to be $236 million.
(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2H25 and 2026.
(5)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include RSF for partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
Investments in Real Estate (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Investments in real estate
Development and Redevelopment
Under Construction
100% Pre-leased
Committed
Near Term(1)
Operating
2025 and
2026
2027 and
Beyond
Future
Subtotal
Total
Square footage
Operating
39,061,858
—
—
—
—
—
39,061,858
Future Class A/A+ development and redevelopment properties
—
1,155,041
2,803,640
466,598
24,754,090
29,179,369
29,179,369
Future development and redevelopment square feet currently
included in rental properties(2)
—
—
—
(52,620)
(2,525,858)
(2,578,478)
(2,578,478)
Total square footage, excluding properties held for sale
39,061,858
1,155,041
2,803,640
413,978
22,228,232
26,600,891
65,662,749
Properties held for sale
679,383
—
—
—
878,205
878,205
1,557,588
Total square footage
39,741,241
1,155,041
2,803,640
413,978
23,106,437
27,479,096
67,220,337
Investments in real estate
Gross book value as of June 30, 2025(3)
$29,681,626
$1,128,865
$2,657,516
$19,965
$4,819,006
$8,625,352
$38,306,978
(1)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that
currently occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF. At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the
demolition and development of the new, build-to-suit life science building at this site. Upon delivery of the new purpose-built property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the
construction of an amenity which will service the entire Megacampus. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital
would be contributed pro-rata with our joint venture partner.
(2)Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including future development and redevelopment square feet currently included in rental properties.
(3)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint
ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Incremental Annual Net Operating Income Generated From 1H25 Deliveries
Aggregated $52 Million, Including $15 Million(1) in 2Q25
230 Harriet Tubman Way
10935, 10945, and 10955
Alexandria Way(2)
10075 Barnes Canyon Road
San Francisco Bay Area/
South San Francisco
San Diego/Torrey Pines
San Diego/Sorrento Mesa
285,346 RSF
212,694 RSF
17,718 RSF
100% Occupancy
100% Occupancy
100% Occupancy
harriettubman.jpg
alexandriawayoas.jpg
barnescanyon10075v2.jpg
 
Property/Market/Submarket
Our
Ownership
Interest
RSF Placed in Service
Occupancy
Percentage(4)
Total Project
Unlevered Yields
2Q25
Delivery
Date(3)
Prior to
1/1/25
1Q25
2Q25
Total
Initial
Stabilized
Initial
Stabilized
(Cash Basis)
RSF
Investment
Development projects
230 Harriet Tubman Way/San Francisco Bay Area/South
San Francisco
N/A
48.5%
—
285,346
—
285,346
100%
285,346
476,000
7.5%
6.2%
10935, 10945, and 10955 Alexandria Way/San Diego/
Torrey Pines
5/11/25
100%
93,492
—
119,202
212,694
100%
334,996
480,000
(5)
7.2
(5)
6.9
(5)
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
N/A
50.0%
—
17,718
—
17,718
100%
253,079
321,000
5.5
5.7
Redevelopment projects
651 Gateway Boulevard/San Francisco Bay Area/South
San Francisco
N/A(6)
50.0%
67,017
—
22,005
(6)
89,022
75%
(6)
326,706
487,000
5.0
5.1
Canada
5/29/25
100%
78,487
6,430
76,567
161,484
100%
250,790
115,000
6.0
6.0
Weighted average/total
5/14/25
238,996
309,494
217,774
766,264
1,450,917
$1,879,000
6.3%
6.0%
Refer to “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.
(1)Excludes incremental annual net operating income from recently delivered spaces aggregating 22,005 RSF that are vacant and/or unleased as of June 30, 2025. Refer to footnote 6 below.
(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
(3)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(4)Occupancy relates to total operating RSF placed in service as of the most recent delivery.
(5)Improvements of 100 bps and 110 bps in initial stabilized yield and initial stabilized yield (cash basis), respectively, were primarily driven by leasing space at higher rental rates than previously underwritten and a $23 million reduction in total
investment due to construction cost savings from overall project efficiencies.
(6)Represents a turnkey space delivered vacant and unleased that did not generate incremental annual net operating income as of June 30, 2025.
New Class A/A+ Development and Redevelopment Properties:
2025 and 2026 Stabilization (“Near-Term Deliveries”)
footerlogov2a.jpg
June 30, 2025
99 Coolidge Avenue
500 North Beacon Street and
4 Kingsbury Avenue(1)
10935, 10945, and 10955
Alexandria Way(2)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/
Cambridge/Inner Suburbs
San Diego/Torrey Pines
204,395 RSF
36,444 RSF
122,302 RSF
76% Leased/Negotiating
92% Leased/Negotiating
100% Leased
a99coolidge.jpg
arsenalphaseiiv2.jpg
alexandriawayoas.jpg
4135 Campus Point Court
10075 Barnes Canyon Road
8800 Technology Forest Place
San Diego/
University Town Center
San Diego/Sorrento Mesa
Texas/Greater Houston
426,927 RSF
235,361 RSF
73,298 RSF
100% Leased
68% Leased/Negotiating
41% Leased/Negotiating
campuspoint4135.jpg
barnescanyon10075v2.jpg
techforest8800.jpg
(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
New Class A/A+ Development and Redevelopment Properties:
2027 and Beyond Stabilization (“Intermediate-Term Deliveries”)
footerlogov2a.jpg
June 30, 2025
311 Arsenal Street
421 Park Drive
401 Park Drive
40, 50, and 60 Sylvan Road(1)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
Greater Boston/Fenway
Greater Boston/Route 128
333,758 RSF
392,011 RSF
137,675 RSF
596,064 RSF
arsenal311.jpg
parkdrive421.jpg
parkdrive401v2.jpg
a60sylvan.jpg
1450 Owens Street
651 Gateway Boulevard
269 East Grand Avenue
701 Dexter Avenue North
San Francisco Bay Area/
Mission Bay
San Francisco Bay Area/
South San Francisco
San Francisco Bay Area/
South San Francisco
Seattle/Lake Union
212,796 RSF(2)
237,684 RSF
107,250 RSF
227,577 RSF
owens1450.jpg
gateway651.jpg
a269egrand.jpg
a701dexter.jpg
(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.
(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we
executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the
institution decided to pursue a long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF to our presentation of the development project.
New Class A/A+ Development and Redevelopment Properties: Current Projects
footerlogov2a.jpg
June 30, 2025
 
Property/Market/Submarket
Square Footage
Percentage
Occupancy(1)
Dev/Redev
In Service
CIP
Total
Leased
Leased/
Negotiating
Initial
Stabilized
Under construction
2025 and 2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
Dev
116,414
204,395
320,809
52%
76%
4Q23
2026
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
Dev
211,574
36,444
248,018
92
92
1Q24
2025
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
Dev
212,694
122,302
334,996
100
100
4Q24
2025
4135 Campus Point Court/San Diego/University Town Center
Dev
—
426,927
426,927
100
100
2026
2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
Dev
17,718
235,361
253,079
68
68
1Q25
2026
8800 Technology Forest Place/Texas/Greater Houston
Redev
50,094
73,298
123,392
41
41
2Q23
2026
Canada
Redev
194,476
56,314
250,790
78
80
3Q23
2025
802,970
1,155,041
1,958,011
80
84
2027 and beyond stabilization
One Hampshire Street/Greater Boston/Cambridge
Redev
—
104,956
104,956
—
—
2027
2028
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
Redev
56,904
333,758
390,662
7
7
2027
2027
421 Park Drive/Greater Boston/Fenway
Dev
—
392,011
392,011
13
13
2027
2028
401 Park Drive/Greater Boston/Fenway
Redev
—
137,675
137,675
—
—
2026
2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
Redev
—
596,064
596,064
33
33
2026
2027
Other/Greater Boston
Redev
—
453,869
453,869
—
—
2027
2027
1450 Owens Street/San Francisco Bay Area/Mission Bay(2)
Dev
—
212,796
212,796
—
49
(2)
2026
2027
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(3)
Redev
89,022
237,684
326,706
21
21
1Q24
2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
Redev
—
107,250
107,250
—
—
2026
2027
701 Dexter Avenue North/Seattle/Lake Union
Dev
—
227,577
227,577
23
23
2026
2027
145,926
2,803,640
2,949,566
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center(4)
Dev
—
466,598
466,598
100
100
2028
2028
Total 2027 and beyond stabilization and committed near-term project
145,926
3,270,238
3,416,164
25
28
948,896
4,425,279
5,374,175
45%
49%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time.
(2)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, we executed a letter of
intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the three months ended June 30, 2025, the institution decided to pursue a
long-term lease at the project instead of a condominium sale. As a result, we added back the 103,361 RSF and the related book basis to our presentation of the development project.
(3)We continue to build out this project on a floor-by-floor basis. As of 2Q25, the remaining cost to complete is $138 million, or 28% of the total cost at completion.
(4)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 55% interest. The project is fully leased to a longtime multinational pharmaceutical tenant that currently
occupies two buildings within the Megacampus, one building aggregating 52,620 RSF and another building aggregating 52,853 RSF.  At the end of 2025, the tenant will vacate the 52,620 RSF building to allow for the demolition and
development of the new, build-to-suit life science building at this site. Upon delivery of the new purpose-built property anticipated to occur in 2028, the tenant will vacate the 52,853 RSF building to allow for the construction of an amenity
which will service the entire Megacampus. We expect to fund the majority of future construction costs at the Megacampus until our ownership interest increases from 55% to 75%, after which future capital would be contributed pro-rata
with our joint venture partner.
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Our
Ownership
Interest
At 100%
Unlevered Yields
Property/Market/Submarket
In Service
CIP
Cost to
Complete
Total at
Completion
Initial
Stabilized
Initial Stabilized
(Cash Basis)
Under construction
2025 and 2026 stabilization with 84% leased/negotiating
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
76.9%
$136,692
$217,195
$90,113
$444,000
6.0%
6.8%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
100%
376,928
45,565
4,507
427,000
6.2%
5.5%
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
100%
258,106
218,712
3,182
480,000
7.2%
6.9%
4135 Campus Point Court/San Diego/University Town Center
55.0%
—
380,816
143,184
524,000
7.3%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
50.0%
16,646
205,116
99,238
321,000
5.5%
5.7%
8800 Technology Forest Place/Texas/Greater Houston
100%
60,360
46,373
5,267
112,000
6.3%
6.0%
Canada
100%
96,895
15,088
3,017
115,000
6.0%
6.0%
945,627
1,128,865
2027 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge
100%
—
170,821
TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
100%
21,613
291,434
421 Park Drive/Greater Boston/Fenway
100%
—
533,157
401 Park Drive/Greater Boston/Fenway
100%
—
170,697
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
100%
—
480,940
Other/Greater Boston
100%
—
157,989
1450 Owens Street/San Francisco Bay Area/Mission Bay
25.0%
—
242,946
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco
50.0%
116,544
232,366
138,090
487,000
5.0%
5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
100%
—
93,905
TBD
701 Dexter Avenue North/Seattle/Lake Union
100%
—
283,261
138,157
2,657,516
1,083,784
3,786,381
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center
55.0%
—
19,965
640,035
660,000
7.3%
6.5%
Total
$1,083,784
$3,806,346
$2,880,000
(2)
$7,780,000
(2)
Our share of investment(2)(3)
$990,000
$3,180,000
$2,440,000
$6,610,000
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2027 and beyond over the next several quarters.
(2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD. Total cost to complete for our development and redevelopment projects under construction have not
been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign
materials required, and/or the higher cost of domestic materials.
(3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
74% of Our Total Development and Redevelopment Pipeline RSF
Is Within Our Megacampus™ Ecosystems
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge
100%
$170,821
104,956
—
—
104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs
100%
348,966
370,202
—
34,157
404,359
311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue
Megacampus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street, and 99
Coolidge Avenue/Cambridge/Inner Suburbs
(2)
308,792
204,395
—
902,000
1,106,395
446, 458, 500, and 550 Arsenal Street, and 99 Coolidge Avenue
Megacampus: Alexandria Center® for Life Science – Fenway/Fenway
100%
703,854
529,686
—
—
529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128
100%
544,558
596,064
—
515,000
1,111,064
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive
Megacampus: Alexandria Center® at Kendall Square/Cambridge
100%
209,528
—
—
174,500
174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge
100%
8,239
—
—
100,000
100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation
District
60.0%
293,055
—
—
1,040,000
1,040,000
10 Necco Street/Seaport Innovation District
100%
105,734
—
—
175,000
175,000
215 Presidential Way/Route 128
100%
6,816
—
—
112,000
112,000
Other development and redevelopment projects
100%
373,732
453,869
—
1,348,541
1,802,410
$3,074,095
2,259,172
—
4,401,198
6,660,370
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)We have a 76.9% interest in 99 Coolidge Avenue aggregating 204,395 RSF and a 100% interest in 446, 458, 500, and 550 Arsenal Street aggregating 902,000 RSF.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
San Francisco Bay Area
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/
Mission Bay
25.0%
$242,946
(2)
212,796
(2)
—
—
212,796
1450 Owens Street
Megacampus: Alexandria Technology Center® – Gateway/
South San Francisco
50.0%
258,932
237,684
—
291,000
528,684
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San
Francisco/South San Francisco
100%
100,560
107,250
—
90,000
197,250
211(3) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South
San Francisco
100%
420,858
—
—
1,930,000
1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae/South San Francisco
48.5%
157,008
—
—
348,401
348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford
100%
471,861
—
—
1,497,830
1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
3825 and 3875 Fabian Way/Greater Stanford
100%
161,492
—
—
478,000
478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford
100%
38,761
—
—
240,000
240,000
Megacampus: 88 Bluxome Street/SoMa
100%
408,649
—
—
1,070,925
1,070,925
$2,261,067
557,730
—
5,946,156
6,503,886
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have
future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real
estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project. During the
three months ended June 30, 2025, the institution decided to pursue a long-term lease instead of a condominium sale. As a result, we added back the 103,361 RSF and the related book basis to our presentation of the development
project.
(3)Includes a property in which we own a partial interest through a real estate joint venture. Refer to “Joint venture financial information” in the Supplemental Information for additional details.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
footerlogov2a.jpg
June 30, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Committed
Near Term
Future
Total(1)
San Diego
Megacampus: One Alexandria Square/Torrey Pines
100%
$281,632
122,302
—
125,280
247,582
10945 Alexandria Way and 10975 and 10995 Torreyana Road
Megacampus: Campus Point by Alexandria/University Town Center
55.0%
(3)
540,207
426,927
466,598
500,859
1,394,384
10010(2), 10140(2), 10210, and 10260 Campus Point Drive and 4135, 4161, 4165,
and 4224 Campus Point Court
Megacampus: SD Tech by Alexandria/Sorrento Mesa
50.0%
391,642
235,361
—
493,845
729,206
9805 Scranton Road and 10075 Barnes Canyon Road