Consolidated and unconsolidated real estate joint ventures (Notes)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Consolidated and unconsolidated real estate joint ventures

From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that

own, develop, and operate real estate properties. As of December 31, 2025, our real estate joint ventures held the following properties:

	Property(1)	Market	Submarket	Our Ownership Interest
Consolidated real estate joint ventures(2):
	50 and 60 Binney Street	Greater Boston	Cambridge/Inner Suburbs		34.0%
	75/125 Binney Street	Greater Boston	Cambridge/Inner Suburbs		40.0%
	100 and 225 Binney Street and 300 Third Street	Greater Boston	Cambridge/Inner Suburbs		30.0%
	15 Necco Street	Greater Boston	Seaport Innovation District		56.7%
	Alexandria Center® for Science and Technology – Mission Bay(3)	San Francisco Bay Area	Mission Bay		25.0%
	211 and 213 East Grand Avenue	San Francisco Bay Area	South San Francisco		30.0%
	500 Forbes Boulevard	San Francisco Bay Area	South San Francisco		10.0%
	Alexandria Center® for Life Science – Millbrae	San Francisco Bay Area	South San Francisco		48.6%
	3215 Merryfield Row	San Diego	Torrey Pines		30.0%
	Campus Point by Alexandria(4)	San Diego	University Town Center		56.4%	(5)
	5200 Illumina Way	San Diego	University Town Center		51.0%
	9625 Towne Centre Drive	San Diego	University Town Center		30.0%
	SD Tech by Alexandria(6)	San Diego	Sorrento Mesa		50.0%
	Summers Ridge Science Park(7)	San Diego	Sorrento Mesa		30.0%
	1201 and 1208 Eastlake Avenue East	Seattle	Lake Union		30.0%
	400 Dexter Avenue North	Seattle	Lake Union		30.0%
	800 Mercer Street	Seattle	Lake Union		60.0%
Unconsolidated real estate joint ventures(8):
	1655 and 1725 Third Street	San Francisco Bay Area	Mission Bay		10.0%
	101 West Dickman Street	Maryland	Beltsville		58.4%	(9)

(1)Refer to the table on the next page that shows the categorization of our real estate joint ventures under the consolidation framework.

(2)In addition to the real estate joint ventures listed, we have one consolidated real estate joint venture in the Greater Boston market in which a partner holds a $49.6 million

redeemable noncontrolling interest earning a fixed return as of December 31, 2025.

(3)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South.

(4)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(5)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the

campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner.

(6)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(7)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(8)In addition to the real estate joint ventures listed, we hold an interest in two insignificant unconsolidated real estate joint ventures. 

(9)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic

performance of the joint venture.

Our consolidation policy is described under “Consolidation” in Note 2 – “Summary of significant accounting policies” to our

consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the controlling

financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity that we control (i.e.,

we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through contractual

rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of earnings or losses

and fees paid to us that could be significant to the joint venture (the “VIE model”).

We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our

voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We

account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of

income and losses.

The table below shows the categorization of our real estate joint ventures under the consolidation framework:

Property(1)	Consolidation Model	Voting Interest	Consolidation Analysis		Conclusion
50 and 60 Binney Street	VIE model	Not applicable under VIE model			Consolidated
75/125 Binney Street			We have:
100 and 225 Binney Street and 300 Third Street
15 Necco Street			(i)	The power to direct the activities of the joint venture that most significantly affect its economic performance; and
Alexandria Center® for Science and Technology – Mission Bay
211 and 213 East Grand Avenue
500 Forbes Boulevard
Alexandria Center® for Life Science – Millbrae			(ii)	Benefits that can be significant to the joint venture.
3215 Merryfield Row
Campus Point by Alexandria
5200 Illumina Way			Therefore, we are the primary beneficiary of each VIE.
9625 Towne Centre Drive
SD Tech by Alexandria
Summers Ridge Science Park
1201 and 1208 Eastlake Avenue East
400 Dexter Avenue North
800 Mercer Street
101 West Dickman Street			We do not control the joint venture and are therefore not the primary beneficiary.		Equity method of accounting
1655 and 1725 Third Street	Voting model	Does not exceed 50%	Our voting interest is 50% or less.

(1)In addition to the real estate joint ventures listed, we have one real estate joint venture that we control and consolidate under the VIE model. We also hold an interest in

two insignificant unconsolidated real estate joint ventures.

Consolidated real estate joint ventures

99 Coolidge Avenue

In July 2025, we amended the agreement for our consolidated real estate joint venture at 99 Coolidge Avenue in our

Cambridge/Inner Suburbs submarket, pursuant to which the carrying amount of our partner’s noncontrolling interest was adjusted from

$42.0 million to $48.7 million. We continued to control and consolidate the joint venture. Accordingly, we accounted for the $6.7 million

adjustment as an equity transaction and recognized it in additional paid-in capital.

Pursuant to the amended agreement, our partner’s noncontrolling interest was converted into a $48.7 million redeemable

noncontrolling interest that accrues a fixed 4.05% annual preferred return (“distributions”) and no longer participates in the joint

venture’s earnings or distributions in excess of preferred return.

As of December 31, 2025, the contractual preferred interest amount of $48.7 million and accrued distribution of

$844 thousand were classified as redeemable noncontrolling interests within temporary equity in our consolidated balance sheet and

consolidated statement of stockholders’ equity. The amended agreement provides our partner with the option to require us to purchase

its preferred interest for $48.7 million, plus any unpaid distributions. This option was exercised in January 2026, and we expect to

complete the redemption in the first quarter of 2026.

Pacific Technology Park and 199 East Blaine Street

Prior to September 2025, we had two consolidated real estate joint ventures with one partner through its affiliates: (i) a joint

venture that owned Pacific Technology Park, a non-Megacampus of five non-laboratory properties aggregating 544,352 RSF in our

Sorrento Mesa submarket, in which we had a 50% ownership interest and our partner held the remaining 50% ownership interest, and

(ii) a joint venture that owned a laboratory building at 199 East Blaine Street, aggregating 115,084 RSF on the Alexandria Center® for

Life Science – Eastlake Megacampus in our Lake Union submarket, in which we had a 30% ownership interest and our partner held the

remaining 70% ownership interest.

In September 2025, we completed the following transaction with our partner through its affiliates:

(i)We sold our 50% controlling interest in the consolidated joint venture that owned Pacific Technology Park for a sales price

of $96.0 million. In connection with this disposition, we derecognized our partner’s noncontrolling interest of $82.4 million

and recognized a gain on sale of real estate of $9.3 million in our consolidated statement of operations for the year ended

December 31, 2025; and

(ii)We acquired our partner’s 70% noncontrolling interest at 199 East Blaine Street for a purchase price of $94.4 million. We

accounted for this acquisition as an equity transaction, with the $66.3 million excess of the purchase price over the

$30.3 million book value of the noncontrolling interest acquired less costs to sell, recognized in additional paid-in capital

and no gain or loss recognized in earnings.

As a result of this transaction, we received proceeds of $1.6 million. As of December 31, 2025, we own 100% of 199 East

Blaine Street and no longer have an ownership interest in Pacific Technology Park.

409 and 499 Illinois Street

In December 2025, our consolidated joint venture that owned properties at 409 and 499 Illinois Street in our Mission Bay

submarket of San Francisco Bay market, sold these properties, aggregating 466,297 RSF, to the existing tenant following its exercise of

a purchase right included in its lease agreement. We had a 25.0% ownership interest in this joint venture. The properties were sold for a

sales price of $721.1 million, of which our share is $180.3 million. We recognized a gain on sale of real estate of $416.7 million

(including our $103.9 million share) in our consolidated statement of operations for the year end December 31, 2025. As of December

31, 2025, we no longer have an ownership interest in this joint venture.

601, 611, 651, 681, 685, 701, 705, and 751 Gateway Boulevard

We held a 50% ownership interest in 601, 611, 651, 681, 685, and 701 Gateway Boulevard consolidated joint venture and a

51% interest in 751 Gateway Boulevard consolidated joint venture, aggregating 1.6 million RSF, located in our South San Francisco

submarket of San Francisco Bay market.

On December 30, 2025, we completed the sales of our interests in these joint ventures for $283.2 million (representing our

share) with no gain or loss recognized. As of December 31, 2025, we no longer have ownership interests in these consolidated real

estate joint ventures. Refer to Note 3 – “Sales of real estate assets and impairment of real estate” for information about real estate

impairments recognized in connection with this disposition.

285, 299, 307, and 345 Dorchester Avenue

Prior to December 2025, we held a 60.0% ownership interest in a consolidated joint venture that owned land parcels at 285,

299, 307, and 345 Dorchester Avenue, aggregating 1.0 million SF, located in our Seaport Innovation District submarket of Greater

Boston market.

In December 2025, we sold our 60.0% ownership interest in the consolidated joint venture to our partner for a sales price of

$33.5 million. As of December 31, 2025, we no longer have an ownership interest in this real estate joint venture. Refer to Note 3 –

“Sales of real estate assets and impairment of real estate” for information about real estate impairments recognized in connection with

this disposition.

Consolidated VIEs’ balance sheet information

We, together with joint venture partners, hold interests in real estate joint ventures that we consolidate in our financial

statements. These existing joint ventures provide significant equity capital to fund a portion of our future construction spending, and our

joint venture partners may also contribute equity into these entities for financing-related activities.

The table below aggregates the balance sheet information of our consolidated VIEs as of December 31, 2025 and 2024 (in

thousands):

	December 31,
	2025		2024
Investments in real estate	$6,129,668	(1)	$8,917,718
Cash and cash equivalents	258,755		335,223
Other assets	712,154		777,033
Total assets	$7,100,577		$10,029,974
Secured note payable	$—		$149,321
Other liabilities	324,513		626,460
Total liabilities	324,513		775,781
Redeemable noncontrolling interests	49,554		10,360
Alexandria Real Estate Equities, Inc.’s share of equity	3,098,932		4,754,386
Noncontrolling interests’ share of equity	3,627,578		4,489,447
Total liabilities and equity	$7,100,577		$10,029,974

(1)The decrease in this balance as of December 31, 2025 compared to December 31, 2024, is primarily due to the sale of our interests and the acquisition of noncontrolling

interests in various consolidated joint ventures during 2025, as discussed in the “Consolidated real estate joint ventures” section above within this Note 4 – Consolidated

and unconsolidated real estate joint ventures.

In determining whether to aggregate the balance sheet information of consolidated VIEs, we considered the similarity of each

VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and

the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the

balance sheet information of these entities on an aggregated basis. None of our consolidated VIEs’ assets have restrictions that limit

their use to settle specific obligations of the VIE. Other than a put option described in “99 Coolidge Avenue” above, there are no

creditors or other partners of our consolidated VIEs that have recourse to our general credit, and our maximum exposure to our

consolidated VIEs is limited to our variable interests in each VIE.

Noncontrolling interests in consolidated real estate joint ventures

Noncontrolling interests represent the third-party interests in consolidated real estate joint ventures in which we have a

controlling interest. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net

earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in

accordance with the respective operating agreements. During the years ended December 31, 2025 and 2024, we distributed

$951.8 million and $256.7 million, respectively, to our consolidated real estate joint venture partners.

Unconsolidated real estate joint ventures

Our investments in unconsolidated real estate joint ventures, accounted for under the equity method and classified in

investments in unconsolidated real estate joint ventures in our consolidated balance sheets, consisted of the following as of

December 31, 2025 and 2024 (in thousands):

	December 31,
Property	2025	2024
1655 and 1725 Third Street	$19,484	$10,574
101 West Dickman Street	9,669	9,749
Other(1)	1,524	19,550
	$30,677	$39,873

(1)The decrease is primarily due to an impairment charge of $11.7 million recognized in December 2025 to write off the carrying amount of our investment in our 

unconsolidated real estate joint venture at 1450 Research Boulevard, which owns a property aggregating 42,012 RSF located in our Maryland market, upon our

determination that the impairment was other than temporary.

Our maximum exposure to our unconsolidated VIEs is limited to our investment in each VIE, except for our 101 West Dickman

Street unconsolidated real estate joint venture in which we guarantee up to $6.7 million of the outstanding balance related to the VIE’s

secured construction loan.

Below are key terms of unconsolidated real estate joint ventures’ secured loans as of December 31, 2025 (dollars in

thousands):

							At 100%		Our Share
Unconsolidated Joint Venture	Maturity Date		Stated Rate		Interest Rate(1)		Aggregate Commitment	Debt Balance(2)
101 West Dickman Street		10/29/26	SOFR+1.95%	(3)		5.74%	$26,750	$19,136	58.4%
1655 and 1725 Third Street(4)		2/10/35	6.37%			6.44%	500,000	496,881	10.0%
							$526,750	$516,017

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2025.

(3)This loan is subject to a fixed SOFR floor of 0.75%.

(4)During the three months ended March 31, 2025, the unconsolidated real estate joint venture refinanced $500 million of its $600 million existing fixed-rate debt with a new

secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was repaid through contributions from the unconsolidated joint

venture partners, including our share of $10.8 million.