Stockholders' equity (Notes)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' equity

Common equity transactions

Common stock repurchase program

Our common stock repurchase program, authorized by our Board of Directors in December 2024 allowed for the repurchase of

up to $500.0 million of our common stock in the open market, in privately negotiated transactions, or otherwise through its expiration on

December 31, 2025.

During January and February 2025, we repurchased 2.2 million shares of common stock under this repurchase program at an

average price per share of $96.71, with approximately $241.8 million remaining available for additional share repurchases. No further

purchases were made under this program. 

On December 8, 2025, we announced that our Board of Directors authorized a new common stock repurchase program that

allows for the repurchase of up to $500.0 million of our common stock through December 31, 2026. This new program replaced our

prior stock repurchase program. As of the date of this report, no purchases have been made under the new program and $500.0 million

remains available for future share repurchases.

ATM common stock offering program

In February 2024, we entered into an ATM common stock offering program that allows us to sell up to an aggregate of

$1.50 billion of our common stock.

During 2024, we entered into forward equity sales agreements to sell 230 thousand shares. We settled these agreements and

received net proceeds of $27.8 million (before offering costs) in 2024.

During the year ended December 31, 2025, we had no activity under our ATM program. As of December 31, 2025, the

remaining aggregate amount available under our ATM program for future sales of common stock was $1.47 billion.

Accumulated other comprehensive loss

The improvement of $16.9 million in accumulated other comprehensive loss attributable to Alexandria Real Estate Equities,

Inc.’s stockholders for the year ended December 31, 2025 was primarily due to unrealized foreign currency translation gains of

$15.3 million related to our operations in Canada and a $1.7 million reclassification of previously unrealized foreign currency translation

losses upon completion of the sale of our remaining asset located in Asia. This improvement was partially offset by $148 thousand of

unrealized losses resulting from the changes in the fair value of our cross-currency swap agreements due to the strengthening of the

Canadian dollar since the execution of these agreements on July 29, 2025. Refer to Note 11 – “Hedge agreements” to our consolidated

financial statements for additional information.

Common stock, preferred stock, and excess stock authorizations

Our charter authorizes the issuance of 400.0 million shares of common stock, of which 170.5 million shares were issued and

outstanding as of December 31, 2025. Our charter also authorizes the issuance of up to 100.0 million shares of preferred stock, none of

which were issued and outstanding as of December 31, 2025. In addition, 200.0 million shares of “excess stock” (as defined in our

charter) are authorized, none of which were issued and outstanding as of December 31, 2025.