Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation (Notes)

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation

Alexandria Real Estate Equities, Inc. and Subsidiaries

Schedule III

Consolidated Financial Statement Schedule of Real Estate and Accumulated Depreciation

December 31, 2025

(Dollars in thousands)

			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
Alexandria Center® at Kendall Square	Greater Boston	$—	$558,885	$783,224	$1,667,101	$558,885	$2,450,325	$3,009,210	$(542,912)	$2,466,298	1981 - 2023	2005 - 2022
Alexandria Center® at One Kendall Square	Greater Boston	—	405,164	576,213	1,128,205	405,164	1,704,418	2,109,582	(353,934)	1,755,648	1985 - 2023	2016 - 2022
Alexandria Technology Square®	Greater Boston	—	—	619,658	400,903	—	1,020,561	1,020,561	(421,077)	599,484	2001 - 2012	2006
The Arsenal on the Charles	Greater Boston	—	191,797	354,611	833,114	191,797	1,187,725	1,379,522	(183,364)	1,196,158	2000 - 2025	2019 - 2021
480 Arsenal Way 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue	Greater Boston	—	69,803	15,614	456,626	69,803	472,240	542,043	(90,938)	451,105	1962 - 2023	2000 - 2022
Alexandria Center® for Life Science – Fenway	Greater Boston	—	912,016	617,552	970,396	912,016	1,587,948	2,499,964	(133,961)	2,366,003	2019 - 2024	2021
5, 10, and 15 Necco Street	Greater Boston	—	277,554	55,897	433,568	277,554	489,465	767,019	(37,419)	729,600	2019 - 2023	2019
Alexandria Center® for Life Science – Waltham	Greater Boston	—	141,629	513,901	482,225	141,629	996,126	1,137,755	(47,264)	1,090,491	1999 - 2024	2020 - 2022
19, 215, 225, and 235 Presidential Way	Greater Boston	—	32,136	118,391	30,103	32,136	148,494	180,630	(41,181)	139,449	1999 - 2001	2005 - 2022
30, 200, and 3000 Minuteman Road	Greater Boston	—	59,227	187,205	88,083	59,227	275,288	334,515	(7,018)	327,497	1997 - 2020	2021 - 2022
Other	Greater Boston	—	96,995	—	20,014	96,995	20,014	117,009	(6)	117,003	Various	Various
Alexandria Center® for Science and Technology – Mission Bay	San Francisco	—	145,025	8,345	589,408	145,025	597,753	742,778	(143,028)	599,750	2007 - 2009	2004 - 2017
Alexandria Center® for Advanced Technologies – South San Francisco	San Francisco	—	59,199	—	642,237	59,199	642,237	701,436	(165,384)	536,052	2008 - 2019	2004 - 2005
Alexandria Center® for Life Science – South San Francisco	San Francisco	—	32,245	1,287	493,804	32,245	495,091	527,336	(196,343)	330,993	2012 - 2022	2002 - 2017
Alexandria Center® for Advanced Technologies – Tanforan	San Francisco	—	330,154	51,145	111,106	330,154	162,251	492,405	(23,762)	468,643	1971 - 2007	2021 - 2022
Alexandria Technology Center® – Gateway	San Francisco	—	37,175	87,213	162,935	37,175	250,148	287,323	(113,875)	173,448	2000 - 2021	2002 - 2006
Alexandria Center® for Life Science – Millbrae	San Francisco	—	69,989	—	526,673	69,989	526,673	596,662	(11,190)	585,472	2025	2021 - 2022
500 Forbes Boulevard	San Francisco	—	35,596	69,091	23,757	35,596	92,848	128,444	(40,504)	87,940	2001	2007
Alexandria Center® for Life Science – San Carlos	San Francisco	—	433,634	28,323	824,729	433,634	853,052	1,286,686	(147,647)	1,139,039	1970 - 2022	2017 - 2021
Alexandria Stanford Life Science District	San Francisco	—	—	599,401	119,819	—	719,220	719,220	(222,457)	496,763	2002 - 2022	2003 - 2022
3412, 3420, 3440, 3450, and 3460 Hillview Avenue	San Francisco	—	—	304,318	110,970	—	415,288	415,288	(39,194)	376,094	1978 - 2018	2020 - 2021

			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	San Francisco	$—	$—	$187,472	$33,658	$—	$221,130	$221,130	$(44,011)	$177,119	2000 - 2017	1999 - 2021
Other	San Francisco	—	415,834	129,342	(134,119)	415,834	(4,777)	411,057	(68,158)	342,899	Various	Various
One Alexandria Square	San Diego	—	140,318	161,293	1,097,503	140,318	1,258,796	1,399,114	(337,901)	1,061,213	1995 - 2025	1994 - 2021
ARE Torrey Ridge	San Diego	—	22,124	152,840	115,518	22,124	268,358	290,482	(90,324)	200,158	2004 - 2021	2016
One Alexandria North	San Diego	—	103,937	1,354	56,248	103,937	57,602	161,539	(1,359)	160,180	1980 - 1990	2020
Campus Point by Alexandria	San Diego	—	270,937	416,534	991,360	270,937	1,407,894	1,678,831	(318,859)	1,359,972	1989 - 2024	2010 - 2022
5200 Illumina Way	San Diego	—	39,051	96,606	201,334	39,051	297,940	336,991	(98,479)	238,512	2004 - 2017	2010
9625 Towne Centre Drive	San Diego	—	7,686	13,748	67,686	7,686	81,434	89,120	(41,674)	47,446	2018	2014
SD Tech by Alexandria	San Diego	—	76,079	246,635	638,942	76,079	885,577	961,656	(76,513)	885,143	1988 - 2025	2013 - 2020
Sequence District by Alexandria	San Diego	—	140,422	230,360	36,937	140,422	267,297	407,719	(43,144)	364,575	1997 - 2000	2020 - 2021
Summers Ridge Science Park	San Diego	—	21,154	102,046	4,947	21,154	106,993	128,147	(22,587)	105,560	2005	2018
10102 Hoyt Park Drive	San Diego	—	21,610	19,986	80,480	21,610	100,466	122,076	(13,569)	108,507	2022	2021
ARE Portola	San Diego	—	6,991	25,153	30,633	6,991	55,786	62,777	(30,232)	32,545	2005 - 2012	2007
5810/5820 Nancy Ridge Drive	San Diego	—	3,492	18,285	33,910	3,492	52,195	55,687	(30,347)	25,340	2021	2004
9877 Waples Street	San Diego	—	5,092	11,908	13,368	5,092	25,276	30,368	(11,681)	18,687	2020	2020
5871 Oberlin Drive	San Diego	—	1,349	8,016	17,824	1,349	25,840	27,189	(6,849)	20,340	2021	2010
3911, 3931, 3985, 4025, 4031, 4045, and 4075 Sorrento Valley Boulevard	San Diego	—	18,177	42,723	66,179	18,177	108,902	127,079	(46,337)	80,742	2007 - 2015	2010 - 2019
11045 Roselle Street	San Diego	—	754	4,288	22,428	754	26,716	27,470	(6,990)	20,480	2008	2000
Other	San Diego	—	64,759	—	13,277	64,759	13,277	78,036	(19)	78,017	Various	Various
Alexandria Center® for Life Science – Eastlake	Seattle	—	46,300	83,012	946,515	46,300	1,029,527	1,075,827	(316,598)	759,229	1997 - 2024	2002 - 2024
Alexandria Center® for Advanced Technologies – South Lake Union	Seattle	—	245,778	31,252	616,442	245,778	647,694	893,472	(81,716)	811,756	1984 - 2017	2007 - 2024
1010 4th Avenue South	Seattle	—	46,200	—	16,563	46,200	16,563	62,763	—	62,763	N/A	2020
410 West Harrison Street and 410 Elliott Avenue West	Seattle	—	3,857	1,989	23,084	3,857	25,073	28,930	(11,781)	17,149	2006 - 2008	2004
Alexandria Center® for Advanced Technologies – Canyon Park	Seattle	—	105,215	164,523	65,021	105,215	229,544	334,759	(26,195)	308,564	1985 - 2007	2021 - 2022
Alexandria Center® for Advanced Technologies – Monte Villa Parkway	Seattle	—	52,464	64,753	102,478	52,464	167,231	219,695	(14,567)	205,128	1994 - 2024	2020
Other	Seattle	—	108,900	931	43,181	108,900	44,112	153,012	(1,254)	151,758	Various	Various
Alexandria Center® for Life Science – Shady Grove	Maryland	—	85,365	253,567	939,281	85,365	1,192,848	1,278,213	(218,478)	1,059,735	1998 - 2024	2004 - 2021
1330 Piccard Drive	Maryland	—	2,800	11,533	38,733	2,800	50,266	53,066	(28,216)	24,850	2005	1997
1405 Research Boulevard	Maryland	—	899	21,946	16,070	899	38,016	38,915	(21,391)	17,524	2006	1997
1500 and 1550 East Gude Drive	Maryland	—	1,523	7,731	10,810	1,523	18,541	20,064	(13,647)	6,417	1995 - 2003	1997
5 Research Place	Maryland	—	1,466	5,708	32,319	1,466	38,027	39,493	(21,812)	17,681	2010	2001

			Initial Costs		Costs Capitalized Subsequent to Acquisitions	Total Costs
Property	Market	Encumbrances	Land	Buildings & Improvements	Buildings & Improvements	Land	Buildings & Improvements	Total(1)	Accumulated Depreciation(2)	Net Cost Basis	Date of Construction(3)	Date Acquired
5 Research Court	Maryland	$—	$1,647	$13,258	$24,165	$1,647	$37,423	$39,070	$(20,872)	$18,198	2007	2004
12301 Parklawn Drive	Maryland	—	1,476	7,267	1,799	1,476	9,066	10,542	(5,436)	5,106	2007	2004
Alexandria Technology Center® – Gaithersburg I	Maryland	—	20,980	121,952	71,195	20,980	193,147	214,127	(70,990)	143,137	1992 - 2019	1997 - 2019
Alexandria Technology Center® – Gaithersburg II	Maryland	—	17,134	67,825	109,453	17,134	177,278	194,412	(60,840)	133,572	2000 - 2021	1997 - 2020
401 Professional Drive	Maryland	—	1,129	6,941	12,511	1,129	19,452	20,581	(11,054)	9,527	2007	1996
950 Wind River Lane	Maryland	—	2,400	10,620	1,592	2,400	12,212	14,612	(5,020)	9,592	2009	2010
620 Professional Drive	Maryland	—	784	4,705	8,277	784	12,982	13,766	(9,164)	4,602	2012	2005
8000/9000/10000 Virginia Manor Road	Maryland	—	—	13,679	11,036	—	24,715	24,715	(15,264)	9,451	2003	1998
Alexandria Center® for Life Science – Durham	Research Triangle	—	186,680	447,875	258,012	186,680	705,887	892,567	(98,886)	793,681	1985 - 2023	2020 - 2022
Alexandria Center® for Advanced Technologies and AgTech– Research Triangle	Research Triangle	—	30,584	23,714	492,293	30,584	516,007	546,591	(85,090)	461,501	2007 - 2022	2012 - 2021
Alexandria Center® for Sustainable Technologies	Research Triangle	—	54,908	18,849	114,103	54,908	132,952	187,860	(69,533)	118,327	1966 - 2022	1998 - 2022
Alexandria Technology Center® – Alston	Research Triangle	—	577	11,688	26,513	577	38,201	38,778	(23,906)	14,872	1985 - 2009	1998
Alexandria Innovation Center® – Research Triangle	Research Triangle	—	1,065	21,218	32,632	1,065	53,850	54,915	(28,297)	26,618	2005 - 2008	2000
2525 East NC Highway 54	Research Triangle	—	713	12,827	21,359	713	34,186	34,899	(20,599)	14,300	1995	2004
407 Davis Drive	Research Triangle	—	1,229	17,733	13,949	1,229	31,682	32,911	(7,851)	25,060	1998	2013
Alexandria Center® for Life Science – New York City	New York City	—	—	—	1,163,775	—	1,163,775	1,163,775	(368,307)	795,468	2010 - 2016	2006
Intersection Campus	Texas	—	159,310	440,295	56,826	159,310	497,121	656,431	(55,724)	600,707	2000 - 2019	2021 - 2022
1001 Trinity Street and 1020 Red River Street	Texas	—	66,451	61,732	7,685	66,451	69,417	135,868	(20,599)	115,269	1987 - 1990	2022
Alexandria Center® for Advanced Technologies at The Woodlands	Texas	—	2,116	9,784	135,850	2,116	145,634	147,750	(7,759)	139,991	2002 - 2023	2020
Other	Texas	—	44,217	—	16,024	44,217	16,024	60,241	—	60,241	Various	Various
Various	Various	—	120,565	219,389	183,091	120,565	402,480	523,045	(135,188)	387,857	Various	Various
		—	6,662,721	9,038,274	19,116,526	6,662,721	28,154,800	34,817,521	(6,127,525)	28,689,996

(1)As of December 31, 2025, the total cost of our real estate assets aggregated $34.82 billion, which was less than the cost of real estate for federal income tax purposes aggregating $35.08 billion by approximately $266.6 million.

(2)The depreciable life is up to 40 years for buildings and building improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

(3)Represents the later of the original construction date or the most recent renovation date.

Alexandria Real Estate Equities, Inc.

Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation

December 31, 2025

(Dollars in thousands)

A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows:

	December 31,
Real Estate	2025	2024	2023
Balance at beginning of period	$37,735,218	$36,618,530	$34,299,503
Acquisitions (including real estate, land, and joint venture consolidation)	—	248,378	296,694
Additions to real estate	1,933,158	2,591,154	3,568,726
Real estate impairment	(2,202,818)	(223,068)	(461,114)
Deductions (including dispositions and direct financing and sales-type leases)	(2,648,037)	(1,499,776)	(1,085,279)
Balance at end of period	$34,817,521	$37,735,218	$36,618,530
	December 31,
Accumulated Depreciation	2025	2024	2023
Balance at beginning of period	$5,625,179	$4,985,019	$4,354,063
Depreciation expense on properties	1,167,011	996,550	841,893
Sale of properties	(664,665)	(356,390)	(210,937)
Balance at end of period	$6,127,525	$5,625,179	$4,985,019