Consolidated and unconsolidated real estate joint ventures (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Consolidated And Unconsolidated Real Estate Joint Venture Properties

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.

Consolidated VIE's balance sheet information

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.

Investment in 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

Summary of unconsolidated real estate joint ventures loans


							At 100%		Our Share
Unconsolidated Joint Venture	Maturity Date		Stated Rate		Interest Rate(1)		Aggregate Commitment	Debt Balance(2)	Our Share
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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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