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0001035443false00010354432025-01-272025-01-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 27, 2025


ALEXANDRIA REAL ESTATE EQUITIES, INC.
(Exact name of registrant as specified in its charter)

Maryland 1-12993 95-4502084
(State or other jurisdiction of
incorporation)		 (Commission File Number) (I.R.S. Employer Identification No.)

 26 North Euclid Avenue, Pasadena, California 91101
(Address of principal executive offices) (Zip code)

Registrant’s telephone number, including area code: (626) 578-0777
 
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐            Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value per share
ARE
 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.  Results of Operations and Financial Condition.

On January 27, 2025, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results.”  The press release referred to certain supplemental information that is available on the Company’s website at www.are.com.  A copy of the press release and supplemental information are attached hereto as Exhibit 99.1.

The information contained in this Item 2.02, including the exhibit referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section.  Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01.  Financial Statements and Exhibits.

(d)  Exhibits.

99.1     Alexandria Real Estate Equities, Inc.’s Earnings Press Release and Supplemental Information for the Fourth Quarter and Year Ended December 31, 2024

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Forward-Looking Statements

This current report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act.  These statements include words such as “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of these words or similar words.  Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement.  A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the factors described in the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.  The Company does not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ALEXANDRIA REAL ESTATE EQUITIES, INC.
January 27, 2025 By: /s/ Joel S. Marcus
Joel S. Marcus
Executive Chairman
By: /s/ Peter M. Moglia
Peter M. Moglia
Chief Executive Officer and
Chief Investment Officer
By: /s/ Marc E. Binda
Marc E. Binda
Chief Financial Officer and Treasurer

EX-99.1 2 a4q24ex991supp.htm EX-99.1 4Q24 EX 99.1 SUPP
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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Table of Contents
December 31, 2024
COMPANY HIGHLIGHTS
Page
Page
Mission and Cluster Model .....................................................................
Industry and Corporate Responsibility Leadership .........................
EARNINGS PRESS RELEASE
Page
Page
Fourth Quarter and Year Ended December 31, 2024 Financial and
Operating Results ................................................................................
Guidance ...................................................................................................
Consolidated Statements of Operations ..........................................
Acquisitions ...............................................................................................
Consolidated Balance Sheets ............................................................
Dispositions ...............................................................................................
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 ............................................................................
Occupancy ................................................................................................
Current Projects ..............................................................................
Internal Growth
Summary of Pipeline ......................................................................
Key Operating Metrics .............................................................................
Same Property Performance ..................................................................
Joint Venture Financial Information ...................................................
Leasing Activity .........................................................................................
Balance Sheet Management
Contractual Lease Expirations ...............................................................
Investments ..........................................................................................
Top 20 Tenants .........................................................................................
Key Credit Metrics ...............................................................................
Summary of Properties and Occupancy ..............................................
Summary of Debt .................................................................................
Property Listing ........................................................................................
Definitions and Reconciliations
Definitions and Reconciliations ..........................................................
CONFERENCE CALL
INFORMATION:
Tuesday, January 28, 2025
3:00 p.m. Eastern Time
12:00 p.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
DANIEL J. RYAN
Co-President & Regional Market
Director – San Diego
HUNTER L. KASS
Co-President & Regional Market
Director – Greater Boston
MARC E. BINDA
Chief Financial Officer &
Treasurer
PAULA SCHWARTZ
Managing Director,
Rx Communications Group
(917) 633-7790
SARA M. KABAKOFF
Senior Vice President –
Chief Content Officer
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(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.
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IRREPLACEABLE
LABSPACE® REAL ESTATE
PLATFORM THAT LEADS THE
ASSET CLASS WE PIONEERED
THE ALEXANDRIA
MEGACAMPUS™ PLATFORM
77%
71%
OF OUR ANNUAL
RENTAL REVENUE
OF OUR
OPERATING RSF
CLUSTERED IN THE
BEST LOCATIONS
LARGEST, HIGHEST-QUALITY
LABORATORY PLATFORM
SECTOR-LEADING CLIENT
BASE OF ~800 TENANTS
HIGH-QUALITY CASH FLOWS
FORTRESS BALANCE SHEET
HIGHLY EXPERIENCED
MANAGEMENT TEAM
PROVEN UNDERWRITING
ALEXANDRIA’S
COMPETITIVE ADVANTAGES
As of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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ALEXANDRIA’S MEGACAMPUS™ PLATFORM DRIVES
SUPERIOR OPERATING RESULTS
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77%
71%
68%
of Alexandria’s
Annual Rental Revenue
of Alexandria’s
Operating RSF
of Total Development
and Redevelopment
Pipeline RSF
MEGACAMPUS PLATFORM
MEGACAMPUS OCCUPANCY OUTPERFORMANCE
Average Occupancy(1) Since 2020
96%
92%
4%
Alexandria’s
Megacampus
Properties
Alexandria’s
Non-Megacampus
Properties
Occupancy
Outperformance
As of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2020 through 2024.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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ALEXANDRIA’S DEMONSTRATED STRONG FUNDS FROM OPERATIONS
PER-SHARE GROWTH
FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED, BY YEAR
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Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
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ALEXANDRIA’S STRONG FIVE-YEAR GROWTH IN FUNDS FROM OPERATIONS
PER SHARE COMPARED TO FTSE NAREIT EQUITY HEALTH CARE REITS
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FIVE-YEAR GROWTH IN
FUNDS FROM OPERATIONS PER SHARE – DILUTED, AS ADJUSTED
(2019-2024)
Source: S&P Global Market Intelligence data for peers within the FTSE NAREIT Equity Health Care REITs, available as of January 23, 2025. ARE results represent the five-year period for the years ended December 31, 2019 thought 2024. 
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE
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HEALTHCARE
REALTY TRUST
WELLTOWER
2,801%
FTSE NAREIT EQUITY
HEALTH CARE INDEX
1,241%
NATIONAL HEALTH
INVESTORS
1,149%
LTC
PROPERTIES
1,086%
UNIVERSAL HEALTH
REALTY INCOME TRUST
1,068%
VENTAS
1,031%
MSCI US
REIT INDEX
870%
OMEGA HEALTHCARE
INVESTORS
706%
HEALTHPEAK
PROPERTIES
632%
Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to December 31, 2024
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Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.
The REITs presented individually in the chart above are only those constituents of the FTSE NAREIT Equity Health Care Index as of December 31, 2024 for which total shareholder return information since May 27, 1997 is available.
(1)Alexandria’s initial public offering was priced at $20.00 per share on May 27, 1997.
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ALEXANDRIA’S
INTERNAL
GROWTH
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ALEXANDRIA’S CONTINUED SOLID LEASING VOLUME IN 2024
UP 19% OVER 2014–2020 AVERAGE
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4.3M RSF
Annual Average
(2014–2020)
RSF OF LEASES EXECUTED
5.1M
RSF
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ALEXANDRIA’S 4Q24 LEASING VOLUME REPRESENTS FOURTH CONSECUTIVE QUARTER
ABOVE 1 MILLION RSF AND IS UP 19% OVER PRECEDING FIVE-QUARTER AVERAGE
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1.3M RSF
1.1M RSF
Quarterly Average
(3Q23–3Q24)
RSF OF LEASES EXECUTED
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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ALEXANDRIA’S OPERATIONAL EXCELLENCE DRIVES STEADY
AND CONSISTENTLY HIGH OCCUPANCY
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OCCUPANCY PERCENTAGE(1)
(1)Represents occupancy percentage of operating properties in North America as of each year-end.
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ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY
800 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS
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Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public
Biotechnology –
Preclinical or
Clinical Stage
Private
Biotechnology
Other Investment-Grade
or Large Cap Tech
Other(1)
Biomedical and
Government
Institutions
92%
of Top 20 Tenant Annual Rental
Revenue as of 4Q24 Is From
Investment-Grade or Publicly
Traded Large Cap Tenants
84%
of Leasing Activity During the
Last Twelve Months Was
Generated From Alexandria’s
Existing Client Base
PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE
Annual rental revenue represents amounts in effect as of December 31, 2024. 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)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than
1.0% of our annual rental revenue.
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ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND
STRENGTH IN TENANT COLLECTIONS
99.8%
Average Tenant
Collections
1Q21–4Q24
Tenant Receivables
Represent
0.8%
of 4Q24
Rental Revenues
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TENANT RENTS AND RECEIVABLES COLLECTED(1)
(1)Represents tenant rents and receivables collected for each quarter-end as of each respective earnings release date.
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ALEXANDRIA’S FORTRESS
BALANCE SHEET AND
STRONG EXECUTION OF
CAPITAL RECYCLING
STRATEGY
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2024
ALEXANDRIA’S
IMPRESSIVE KEY
BALANCE SHEET
ACCOMPLISHMENTS
CAPITAL RECYCLING
through $1.4B of
dispositions
LOW
LEVERAGE
at 5.2x(1)
One of the
LOWEST DEBT
MATURITIES
for 2025–2027
among all S&P REITs(3)
$1.0B
BOND ISSUANCE
at 5.48% with a
23-year term(2)
$0.7B of
JV COMMITMENTS
to fund future
construction(4)
EXTENDED
$5.0B line
of credit
As of December 31, 2024.
(1)Net Debt and Preferred Stock to Adjusted EBITDA Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(2)Debt rate and term are based on weighted averages.
(3)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of September 30, 2024” or company filings as of September 30 2024, except for ARE, which is as of December 31, 2024.
(4)Represents projected capital contributions from existing consolidated real estate joint venture partners to fund their share of construction from 1Q25 through 2028.
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TOP 10%
CREDIT RATING RANKING
AMONG ALL PUBLICLY
TRADED U.S. REITS(4)
ALEXANDRIA’S STRONG AND FLEXIBLE BALANCE SHEET
WITH SIGNIFICANT LIQUIDITY
Baa1
Stable
PERCENTAGE OF
DEBT MATURING
IN NEXT 3 YEARS
REMAINING
DEBT TERM
INTEREST
RATE
14%
12.7
3.86%
BBB+
Stable
SIGNIFICANT
LIQUIDITY(1)
4Q24 NET DEBT AND
PREFERRED STOCK TO
ADJUSTED EBITDA(2)
PERCENTAGE OF
FIXED-RATE DEBT
SINCE 2020(3)
5.7B
5.2x
98.4%
YEARS
WEIGHTED AVERAGE
As of December 31, 2024.
(1)Refer to “Key credit metrics” in the Supplemental Information for additional details.
(2)Quarter annualized. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(3)Represents the average percentage fixed-rate debt as of each December 31 from 2020 through 2024.
(4)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from Moody’s Ratings and S&P Global Ratings for publicly
traded U.S. REITs, from Bloomberg Professional Services and Nareit.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND INCREASING
DIVIDENDS WITH A FOCUS ON RETAINING SIGNIFICANT CASH FLOWS FROM
OPERATING ACTIVITIES AFTER DIVIDENDS FOR REINVESTMENT
For 4Q24, we declared a cash dividend of $1.32 per common share
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5.4%
Dividend Yield
5.4%
Average Annual Dividend
Per-Share Growth
$2.2B
Net Cash Provided by
Operating Activities
After Dividends
(1)
(2)
(2)
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ANNUAL COMMON STOCK DIVIDEND PER SHARE
55%
4Q24 Payout Ratio
(1)Dividend yield is calculated as the dividend declared for the three months ended December 31, 2024 of $1.32 per common share annualized divided by the closing price of our common stock on December 31, 2024 of $97.55.
(2)Represents the aggregate sum for the years ended December 31, 2020 through 2024.
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ALEXANDRIA’S
STRONG EXECUTION
OF CAPITAL
RECYCLING
STRATEGY
STRATEGIC DISPOSITIONS
AND SALES OF PARTIAL
INTERESTS 2019–2024
$9.6B
TOTAL SALES
$2.9B
NET GAIN
(1)
(3)
73
TOTAL TRANSACTIONS
5.4%
CAPITALIZATION RATE
5.1%
CAPITALIZATION RATE
(Cash Basis)(2)
(2)
(1)Includes amounts related to real estate dispositions and partial interest sales completed from January 1, 2019 through December 31, 2024.
(2)Represents the weighted-average capitalization rate and capitalization rate (cash basis) for dispositions and partial interest sales (excluding land) completed during the years ended December 31, 2019 through 2024.
(3)Represents the net gain and loss for outright sales as well as consideration in excess of book value for partial interest sales.
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ALEXANDRIA: AT THE
VANGUARD AND HEART
OF THE $5.5 TRILLION
SECULARLY GROWING
LIFE SCIENCE INDUSTRY
(1)Source: Evaluate Pharma. Represents aggregate total market capitalization for the life science industry, including global major, regional major,
and specialty pharmaceutical companies and excluding specialty pharmaceutical consumer companies, as of November 22, 2024.
(1)
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Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research (“CDER”)) include new molecular entities and new biologics defined as products containing active moieties that have
not previously been approved by the FDA.
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Source: U.S. Food and Drug Administration. Innovative medicine approvals by the FDA (Center for Biologics Evaluation and Research (“CBER”)) include novel vaccines and next-generation modalities such as cell therapies, gene therapies,
mRNA products, live biotherapeutics, and oncolytic viruses.
(1)2024 represents the period from January 1, 2024 through December 18, 2024.
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(1)Source: PhRMA, “Understanding Prescription Medicine Spending,” 2022.
(2)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.
(3)Source: Centers for Medicare & Medicaid Services, “National Health Expenditures 2022 Highlights,” 2022.
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ALEXANDRIA’S INDUSTRY
AND CORPORATE
RESPONSIBILITY
LEADERSHIP
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Alexandria Real Estate Equities, Inc. Reports:
4Q24 and 2024 Net (Loss) Income per Share – Diluted of $(0.38) and $1.80, respectively;
4Q24 and 2024 FFO per Share – Diluted, as Adjusted, of $2.39 and $9.47, respectively
PASADENA, Calif. – January 27, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the fourth quarter and year ended December 31,
2024.
Key highlights
Operating results
4Q24
4Q23
2024
2023
Total revenues:
In millions
$788.9
$757.2
$3,116.4
$2,885.7
Growth
4.2%
8.0%
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions
$(64.9)
$(91.9)
$309.6
$92.4
Per share
$(0.38)
$(0.54)
$1.80
$0.54
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions
$411.8
$389.8
$1,629.1
$1,532.3
Per share
$2.39
$2.28
$9.47
$8.97
A sector-leading REIT with a high-quality, diverse tenant base and strong margins
(As of December 31, 2024, unless stated otherwise)
Occupancy of operating properties in North America
94.6%
Percentage of annual rental revenue in effect from Megacampus™ platform
77%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
52%
Operating margin
70%
Adjusted EBITDA margin
72%
Percentage of leases containing annual rent escalations
97%
Weighted-average remaining lease term:
Top 20 tenants
9.3
years
All tenants
7.5
years
Sustained strength in tenant collections:
January 2025 tenant rents and receivables collected as of January 27, 2025
99.5%
4Q24 tenant rents and receivables collected as of January 27, 2025
99.9%
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 5.2x and fixed-charge coverage ratio of
4.3x for 4Q24 annualized.
•Significant liquidity of $5.7 billion.
•32% of our total debt matures in 2049 and beyond.
•12.7 years weighted-average remaining term of debt.
•Since 2020, an average of 98.4% of our year-end debt balances have been fixed rate.
•Total debt and preferred stock to gross assets of 28%.
•$684.1 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 1Q25 through 2028.
Continued solid leasing volume and rental rate increases
•Continued solid leasing volume:
•1.3 million RSF for 4Q24, up 19% compared to our previous five-quarter average.
•Fourth consecutive quarter with leasing volume exceeding 1 million RSF.
•5.1 million RSF for 2024, up 19% compared to our 2014–2020 average of 4.3 million RSF.
•Rental rate increases on lease renewals and re-leasing of space were 18.1% and 3.3% (cash
basis) for 4Q24 and 16.9% and 7.2% (cash basis) for 2024.
•84% of our leasing activity during the last twelve months was generated from our existing
tenant base.
•Tenant improvements and leasing commissions on renewed and re-leased space executed
during the year ended December 31, 2024 represented only 8.4% of total lease term rents,
the second lowest percentage of total lease term rents in the past five years.
4Q24
2024
Total leasing activity – RSF
1,310,999
5,053,954
Leasing of development and redevelopment space – RSF
12,999
(1)
493,341
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)
1,024,862
3,888,139
Rental rate increase
18.1%
16.9%
Rental rate increase (cash basis)
3.3%
7.2%
(1)As of December 31, 2024, our projects expected to stabilize in 2025 were 89% leased/negotiating.
Attractive dividend strategy to share net cash flows from operating activities with stockholders
while retaining a significant portion for reinvestment
•Common stock dividend declared for 4Q24 of $1.32 per common share aggregating $5.19
per common share for the year ended December 31, 2024, up 23 cents, or 5%, over the year
ended December 31, 2023.
•Dividend yield of 5.4% as of December 31, 2024.
•Dividend payout ratio of 55% for the three months ended December 31, 2024.
•Average annual dividend per-share growth of 5.4% from 2020 through 2024.
•Significant net cash flows from operating activities after dividends retained for reinvestment
aggregating $2.2 billion for the years ended December 31, 2020 through 2024.
Strong execution of Alexandria’s 2024 capital strategy
Our 2024 capital plan included $1.4 billion in funding from strategic dispositions that focused on
a portfolio of diversified assets, of which $1.1 billion was completed during 4Q24. Refer to
“Dispositions” in the Earnings Press Release for additional details.
(in millions)
YTD 3Q24
$239
4Q24
1,128
Total 2024 dispositions
$1,367
•As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated
$539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoint
of our 2025 guidance range for dispositions and sales of partial interests.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results (continued)
December 31, 2024
Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $55 million commencing during 4Q24 and is expected to deliver incremental annual net
operating income aggregating $395 million by 2Q28
•During 4Q24, we placed into service Megacampus development and redevelopment projects
aggregating 602,593 RSF that are 98% occupied across multiple submarkets and delivered
incremental annual net operating income of $55 million. Key 4Q24 deliveries included:
•171,102 RSF at 4155 Campus Point Court located on the Campus Point by Alexandria
Megacampus in our University Town Center submarket;
•139,984 RSF at 840 Winter Street located on the Alexandria Center® for Life Science –
Waltham Megacampus in our Route 128 submarket; and
•93,492 RSF at 10935, 10945, and 10955 Alexandria Way located on the One Alexandria
Square Megacampus in our Torrey Pines submarket.
•Annual net operating income (cash basis) is expected to increase by $70 million upon the
burn-off of initial free rent, with a weighted-average burn-off period of approximately
three months, from recently delivered projects.
•68% 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
Occupancy
Percentage
(dollars in millions)
Placed into service:
YTD 3Q24
$63
945,118
100%
4Q24
55
602,593
98
Placed into service in 2024
$118
1,547,711
98%
Expected to be placed into service:
2025
$83
(1)
4,357,276
1Q26 through 2Q28
312
$395
(1)Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and
(ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. 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.
Continued solid net operating income and internal growth
•Net operating income (cash basis) growth:
•$2.1 billion for 4Q24 annualized, up $177.9 million, or 9.5%, compared to 4Q23
annualized.
•$2.0 billion for 2024, up $176.9 million, or 9.8%, compared to 2023.
•Same property net operating income growth of 0.6% and 6.3% (cash basis) for 4Q24 over
4Q23 and 1.2% and 4.6% (cash basis) for 2024 over 2023.
•97% of our leases contain contractual annual rent escalations approximating 3%.
Continued rigorous focus on management of general and administrative costs
•General and administrative expenses as a percentage of net operating income of 7.6% for
2024, compared to 9.8% for 2023.
•We expect general and administrative cost savings of approximately $32 million in 2025,
based on the midpoint of our guidance, compared to 2024, from a variety of cost-control and
efficiency initiatives, including:
•Personnel-related matters: reduction in headcount over the last two years and restructuring
of compensation plans.
•Streamlining of business processes: systems upgrades, process improvements, and cost
reduction in legal, technology, and operational support services.
Strong balance sheet management
Key metrics as of or for the three months ended December 31, 2024
•$29.0 billion in total market capitalization.
•$16.8 billion in total equity capitalization.
4Q24
Target
Quarter
Trailing
4Q25
Annualized
12 Months
Annualized
Net debt and preferred stock to
Adjusted EBITDA
5.2x
5.3x
Less than or equal to 5.2x
Fixed-charge coverage ratio
4.3x
4.5x
4.0x to 4.5x
Key capital events
•On December 9, 2024, we announced that our board of directors authorized a common stock
repurchase program under which we may repurchase up to $500.0 million of our common
stock through December 31, 2025. Repurchases are expected to be funded on a leverage-
neutral basis.
•In December 2024, we repurchased $50.1 million of common stock.
•From January 1, 2025 through January 27, 2025, we repurchased $150.0 million of
additional common stock.
•As of January 27, 2025, cumulative repurchases under the program aggregated
$200.1 million and 2.0 million shares of common stock at an average price per share of
$98.16.
•As of January 27, 2025, the approximate value of shares authorized and remaining under 
this program was $299.9 million.
•During 4Q24, we settled all outstanding forward equity sales agreements by issuing
230 thousand shares of common stock at an average price per share of $120.93 and
received net proceeds of $27.8 million. As of January 27, 2025, the remaining aggregate
amount available for future sales of common stock under our ATM program was $1.47 billion.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
3
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Fourth Quarter and Year Ended December 31, 2024 Financial and Operating Results (continued)
December 31, 2024
Investments
•As of December 31, 2024:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $83.6 million,
comprising gross unrealized gains and losses aggregating $228.1 million and
$144.5 million, respectively.
•Investment loss of $68.0 million for 4Q24 presented in our consolidated statement of
operations consisted of $32.1 million of realized gains, $79.8 million of unrealized losses, and
$20.3 million of impairment charges.
•Investment loss of $53.1 million for 2024 presented in our consolidated statement of
operations consisted of $117.2 million of realized gains, $112.2 million of unrealized losses,
and $58.1 million of impairment charges.
Other key highlights
Executive management change, effective December 31, 2024
Effective on December 31, 2024, Vincent Ciruzzi retired from his position as Chief Development
Officer after nearly 30 years of exemplary service. His responsibilities will be assumed by multiple
members within our Real Estate Development Team, which Mr. Ciruzzi formed and led over his
tenure with Alexandria.
Key items included in net income attributable to Alexandria’s common stockholders:
4Q24
4Q23
4Q24
4Q23
2024
2023
2024
2023
(in millions, except per share
amounts)
Amount
Per Share –
Diluted
Amount
Per Share –
Diluted
Unrealized (losses) gains on
non-real estate investments
$(79.8)
$19.5
$(0.46)
$0.11
$(112.2)
$(201.5)
$(0.65)
$(1.18)
Gain on sales of real estate
101.8
62.2
0.59
0.36
129.3
277.0
0.75
1.62
Impairment of non-real estate
investments
(20.3)
(23.1)
(0.12)
(0.13)
(58.1)
(74.6)
(0.34)
(0.44)
Impairment of real estate(1)
(186.6)
(271.9)
(1.08)
(1.59)
(223.1)
(461.1)
(1.30)
(2.70)
Acceleration of stock
compensation expense due
to executive officer
resignations
—
(18.4)
—
(0.11)
—
(20.3)
—
(0.12)
Provision for expected credit
losses on financial
instruments(1)
0.4
—
—
—
0.4
—
—
—
Total
$(184.5)
$(231.7)
$(1.07)
$(1.36)
$(263.7)
$(480.5)
$(1.54)
$(2.82)
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for
additional details.
Subsequent events
•In January 2025, pursuant to an amendment executed in July 2024 to our existing ground
lease agreement at the Alexandria Technology Square® Megacampus, we made the second
and final installment payment aggregating $135.0 million related to our rent obligation for the
extended ground lease term.
Industry and corporate responsibility leadership: catalyzing and leading the way for
positive change to benefit human health and society
•Alexandria’s longstanding sustainability leadership and performance was reinforced by our
achievements in the 2024 GRESB Real Estate Assessment. We received the GRESB Green
Star designation for the eighth consecutive year and an “A” disclosure score for the seventh
consecutive year, signifying best-in-class transparency regarding our sustainability practices
and reporting.
•325 Binney Street, a 462,100 RSF development on the Alexandria Center® at One Kendall
Square Megacampus in our Cambridge submarket, earned LEED Platinum certification, the
highest level of certification under the U.S. Green Building Council’s Core and Shell rating
system. Home to Moderna’s global headquarters and R&D center, the ultra-efficient building
is targeting LEED Zero Energy certification, reduced fossil fuel use through the
implementation of a geothermal system, and 100% renewable electricity, resulting in an
estimated 97% reduction of greenhouse gas emissions relative to the MA 2020 Stretch Code
baseline.
•8 Davis Drive on the Alexandria Center® for Advanced Technologies and AgTech – Research
Triangle Megacampus won a BOMA Raleigh-Durham 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 commercial building management and
operations.
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
December 31, 2024, Alexandria has a total market capitalization of $29.0 billion and an asset base
in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of
Class A/A+ properties undergoing construction. Alexandria has a longstanding 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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
4
Guidance
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December 31, 2024
(Dollars in millions, except per share amounts)
The following 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
results will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 8 of the Earnings Press Release for additional details. Key updates to our
2025 guidance from December 4, 2024 are summarized in the tables below and include changes to the midpoints of our guidance ranges for key sources of capital as follows: (i) a $150 million increase in
dispositions and sales of partial interests representing pending transactions that were originally expected to close in 4Q24, and are now anticipated to be completed in 2025 and (ii) a corresponding $150 million
decrease in excess 2024 bond capital held as cash at December 31, 2024.
2025 Guidance Midpoint
2025 Guidance Midpoint
Summary of Key Changes in Guidance
As of 1/27/25
As of 12/4/24
Summary of Key Changes in Sources and Uses of Capital
As of 1/27/25
As of 12/4/24
EPS, FFO per share, and FFO per share, as adjusted
No Change
Excess 2024 bond capital expected to be held as cash at
December 31, 2024
$—
$150
Dispositions and sales of partial interests
$1,700
$1,550
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to
Alexandria’s Common Stockholders – Diluted
Earnings per share(2)
$2.57 to $2.77
Depreciation and amortization of real estate assets
6.70
Allocation to unvested restricted stock awards
(0.04)
Funds from operations per share and funds from operations per share, as adjusted(1)
$9.23 to $9.43
Midpoint
$9.33
Key Assumptions
Low
High
Occupancy percentage in North America as of December 31, 2025
91.6%
93.2%
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
(3.0)%
(1.0)%
Net operating income (cash basis)
(1.0)%
1.0%
Straight-line rent revenue
$111
$131
General and administrative expenses
$129
$144
Capitalization of interest
$340
$370
Interest expense
$165
$195
Realized gains on non-real estate investments(6)
$100
$130
Key Credit Metric Targets(1)
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
Sources of capital:
Reduction in debt
$(40)
$(340)
$(190)
Net cash provided by operating activities after dividends
425
525
475
Dispositions and sales of partial interests(3) (refer to page 6)
1,200
2,200
1,700
Total sources of capital
$1,585
$2,385
$1,985
Uses of capital:
Construction
$1,450
$2,050
$1,750
Acquisitions and other opportunistic uses of capital(4)
—
200
100
Ground lease prepayment(5)
135
135
135
Total uses of capital
$1,585
$2,385
$1,985
Reduction in debt (included above):
Issuance of unsecured senior notes payable
$300
$900
$600
Repayment of secured notes payable
(600)
(600)
(600)
Unsecured senior line of credit, commercial paper, and other
260
(640)
(190)
Net reduction in debt
$(40)
$(340)
$(190)
(1)Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(2)Excludes unrealized gains or losses on non-real estate investments after December 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(3)As of January 27, 2025, our share of pending dispositions subject to negotiations aggregated $539.5 million. These transactions represent approximately 32% of the $1.7 billion midpoint of our 2025 guidance range for dispositions and
sales of partial interests.
(4)On December 9, 2024, we announced that our board of directors authorized a common stock repurchase program under which we may repurchase up to $500.0 million of our common stock in the open market or in privately negotiated
transactions through December 31, 2025. In January 2025, we repurchased common stock aggregating $150.0 million at an average price per share of $97.26. As of January 27, 2025, the approximate value of shares authorized and
remaining under this program was $299.9 million.
(5)Refer to “Subsequent event” in the Earnings Press Release for additional information.
(6)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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
5
Acquisitions
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December 31, 2024
(Dollars in thousands)
Property
Submarket/Market
Date of
Purchase
Number of
Properties
Operating
Occupancy
Square Footage
Purchase Price
Future
Development(1)
Operating With
Future Development/
Redevelopment(1)
Completed in 2024:
285, 299, 307, and 345 Dorchester Avenue (60%
interest in consolidated JV)
Seaport Innovation District/Greater
Boston
1/30/24
—
N/A
1,040,000
—
$
155,321
428 Westlake Avenue North
Lake Union/Seattle
10/1/24
1
100%
—
90,626
47,600
Other
46,490
Total 2024 acquisitions
$
249,411
(1)We expect to provide total estimated costs and related yields for development and significant redevelopment projects in the future, subsequent to the commencement of construction.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
6
2024 Dispositions
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December 31, 2024
(Dollars in thousands)
Property
Submarket/Market
Date of
Sale
Interest
Sold
RSF
Capitalization
Rate
Capitalization
Rate
(Cash Basis)
Sales Price
Seller
Financing
Sales
Price per
RSF
Gain on
Sale of Real
Estate
Completed in YTD 3Q24
$238,709
$27,506
Completed in 4Q24:
Stabilized Properties
One Moderna Way
Route 128/Greater Boston
12/17/24
100%
722,130
8.5%
6.3%
369,439
$512
—
14225 Newbrook Drive
Northern Virginia/Maryland
10/15/24
100%
248,186
7.6%
7.4%
80,500
$324
37,074
6040 George Watts Hill Drive
Research Triangle/
Research Triangle
12/10/24
100%
149,585
8.0%
7.1%
93,500
$625
5,004
Other
78,610
4,042
622,049
Properties with vacancy or significant near-term capital requirements
215 First Street
Cambridge/Greater Boston
12/20/24
100%
369,520
(1)
(1)
245,539
(1)
(1)
—
150 Second Street and 11 Hurley
Street
Cambridge/Greater Boston
182,993
4755 and 4757 Nexus Center Drive
and 4796 Executive Drive(2)
University Town Center/
San Diego
12/30/24
100%
177,804
(2)
(2)
120,000
(2)
$79,166
$675
47,511
Other
47,243
—
412,782
Land and other
10048 and 10219 Meanley Drive and
10277 Scripps Ranch Boulevard
Sorrento Mesa/San Diego
12/20/24
100%
444,041
(3)
(3)
55,000
25,000
—
9444 Waples Street (50%
consolidated JV)
Sorrento Mesa/San Diego
12/23/24
(4)
149,000
(4)
(4)
31,000
(4)
8,175
(4)
Other(5)
(5)
22,913
(5)
(5)
108,913
1,143,744
(6)
Total 2024 dispositions
$1,382,453
$104,166
$129,312
Our share of 2024 dispositions, including amounts recognized within
equity in earnings
$1,366,953
$127,615
(7)
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents properties that were 87% occupied as of 3Q24, with 61% of the aggregate RSF, primarily located at 215 First Street, scheduled to expire by 4Q25. These properties were not core to our Megacampus strategy due to their size,
location, or existing use. They are also expected to require significant re-leasing capital over the next few years, including at 215 First Street, a historical building with infrastructure limitations and challenging floor plates. Acquired in 2007,
215 First Street came with significant entitlements which were later used to develop new adjacent projects at Alexandria Center® at Kendall Square. Since then, this property has served as a reliable asset, providing primarily office space to
our tenants. However, given the low occupancy and the significant reinvestment required for upgrades, we plan to recycle the capital generated by the disposition into our development and redevelopment pipeline.
(2)Represents properties that were 65% occupied as of 3Q24, with 26% of the aggregate RSF scheduled to expire by 2Q25.
(3)Represents the sale of land parcels.
(4)Represents 100% of the contractual sales price. We held a 50% interest in this property through a consolidated real estate joint venture, and our share of the sales price and gain on real estate is $15.5 million and $3.2 million, respectively.
(5)Represents the disposition of an unconsolidated real estate joint venture for which we recognized a gain on sale of real estate of $3.3 million, which is classified as equity in earnings of unconsolidated real estate joint ventures in our
consolidated statement of operations.
(6)Dispositions completed during 4Q24 had annual net operating income of $97.9 million (based on 3Q24 annualized) with a weighted-average disposition date of December 10, 2024 (weighted by net operating income for 3Q24 annualized).
(7)Refer to footnotes 4 and 5.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
7
2025 Dispositions and Sales of Partial Interests
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December 31, 2024
(Dollars in thousands)
Property
Submarket/Market
Date of
Expected
Sale
Interest
Expected to
Be Sold
Sales Price
Pending 2025 dispositions and sales of partial interests expected to close subsequent to January 27, 2025:
Subject to non-refundable deposits:
Pending
San Diego
1Q25
100%
$124,000
Pending
Texas
1Q25
100%
33,000
Pending
San Diego
2H25
100%
50,000
Other
20,850
227,850
Subject to executed letters of intent and/or purchase and sale agreement negotiations:
1450 Owens Street (25.1% consolidated JV)
Mission Bay/San Francisco Bay Area
2H25
(1)
144,705
(1)
Other
Various
276,612
421,317
$649,167
Our share of 2025 dispositions
$539,462
2025 guidance range for dispositions and sales of partial interests
$1,200,000 – $2,200,000
(1)Represents 100% of the contractual sales price. In 4Q24, 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. We own a 25% interest in this property through a consolidated real estate joint venture, and our share of the sales price is $36 million. We expect to complete the transaction in 2025.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
8
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Earnings Call Information and About the Company
December 31, 2024
We will host a conference call on Tuesday, January 28, 2025, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results
for the fourth quarter and year ended December 31, 2024. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon 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 5:00 p.m. ET/2:00 p.m. PT on
Tuesday, January 28, 2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1012884.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 2024 is available in the “For Investors” section of our website at
www.are.com or by following this link: https://www.are.com/fs/2024q4.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; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.
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 December 31, 2024, Alexandria has a total market capitalization
of $29.0 billion and an asset base in North America that includes 39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing construction. Alexandria has a longstanding 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™, Labspace®, Alexandria Summit®, 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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
9
Consolidated Statements of Operations
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December 31, 2024
(Dollars in thousands, except per share amounts)
 
Three Months Ended
Year Ended
 
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Revenues:
 
 
 
 
 
 
 
Income from rentals
$763,249
$775,744
$755,162
$755,551
$742,637
$3,049,706
$2,842,456
Other income
25,696
15,863
11,572
13,557
14,579
66,688
43,243
Total revenues
788,945
791,607
766,734
769,108
757,216
3,116,394
2,885,699
Expenses:
Rental operations
240,432
233,265
217,254
218,314
222,726
909,265
859,180
General and administrative
32,730
43,945
44,629
47,055
59,289
168,359
199,354
Interest
55,659
43,550
45,789
40,840
31,967
185,838
74,204
Depreciation and amortization
330,108
293,998
290,720
287,554
285,246
1,202,380
1,093,473
Impairment of real estate
186,564
(1)
5,741
30,763
—
271,890
223,068
461,114
Total expenses
845,493
620,499
629,155
593,763
871,118
2,688,910
2,687,325
Equity in earnings of unconsolidated real estate joint ventures
6,635
(2)
139
130
155
363
7,059
980
Investment (loss) income
(67,988)
15,242
(43,660)
43,284
8,654
(53,122)
(195,397)
Gain on sales of real estate
101,806
27,114
—
392
62,227
129,312
277,037
Net (loss) income
(16,095)
213,603
94,049
219,176
(42,658)
510,733
280,994
Net income attributable to noncontrolling interests
(46,150)
(45,656)
(47,347)
(48,631)
(45,771)
(187,784)
(177,355)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
stockholders
(62,245)
167,947
46,702
170,545
(88,429)
322,949
103,639
Net income attributable to unvested restricted stock awards
(2,677)
(3,273)
(3,785)
(3,659)
(3,498)
(13,394)
(11,195)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s
common stockholders
$(64,922)
$164,674
$42,917
$166,886
$(91,927)
$309,555
$92,444
Net (loss) income per share attributable to Alexandria Real Estate Equities,
Inc.’s common stockholders:
Basic
$(0.38)
$0.96
$0.25
$0.97
$(0.54)
$1.80
$0.54
Diluted
$(0.38)
$0.96
$0.25
$0.97
$(0.54)
$1.80
$0.54
Weighted-average shares of common stock outstanding – basic and
diluted
172,262
172,058
172,013
171,949
171,096
172,071
170,909
Dividends declared per share of common stock
$1.32
$1.30
$1.30
$1.27
$1.27
$5.19
$4.96
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for additional details.
(2)Refer to “2024 Dispositions” in the Earnings Press Release for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
10
Consolidated Balance Sheets
q322footerlogo.jpg
December 31, 2024
(In thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Assets
 
 
 
 
Investments in real estate
$32,110,039
$32,951,777
$32,673,839
$32,323,138
$31,633,511
Investments in unconsolidated real estate joint ventures
39,873
40,170
40,535
40,636
37,780
Cash and cash equivalents
552,146
562,606
561,021
722,176
618,190
Restricted cash
7,701
17,031
4,832
9,519
42,581
Tenant receivables
6,409
6,980
6,822
7,469
8,211
Deferred rent
1,187,031
1,216,176
1,190,336
1,138,936
1,050,319
Deferred leasing costs
485,959
516,872
519,629
520,616
509,398
Investments
1,476,985
1,519,327
1,494,348
1,511,588
1,449,518
Other assets
1,661,306
1,657,189
1,356,503
1,424,968
1,421,894
Total assets
$37,527,449
$38,488,128
$37,847,865
$37,699,046
$36,771,402
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable
$149,909
$145,000
$134,942
$130,050
$119,662
Unsecured senior notes payable
12,094,465
12,092,012
12,089,561
12,087,113
11,096,028
Unsecured senior line of credit and commercial paper
—
454,589
199,552
—
99,952
Accounts payable, accrued expenses, and other liabilities
2,654,351
2,865,886
2,529,535
2,503,831
2,610,943
Dividends payable
230,263
227,191
227,408
222,134
221,824
Total liabilities
15,128,988
15,784,678
15,180,998
14,943,128
14,148,409
Commitments and contingencies
Redeemable noncontrolling interests
19,972
16,510
16,440
16,620
16,480
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,722
1,722
1,720
1,720
1,719
Additional paid-in capital
17,933,572
18,238,438
18,284,611
18,434,690
18,485,352
Accumulated other comprehensive loss
(46,252)
(22,529)
(27,710)
(23,815)
(15,896)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
17,889,042
18,217,631
18,258,621
18,412,595
18,471,175
Noncontrolling interests
4,489,447
4,469,309
4,391,806
4,326,703
4,135,338
Total equity
22,378,489
22,686,940
22,650,427
22,739,298
22,606,513
Total liabilities, noncontrolling interests, and equity
$37,527,449
$38,488,128
$37,847,865
$37,699,046
$36,771,402
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
11
Funds From Operations and Funds From Operations per Share
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December 31, 2024
(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
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Net (loss) income attributable to Alexandria’s common stockholders – basic
and diluted
$(64,922)
$164,674
$42,917
$166,886
$(91,927)
$309,555
$92,444
Depreciation and amortization of real estate assets
327,198
291,258
288,118
284,950
281,939
1,191,524
1,080,529
Noncontrolling share of depreciation and amortization from consolidated real
estate JVs
(34,986)
(32,457)
(31,364)
(30,904)
(30,137)
(129,711)
(115,349)
Our share of depreciation and amortization from unconsolidated real estate JVs
1,061
1,075
1,068
1,034
965
4,238
3,589
Gain on sales of real estate
(100,109)
(1)
(27,114)
—
(392)
(62,227)
(127,615)
(277,037)
Impairment of real estate – rental properties and land
184,532
(2)
5,741
2,182
—
263,982
192,455
450,428
Allocation to unvested restricted stock awards
(1,182)
(2,908)
(1,305)
(3,469)
(2,268)
(8,696)
(5,175)
Funds from operations attributable to Alexandria’s common stockholders –
diluted(3)
311,592
400,269
301,616
418,105
360,327
1,431,750
1,229,429
Unrealized losses (gains) on non-real estate investments
79,776
(2,610)
64,238
(29,158)
(19,479)
112,246
201,475
Impairment of non-real estate investments
20,266
(4)
10,338
12,788
14,698
23,094
58,090
74,550
Impairment of real estate
2,032
—
28,581
—
7,908
30,613
10,686
Acceleration of stock compensation expense due to executive officer resignations
—
—
—
—
18,436
—
20,295
Provision for expected credit losses on financial instruments
(434)
(5)
—
—
—
—
(434)
—
Allocation to unvested restricted stock awards
(1,407)
(125)
(1,738)
247
(472)
(3,188)
(4,121)
Funds from operations attributable to Alexandria’s common stockholders –
diluted, as adjusted
$411,825
$407,872
$405,485
$403,892
$389,814
$1,629,077
$1,532,314
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes our share of gain on sale of real estate from one consolidated real estate joint venture and one unconsolidated real estate joint venture. Refer to “2024 Dispositions” in the Earnings Press Release for additional details.
(2)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 4Q24, including
(i) $102.8 million primarily related to land parcels in our Sorrento Mesa and University Town Center submarkets, including land parcels sold during 4Q24 for a sales price aggregating $55.0 million and additional land parcels expected
to be sold in 2025 with an approximate sales price aggregating approximately $243.0 million, and (ii) $40.9 million for four properties at One Moderna Way in our Route 128 submarket, which was sold during 4Q24.
(3)Calculated in accordance with standards established by the Nareit Board of Governors.
(4)Primarily related to three non-real estate investments in privately held entities that do not report NAV.
(5)Represents an adjustment to the provision for expected credit losses for a direct financing lease, as well as the initial recognition of a provision for expected credit losses for two notes receivable issued in connection with dispositions
completed during 4Q24.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
12
Funds From Operations and Funds From Operations per Share (continued)
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December 31, 2024
(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
Year Ended
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Net (loss) income per share attributable to Alexandria’s common stockholders –
diluted
$(0.38)
$0.96
$0.25
$0.97
$(0.54)
$1.80
$0.54
Depreciation and amortization of real estate assets
1.70
1.51
1.50
1.48
1.48
6.20
5.67
Gain on sales of real estate
(0.58)
(0.16)
—
—
(0.36)
(0.74)
(1.62)
Impairment of real estate – rental properties and land
1.07
0.03
0.01
—
1.54
1.12
2.64
Allocation to unvested restricted stock awards
—
(0.01)
(0.01)
(0.02)
(0.01)
(0.06)
(0.04)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted
1.81
2.33
1.75
2.43
2.11
8.32
7.19
Unrealized losses (gains) on non-real estate investments
0.46
(0.02)
0.37
(0.17)
(0.11)
0.65
1.18
Impairment of non-real estate investments
0.12
0.06
0.08
0.09
0.13
0.34
0.44
Impairment of real estate
0.01
—
0.17
—
0.05
0.18
0.06
Acceleration of stock compensation expense due to executive officer resignations
—
—
—
—
0.11
—
0.12
Provision for expected credit losses on financial instruments
—
—
—
—
—
—
—
Allocation to unvested restricted stock awards
(0.01)
—
(0.01)
—
(0.01)
(0.02)
(0.02)
Funds from operations per share attributable to Alexandria’s common
stockholders – diluted, as adjusted
$2.39
$2.37
$2.36
$2.35
$2.28
$9.47
$8.97
Weighted-average shares of common stock outstanding – diluted
172,262
172,058
172,013
171,949
171,096
172,071
170,909
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
SUPPLEMENTAL
INFORMATION
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
14
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Company Profile
December 31, 2024
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 December 31, 2024, Alexandria has a total
market capitalization of $29.0 billion and an asset base in North America that includes
39.8 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties
undergoing construction. Alexandria has a longstanding 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 52% 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 longstanding 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
Hart Cole
Joseph Hakman
Executive Vice President – Capital
Markets/Strategic Operations &
Co-Regional Market Director – Seattle
Co-Chief Operating Officer &
Chief Strategic Transactions Officer
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
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
15
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Investor Information
December 31, 2024
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
Robert W. Baird & Co. Incorporated
Nate Crossett / Monir Koummal
Nicholas Joseph / Michael Griffin
Dylan Burzinski
Wesley Golladay / Nicholas Thillman
(646) 342-1588 / (646) 342-1554
(212) 816-1909 / (212) 816-5871
(949) 640-8780
(216) 737-7510 / (414) 298-5053
BofA Securities
Citizens JMP Securities, LLC
J.P. Morgan Securities LLC
Wedbush Securities
Jeff Spector / Joshua Dennerlein
Aaron Hecht / Linda Fu
Anthony Paolone / Ray Zhong
Richard Anderson / Jay Kornreich
(646) 855-1363 / (646) 855-1681
(415) 835-3963 / (415) 869-4411
(212) 622-6682 / (212) 622-5411
(212) 931-7001 / (212) 938-9942
BTIG, LLC
Deutsche Bank AG
Mizuho Securities USA LLC
Tom Catherwood / Michael Tompkins
Tayo Okusanya / Ohad Bregman
Vikram Malhotra / Georgi Dinkov
(212) 738-6140 / (212) 527-3566
(212) 250-9284 / (212) 250-1743
(212) 282-3827 / (617) 352-1721
CFRA
Evercore ISI
RBC Capital Markets
Nathan Schmidt
Steve Sakwa / James Kammert
Michael Carroll / Aditi Balachandran
(646) 517-1144
(212) 446-9462 / (312) 705-4233
(440) 715-2649 / (212) 428-6200
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
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
16
Financial and Asset Base Highlights
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December 31, 2024
(Dollars in thousands, except per share amounts)
 
Three Months Ended (unless stated otherwise)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Selected financial data from consolidated financial statements and related information
Rental revenues
$566,535
$579,569
$576,835
$581,400
$561,428
Tenant recoveries
$196,714
$196,175
$178,327
$174,151
$181,209
General and administrative expenses
$32,730
$43,945
$44,629
$47,055
$59,289
General and administrative expenses as a percentage of net operating income –
trailing 12 months
7.6%
8.9%
9.2%
9.5%
9.8%
Operating margin
70%
71%
72%
72%
71%
Adjusted EBITDA margin
72%
70%
72%
72%
69%
Adjusted EBITDA – quarter annualized
$2,273,480
$2,219,632
$2,216,144
$2,206,428
$2,094,988
Adjusted EBITDA – trailing 12 months
$2,228,921
$2,184,298
$2,122,250
$2,064,904
$1,997,518
Net debt at end of period
$11,762,176
$12,191,574
$11,940,144
$11,569,666
$10,731,200
Net debt and preferred stock to Adjusted EBITDA – quarter annualized
5.2x
5.5x
5.4x
5.2x
5.1x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months
5.3x
5.6x
5.6x
5.6x
5.4x
Total debt and preferred stock at end of period
$12,244,374
$12,691,601
$12,424,055
$12,217,163
$11,315,642
Gross assets at end of period
$43,152,628
$44,112,770
$43,305,279
$42,915,903
$41,756,421
Total debt and preferred stock to gross assets at end of period
28%
29%
29%
28%
27%
Fixed-charge coverage ratio – quarter annualized
4.3x
4.4x
4.5x
4.7x
4.5x
Fixed-charge coverage ratio – trailing 12 months
4.5x
4.5x
4.6x
4.7x
4.7x
Unencumbered net operating income as a percentage of total net operating income
99.9%
99.1%
99.1%
99.3%
99.8%
Closing stock price at end of period
$97.55
$118.75
$116.97
$128.91
$126.77
Common shares outstanding (in thousands) at end of period
172,203
172,244
172,018
172,008
171,911
Total equity capitalization at end of period
$16,798,446
$20,454,023
$20,120,907
$22,173,547
$21,793,107
Total market capitalization at end of period
$29,042,820
$33,145,624
$32,544,962
$34,390,710
$33,108,749
Dividend per share – quarter/annualized
$1.32/$5.28
$1.30/$5.20
$1.30/$5.20
$1.27/$5.08
$1.27/$5.08
Dividend payout ratio for the quarter
55%
55%
55%
54%
56%
Dividend yield – annualized
5.4%
4.4%
4.4%
3.9%
4.0%
Amounts related to operating leases:
Operating lease liabilities at end of period
$507,127
$648,338
$379,223
$381,578
$382,883
Rent expense
$10,685
$10,180
$9,412
$8,683
$8,964
Capitalized interest
$81,586
$86,496
$81,039
$81,840
$89,115
Average real estate basis capitalized during the period
$8,118,010
$8,281,318
$7,936,612
$8,163,289
$9,116,700
Weighted-average interest rate for capitalization of interest during the period
4.02%
3.98%
3.96%
3.92%
3.92%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
17
Financial and Asset Base Highlights (continued)
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
 
Three Months Ended (unless stated otherwise)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue
$17,653
$29,087
$48,338
$48,251
$41,586
Amortization of acquired below-market leases
$15,512
$17,312
$22,515
$30,340
$23,684
Amortization of deferred revenue related to tenant-funded and -built landlord improvements
$1,214
$329
$—
$—
$—
Straight-line rent expense on ground leases
$1,021
$789
$341
$358
$366
Cash payment for ground lease extension
$(135,000)
(1)
$—
$—
$—
$—
Stock compensation expense
$12,477
$15,525
$14,507
$17,125
$34,592
Amortization of loan fees
$4,620
$4,222
$4,146
$4,142
$4,059
Amortization of debt discounts
$333
$330
$328
$318
$309
Non-revenue-enhancing capital expenditures:
Building improvements
$4,313
$4,270
$4,210
$4,293
$4,167
Tenant improvements and leasing commissions
$81,918
(2)
$55,920
$15,724
$21,144
$12,155
Funds from operations attributable to noncontrolling interests
$76,111
$78,113
$78,711
$79,535
$75,908
Operating statistics and related information (at end of period)
Number of properties – North America
391
406
408
410
411
RSF – North America (including development and redevelopment projects under construction)
44,124,001
46,748,734
47,085,993
47,206,639
47,228,485
Total square feet – North America
69,289,411
73,611,815
74,103,404
74,069,321
73,532,305
Annual rental revenue per occupied RSF – North America
$56.98
$57.09
$56.87
$56.86
$56.08
Occupancy of operating properties – North America
94.6%
94.7%
94.6%
94.6%
94.6%
Occupancy of operating and redevelopment properties – North America
89.7%
89.7%
89.9%
90.2%
90.2%
Weighted-average remaining lease term (in years)
7.5
7.5
7.4
7.5
7.4
Total leasing activity – RSF
1,310,999
1,486,097
1,114,001
1,142,857
889,737
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes
18.1%
5.1%
7.4%
33.0%
9.2%
Rental rate changes (cash basis)
3.3%
1.5%
3.7%
19.0%
5.5%
RSF (included in total leasing activity above)
1,024,862
1,278,857
589,650
994,770
477,142
Top 20 tenants:
Annual rental revenue
$741,965
$796,898
$805,751
$802,605
$769,066
Annual rental revenue from investment-grade or publicly traded large cap tenants
92%
92%
92%
92%
92%
Weighted-average remaining lease term (in years)
9.3
9.5
9.4
9.7
9.6
Same property – percentage change over comparable quarter from prior year:
Net operating income changes
0.6%
1.5%
1.5%
1.0%
0.7%
Net operating income changes (cash basis)
6.3%
6.5%
3.9%
4.2%
0.8%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents a ground lease payment related to an amendment to our existing ground lease agreement at the Alexandria Technology Square® Megacampus in our Cambridge submarket completed in July 2024, which required that
we prepay our entire rent obligation for a 24-year lease term extension aggregating $270.0 million, including $135.0 million in 4Q24.
(2)Includes tenant improvements and leasing commissions for leases aggregating 319,708 RSF related to (i) a 10-year lease with an anchor tenant expanding into its flagship building in our Greater Stanford submarket and (ii) a 10-
year lease, with rental rate increases of 83.3% and 42.3% (cash basis), in our Torrey Pines submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing commissions per RSF for
the three months and year ended December 31, 2024 were $28.40 and $32.83, respectively, which are consistent with the five-year quarterly average of $29.98 per RSF. Tenant improvements and leasing commissions on renewed
and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the past five years.
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High-Quality and Diverse Client Base
December 31, 2024
Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 800 Tenants
Investment-Grade or Publicly Traded
Large Cap Tenants
92%
of ARE’s Top 20 Tenant
Annual Rental Revenue
52%
Percentage of ARE’s Annual Rental Revenue
of ARE’s
Annual Rental Revenue
chart-570ddbbd83414db1b80.gif
Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public Biotechnology –
Preclinical or Clinical
Stage
Private
Biotechnology
Other(1)
Other Investment-Grade
or Large Cap Tech
Biomedical and
Government
Institutions
As of December 31, 2024. Annual rental revenue represents amounts in effect as of December 31, 2024. 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)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, and construction/real estate companies, as well as retail-related tenants, which generate less than
1.0% of our annual rental revenue.
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High-Quality and Diverse Client Base (continued)
December 31, 2024
Long-Duration and Stable Cash Flows From
High-Quality and Diverse Tenants
Sustained Strength in Tenant Collections(1)
99.9%
99.5%
4Q24
January 2025
Long-Duration Lease Terms
9.3 Years
7.5 Years
Top 20 Tenants
All Tenants
Weighted-Average Remaining Term(2)
(1)Represents the portion of total receivables billed for each period collected as of January 27, 2025.
(2)Based on annual rental revenue in effect as of December 31, 2024.
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Occupancy
December 31, 2024
Solid Historical Occupancy of 96% Over Past 10 Years(1) From
Historically Strong Demand for Our Class A/A+ Properties in AAA Locations
Annual Rental Revenue
Occupancy Across Key Locations
Percentage of ARE’s
Annual Rental Revenue
chart-50b5e41aff8b4005a98.gif
(2)
chart-30a6a65b1b1147f5942.gif
Megacampus™
Core and
Non-Core
As of December 31, 2024. Annual rental revenue represents amounts in effect as of December 31, 2024. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents the average occupancy percentage of operating properties as of each December 31 from 2015 through 2024.
(2)Refer to footnote 1 under “Summary of occupancy” in “Summary of properties and occupancy” in the Supplemental Information for additional details.
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Key Operating Metrics
December 31, 2024
Same Property
Net Operating Income Growth
Rental Rate Growth:
Renewed/Re-Leased Space
Margins(1)
Favorable Lease Structure(2)
Operating
Adjusted EBITDA
Strategic Lease Structure by Owner and
Operator of Collaborative Megacampus Ecosystems
70%
72%
Increasing cash flows
Percentage of leases containing
annual rent escalations
97%
Stable cash flows
Weighted-Average Lease Term
of Executed Leases(3)
Percentage of triple
net leases
92%
8.9 Years
Lower capex burden
Percentage of leases providing for the
recapture of capital expenditures
92%
chart-5af93a0d00924bf8be4.gif
chart-47145209dafc43d5be2.gif
chart-7d2644f6e0b94a1c9ac.gif
chart-afe9d0d7f73c402fb20.gif
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)For the three months ended December 31, 2024.
(2)Percentages calculated based on our annual rental revenue in effect as of December 31, 2024.
(3)Represents the weighted-average lease term of executed leases based on annual rental revenue for the 10-year period for the years ended December 31, 2015 through 2024.
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Same Property Performance
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December 31, 2024
(Dollars in thousands)
December 31, 2024
December 31, 2024
Same Property Financial Data
Three Months
Ended
Year Ended
Same Property Statistical Data
Three Months
Ended
Year Ended
Percentage change over comparable period from prior year:
Number of same properties
332
321
Net operating income changes
0.6%
1.2%
Rentable square feet
33,512,862
31,670,359
Net operating income changes (cash basis)
6.3%
4.6%
Occupancy – current-period average
94.8%
94.2%
Operating margin
67%
68%
Occupancy – same-period prior-year average
94.0%
93.9%
 
Three Months Ended December 31,
Year Ended December 31,
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Income from rentals:
Same properties
$452,037
$437,539
$14,498
3.3%
$1,685,654
$1,640,232
$45,422
2.8%
Non-same properties
114,498
123,889
(9,391)
(7.6)
618,685
503,739
114,946
22.8
Rental revenues
566,535
561,428
5,107
0.9
2,304,339
2,143,971
160,368
7.5
Same properties
167,376
160,270
7,106
4.4
612,600
598,442
14,158
2.4
Non-same properties
29,338
20,939
8,399
40.1
132,767
100,043
32,724
32.7
Tenant recoveries
196,714
181,209
15,505
8.6
745,367
698,485
46,882
6.7
Income from rentals
763,249
742,637
20,612
2.8
3,049,706
2,842,456
207,250
7.3
Same properties
683
317
366
115.5
1,740
1,675
65
3.9
Non-same properties
25,013
14,262
10,751
75.4
64,948
41,568
23,380
56.2
Other income
25,696
14,579
11,117
76.3
66,688
43,243
23,445
54.2
Same properties
620,096
598,126
21,970
3.7
2,299,994
2,240,349
59,645
2.7
Non-same properties
168,849
159,090
9,759
6.1
816,400
645,350
171,050
26.5
Total revenues
788,945
757,216
31,729
4.2
3,116,394
2,885,699
230,695
8.0
Same properties
204,812
185,148
19,664
10.6
734,965
693,574
41,391
6.0
Non-same properties
35,620
37,578
(1,958)
(5.2)
174,300
165,606
8,694
5.2
Rental operations
240,432
222,726
17,706
7.9
909,265
859,180
50,085
5.8
Same properties
415,284
412,978
2,306
0.6
1,565,029
1,546,775
18,254
1.2
Non-same properties
133,229
121,512
11,717
9.6
642,100
479,744
162,356
33.8
Net operating income
$548,513
$534,490
$14,023
2.6%
$2,207,129
$2,026,519
$180,610
8.9%
Net operating income – same properties
$415,284
$412,978
$2,306
0.6%
$1,565,029
$1,546,775
$18,254
1.2%
Straight-line rent revenue
72
(24,271)
24,343
(100.3)
(31,326)
(85,412)
54,086
(63.3)
Amortization of acquired below-market leases
(12,717)
(9,969)
(2,748)
27.6
(44,683)
(37,985)
(6,698)
17.6
Net operating income – same properties (cash basis)
$402,639
$378,738
$23,901
6.3%
$1,489,020
$1,423,378
$65,642
4.6%
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.
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23
Leasing Activity
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December 31, 2024
(Dollars per RSF)
Three Months Ended
Year Ended
Year Ended
December 31, 2024
December 31, 2024
December 31, 2023
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
18.1%
3.3%
16.9%
7.2%
29.4%
15.8%
New rates
$71.14
$69.14
$65.48
$64.18
$52.35
$50.82
Expiring rates
$60.24
$66.96
$56.01
$59.85
$40.46
$43.87
RSF
1,024,862
3,888,139
3,046,386
Tenant improvements/leasing commissions
$82.64
(2)
$46.89
(2)
$26.09
Weighted-average lease term
8.0 years
8.5 years
8.7 years
Developed/redeveloped/previously vacant space leased(3)
New rates
$44.06
$40.69
$59.44
$57.34
$65.66
$59.74
RSF
286,137
1,165,815
1,259,686
Weighted-average lease term
14.8 years
10.0 years
13.8 years
Leasing activity summary (totals):
New rates
$65.46
$63.17
$64.16
$62.68
$56.09
$53.33
RSF
1,310,999
5,053,954
4,306,072
Weighted-average lease term
9.5 years
8.9 years
11.3 years
Lease expirations(1)
Expiring rates
$59.52
$66.14
$53.82
$57.24
$43.84
$45.20
RSF
1,204,079
5,005,638
5,027,773
Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 136,131 RSF and 86,092 RSF as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, we granted free rent concessions averaging 0.7
months per annum.
(2)Includes tenant improvements and leasing commissions for leases aggregating 319,708 RSF related to (i) a 10-year lease with an anchor tenant expanding into its flagship building in our Greater Stanford submarket and
(ii) a 10-year lease, with rental rate increases of 83.3% and 42.3% (cash basis), in our Torrey Pines submarket with an investment-grade top 20 tenant. Excluding these leases, tenant improvements and leasing
commissions per RSF for the three months and year ended December 31, 2024 were $28.40 and $32.83, respectively, which are consistent with the five-year quarterly average of $29.98 per RSF. Tenant improvements
and leasing commissions on renewed and re-leased space executed during the year ended December 31, 2024 represented only 8.4% of total lease term rents, the second lowest percentage of total lease term rents in the
past five years.
(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.
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Contractual Lease Expirations
December 31, 2024
Year
RSF
Percentage of
Occupied RSF
Annual Rental Revenue
(per RSF)(1)
Percentage of
Annual Rental Revenue
2025
(2)
3,708,195
10.0%
$45.91
8.2%
2026
2,826,993
7.7%
$50.73
6.9%
2027
3,302,598
8.9%
$53.80
8.6%
2028
3,944,440
10.7%
$49.78
9.5%
2029
2,385,914
6.5%
$51.30
5.9%
2030
3,144,561
8.5%
$43.11
6.5%
2031
3,433,958
9.3%
$54.76
9.1%
2032
1,005,689
2.7%
$58.96
2.9%
2033
2,585,813
7.0%
$47.77
5.9%
2034
3,304,105
8.9%
$66.90
10.6%
Thereafter
7,291,855
19.8%
$73.85
25.9%
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
127,804
99,201
25,312
364,741
617,058
$42.40
46,858
9,874
—
391,196
447,928
$54.42
San Francisco Bay Area
245,347
184,286
—
308,637
738,270
73.49
1,619
4,753
—
511,665
518,037
66.72
San Diego
144,673
18,813
278,606
202,285
644,377
20.58
—
—
—
822,140
822,140
49.60
Seattle
—
12,237
—
177,932
190,169
25.16
—
18,205
—
102,551
120,756
43.62
Maryland
51,593
—
—
141,349
192,942
26.28
—
—
—
321,676
321,676
23.61
Research Triangle
11,632
16,334
—
170,938
198,904
44.71
—
19,753
—
115,221
134,974
45.64
New York City
—
27,912
—
40,347
68,259
110.42
—
104,157
—
71,470
175,627
93.58
Texas
—
—
198,972
—
198,972
N/A
—
—
—
—
—
—
Canada
22,991
—
—
65,873
88,864
20.03
—
247,743
—
—
247,743
22.24
Non-cluster/other markets
—
—
—
2,300
2,300
40.17
—
—
—
38,112
38,112
70.34
Subtotal
604,040
358,783
502,890
1,474,402
2,940,115
41.78
48,477
404,485
—
2,374,031
2,826,993
50.73
Key 1Q25 lease expirations(5)
23,522
112,831
—
631,727
768,080
61.67
—
—
—
—
—
—
Total
627,562
471,614
502,890
2,106,129
3,708,195
$45.91
48,477
404,485
—
2,374,031
2,826,993
$50.73
Percentage of expiring leases
17%
13%
14%
56%
100%
2%
14%
0%
84%
100%
Contractual lease expirations for properties classified as held for sale as of December 31, 2024 are excluded from the information on this page.
(1)Represents amounts in effect as of December 31, 2024.
(2)Excludes month-to-month leases aggregating 136,131 RSF as of December 31, 2024. Refer to “Leasing Activity” in the Supplemental Information for additional details.
(3)Primarily represents assets that were recently acquired for future development and 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 December 31, 2024, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $7.0 million and February 18, 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)The largest remaining contractual lease expiration in 2025 is 98,741 RSF in our Sorrento Mesa submarket, where we are in early discussions to renew the tenant for a short-term extension, and in 2026 is 163,648 RSF in our University
Town Center submarket, where we have an ownership interest of 30.0% and are evaluating options to re-lease or reposition the space from single tenancy to multi-tenancy.
(5)Includes expected temporary vacancies aggregating 768,080 RSF in four submarkets with a weighted-average expiration date of January 21, 2025 and annual rental revenue aggregating approximately $47 million with our share of this
annual rental revenue aggregating $35 million comprising the following: (i) 182,054 RSF at Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street, where we have an ownership
interest of 25.0%, 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. We expect downtime on the 768,080
RSF to range from 12 to 24 months on a weighted-average basis. Our guidance assumes these properties remain operating properties and are included in our same property pool for the year ending December 31, 2025. As of December
31, 2024, 23,522 RSF was leased, 112,831 RSF was under signed letters of intent to re-lease, 527,196 RSF was involved in ongoing discussions for re-lease, and we expect to favorably resolve the remaining 104,531 RSF over the next
several quarters.
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25
Top 20 Tenants
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December 31, 2024
(Dollars in thousands, except average market cap amounts)
92% 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
Eli Lilly and Company
8.4
1,122,777
$90,259
4.3%
A1
A+
$769.8
2
Moderna, Inc.
11.3
634,045
90,103
4.3
—
—
$35.1
3
Bristol-Myers Squibb Company
5.4
999,379
77,188
3.7
A2
A
$100.6
4
Takeda Pharmaceutical Company Limited
10.4
549,759
47,899
2.3
Baa1
BBB+
$44.2
5
Roche
8.2
647,069
37,405
1.8
Aa2
AA
$232.8
6
Illumina, Inc.
5.9
857,967
35,924
1.7
Baa3
BBB
$20.6
7
Alphabet Inc.
2.8
625,015
34,899
1.7
Aa2
AA+
$2,032.2
8
2seventy bio, Inc.(2)
8.7
312,805
33,543
1.6
—
—
$0.2
9
United States Government
5.6
429,359
28,861
1.4
Aaa
AA+
$—
10
Cloud Software Group, Inc.
2.2
(3)
292,013
28,537
1.4
—
—
$—
11
Novartis AG
3.5
448,690
27,958
1.3
Aa3
AA-
$235.1
12
Uber Technologies, Inc.
57.8
(4)
1,009,188
27,787
1.3
Baa2
BBB-
$147.7
13
AstraZeneca PLC
4.8
450,848
27,226
1.3
A2
A+
$226.6
14
Boston Children's Hospital
12.2
309,231
26,154
1.2
Aa2
AA
$—
15
The Regents of the University of California
6.4
372,647
23,515
1.1
Aa2
AA
$—
16
Sanofi
6.0
267,278
21,444
1.0
A1
AA
$127.9
17
Merck & Co., Inc.
8.5
337,703
21,401
1.0
A1
A+
$300.0
18
New York University
7.1
218,983
21,056
1.0
Aa2
AA-
$—
19
Charles River Laboratories, Inc.
10.3
255,635
20,578
1.0
—
—
$11.1
20
Massachusetts Institute of Technology
5.0
237,849
20,228
1.0
Aaa
AAA
$—
Total/weighted-average
9.3
(4)
10,378,240
$741,965
35.4%
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 December 31, 2024.
(2)Includes approximately 195,000 RSF, or 62.8% of the annual rental revenue generated from 2seventy bio as of December 31, 2024, that is subleased to Regeneron Pharmaceuticals, Inc., an investment-grade publicly traded biotechnology
company. As of September 30, 2024, 2seventy bio, Inc. held $192.4 million of cash, cash equivalents, and marketable securities. Additionally, 90.2% of the annual rental revenue generated by 2seventy bio is guaranteed by another related
public biotechnology company.
(3)Consists of one lease at a property acquired in 2022 with future development and redevelopment opportunities. This lease with Cloud Software Group, Inc. (formerly known as TIBCO Software, Inc.) was in place when we acquired the
property.
(4)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 7.5 years as of December 31, 2024.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
26
Summary of Properties and Occupancy
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands, except per RSF amounts)
Summary of properties
Market
RSF
Number of
Properties
Annual Rental Revenue
Operating
Development
Redevelopment
Total
% of Total
Total
% of Total
Per RSF
Greater Boston
9,260,235
632,850
1,601,010
11,494,095
26%
64
$760,564
36%
$86.67
San Francisco Bay Area
7,680,005
394,781
366,939
8,441,725
19
65
443,345
21
66.78
San Diego
7,382,450
921,510
—
8,303,960
19
79
326,925
16
45.97
Seattle
3,186,812
227,577
—
3,414,389
8
45
136,014
5
46.19
Maryland
3,849,928
—
—
3,849,928
9
50
144,032
7
39.53
Research Triangle
3,802,204
—
—
3,802,204
9
38
116,808
6
31.53
New York City
921,774
—
—
921,774
2
4
73,534
4
90.26
Texas
1,845,159
—
73,298
1,918,457
4
15
44,022
2
24.99
Canada
888,189
—
139,311
1,027,500
2
11
19,661
1
23.08
Non-cluster/other markets
349,099
—
—
349,099
1
10
15,027
1
59.35
Properties held for sale
600,870
—
—
600,870
1
10
13,056
1
N/A
North America
39,766,725
2,176,718
2,180,558
44,124,001
100%
391
$2,092,988
100%
$56.98
4,357,276
Summary of occupancy
 
Operating Properties
Operating and Redevelopment Properties
Market
12/31/24
9/30/24
12/31/23
12/31/24
9/30/24
12/31/23
Greater Boston
94.8%
94.6%
94.9%
80.8%
80.9%
84.7%
San Francisco Bay Area
93.3
94.1
94.8
89.1
91.1
91.4
San Diego
96.3
96.0
94.1
96.3
96.0
94.1
Seattle
92.4
92.3
95.2
92.4
91.3
90.7
Maryland
95.7
96.2
95.6
95.7
96.2
95.6
Research Triangle
97.4
97.5
97.8
97.4
97.5
97.8
New York City
88.4
(1)
85.1
85.3
88.4
85.1
85.3
Texas
95.5
95.5
95.1
91.8
91.8
91.5
Subtotal
94.8
94.9
94.9
90.0
90.0
90.7
Canada
95.9
95.5
87.1
82.9
82.6
73.0
Non-cluster/other markets
72.5
72.8
78.5
72.5
72.8
78.5
North America
94.6%
(2)
94.7%
94.6%
89.7%
89.7%
90.2%
(1)The Alexandria Center® for Life Science – New York City Megacampus is 98.7% occupied as of December 31, 2024. Occupancy percentage in our New York City market reflects vacancy at the Alexandria Center® for
Life Science – Long Island City property, which was 45.7% occupied as of December 31, 2024.
(2)Includes temporary vacancy as of December 31, 2024 aggregating 278,528 RSF that is leased and expected to be occupied upon completion of the tenant improvements to the spaces. The weighted-average
expected delivery date of these spaces is May 12, 2025.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
27
Property Listing
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands)
Our Megacampus™ Properties Account for 77% 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
2,199,030
—
—
2,199,030
7
$228,062
100.0%
100.0%
50(1), 60(1), 75/125(1), 100(1), and 225(1) Binney Street, 140 First Street, and 300
Third Street(1)
Megacampus: Alexandria Center® at One Kendall Square
1,281,580
—
104,956
1,386,536
12
145,576
94.8
87.6
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®
1,185,190
—
—
1,185,190
7
110,969
97.7
97.7
100, 200, 300, 400, 500, 600, and 700 Technology Square
Megacampus: The Arsenal on the Charles
776,781
36,444
308,446
1,121,671
13
47,730
99.4
71.2
  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)
633,056
204,395
—
837,451
6
28,173
98.4
98.4
Cambridge/Inner Suburbs
6,075,637
240,839
413,402
6,729,878
45
560,510
98.2
91.9
Fenway
Megacampus: Alexandria Center® for Life Science – Fenway
1,291,019
392,011
137,675
1,820,705
3
100,587
89.7
81.1
401 and 421(1) Park Drive and 201 Brookline Avenue(1)
Seaport Innovation District
5 and 15(1) Necco Street
441,396
—
—
441,396
2
44,143
81.8
81.8
Seaport Innovation District
441,396
—
—
441,396
2
44,143
81.8
81.8
Route 128
Megacampus: Alexandria Center® for Life Science – Waltham
466,094
—
596,064
1,062,158
5
36,659
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
13,937
100.0
100.0
Route 128
1,051,320
—
596,064
1,647,384
8
50,596
100.0
63.8
Other
400,863
—
453,869
854,732
6
4,728
59.7
28.0
Greater Boston
9,260,235
632,850
1,601,010
11,494,095
64
$760,564
94.8%
80.8%
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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
28
Property Listing (continued)
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December 31, 2024
(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)
2,005,369
109,435
—
2,114,804
10
$90,452
95.1%
95.1%
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
2,005,369
109,435
—
2,114,804
10
90,452
95.1
95.1
South San Francisco
Megacampus: Alexandria Technology Center® – Gateway(1)
1,408,022
—
259,689
1,667,711
12
76,705
81.9
69.1
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
504,053
—
—
504,053
3
32,767
93.9
93.9
201 Haskins Way and 400 and 450 East Jamie Court
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan
445,232
—
—
445,232
2
3,829
100.0
100.0
1122 and 1150 El Camino Real
Alexandria Center® for Life Science – Millbrae(1)
—
285,346
—
285,346
1
—
N/A
N/A
230 Harriet Tubman Way
500 Forbes Boulevard(1)
155,685
—
—
155,685
1
10,680
100.0
100.0
South San Francisco
3,325,445
285,346
366,939
3,977,730
24
176,971
91.4
82.3
Greater Stanford
Megacampus: Alexandria Center® for Life Science – San Carlos
738,038
—
—
738,038
9
41,671
94.5
94.5
825, 835, 960, and 1501-1599 Industrial Road
Alexandria Stanford Life Science District
704,560
—
—
704,560
9
75,771
98.5
98.5
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
23,603
82.9
82.9
3875 Fabian Way
228,000
—
—
228,000
1
9,402
100.0
100.0
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road
198,558
—
—
198,558
3
15,902
89.4
89.4
2100, 2200, and 2400 Geng Road
78,501
—
—
78,501
3
4,803
100.0
100.0
3350 West Bayshore Road
61,431
—
—
61,431
1
4,770
100.0
100.0
Greater Stanford
2,349,191
—
—
2,349,191
31
175,922
94.5
94.5
San Francisco Bay Area
7,680,005
394,781
366,939
8,441,725
65
$443,345
93.3%
89.1%
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)In 4Q24, 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, with the transaction expected to close in 2025.
Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project. Refer to “New Class A/A+ development and
redevelopment properties: current projects” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
29
Property Listing (continued)
q322footerlogo.jpg
December 31, 2024
(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
840,192
241,504
—
1,081,696
10
$47,915
99.0%
99.0%
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
12,184
97.7
97.7
3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics
Court
Torrey Pines
1,357,789
241,504
—
1,599,293
17
73,362
94.5
94.5
University Town Center
Megacampus: Campus Point by Alexandria(1)
1,594,463
426,927
—
2,021,390
10
86,469
98.0
98.0
9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4135,
4155, 4161, 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
2,550,798
426,927
—
2,977,725
17
122,967
98.8
98.8
Sorrento Mesa
Megacampus: SD Tech by Alexandria(1)
878,805
253,079
—
1,131,884
12
39,988
93.6
93.6
9605, 9645, 9675, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505
Morehouse Drive(2), and 10055, 10065, and 10075 Barnes Canyon Road
Megacampus: Sequence District by Alexandria
801,575
—
—
801,575
7
28,766
100.0
100.0
6260, 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
4,022
100.0
100.0
6175, 6225, and 6275 Nancy Ridge Drive
5810/5820 Nancy Ridge Drive
83,354
—
—
83,354
1
4,581
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
1,909
100.0
100.0
Sorrento Mesa
2,968,203
253,079
—
3,221,282
35
$114,198
96.8%
96.8%
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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
30
Property Listing (continued)
q322footerlogo.jpg
December 31, 2024
(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 (continued)
Sorrento Valley
3911, 3931, and 3985 Sorrento Valley Boulevard
151,406
—
—
151,406
6
$3,970
54.0%
54.0%
11045 and 11055 Roselle Street
43,233
—
—
43,233
2
2,203
100.0
100.0
Sorrento Valley
194,639
—
—
194,639
8
6,173
64.2
64.2
Other
311,021
—
—
311,021
2
10,225
100.0
100.0
San Diego
7,382,450
921,510
—
8,303,960
79
326,925
96.3
96.3
Seattle
Lake Union
Megacampus: Alexandria Center® for Life Science – Eastlake
1,152,644
—
—
1,152,644
9
77,461
95.6
95.6
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 Life Science – South Lake Union
381,380
227,577
—
608,957
3
21,890
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
1,339
56.9
56.9
Lake Union
1,565,821
227,577
—
1,793,398
13
100,690
95.8
95.8
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
1,061,778
—
—
1,061,778
22
21,482
87.7
87.7
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
463,449
—
—
463,449
6
12,290
90.3
90.3
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
Bothell
1,525,227
—
—
1,525,227
28
33,772
88.5
88.5
Other
75,663
—
—
75,663
2
842
98.5
98.5
Seattle
3,186,812
227,577
—
3,414,389
45
$136,014
92.4%
92.4%
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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
31
Property Listing (continued)
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Maryland
Rockville
Megacampus: Alexandria Center® for Life Science – Shady Grove
1,692,350
—
—
1,692,350
20
$79,076
97.5%
97.5%
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
4,323
100.0
100.0
1405 and 1450(1) Research Boulevard
114,849
—
—
114,849
2
3,029
73.3
73.3
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
3,082
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
2,194,623
—
—
2,194,623
28
94,928
96.7
96.7
Gaithersburg
Alexandria Technology Center® – Gaithersburg I
619,061
—
—
619,061
9
19,603
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
486,301
—
—
486,301
7
18,816
100.0
100.0
700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield
Road
20400 Century Boulevard
81,006
—
—
81,006
1
2,107
100.0
100.0
401 Professional Drive
63,154
—
—
63,154
1
1,949
90.1
90.1
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
1,327,472
—
—
1,327,472
20
44,916
96.6
96.6
Beltsville
8000/9000/10000 Virginia Manor Road
191,884
—
—
191,884
1
2,974
97.7
97.7
101 West Dickman Street(1)
135,949
—
—
135,949
1
1,214
69.9
69.9
Beltsville
327,833
—
—
327,833
2
4,188
86.1
86.1
Maryland
3,849,928
—
—
3,849,928
50
144,032
95.7
95.7
Research Triangle
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham
2,214,887
—
—
2,214,887
16
55,242
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
687,824
—
—
687,824
6
31,939
99.4
99.4
6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
Megacampus: Alexandria Center® for Sustainable Technologies
364,493
—
—
364,493
7
$11,979
91.8%
91.8%
104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
32
Property Listing (continued)
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December 31, 2024
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Research Triangle (continued)
Research Triangle (continued)
Alexandria Technology Center® – Alston
155,731
—
—
155,731
3
$4,126
94.7%
94.7%
100, 800, and 801 Capitola Drive
Alexandria Innovation Center® – Research Triangle
136,722
—
—
136,722
3
4,235
99.2
99.2
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
3,802,204
—
—
3,802,204
38
116,808
97.4
97.4
New York City
New York City
Megacampus: Alexandria Center® for Life Science – New York City
742,586
—
—
742,586
3
67,864
98.7
98.7
430 and 450 East 29th Street
Alexandria Center® for Life Science – Long Island City
179,188
—
—
179,188
1
5,670
45.7
45.7
30-02 48th Avenue
New York City
921,774
—
—
921,774
4
73,534
88.4
88.4
Texas
Austin
Megacampus: Intersection Campus
1,525,359
—
—
1,525,359
12
39,955
99.2
99.2
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
40,850
99.3
99.3
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
44,022
95.5
91.8
Canada
888,189
—
139,311
1,027,500
11
19,661
95.9
82.9
Non-cluster/other markets
349,099
—
—
349,099
10
15,027
72.5
72.5
North America, excluding properties held for sale
39,165,855
2,176,718
2,180,558
43,523,131
381
2,079,932
94.6%
89.7%
Properties held for sale
600,870
—
—
600,870
10
13,056
39.6%
39.6%
Total – North America
39,766,725
2,176,718
2,180,558
44,124,001
391
$2,092,988
 
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
33
Investments in Real Estate
q322footerlogo.jpg
December 31, 2024
pipelinepagea.jpg
ALEXANDRIA’S FUTURE GROWTH IN
ANNUAL NET OPERATING INCOME FROM
DEVELOPMENT AND REDEVELOPMENT DELIVERIES
$395 MILLION
(1)
Placed Into Service
Expected to Be Placed Into Service
2024
4Q24
$118M
$55M
1.5M RSF
602,593 RSF
98% Occupied
2025
1Q26–2Q28
$83M
$312M
89%
Leased/Negotiating
Aggregating 4.4M RSF
(2)
(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)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 1Q25 through 2Q28 is projected to be $334 million.
(2)Includes (i) 461,101 RSF that is expected to stabilize through 2025 and is 89% leased/negotiating and (ii) expected partial deliveries through 4Q25 from projects expected to stabilize in 2026 and beyond. 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 leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
34
Investments in Real Estate
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands)
Investments in real estate
Development and Redevelopment
Future Opportunities Subject to
Market Conditions and Leasing
Operating
Under
Construction
Priority
Anticipated
Future
Subtotal
Total
Square footage
Operating
39,165,855
—
—
—
—
39,165,855
New Class A/A+ development and redevelopment properties
—
4,357,276
2,134,948
23,696,280
30,188,504
30,188,504
Future development and redevelopment square feet currently included in
rental properties(1)
—
—
(213,524)
(2,843,150)
(3,056,674)
(3,056,674)
Total square footage, excluding properties held for sale
39,165,855
4,357,276
1,921,424
20,853,130
27,131,830
66,297,685
Properties held for sale
600,870
—
—
2,390,856
2,390,856
2,991,726
Total square footage
39,766,725
4,357,276
1,921,424
23,243,986
29,522,686
69,289,411
(2)
Investments in real estate
Gross book value as of December 31, 2024(3)
$28,878,752
$3,893,557
$510,372
$4,452,537
$8,856,466
$37,735,218
(1)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.
(2)We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2025 with dispositions and sales of partial interests primarily focused on sales of properties and
land parcels not integral to our Megacampus strategy.
(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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
35
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
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December 31, 2024
500 North Beacon Street and
4 Kingsbury Avenue(1)
201 Brookline Avenue
840 Winter Street
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
Greater Boston/Route 128
211,574 RSF
512,749 RSF
139,984 RSF
100% Occupancy
98% Occupancy
100% Occupancy
arsenalphaseii.jpg
a201brooklinev2.jpg
winter840.jpg
10935, 10945, and 10955
Alexandria Way(2)
4155 Campus Point Court
9808 Medical Center Drive
San Diego/Torrey Pines
San Diego/
University Town Center
Maryland/Rockville
93,492 RSF
171,102 RSF
95,061 RSF
100% Occupancy
100% Occupancy
69% Occupancy
alexandriawayoas.jpg
campuspoint4155.jpg
mcd9808.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.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
36
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued)
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands)
Incremental Annual Net Operating Income Generated From 2024 Deliveries
Aggregated $118 Million, Including $55 Million in 4Q24
 
Property/Market/Submarket
Our
Ownership
Interest
RSF Placed in Service
Occupancy
Percentage(2)
Total Project
Unlevered Yields
4Q24
Delivery
Date(1)
Prior to
1/1/24
1Q24
2Q24
3Q24
4Q24
Total
Initial
Stabilized
Initial
Stabilized
(Cash Basis)
RSF
Investment
Development projects
99 Coolidge Avenue/Greater Boston/
Cambridge/Inner Suburbs
N/A
75.0%
43,568
72,846
—
—
—
116,414
100%
320,809
$468,000
7.1%
7.0%
500 North Beacon Street and 4
Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
11/1/24
100%
—
100,624
37,913
—
73,037
211,574
100%
248,018
427,000
6.2
5.5
201 Brookline Avenue/Greater Boston/
Fenway
10/30/24
99.0%
451,967
—
—
—
60,782
512,749
98%
512,749
787,000
7.3
6.6
10935, 10945, and 10955 Alexandria
Way/San Diego/Torrey Pines
11/1/24
100%
—
—
—
—
93,492
93,492
100%
334,996
503,000
6.2
5.8
4155 Campus Point Court/San Diego/
  University Town Center
11/7/24
55.0%
—
—
—
—
171,102
171,102
100%
171,102
184,000
8.0
6.4
1150 Eastlake Avenue East/Seattle/
Lake Union
N/A
100%
278,282
—
2,079
31,270
—
311,631
100%
311,631
442,000
6.6
6.7
9810 Darnestown Road/Maryland/
Rockville
N/A
100%
—
—
195,435
—
—
195,435
100%
195,435
135,000
7.1
6.2
9820 Darnestown Road/Maryland/
Rockville
N/A
100%
—
—
—
250,000
—
250,000
100%
250,000
177,000
8.7
5.6
9808 Medical Center Drive/Maryland/
Rockville
12/31/24
100%
26,460
—
25,655
13,056
29,890
95,061
69%
95,061
114,000
5.4
5.4
Redevelopment projects
840 Winter Street/Greater Boston/
Route 128
11/22/24
100%
—
—
—
—
139,984
139,984
100%
168,214
224,000
7.9
(3)
6.7
(3)
651 Gateway Boulevard/San Francisco
Bay Area/South San Francisco
N/A
50.0%
—
44,652
—
22,365
—
67,017
100%
326,706
487,000
5.0
5.1
Alexandria Center® for Advanced
Technologies – Monte Villa
Parkway/Seattle/Bothell
12/31/24
100%
65,086
115,598
—
—
34,306
214,990
90%
460,934
216,000
6.3
6.2
Canada
N/A
100%
44,862
9,725
23,900
—
—
78,487
100%
250,790
113,000
6.4
6.3
Weighted average/total
11/7/24
910,225
343,445
284,982
316,691
602,593
2,457,936
3,646,445
$4,277,000
6.7%
6.2%
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)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(2)Occupancy relates to total operating RSF placed in service as of the most recent delivery.
(3)Represents initial stabilized yields upon completion and delivery of the project in 4Q24. However, we are actively negotiating with our existing anchor tenant to potentially relocate them to another Alexandria property to accommodate their
future growth, and if this occurs, our future returns on this asset could change as we backfill this building with a new tenant.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
37
New Class A/A+ Development and Redevelopment Properties: Current Projects
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December 31, 2024
99 Coolidge Avenue
500 North Beacon Street and
4 Kingsbury Avenue(1)
311 Arsenal Street
401 Park Drive
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
204,395 RSF
36,444 RSF
308,446 RSF
137,675 RSF
62% Leased/Negotiating
92% Leased/Negotiating
21% Leased/Negotiating
—% Leased/Negotiating
a99coolidge.jpg
arsenalphaseii.jpg
arsenal311.jpg
parkdrive401v2.jpg
421 Park Drive
40, 50, and 60 Sylvan Road
1450 Owens Street
651 Gateway Boulevard
Greater Boston/Fenway
Greater Boston/Route 128
San Francisco Bay Area/
Mission Bay
San Francisco Bay Area/
South San Francisco
392,011 RSF
596,064 RSF
109,435 RSF
259,689 RSF
13% Leased/Negotiating
31% Leased/Negotiating(2)
—% Leased/Negotiating(3)
21% Leased/Negotiating
parkdrive421.jpg
sylvan60.jpg
owens1450.jpg
gateway651.jpg
(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)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.
(3)Image represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership
interest of 75%, after which it will contribute its respective share of additional capital. Additionally, in 4Q24, 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, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to
be 25% at completion of the project.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
38
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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December 31, 2024
230 Harriet Tubman Way
269 East Grand Avenue
10935, 10945, and 10955
Alexandria Way(1)
4135 Campus Point Court
San Francisco Bay Area/
South San Francisco
San Francisco Bay Area/
South San Francisco
San Diego/Torrey Pines
San Diego/
University Town Center
285,346 RSF
107,250 RSF
241,504 RSF
426,927 RSF
100% Leased
—% Leased/Negotiating
100% Leased
100% Leased
harriettubman.jpg
a269egrand.jpg
alexandriawayoas.jpg
campuspoint4135.jpg
10075 Barnes Canyon Road
701 Dexter Avenue North
8800 Technology Forest Place
San Diego/Sorrento Mesa
Seattle/Lake Union
Texas/Greater Houston
253,079 RSF
227,577 RSF
73,298 RSF
70% Leased/Negotiating
—% Leased/Negotiating
41% Leased/Negotiating
barnescanyon10075.jpg
a701dexter.jpg
techforest8800.jpg
(1)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
39
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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December 31, 2024
 
Property/Market/Submarket
Square Footage
Percentage
Occupancy(1)
Dev/Redev
In Service
CIP
Total
Leased
Leased/
Negotiating
Initial
Stabilized
Under construction
2025 stabilization
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
Dev
211,574
36,444
248,018
92%
92%
1Q24
2025
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco
Dev
—
285,346
285,346
100
100
1Q25
1Q25
Canada
Redev
111,479
139,311
250,790
73
75
3Q23
2025
323,053
461,101
784,154
89
89
2026 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
82,216
(2)
308,446
390,662
21
21
2027
2027
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
Dev
116,414
204,395
320,809
40
62
4Q23
2026
401 Park Drive/Greater Boston/Fenway(3)
Redev
—
137,675
137,675
—
—
2026
2026
421 Park Drive/Greater Boston/Fenway
Dev
—
392,011
392,011
13
13
2026
2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
Redev
—
596,064
596,064
31
31
2026
2027
Other/Greater Boston
Redev
—
453,869
453,869
—
—
(4)
2027
2027
1450 Owens Street/San Francisco Bay Area/Mission Bay
Dev
—
109,435
109,435
—
—
(5)
2026
2026
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco
Redev
67,017
259,689
326,706
21
21
1Q24
2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
Redev
—
107,250
107,250
—
—
2026
2027
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
Dev
93,492
241,504
334,996
100
100
4Q24
2026
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
—
253,079
253,079
70
70
2025
2026
701 Dexter Avenue North/Seattle/Lake Union
Dev
—
227,577
227,577
—
—
2026
2027
8800 Technology Forest Place/Texas/Greater Houston
Redev
50,094
73,298
123,392
41
41
2Q23
2026
409,233
3,896,175
4,305,408
35
37
Total
732,286
4,357,276
5,089,562
43%
45%
(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)We expect to redevelop an additional 25,312 RSF of space occupied as of December 31, 2024 into laboratory space upon expiration of the existing leases through 1H25. Refer to “Investments in real estate” under “Definitions and
reconciliations” in the Supplemental Information for additional details.
(3)During 4Q24, we shifted the strategy of our 401 Park Drive redevelopment project to focus on the largest, most significant phase of the project. This phase aggregated 137,675 RSF and is expected to initially deliver and stabilize in 2026.
Accordingly, we placed the less significant portion of the project that aggregated 22,284 RSF back into operations.
(4)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses that will address demand from other non-Alexandria properties/campuses.
(5)Represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership
interest of 75%, after which it will contribute its respective share of additional capital. In 4Q24, 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, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at
completion of the project.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
40
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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December 31, 2024
(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 stabilization
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
100%
$378,021
$37,026
$11,953
$427,000
6.2%
5.5%
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco
48.2%
—
404,591
105,409
510,000
7.4%
6.4%
Canada
100%
50,235
51,596
11,169
113,000
6.4%
6.3%
428,256
493,213
2026 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge
100%
—
164,957
TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
100%
60,649
240,342
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
75.0%
136,635
196,917
134,448
468,000
7.1%
7.0%
401 Park Drive/Greater Boston/Fenway
100%
—
151,301
TBD
421 Park Drive/Greater Boston/Fenway
99.8%
—
463,079
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
100%
—
449,484
Other/Greater Boston
100%
—
151,464
1450 Owens Street/San Francisco Bay Area/Mission Bay
25.1%
—
121,957
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco
50.0%
87,376
258,708
140,916
487,000
5.0%
5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
100%
—
66,184
TBD
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
100%
100,944
323,993
78,063
503,000
6.2%
5.8%
4135 Campus Point Court/San Diego/University Town Center
55.0%
—
347,039
176,961
524,000
6.6%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
50.0%
—
183,733
137,267
321,000
5.5%
5.7%
701 Dexter Avenue North/Seattle/Lake Union
100%
—
234,908
TBD
8800 Technology Forest Place/Texas/Greater Houston
100%
59,794
46,278
5,928
112,000
6.3%
6.0%
445,398
3,400,344
$873,654
$3,893,557
$2,740,000
(2)
$7,510,000
(2)
Our share of investment(2)(3)
$800,000
$3,180,000
$2,400,000
$6,380,000
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 2026 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.
(3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
41
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands)
68% 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
Future Opportunities Subject to
Market Conditions and Leasing
Under
Construction
Priority
Anticipated
Future
Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge
100%
$164,957
104,956
—
—
104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs
100%
288,993
344,890
25,312
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)
285,870
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
(3)
614,380
529,686
—
—
529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128
100%
512,996
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%
204,128
—
—
174,500
174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge
100%
7,907
—
—
100,000
100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District
60.0%
288,527
—
—
1,040,000
1,040,000
10 Necco Street/Seaport Innovation District
100%
105,106
—
—
175,000
175,000
215 Presidential Way/Route 128
100%
6,816
—
—
112,000
112,000
Other development and redevelopment projects
(4)
405,145
453,869
—
1,365,496
1,819,365
$2,884,825
2,233,860
25,312
4,418,153
6,677,325
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 75.0% 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.
(3)We have a 100% interest in 401 Park Drive aggregating 137,675 RSF and a 99.8% interest in 421 Park Drive aggregating 392,011 RSF.
(4)Includes a property in which we own a partial interest through a real estate joint venture.
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42
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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December 31, 2024
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Future Opportunities Subject to
Market Conditions and Leasing
Under
Construction
Priority
Anticipated
Future
Total(1)
San Francisco Bay Area
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/
Mission Bay
25.1%
$121,957
(2)
109,435
(2)
—
—
109,435
1450 Owens Street
Alexandria Center® for Life Science – Millbrae/South San Francisco
48.2%
568,776
285,346
198,188
150,213
633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
Megacampus: Alexandria Technology Center® – Gateway/
South San Francisco
50.0%
285,334
259,689
—
291,000
550,689
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San
Francisco/South San Francisco
100%
72,839
107,250
—
90,000
197,250
211(3) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South
San Francisco
100%
406,586
—
—
1,930,000
1,930,000
1122, 1150, and 1178 El Camino Real
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford
100%
455,849
—
—
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%
156,602
—
—
478,000
478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford
100%
37,264
—
—
240,000
240,000
Megacampus: 88 Bluxome Street/SoMa
100%
397,952
—
—
1,070,925
1,070,925
Other development and redevelopment projects
100%
—
—
—
56,924
56,924
$2,503,159
761,720
198,188
5,804,892
6,764,800
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)In 4Q24, 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, with the transaction expected to close in 2025.
Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the 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.
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43
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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December 31, 2024
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Future Opportunities Subject to
Market Conditions and Leasing
Under
Construction
Priority
Anticipated
Future
Total(1)
San Diego
Megacampus: One Alexandria Square/Torrey Pines
100%
$382,913
241,504
—
125,280
366,784
10935 and 10945 Alexandria Way and 10975 and 10995 Torreyana Road
Megacampus: Campus Point by Alexandria/University Town Center
55.0%
492,221
426,927
333,414
634,043
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%
346,929
253,079
250,000
243,845
746,924
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines
100%
153,104
—
153,000
62,000
215,000
Megacampus: 5200 Illumina Way/University Town Center
51.0%
17,443
—
—
451,832
451,832
9625 Towne Centre Drive/University Town Center
30.0%
837
—
—
100,000
100,000
Megacampus: Sequence District by Alexandria/Sorrento Mesa
100%
46,323
—
—
1,798,915
1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa
100%
42,417
—
—
154,308
154,308
10256 and 10260 Meanley Drive
4075 Sorrento Valley Boulevard/Sorrento Valley
100%
19,130
—
—
144,000
144,000
Other development and redevelopment projects
(3)
76,843
—
—
475,000
475,000
$1,578,160
921,510
736,414
4,189,223
5,847,147
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 100% interest in this property.
(3)Includes a property in which we own a partial interest through a real estate joint venture.
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44
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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December 31, 2024
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Future Opportunities Subject to
Market Conditions and Leasing
Under
Construction
Priority
Anticipated
Future
Total(1)
Seattle
Megacampus: Alexandria Center® for Life Science – South Lake Union/Lake Union
(2)
$516,743
227,577
869,000
188,400
1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo
100%
59,996
—
—
544,825
544,825
410 West Harrison Street/Elliott Bay
100%
—
—
—
91,000
91,000
Megacampus: Alexandria Center® for Advanced Technologies – Canyon Park/
Bothell
100%
18,066
—
—
230,000
230,000
21660 20th Avenue Southeast
Other development and redevelopment projects
100%
144,644
—
—
706,087
706,087
739,449
227,577
869,000
1,760,312
2,856,889
Maryland
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville
100%
22,593
—
—
296,000
296,000
9830 Darnestown Road
22,593
—
—
296,000
296,000
Research Triangle
Megacampus: Alexandria Center® for Advanced Technologies and AgTech –
Research Triangle/Research Triangle
100%
106,906
—
180,000
990,000
1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle
100%
158,277
—
—
2,060,000
2,060,000
Megacampus: Alexandria Center® for NextGen Medicines/
Research Triangle
100%
109,368
—
—
1,055,000
1,055,000
3029 East Cornwallis Road
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle
100%
53,941
—
—
750,000
750,000
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive
100 Capitola Drive/Research Triangle
100%
—
—
—
65,965
65,965
Other development and redevelopment projects
100%
4,185
—
—
76,262
76,262
$432,677
—
180,000
4,997,227
5,177,227
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 100% interest in 601 and 701 Dexter Avenue North aggregating 415,977 RSF and a 60% interest in the priority anticipated development project at 800 Mercer Street aggregating 869,000 RSF.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
45
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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December 31, 2024
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Future Opportunities Subject to
Market Conditions and Leasing
Under
Construction
Priority
Anticipated
Future
Total(1)
New York City
Megacampus: Alexandria Center® for Life Science – New York City/New York City
100%
$168,423
—
—
550,000
(2)
550,000
168,423
—
—
550,000
550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston
100%
49,118
73,298
—
116,405
189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin
100%
10,533
—
126,034
123,976
250,010
Other development and redevelopment projects
100%
56,798
—
—
344,000
344,000
116,449
73,298
126,034
584,381
783,713
Canada
100%
51,596
139,311
—
371,743
511,054
Other development and redevelopment projects
100%
121,396
—
—
724,349
724,349
Total pipeline as of December 31, 2024, excluding properties held for sale
8,618,727
4,357,276
2,134,948
23,696,280
30,188,504
Properties held for sale
237,739
—
—
2,390,856
2,390,856
Total pipeline as of December 31, 2024
$8,856,466
(3)
4,357,276
2,134,948
26,087,136
32,579,360
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 3,056,674 RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction 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 September 30, 2024, we filed a lawsuit against the New York City Health + Hospitals Corporation and the New York City Economic Development Corporation for fraud and breach of contract concerning our
option to ground lease a land parcel to develop a future world-class life science building within the Alexandria Center® for Life Science – New York City Megacampus. Refer to our 2024 Form 10-K filed with the Securities and Exchange
Commission on January 27, 2025 for additional details.
(3)Includes $3.9 billion of projects that are currently under construction.
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46
Construction Spending and Capitalization of Interest
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December 31, 2024
(Dollars in thousands)
Construction spending
Year Ended
December 31, 2024
Projected Midpoint for
the Year Ending
December 31, 2025
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)
$
1,791,097
$
1,220,000
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
426,948
500,000
Revenue- and non-revenue-enhancing capital expenditures
273,377
415,000
(2)
Construction spend (before contributions from noncontrolling interests or tenants)
2,491,422
2,135,000
Contributions from noncontrolling interests (consolidated real estate joint ventures)
(343,797)
(230,000)
(3)
Tenant-funded and -built landlord improvements
(129,153)
(155,000)
Total construction spending
$
2,018,472
$
1,750,000
2025 guidance range for construction spending
$1,450,000 – $2,050,000
Projected capital contributions from partners in consolidated real estate joint ventures to fund construction
Timing
Amount(3)
2025
$230,000
2026 through 2028
454,086
Total
$684,086
Average real estate basis used for capitalization of interest
Average Real Estate
Basis Capitalized
During the Year
Ended 2024
Percentage of Total
Average Real Estate Basis Capitalized
Key Categories of Real Estate Basis Capitalized
2024
2025(4)
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)
$2,924,369
36%
35%
Future pipeline pre-construction
Priority anticipated projects
508,108
(5)
6
50
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
3,710,741
(5)
46
Smaller redevelopments and repositioning capital projects
981,589
12
15
$8,124,807
100%
100%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes projects under construction aggregating 4.4 million RSF that are expected to generate $395 million in annual incremental net operating income primarily commencing from 1Q25 through 2Q28.
(2)Represents revenue-enhancing and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements for the year ending December 31, 2025. Our
share of the 2025 revenue-enhancing and non-revenue-enhancing capital expenditures is projected to be $370 million at the midpoint of our guidance for 2025 construction.
(3)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
(4)Based upon the midpoint of our guidance range for 2025 capitalization of interest.
(5)Average real estate basis capitalized related to our future pipeline pre-construction activities includes 29% from four key active and future Megacampus development and redevelopment projects. Refer to the next page for additional details.
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47
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Construction Spending and Capitalization of Interest (continued)
December 31, 2024
Key Active and Future Megacampus™ Development and Redevelopment Projects
megacampusdevelopmenta.jpg
Refer to “Megacampus™” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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.
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48
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Joint Venture Financial Information
December 31, 2024
Consolidated Real Estate Joint Ventures
Property
Market
Submarket
Noncontrolling
Interest Share(1)
Operating RSF
at 100%
50 and 60 Binney Street
Greater Boston
Cambridge/Inner Suburbs
66.0%
532,395
75/125 Binney Street
Greater Boston
Cambridge/Inner Suburbs
60.0%
388,270
100 and 225 Binney Street and 300 Third Street
Greater Boston
Cambridge/Inner Suburbs
70.0%
870,106
99 Coolidge Avenue
Greater Boston
Cambridge/Inner Suburbs
25.0%
116,414
(2)
15 Necco Street
Greater Boston
Seaport Innovation District
43.3%
345,996
285, 299, 307, and 345 Dorchester Avenue
Greater Boston
Seaport Innovation District
40.0%
—
(2)
Alexandria Center® for Science and Technology – Mission Bay(3)
San Francisco Bay Area
Mission Bay
75.0%
996,181
1450 Owens Street
San Francisco Bay Area
Mission Bay
74.9%
(4)
—
(2)
601, 611, 651(2), 681, 685, and 701 Gateway Boulevard
San Francisco Bay Area
South San Francisco
50.0%
851,991
751 Gateway Boulevard
San Francisco Bay Area
South San Francisco
49.0%
230,592
211(2) and 213 East Grand Avenue
San Francisco Bay Area
South San Francisco
70.0%
300,930
500 Forbes Boulevard
San Francisco Bay Area
South San Francisco
90.0%
155,685
Alexandria Center® for Life Science – Millbrae
San Francisco Bay Area
South San Francisco
51.8%
—
(2)
3215 Merryfield Row
San Diego
Torrey Pines
70.0%
170,523
Campus Point by Alexandria(5)
San Diego
University Town Center
45.0%
1,496,181
5200 Illumina Way
San Diego
University Town Center
49.0%
792,687
9625 Towne Centre Drive
San Diego
University Town Center
70.0%
163,648
SD Tech by Alexandria(6)
San Diego
Sorrento Mesa
50.0%
798,860
Pacific Technology Park
San Diego
Sorrento Mesa
50.0%
544,352
Summers Ridge Science Park(7)
San Diego
Sorrento Mesa
70.0%
316,531
1201 and 1208 Eastlake Avenue East
Seattle
Lake Union
70.0%
206,134
199 East Blaine Street
Seattle
Lake Union
70.0%
115,084
400 Dexter Avenue North
Seattle
Lake Union
70.0%
290,754
800 Mercer Street
Seattle
Lake Union
40.0%
—
(2)
Unconsolidated Real Estate Joint Ventures
Property
Market
Submarket
Our Ownership
Share(8)
Operating RSF
at 100%
1655 and 1725 Third Street
San Francisco Bay Area
Mission Bay
10.0%
586,208
1450 Research Boulevard
Maryland
Rockville
73.2%
(9)
42,679
101 West Dickman Street
Maryland
Beltsville
58.4%
(9)
135,949
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)In addition to the consolidated real estate joint ventures listed, various joint venture partners hold insignificant noncontrolling interests in three other real estate joint ventures in North America.
(2)Represents a property currently under construction or in our development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information for
additional details.
(3)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.
(4)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes equity to fund the construction of the project over time.
(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.
(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 unconsolidated real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture in North America.
(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.
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49
Joint Venture Financial Information (continued)
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December 31, 2024
(In thousands)
As of December 31, 2024
Noncontrolling Interest
Share of Consolidated
Real Estate JVs
Our Share of
Unconsolidated Real
Estate JVs
Investments in real estate
$
4,240,036
$
109,756
Cash, cash equivalents, and restricted cash
163,799
3,218
Other assets
416,997
10,019
Secured notes payable
(37,330)
(77,345)
Other liabilities
(274,083)
(5,775)
Redeemable noncontrolling interests
(19,972)
—
$
4,489,447
$
39,873
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated Real Estate JVs
December 31, 2024
December 31, 2024
Three Months Ended
Year Ended
Three Months Ended
Year Ended
Total revenues
$
112,690
$
448,476
$
6,282
$
15,754
Rental operations
(35,776)
(132,785)
(994)
(3,978)
76,914
315,691
5,288
11,776
General and administrative
(644)
(2,912)
(79)
(159)
Interest
(361)
(1,114)
(841)
(3,648)
Depreciation and amortization of real estate assets
(34,986)
(129,711)
(1,061)
(4,238)
Gain on sales of real estate
5,025
5,025
3,328
3,328
Fixed returns allocated to redeemable noncontrolling interests(1)
202
805
—
—
$
46,150
$
187,784
$
6,635
$
7,059
Straight-line rent and below-market lease revenue
$
(2,821)
$
12,767
$
159
$
902
Funds from operations(2)
$
76,111
$
312,470
$
4,368
$
7,969
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their
investment rather than participate in the operating results of the property.
(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
50
Investments
q322footerlogo.jpg
December 31, 2024
(Dollars in thousands)
We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income
(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.
December 31, 2024
Year Ended
December 31, 2023
Three Months Ended
Year Ended
Realized gains
$11,788
(1)
$59,124
(1)
$6,078
(2)
Unrealized losses
(79,776)
(3)
(112,246)
(4)
(201,475)
(5)
Investment loss
$(67,988)
$(53,122)
$(195,397)
December 31, 2024
December 31, 2023
Investments
Cost
Unrealized Gains
Unrealized Losses
Carrying Amount
Carrying Amount
Publicly traded companies
$188,653
$24,262
$(107,248)
$105,667
$159,566
Entities that report NAV
518,074
126,077
(34,285)
609,866
671,532
Entities that do not report NAV:
Entities with observable price changes
99,932
77,761
(2,956)
174,737
174,268
Entities without observable price changes
400,487
—
—
400,487
368,654
Investments accounted for under the equity method
  N/A
N/A
N/A
186,228
75,498
December 31, 2024
$1,207,146
(6)
$228,100
$(144,489)
$1,476,985
$1,449,518
December 31, 2023
$1,177,072
$320,445
$(123,497)
$1,449,518
Public/Private Mix (Cost)
Tenant/Non-Tenant Mix (Cost)
chart-e4efa7f454f54c3c82f.gif
chart-2eb60ce88bcd4ad483a.gif
14%
Public
26%
Tenant
86%
Private
74%
Non-Tenant
(1)Consists of realized gains of $32.1 million and $117.2 million, partially offset by impairment charges of $20.3 million and $58.1 million during the three months and year ended December 31, 2024, respectively.
(2)Consists of realized gains of $80.6 million, offset by impairment charges of $74.6 million during the year ended December 31, 2023.
(3)Consists of unrealized losses of $43.6 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and $36.2 million resulting from accounting reclassifications of unrealized gains recognized in
prior periods into realized gains upon our realization of investments during the three months ended December 31, 2024.
(4)Primarily relates to the accounting reclassifications of unrealized gains recognized in prior periods into realized gains upon our realization of investments during the year ended December 31, 2024.
(5)Consists of unrealized losses of $111.6 million primarily resulting from the decrease in the fair value of our investments in privately held entities that report NAV and $89.9 million resulting from accounting reclassifications of unrealized
gains recognized in prior periods into realized gains upon our sales of investments during the year ended December 31, 2023.
(6)Represents 2.8% of gross assets as of December 31, 2024. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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Key Credit Metrics
December 31, 2024
Liquidity
Minimal Outstanding Borrowings and Significant Availability
on Unsecured Senior Line of Credit
(in millions)
$5.7B
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(in millions)
Availability under our unsecured senior line of credit, net of amounts
outstanding under our commercial paper program
$5,000
Cash, cash equivalents, and restricted cash
560
Availability under our secured construction loan
46
Investments in publicly traded companies
106
Liquidity as of December 31, 2024
$5,712
Net Debt and Preferred Stock to Adjusted EBITDA(1)
Fixed-Charge Coverage Ratio(1)
chart-a57e9fc27a834f9e9b2.gif
chart-6814081034f34efba71.gif
4.0x to 4.5x
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.
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52
Summary of Debt
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December 31, 2024
(In millions)
Weighted-Average Remaining Term of 12.7 Years
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53
Summary of Debt (continued)
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December 31, 2024
(Dollars in thousands)
Fixed-rate and variable-rate debt
Fixed-Rate
Debt
Variable-Rate
Debt
Total
Percentage
Weighted-Average
Interest Rate(1)
Remaining Term
(in years)
Secured notes payable
$587
$149,322
$149,909
1.2%
7.51%
1.9
Unsecured senior notes payable
12,094,465
—
12,094,465
98.8
3.81
12.8
Unsecured senior line of credit(2) and commercial
paper program(3)
—
—
—
—
N/A
5.1
(4)
Total/weighted average
$12,095,052
$149,322
$12,244,374
100.0%
3.86%
12.7
(4)
Percentage of total debt
98.8%
1.2%
100.0%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)As of December 31, 2024, we had no outstanding balance on our unsecured senior line of credit.
(3)The commercial paper program provides us with the ability to issue up to $2.5 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a
maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue
commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at
SOFR+0.855%. As of December 31, 2024, we had no commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the
consolidated weighted-average maturity of our debt is 12.7 years. The commercial paper notes sold during the year ended December 31, 2024 were issued at a weighted-average yield to maturity of 5.30% and had a weighted-
average maturity term of 18 days.
Average Debt Outstanding
Weighted-Average Interest Rate
December 31, 2024
December 31, 2024
Three Months Ended
Year Ended
Three Months Ended
Year Ended
Long-term fixed-rate debt
$12,172,262
$12,049,708
3.79%
3.77%
Short-term variable-rate unsecured senior line of credit and commercial paper
program debt
1,160,969
643,545
4.90
5.40
Blended-average interest rate
13,333,231
12,693,253
3.89
3.85
Loan fee amortization and annual facility fee related to unsecured senior line of credit
N/A
N/A
0.13
0.12
Total/weighted average
$13,333,231
$12,693,253
4.02%
3.97%
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54
Summary of Debt (continued)
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December 31, 2024
(Dollars in thousands)
Debt covenants
Unsecured Senior Notes Payable
Unsecured Senior Line of Credit
Debt Covenant Ratios(1)
Requirement
December 31, 2024
Requirement
December 31, 2024
Total Debt to Total Assets
≤ 60%
29%
≤ 60.0%
29.5%
Secured Debt to Total Assets
≤ 40%
0.4%
≤ 45.0%
0.3%
Consolidated EBITDA to Interest Expense
≥ 1.5x
11.0x
≥ 1.50x
3.91x
Unencumbered Total Asset Value to Unsecured Debt
≥ 150%
330%
N/A
N/A
Unsecured Interest Coverage Ratio
N/A
N/A
≥ 1.75x
10.38x
(1)All covenant ratio titles utilize terms as defined in the respective debt and credit agreements. The calculation of consolidated EBITDA is based on the definitions contained in our loan agreements and is not directly comparable to
the computation of EBITDA as described in Exchange Act Release No. 47226.
Unconsolidated real estate joint ventures’ debt
At 100%
Unconsolidated Joint Venture
Maturity Date
Stated Rate
Interest Rate(1)
Aggregate
Commitment
Debt Balance(2)
Our Share
1655 and 1725 Third Street(3)
3/10/25
4.50%
4.57%
$600,000
$599,930
10.0%
101 West Dickman Street
11/10/26
SOFR+1.95%
(4)
6.36%
26,750
18,884
58.4%
1450 Research Boulevard
12/10/26
SOFR+1.95%
(4)
6.42%
13,000
8,637
73.2%
$639,750
$627,451
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2024.
(3)The unconsolidated real estate joint venture is in the process of refinancing approximately $500 million of this debt with a new secured note payable, which is expected to close in 1Q25. The remaining debt balance of
approximately $100 million will be repaid through contributions from the unconsolidated joint venture partners. We expect to contribute our share of approximately $10 million in 1Q25. As of December 31, 2024, our investment in
this unconsolidated real estate joint venture was $10.6 million.
(4)This loan is subject to a fixed SOFR floor of 0.75%.
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55
Summary of Debt (continued)
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December 31, 2024
(Dollars in thousands)
Debt
Stated 
Rate
Interest
Rate(1)
Maturity
Date(2)
Principal Payments Remaining for the Periods Ending December 31,
Principal
Unamortized
(Deferred
Financing
Cost),
(Discount)/
Premium
Total
2025
2026
2027
2028
2029
Thereafter
Secured notes payable
Greater Boston(3)
SOFR+2.70%
7.52%
11/19/26
$—
$149,594
$—
$—
$—
$—
$149,594
$(272)
$149,322
San Francisco Bay Area
6.50%
6.50
7/1/36
34
36
38
41
44
394
587
—
587
Secured debt weighted-average interest rate/
subtotal
7.51
34
149,630
38
41
44
394
150,181
(272)
149,909
Unsecured senior line of credit and commercial
paper program(4)
(4)
N/A
(4)
1/22/30
(4)
—
—
—
—
—
—
—
—
—
Unsecured senior notes payable
3.45%
3.62
4/30/25
600,000
—
—
—
—
—
600,000
(296)
599,704
Unsecured senior notes payable
4.30%
4.50
1/15/26
—
300,000
—
—
—
—
300,000
(532)
299,468
Unsecured senior notes payable
3.80%
3.96
4/15/26
—
350,000
—
—
—
—
350,000
(653)
349,347
Unsecured senior notes payable
3.95%
4.13
1/15/27
—
—
350,000
—
—
—
350,000
(1,067)
348,933
Unsecured senior notes payable
3.95%
4.07
1/15/28
—
—
—
425,000
—
—
425,000
(1,312)
423,688
Unsecured senior notes payable
4.50%
4.60
7/30/29
—
—
—
—
300,000
—
300,000
(1,027)
298,973
Unsecured senior notes payable
2.75%
2.87
12/15/29
—
—
—
—
400,000
—
400,000
(2,064)
397,936
Unsecured senior notes payable
4.70%
4.81
7/1/30
—
—
—
—
—
450,000
450,000
(2,057)
447,943
Unsecured senior notes payable
4.90%
5.05
12/15/30
—
—
—
—
—
700,000
700,000
(4,730)
695,270
Unsecured senior notes payable
3.375%
3.48
8/15/31
—
—
—
—
—
750,000
750,000
(4,348)
745,652
Unsecured senior notes payable
2.00%
2.12
5/18/32
—
—
—
—
—
900,000
900,000
(6,967)
893,033
Unsecured senior notes payable
1.875%
1.97
2/1/33
—
—
—
—
—
1,000,000
1,000,000
(7,109)
992,891
Unsecured senior notes payable
2.95%
3.07
3/15/34
—
—
—
—
—
800,000
800,000
(7,236)
792,764
Unsecured senior notes payable
4.75%
4.88
4/15/35
—
—
—
—
—
500,000
500,000
(4,958)
495,042
Unsecured senior notes payable
5.25%
5.38
5/15/36
—
—
—
—
—
400,000
400,000
(4,109)
395,891
Unsecured senior notes payable
4.85%
4.93
4/15/49
—
—
—
—
—
300,000
300,000
(2,872)
297,128
Unsecured senior notes payable
4.00%
3.91
2/1/50
—
—
—
—
—
700,000
700,000
9,985
709,985
Unsecured senior notes payable
3.00%
3.08
5/18/51
—
—
—
—
—
850,000
850,000
(11,227)
838,773
Unsecured senior notes payable
3.55%
3.63
3/15/52
—
—
—
—
—
1,000,000
1,000,000
(13,673)
986,327
Unsecured senior notes payable
5.15%
5.26
4/15/53
—
—
—
—
—
500,000
500,000
(7,592)
492,408
Unsecured senior notes payable
5.625%
5.71
5/15/54
—
—
—
—
—
600,000
600,000
(6,691)
593,309
Unsecured debt weighted-average interest rate/
subtotal
3.81
600,000
650,000
350,000
425,000
700,000
9,450,000
12,175,000
(80,535)
12,094,465
Weighted-average interest rate/total
3.86%
$600,034
$799,630
$350,038
$425,041
$700,044
$9,450,394
$12,325,181
$(80,807)
$12,244,374
Balloon payments
$600,000
$799,594
$350,000
$425,000
$700,000
$9,450,068
$12,324,662
$—
$12,324,662
Principal amortization
34
36
38
41
44
326
519
(80,807)
(80,288)
Total debt
$600,034
$799,630
$350,038
$425,041
$700,044
$9,450,394
$12,325,181
$(80,807)
$12,244,374
Fixed-rate debt
$600,034
$650,036
$350,038
$425,041
$700,044
$9,450,394
$12,175,587
$(80,535)
$12,095,052
Variable-rate debt
—
149,594
—
—
—
—
149,594
(272)
149,322
Total debt
$600,034
$799,630
$350,038
$425,041
$700,044
$9,450,394
$12,325,181
$(80,807)
$12,244,374
Weighted-average stated rate on maturing debt
3.45%
3.78%
3.95%
3.95%
3.50%
3.69%
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)Reflects any extension options that we control.
(3)Represents a secured construction loan held by our consolidated real estate joint venture for 99 Coolidge Avenue, of which we own a 75.0% interest. As of December 31, 2024, this joint venture has $45.7 million available under existing
lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones. During 4Q24, we extended the maturity date of
the secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue to November 19, 2025. We have a one-year option to extend the maturity date to November 19, 2026, subject to certain conditions.
(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.
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Definitions and Reconciliations
December 31, 2024
This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-
GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Adjusted EBITDA and Adjusted EBITDA margin
 
The following table reconciles net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the
Adjusted EBITDA margin:
 
Three Months Ended
(Dollars in thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Net (loss) income
$(16,095)
$213,603
$94,049
$219,176
$(42,658)
Interest expense
55,659
43,550
45,789
40,840
31,967
Income taxes
1,855
1,877
1,182
1,764
1,322
Depreciation and amortization
330,108
293,998
290,720
287,554
285,246
Stock compensation expense
12,477
15,525
14,507
17,125
34,592
Gain on sales of real estate
(101,806)
(27,114)
—
(392)
(62,227)
Unrealized losses (gains) on non-real estate
investments
79,776
(2,610)
64,238
(29,158)
(19,479)
Impairment of real estate
186,564
5,741
30,763
—
271,890
Impairment of non-real estate investments
20,266
10,338
12,788
14,698
23,094
Provision for expected credit losses on
financial instruments
(434)
—
—
—
—
Adjusted EBITDA
$568,370
$554,908
$554,036
$551,607
$523,747
Total revenues
$788,945
$791,607
$766,734
$769,108
$757,216
Adjusted EBITDA margin
72%
70%
72%
72%
69%
We use Adjusted EBITDA as a supplemental performance measure of our operations, for
financial and operational decision-making, and as a supplemental means of evaluating period-to-period
comparisons on a consistent basis. Adjusted EBITDA is calculated as earnings before interest, taxes,
depreciation, and amortization (“EBITDA”), excluding stock compensation expense, gains or losses on
early extinguishment of debt, gains or losses on sales of real estate, impairments of real estate,
provision for expected credit losses on financial instruments, and significant termination fees. Adjusted
EBITDA also excludes unrealized gains or losses and significant realized gains or losses and
impairments that result from our non-real estate investments. These non-real estate investment amounts
are classified in our consolidated statements of operations outside of total revenues.
We believe Adjusted EBITDA provides investors with relevant and useful information as it
allows investors to evaluate the operating performance of our business activities without having to
account for differences recognized because of investing and financing decisions related to our real
estate and non-real estate investments, our capital structure, capital market transactions, and variances
resulting from the volatility of market conditions outside of our control. For example, we exclude gains or
losses on the early extinguishment of debt to allow investors to measure our performance independent
of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and
gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real
estate investments, provision for expected credit losses on financial instruments, and significant
termination fees allows investors to evaluate performance from period to period on a consistent basis
without having to account for differences recognized because of investing and financing decisions
related to our real estate and non-real estate investments or other corporate activities that may not be
representative of the operating performance of our properties.
In addition, we believe that excluding charges related to stock compensation and unrealized
gains or losses facilitates for investors a comparison of our business activities across periods without the
volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a
measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future
requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant
measure of performance, it does not represent net income (loss) or cash flows from operations
calculated and presented in accordance with GAAP, and it should not be considered as an alternative to
those indicators in evaluating performance or liquidity.
In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total
revenues as presented in our consolidated statements of operations. We believe that this supplemental
performance measure provides investors with additional useful information regarding the profitability of
our operating activities.
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for Adjusted EBITDA on a forward-looking basis. This is due to
the inherent difficulty of forecasting the timing and/or amount of items that depend on market conditions
outside of our control, including the timing of dispositions, capital events, and financing decisions, as
well as quarterly components such as gain on sales of real estate, unrealized gains or losses on non-
real estate investments, impairment of real estate, impairment of non-real estate investments, and
provision for expected credit losses on financial instruments. Our attempt to predict these amounts may
produce significant but inaccurate estimates, which would be potentially misleading for our investors.
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Definitions and Reconciliations (continued)
December 31, 2024
Annual rental revenue
Annual rental revenue represents the annualized fixed base rental obligations, calculated in
accordance with GAAP, including the amortization of deferred revenue related to tenant-funded and
tenant-built landlord improvements, for leases in effect as of the end of the period, related to our
operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our
consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint
ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of
100% of the RSF of our consolidated properties and our share of the RSF of properties held in
unconsolidated real estate joint ventures. As of December 31, 2024, approximately 92% of our leases
(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all
real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other
operating expenses (including increases thereto) in addition to base rent. Annual rental revenue
excludes these operating expenses recovered from our tenants. Amounts recovered from our tenants
related to these operating expenses, along with base rent, are classified in income from rentals in our
consolidated statements of operations.
Capitalization rates
Capitalization rates are calculated based on net operating income and net operating income
(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter
preceding the date on which the property is sold, or near-term prospective net operating income.
Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary
to develop, redevelop, or reposition a project for its intended use are ongoing, provided that
expenditures for the asset have been made and interest cost has been incurred. Activities necessary to
develop, redevelop, or reposition a project include pre-construction activities such as entitlements,
permitting, design, site work, and other activities preceding commencement of construction of
aboveground building improvements. The advancement of pre-construction efforts is focused on
reducing the time required to deliver projects to prospective tenants. These critical activities add
significant value for future ground-up development and are required for the vertical construction of
buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related
to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus
capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition
of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable
financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative
tenants with highly dynamic and collaborative environments that enhance their ability to successfully
recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These
properties are typically well-located, professionally managed, and well-maintained, offering a wide range
of amenities and featuring premium construction materials and finishes. Class A/A+ properties are
generally newer or have undergone substantial redevelopment and are generally expected to command
higher annual rental rates compared to other classes of similar properties. AAA locations are in close
proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is
important to note that our definition of property classification may not be directly comparable to other
equity REITs.
Development, redevelopment, and pre-construction
A key component of our business model is our disciplined allocation of capital to the
development and redevelopment of new Class A/A+ properties, as well as property enhancements
identified during the underwriting of certain acquired properties. These efforts are primarily concentrated
in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other
strategic locations that support innovation and growth. These projects are generally focused on
providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide
range of tenants. Upon completion, each development or redevelopment project is expected to generate
increases in rental income, net operating income, and cash flows. Our development and redevelopment
projects are generally in locations that are highly desirable to high-quality entities, which we believe
results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater
long-term asset value.
Development projects generally consist of the ground-up development of generic and
reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of
acquired office, warehouse, or shell space into laboratory space. We generally will not commence new
development projects for aboveground construction of new Class A/A+ laboratory space without first
securing significant pre-leasing for such space, except when there is solid market demand for high-
quality Class A/A+ properties.
Priority anticipated projects are those most likely to commence future ground-up development
or first-time conversion from non-laboratory space to laboratory space prior to our other future projects,
pending market conditions and leasing negotiations.
Pre-construction activities include entitlements, permitting, design, site work, and other
activities preceding commencement of construction of aboveground building improvements. The
advancement of pre-construction efforts is focused on reducing the time required to deliver projects to
prospective tenants. These critical activities add significant value for future ground-up development and
are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality
facilities and are expected to generate significant revenue and cash flows.
Development, redevelopment, and pre-construction spending also includes the following
costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified
during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion
of space for highly flexible, move-in-ready laboratory space to foster the growth of promising early- and
growth-stage life science companies.
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Definitions and Reconciliations (continued)
December 31, 2024
Development, redevelopment, and pre-construction (continued)
Revenue-enhancing and repositioning capital expenditures represent spending to reposition
or significantly change the use of a property, including through improvement in the asset quality from
Class B to Class A/A+.
Non-revenue-enhancing capital expenditures represent costs required to maintain the current
revenues of a stabilized property, including the associated costs for renewed and re-leased space.
Dividend payout ratio (common stock)
Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends
on our common stock (shares of common stock outstanding on the respective record dates multiplied by
the related dividend per share) to funds from operations attributable to Alexandria’s common
stockholders – diluted, as adjusted.
Dividend yield
Dividend yield for the quarter represents the annualized quarter dividend divided by the
closing common stock price at the end of the quarter.
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest,
less amortization of loan fees and debt premiums (discounts).
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:
 
Three Months Ended
(Dollars in thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Adjusted EBITDA
$568,370
$554,908
$554,036
$551,607
$523,747
Interest expense
$55,659
$43,550
$45,789
$40,840
$31,967
Capitalized interest
81,586
86,496
81,039
81,840
89,115
Amortization of loan fees
(4,620)
(4,222)
(4,146)
(4,142)
(4,059)
Amortization of debt discounts
(333)
(330)
(328)
(318)
(309)
Cash interest and fixed charges
$132,292
$125,494
$122,354
$118,220
$116,714
Fixed-charge coverage ratio:
– quarter annualized
4.3x
4.4x
4.5x
4.7x
4.5x
– trailing 12 months
4.5x
4.5x
4.6x
4.7x
4.7x
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for fixed-charge coverage ratio on a forward-looking basis. This
is due to the inherent difficulty of forecasting the timing and/or amount of items that depend on market
conditions outside of our control, including the timing of dispositions, capital events, and financing
decisions, as well as quarterly components such as gain on sales of real estate, unrealized gains or
losses on non-real estate investments, impairment of real estate, impairment of non-real estate
investments, and provision for expected credit losses on financial instruments. Our attempt to predict
these amounts may produce significant but inaccurate estimates, which would be potentially misleading
for our investors.
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders
GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes
that real estate values diminish over time. In an effort to overcome the difference between real estate
values and historical cost accounting for real estate assets, the Nareit Board of Governors established
funds from operations as an improved measurement tool. Since its introduction, funds from operations
has become a widely used non-GAAP financial measure among equity REITs. We believe that funds
from operations is helpful to investors as an additional measure of the performance of an equity
REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our
performance to the performance of other real estate companies on a consistent basis, without having to
account for differences recognized because of real estate acquisition and disposition decisions,
financing decisions, capital structure, capital market transactions, variances resulting from the volatility
of market conditions outside of our control, or other corporate activities that may not be representative of
the operating performance of our properties.
The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”)
defines funds from operations as net income (computed in accordance with GAAP), excluding gains or
losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of
operating real estate assets, and after adjustments for our share of consolidated and unconsolidated
partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair
value over the recoverability period is less than the carrying value due to changes in general market
conditions and do not necessarily reflect the operating performance of the properties during the
corresponding period.
We compute funds from operations, as adjusted, as funds from operations calculated in
accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized
on non-real estate investments, unrealized gains or losses on non-real estate investments, impairment
of real estate primarily consisting of pre-acquisition costs incurred in connection with acquisitions we
decided to no longer pursue, gains or losses on early extinguishment of debt, provision for expected
credit losses on financial instruments, significant termination fees, acceleration of stock compensation
expense due to the resignations of executive officers, deal costs, the income tax effect related to such
items, and the amount of such items that is allocable to our unvested restricted stock awards. We
compute the amount that is allocable to our unvested restricted stock awards using the two-class
method. Under the two-class method, we allocate net income (after amounts attributable to
noncontrolling interests) to common stockholders and to unvested restricted stock awards by applying
the respective weighted-average shares outstanding during each quarter-to-date and year-to-date
period. This may result in a difference of the summation of the quarter-to-date and year-to-date
amounts. Neither funds from operations nor funds from operations, as adjusted, should be considered
as alternatives to net income (determined in accordance with GAAP) as indications of financial
performance, or to cash flows from operating activities (determined in accordance with GAAP) as
measures of liquidity, nor are they indicative of the availability of funds for our cash needs, including our
ability to make distributions.
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Definitions and Reconciliations (continued)
December 31, 2024
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders (continued)
The following table reconciles net income to funds from operations for the share of
consolidated real estate joint ventures attributable to noncontrolling interests and our share of
unconsolidated real estate joint ventures:
Noncontrolling Interest Share of
Consolidated Real Estate JVs
Our Share of Unconsolidated
Real Estate JVs
December 31, 2024
December 31, 2024
(In thousands)
Three Months
Ended
Year Ended
Three Months
Ended
Year Ended
Net income
$46,150
$187,784
$6,635
$7,059
Depreciation and amortization of
real estate assets
34,986
129,711
1,061
4,238
Gain on sales of real estate
(5,025)
(5,025)
(3,328)
(3,328)
Funds from operations
$76,111
$312,470
$4,368
$7,969
Gross assets
Gross assets are calculated as total assets plus accumulated depreciation:
(In thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Total assets
$37,527,449
$38,488,128
$37,847,865
$37,699,046
$36,771,402
Accumulated depreciation
5,625,179
5,624,642
5,457,414
5,216,857
4,985,019
Gross assets
$43,152,628
$44,112,770
$43,305,279
$42,915,903
$41,756,421
Incremental annual net operating income on development and redevelopment projects
Incremental annual net operating income represents the amount of net operating income, on
an annual basis, expected to be realized upon a project being placed into service and achieving full
occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied
by the project’s total cost at completion.
Initial stabilized yield (unlevered)
Initial stabilized yield is calculated as the estimated amounts of net operating income at
stabilization divided by our investment in the property. For this calculation, we exclude any tenant-
funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized
yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment
projects are generally expected to increase over time due to contractual annual rent escalations. Our
estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion
represent our initial estimates at the commencement of the project. We expect to update this information
upon completion of the project, or sooner if there are significant changes to the expected project yields
or costs.
•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent
concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any
amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.
•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental
concessions, if any, have elapsed and our total cash investment in the property.
Investment-grade or publicly traded large cap tenants
Investment-grade or publicly traded large cap tenants represent tenants that are investment-
grade rated or publicly traded companies with an average daily market capitalization greater than $10
billion for the twelve months ended December 31, 2024, as reported by Bloomberg Professional
Services. Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the
tenant’s parent entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s
lease obligation upon such tenant’s default. We monitor the credit quality and related material changes
of our tenants. Material changes that cause a tenant’s market capitalization to decrease below $10
billion, which are not immediately reflected in the twelve-month average, may result in their exclusion
from this measure.
Investments
We hold investments in publicly traded companies and privately held entities primarily
involved in the life science industry. We recognize, measure, present, and disclose these investments as
follows:
Statements of Operations
Balance Sheet
Gains and Losses
Carrying Amount
Unrealized
Realized
Difference between
proceeds received upon
disposition and historical
cost
Publicly traded
companies
Fair value
Changes in fair
value
Privately held entities
without readily
determinable fair
values that:
Report NAV
Fair value, using NAV
as a practical
expedient
Changes in NAV, as
a practical expedient
to fair value
Do not report NAV
Cost, adjusted for
observable price
changes and
impairments(1)
Observable price
changes(1)
Impairments to reduce costs
to fair value, which result in
an adjusted cost basis and
the differences between
proceeds received upon
disposition and adjusted or
historical cost
Equity method
investments
Contributions,
adjusted for our share
of the investee’s
earnings or losses,
less distributions
received, reduced by
other-than-temporary
impairments
Our share of
unrealized gains or
losses reported by
the investee
Our share of realized gains
or losses reported by the
investee, and other-than-
temporary impairments
(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same
issuer. Observable price changes result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including subsequent equity offerings or other
reported equity transactions related to the same issuer.
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Definitions and Reconciliations (continued)
December 31, 2024
Investments in real estate
The following table reconciles our investments in real estate as of December 31, 2024:
(In thousands)
Investments in
Real Estate
Gross investments in real estate
$37,735,218
Less: accumulated depreciation
(5,625,179)
Investments in real estate
$32,110,039
The following table presents our new Class A/A+ development and redevelopment pipeline,
excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental
revenue as of December 31, 2024:
Percentage of
(Dollars in thousands)
Book Value
Gross
Assets
Annual Rental
Revenue
Under construction projects
$3,893,557
9%
—%
Income-producing/potential cash flows/covered land play(1)
2,965,853
7
1
Land
1,759,317
4
—
$8,618,727
20%
1%
(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes
development rights associated with existing operating campuses.
Space Intentionally Blank
The square footage presented in the table below is classified as operating as of December 31,
2024. These lease expirations or vacant space at recently acquired properties represent future
opportunities for which we have the intent, 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:
Dev/
Redev
RSF of Lease Expirations Targeted for
Development and Redevelopment
Property/Submarket
2025
2026
Thereafter(1)
Total
Priority anticipated projects:
311 Arsenal Street/Cambridge/Inner Suburbs
Redev
25,312
—
—
25,312
10210 Campus Point Drive/University Town Center
Dev
9,558
—
52,620
62,178
1020 Red River Street/Austin
Redev
126,034
—
—
126,034
160,904
—
52,620
213,524
Future projects:
446, 458, 500, and 550 Arsenal Street/Cambridge/
Inner Suburbs
Dev
—
—
375,898
375,898
Other/Greater Boston
Redev
—
—
167,549
167,549
1122 and 1150 El Camino Real/South San Francisco
Dev
—
—
375,232
375,232
3875 Fabian Way/Greater Stanford
Dev
—
—
228,000
228,000
2100, 2200, and 2400 Geng Road/Greater Stanford
Dev
—
—
78,501
78,501
960 Industrial Road/Greater Stanford
Dev
—
—
112,590
112,590
Campus Point by Alexandria/University Town Center
Dev
269,048
—
101,966
371,014
Sequence District by Alexandria/Sorrento Mesa
Dev/
Redev
—
—
686,290
686,290
410 West Harrison Street/Elliott Bay
Dev
—
—
17,205
17,205
Other/Seattle
Dev
—
—
75,663
75,663
100 Capitola Drive/Research Triangle
Dev
—
—
34,527
34,527
1001 Trinity Street/Austin
Dev
72,938
—
—
72,938
Canada
Redev
—
—
247,743
247,743
341,986
—
2,501,164
2,843,150
502,890
—
2,553,784
3,056,674
(1)Includes vacant square footage as of December 31, 2024.
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Definitions and Reconciliations (continued)
December 31, 2024
Joint venture financial information
We present components of balance sheet and operating results information related to our real
estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.
We present the proportionate share of certain financial line items as follows: (i) for each real estate joint
venture that we consolidate in our financial statements, which are controlled by us through contractual
rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest
economic ownership percentage to each financial item to arrive at the amount of such cumulative
noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that
we do not control and do not consolidate, and are instead controlled jointly or by our joint venture
partners through contractual rights or majority voting rights, we apply our economic ownership
percentage to each financial item to arrive at our proportionate share of each component presented.
The components of balance sheet and operating results information related to our real estate
joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,
the joint venture agreement generally determines what equity holders can receive upon capital events,
such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their
respective legal ownership of any residual cash from a joint venture only after all liabilities, priority
distributions, and claims have been repaid or satisfied.
We believe that this information can help investors estimate the balance sheet and operating
results information related to our partially owned entities. Presenting this information provides a
perspective not immediately available from consolidated financial statements and one that can
supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in
our consolidated results.
The components of balance sheet and operating results information related to our real estate
joint ventures are limited as an analytical tool as the overall economic ownership interest does not
represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In
addition, joint venture financial information may include financial information related to the
unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for
investors a clear understanding of our operating results and our total assets and liabilities, joint venture
financial information should be examined in conjunction with our consolidated statements of operations
and balance sheets. Joint venture financial information should not be considered an alternative to our
consolidated financial statements, which are presented and prepared in accordance with GAAP.
Space Intentionally Blank
Key items included in net income attributable to Alexandria’s common stockholders
We present a tabular comparison of items, whether gain or loss, that may facilitate a high-
level understanding of our results and provide context for the disclosures included in this Supplemental
Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form
10-Q. We believe that such tabular presentation promotes a better understanding for investors of the
corporate-level decisions made and activities performed that significantly affect comparison of our
operating results from period to period. We also believe that this tabular presentation will supplement for
investors an understanding of our disclosures and real estate operating results. Gains or losses on sales
of real estate and impairments of assets classified as held for sale are related to corporate-level
decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to
corporate-level financing decisions focused on our capital structure strategy. Significant realized and
unrealized gains or losses on non-real estate investments, impairments of real estate and non-real
estate investments, and acceleration of stock compensation expense due to the resignation of an
executive officer are not related to the operating performance of our real estate assets as they result
from strategic, corporate-level non-real estate investment decisions and external market conditions.
Impairments of non-real estate investments and provision for expected credit losses on financial
instruments are not related to the operating performance of our real estate as they represent the write-
down of non-real estate investments when their fair values decrease below their respective carrying
values due to changes in general market or other conditions outside of our control. Significant items,
whether a gain or loss, included in the tabular disclosure for current periods are described in further
detail in this Supplemental Information and accompanying Earnings Press Release.
Megacampus™
A Megacampus ecosystem is a cluster campus that consist of approximately 1 million RSF or
more, including operating, active development/redevelopment, and land RSF less operating RSF
expected to be demolished. The following table reconciles our annual rental revenue and development
and redevelopment pipeline RSF as of December 31, 2024:
(Dollars in thousands)
Annual Rental
Revenue
Development and
Redevelopment
Pipeline RSF
Megacampus
$1,605,730
20,130,433
Core and non-core
487,258
9,392,253
Total
$2,092,988
29,522,686
Megacampus as a percentage of annual rental revenue
and of total development and redevelopment pipeline
RSF
77%
68%
Net cash provided by operating activities after dividends
Net cash provided by operating activities after dividends includes the deduction for
distributions to noncontrolling interests. For purposes of this calculation, changes in operating assets
and liabilities are excluded as they represent timing differences.
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Definitions and Reconciliations (continued)
December 31, 2024
Net debt and preferred stock to Adjusted EBITDA
Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we
believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net
debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and
restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of
Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted
EBITDA.
The following table reconciles debt to net debt and preferred stock and computes the ratio to
Adjusted EBITDA:
(Dollars in thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Secured notes payable
$149,909
$145,000
$134,942
$130,050
$119,662
Unsecured senior notes payable
12,094,465
12,092,012
12,089,561
12,087,113
11,096,028
Unsecured senior line of credit and
commercial paper
—
454,589
199,552
—
99,952
Unamortized deferred financing costs
77,649
79,610
81,942
84,198
76,329
Cash and cash equivalents
(552,146)
(562,606)
(561,021)
(722,176)
(618,190)
Restricted cash
(7,701)
(17,031)
(4,832)
(9,519)
(42,581)
Preferred stock
—
—
—
—
—
Net debt and preferred stock
$11,762,176
$12,191,574
$11,940,144
$11,569,666
$10,731,200
Adjusted EBITDA:
– quarter annualized
$2,273,480
$2,219,632
$2,216,144
$2,206,428
$2,094,988
– trailing 12 months
$2,228,921
$2,184,298
$2,122,250
$2,064,904
$1,997,518
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized
5.2x
5.5x
5.4x
5.2x
5.1x
– trailing 12 months
5.3x
5.6x
5.6x
5.6x
5.4x
We are not able to forecast the net income of future periods without unreasonable effort and
therefore do not provide a reconciliation for net debt and preferred stock to Adjusted EBITDA on a
forward-looking basis. This is due to the inherent difficulty of forecasting the timing and/or amount of
items that depend on market conditions outside of our control, including the timing of dispositions,
capital events, and financing decisions, as well as quarterly components such as gain on sales of real
estate, unrealized gains or losses on non-real estate investments, impairment of real estate, impairment
of non-real estate investments, and provision for expected credit losses on financial instruments. Our
attempt to predict these amounts may produce significant but inaccurate estimates, which would be
potentially misleading for our investors.
Net operating income, net operating income (cash basis), and operating margin
The following table reconciles net income (loss) to net operating income and net operating
income (cash basis) and computes operating margin:
Three Months Ended
Year Ended
(Dollars in thousands)
12/31/24
12/31/23
12/31/24
12/31/23
Net (loss) income
$(16,095)
$(42,658)
$510,733
$280,994
Equity in earnings of unconsolidated real estate joint
ventures
(6,635)
(363)
(7,059)
(980)
General and administrative expenses
32,730
59,289
168,359
199,354
Interest expense
55,659
31,967
185,838
74,204
Depreciation and amortization
330,108
285,246
1,202,380
1,093,473
Impairment of real estate
186,564
271,890
223,068
461,114
Gain on sales of real estate
(101,806)
(62,227)
(129,312)
(277,037)
Investment loss (income)
67,988
(8,654)
53,122
195,397
Net operating income
548,513
534,490
2,207,129
2,026,519
Straight-line rent revenue
(17,653)
(41,586)
(143,329)
(133,917)
Amortization of deferred revenue related to
tenant-funded and -built landlord
improvements
(1,214)
—
(1,543)
—
Amortization of acquired below-market leases
(15,512)
(23,684)
(85,679)
(93,331)
Provision for expected credit losses on financial
instruments
(434)
—
(434)
—
Net operating income (cash basis)
$513,700
$469,220
$1,976,144
$1,799,271
Net operating income (cash basis) – annualized
$2,054,800
$1,876,880
$1,976,144
$1,799,271
Net operating income (from above)
$548,513
$534,490
$2,207,129
$2,026,519
Total revenues
$788,945
$757,216
$3,116,394
$2,885,699
Operating margin
70%
71%
71%
70%
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Definitions and Reconciliations (continued)
December 31, 2024
Net operating income, net operating income (cash basis), and operating margin (continued)
Net operating income is a non-GAAP financial measure calculated as net income (loss), the
most directly comparable financial measure calculated and presented in accordance with GAAP,
excluding equity in the earnings of our unconsolidated real estate joint ventures, general and
administrative expenses, interest expense, depreciation and amortization, impairments of real estate,
gains or losses on early extinguishment of debt, gains or losses on sales of real estate, and investment
income or loss. We believe net operating income provides useful information to investors regarding our
financial condition and results of operations because it primarily reflects those income and expense
items that are incurred at the property level. Therefore, we believe net operating income is a useful
measure for investors to evaluate the operating performance of our consolidated real estate assets. Net
operating income on a cash basis is net operating income adjusted to exclude the effect of straight-line
rent, amortization of acquired above- and below-market lease revenue, amortization of deferred revenue
related to tenant-funded and tenant-built landlord improvements, and provision for expected credit
losses on financial instruments adjustments required by GAAP. We believe that net operating income on
a cash basis is helpful to investors as an additional measure of operating performance because it
eliminates straight-line rent revenue and the amortization of acquired above- and below-market leases
and tenant-funded and tenant-built landlord improvements.
Furthermore, we believe net operating income is useful to investors as a performance
measure of our consolidated properties because, when compared across periods, net operating income
reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not
immediately apparent from net income or loss. Net operating income can be used to measure the initial
stabilized yields of our properties by calculating net operating income generated by a property divided by
our investment in the property. Net operating income excludes certain components from net income in
order to provide results that are more closely related to the results of operations of our properties. For
example, interest expense is not necessarily linked to the operating performance of a real estate asset
and is often incurred at the corporate level rather than at the property level. In addition, depreciation and
amortization, because of historical cost accounting and useful life estimates, may distort comparability of
operating performance at the property level. Impairments of real estate have been excluded in deriving
net operating income because we do not consider impairments of real estate to be property-level
operating expenses. Impairments of real estate relate to changes in the values of our assets and do not
reflect the current operating performance with respect to related revenues or expenses. Our
impairments of real estate represent the write-down in the value of the assets to the estimated fair value
less cost to sell. These impairments result from investing decisions or a deterioration in market
conditions. We also exclude realized and unrealized investment gain or loss, which results from
investment decisions that occur at the corporate level related to non-real estate investments in publicly
traded companies and certain privately held entities. Therefore, we do not consider these activities to be
an indication of operating performance of our real estate assets at the property level. Our calculation of
net operating income also excludes charges incurred from changes in certain financing decisions, such
as losses on early extinguishment of debt and provision for expected credit losses on financial
instruments, as these charges often relate to corporate strategy. Property operating expenses included
in determining net operating income primarily consist of costs that are related to our operating
properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;
contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and
property-level salaries. General and administrative expenses consist primarily of accounting and
corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as
part of corporate office management. We calculate operating margin as net operating income divided by
total revenues.
We believe that in order to facilitate for investors a clear understanding of our operating
results, net operating income should be examined in conjunction with net income or loss as presented in
our consolidated statements of operations. Net operating income should not be considered as an
alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows
as a measure of our liquidity or our ability to make distributions.
Operating statistics
We present certain operating statistics related to our properties, including number of
properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end
of the period. We believe these measures are useful to investors because they facilitate an
understanding of certain trends for our properties. We compute the number of properties, RSF,
occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at
properties classified as held for sale, for all properties in which we have an investment, including
properties owned by our consolidated and unconsolidated real estate joint ventures. For operating
metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.
Same property comparisons
As a result of changes within our total property portfolio during the comparative periods
presented, including changes from assets acquired or sold, properties placed into development or
redevelopment, and development or redevelopment properties recently placed into service, the
consolidated total income from rentals, as well as rental operating expenses in our operating results, can
show significant changes from period to period. In order to supplement an evaluation of our results of
operations over a given quarterly or annual period, we analyze the operating performance for all
consolidated properties that were fully operating for the entirety of the comparative periods presented,
referred to as same properties. We separately present quarterly and year-to-date same property results
to align with the interim financial information required by the SEC in our management’s discussion and
analysis of our financial condition and results of operations. These same properties are analyzed
separately from properties acquired subsequent to the first day in the earliest comparable quarterly or
year-to-date period presented, properties that underwent development or redevelopment at any time
during the comparative periods, unconsolidated real estate joint ventures, properties classified as held
for sale, and corporate entities (legal entities performing general and administrative functions), which are
excluded from same property results. Additionally, termination fees, if any, are excluded from the results
of same properties.
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Definitions and Reconciliations (continued)
December 31, 2024
Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the year
ended December 31, 2024:
Redevelopment – placed into
Development – under construction
Properties
service after January 1, 2023
Properties
99 Coolidge Avenue
1
20400 Century Boulevard
1
500 North Beacon Street and 4 Kingsbury
Avenue
2
140 First Street
1
2400 Ellis Road, 40 Moore Drive, and 14
TW Alexander Drive
3
1450 Owens Street
1
230 Harriet Tubman Way
1
9601 and 9603 Medical Center Drive
2
10935, 10945, and 10955 Alexandria
Way
3
840 Winter Street
1
Alexandria Center® for Advanced
Technologies – Monte Villa Parkway
6
10075 Barnes Canyon Road
1
421 Park Drive
1
14
4135 Campus Point Court
1
Acquisitions after January 1, 2023
Properties
701 Dexter Avenue North
1
Other
6
12
6
Development – placed into
Unconsolidated real estate JVs
4
service after January 1, 2023
Properties
Properties held for sale
10
751 Gateway Boulevard
1
Total properties excluded from same
properties
70
15 Necco Street
1
325 Binney Street
1
Same properties
321
9810 Darnestown Road
1
Total properties in North America as of
December 31, 2024
391
9820 Darnestown Road
1
1150 Eastlake Avenue East
1
4155 Campus Point Court
1
201 Brookline Avenue
1
9808 Medical Center Drive
1
9
Redevelopment – under construction
Properties
40, 50, and 60 Sylvan Road
3
269 East Grand Avenue
1
651 Gateway Boulevard
1
401 Park Drive
1
8800 Technology Forest Place
1
311 Arsenal Street
1
One Hampshire Street
1
Canada
4
Other
2
15
Stabilized occupancy date
The stabilized occupancy date represents the estimated date on which the project is expected
to reach occupancy of 95% or greater.
Tenant recoveries
Tenant recoveries represent revenues comprising reimbursement of real estate taxes,
insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
and earned in the period during which the applicable expenses are incurred and the tenant’s obligation
to reimburse us arises.
We classify rental revenues and tenant recoveries generated through the leasing of real
estate assets within revenues in income from rentals in our consolidated statements of operations. We
provide investors with a separate presentation of rental revenues and tenant recoveries in “Same
property performance” in this Supplemental Information because we believe it promotes investors’
understanding of our operating results. We believe that the presentation of tenant recoveries is useful to
investors as a supplemental measure of our ability to recover operating expenses under our triple net
leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common
area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for
any significant variability to components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:
Three Months Ended
Year Ended
(In thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Income from rentals
$763,249
$775,744
$755,162
$755,551
$742,637
$3,049,706
$2,842,456
Rental revenues
(566,535)
(579,569)
(576,835)
(581,400)
(561,428)
(2,304,339)
(2,143,971)
Tenant recoveries
$196,714
$196,175
$178,327
$174,151
$181,209
$745,367
$698,485
Total equity capitalization
Total equity capitalization is equal to the outstanding shares of common stock multiplied by the
closing price on the last trading day at the end of each period presented.
Total market capitalization
Total market capitalization is equal to the sum of total equity capitalization and total debt.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2025
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Definitions and Reconciliations (continued)
December 31, 2024
Unencumbered net operating income as a percentage of total net operating income
Unencumbered net operating income as a percentage of total net operating income is a non-
GAAP financial measure that we believe is useful to investors as a performance measure of the results
of operations of our unencumbered real estate assets as it reflects those income and expense items that
are incurred at the unencumbered property level. Unencumbered net operating income is derived from
assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or
other security interest, as of the period for which income is presented.
The following table summarizes unencumbered net operating income as a percentage of total
net operating income:
 
Three Months Ended
(Dollars in thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
Unencumbered net operating income
$547,921
$553,589
$544,268
$546,830
$533,382
Encumbered net operating income
592
4,753
5,212
3,964
1,108
Total net operating income
$548,513
$558,342
$549,480
$550,794
$534,490
Unencumbered net operating income as a
percentage of total net operating income
99.9%
99.1%
99.1%
99.3%
99.8%
Weighted-average interest rate for capitalization of interest
The weighted-average interest rate required for calculating capitalization of interest pursuant
to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates
applicable to borrowings outstanding during the period, including expense/income related to interest rate
hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank
fees. A separate calculation is performed to determine our weighted-average interest rate for
capitalization for each month. The rate will vary each month due to changes in variable interest rates,
outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms
of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.
Space Intentionally Blank
Weighted-average shares of common stock outstanding – diluted
From time to time, we enter into capital market transactions, including forward equity sales
agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and
redevelopment projects, and for general working capital purposes. While the Forward Agreements are
outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under
the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted
stock awards (“RSAs”) with forfeitable rights to dividends in the calculation of diluted shares.
The weighted-average shares of common stock outstanding used in calculating EPS – diluted,
FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as
follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with
nonforfeitable rights to dividends used in calculating amounts allocable to these awards pursuant to the
two-class method for each of the respective periods presented below.
Three Months Ended
Year Ended
(In thousands)
12/31/24
9/30/24
6/30/24
3/31/24
12/31/23
12/31/24
12/31/23
Basic shares for earnings per
share
172,262
172,058
172,013
171,949
171,096
172,071
170,909
Unvested RSAs with
forfeitable rights to
dividends
—
—
—
—
—
—
—
Forward Agreements
—
—
—
—
—
—
—
Diluted shares for earnings
per share
172,262
172,058
172,013
171,949
171,096
172,071
170,909
Basic shares for funds from
operations per share and
funds from operations per
share, as adjusted
172,262
172,058
172,013
171,949
171,096
172,071
170,909
Unvested RSAs with
forfeitable rights to
dividends
—
—
—
—
—
—
—
Forward Agreements
—
—
—
—
—
—
—
Diluted shares for funds from
operations per share and
funds from operations per
share, as adjusted
172,262
172,058
172,013
171,949
171,096
172,071
170,909
Weighted-average unvested
RSAs with nonforfeitable
rights to dividends used in
calculating the allocations
of net income, funds from
operations, and funds from
operations, as adjusted
2,417
2,838
2,878
2,987
2,734
2,779
2,325