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0001035443false00010354432025-04-282025-04-28

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): April 28, 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 April 28, 2025, Alexandria Real Estate Equities, Inc. (the “Company”) issued a press release entitled “Alexandria Real Estate Equities, Inc. Reports First Quarter Ended March 31, 2025 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 First Quarter Ended March 31, 2025

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.
April 28, 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 a1q25ex991supp.htm EX-99.1 1Q25 EX 99.1 SUPP
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Table of Contents
March 31, 2025
COMPANY HIGHLIGHTS
Page
Mission and Cluster Model .....................................................................
EARNINGS PRESS RELEASE
Page
Page
First Quarter Ended March 31, 2025 Financial and Operating
Results ...................................................................................................
Consolidated Statements of Operations ..........................................
Guidance ...................................................................................................
Consolidated Balance Sheets ............................................................
Dispositions and Sales of Partial Interests ..........................................
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 ............................................................................
Internal Growth
Current Projects ..............................................................................
Key Operating Metrics .............................................................................
Summary of Pipeline ......................................................................
Same Property Performance ..................................................................
Leasing Activity .........................................................................................
Joint Venture Financial Information ...................................................
Contractual Lease Expirations ...............................................................
Balance Sheet Management
Top 20 Tenants .........................................................................................
Investments ..........................................................................................
Summary of Properties and Occupancy ..............................................
Key Credit Metrics ...............................................................................
Property Listing ........................................................................................
Summary of Debt .................................................................................
Definitions and Reconciliations
Definitions and Reconciliations ..........................................................
CONFERENCE CALL
INFORMATION:
Tuesday, April 29, 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
MARC E. BINDA
Chief Financial Officer &
Treasurer
PAULA SCHWARTZ
Managing Director,
Rx Communications Group
(917) 633-7790
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(1)Source: U.S. Food and Drug Administration. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moieties that have
not previously been approved by the FDA.
(2)Source: PhRMA, “Medicines in Development for Chronic Diseases 2024 Report,” September 30, 2024.
(3)Source: OECD, Key biotechnology indicators: “Economies’ share in biotechnology-related patents, OECD countries, 2000–2021,” updated November 2024.
(4)Source: PhRMA, “The Economic Impact of the U.S. Biopharmaceutical Industry: 2022 National and State Estimates,” May 2024.
lifescienceprogressv2.jpg
(1)Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 
(2)Source: American Cancer Society, “Cancer Facts & Figures 2025.” Represents U.S. projection for 2025. 
(3)Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Reflects the latest published data, which represents U.S. estimate as of 2022.
(4)Source: Alzheimer’s Association, “2024 Alzheimer’s Disease Facts and Figures.” Reflects the latest published data, which represents U.S. estimate as of 2024.
(5)Source: National Multiple Sclerosis Society, “Prevalence of MS.” Reflects the latest published data, which represents U.S. estimate as of 2019.
(6)Source: Centers for Disease Control and Prevention, “Provisional Drug Overdose Death Counts.” Based on data available for analysis on April 6, 2025. Represents predicted U.S. figure for the 12-month period ended November 2024.
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LARGEST, HIGHEST-QUALITY
ASSET BASE CLUSTERED IN
THE BEST LOCATIONS
SECTOR-LEADING CLIENT
BASE OF ~750 TENANTS
HIGH-QUALITY CASH FLOWS
PROVEN UNDERWRITING
FORTRESS BALANCE SHEET
LONG-TENURED, HIGHLY
EXPERIENCED MANAGEMENT TEAM
LIFE SCIENCE REAL ESTATE
WE INVENTED IT.
WE DOMINATE IT.
THE MOST TRUSTED BRAND IN
LIFE SCIENCE REAL ESTATE
ALEXANDRIA’S
MEGACAMPUS™
PLATFORM
75%
OF OUR ANNUAL RENTAL REVENUE
71%
OF OUR OPERATING RSF
As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
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ALEXANDRIA’S
MEGACAMPUS™ PLATFORM
DRIVES SUPERIOR
OPERATING RESULTS
ALEXANDRIA’S
MEGACAMPUS PLATFORM
75%
of Annual Rental Revenue
71%
of Operating RSF
71%
of Total Development and
Redevelopment Pipeline RSF
ALEXANDRIA’S MEGACAMPUS
OCCUPANCY OUTPERFORMANCE
Average Occupancy(1) Since 2021
95%
91%
Megacampus
Properties
Non-Megacampus
Properties
4%
Occupancy Outperformance
  As of March 31, 2025. 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, 2021 through 2024 and March 31, 2025.
ALEXANDRIA’S SECTOR-LEADING CLIENT BASE OF APPROXIMATELY
750 TENANTS DRIVES STABLE, RESILIENT, AND LONG-DURATION CASH FLOWS
Multinational
Pharmaceutical
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Life Science
Product,
Service, and
Device
Public
Biotechnology –
Approved or
Marketed
Product
Public
Biotechnology –
Preclinical or
Clinical Stage
Private
Biotechnology
Other Investment-Grade
or Large Cap Tech
Other(2)
Biomedical
Institutions(1)
87%
of Top 20 Tenant Annual Rental
Revenue as of 1Q25 Is From
Investment-Grade or Publicly
Traded Large Cap Tenants
89%
of Leasing Activity During the
Three Months Ended March 31,
2025 Was Generated From
Alexandria’s Existing Client Base
PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE
Government
Institutions
Annual rental revenue represents amounts in effect as of March 31, 2025. 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)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.
(2)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.
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ALEXANDRIA’S STRONG, BROAD, AND DIVERSE LIFE SCIENCE
TENANT BASE DRIVES CONSISTENT LEASING AND
LONG-DURATION REMAINING LEASE TERMS
LONG-DURATION
LEASE TERMS
REMAINING
LEASE TERM
(in years)(2)
Multinational
Pharmaceutical
7.3
Life Science Product,
Service, and Device
6.6
Government Institutions
5.3
Biomedical Institutions
7.7
Private Biotechnology
7.3
Public Biotechnology
7.5
PERCENTAGE
OF LIFE SCIENCE
LEASING
ACTIVITY BY RSF
(1Q25)(1)
Multinational
Pharmaceutical
13%
Public
Biotechnology
27%
Life Science
Product,
Service, and
Device
38%
Biomedical
Institutions
10%
Private
Biotechnology
12%
Government
Institutions
0%
(1)Represents the percentage of RSF for leases executed during the three months ended March 31, 2025 for each respective life science business type, excluding technology and other business types.
(2)Based the average remaining lease term of leases based on annual rental revenue in effect as of March 31, 2025.
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ALEXANDRIA’S OUTSTANDING LONG-TERM VALUE
Total Shareholder Return From ARE’s IPO on May 27, 1997(1) to March 31, 2025
FTSE NAREIT EQUITY
HEALTH CARE INDEX
S&P 500
FTSE ALL
EQUITY REITS
MSCI US
REIT INDEX
RUSSELL 2000
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1,427%
1,001%
919%
881%
671%
1,149%
Source: S&P Global Market Intelligence. Assumes reinvestment of dividends.
(1)Alexandria’s initial public offering was priced at $20.00 per share on May 27, 1997.
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
(2020–2025)
Source: S&P Global Market Intelligence data for REITs within the FTSE NAREIT Equity Health Care REIT Index, including FFO per share consensus for 2025, available as of April 25, 2025. FFO per-share growth is calculated as the ratio of
FFO per share for projected 2025 to that for 2020. For ARE, includes 2025 FFO per share – diluted, as adjusted, at the midpoint of our 2025 guidance range disclosed on April 28, 2025. Refer to “Definitions and reconciliations” in the
Supplemental Information for additional details.
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ALEXANDRIA’S SECTOR-LEADING
CLIENT BASE OF APPROXIMATELY
750 TENANTS DRIVES STABLE,
RESILIENT, AND LONG-DURATION
CASH FLOWS
HIGH-QUALITY CASH FLOWS
STRONG MARGINS(1)
70%
71%
Operating
Adjusted EBITDA
LONG-DURATION LEASE TERMS
Top 20 Tenants
All Tenants
9.6
7.6
Weighted-Average Remaining Term (in Years)(2)
FAVORABLE LEASE STRUCTURE(3)
98%
Contain Annual
Base Rent
Escalations
91%
Are Triple
Net Leases
93%
Require Tenants
to Pay for Capital
Expenditures
HIGH-CREDIT TENANT BASE
INVESTMENT-GRADE OR
PUBLICLY TRADED LARGE CAP TENANTS
87%
51%
of ARE’s Top 20 Tenant
Annual Rental Revenue(3)
of ARE’s
Annual Rental Revenue(3)
(1)For the three months ended March 31, 2025.
(2)Remaining term weighted by annual rental revenue for leases in effect as of March 31, 2025.
(3)Percentages calculated based on annual rental revenue in effect as of March 31, 2025.
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ALEXANDRIA’S SUSTAINED OPERATIONAL EXCELLENCE AND
STRENGTH IN TENANT COLLECTIONS
99.8%
Average Tenant
Collections
1Q21–1Q25
Tenant Receivables
at March 31, 2025
Represent
0.9%
of 1Q25
Rental Revenues
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TENANT RENTS AND RECEIVABLES COLLECTED(1)
(1)Represents tenant collections for each quarter-end as of each respective earnings release date.
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TOP 10%
CREDIT RATING RANKING
AMONG ALL PUBLICLY
TRADED U.S. REITS(4)
ALEXANDRIA CONTINUES TO HAVE A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
SIGNIFICANT
LIQUIDITY(1)
4Q25 TARGET NET DEBT
AND PREFERRED STOCK
TO ADJUSTED EBITDA(2)
PERCENTAGE OF
FIXED-RATE DEBT
SINCE 2021(3)
$5.3B
≤5.2x
97.9%
PERCENTAGE OF
DEBT MATURING
IN NEXT 3 YEARS
REMAINING
DEBT TERM
(IN YEARS)
DEBT
INTEREST
RATE
13%
12.2
3.95%
One of the Lowest Debt Maturities
for 2025–2027
among S&P 500 REITs(5)
Baa1
Stable
BBB+
Stable
WEIGHTED AVERAGE
As of March 31, 2025. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(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 2021 through 2024 and as of March 31, 2025.
(4)Top 10% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of March 31, 2025.
(5)Sources: J.P. Morgan, “REIT Detailed Debt Maturities as of December 31, 2024” or company filings as of December 31, 2024, except ARE, which is as of March 31, 2025.
ALEXANDRIA HAS THE LONGEST WEIGHTED-AVERAGE REMAINING DEBT TERM
AMONG S&P 500 REITS AT 2X THE AVERAGE DEBT TERM FOR THESE REITS
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WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
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(in years)
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6.1 Years
S&P 500 REIT Average
as of December 31, 2024
Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of December 31, 2024 (data not disclosed for PSA at the time of analysis as of April 25, 2025), except for ARE, which is as of March 31, 2025.
ALEXANDRIA’S HISTORICALLY CONSISTENT, STRONG, AND
INCREASING DIVIDENDS
Focus on retaining for reinvestment significant cash flows from operating activities after dividends
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5.7%
Dividend
Yield
4.5%
Average Annual
Dividend Per-Share
Growth
57%
1Q25 Payout
Ratio
$2.3B
Net Cash Provided by
Operating Activities
After Dividends
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ANNUAL COMMON STOCK DIVIDEND PER SHARE
(1)
(2)
(3)
(4)
(1)Dividend yield is calculated as the dividend declared for the three months ended March 31, 2025 of $1.32 per common share annualized divided by the closing price of our common stock on March 31, 2025 of $92.51.
(2)Represents the average annual growth in annual dividends declared per share for the five years ended December 31, 2020 through December 31, 2024 and the three months ended March 31, 2025 annualized.
(3)Represents the aggregate sum for the years ended December 31, 2021 through 2024 and the midpoint of our 2025 guidance range. Refer to “Guidance” in the Earnings Press Release for additional details.
(4)Represents the common stock dividend declared of $1.32 per share for the three months ended March 31, 2025 annualized.
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Alexandria Real Estate Equities, Inc. Reports:
1Q25 Net Loss per Share – Diluted of $(0.07); and
1Q25 FFO per Share – Diluted, as Adjusted, of $2.30
PASADENA, Calif. – April 28, 2025 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the first quarter ended March 31, 2025.
Key highlights
Operating results
1Q25
1Q24
Total revenues:
In millions
$758.2
$769.1
Net (loss) income attributable to Alexandria’s common stockholders – diluted:
In millions
$(11.6)
$166.9
Per share
$(0.07)
$0.97
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted:
In millions
$392.0
$403.9
Per share
$2.30
$2.35
A sector-leading REIT with a high-quality, diverse tenant base and strong margins
(As of March 31, 2025, unless stated otherwise)
Occupancy of operating properties in North America
91.7%
(1)
Percentage of annual rental revenue in effect from Megacampus™ platform
75%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants
51%
Operating margin
70%
Adjusted EBITDA margin
71%
Percentage of leases containing annual rent escalations
98%
Weighted-average remaining lease term:
Top 20 tenants
9.6
years
All tenants
7.6
years
Sustained strength in tenant collections:
April 2025 tenant rents and receivables collected as of April 28, 2025
99.8%
1Q25 tenant rents and receivables collected as of April 28, 2025
99.9%
(1)Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.
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 5.9x and fixed-charge coverage ratio of
4.3x for 1Q25 annualized, with 4Q25 annualized targets of ≤5.2x and 4.0x to 4.5x,
respectively.
•Significant liquidity of $5.3 billion.
•Only 13% of our total debt matures through 2027.
•12.2 years weighted-average remaining term of debt, longest among S&P 500 REITs.
•Since 2021, an average of 97.9% of our year-end debt balances have been fixed rate.
•Total debt and preferred stock to gross assets of 30%.
•$414.9 million of capital contribution commitments from existing real estate joint venture
partners to fund construction from 2Q25 through 2027 and beyond, including $166.8 million
from 2Q25 to 4Q25.
Continued solid leasing volume and rental rate increases
•Continued solid leasing volume of 1.0 million RSF during 1Q25, the fifth consecutive quarter
with leasing volume exceeding 1 million RSF.
•Solid rental rate increases on lease renewals and re-leasing of space of 18.5% and 7.5%
(cash basis) for 1Q25.
•89% of our leasing activity during the three months ended March 31, 2025 was generated
from our existing tenant base.
1Q25
Total leasing activity – RSF
1,030,553
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)
884,408
Rental rate increase
18.5%
Rental rate increase (cash basis)
7.5%
Leasing of development and redevelopment space – RSF
6,430
(1)
(1)As of March 31, 2025, our construction projects expected to stabilize in 2025 and 2026 were 75% leased/
negotiating.
Dividend strategy to share net cash flows from operating activities with stockholders while
retaining a significant portion for reinvestment
•Common stock dividend declared for 1Q25 of $1.32 per share aggregating $5.24 per
common share for the twelve months ended March 31, 2025, up 22 cents, or 4%, over the
twelve months ended March 31, 2024.
•Dividend yield of 5.7% as of March 31, 2025.
•Dividend payout ratio of 57% for the three months ended March 31, 2025.
•Average annual dividend per-share growth of 4.5% from 2021 through 1Q25 annualized.
•Significant net cash flows provided by operating activities after dividends retained for
reinvestment aggregating $2.3 billion for the years ended December 31, 2021 through 2024
and the midpoint of our 2025 guidance range.
Ongoing execution of Alexandria’s 2025 capital recycling strategy
We plan to continue funding a significant portion of our capital requirements for the year ending
December 31, 2025 through dispositions of non-core assets, land, partial interest sales, and
sales to owner/users.
(in millions)
Completed dispositions
$176
Our share of pending transactions subject to non-refundable deposits,
signed letters of intent, and/or purchase and sale agreement
negotiations
433
Our share of completed and pending 2025 dispositions
609
31%
Additional targeted dispositions
1,341
69
2025 guidance midpoint for dispositions and sales of partial interests
$1,950
100%
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First Quarter Ended March 31, 2025 Financial and Operating Results (continued)
March 31, 2025
Alexandria’s development and redevelopment pipeline delivered incremental annual net operating
income of $37 million commencing during 1Q25, with an additional $171 million of incremental
annual net operating income anticipated to deliver by 4Q26
•During 1Q25, we placed into service development and redevelopment projects aggregating
309,494 RSF that are 100% leased across multiple submarkets and delivered incremental
annual net operating income of $37 million. A significant 1Q25 delivery was 285,346 RSF at
230 Harriet Tubman Way located at the Alexandria Center® for Life Science – Millbrae in our
South San Francisco submarket.
•Our active development and redevelopment projects under construction, primarily related to
our Megacampus ecosystems, have an estimated $2.4 billion of remaining costs to complete,
of which $1.3 billion is not under contract as of March 31, 2025. Additionally, we estimate that
30%–40% of the costs not under contract represent costs for materials that may be subject to
inflationary pressure and/or potential tariffs. As such, we estimate that each 10% increase in
these costs for materials may result in incremental costs aggregating $40–$50 million and a
corresponding decline in initial stabilized yields of approximately 2.5 to 3.5 basis points for
our existing active development and redevelopment projects. This estimate does not account
for the cost of potential delays that may occur in receiving or replacing materials subject to
tariffs.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $61 million by 4Q25 upon the burn-off of initial free rent, which have a weighted-
average burn-off period of approximately four months.
•71% 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
Leased/
Negotiating
Percentage
(dollars in millions)
Placed into service in 1Q25
$37
309,494
100%
Expected to be placed into service:
2Q25 through 4Q26
$171
(1)
1,597,920
(2)
75%
(3)
2027 through 2Q28
$179
2,449,862
16%
(1)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 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.
(2)Represents the RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries
through 4Q26 from projects expected to stabilize in 2027 and beyond.
(3)Represents the leased/negotiating percentage of development and redevelopment projects that are expected
to stabilize during 2025 and 2026.
Significant leasing progress on 1Q25 temporary vacancy, including previously disclosed 1Q25 key
lease expirations
Occupancy as of December 31, 2024
94.6%
Lease expirations which became vacant as of March 31, 2025:
Re-leased with future delivery or subject to ongoing negotiations
(1.3)
(1)
Marketing
(1.6)
(2.9)
(2)
Occupancy as of March 31, 2025
91.7%
(1)Includes 0.7% of RSF that is re-leased with a weighted-average commencement date around the end of 2025
and 0.6% of RSF that is subject to ongoing negotiations.
(2)Includes 768,080 RSF of previously disclosed 1Q25 key lease expirations. Refer to “Summary of properties
and occupancy” in the Supplemental Information for additional details. The balance of the 1Q25 lease
expirations that became vacant was spread across multiple submarkets, with no individual space aggregating
greater than 62,000 RSF.
Maintained solid operating metrics
•Net operating income (cash basis) of $2.0 billion for 1Q25 annualized, up $83.8 million, or
4.4%, compared to 1Q24 annualized.
•Same property net operating income changes of (3.1)% and 5.1% (cash basis) for 1Q25 over
1Q24 includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties
across four submarkets. Excluding the impact of these lease expirations, same property net
operating income changes for 1Q25 would have been 0.1% and 9.0% (cash basis).
•General and administrative expenses of $30.7 million, savings of $16.4 million or 35%, for
1Q25, compared to 1Q24 is primarily the result of cost-control and efficiency initiatives on
personnel-related costs and streamlining of business processes.
•As a percentage of net operating income, our general and administrative expenses for the
trailing twelve months ended March 31, 2025 were 6.9%, representing the lowest level in the
past ten years, compared to 9.5% for the trailing twelve months ended March 31, 2024.
Strong and flexible balance sheet
Key metrics as of or for the three months ended March 31, 2025
•$28.8 billion in total market capitalization.
•$15.7 billion in total equity capitalization.
1Q25
Target
Quarter
Trailing
4Q25
Annualized
12 Months
Annualized
Net debt and preferred stock to
Adjusted EBITDA
5.9x
5.7x
Less than or equal to 5.2x
Fixed-charge coverage ratio
4.3x
4.4x
4.0x to 4.5x
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First Quarter Ended March 31, 2025 Financial and Operating Results (continued)
March 31, 2025
Strong and flexible balance sheet (continued)
Key capital events
•In February 2025, we issued $550.0 million of unsecured senior notes payable, due in 2035,
with an interest rate of 5.50%. This issuance marked our tightest-ever spread to the 10-year
treasury rate, surpassing our previous record in September 2019 by 25 bps.
•Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured
senior notes payable.
•In 1Q25, our unconsolidated real estate joint venture at 1655 and 1725 Third Street, in which
we own a 10% interest, located in our Mission Bay submarket, refinanced $500 million of an
existing fixed-rate secured note payable with a new secured note payable, which bears a
fixed weighted-average interest rate of 6.37% and matures in 2035.
•Under our common stock repurchase program authorized in December 2024, we may
repurchase up to $500.0 million of our common stock through December 31, 2025.
•During 1Q25, we repurchased 2.2 million shares of common stock for an aggregate value
of $208.1 million at an average price per share of $96.71.
•As of April 28, 2025, the approximate value of shares authorized and remaining under this
program was $241.8 million.
Investments
•As of March 31, 2025:
•Our non-real estate investments aggregated $1.5 billion.
•Unrealized gains presented in our consolidated balance sheet were $31.9 million,
comprising gross unrealized gains and losses aggregating $204.9 million and
$173.1 million, respectively.
•Investment loss of $50.0 million for 1Q25 presented in our consolidated statement of
operations consisted of $29.3 million of realized gains, $68.1 million of unrealized losses, and
$11.2 million of impairment charges.
Other key highlights
Key items included in net income attributable to Alexandria’s common stockholders:
1Q25
1Q24
1Q25
1Q24
(in millions, except per share amounts)
Amount
Per Share – Diluted
Unrealized (losses) gains on non-real estate
investments
$(68.1)
$29.2
$(0.40)
$0.17
Gain on sales of real estate
13.2
0.4
0.08
—
Impairment of non-real estate investments
(11.2)
(14.7)
(0.07)
(0.09)
Impairment of real estate(1)
(32.2)
—
(0.19)
—
Increase in provision for expected credit losses on
financial instruments(1)
(0.3)
—
—
—
Total
$(98.6)
$14.9
$(0.58)
$0.08
(1)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release for
additional details.
Subsequent event
•In April 2025, an office property aggregating 182,276 RSF located in Carlsbad, San Diego
met the criteria for classification as held for sale based on current negotiations with the
prospective buyer and our decision to dispose of this property for an estimated sales price of
approximately $72.0 million. We expect to complete the sale within 12 months. Upon our
decision to commit to sell this property, we recognized an impairment charge of $35.4 million
to reduce the carrying amount of this asset to its estimated fair value less costs to sell.
Industry and corporate responsibility leadership: catalyzing and leading the way for
positive change to benefit human health and society
•Alexandria was named one of the Most Trustworthy Companies in America by Newsweek for
the third consecutive year based on customer, investor, and employee trust. Alexandria is one
of only four S&P 500 REITs recognized in the real estate and housing category.
•During 1Q25, we received broad recognition for our operational excellence in leasing, design,
development, and asset management. Significant honors included the following:
•In our San Francisco Bay Area market, we earned a San Francisco Business Times 2024
Real Estate Deals of the Year Award for our 258,581 RSF long-term lease with Vaxcyte,
Inc. at 825 Industrial Road on the Alexandria Center® for Life Science – San Carlos
Megacampus.
•Alexandria earned two BOMA (Building Owners and Managers Association) TOBY (The
Outstanding Building of the Year) Awards 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.
•201 Haskins Way on the Alexandria Center® for Life Science – South San Francisco
campus in the San Francisco Bay Area was recognized by BOMA San Francisco.
•9605 Medical Center Drive on the Alexandria Center® for Life Science – Shady Grove
Megacampus in Maryland was recognized by local BOMA affiliate Apartment and Office
Building Association of Metropolitan Washington (AOBA).
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
March 31, 2025, Alexandria has a total market capitalization of $28.8 billion and an asset base in
North America that includes 39.6 million RSF of operating properties and 4.0 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.
Guidance
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March 31, 2025
(Dollars in millions, except per share amounts)
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
amounts will not be materially higher or lower than these expectations. Our guidance for 2025 is subject to a number of variables and uncertainties, including actions and changes in policy by the current
U.S. administration related to the regulatory environment, life science funding, the U.S. Food and Drug Administration and National Institutes of Health, trade, and other areas. For additional discussion
relating to risks and uncertainties that could cause actual results to differ materially from those anticipated, refer to our discussion of “forward-looking statements” on page 7 of the Earnings Press
Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
The midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, was reduced by seven cents, or 75 bps. Key changes to our guidance assumptions include
the following:
•Slower than anticipated re-leasing of expiring spaces and lease-up of vacancy in our operating portfolio and our development and redevelopment pipeline, resulting in the following changes to
the midpoints of our guidance ranges:
•70 bps reduction in occupancy percentage in North America as of December 31, 2025,
•70 bps and 20 bps reduction in 2025 same property net operating income performance and same property net operating income performance (cash basis), respectively, and
•$15 million reduction in 2025 straight-line rent revenue.
•A $20 million reduction to the midpoint of our guidance range for 2025 capitalization of interest with a corresponding $20 million increase to the midpoint of our guidance range for 2025 interest
expense, primarily due to various current and future pipeline projects that are anticipated to cease construction activities in the latter part of the year.
•A $17 million reduction to the midpoint of our guidance range for 2025 general and administrative expenses from additional cost control initiatives, including personnel-related costs and
streamlining of business processes.
Refer to "Key assumptions” and “Key sources and uses of capital” on the following page.
Projected 2025 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
As of 4/28/25
As of 1/27/25
Key Changes to Midpoint
Earnings per share(1)
$1.36 to $1.56
$2.57 to $2.77
Depreciation and amortization of real estate assets
7.05
6.70
Gain on sales of real estate
(0.08)
—
(2)
Impairment of real estate – rental properties
0.21
—
(3)
Allocation to unvested restricted stock awards
(0.03)
(0.04)
Funds from operations per share(4)
$8.51 to $8.71
$9.23 to $9.43
Unrealized losses on non-real estate investments
0.40
—
Impairment of non-real estate investments
0.07
—
(4)
Impairment of real estate
0.19
—
Allocation to unvested restricted stock awards
(0.01)
—
Funds from operations per share, as adjusted(5)
$9.16 to $9.36
$9.23 to $9.43
Midpoint
$9.26
$9.33
Reduction of 7-cents, or 75 bps
(1)Excludes unrealized gains or losses on non-real estate investments after March 31, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.
(2)Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details.
(3)Represents a $35.4 million impairment of real estate recognized in April 2025 related to an office property aggregating 182,276 RSF, located in Carlsbad, San Diego, upon meeting the criteria for classification as held for sale. Refer to
“Subsequent events” in the Earnings Press Release for additional details.
(4)Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional details.
(5)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional details.
Guidance (continued)
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March 31, 2025
(Dollars in millions)
As of 4/28/25
As of 1/27/25
Key Changes
to Midpoint
Key Assumptions
Low
High
Low
High
Occupancy percentage in North America as of December 31, 2025
90.9%
92.5%
91.6%
93.2%
70 bps reduction
Lease renewals and re-leasing of space:
Rental rate changes
9.0%
17.0%
9.0%
17.0%
No change
Rental rate changes (cash basis)
0.5%
8.5%
0.5%
8.5%
Same property performance:
Net operating income
(3.7)%
(1.7)%
(3.0)%
(1.0)%
70 bps reduction
Net operating income (cash basis)
(1.2)%
0.8%
(1.0)%
1.0%
20 bps reduction
Straight-line rent revenue
$96
$116
$111
$131
$15 million reduction
General and administrative expenses
$112
$127
$129
$144
$17 million reduction
Capitalization of interest
$320
$350
$340
$370
$20 million reduction
Interest expense
$185
$215
$165
$195
$20 million increase
Realized gains on non-real estate investments(1)
$100
$130
$100
$130
No change
Key Credit Metrics Targets
As of 4/28/25
As of 1/27/25
Key Changes
Net debt and preferred stock to Adjusted EBITDA – 4Q25 annualized
Less than or equal to 5.2x
Less than or equal to 5.2x
No change
Fixed-charge coverage ratio – 4Q25 annualized
4.0x to 4.5x
4.0x to 4.5x
As of 4/28/25
As of 1/27/25
Midpoint
Key Changes
to Midpoint
Key Sources and Uses of Capital
Range
Midpoint
Certain Completed Items
Sources of capital:
Net reduction in debt
$(290)
$(290)
$(290)
See below
$(190)
See below
Net cash provided by operating activities after dividends(2)
425
525
475
475
Dispositions and sales of partial interests (refer to page 6)
1,450
2,450
1,950
(3)
1,700
$250 million increase(4)
Total sources of capital
$1,585
$2,685
$2,135
$1,985
Uses of capital:
Construction
$1,450
$2,050
$1,750
$1,750
Acquisitions and other opportunistic uses of capital
—
500
250
$208
(5)
100
$150 million increase(4)
Ground lease prepayment
135
135
135
$135
135
Total uses of capital
$1,585
$2,685
$2,135
$1,985
Net reduction in debt (included above):
Issuance of unsecured senior notes payable
$550
$550
$550
$550
$600
Repayment of unsecured notes payable(6)
(600)
(600)
(600)
(600)
Unsecured senior line of credit, commercial paper, and other
(240)
(240)
(240)
(190)
Net reduction in debt
$(290)
$(290)
$(290)
$(190)
$100 million reduction
(1)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.
(2)Excludes the final installment of our ground lease payment aggregating $135.0 million at the Alexandria Technology Square® Megacampus. This amount has been separately presented as “Ground lease prepayment” under “Uses of
capital” in the table above.
(3)As of April 28, 2025, completed dispositions aggregated $176.4 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated
$432.5 million. As part of a completed transaction, we provided seller financing of $91.0 million. Refer to “Dispositions and sales of partial interests” in the Earnings Press Release for additional details.
(4)The increase to the midpoint of our guidance range for 2025 dispositions and sales of partial interests is primarily due to an increase in the midpoint of our guidance range for 2025 acquisitions and other opportunistic uses of capital by
$150 million.
(5)Under our common stock repurchase program authorized in December 2024, we may repurchase up to $500.0 million of our common stock through December 31, 2025. During 1Q25, we repurchased 2.2 million shares of common stock
for an aggregate value of $208.1 million at an average price per share of $96.71. As of April 28, 2025, the approximate value of shares authorized and remaining under this program was $241.8 million. Subject to market conditions, we may
consider repurchasing additional shares of our common stock.
(6)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.
Dispositions and Sales of Partial Interests
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March 31, 2025
(Dollars in thousands)
Property
Submarket/Market
Date of
Sale
Interest
Sold
Future
Development
RSF
Sales Price
Gain on
Sales of
Real Estate
Completed in 1Q25:
Land and other
Costa Verde by Alexandria
University Town Center/San Diego
1/31/25
100%
537,000
$124,000
(1)
$—
Other
52,352
13,165
176,352
$13,165
Our share of pending 2025 dispositions and sales of partial interests expected to close
subsequent to April 28, 2025:
Subject to non-refundable deposits:
Pending
San Diego
2H25
100%
70,000
Pending
Texas
2Q25
100%
73,287
Other
63,000
206,287
Subject to executed letters of intent and/or purchase and sale agreement negotiations
226,250
Our share of completed and pending 2025 dispositions and sales of partial interests
$608,889
2025 guidance range for dispositions and sales of partial interests
$1,450,000 – $2,450,000
(1)As part of the transaction, we provided seller financing of $91.0 million, due in 2028, with an interest rate of 12.0%.
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Earnings Call Information and About the Company
March 31, 2025
We will host a conference call on Tuesday, April 29, 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 first quarter ended March 31, 2025. 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, April 29,
2025. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1950174.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2025 is available in the “For Investors” section of our website at www.are.com or by
following this link: https://www.are.com/fs/2025q1.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; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
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 March 31, 2025, Alexandria has a total market capitalization of
$28.8 billion and an asset base in North America that includes 39.6 million RSF of operating properties and 4.0 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.
Consolidated Statements of Operations
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March 31, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended
 
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Revenues:
 
 
 
 
 
Income from rentals
$743,175
(1)
$763,249
$775,744
$755,162
$755,551
Other income
14,983
25,696
15,863
11,572
13,557
Total revenues
758,158
788,945
791,607
766,734
769,108
Expenses:
Rental operations
226,395
240,432
233,265
217,254
218,314
General and administrative
30,675
32,730
43,945
44,629
47,055
Interest
50,876
55,659
43,550
45,789
40,840
Depreciation and amortization
342,062
330,108
293,998
290,720
287,554
Impairment of real estate
32,154
186,564
5,741
30,763
—
Total expenses
682,162
845,493
620,499
629,155
593,763
Equity in (losses) earnings of unconsolidated real estate joint ventures
(507)
6,635
139
130
155
Investment (loss) income
(49,992)
(67,988)
15,242
(43,660)
43,284
Gain on sales of real estate
13,165
101,806
27,114
—
392
Net income (loss)
38,662
(16,095)
213,603
94,049
219,176
Net income attributable to noncontrolling interests
(47,601)
(46,150)
(45,656)
(47,347)
(48,631)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders
(8,939)
(62,245)
167,947
46,702
170,545
Net income attributable to unvested restricted stock awards
(2,660)
(2,677)
(3,273)
(3,785)
(3,659)
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders
$(11,599)
$(64,922)
$164,674
$42,917
$166,886
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:
Basic
$(0.07)
$(0.38)
$0.96
$0.25
$0.97
Diluted
$(0.07)
$(0.38)
$0.96
$0.25
$0.97
Weighted-average shares of common stock outstanding:
Basic
170,522
172,262
172,058
172,013
171,949
Diluted
170,522
172,262
172,058
172,013
171,949
Dividends declared per share of common stock
$1.32
$1.32
$1.30
$1.30
$1.27
(1)Decline in income from rentals relates primarily to $1.1 billion of dispositions completed during 4Q24.
Consolidated Balance Sheets
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March 31, 2025
(In thousands)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Assets
 
 
 
 
Investments in real estate
$32,121,712
$32,110,039
$32,951,777
$32,673,839
$32,323,138
Investments in unconsolidated real estate joint ventures
50,086
39,873
40,170
40,535
40,636
Cash and cash equivalents
476,430
552,146
562,606
561,021
722,176
Restricted cash
7,324
7,701
17,031
4,832
9,519
Tenant receivables
6,875
6,409
6,980
6,822
7,469
Deferred rent
1,210,584
1,187,031
1,216,176
1,190,336
1,138,936
Deferred leasing costs
489,287
485,959
516,872
519,629
520,616
Investments
1,479,688
1,476,985
1,519,327
1,494,348
1,511,588
Other assets
1,758,442
1,661,306
1,657,189
1,356,503
1,424,968
Total assets
$37,600,428
$37,527,449
$38,488,128
$37,847,865
$37,699,046
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable
$150,807
$149,909
$145,000
$134,942
$130,050
Unsecured senior notes payable
12,640,144
12,094,465
12,092,012
12,089,561
12,087,113
Unsecured senior line of credit and commercial paper
299,883
—
454,589
199,552
—
Accounts payable, accrued expenses, and other liabilities
2,281,414
2,654,351
2,865,886
2,529,535
2,503,831
Dividends payable
228,622
230,263
227,191
227,408
222,134
Total liabilities
15,600,870
15,128,988
15,784,678
15,180,998
14,943,128
Commitments and contingencies
Redeemable noncontrolling interests
9,612
19,972
16,510
16,440
16,620
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock
1,701
1,722
1,722
1,720
1,720
Additional paid-in capital
17,509,148
17,933,572
18,238,438
18,284,611
18,434,690
Accumulated other comprehensive loss
(46,202)
(46,252)
(22,529)
(27,710)
(23,815)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity
17,464,647
17,889,042
18,217,631
18,258,621
18,412,595
Noncontrolling interests
4,525,299
4,489,447
4,469,309
4,391,806
4,326,703
Total equity
21,989,946
22,378,489
22,686,940
22,650,427
22,739,298
Total liabilities, noncontrolling interests, and equity
$37,600,428
$37,527,449
$38,488,128
$37,847,865
$37,699,046
Funds From Operations and Funds From Operations per Share
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March 31, 2025
(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
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted
$(11,599)
$(64,922)
$164,674
$42,917
$166,886
Depreciation and amortization of real estate assets
339,381
327,198
291,258
288,118
284,950
Noncontrolling share of depreciation and amortization from consolidated real estate JVs
(33,411)
(34,986)
(32,457)
(31,364)
(30,904)
Our share of depreciation and amortization from unconsolidated real estate JVs
1,054
1,061
1,075
1,068
1,034
Gain on sales of real estate
(13,165)
(100,109)
(27,114)
—
(392)
Impairment of real estate – rental properties and land
—
184,532
5,741
2,182
—
Allocation to unvested restricted stock awards
(686)
(1,182)
(2,908)
(1,305)
(3,469)
Funds from operations attributable to Alexandria’s common stockholders – diluted(1)
281,574
311,592
400,269
301,616
418,105
Unrealized losses (gains) on non-real estate investments
68,145
79,776
(2,610)
64,238
(29,158)
Impairment of non-real estate investments
11,180
(2)
20,266
10,338
12,788
14,698
Impairment of real estate
32,154
(3)
2,032
—
28,581
—
Increase (decrease) in provision for expected credit losses on financial instruments
285
(434)
—
—
—
Allocation to unvested restricted stock awards
(1,329)
(1,407)
(125)
(1,738)
247
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted
$392,009
$411,825
$407,872
$405,485
$403,892
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Calculated in accordance with standards established by the Nareit Board of Governors.
(2)Primarily related to four non-real estate investments in privately held entities that do not report NAV.
(3)In 2021, we entered into a ground lease for a future development site in our San Francisco Bay Area market. As of December 31, 2024, we had a right-of-use-asset aggregating $32.4 million related to our investment into this ground
lease. During the three months ended March 31, 2025, based on our current financial outlook for this project, we made the determination to no longer proceed with this project. Consequently, we recognized an impairment charge
aggregating $32.2 million to write off our remaining balance in this right-of-use asset. We do not expect to make additional future payments in connection with this project.
Funds From Operations and Funds From Operations per Share (continued)
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March 31, 2025
(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
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted
$(0.07)
$(0.38)
$0.96
$0.25
$0.97
Depreciation and amortization of real estate assets
1.80
1.70
1.51
1.50
1.48
Gain on sales of real estate
(0.08)
(0.58)
(0.16)
—
—
Impairment of real estate – rental properties and land
—
1.07
0.03
0.01
—
Allocation to unvested restricted stock awards
—
—
(0.01)
(0.01)
(0.02)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted
1.65
1.81
2.33
1.75
2.43
Unrealized losses (gains) on non-real estate investments
0.40
0.46
(0.02)
0.37
(0.17)
Impairment of non-real estate investments
0.07
0.12
0.06
0.08
0.09
Impairment of real estate
0.19
0.01
—
0.17
—
Allocation to unvested restricted stock awards
(0.01)
(0.01)
—
(0.01)
—
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as
adjusted
$2.30
$2.39
$2.37
$2.36
$2.35
Weighted-average shares of common stock outstanding – diluted
Earnings per share – diluted
170,522
172,262
172,058
172,013
171,949
Funds from operations – diluted, per share
170,599
172,262
172,058
172,013
171,949
Funds from operations – diluted, as adjusted, per share
170,599
172,262
172,058
172,013
171,949
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
SUPPLEMENTAL
INFORMATION
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Company Profile
March 31, 2025
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 March 31, 2025, Alexandria has a total market
capitalization of $28.8 billion and an asset base in North America that includes 39.6 million
RSF of operating properties and 4.0 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 51% 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
Joseph Hakman
Hart Cole
Co-Chief Operating Officer &
Chief Strategic Transactions Officer
Executive Vice President – Capital
Markets/Strategic Operations &
Co-Regional Market Director – Seattle
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
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Investor Information
March 31, 2025
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
RBC Capital Markets
Nate Crossett / Monir Koummal
Nicholas Joseph / Seth Bergey
Dylan Burzinski
Michael Carroll / Justin Haasbeek
(646) 342-1588 / (646) 342-1554
(212) 816-1909 / (212) 816-2066
(949) 640-8780
(440) 715-2649 / (440) 715-2651
BofA Securities
Citizens JMP Securities, LLC
J.P. Morgan Securities LLC
Robert W. Baird & Co. Incorporated
Jeff Spector / Farrell Granath
Aaron Hecht / Linda Fu
Anthony Paolone / Ray Zhong
Wesley Golladay / Nicholas Thillman
(646) 855-1363 / (646) 855-1351
(415) 835-3963 / (415) 869-4411
(212) 622-6682 / (212) 622-5411
(216) 737-7510 / (414) 298-5053
BTIG, LLC
Deutsche Bank AG
Jefferies
Wedbush Securities
Tom Catherwood / Michael Tompkins
Tayo Okusanya / Samuel Ohiomah
Peter Abramowitz / Katie Elders
Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 527-3566
(212) 250-9284 / (212) 250-0057
(212) 336-7241 / (917) 421-1968
(212) 931-7001 / (212) 938-9942
CFRA
Evercore ISI
Mizuho Securities USA LLC
Nathan Schmidt
Steve Sakwa / James Kammert
Vikram Malhotra / Georgi Dinkov
(646) 517-1144
(212) 446-9462 / (312) 705-4233
(212) 282-3827 / (617) 352-1721
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
Mizuho Securities USA LLC
Thierry Perrein
(212) 205-7665
Financial and Asset Base Highlights
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March 31, 2025
(Dollars in thousands, except per share amounts)
 
Three Months Ended (unless stated otherwise)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Selected financial data from consolidated financial statements and related information
Rental revenues
$552,112
(1)
$566,535
$579,569
$576,835
$581,400
Tenant recoveries
$191,063
$196,714
$196,175
$178,327
$174,151
General and administrative expenses
$30,675
$32,730
$43,945
$44,629
$47,055
General and administrative expenses as a percentage of net operating income –
trailing 12 months
6.9%
7.6%
8.9%
9.2%
9.5%
Operating margin
70%
70%
71%
72%
72%
Adjusted EBITDA margin
71%
72%
70%
72%
72%
Adjusted EBITDA – quarter annualized
$2,165,632
$2,273,480
$2,219,632
$2,216,144
$2,206,428
Adjusted EBITDA – trailing 12 months
$2,218,722
$2,228,921
$2,184,298
$2,122,250
$2,064,904
Net debt at end of period
$12,687,856
$11,762,176
$12,191,574
$11,940,144
$11,569,666
Net debt and preferred stock to Adjusted EBITDA – quarter annualized
5.9x
5.2x
5.5x
5.4x
5.2x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months
5.7x
5.3x
5.6x
5.6x
5.6x
Total debt and preferred stock at end of period
$13,090,834
$12,244,374
$12,691,601
$12,424,055
$12,217,163
Gross assets at end of period
$43,486,989
$43,152,628
$44,112,770
$43,305,279
$42,915,903
Total debt and preferred stock to gross assets at end of period
30%
28%
29%
29%
28%
Fixed-charge coverage ratio – quarter annualized
4.3x
4.3x
4.4x
4.5x
4.7x
Fixed-charge coverage ratio – trailing 12 months
4.4x
4.5x
4.5x
4.6x
4.7x
Unencumbered net operating income as a percentage of total net operating income
99.8%
99.9%
99.1%
99.1%
99.3%
Closing stock price at end of period
$92.51
$97.55
$118.75
$116.97
$128.91
Common shares outstanding (in thousands) at end of period
170,130
172,203
172,244
172,018
172,008
Total equity capitalization at end of period
$15,738,715
$16,798,446
$20,454,023
$20,120,907
$22,173,547
Total market capitalization at end of period
$28,829,549
$29,042,820
$33,145,624
$32,544,962
$34,390,710
Dividend per share – quarter/annualized
$1.32/$5.28
$1.32/$5.28
$1.30/$5.20
$1.30/$5.20
$1.27/$5.08
Dividend payout ratio for the quarter
57%
55%
55%
55%
54%
Dividend yield – annualized
5.7%
5.4%
4.4%
4.4%
3.9%
Amounts related to operating leases:
Operating lease liabilities at end of period
$371,412
$507,127
$648,338
$379,223
$381,578
Rent expense
$11,666
$10,685
$10,180
$9,412
$8,683
Capitalized interest
$80,065
$81,586
$86,496
$81,039
$81,840
Average real estate basis capitalized during the period
$8,026,566
$8,118,010
$8,281,318
$7,936,612
$8,163,289
Weighted-average interest rate for capitalization of interest during the period
3.99%
4.02%
3.98%
3.96%
3.92%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)  Refer to “Consolidated statements of operations” in the Earnings Press Release for additional details.
Financial and Asset Base Highlights (continued)
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March 31, 2025
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)
 
Three Months Ended (unless stated otherwise)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue
$22,023
$17,653
$29,087
$48,338
$48,251
Amortization of acquired below-market leases
$15,222
$15,512
$17,312
$22,515
$30,340
Amortization of deferred revenue related to tenant-funded and -built landlord improvements
$1,651
$1,214
$329
$—
$—
Straight-line rent expense on ground leases
$149
$1,021
$789
$341
$358
Cash payment for ground lease extension(1)
$(135,000)
$(135,000)
$—
$—
$—
Stock compensation expense
$10,064
$12,477
$15,525
$14,507
$17,125
Amortization of loan fees
$4,691
$4,620
$4,222
$4,146
$4,142
Amortization of debt discounts
$349
$333
$330
$328
$318
Non-revenue-enhancing capital expenditures:
Building improvements
$3,789
$4,313
$4,270
$4,210
$4,293
Tenant improvements and leasing commissions
$73,483
(2)
$81,918
$55,920
$15,724
$21,144
Funds from operations attributable to noncontrolling interests
$81,012
$76,111
$78,113
$78,711
$79,535
Operating statistics and related information (at end of period)
Number of properties – North America
386
391
406
408
410
RSF – North America (including development and redevelopment projects under construction)
43,687,343
44,124,001
46,748,734
47,085,993
47,206,639
Total square footage – North America
68,518,184
69,289,411
73,611,815
74,103,404
74,069,321
Annual rental revenue per occupied RSF – North America
$58.38
$56.98
$57.09
$56.87
$56.86
Occupancy of operating properties – North America
91.7%
(3)
94.6%
94.7%
94.6%
94.6%
Occupancy of operating and redevelopment properties – North America
86.9%
89.7%
89.7%
89.9%
90.2%
Weighted-average remaining lease term (in years)
7.6
7.5
7.5
7.4
7.5
Total leasing activity – RSF
1,030,553
1,310,999
1,486,097
1,114,001
1,142,857
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate changes
18.5%
18.1%
5.1%
7.4%
33.0%
Rental rate changes (cash basis)
7.5%
3.3%
1.5%
3.7%
19.0%
RSF (included in total leasing activity above)
884,408
1,024,862
1,278,857
589,650
994,770
Top 20 tenants:
Annual rental revenue
$754,354
$741,965
$796,898
$805,751
$802,605
Annual rental revenue from investment-grade or publicly traded large cap tenants
87%
92%
92%
92%
92%
Weighted-average remaining lease term (in years)
9.6
9.3
9.5
9.4
9.7
Same property – percentage change over comparable quarter from prior year:
Net operating income changes
(3.1)%
(3)
0.6%
1.5%
1.5%
1.0%
Net operating income changes (cash basis)
5.1%
6.3%
6.5%
3.9%
4.2%
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 each in 1Q25 and 4Q24.
(2)Includes tenant improvements and leasing commissions for one 11.4-year lease at the Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 119,280 RSF. Excluding this lease, tenant
improvements and leasing commissions per RSF and as a percentage of total rents for the three months ended March 31, 2025 were $40.93 and 9.1%, which are consistent with the five-year quarterly averages of $37.53 and
10.5%, respectively.
(3)Refer to page 2 in the Earnings Press Release and “Same property performance” in the Supplemental Information for additional information.
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High-Quality and Diverse Client Base
March 31, 2025
Stable Cash Flows From Our High-Quality and Diverse Mix of Approximately 750 Tenants
Investment-Grade or Publicly Traded
Large Cap Tenants
87%
of ARE’s Top 20 Tenant
Annual Rental Revenue
51%
Percentage of ARE’s Annual Rental Revenue
of ARE’s
Annual Rental Revenue
chart-93a15c923e3b45bba49.gif
Life Science
Product,
Service, and
Device
Multinational
Pharmaceutical
Public
Biotechnology –
Approved or
Marketed
Product
Public Biotechnology –
Preclinical or Clinical
Stage
Private
Biotechnology
Other(2)
Other Investment-Grade
or Large Cap Tech
Biomedical
Institutions(1)
Government
Institutions
As of March 31, 2025. Annual rental revenue represents amounts in effect as of March 31, 2025. 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)79% of our annual rental revenue from biomedical institutions are from investment-grade or publicly traded large cap tenants.
(2)Represents the percentage of our annual rental revenue generated by technology, professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants.
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High-Quality and Diverse Client Base (continued)
March 31, 2025
Long-Duration and Stable Cash Flows From
High-Quality and Diverse Tenants
Sustained Strength in Tenant Collections(1)
99.9%
99.8%
1Q25
April 2025
Long-Duration Lease Terms
9.6 Years
7.6 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 April 28, 2025.
(2)Based on annual rental revenue in effect as of March 31, 2025.
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Key Operating Metrics
March 31, 2025
Same Property
Net Operating Income Performance
Rental Rate Growth:
Renewed/Re-Leased Space
Margins(2)
Favorable Lease Structure(3)
Operating
Adjusted EBITDA
Strategic Lease Structure by Owner and
Operator of Collaborative Megacampus Ecosystems
70%
71%
Increasing cash flows
Percentage of leases containing
annual rent escalations
98%
Stable cash flows
Historical Weighted-Average
Lease Term of Executed Leases(4)
Percentage of triple
net leases
91%
8.9 Years
Lower capex burden
Percentage of leases providing for the
recapture of capital expenditures
93%
chart-2d6184df01ad4ed99fb.gif
chart-3930a7501b774816bd3.gif
chart-dd31d154c1b148ef830.gif
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(1)
(3.1)%
2024
3/31/25
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)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
(2)For the three months ended March 31, 2025.
(3)Percentages calculated based on our annual rental revenue in effect as of March 31, 2025.
(4)Represents the weighted-average lease term of executed leases based on annual rental revenue for the approximate 10-year period for the years ended December 31, 2016 through 2024 and the three months ended
March 31, 2025.
Same Property Performance
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March 31, 2025
(Dollars in thousands)
Same Property Financial Data
Three Months Ended
March 31, 2025
Same Property Statistical Data
Three Months Ended
March 31, 2025
Percentage change over comparable period from prior year:
Number of same properties
333
Net operating income changes
(3.1)%
(1)
Rentable square feet
34,099,158
Net operating income changes (cash basis)
5.1%
(1)(2)
Occupancy – current-period average
93.3%
Operating margin
68%
Occupancy – same-period prior-year average
94.3%
 
Three Months Ended March 31,
2025
2024
$ Change
% Change
Income from rentals:
Same properties
$469,387
$476,074
$(6,687)
(1.4)%
Non-same properties
82,725
105,326
(22,601)
(21.5)
Rental revenues
552,112
581,400
(29,288)
(5.0)
Same properties
170,823
155,405
15,418
9.9
Non-same properties
20,240
18,746
1,494
8.0
Tenant recoveries
191,063
174,151
16,912
9.7
Income from rentals
743,175
755,551
(12,376)
(1.6)
Same properties
346
340
6
1.8
Non-same properties
14,637
13,217
1,420
10.7
Other income
14,983
13,557
1,426
10.5
Same properties
640,556
631,819
8,737
1.4
Non-same properties
117,602
137,289
(19,687)
(14.3)
Total revenues
758,158
769,108
(10,950)
(1.4)
Same properties
203,497
180,739
22,758
12.6
Non-same properties
22,898
37,575
(14,677)
(39.1)
Rental operations
226,395
218,314
8,081
3.7
Same properties
437,059
451,080
(14,021)
(3.1)
Non-same properties
94,704
99,714
(5,010)
(5.0)
Net operating income
$531,763
$550,794
$(19,031)
(3.5)%
(3)
Net operating income – same properties
$437,059
$451,080
$(14,021)
(3.1)%
Straight-line rent revenue
(6,396)
(39,287)
32,891
(83.7)
Amortization of acquired below-market leases
(10,002)
(11,525)
1,523
(13.2)
Net operating income – same properties (cash basis)
$420,661
$400,268
$20,393
5.1%
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.
(1)Includes certain 1Q25 lease expirations aggregating 768,080 RSF at six properties across four submarkets. Excluding the impact of the properties with these leases, same property net operating income changes for the three months
ended March 31, 2025 would have been 0.1% and 9.0% (cash basis). Refer to “Summary of properties and occupancy” in the Supplemental Information for additional details.
(2)Includes the impact of expiring initial free rent concessions that burned off after January 1, 2024 for development and redevelopment projects that were placed into service in 2023 and accordingly are part of our same property pool in
1Q25, including 15 Necco Street in our Seaport Innovation District submarket and 751 Gateway Boulevard in our South San Francisco submarket. Excluding the impact of these expiring initial free rent concessions, same property net
operating income change (cash basis) for the three months ended March 31, 2025 would have been 0.4%.
(3)Decrease in total net operating income includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, the increase in net operating income for the three months ended March 31, 2025
would have been 2.2%.
Leasing Activity
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March 31, 2025
(Dollars per RSF)
Three Months Ended
Year Ended
March 31, 2025
December 31, 2024
Including
Straight-Line Rent
Cash Basis
Including
Straight-Line Rent
Cash Basis
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes
18.5%
7.5%
16.9%
7.2%
New rates
$57.56
$55.04
$65.48
$64.18
Expiring rates
$48.57
$51.18
$56.01
$59.85
RSF
884,408
3,888,139
Tenant improvements/leasing commissions
$83.09
(2)
$46.89
Weighted-average lease term
10.1 years
8.5 years
Developed/redeveloped/previously vacant space leased(3)
New rates
$49.80
$49.51
$59.44
$57.34
RSF
146,145
1,165,815
Weighted-average lease term
8.8 years
10.0 years
Leasing activity summary (totals):
New rates
$56.46
$54.26
$64.16
$62.68
RSF
1,030,553
5,053,954
Weighted-average lease term
10.0 years
8.9 years
Lease expirations(1)
Expiring rates
$49.93
$51.55
$53.82
$57.24
RSF
1,923,048
5,005,638
Leasing activity includes 100% of results for properties in North America in which we have an investment.
(1)Excludes month-to-month leases aggregating 160,540 RSF and 136,131 RSF as of March 31, 2025 and December 31, 2024, respectively. During the trailing twelve months ended March 31, 2025, we granted free rent
concessions averaging 0.7 months per annum.
(2)Includes tenant improvements and leasing commissions for one 11.4-year lease at the Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 119,280 RSF. Excluding this lease, tenant
improvements and leasing commissions per RSF and as a percentage of total rents for the three months ended March 31, 2025 were $40.93 and 9.1%, which are consistent with the five-year quarterly averages of $37.53
and 10.5%, respectively.
(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
March 31, 2025
Year
RSF
Percentage of
Occupied RSF
Annual Rental Revenue
(per RSF)(1)
Percentage of
Annual Rental Revenue
2025
(2)
2,005,741
5.6%
$46.91
4.6%
2026
3,043,760
8.5%
$56.08
8.3%
2027
3,130,452
8.7%
$51.23
7.8%
2028
4,060,412
11.3%
$52.17
10.3%
2029
2,429,749
6.8%
$50.67
6.0%
2030
3,064,307
8.6%
$43.86
6.5%
2031
3,579,117
10.0%
$54.84
9.5%
2032
1,023,407
2.9%
$58.33
2.9%
2033
2,539,851
7.1%
$48.14
5.9%
2034
3,280,121
9.2%
$67.72
10.7%
Thereafter
7,673,811
21.3%
$74.48
27.5%
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
136,506
5,597
25,312
261,540
428,955
$45.19
47,439
11,565
—
399,436
458,440
$94.58
San Francisco Bay Area
293,051
110,549
—
346,927
750,527
71.21
25,511
—
—
623,634
649,145
76.43
San Diego
28,760
—
—
85,189
113,949
34.37
—
28,827
—
873,855
902,682
47.04
Seattle
—
—
—
67,114
67,114
31.33
26,266
—
—
166,491
192,757
31.57
Maryland
35,055
6,228
—
31,683
72,966
22.19
—
15,489
—
276,969
292,458
20.20
Research Triangle
173,888
—
—
78,625
252,513
27.98
19,753
—
—
167,805
187,558
38.98
New York City
—
—
—
42,002
42,002
99.58
—
—
—
72,052
72,052
104.17
Texas
—
—
198,972
(5)
—
198,972
N/A
—
—
—
—
—
—
Canada
22,991
—
—
54,752
77,743
18.35
—
247,743
—
—
247,743
21.23
Non-cluster/other markets
—
—
—
1,000
1,000
49.20
—
—
—
40,925
40,925
75.98
Total
690,251
122,374
224,284
968,832
2,005,741
$46.91
118,969
303,624
—
2,621,167
3,043,760
$56.08
Percentage of expiring leases
34%
6%
11%
49%
100%
4%
10%
0%
86%
100%
Contractual lease expirations for properties classified as held for sale as of March 31, 2025 are excluded from the information on this page.
(1)Represents amounts in effect as of March 31, 2025.
(2)Excludes month-to-month leases aggregating 160,540 RSF as of March 31, 2025.
(3)Primarily represents assets that were recently acquired for future development or 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 March 31, 2025, the weighted-average annual rental revenue and expiration date of these leases expiring in 2025 is $1.6 million and May 27, 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 88,179 RSF in our Cambridge/Inner Suburbs submarket and in 2026 is 163,648 RSF in our University Town Center submarket, at a property in which 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)Represents two properties with future development and redevelopment opportunities, located at 1001 Trinity Street and 1020 Red River Street in our Austin submarket, with contractual lease expirations in 2Q25.
Top 20 Tenants
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March 31, 2025
(Dollars in thousands, except average market cap amounts)
87% 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
9.7
1,070,953
$89,599
4.3%
Aa3
A+
$797.9
2
Moderna, Inc.
11.1
496,814
89,347
4.3
—
—
$29.1
3
Bristol-Myers Squibb Company
5.2
999,379
77,188
3.7
A2
A
$104.1
4
Takeda Pharmaceutical Company Limited
10.2
549,759
47,899
2.3
Baa1
BBB+
$43.8
5
Eikon Therapeutics, Inc.(2)
13.7
311,806
36,783
1.8
—
—
$—
6
Roche
8.0
647,069
36,189
1.7
Aa2
AA
$242.8
7
Illumina, Inc.
5.6
857,967
35,924
1.7
Baa3
BBB
$19.5
8
Alphabet Inc.
2.6
625,015
34,899
1.7
Aa2
AA+
$2,143.6
9
2seventy bio, Inc.(3)
8.4
312,805
33,543
1.6
—
—
$0.2
10
United States Government
5.3
429,359
29,097
(4)
1.4
Aaa
AA+
$—
11
Uber Technologies, Inc.
57.5
(5)
1,009,188
27,799
1.3
Baa2
BBB
$148.3
12
Novartis AG
3.3
387,563
27,709
1.3
Aa3
AA-
$234.5
13
AstraZeneca PLC
4.6
450,848
27,226
1.3
A1
A+
$231.1
14
Cloud Software Group, Inc.
1.2
(6)
292,013
26,446
1.3
—
—
$—
15
Boston Children’s Hospital
12.0
309,231
26,212
1.3
Aa2
AA
$—
16
The Regents of the University of California
6.2
369,753
23,330
1.1
Aa2
AA
$—
17
Sanofi
5.8
267,278
21,851
1.1
A1
AA
$130.9
18
Charles River Laboratories, Inc.
10.1
256,066
21,202
1.0
—
—
$10.2
19
New York University
7.3
218,983
21,110
1.0
Aa2
AA-
$—
20
Merck & Co., Inc.
8.4
333,124
21,001
1.0
Aa3
A+
$281.3
Total/weighted-average
9.6
(5)
10,194,973
$754,354
36.2%
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 March 31, 2025.
(2)Eikon Therapeutics, Inc. is a private biotechnology company led by renowned biopharma executive Roger Perlmutter, formerly an executive vice president at Merck & Co., Inc. As of February 25, 2025, the company has raised over
$1.2 billion in private venture capital funding.
(3)In March 2025, 2seventy bio, Inc. announced a definitive merger agreement with Bristol-Myers Squibb Company, which is expected to close in the second quarter of 2025.
(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the National Institutes of Health and the General Services Administration.  Approximately 3% of the annual rental revenue derived from our
leases with the United States Government is cancellable prior to the lease expiration date.
(5)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 6.9 years as of March 31, 2025.
(6)Represents one lease at a property acquired in 2022 with potential 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.
Summary of Properties and Occupancy
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March 31, 2025
(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
9,304,074
632,850
1,601,010
11,537,934
26%
65
$754,342
36%
$88.20
San Francisco Bay Area
7,971,965
109,435
366,939
8,448,339
19
65
455,516
22
68.28
San Diego
7,140,194
903,792
—
8,043,986
18
77
323,222
16
47.98
Seattle
3,179,033
227,577
—
3,406,610
9
45
137,539
6
47.27
Maryland
3,848,870
—
—
3,848,870
9
50
141,895
7
39.70
Research Triangle
3,801,564
—
—
3,801,564
9
38
109,002
5
30.71
New York City
921,894
—
—
921,894
2
4
74,571
4
92.34
Texas
1,845,159
—
73,298
1,918,457
4
15
37,754
2
24.93
Canada
895,182
—
132,881
1,028,063
2
11
18,525
1
21.86
Non-cluster/other markets
349,099
—
—
349,099
1
10
15,413
1
60.52
Properties held for sale
382,527
—
—
382,527
1
6
9,031
—
49.82
North America
39,639,561
1,873,654
2,174,128
43,687,343
100%
386
$2,076,810
100%
$58.38
4,047,782
Summary of occupancy
 
Operating Properties
Operating and Redevelopment Properties
Market
3/31/25
12/31/24
3/31/24
3/31/25
12/31/24
3/31/24
Greater Boston
91.8%
(1)
94.8%
94.5%
78.4%
80.8%
83.3%
San Francisco Bay Area
90.3
(1)
93.3
94.4
86.3
89.1
91.2
San Diego
94.3
96.3
95.2
94.3
96.3
95.2
Seattle
91.5
92.4
94.9
91.5
92.4
93.9
Maryland
94.1
95.7
95.4
94.1
95.7
95.4
Research Triangle
93.4
(1)
97.4
97.8
93.4
97.4
97.8
New York City
87.6
(2)
88.4
84.4
87.6
88.4
84.4
Texas
82.1
(1)
95.5
95.1
78.9
91.8
91.5
Subtotal
91.8
94.8
94.9
87.1
90.0
90.6
Canada
94.6
95.9
91.8
82.4
82.9
77.8
Non-cluster/other markets
73.0
72.5
75.4
73.0
72.5
75.4
North America
91.7%
(1)(3)
94.6%
94.6%
86.9%
89.7%
90.2%
(1)The decline in occupancy from December 31, 2024 includes certain previously disclosed 1Q25 lease expirations aggregating 768,080 RSF at six properties in four submarkets comprising the following: (i) 182,054
RSF at the Alexandria Technology Square® Megacampus in our Cambridge submarket, (ii) 234,249 RSF at 409 Illinois Street 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.
(2)The Alexandria Center® for Life Science – New York City Megacampus is 97.7% occupied as of March 31, 2025. 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 March 31, 2025.
(3)Includes vacant spaces aggregating 250,925 RSF, or 0.7% impact to occupancy, which are leased with a weighted-average expected delivery date around the end of 2025 and 242,035 RSF, or 0.6% impact to
occupancy, which is subject to ongoing negotiations.
Property Listing
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March 31, 2025
(Dollars in thousands)
Our Megacampus™ Properties Account for 75% 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
2,213,867
—
—
2,213,867
8
$223,621
97.4%
97.4%
50(1), 60(1), 75/125(1), 90, 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
148,198
93.7
86.6
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®
1,193,634
—
—
1,193,634
7
106,901
83.9
83.9
100, 200, 300, 400, 500, 600, and 700 Technology Square
Megacampus: The Arsenal on the Charles
776,628
36,444
308,446
1,121,518
13
47,214
94.9
67.9
  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
27,340
98.4
98.4
Cambridge/Inner Suburbs
6,098,765
240,839
413,402
6,753,006
46
553,274
93.7
87.8
Fenway
Megacampus: Alexandria Center® for Life Science – Fenway
1,293,731
392,011
137,675
1,823,417
3
96,917
87.2
78.9
401 and 421 Park Drive and 201 Brookline Avenue
Seaport Innovation District
5 and 15(1) Necco Street
459,395
—
—
459,395
2
46,743
92.7
92.7
Seaport Innovation District
459,395
—
—
459,395
2
46,743
92.7
92.7
Route 128
Megacampus: Alexandria Center® for Life Science – Waltham
466,094
—
596,064
1,062,158
5
38,471
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
14,171
97.1
97.1
Route 128
1,051,320
—
596,064
1,647,384
8
52,642
98.4
62.8
Other
400,863
—
453,869
854,732
6
4,766
59.7
28.0
Greater Boston
9,304,074
632,850
1,601,010
11,537,934
65
$754,342
91.8%
78.4%
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.
Property Listing (continued)
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March 31, 2025
(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)
2,010,469
109,435
—
2,119,904
10
$76,151
83.4%
83.4%
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
2,010,469
109,435
—
2,119,904
10
76,151
83.4
83.4
South San Francisco
Megacampus: Alexandria Technology Center® – Gateway(1)
1,409,365
—
259,689
1,669,054
12
75,819
82.3
69.5
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
504,235
—
—
504,235
3
32,780
88.0
88.0
201 Haskins Way and 400 and 450 East Jamie Court
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan
445,232
—
—
445,232
2
2,559
100.0
100.0
1122 and 1150 El Camino Real
Alexandria Center® for Life Science – Millbrae(1)
285,346
—
—
285,346
1
33,697
100.0
100.0
230 Harriet Tubman Way
500 Forbes Boulevard(1)
155,685
—
—
155,685
1
10,680
100.0
100.0
South San Francisco
3,612,316
—
366,939
3,979,255
24
208,525
91.4
83.0
Greater Stanford
Megacampus: Alexandria Center® for Life Science – San Carlos
738,038
—
—
738,038
9
41,601
94.5
94.5
825, 835, 960, and 1501-1599 Industrial Road
Alexandria Stanford Life Science District
704,559
—
—
704,559
9
73,213
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
23,601
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
198,548
—
—
198,548
3
13,450
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
2,349,180
—
—
2,349,180
31
170,840
94.5
94.5
San Francisco Bay Area
7,971,965
109,435
366,939
8,448,339
65
$455,516
90.3%
86.3%
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)Includes 109,435 RSF at our 1450 Owens Street development project, where we have a 25% interest. 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 total 212,796 RSF development project. We expect to complete the transaction in 2H25. Accordingly, we adjusted the development project RSF to reflect the remaining 109,435 RSF. Refer to “New Class A/
A+ development and redevelopment properties: current projects” in the Supplemental Information for additional details.
Property Listing (continued)
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March 31, 2025
(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
849,325
241,504
—
1,090,829
10
$49,385
86.6%
86.6%
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
1,366,922
241,504
—
1,608,426
17
74,832
86.9
86.9
University Town Center
Megacampus: Campus Point by Alexandria(1)
1,325,415
426,927
—
1,752,342
8
81,937
98.1
98.1
9880(2), 10210, 10290, and 10300 Campus Point Drive and 4135, 4155, 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
2,281,750
426,927
—
2,708,677
15
118,435
98.9
98.9
Sorrento Mesa
Megacampus: SD Tech by Alexandria(1)
896,464
235,361
—
1,131,825
12
41,655
93.7
93.7
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
28,471
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
4,621
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
960
50.1
50.1
Sorrento Mesa
2,985,862
235,361
—
3,221,223
35
114,661
96.2
96.2
Sorrento Valley
3911, 3931, 3985, 4025, 4031, and 4045 Sorrento Valley Boulevard
151,406
—
—
151,406
6
2,866
42.7
42.7
11045 and 11055 Roselle Street
43,233
—
—
43,233
2
2,203
100.0
100.0
Sorrento Valley
194,639
—
—
194,639
8
5,069
55.4
55.4
Other
311,021
—
—
311,021
2
10,225
100.0
100.0
San Diego
7,140,194
903,792
—
8,043,986
77
$323,222
94.3%
94.3%
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.
Property Listing (continued)
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March 31, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Seattle
Lake Union
Megacampus: Alexandria Center® for Life Science – Eastlake
1,151,672
—
—
1,151,672
9
$80,340
96.5%
96.5%
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 Advanced Technologies – South
Lake Union
381,380
227,577
—
608,957
3
21,720
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
1,342
56.9
56.9
Lake Union
1,564,849
227,577
—
1,792,426
13
103,402
96.5
96.5
Elliott Bay
410 West Harrison Street and 410 Elliott Avenue West
20,101
—
—
20,101
2
696
100.0
100.0
Bothell
Megacampus: Alexandria Center® for Advanced Technologies – Canyon
Park
1,061,783
—
—
1,061,783
22
21,105
86.9
86.9
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
464,889
—
—
464,889
6
11,590
83.9
83.9
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
Bothell
1,526,672
—
—
1,526,672
28
32,695
86.0
86.0
Other
67,411
—
—
67,411
2
746
100.0
100.0
Seattle
3,179,033
227,577
—
3,406,610
45
137,539
91.5
91.5
Maryland
Rockville
Megacampus: Alexandria Center® for Life Science – Shady Grove
1,691,960
—
—
1,691,960
20
77,770
94.4
94.4
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
4,324
100.0
100.0
1405 and 1450(1) Research Boulevard
114,182
—
—
114,182
2
2,998
72.8
72.8
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
3,108
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
2,193,566
—
—
2,193,566
28
$93,618
94.3%
94.3%
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.
Property Listing (continued)
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March 31, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
Maryland (continued)
Gaithersburg
Alexandria Technology Center® – Gaithersburg I
619,061
—
—
619,061
9
$19,642
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
486,300
—
—
486,300
7
17,704
95.1
95.1
700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield
Road
20400 Century Boulevard
81,006
—
—
81,006
1
2,114
100.0
100.0
401 Professional Drive
63,154
—
—
63,154
1
1,952
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
1,327,471
—
—
1,327,471
20
43,853
94.8
94.8
Beltsville
8000/9000/10000 Virginia Manor Road
191,884
—
—
191,884
1
3,039
100.0
100.0
101 West Dickman Street(1)
135,949
—
—
135,949
1
1,385
75.0
75.0
Beltsville
327,833
—
—
327,833
2
4,424
89.6
89.6
Maryland
3,848,870
—
—
3,848,870
50
141,895
94.1
94.1
Research Triangle
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham
2,214,887
—
—
2,214,887
16
54,788
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
687,184
—
—
687,184
6
29,892
93.4
93.4
6, 8, 10, and 12 Davis Drive and 5 and 9 Laboratory Drive
Megacampus: Alexandria Center® for Sustainable Technologies
364,493
—
—
364,493
7
7,283
60.7
60.7
104, 108, 110, 112, and 114 TW Alexander Drive and 5 and 7 Triangle Drive
Alexandria Technology Center® – Alston
155,731
—
—
155,731
3
3,517
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
3,801,564
—
—
3,801,564
38
$109,002
93.4%
93.4%
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.
Property Listing (continued)
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March 31, 2025
(Dollars in thousands)
Market / Submarket / Address
RSF
Number of
Properties
Annual
Rental
Revenue
Occupancy Percentage
Operating
Operating and
Redevelopment
Operating
Development
Redevelopment
Total
New York City
New York City
Megacampus: Alexandria Center® for Life Science – New York City
742,706
—
—
742,706
3
$68,898
97.7%
97.7%
430 and 450 East 29th Street
Alexandria Center® for Life Science – Long Island City
179,188
—
—
179,188
1
5,673
45.7
45.7
30-02 48th Avenue
New York City
921,894
—
—
921,894
4
74,571
87.6
87.6
Texas
Austin
Megacampus: Intersection Campus
1,525,359
—
—
1,525,359
12
33,687
83.0
83.0
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
34,582
84.9
84.9
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
37,754
82.1
78.9
Canada
895,182
—
132,881
1,028,063
11
18,525
94.6
82.4
Non-cluster/other markets
349,099
—
—
349,099
10
15,413
73.0
73.0
North America, excluding properties held for sale
39,257,034
1,873,654
2,174,128
43,304,816
380
2,067,779
91.7%
86.9%
Properties held for sale
382,527
—
—
382,527
6
9,031
47.4%
47.4%
Total – North America
39,639,561
1,873,654
2,174,128
43,687,343
386
$2,076,810
 
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments in Real Estate
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March 31, 2025
pipelinepagev2a.jpg
ALEXANDRIA’S DEVELOPMENT AND REDEVELOPMENT
DELIVERIES ARE EXPECTED TO PROVIDE INCREMENTAL
GROWTH IN ANNUAL NET OPERATING INCOME
Placed Into
Service
Near-Term
Deliveries
Intermediate-Term
Deliveries
1Q25
2Q25–4Q26
2027–2Q28
$37M
$171M
$179M
309,494 RSF
1.6 million RSF
2.4 million RSF
100%
Leased
75%
Leased/Negotiating
16%
Leased/Negotiating
(4)
(2)
(1)
(1)
(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 2Q25 through 2Q28 is projected to be $311 million.
(2)Includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 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 RSF related to projects expected to stabilize by 4Q26. Does not include partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond.
(4)Represents the leased/negotiating percentage of development and redevelopment projects that are expected to stabilize during 2025 and 2026.
Investments in Real Estate
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March 31, 2025
(Dollars in thousands)
Investments in real estate
Development and Redevelopment
Under Construction
Operating
2025 and
2026
2027 and
Beyond
Future
Subtotal
Total
Square footage
Operating
39,257,034
—
—
—
—
39,257,034
Future Class A/A+ development and redevelopment properties
—
1,597,920
2,449,862
25,757,349
29,805,131
29,805,131
Future development and redevelopment square feet currently included in rental
properties(1)
—
—
—
(2,780,364)
(2,780,364)
(2,780,364)
Total square footage, excluding properties held for sale
39,257,034
1,597,920
2,449,862
22,976,985
27,024,767
66,281,801
Properties held for sale
382,527
—
—
1,853,856
1,853,856
2,236,383
Total square footage
39,639,561
1,597,920
2,449,862
24,830,841
28,878,623
68,518,184
Investments in real estate
Gross book value as of March 31, 2025(2)
$29,411,505
$1,549,293
$2,139,008
$4,908,467
$8,596,768
$38,008,273
(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)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.
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries
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March 31, 2025
(Dollars in thousands)
Incremental Annual Net Operating Income Generated From 1Q25 Deliveries Aggregated $37 Million
230 Harriet Tubman Way
10075 Barnes Canyon Road
San Francisco Bay Area/
South San Francisco
San Diego/Sorrento Mesa
285,346 RSF
17,718 RSF
100% Occupancy
100% Occupancy
harriettubman.jpg
barnescanyon10075v2a.jpg
 
Property/Market/Submarket
Our
Ownership
Interest
RSF Placed in Service
Occupancy
Percentage(2)
Total Project
Unlevered Yields
1Q25
Delivery
Date(1)
Prior to
1/1/25
1Q25
Total
Initial
Stabilized
Initial
Stabilized
(Cash Basis)
RSF
Investment
Development projects
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco
3/1/25
48.3%
—
285,346
285,346
100%
285,346
$476,000
7.5%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
2/6/25
50.0%
—
17,718
17,718
100%
253,079
321,000
5.5
5.7
Redevelopment projects
Canada
3/27/25
100%
78,487
6,430
84,917
100%
250,790
115,000
6.0
6.0
Weighted average/total
2/28/25
78,487
309,494
387,981
789,215
$912,000
6.6%
6.0%
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.
New Class A/A+ Development and Redevelopment Properties: 2025 and 2026 Stabilization
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March 31, 2025
99 Coolidge Avenue
500 North Beacon Street and
4 Kingsbury Avenue(1)
401 Park Drive
1450 Owens Street
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
San Francisco Bay Area/
Mission Bay
204,395 RSF
36,444 RSF
137,675 RSF
109,435 RSF(2)
76% Leased/Negotiating
92% Leased/Negotiating
Marketing
Marketing
a99coolidge.jpg
arsenalphaseiiv2a.jpg
parkdrive401v2.jpg
owens1450.jpg
10935, 10945, and 10955
Alexandria Way(3)
4135 Campus Point Court
10075 Barnes Canyon Road
8800 Technology Forest Place
San Diego/Torrey Pines
San Diego/
University Town Center
San Diego/Sorrento Mesa
Texas/Greater Houston
241,504 RSF
426,927 RSF
235,361 RSF
73,298 RSF
100% Leased
100% Leased
68% Leased/Negotiating
41% Leased/Negotiating
alexandriawayoas.jpg
campuspoint4135.jpg
barnescanyon10075v2a.jpg
techforest8800.jpg
(1)Image represents 500 North Beacon Street on The Arsenal on the Charles Megacampus.
(2)Image represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, 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 expect to complete the transaction in 2H25.
Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF.
(3)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
New Class A/A+ Development and Redevelopment Properties: 2027 and Beyond Stabilization
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March 31, 2025
311 Arsenal Street
421 Park Drive
40, 50, and 60 Sylvan Road(1)
Greater Boston/
Cambridge/Inner Suburbs
Greater Boston/Fenway
Greater Boston/Route 128
308,446 RSF
392,011 RSF
596,064 RSF
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651 Gateway Boulevard
269 East Grand Avenue
701 Dexter Avenue North
San Francisco Bay Area/
South San Francisco
San Francisco Bay Area/
South San Francisco
Seattle/Lake Union
259,689 RSF
107,250 RSF
227,577 RSF
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(1)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.
New Class A/A+ Development and Redevelopment Properties: Current Projects
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March 31, 2025
 
Property/Market/Submarket
Square Footage
Percentage
Occupancy(1)
Dev/Redev
In Service
CIP
Total
Leased
Leased/
Negotiating
Initial
Stabilized
Under construction
2025 and 2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
Dev
116,414
204,395
320,809
40%
76%
4Q23
2026
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
Dev
211,574
36,444
248,018
92
92
1Q24
2025
401 Park Drive/Greater Boston/Fenway
Redev
—
137,675
137,675
—
—
2026
2026
1450 Owens Street/San Francisco Bay Area/Mission Bay(2)
Dev
—
109,435
109,435
—
—
2026
2026
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
17,718
235,361
253,079
68
68
1Q25
2026
8800 Technology Forest Place/Texas/Greater Houston
Redev
50,094
73,298
123,392
41
41
2Q23
2026
Canada
Redev
117,909
132,881
250,790
78
80
3Q23
2025
607,201
1,597,920
2,205,121
70
75
2027 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
(3)
308,446
390,662
12
12
2027
2027
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
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco(5)
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
701 Dexter Avenue North/Seattle/Lake Union
Dev
—
227,577
227,577
—
23
2026
2027
149,233
2,449,862
2,599,095
14
16
Total
756,434
4,047,782
4,804,216
39%
43%
(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)Represents a multi-tenant project expanding the Alexandria Center® for Science and Technology – Mission Bay Megacampus, where we have a 25% interest. During the three months ended December 31, 2024, 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 expect to complete the transaction in 2H25. Accordingly, we adjusted the
development project RSF and its related book value to reflect 109,435 RSF.
(3)We expect to redevelop an additional 25,312 RSF of space occupied as of March 31, 2025 into laboratory space upon expiration of the existing leases during 2Q25. Refer to “Investments in real estate” under “Definitions and
reconciliations” in the Supplemental Information for additional details.
(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)We continue to build out this project on a floor-by-floor basis.  As of 1Q25, the remaining cost to complete is $138 million, or 28% of the total cost at completion.
New Class A/A+ Development and Redevelopment Properties: Current Projects (continued)
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March 31, 2025
(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 and 2026 stabilization(1)
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs
75.7%
$136,658
$203,904
$103,438
$444,000
6.0%
6.8%
500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/
Cambridge/Inner Suburbs
100%
378,211
41,649
7,140
427,000
6.2%
5.5%
401 Park Drive/Greater Boston/Fenway
100%
—
167,606
TBD
1450 Owens Street/San Francisco Bay Area/Mission Bay
25.0%
—
123,380
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines
100%
105,766
367,114
30,120
503,000
6.2%
5.8%
4135 Campus Point Court/San Diego/University Town Center
55.0%
—
369,624
154,376
524,000
6.6%
6.2%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa
50.0%
16,126
179,471
125,403
321,000
5.5%
5.7%
8800 Technology Forest Place/Texas/Greater Houston
100%
60,225
46,300
5,475
112,000
6.3%
6.0%
Canada
100%
55,503
50,245
9,252
115,000
6.0%
6.0%
752,489
1,549,293
2027 and beyond stabilization(1)
One Hampshire Street/Greater Boston/Cambridge
100%
—
167,381
TBD
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs
100%
60,742
246,329
421 Park Drive/Greater Boston/Fenway
100%
—
502,007
40, 50, and 60 Sylvan Road/Greater Boston/Route 128
100%
—
466,334
Other/Greater Boston
100%
—
155,305
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco
50.0%
87,515
261,199
138,286
487,000
5.0%
5.1%
269 East Grand Avenue/San Francisco Bay Area/South San Francisco
100%
—
77,223
TBD
701 Dexter Avenue North/Seattle/Lake Union
100%
—
263,230
148,257
2,139,008
$900,746
$3,688,301
$2,390,000
(2)
$6,980,000
(2)
Our share of investment(2)(3)
$810,000
$3,160,000
$2,130,000
$6,100,000
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. Total cost to complete for our development and redevelopment projects under construction have not
been adjusted for the potential impact related to higher materials costs associated with potential tariffs. We are still evaluating the potential impact on costs and returns that can be significantly impacted by tariffs, the amount of foreign
materials required, and/or the higher cost of domestic materials. Refer to page 2 of the Earnings Press Release for additional details.
(3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline
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March 31, 2025
(Dollars in thousands)
71% 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
Under
Construction
Future
Total(1)
Greater Boston
Megacampus: Alexandria Center® at One Kendall Square/Cambridge
100%
$167,381
104,956
—
104,956
One Hampshire Street
Megacampus: The Arsenal on the Charles/Cambridge/Inner Suburbs
100%
299,765
344,890
59,469
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)
294,250
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
100%
669,613
529,686
—
529,686
401 and 421 Park Drive
Megacampus: Alexandria Center® for Life Science – Waltham/Route 128
100%
529,233
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%
206,847
—
174,500
174,500
100 Edwin H. Land Boulevard
Megacampus: Alexandria Technology Square®/Cambridge
100%
8,064
—
100,000
100,000
Megacampus: 285, 299, 307, and 345 Dorchester Avenue/Seaport Innovation District
60.0%
290,685
—
1,040,000
1,040,000
10 Necco Street/Seaport Innovation District
100%
105,260
—
175,000
175,000
215 Presidential Way/Route 128
100%
6,816
—
112,000
112,000
Other development and redevelopment projects
100%
368,337
453,869
1,348,541
1,802,410
$2,946,251
2,233,860
4,426,510
6,660,370
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 75.7% 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.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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March 31, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Future
Total(1)
San Francisco Bay Area
Megacampus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay
25.0%
$123,380
(2)
109,435
(2)
—
109,435
1450 Owens Street
Megacampus: Alexandria Technology Center® – Gateway/
South San Francisco
50.0%
287,764
259,689
291,000
550,689
651 Gateway Boulevard
Megacampus: Alexandria Center® for Advanced Technologies – South San Francisco/South San
Francisco
100%
83,878
107,250
90,000
197,250
211(3) and 269 East Grand Avenue
Megacampus: Alexandria Center® for Advanced Technologies – Tanforan/South San Francisco
100%
413,864
—
1,930,000
1,930,000
1122, 1150, and 1178 El Camino Real
Alexandria Center® for Life Science – Millbrae/South San Francisco
48.3%
156,100
—
348,401
348,401
201 and 231 Adrian Road and 30 Rollins Road
Megacampus: Alexandria Center® for Life Science – San Carlos/Greater Stanford
100%
464,630
—
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%
159,029
—
478,000
478,000
2100, 2200, 2300, and 2400 Geng Road/Greater Stanford
100%
37,999
—
240,000
240,000
Megacampus: 88 Bluxome Street/SoMa
100%
402,468
—
1,070,925
1,070,925
$2,129,112
476,374
5,946,156
6,422,530
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 2H25.
Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF.
(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.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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March 31, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Future
Total(1)
San Diego
Megacampus: One Alexandria Square/Torrey Pines
100%
$428,104
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%
547,241
426,927
967,457
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%
347,577
235,361
493,845
729,206
9805 Scranton Road and 10075 Barnes Canyon Road
11255 and 11355 North Torrey Pines Road/Torrey Pines
100%
156,640
—
215,000
215,000
Megacampus: 5200 Illumina Way/University Town Center
51.0%
17,469
—
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%
46,865
—
1,798,915
1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Scripps Science Park by Alexandria/Sorrento Mesa
100%
42,465
—
154,308
154,308
10256 and 10260 Meanley Drive
4075 Sorrento Valley Boulevard/Sorrento Valley
100%
19,508
—
144,000
144,000
Other development and redevelopment projects
(3)
77,878
—
475,000
475,000
$1,684,584
903,792
4,925,637
5,829,429
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.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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March 31, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Future
Total(1)
Seattle
Megacampus: Alexandria Center® for Advanced Technologies – South Lake Union/Lake Union
(2)
$548,306
227,577
1,057,400
1,284,977
601 and 701 Dexter Avenue North and 800 Mercer Street
1010 4th Avenue South/SoDo
100%
60,921
—
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%
18,521
—
230,000
230,000
21660 20th Avenue Southeast
Other development and redevelopment projects
100%
146,711
—
706,087
706,087
774,459
227,577
2,629,312
2,856,889
Maryland
Megacampus: Alexandria Center® for Life Science – Shady Grove/Rockville
100%
23,041
—
296,000
296,000
9830 Darnestown Road
23,041
—
296,000
296,000
Research Triangle
Megacampus: Alexandria Center® for Life Science – Durham/Research Triangle
100%
160,292
—
2,060,000
2,060,000
Megacampus: Alexandria Center® for Advanced Technologies and AgTech – Research Triangle/
Research Triangle
100%
108,266
—
1,170,000
1,170,000
4 and 12 Davis Drive
Megacampus: Alexandria Center® for NextGen Medicines/
Research Triangle
100%
110,826
—
1,055,000
1,055,000
3029 East Cornwallis Road
Megacampus: Alexandria Center® for Sustainable Technologies/Research Triangle
100%
54,534
—
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
$438,103
—
5,177,227
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 future development project at 800 Mercer Street aggregating 869,000 RSF.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued)
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March 31, 2025
(Dollars in thousands)
Market
Property/Submarket
Our
Ownership
Interest
Book Value
Square Footage
Development and Redevelopment
Under
Construction
Future
Total(1)
New York City
Megacampus: Alexandria Center® for Life Science – New York City/New York City
100%
$171,060
—
550,000
(2)
550,000
171,060
—
550,000
550,000
Texas
Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston
100%
49,198
73,298
116,405
189,703
8800 Technology Forest Place
1001 Trinity Street and 1020 Red River Street/Austin
100%
10,694
—
250,010
250,010
Other development and redevelopment projects
100%
57,669
—
344,000
344,000
117,561
73,298
710,415
783,713
Canada
100%
50,245
132,881
371,743
504,624
Other development and redevelopment projects
100%
122,555
—
724,349
724,349
Total pipeline as of March 31, 2025, excluding properties held for sale
8,456,971
4,047,782
25,757,349
29,805,131
Properties held for sale
139,797
—
1,853,856
1,853,856
Total pipeline as of March 31, 2025
$8,596,768
(3)
4,047,782
27,611,205
31,658,987
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 2,780,364 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 quarterly report on Form 10-Q for the three months ended
March 31, 2025 filed with the Securities and Exchange Commission on April 28, 2025 for additional details.
(3)Includes $3.7 billion of projects that are currently under construction.
Construction Spending and Capitalization of Interest
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March 31, 2025
(Dollars in thousands)
Construction spending
Three Months Ended
March 31, 2025
Projected Guidance
Midpoint for Year Ending
December 31, 2025
Year Ended
December 31, 2024
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)
$
307,490
$
1,220,000
$
1,791,097
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
92,955
500,000
426,948
Revenue- and non-revenue-enhancing capital expenditures
58,464
415,000
(2)
273,377
Construction spending (before contributions from noncontrolling interests or tenants)
458,909
2,135,000
2,491,422
Contributions from noncontrolling interests (consolidated real estate joint ventures)
(63,247)
(230,000)
(3)
(343,798)
Tenant-funded and -built landlord improvements
(39,950)
(155,000)
(129,152)
Total construction spending
$
355,712
$
1,750,000
$
2,018,472
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)
2Q25 through 2026
$247,964
2027 and beyond
166,896
Total
$414,860
Average real estate basis used for capitalization of interest
Average Real Estate
Basis Capitalized
During 1Q25
Percentage of Total
Average Real Estate
Basis Capitalized
Key Categories of Real Estate Basis Capitalized
Construction of Class A/A+ properties:
Active construction projects
Under construction(1)
$2,951,331
37%
Future pipeline pre-construction
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work)
4,149,799
(4)
51
Smaller redevelopments and repositioning capital projects
925,436
12
$8,026,566
100%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes projects under construction aggregating 4.0 million RSF. Refer to “Investments in real estate” and “New Class A/A+ development and redevelopment properties: current projects” in the Supplemental Information for additional
details.
(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 spending.
(3)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
(4)Average real estate basis capitalized during 1Q25, which related to our future pipeline pre-construction activities, includes 29% from four key active and future Megacampus development projects. Refer to the next pages for additional
details.
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Construction Spending and Capitalization of Interest (continued)
March 31, 2025
Key Future Megacampus™ Development Project
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1.9M
FUTURE SF
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 properties subject to market conditions and leasing.
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Construction Spending and Capitalization of Interest (continued)
March 31, 2025
Key Future Megacampus™ Development Project
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1.5M
FUTURE SF
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 properties subject to market conditions and leasing.
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Construction Spending and Capitalization of Interest (continued)
March 31, 2025
Key Active and Future Megacampus™ Development Project
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1.4M
ACTIVE AND
FUTURE SF
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 properties subject to market conditions and leasing.
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Construction Spending and Capitalization of Interest (continued)
March 31, 2025
Key Active and Future Megacampus™ Development Project
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1.3M
ACTIVE AND
FUTURE SF
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 properties subject to market conditions and leasing.
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Joint Venture Financial Information
March 31, 2025
Consolidated Real Estate Joint Ventures
Property
Market
Submarket
Noncontrolling
Interest Share
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%
870,641
99 Coolidge Avenue
Greater Boston
Cambridge/Inner Suburbs
24.3%
116,414
(1)
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%
—
(1)
Alexandria Center® for Science and Technology – Mission Bay(2)
San Francisco Bay Area
Mission Bay
75.0%
1,001,281
601, 611, 651(1), 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(1) 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
51.7%
285,346
3215 Merryfield Row
San Diego
Torrey Pines
70.0%
170,523
Campus Point by Alexandria(3)
San Diego
University Town Center
45.0%
1,227,133
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(4)
San Diego
Sorrento Mesa
50.0%
816,519
Pacific Technology Park
San Diego
Sorrento Mesa
50.0%
544,352
Summers Ridge Science Park(5)
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%
—
(1)
Unconsolidated Real Estate Joint Ventures
Property
Market
Submarket
Our Ownership
Share(6)
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%
(7)
42,012
101 West Dickman Street
Maryland
Beltsville
58.4%
(7)
135,949
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)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.
(2)Includes 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.
(3)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.
(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(6)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture in North America.
(7)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.
Joint Venture Financial Information (continued)
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March 31, 2025
(In thousands)
As of March 31, 2025
Noncontrolling Interest
Share of Consolidated
Real Estate JVs
Our Share of
Unconsolidated
Real Estate JVs
Investments in real estate
$
4,254,013
$
109,352
Cash, cash equivalents, and restricted cash
131,409
3,635
Other assets
424,919
10,291
Secured notes payable
(36,562)
(67,431)
Other liabilities
(238,868)
(5,761)
Redeemable noncontrolling interests
(9,612)
—
$
4,525,299
$
50,086
Three Months Ended March 31, 2025
Noncontrolling Interest
Share of Consolidated
Real Estate JVs
Our Share of
Unconsolidated
Real Estate JVs
Total revenues
$
116,637
$
2,575
Rental operations
(34,769)
(1,048)
81,868
1,527
General and administrative
(633)
(19)
Interest
(424)
(961)
Depreciation and amortization of real estate assets
(33,411)
(1,054)
Fixed returns allocated to redeemable noncontrolling interests(1)
201
—
$
47,601
$
(507)
Straight-line rent and below-market lease revenue
$
3,652
$
158
Funds from operations(1)
$
81,012
$
547
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)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.
Investments
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March 31, 2025
(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.
Three Months Ended
March 31, 2025
Year Ended
December 31, 2024
Realized gains
$18,153
(1)
$59,124
(2)
Unrealized losses
(68,145)
(3)
(112,246)
(4)
Investment loss
$(49,992)
$(53,122)
March 31, 2025
December 31, 2024
Investments
Cost
Unrealized Gains
Unrealized Losses
Carrying Amount
Carrying Amount
Publicly traded companies
$182,797
$24,425
$(122,472)
$84,750
$105,667
Entities that report NAV
511,907
105,405
(42,327)
574,985
609,866
Entities that do not report NAV:
Entities with observable price changes
106,465
75,087
(8,255)
173,297
174,737
Entities without observable price changes
422,052
—
—
422,052
400,487
Investments accounted for under the equity method
  N/A
N/A
N/A
224,604
186,228
March 31, 2025
$1,223,221
(5)
$204,917
$(173,054)
$1,479,688
$1,476,985
December 31, 2024
$1,207,146
$228,100
$(144,489)
$1,476,985
Public/Private Mix (Cost)
Tenant/Non-Tenant Mix (Cost)
chart-1bf2807853bf4ada9dc.gif
chart-c2c07de07bdf4996aba.gif
13%
Public
24%
Tenant
87%
Private
76%
Non-Tenant
(1)Consists of realized gains of $29.3 million, offset by impairment charges of $11.2 million during the three months ended March 31, 2025.
(2)Consists of realized gains of $117.2 million, offset by impairment charges of $58.1 million during the year ended December 31, 2024.
(3)Consists of unrealized losses of $40.0 million primarily resulting from the decrease in fair values of our investments in publicly traded entities and investments in privately held entities that report NAV and $28.1 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 March 31, 2025.
(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)Represents 2.8% of gross assets as of March 31, 2025. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.
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Key Credit Metrics
March 31, 2025
Liquidity
Minimal Outstanding Borrowings and Significant Availability
on Unsecured Senior Line of Credit
(in millions)
$5.3B
q125lineofcreditv2a.jpg
(in millions)
Availability under our unsecured senior line of credit, net of amounts
outstanding under our commercial paper program
$4,700
Cash, cash equivalents, and restricted cash
484
Availability under our secured construction loan
45
Investments in publicly traded companies
85
Liquidity as of March 31, 2025
$5,314
Net Debt and Preferred Stock to Adjusted EBITDA(1)
Fixed-Charge Coverage Ratio(1)
chart-f25ae6f8704b44f4adf.gif
chart-f823b631995e4c018e1.gif
4.0x to 4.5x
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.
Summary of Debt
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March 31, 2025
(Dollars in millions)
Weighted-Average Remaining Term of 12.2 Years
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(1)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.
(2)Refer to footnotes 2 through 4 on the next page under “Fixed-rate and variable-rate debt” for additional details.
Summary of Debt (continued)
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March 31, 2025
(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
$588
$150,219
$150,807
1.2%
7.20%
1.7
Unsecured senior notes payable
12,640,144
—
12,640,144
96.5
3.89
12.5
Unsecured senior line of credit(2) and commercial
paper program(3)
—
299,883
299,883
2.3
4.69
4.8
(4)
Total/weighted average
$12,640,732
$450,102
$13,090,834
100.0%
3.95%
12.2
(4)
Percentage of total debt
96.6%
3.4%
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 March 31, 2025, 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 March 31, 2025, we had $299.9 million of 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 12.0 years. The commercial paper notes sold during the three months ended March 31, 2025 were issued at a weighted-average yield to maturity of 4.60% and had a
weighted-average maturity term of 13 days.
Three Months Ended March 31, 2025
Average Debt
Outstanding
Weighted-Average
Interest Rate
Long-term fixed-rate debt
$12,434,676
3.83%
Short-term variable-rate unsecured senior line of credit and commercial paper program debt
375,884
4.59
Blended-average interest rate
12,810,560
3.85
Loan fee amortization and annual facility fee related to unsecured senior line of credit
N/A
0.14
Total/weighted average
$12,810,560
3.99%
Summary of Debt (continued)
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March 31, 2025
(Dollars in thousands)
Debt covenants
Unsecured Senior Notes Payable
Unsecured Senior Line of Credit
Debt Covenant Ratios(1)
Requirement
March 31, 2025
Requirement
March 31, 2025
Total Debt to Total Assets
≤ 60%
31%
≤ 60.0%
31.7%
Secured Debt to Total Assets
≤ 40%
0.4%
≤ 45.0%
0.3%
Consolidated EBITDA to Interest Expense
≥ 1.5x
10.2x
≥ 1.50x
3.83x
Unencumbered Total Asset Value to Unsecured Debt
≥ 150%
311%
N/A
N/A
Unsecured Interest Coverage Ratio
N/A
N/A
≥ 1.75x
9.76x
(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
101 West Dickman Street
11/10/26
SOFR+1.95%
(3)
6.35%
$26,750
$19,139
58.4%
1450 Research Boulevard
12/10/26
SOFR+1.95%
(3)
6.41%
13,000
8,998
73.2%
1655 and 1725 Third Street(4)
2/10/35
6.37%
6.44%
500,000
496,658
10.0%
$539,750
$524,795
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2025.
(3)This loan is subject to a fixed SOFR floor of 0.75%.
(4)In 1Q25, the unconsolidated real estate joint venture refinanced $500 million of its $600 million fixed-rate debt with a new secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was
repaid through contributions from the unconsolidated joint venture partners, including our share of $10.8 million. As of March 31, 2025, our investment in this unconsolidated real estate joint venture was $21.2 million.
Summary of Debt (continued)
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March 31, 2025
(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%
7.20%
11/19/26
$—
$150,418
$—
$—
$—
$—
$150,418
$(199)
$150,219
San Francisco Bay Area
6.50%
6.50
7/1/36
34
36
38
41
44
395
588
—
588
Secured debt weighted-average interest rate/
subtotal
7.20
34
150,454
38
41
44
395
151,006
(199)
150,807
Unsecured senior line of credit and commercial
paper program(4)
(4)
4.69
(4)
1/22/30
(4)
—
—
—
—
—
300,000
300,000
(117)
299,883
Unsecured senior notes payable
3.45%
3.62
4/30/25
(5)
600,000
—
—
—
—
—
600,000
(74)
599,926
Unsecured senior notes payable
4.30%
4.50
1/15/26
—
300,000
—
—
—
—
300,000
(408)
299,592
Unsecured senior notes payable
3.80%
3.96
4/15/26
—
350,000
—
—
—
—
350,000
(531)
349,469
Unsecured senior notes payable
3.95%
4.13
1/15/27
—
—
350,000
—
—
—
350,000
(940)
349,060
Unsecured senior notes payable
3.95%
4.07
1/15/28
—
—
—
425,000
—
—
425,000
(1,206)
423,794
Unsecured senior notes payable
4.50%
4.60
7/30/29
—
—
—
—
300,000
—
300,000
(971)
299,029
Unsecured senior notes payable
2.75%
2.87
12/15/29
—
—
—
—
400,000
—
400,000
(1,962)
398,038
Unsecured senior notes payable
4.70%
4.81
7/1/30
—
—
—
—
—
450,000
450,000
(1,964)
448,036
Unsecured senior notes payable
4.90%
5.05
12/15/30
—
—
—
—
—
700,000
700,000
(4,535)
695,465
Unsecured senior notes payable
3.375%
3.48
8/15/31
—
—
—
—
—
750,000
750,000
(4,188)
745,812
Unsecured senior notes payable
2.00%
2.12
5/18/32
—
—
—
—
—
900,000
900,000
(6,737)
893,263
Unsecured senior notes payable
1.875%
1.97
2/1/33
—
—
—
—
—
1,000,000
1,000,000
(6,892)
993,108
Unsecured senior notes payable
2.95%
3.07
3/15/34
—
—
—
—
—
800,000
800,000
(7,047)
792,953
Unsecured senior notes payable
4.75%
4.88
4/15/35
—
—
—
—
—
500,000
500,000
(4,844)
495,156
Unsecured senior notes payable
5.50%
5.66
10/1/35
—
—
—
—
—
550,000
550,000
(6,777)
543,223
Unsecured senior notes payable
5.25%
5.38
5/15/36
—
—
—
—
—
400,000
400,000
(4,024)
395,976
Unsecured senior notes payable
4.85%
4.93
4/15/49
—
—
—
—
—
300,000
300,000
(2,843)
297,157
Unsecured senior notes payable
4.00%
3.91
2/1/50
—
—
—
—
—
700,000
700,000
9,951
709,951
Unsecured senior notes payable
3.00%
3.08
5/18/51
—
—
—
—
—
850,000
850,000
(11,130)
838,870
Unsecured senior notes payable
3.55%
3.63
3/15/52
—
—
—
—
—
1,000,000
1,000,000
(13,561)
986,439
Unsecured senior notes payable
5.15%
5.26
4/15/53
—
—
—
—
—
500,000
500,000
(7,537)
492,463
Unsecured senior notes payable
5.625%
5.71
5/15/54
—
—
—
—
—
600,000
600,000
(6,636)
593,364
Unsecured debt weighted-average interest rate/
subtotal
3.91
600,000
650,000
350,000
425,000
700,000
10,300,000
13,025,000
(84,973)
12,940,027
Weighted-average interest rate/total
3.95%
$600,034
$800,454
$350,038
$425,041
$700,044
$10,300,395
$13,176,006
$(85,172)
$13,090,834
Balloon payments
$600,000
$800,418
$350,000
$425,000
$700,000
$10,300,068
$13,175,486
$—
$13,175,486
Principal amortization
34
36
38
41
44
327
520
(85,172)
(84,652)
Total debt
$600,034
$800,454
$350,038
$425,041
$700,044
$10,300,395
$13,176,006
$(85,172)
$13,090,834
Fixed-rate debt
$600,034
$650,036
$350,038
$425,041
$700,044
$10,000,395
$12,725,588
$(84,856)
$12,640,732
Variable-rate debt
—
150,418
—
—
—
300,000
450,418
(316)
450,102
Total debt
$600,034
$800,454
$350,038
$425,041
$700,044
$10,300,395
$13,176,006
$(85,172)
$13,090,834
Weighted-average stated rate on maturing debt
3.45%
3.78%
3.95%
3.95%
3.50%
3.82%
(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 75.7% interest. As of March 31, 2025, this joint venture has $44.9 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.
(4)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details.
(5)Upon maturity on April 30, 2025, we expect to repay $600.0 million of our 3.45% unsecured senior notes payable.
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Definitions and Reconciliations
March 31, 2025
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)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Net income (loss)
$38,662
$(16,095)
$213,603
$94,049
$219,176
Interest expense
50,876
55,659
43,550
45,789
40,840
Income taxes
1,145
1,855
1,877
1,182
1,764
Depreciation and amortization
342,062
330,108
293,998
290,720
287,554
Stock compensation expense
10,064
12,477
15,525
14,507
17,125
Gain on sales of real estate
(13,165)
(101,806)
(27,114)
—
(392)
Unrealized losses (gains) on non-real estate
investments
68,145
79,776
(2,610)
64,238
(29,158)
Impairment of real estate
32,154
186,564
5,741
30,763
—
Impairment of non-real estate investments
11,180
20,266
10,338
12,788
14,698
Increase (decrease) in provision for expected
credit losses on financial instruments
285
(434)
—
—
—
Adjusted EBITDA
$541,408
$568,370
$554,908
$554,036
$551,607
Total revenues
$758,158
$788,945
$791,607
$766,734
$769,108
Adjusted EBITDA margin
71%
72%
70%
72%
72%
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, changes
in the 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, changes in the 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
changes in the 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)
March 31, 2025
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 March 31, 2025, approximately 91% 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.
Credit Ratings
Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of
March 31, 2025. A credit rating is not a recommendation to buy, sell, or hold securities and may be
subject to revision or withdrawal at any time.
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.
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)
March 31, 2025
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.
Space Intentionally Blank
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)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Adjusted EBITDA
$541,408
$568,370
$554,908
$554,036
$551,607
Interest expense
$50,876
$55,659
$43,550
$45,789
$40,840
Capitalized interest
80,065
81,586
86,496
81,039
81,840
Amortization of loan fees
(4,691)
(4,620)
(4,222)
(4,146)
(4,142)
Amortization of debt discounts
(349)
(333)
(330)
(328)
(318)
Cash interest and fixed charges
$125,901
$132,292
$125,494
$122,354
$118,220
Fixed-charge coverage ratio:
– quarter annualized
4.3x
4.3x
4.4x
4.5x
4.7x
– trailing 12 months
4.4x
4.5x
4.5x
4.6x
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 changes in the 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)
March 31, 2025
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, impairments
of real estate primarily consisting of right-of-use-assets and pre-acquisition costs related to projects that
we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the
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.
Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s
common stockholders (continued)
The following table reconciles net income (loss) 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:
Three Months Ended March 31, 2025
(In thousands)
Noncontrolling
Interest Share of
Consolidated Real
Estate Joint Ventures
Our Share of
Unconsolidated
Real Estate Joint
Ventures
Net income (loss)
$47,601
$(507)
Depreciation and amortization of real estate assets
33,411
1,054
Funds from operations
$81,012
$547
Gross assets
Gross assets are calculated as total assets plus accumulated depreciation:
(In thousands)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Total assets
$37,600,428
$37,527,449
$38,488,128
$37,847,865
$37,699,046
Accumulated depreciation
5,886,561
5,625,179
5,624,642
5,457,414
5,216,857
Gross assets
$43,486,989
$43,152,628
$44,112,770
$43,305,279
$42,915,903
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.
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Definitions and Reconciliations (continued)
March 31, 2025
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 March 31, 2025, 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.
Investments in real estate
The following table reconciles our investments in real estate as of March 31, 2025:
(In thousands)
Investments in
Real Estate
Gross investments in real estate
$38,008,273
Less: accumulated depreciation
(5,886,561)
Investments in real estate
$32,121,712
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 March 31, 2025:
Percentage of
(Dollars in thousands)
Book Value
Gross
Assets
Annual Rental
Revenue
Under construction projects
$3,688,301
8%
—%
Income-producing/potential cash flows/covered land play(1)
3,154,318
7
1
Land
1,614,352
4
—
$8,456,971
19%
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
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Definitions and Reconciliations (continued)
March 31, 2025
Investments in real estate (continued)
The square footage presented in the table below is classified as operating as of March 31,
2025. 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
Future projects:
311 Arsenal Street/Cambridge/Inner Suburbs
Redev
25,312
—
—
25,312
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
—
—
164,144
164,144
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
—
—
68,401
68,401
100 Capitola Drive/Research Triangle
Dev
—
—
34,527
34,527
1001 Trinity Street and 1020 Red River Street/Austin
Dev/
Redev
198,972
—
—
198,972
Canada
Redev
—
—
247,743
247,743
224,284
—
2,556,080
2,780,364
(1)Includes vacant square footage as of March 31, 2025.
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
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Definitions and Reconciliations (continued)
March 31, 2025
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 changes in the 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
greater, 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 March 31, 2025:
(Dollars in thousands)
Annual Rental
Revenue
Development and
Redevelopment
Pipeline RSF
Megacampus
$1,567,014
20,364,808
Core and non-core
509,796
8,513,815
Total
$2,076,810
28,878,623
Megacampus as a percentage of annual rental revenue
and of total development and redevelopment pipeline
RSF
75%
71%
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.
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)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Secured notes payable
$150,807
$149,909
$145,000
$134,942
$130,050
Unsecured senior notes payable
12,640,144
12,094,465
12,092,012
12,089,561
12,087,113
Unsecured senior line of credit and
commercial paper
299,883
—
454,589
199,552
—
Unamortized deferred financing costs
80,776
77,649
79,610
81,942
84,198
Cash and cash equivalents
(476,430)
(552,146)
(562,606)
(561,021)
(722,176)
Restricted cash
(7,324)
(7,701)
(17,031)
(4,832)
(9,519)
Preferred stock
—
—
—
—
—
Net debt and preferred stock
$12,687,856
$11,762,176
$12,191,574
$11,940,144
$11,569,666
Adjusted EBITDA:
– quarter annualized
$2,165,632
$2,273,480
$2,219,632
$2,216,144
$2,206,428
– trailing 12 months
$2,218,722
$2,228,921
$2,184,298
$2,122,250
$2,064,904
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized
5.9x
5.2x
5.5x
5.4x
5.2x
– trailing 12 months
5.7x
5.3x
5.6x
5.6x
5.6x
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.
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Definitions and Reconciliations (continued)
March 31, 2025
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
(Dollars in thousands)
3/31/25
3/31/24
Net income
$38,662
$219,176
Equity in losses (earnings) of unconsolidated real estate joint ventures
507
(155)
General and administrative expenses
30,675
47,055
Interest expense
50,876
40,840
Depreciation and amortization
342,062
287,554
Impairment of real estate
32,154
—
Gain on sales of real estate
(13,165)
(392)
Investment loss (income)
49,992
(43,284)
Net operating income
531,763
550,794
Straight-line rent revenue
(22,023)
(48,251)
Amortization of deferred revenue related to tenant-funded and -built landlord
improvements
(1,651)
—
Amortization of acquired below-market leases
(15,222)
(30,340)
Provision for expected credit losses on financial instruments
285
—
Net operating income (cash basis)
$493,152
$472,203
Net operating income (cash basis) – annualized
$1,972,608
$1,888,812
Net operating income (from above)
$531,763
$550,794
Total revenues
$758,158
$769,108
Operating margin
70%
72%
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 changes in the provision for
expected credit losses on financial instruments 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.
Net operating income, net operating income (cash basis), and operating margin (continued)
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 changes in the 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.
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Definitions and Reconciliations (continued)
March 31, 2025
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.
Space Intentionally Blank
Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the three
months ended March 31, 2025:
Redevelopment – placed into
Development – under construction
Properties
service after January 1, 2024
Properties
99 Coolidge Avenue
1
840 Winter Street
1
500 North Beacon Street and 4 Kingsbury
Avenue
2
Alexandria Center® for Advanced
Technologies – Monte Villa Parkway
6
1450 Owens Street
1
7
10935, 10945, and 10955 Alexandria
Way
3
Acquisitions after January 1, 2024
Properties
Other
3
10075 Barnes Canyon Road
1
3
421 Park Drive
1
Unconsolidated real estate JVs
4
4135 Campus Point Court
1
Properties held for sale
6
701 Dexter Avenue North
1
Total properties excluded from same
properties
53
11
Development – placed into
Same properties
333
service after January 1, 2024
Properties
Total properties in North America as of
March 31, 2025
386
9810 Darnestown Road
1
9820 Darnestown Road
1
1150 Eastlake Avenue East
1
4155 Campus Point Court
1
201 Brookline Avenue
1
9808 Medical Center Drive
1
230 Harriet Tubman Way
1
7
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
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Definitions and Reconciliations (continued)
March 31, 2025
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
(In thousands)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Income from rentals
$743,175
$763,249
$775,744
$755,162
$755,551
Rental revenues
(552,112)
(566,535)
(579,569)
(576,835)
(581,400)
Tenant recoveries
$191,063
$196,714
$196,175
$178,327
$174,151
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.
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)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Unencumbered net operating income
$530,691
$547,921
$553,589
$544,268
$546,830
Encumbered net operating income
1,072
592
4,753
5,212
3,964
Total net operating income
$531,763
$548,513
$558,342
$549,480
$550,794
Unencumbered net operating income as a
percentage of total net operating income
99.8%
99.9%
99.1%
99.1%
99.3%
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
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Definitions and Reconciliations (continued)
March 31, 2025
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 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 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
(In thousands)
3/31/25
12/31/24
9/30/24
6/30/24
3/31/24
Basic shares for earnings per share
170,522
172,262
172,058
172,013
171,949
Unvested RSAs with forfeitable dividends
—
—
—
—
—
Diluted shares for earnings per share
170,522
172,262
172,058
172,013
171,949
Basic shares for funds from operations per share and
funds from operations per share, as adjusted
170,522
172,262
172,058
172,013
171,949
Unvested RSAs with forfeitable dividends
77
—
—
—
—
Diluted shares for funds from operations per share and
funds from operations per share, as adjusted
170,599
172,262
172,058
172,013
171,949
Weighted-average unvested RSAs with nonforfeitable
dividends used in calculating the allocations of net
income, funds from operations, and funds from
operations, as adjusted
2,053
2,417
2,838
2,878
2,987