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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): December 3, 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 7.01. Regulation FD.

Alexandria Real Estate Equities, Inc. (the “Company”) held a live “Investor Day” conference, which was also available virtually, on December 3, 2025. Certain information disclosed by the Company’s officers at the conference is attached hereto as Exhibits 99.1 and 99.2.

The information contained in this Item 7.01 and in Exhibit 99.1 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, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

The information contained in Exhibit 99.2 referenced herein shall be deemed “filed” for purposes of Section 18 of the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 202 5 Investor Day presentation by Alexandria Real Estate Equities, Inc. on December 3 , 202 5 (furnished pursuant to Item 7.01).

99.2 2025 Update and 2026 Guidance issued by Alexandria Real Estate Equities, Inc. on December 3, 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.

Date: December 3, 2025

By:

/s/ Marc E. Binda

Marc E. Binda

Chief Financial Officer and Treasurer

EX-99.1 2 ex991-2025areinvestorday.htm EX-99.1 ex991-2025areinvestorday

1ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 INVESTOR DAY 2025 Alexandria’s Reset and Path Forward ALEXANDRIA REAL ESTATE EQUITIES, INC. DECEMBER 3, 2025 | ALEXANDRIA CENTER® for LIFE SCIENCE – NYC

2ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Safe Harbor Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, Megacampus™, Alexandria Center®, Alexandria Technology Center®, Alexandria Technology Square®, and The Miracle Mile of Medicine™ 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. This presentation contains forward-looking non-GAAP financial measures, including funds from operations, per share – diluted, as adjusted. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted, because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. This presentation 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 earnings per share attributable to Alexandria’s common stockholders – diluted, funds from operations per share attributable to Alexandria’s common stockholders – diluted, net operating income, sources and uses of capital, and targets and timing for rental revenues and development and value-creation projects, expenses, capital plan strategy, risk management strategy and related actions, and environmental, social, and governance goals. 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 construction and operating costs, adverse economic or real estate developments in our markets, greater than expected losses on disposition of properties, 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 or existing 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, volatile, unfavorable, or uncertain social and political conditions (including the effects of new laws, regulations, and policies), 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. Other than as may be required by law, 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.

3ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Reset and Path Forward 4 The Future Prospects of the Life Science Industry 29 Alexandria’s Megacampus™ Business Model 55 2025 Guidance Update; 2026 Guidance and Balance Sheet 102 Appendix 149 TABLE OF CONTENTS 1 3 4 2 5

4ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 ALEXANDRIA: AT THE VANGUARD AND HEART OF THE LIFE SCIENCE INDUSTRY Refer to "Megacampus" in the appendix. WHAT DRIVES YOUR ECONOMIC ENGINE? WHAT ARE YOU DEEPLY PASSIONATE ABOUT? WHAT CAN YOU BE BEST IN THE WORLD AT? Enabling the most innovative scientific and technological minds to cure disease Delivering our differentiated Megacampus™ platform clustered in the key centers of life science innovation Developed in Jim Collins’ book Good to Great, the Hedgehog Concept is a strategic framework that crystallizes why we exist, what sets us apart, and what drives our lasting endurance. ALEXANDRIA’S RESILIENT AND PERSEVERANT HEDGEHOG Leveraging our strong brand trust, long-term tenant relationships, and Megacampus™ platform to increase occupancy and cash flows

5ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2025: THE FIFTH YEAR OF A BROAD-BASED BIOTECH BEAR MARKET President Trump sworn into office RFK Jr. sworn in as HHS Secretary DOGE lays off thousands of FDA and CDC staff; 50% of FDA leadership will leave over the coming months NIH announces plan to cap institutional indirect grant funding at 15% Trump’s Liberation Day tariff announcement causes broad market sell-off White House initiates Section 232 investigation into pharma imports, which would potentially raise U.S. drug costs by $51B annually LB Pharma issues IPO, marking the first biotech IPO in six months Fed lowers interest rates Trump threatens a 100% tariff on branded medicines unless pharma companies build manufacturing sites in the U.S. Dr. Vinay Prasad sworn in as Head of FDA CBER; will resign in July under White House pressure and be reinstated in August White House issues executive order demanding pharma cut prices and directs HHS to implement most-favored-nation pricing White House proposes $18B (40%) cut to NIH funding Dr. Marty Makary sworn in as FDA Commissioner NIH announces sweeping termination of active grants Trump issues letters to 17 biopharma CEOs, demanding they take steps to cut U.S. drug prices HHS Secretary Kennedy removes all members of CDC vaccine advisory board SVB reports lowest levels of capital raised by life science venture funds since 2016 FDA approves 16 novel therapies through 1H25, compared to average of 12 per quarter in previous 5 years HHS Secretary Kennedy pressures CDC Director Monarez into resigning Government shuts down after Congress fails to come to a budget resolution; all FDA submissions paused Takeda inks $1.2B upfront deal ($11.4B total) with China-based Innovent Biologics, one of many multibillion-dollar in-licensing deals by Chinese companies announced in 2025 JAN FEB MAR MAY JUN JUL SEP OCTAUG NOVAPR The Highly Regulated Life Science Industry Has Confronted the Cumulative Impact of a Wave of Market, Regulatory, Policy, and Global Headwinds Medicare unveils price reductions for 15 drugs as part of the IRA Tensions reportedly escalate between FDA Commissioner Makary and HHS Secretary Kennedy FDA CDER Director Tidmarsh resigns amid investigation Dr. Richard Pazdur takes over CDER Director role, questions legality of voucher program NIH cancels all grant reviews set to occur during shutdown In a leaked memo, the FDA proposes introduction of stricter vaccine approval rules Researchers estimate companies have halted 55 oncology research programs and abandoned 26 medicines since IRA’s passage CDER Director Pazdur informs FDA he intends to leave the agency DEC ARE INVESTOR DAY DEC. 2024

6ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY IS DEPENDENT ON FOUR CRITICAL PILLARS — All of Which Are Currently Under Pressure Strong basic and translational research challenged; NIH proposal to cap indirect grant costs at 15% will potentially cut critical funding for biomedical research institutions High cost of capital, risk-off venture capital environment, and difficult secondary market and mostly closed IPO window limiting formation and growth of platform-based biotech companies FDA leadership issues and significant employee turnover straining regulatory review times and leading to broad regulatory uncertainty and risk-off sentiment Government pressure to drive down drug pricing threatening reimbursement and return on invested capital for innovative medicines

7ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 FUELED BY A UNIQUE PANDEMIC-ERA SUPPLY SURGE, LIFE SCIENCE REAL ESTATE AVAILABILITY HAS GROWN 7.5X SINCE 2021 Source: Alexandria’s proprietary market database. 57.5 58.6 58.2 58.3 58.9 60.0 63.1 66.3 68.6 69.1 71.4 73.0 83.3 89.1 103.9 107.4 10% 11% 11% 9% 9% 6% 5% 5% 5% 4% 6% 4% 5% 15% 26% 30% 0 20 40 60 80 100 120 0% 5% 10% 15% 20% 25% 30% 35% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 Market Inventory (RSF in Millions) Total Availability (%) MARKET INVENTORY AND TOTAL AVAILABILITY ALEXANDRIA’S TOP 3 MARKETS: GREATER BOSTON, SAN FRANCISCO BAY AREA, AND SAN DIEGO

8ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 5.7 5.6 6.1 8.4 7.7 14.0 8.3 6.7 6.3 5.3 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 TOTAL AVERAGE DEMAND REQUIREMENTS (RSF IN MILLIONS) As of September 30, 2025. Total average requirements of Tenants in Market as tracked by Alexandria. Source: Alexandria’s proprietary market database. LIFE SCIENCE DEMAND HAS DECLINED OVER 60% SINCE HISTORICALLY UNIQUE COVID-DRIVEN DEMAND SURGE IN 2021 62% DECREASE ALEXANDRIA’S TOP 3 MARKETS: GREATER BOSTON, SAN FRANCISCO BAY AREA, AND SAN DIEGO

9ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Key Challenges From the Accumulation of 2025 Life Science Industry Issues, Coupled With the Fifth Year of a Broad-Based Biotech Bear Market, ARE DRIVING ALEXANDRIA’S RESET COVID-Driven Building Boom Has Left Many Markets Oversupplied Unprecedented Life Science Industry Headwinds Impacting Supply and Driving Decline in Occupancy Slower Lease-Up of Development/Redevelopment Pipeline Increased Capital Expenditures to Lease Up Vacant Space Higher Cost of Capital in the Public Markets

10ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. Maintain Balance Sheet Strength and Flexibility With Solid Leverage Metrics, Credit Rating, and High Liquidity Invest in Operating Portfolio to Drive Occupancy and Net Operating Income Invest in Highly Leased Near-Term Projects to Drive Occupancy and Net Operating Income Incrementally and Strategically Invest in Megacampuses to Increase Occupancy and NOI and Create Value (Tenant Improvements/Redevelopments) Flexibly and Opportunistically Consider Buyback of Shares With Proceeds From Dispositions and/or Joint Ventures KEY ACTIONS ALEXANDRIA’S 2026 STRATEGIC CAPITAL ALLOCATION PRIORITIES Meet Targeted Leverage Optimize High-Quality Cash Flows to Support Right-Sized Dividend Achieve Solid Return on Incremental Investment Increase Net Asset Value KEY GOALS

11ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 PATH FORWARD Refer to “Megacampus” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1 2 5 Continue to Successfully Manage G&A Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage 6 Maintain Optionality for Future Growth Focused on Megacampus™ InvestmentReduce Capital Spend and Funding Needs Substantially Complete Large-Scale Non-Core Disposition Plan 3 7 Consider Flexible and Opportunistic Share Buyback Plan 4 Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant Base, Including the Most Innovative Entities in a Rapidly Changing Environment Reduce Size of Our Asset Base and SUBSTANTIALLY FOCUS ON GROWTH OF MEGACAMPUSES

12ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET, SIGNIFICANT LIQUIDITY, AND TARGETED LEVERAGE Refer to “Net debt and preferred stock to Adjusted EBITDA“ in the appendix. 1. Represents our guidance for net debt and preferred stock to Adjusted EBITDA for 4Q25 annualized, disclosed on October 27, 2025. 2. Represents our guidance for net debt and preferred stock to Adjusted EBITDA for 4Q25 annualized, disclosed on December 3, 2025. 3. Represents fourth quarter annualized for each year. NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA3 7.1x 6.4x 5.6x 5.5x 5.7x 5.3x 5.2x 5.1x 5.1x 5.2x 5.5x to 6.0x 5.6x to 6.2x 5.5x to 6.0x 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q25 Projected¹ 4Q26 Projected² Near-Term Goal Beyond 2026 1

13ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 $2.8B $1.7B Average Annual 2021–2023 Average Annual 2024–2026 Projected¹ ANNUAL CONSTRUCTION SPENDING REDUCE CAPITAL SPEND AND FUNDING NEEDS 1. Includes the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025. 2 $1.1B REDUCTION IN ANNUAL CONSTRUCTION SPENDING 39% DECREASE

14ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 REEVALUATE CAPEX FUNDING NEEDS FOR HIGHLY LEASED NEAR-TERM ACTIVE PIPELINE PROJECTS 2 Refer to “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Property was designated as held for sale as of December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Represents the incremental annual net operating income from projects remaining in the pipeline. Also includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 4Q25 through 4Q26 is projected to be $77M. Located on Megacampus Leased/ Negotiating Remains in Pipeline Held for Sale1 Continue Construction Evaluating Business Strategy 2026 STABILIZATION 99 Coolidge Avenue, Greater Boston X 81% X 4135 Campus Point Court, San Diego X 100% X 10075 Barnes Canyon Road, San Diego X 68% X Weighted Average – Megacampus Projects 86% 8800 Technology Forest Place, Texas 41% X Canada X Weighted Average – Total 81% $105M Incremental Annual NOI From 4Q25–4Q26 Deliveries2

15ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 REDUCE CAPEX FUNDING NEEDS FOR 2027 AND BEYOND ACTIVE PIPELINE PROJECTS 2 Refer to “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Properties were designated as held for sale as of December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Property will be placed back into operation for purposes of operating occupancy and same property comparisons as of 4Q25. 3. Represents the incremental annual NOI from projects remaining in the pipeline. Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service in 2027 and beyond is projected to be $204M. Located on Megacampus Leased/ Negotiating Remains in Pipeline Held for Sale1 Reposition as Office Continue Construction Evaluating Business Strategy 2027 AND BEYOND STABILIZATION 311 Arsenal Street, Greater Boston X 7% X 421 Park Drive, Greater Boston X 13% X 40 Sylvan Road, Greater Boston X −% X 50 and 60 Sylvan Road, Greater Boston X 74% X 3000 Minuteman Road, Greater Boston −% X 1450 Owens Street, SFBA X 49% X 269 East Grand Avenue, SFBA X −% X 701 Dexter Avenue, Seattle X 23% X 401 Park Drive, Greater Boston X X2 One Hampshire Street, Greater Boston X 651 Gateway Boulevard, SFBA X 100% PRE-LEASED COMMITTED PROJECT Campus Point by Alexandria, San Diego X 100% X Weighted Average – Total 32% $240M Incremental Annual NOI From 2027 and Beyond Deliveries3

16ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 SUBSTANTIALLY COMPLETE LARGE-SCALE NON-CORE DISPOSITION PLAN 1. Represents completed and pending dispositions under non-refundable deposits and signed letters of intent or purchase and sale agreements as of December 3, 2025. 2. Represents the midpoint of our guidance range for 2026 dispositions and sales of partial interests disclosed on December 3, 2025. 3 DISPOSITIONS AND SALES OF PARTIAL INTERESTS $2.6B $2.2B $1.3B $1.4B $1.8B $2.9B 2021 2022 2023 2024 2025 Completed & Pending¹ 2026 Guidance Midpoint² Reduce Asset Base Size to Position the Company for Growth on Megacampuses

17ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 12% 5% to 10% 12/31/24 12/31/26 Projected REDUCE NON-CORE AND NON-INCOME-PRODUCING ASSETS Refer to “Annual rental revenue” in the appendix. 1. Represents non-core assets outside our Megacampus ecosystems. 3 20% 11% to 16% 12/31/24 12/31/26 Projected Anticipated Non-Income-Producing Assets as a Percentage of Gross Assets Anticipated Annual Rental Revenue From Non-Core Assets1

18ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 INCREASE CONCENTRATION IN MEGACAMPUS™ REAL ESTATE AND CORE ASSETS Refer to “Annual rental revenue” and “Megacampus” in the appendix. ANNUAL RENTAL REVENUE FROM MEGACAMPUS REAL ESTATE AND OTHER CORE ASSETS 3 90% to 95% 12/31/26 Projected CAMPUS POINT BY ALEXANDRIA MEGACAMPUS SAN DIEGO

19ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of September 30, 2025. Refer to “Annual rental revenue” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants. 2. 68% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. 3. 80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. STEADILY IMPROVE OCCUPANCY AND INCREASE NOI4 Public Biotechnology – Approved or Marketed Product 20% 11% 9% 13% 10%1% 10% 3% 23% Biomedical Institutions3 Life Science Product, Service, and Device Public Biotechnology – Preclinical or Clinical Stage Private Biotechnology Other1 Government Institutions Advanced Technologies2 PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE Focusing on All Sectors of Our Tenant Base, INCLUDING THE MOST INNOVATIVE ENTITIES IN A RAPIDLY CHANGING ENVIRONMENT Multinational Pharmaceutical

20ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI4 2023–3Q25 1. Source: Alexandria’s proprietary market database. Represents Alexandria’s life science leasing executed from January 1, 2023 through the nine months ended September 30, 2025 in the Greater Boston, San Francisco Bay Area, and San Diego markets compared to the sum of life science leasing executed by the next five largest life science real estate owners within the respective markets. 2. Represents the years ended December 31, 2021 through 2024 and the nine months ended September 30, 2025. >80% Average Tenant Retention Rate for the Past 5 Years2 Strong Tenant Retention Alexandria’s Greater Boston, San Francisco Bay Area, and San Diego Combined Leasing Volume ~105% of the Next Five Largest Life Science Real Estate Owners (by RSF Leased) Combined1 ALEXANDRIA CONTINUES TO CAPTURE OUTSIZED SHARE OF DEMAND

21ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI4 BEST ASSETS in the BEST LOCATIONS THE ALEXANDRIA MEGACAMPUS™ BEST LEASING TEAM DOMINATING LIFE SCIENCE LEASING MARKET INCREASING OCCUPANCY and CASH FLOWS through VACANCY LEASING RENEWAL LEASING DEVELOPMENT/ REDEVELOPMENT LEASING

22ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 STEADILY IMPROVE OCCUPANCY AND INCREASE NOI 1. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Assumes static leasing volume for each year based on our leasing volume for the nine months ended September 30, 2025 annualized. 3. Assumes a base leasing volume in 2026 based on our leasing volume for the nine months ended September 30, 2025 annualized plus an additional 250K RSF of annual leasing volume each year thereafter. 4. Assumes a base leasing volume in 2026 based on our leasing volume for the nine months ended September 30, 2025 annualized plus an additional 400K RSF of annual leasing volume each year thereafter. 2026 2027 2028 2029 Total Lease Expirations as of 3Q25, Excluding Assets Held for Sale as of 12/3/251 2,867K 2,952K 3,817K 1,897K 4 RSF Illustrative Occupancy Crosswalk Through 2029 Annualized 3Q25 YTD Leasing + 400K RSF Annually Illustrative Leasing Volume4 (Excluding Development/Redevelopment) 3,031K 3,431K 3,831K 4,231K Implied Net Cumulative Occupancy Change 164K 643K 657K 2,990K 9.1% Implied Cumulative Occupancy Impact Annualized 3Q25 YTD Leasing Illustrative Leasing Volume2 (Excluding Development/Redevelopment) 3,031K 3,031K 3,031K 3,031K Implied Net Cumulative Occupancy Change 164K 243K (543K) 590K 1.8% Implied Cumulative Occupancy Impact 6.4% Implied Cumulative Occupancy Impact Annualized 3Q25 YTD Leasing + 250K RSF Annually Illustrative Leasing Volume3 (Excluding Development/Redevelopment) 3,031K 3,281K 3,531K 3,781K Implied Net Cumulative Occupancy Change 164K 493K 207K 2,090K

23ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Average Annual Contractual Rent Escalations2 FAVORABLE LEASE STRUCTURE PROVIDES ANNUAL CONTRACTUAL CASH RENTAL REVENUE GROWTH 1. Percentage calculated based on our annual rental revenue in effect as of September 30, 2025. Refer to “Annual rental revenue” in the appendix. 2. Annual contractual escalations of approximately 3% are based on weighted-average annual rental revenues in effect as of September 30, 2025. 4 Percentage of Leases Containing Annual Rent Escalations1 97% ~3% Average Annual Contractual Rent Escalations2 ~$50M–$60M Average Annual Cash Rent Increases From Contractual Rent Escalations2

24ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Average Annual Contractual Rent Escalations2 EMBEDDED FAVORABLE TRIPLE NET LEASE STRUCTURE DRIVES DURABLE HIGH MARGINS Refer to “Adjusted EBITDA and Adjusted EBITDA margin,” “Annual rental revenue,” and “and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Percentage calculated based on our annual rental revenue in effect as of September 30, 2025. 2. For the three months ended September 30, 2025. 4 91% Percentage of Triple Net Leases1 68% Operating Margin2 71% Adjusted EBITDA Margin2

25ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s General and Administrative Expense Levels Outperform Other REITs GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME4 CONTINUE TO SUCCESSFULLY MANAGE G&A 1. Based on the midpoints of our guidance ranges for 2025 and 2026 general and administrative expenses disclosed on October 27, 2025 and December 3, 2025, respectively. 2. Trailing twelve months ended September 30, 2025. 3. Source for S&P 500 REIT data: S&P Global Market Intelligence. Represents the annual average of the years ended December 31, 2023 and 2024 and the trailing twelve months ended September 30, 2025. 4. Refer to “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 5 11.3% S&P 500 REIT Average 2023–3Q25 (Excluding Alexandria)3 5.7% Alexandria 3Q252 $72M Projected Cumulative G&A Savings in 2025 and 2026 Compared to 20241

26ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. MAINTAIN OPTIONALITY FOR FUTURE GROWTH FOCUSED ON MEGACAMPUS™ INVESTMENT 6 ALEXANDRIA CENTER® FOR LIFE SCIENCE – SAN CARLOS MEGACAMPUS SAN FRANCISCO BAY AREA

27ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 7 CONSIDER FLEXIBLE AND OPPORTUNISTIC SHARE BUYBACK PLAN 1. Alexandria’s closing share price on November 25, 2025. 2. Based on the average of net asset values provided by sell-side analysts with Alexandria coverage as of November 25, 2025. ALEXANDRIA SHARE PRICE1 $52.65 PER SHARE $94 AVERAGE SELL-SIDE NET ASSET VALUE2 Buyback Opportunity Represents Significant Discount to Net Asset Value

28ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 PRESERVE THE CORE AND STIMULATE PROGRESS Enduring great organizations exhibit a dynamic duality. On the one hand, they have a set of timeless core values and purpose that remain constant over time. On the other hand, they have a relentless drive for progress — change, improvement, innovation, and renewal.” JIM COLLINS Renowned Author & Business Strategist

30ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 KEY DISEASE AREAS OF SIGNIFICANT UNMET NEED IN THE UNITED STATES Adults Suffering From One or More Chronic Diseases2 CHRONIC DISEASE 129M Deaths Due to Heart Disease, the Leading Cause of Death3 HEART DISEASE 1 in 5 of Individuals Will Be Diagnosed With Cancer During Their Lifetime4 CANCER 40% Adults Over 65 Living With Alzheimer’s Disease5 ALZHEIMER’S DISEASE 7.2M IMMENSE OPPORTUNITY: 10,000 DISEASES 90% HAVE NO TREATMENTS1 1. Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 2. Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” 3. Source: Centers for Disease Control and Prevention, “Heart Disease Facts,” October 24, 2024. Represents the latest published data, which reflects the U.S. estimate for 2022. 4. Source: National Cancer Institute, “Cancer Statistics,” updated May 7, 2025. Represents the latest published data, which reflects 2018–2021 data, not including 2020 due to lack of collection during COVID. 5. Source: Alzheimer’s Association, “2025 Alzheimer’s Disease Facts and Figures.” Represents the latest published data, which reflects the U.S. estimate for 2025. After transforming rare diseases and beginning to bend the mortality curve on cancer, the same tools, technologies, and molecular approaches — RNA interference, gene editing, and precision molecular engineering — are now turned toward the most prevalent and costly conditions ELI CASDIN Casdin Capital

31ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 CRITICAL PRIORITY FOR NATIONAL HEALTH, SECURITY, AND LEADERSHIP RELENTLESS INNOVATION SOLUTIONS TO ADDRESS MASSIVE UNMET MEDICAL NEED The life science industry is critical for maintaining a strong, safe, and healthy country and ensuring future economic growth The U.S. has the best substrate in the world to continue to drive the research, development, and commercialization of new medicines well into the future There are currently more than 10,000 diseases, over 90% of which still have NO approved treatments¹ THE LIFE SCIENCE INDUSTRY: A CORNERSTONE OF U.S. HEALTH, SECURITY, AND LEADERSHIP 1. Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015.

32ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2025: THE FIFTH YEAR OF A BROAD-BASED BIOTECH BEAR MARKET President Trump sworn into office RFK Jr. sworn in as HHS Secretary DOGE lays off thousands of FDA and CDC staff; 50% of FDA leadership will leave over the coming months NIH announces plan to cap institutional indirect grant funding at 15% Trump’s Liberation Day tariff announcement causes broad market sell-off White House initiates Section 232 investigation into pharma imports, which would potentially raise U.S. drug costs by $51B annually LB Pharma issues IPO, marking the first biotech IPO in six months Fed lowers interest rates Trump threatens a 100% tariff on branded medicines unless pharma companies build manufacturing sites in the U.S. Dr. Vinay Prasad sworn in as Head of FDA CBER; will resign in July under White House pressure and be reinstated in August White House issues executive order demanding pharma cut prices and directs HHS to implement most-favored-nation pricing White House proposes $18B (40%) cut to NIH funding Dr. Marty Makary sworn in as FDA Commissioner NIH announces sweeping termination of active grants Trump issues letters to 17 biopharma CEOs, demanding they take steps to cut U.S. drug prices HHS Secretary Kennedy removes all members of CDC vaccine advisory board SVB reports lowest levels of capital raised by life science venture funds since 2016 FDA approves 16 novel therapies through 1H25, compared to average of 12 per quarter in previous 5 years HHS Secretary Kennedy pressures CDC Director Monarez into resigning Government shuts down after Congress fails to come to a budget resolution; all FDA submissions paused Takeda inks $1.2B upfront deal ($11.4B total) with China-based Innovent Biologics, one of many multibillion-dollar in-licensing deals by Chinese companies announced in 2025 JAN FEB MAR MAY JUN JUL SEP OCTAUG NOVAPR The Highly Regulated Life Science Industry Has Confronted the Cumulative Impact of a Wave of Market, Regulatory, Policy, and Global Headwinds Medicare unveils price reductions for 15 drugs as part of the IRA Tensions reportedly escalate between FDA Commissioner Makary and HHS Secretary Kennedy FDA CDER Director Tidmarsh resigns amid investigation Dr. Richard Pazdur takes over CDER Director role, questions legality of voucher program NIH cancels all grant reviews set to occur during shutdown In a leaked memo, the FDA proposes introduction of stricter vaccine approval rules Researchers estimate companies have halted 55 oncology research programs and abandoned 26 medicines since IRA’s passage CDER Director Pazdur informs FDA he intends to leave the agency DEC ARE INVESTOR DAY DEC. 2024

33ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 KEY CATALYSTS FOR GROWTH: Four Pillars of the U.S. Life Science Industry That Are Collectively Critical to Driving Demand STRONG BASIC & TRANSLATIONAL RESEARCH INNOVATIVE ENTREPRENEURIAL ENVIRONMENT & ACCESS TO LOWER-COST CAPITAL 1 43 2 Discovery of fundamental disease biology that underpins the development of future medicines R&D funding across private, public biotech, and pharma to improve and extend lives RELIABLE AND EFFICIENT REGULATORY FRAMEWORK TO REDUCE TIME & COST OF FDA APPROVALS Transparent process for evaluating new medicines that is supported by reliable and efficient timelines and open communication HEALTHY PAYMENT ENVIRONMENT FOR INNOVATIVE MEDICINES Drug pricing policy that balances incentivizing new medicine development, potential long- term healthcare savings, and patient access

34ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 BASIC & TRANSLATIONAL RESEARCH1 The U.S. Senate’s Proposed FY26 NIH budget, which is slightly above FY25 levels, despite the White House’s proposal to slash the budget by 40% The NIH issued guidance capping indirect grant spending at 15%, creating significant uncertainty for institutions that rely on such funding to cover critical infrastructure costs, essentially freezing institutional demand $48.7B PROPOSED 2026 BUDGET1 15% INDIRECT GRANT SPENDING CAP3 The NIH — a Foundation for Basic and Translational Research in the United States — Still Wields Significant Bipartisan Support, But Institutions Continue to Face Significant Uncertainty Uncertainty on Indirect Spending Levels Directly Impacts Real Estate Demand From Institutional Tenants Estimated number of career NIH employees laid off from the agency in 2025 1,500 LAYOFFS2 1. Source: Office of Management and Budget, “Fiscal Year 2026 Discretionary Budget Request,“ May 2, 2025; U.S. Senate Committee on Appropriations, “Labor, Health and Human Services, Education, and Related Agencies Fiscal Year 2026 Appropriations Bill,“ July 31, 2025. 2. Source: NPR, “Staff at CDC and NIH are reeling as Trump administration cuts workforce,” February 14, 2025. 3. Source: National Institute of Health, “Supplemental Guidance to the 2024 NIH Grants Policy Statement: Indirect Cost Rates,” February 7, 2025.

35ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 $186B $201B $214B $224B $231B $255B $284B $292B $317B $293B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Projected TOTAL BIOPHARMA R&D SPEND 58% Increase IN TOTAL ANNUAL SPEND ON R&D OVER THE PAST 10 YEARS 18 OF THE TOP 20 Biopharma R&D Spenders in 2024 Represent Alexandria Tenants 90% ALEXANDRIA TENANTS Importantly, Life Science Innovation Is Also Driven by Biotech and Pharma R&D Source: Evaluate Pharma, July 2025. Total corporate R&D spend by global biopharma companies. Includes analyst forecast values for companies that have not reported 2024 full-year results. Top 20 companies ranked by pharma R&D spend in 2024. BASIC & TRANSLATIONAL RESEARCH1

36ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 The U.S. Life Science Industry Faces a Critical “Sputnik” Moment as China Transitions From a “Follower” to True “Innovator” Source: Jefferies Research, “Shopping in China’s Biotech Supermarket,” July 13, 2025. Represents percent of total global business development deal value. BASIC & TRANSLATIONAL RESEARCH1 0% 3% 0% 5% 0% 0% 10% 12% 12% 29% 31% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 PERCENTAGE OF LARGE PHARMA IN-LICENSED MOLECULES SOURCED FROM CHINESE BIOTECH 2014–2024 (UPFRONTS OF $50M OR MORE) Pharma Is Sourcing NEARLY A THIRD OF EXTERNAL MOLECULES FROM CHINA 3SBio $1.25B Upfront Innovent $1.2B Upfront

37ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Life Science Venture Fundraising Is at Its Lowest Levels Since 2016 With Many Delaying Fundraising Given Lackluster Returns 1. Source: Silicon Valley Bank, “Healthcare Industry Trends 2025 Mid-Year Report,” July 29, 2025. $10B $9B $12B $15B $18B $24B $41B $27B $19B $23B 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LIFE SCIENCE VENTURE FUNDRAISING 2015–20251 $9B 1H25 Annualized 2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL

38ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 $4.9B $2.5B $3.6B $6.7B $5.3B $12.8B $15.1B $1.7B $2.7B $4.0B $1.5B 50 27 35 57 47 73 100 18 18 27 8 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Total Proceeds Number of IPOs IPO Window Remains Essentially Closed, Cutting Off a Critical Source of Capital for Private Biotechs, Reminiscent of the IPO Market in 2008–2009 Sources: Nasdaq and PitchBook. November 2025. YTD 2025 as of November 15, 2025. Represents pharma and biotech IPOs completed on Nasdaq or NYSE. 2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL

39ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 INDEX PERFORMANCE1 January 1, 2025—November 15, 2025 The XBI Biotech Index Is Highly Focused on Near-Commercial and Commercial-Stage Companies and Is Decoupled From Broader Biotech Trends as Well as Demand 1. Source: Capital IQ. 2. Source: State Street. XBI constituents as of November 13, 2025. Near-commercial refers to companies with products in Phase III or registrational trials. -30% -20% -10% % 10% 20% 30% Dec 2024 Feb 2025 Apr 2025 May 2025 Jul 2025 Sep 2025 Oct 2025 S&P 500 Index 16.0% XBI Index 24.5% 2 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL XBI constituents are near-commercial or commercial-stage companies with late- stage and approved clinical assets2 94% Nov 0

40ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2 2025 Has Been a Strong Year for M&A as Pharma Looks to Replace Revenue Loss Due to Patent Expirations 1. Source: PitchBook, “As big pharma’s next patent cliff looms, biotech investors see dollar signs,” September 12, 2025. 2. Source: Evaluate Pharma, November 2025. YTD 2025 as of November 15, 2025. Deals of $50B and over include Takeda/Shire (2018), BMS/Celgene (2019), and AbbVie/Allergan (2019). $129.1B $102.2B $90.8B $75.2B $88.8B $121.9B $96.1B $86.0B $170.5B $80.1B $138.2B $64.2B $137.0B 129 95 76 79 80 72 80 83 82 78 74 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 BIOPHARMA M&A TRANSACTIONS2 <$50B Deals $50B+ Deals Deal Count Pharma Faces Over $180B in Potential Revenue Loss Due to Patent Expirations Through 20301 ENTREPRENEURIAL ENVIRONMENT & ACCESS TO CAPITAL

41ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. BioSpace, “Acting CDER Head Becomes Latest in String of FDA Leaders to Leave Agency.” June 23, 2025. 2. STAT News, “RFK Jr. brings FDA under tighter control with HHS workforce cuts.” March 27, 2025. 3. STAT News, “FDA review of drugs is slowing while application delays are growing, analysis finds.” October 20, 2025. 1 The FDA Has Rolled Out Reforms to Modernize the Agency and Expedite Approval Timelines, But Understaffing and FDA Leadership Turmoil Threaten the Agency’s Ability to Maintain Consistent and Reliable Regulatory Review Cadence 3 REGULATORY FRAMEWORK & PACE OF FDA APPROVALS 3,500 Targeted FDA employee layoffs in FY26 as part of broad cuts to HHS staffing2 ~3x Deadlines delayed or missed in 3Q25 compared to six previous quarters3 50%+ Senior FDA leadership left the agency in 1H251

42ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Pace of 2025 Novel FDA Approvals YTD Lags Behind the 2020–2024 Annual Average 1. Source: U.S. Food and Drug Administration. YTD 2025 as of November 20, 2025. 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. 3 REGULATORY FRAMEWORK & PACE OF FDA APPROVALS 22 32 44 49 38 2005–2009 2010–2014 2015–2019 2020–2024 YTD 2025 ~12 AVERAGE QUARTERLY NOVEL FDA APPROVALS SINCE 2020 NOVEL THERAPIES APPROVED BY THE FDA1 NOVEL THERAPIES FROM ALEXANDRIA TENANTS APPROVED IN 4Q25 RHAPSIDO Novel oral Bruton's tyrosine kinase (BTK) inhibitor approved to treat chronic spontaneous urticaria REDEMPLO First FDA-approved drug in its class for patients with rare metabolic disease INLURIYO Novel, oral drug to treat ER+, HER2-, ESR1-mutated breast cancer Percentage of FDA Approvals Marketed by Alexandria Tenants Since 2013 49%

43ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Prescription Medicines Account for Less Than a Sixth of Overall Healthcare Costs and Are Critical for Decreasing Long-Term Healthcare Costs 4 REIMBURSEMENT FOR INNOVATIVE MEDICINES 86% U.S. HEALTHCARE SPEND PRESCRIPTION MEDICINE COSTS1 HEALTHCARE SERVICES AND ADMINISTRATIVE COSTS $4.9T U.S. HEALTHCARE COSTS (2023)2 1. Source: PhRMA, “Prescription Medicines: Costs in Context,” 2023. 2. Source: Centers for Medicare & Medicaid Services website, “NHE Fact Sheet,“ accessed November 13, 2025. 3. Source: Cheeky Pints Podcast, “Dave Ricks, CEO of Eli Lilly, on GLP-1s and the Business of Pharma.” November 11, 2025. 14% There’s no limit to human disease, and actually the longer we help people live, the more disease there’ll be.” DAVID RICKS, CEO, Eli Lilly and Company3

44ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Pharmacy Benefit Managers (PBMs) and Hospitals Significantly Drive Up the Cost of Medicines for Patients Source: PhRMA, “10 Things You Should Know About Medicine Spending and Costs.” March 10, 2022. >50% of Prescription Medicine Spend Goes to Middlemen, Including PBMs, Hospitals, and Insurers 4 REIMBURSEMENT FOR INNOVATIVE MEDICINES 9 out of 10 Medicines Dispensed in the U.S. Are Generics 500% Average Hospital Markup on Prescription Medicines

45ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 4 REIMBURSEMENT FOR INNOVATIVE MEDICINES 1. Source: KFF, “Health Insurance Coverage of the Total Population,” 2023. Number of individuals with both Medicare and Medicaid coverage categorized under Medicaid. Announced agreements between the White House and select pharma were received well by industry analysts, who projected minimal impact to the companies’ bottom lines. The White House and Select Pharma Have Struck One-Off Deals Aimed at Reducing U.S. Drug Prices to Those of Other Developed Countries INFLATION REDUCTION ACT To date, CMS has announced 25 medicines subject to price negotiation, most of which have been viewed as rational price targets based on net prices. MOST FAVORED NATIONS Deals primarily focused on Medicaid drug pricing, as well as avenues for direct-to-consumer purchase of select medicines Employer & Private 55% Medicaid 21% Medicare 15% Military 1% Uninsured 8% U.S. HEALTH INSURANCE COVERAGE1

46ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 4 REIMBURSEMENT FOR INNOVATIVE MEDICINES Tariff and Drug Pricing Threats Have Incentivized Significant Commitments to Onshore Biomanufacturing and Pressure Countries to Pay Their Fair Share for Medicines “Merck executes its own Brexit, moving all R&D operations out of UK” — FIERCE BIOTECH “The price the NHS pays for medicines will need to rise to stop a wave of pharmaceutical investment leaving the UK” 1. Source: The White House, “TRUMP EFFECT: A Running List of New U.S. Investment in President Trump’s Second Term,” August 15, 2025. $55B $50B $40B $27B $23B $10B $9B $50B SELECT U.S. ONSHORING OF SUPPLY CHAIN AND BIOMANUFACTURING ANNOUNCED COMMITMENTS1 — BBC

47ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 THE CASE FOR OPTIMISM REDUCTION IN DRUG DEVELOPMENT COST AND TIMELINE M A SSIVE OPPORTU N ITY GOLDEN AGE OF BIOLOGICAL DISCOVERIES

48ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 MASSIVE OPPORTUNITY 1. Source: BCIQ as of November 18, 2025. Includes pharma, biotech, and medical device and diagnostic public companies with >$5M market cap listed on NASDAQ or NYSE. 2. Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. Thousands of Diseases Don’t Have Approved Medicines THOSE THAT DO ARE FAR FROM SOLVED Total Market Capitalization of the Biotech and Pharma Industry110% of Diseases With Approved Treatments2

49ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 WE ARE IN THE GOLDEN AGE OF BIOLOGICAL DISCOVERIES Enabling Novel and More Targeted Approaches to Address the Root Cause of Disease Novel genome-editing technologies have made it possible to precisely rewrite DNA in ways that were unthinkable just a decade ago AI-driven methods can predict the structure of nearly every known protein and generate de novo proteins with specific functions Initiatives like the Human Cell Atlas, which is mapping every cell type in the human body, create a reference for health and disease BIOLOGICAL ATLASES PROTEIN ENGINEERING GENETIC ENGINEERING

50ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 $0 $200 $400 $600 $800 $1,000 1970 1984 1997 2011 2025 ELI LILLY STOCK PRICE3 1970–2025 Eli Lilly Is a Prime Example of What Happens When MASSIVE AREAS OF UNMET MEDICAL NEED CAN BE TREATED EFFECTIVELY WITH NOVEL MEDICINES 1. Source: S&P Capital IQ as of November 19, 2025. 2. Source: WHO, “Global status report on the public health response to dementia,” September 1, 2021. 3. Source: S&P Capital IQ as of November 21, 2025. 4. Source: Circulation, “Forecasting the Economic Burden of Cardiovascular Disease and Stroke in the United States Through 2050,” June 4, 2024. DATA PUBLICATION AND SUBSEQUENT APPROVAL OF TIRZEPATIDE FOR OBESITY Estimated global cost of Alzheimer’s care by 2050 absent new medicines2 $2.8T Economic burden of cardiovascular conditions in U.S. by 2050 absent new medicines4 $1.8T $1T Market Cap (Larger Than Top 10 U.S. Healthcare Insurers by Market Cap)1 Novel Medicines Can Significantly Reduce Long-Term Healthcare Costs by Preventing Co-Morbidities and Hospital and Physician Visits

51ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 AI Tools Deployed Across the Drug Development Process HAVE THE POTENTIAL TO DRIVE DOWN THE COST AND TIME TO DEVELOP NEW MEDICINES 1. Source: Cheeky Pints Podcast, “Dave Ricks, CEO of Eli Lilly, on GLP-1s and the Business of Pharma.” November 11, 2025. 2. Sources: Smithsonian magazine, “There are 37.2 Trillion Cells in Your Body.” October 24, 2013; National Institute of General Medical Sciences blog, “Proteins by the Numbers.” January 15, 2025. BASIC RESEARCH HUMAN CLINICAL DEVELOPMENT FDA REVIEW & APPROVAL DRUG DISCOVERY Foundational model of human cells GenAI/ML-assisted “lab in a loop” development to generate, test, and optimize new drugs Clinical trial design, biomarker, and patient recruitment, selection, execution, data capture, and analysis AI-assisted review of regulatory submissions I would estimate we might know 10-15% of human biology, so the machine is not going to be good at all until we get way above 50%. That probably requires robotic 24/7 experiments just to create training data sets.” DAVID RICKS CEO, Eli Lilly and Company1 The human body consists of ~37 trillion cells, with each individual cell containing up to 10 trillion protein molecules2

52ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Decreasing the Cost and Timeline of New Medicine Development Is MISSION CRITICAL TO DRIVING SIGNIFICANT CAPITAL INFLOW INTO THE LIFE SCIENCE INDUSTRY 0 2 4 6 8 10 12 The Cost and Time to Develop New Medicines Has Only Increased Over Time TO REVERSE THIS TREND, THE INDUSTRY MUST: o Properly staff and modernize FDA regulatory frameworks o Deepen molecular-based understanding of disease o Expand toolkit of drug modalities, such as small molecule, antibodies, RNA, and radioisotopes o Adopt AI-enabled tools Preclinical Clinical Regulatory Review $2.5B+ 10 –15 Years AND CURRENT COST AND TIMELINE TO DEVELOP A NEW MEDICINE IN THE U.S.1 POTENTIAL FUTURE U.S. DRUG DEVELOPMENT COST & TIMELINE2 <$1B ~5 Years AND 1. Source: PhRMA website, ”Research and Development Policy Framework,” accessed November 13, 2025 Cost factors in failed drug candidates. 2. Source: Reuters, “AI-driven drug discovery picks up as FDA pushes to reduce animal testing,” September 9, 2025.

53ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 THE LIFE SCIENCE INDUSTRY HAS IMMENSE POTENTIAL TO GROW BIOTECH TIMELINE TODAY FUTURE BIRTH OF BIOTECH 1976 ONLY 10% DISEASES SOLVED¹ $6T TOTAL MARKET CAPITALIZATION² COTTAGE INDUSTRY DOMINATED BY SPECIALISTS 90% DISEASES SOLVED $20T+ TOTAL MARKET CAPITALIZATION (Equivalent to Today’s MAG7) MAINSTREAM ASSET CLASS 1. Source: U.S. House Committee on Energy and Commerce, “The 21st Century Cures Discussion Document White Paper,” January 27, 2015. 2. Source: BCIQ as of November 18, 2025. Includes pharma, biotech, and medical device and diagnostic public companies with >$5M market cap listed on NASDAQ or NYSE. 2026 (50 Years From When First Biotech, Genentech, Was Founded)

54ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Public Biotechnology – Approved or Marketed Product 20% 11% 9% 13% 10%1% 10% 3% 23% Biomedical Institutions3 Life Science Product, Service, and Device Public Biotechnology – Preclinical or Clinical Stage Private Biotechnology Other1 Government Institutions Advanced Technologies2 As of September 30, 2025. Refer to “Annual rental revenue” in the appendix, 1. Represents the percentage of our annual rental revenue generated by professional services, finance, telecommunications, construction/real estate companies, and retail-related tenants. 2. 68% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants. 3. 80% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants. The biggest innovations of the 21st century will be at the intersection of biology and technology.” STEVE JOBS PERCENTAGE OF ARE’S ANNUAL RENTAL REVENUE Innovation at the Convergence of Life Science and Technology Positions Alexandria’s Tenant Base for Growth and Diversification Multinational Pharmaceutical

57ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2010 2015 3Q25 Source: Alexandria’s proprietary market database. Includes life science real estate only. GREATER BOSTON RATIONAL MARKET FORCES TURNED INTO COVID-FUELED EXPONENTIAL GROWTH IN LIFE SCIENCE REAL ESTATE, RAPIDLY OUTPACING DEMAND 17.5M 21.8M 48.1M 175% MARKET GROWTH 2010–3Q25 25% 5 YEARS 120% 10 YEARS 6% AVAILABILITY 33% AVAILABILITY 5.5x AVAILABILITY 2015–3Q25 MARKET SIZE BY RSF 11% AVAILABILITY

58ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2019 2020 2021 2022 2023 2024 3Q25 2015 3Q25 Source: Alexandria’s proprietary market database. Includes life science real estate only. 21.8M RSF 48.1M RSF 7.6M RSF 3.6M RSF 4.1M RSF 2.9M RSF 120% INCREASE IN MARKET SIZE DEMAND OVER 5 YEARS: 22.6M RSF 2.9M RSF 5 YEARS OF ROBUST DEMAND DROVE SUPPLY BOOM GREATER BOSTON Life Science Real Estate Supply & Demand Dynamics Today’s Demand Fundamentals Are Different and Changing Rapidly 3.5M RSF3.8M RSF

59ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2010 2015 3Q25 Source: Alexandria’s proprietary market database. Includes life science real estate only. SAN DIEGO RATIONAL MARKET FORCES TURNED INTO COVID-FUELED EXPONENTIAL GROWTH IN LIFE SCIENCE REAL ESTATE, RAPIDLY OUTPACING DEMAND 12.1M 13.2M 20.5M 68% MARKET GROWTH 2010–3Q25 8% 5 YEARS 55% 10 YEARS 6% AVAILABILITY 27% AVAILABILITY 4.5x AVAILABILITY 2015–3Q25 MARKET SIZE BY RSF 13% AVAILABILITY

60ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Source: Alexandria’s proprietary market database. Includes life science real estate only. 2019 2020 2021 2022 2023 2024 3Q25 1.9M RSF 1.7M RSF 2.9M RSF 1.4M RSF 1.6M RSF1.6M RSF 0.9M RSF 2015 3Q25 13.2M RSF 20.5M RSF 55% INCREASE IN MARKET SIZE DEMAND OVER 5 YEARS: 9.5M RSF SAN DIEGO Life Science Real Estate Supply & Demand Dynamics 5 YEARS OF ROBUST DEMAND DROVE SUPPLY BOOM Today’s Demand Fundamentals Are Different and Changing Rapidly

61ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to "Megacampus” in the appendix. CLUSTERING is MISSION CRITICAL for FUELING LIFE SCIENCE INNOVATION Alexandria Conceived Our Megacampus™ Platform to Meet the Needs of the Collaborative and Cooperative Life Science Industry Our Megacampus ecosystems are strategically located in key innovation clusters to enable us to capture outsized share of demand ONE ALEXANDRIA SQUARE MEGACAMPUS | SAN DIEGO

62ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. CLUSTERING is the DNA of the LIFE SCIENCE INDUSTRY A L E X A N D R I A ’ S IRREPLACEABLE P L A T F O R M THE DNA of the ALEXANDRIA MEGACAMPUS PLATFORM ALEXANDRIA’S PROPRIETARY ALGORITHM Driving Our Differentiated Megacampus™ Strategy

63ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s First-Mover Advantage Has Enabled Us to Secure Irreplaceable Real Estate in the Top Centers of Innovation Refer to "Megacampus” in the appendix. THE PIONEER OF LIFE SCIENCE REAL ESTATE 30+ YEARS Owning, Operating, and Developing Life Science Real Estate Infrastructure UNMATCHED EXPERIENCE 30+ YEARS Experience in Life Science Building Operations and Asset Management DOMINANT MARKET PRESENCE 27+ YEARS Average Tenure in Our Core Life Science Innovation Clusters 2004 | Pioneered our cluster campus strategy in Mission Bay, establishing the foundation for our Megacampus™ platform ALEXANDRIA CENTER® FOR SCIENCE AND TECHNOLOGY – MISSION BAY MEGACAMPUS | SAN FRANCISCO BAY AREA

64ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 ALEXANDRIA GREATER BOSTON: LIFE SCIENCE LEASING OUTPERFORMANCE 1. Source: Alexandria’s proprietary market database. Represents Alexandria’s life science leasing executed from January 1, 2023 through the nine months ended September 30, 2025 in the Greater Boston market compared to the sum of life science leasing executed by the next five largest life science real estate owners within that market. Alexandria’s Leading Real Estate Platform Continues to Capture Outsized Share of Demand ALEXANDRIA’S GREATER BOSTON LEASING VOLUME ~110% OF THE NEXT FIVE LARGEST LIFE SCIENCE REAL ESTATE OWNERS (BY RSF LEASED) COMBINED1 2023–3Q25 — SPONSORSHIP MATTERS — THE ARSENAL ON THE CHARLES MEGACAMPUS | WATERTOWN

65ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. Source: Alexandria’s proprietary market database. Represents Alexandria’s life science leasing executed from January 1, 2023 through the nine months ended September 30, 2025 in the San Diego market compared to the sum of life science leasing executed by the next five largest life science real estate owners within that market. ALEXANDRIA SAN DIEGO: LIFE SCIENCE LEASING OUTPERFORMANCE Alexandria’s Leading Real Estate Platform Continues to Capture Outsized Share of Demand — SPONSORSHIP MATTERS — ALEXANDRIA’S SAN DIEGO LEASING VOLUME ~150% OF THE NEXT FIVE LARGEST LIFE SCIENCE REAL ESTATE OWNERS (BY RSF LEASED) COMBINED1 2023–3Q25 CAMPUS POINT BY ALEXANDRIA MEGACAMPUS | UNIVERSITY TOWN CENTER

66ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 MEGACAMPUS™ CASE STUDIES A L E X A N D R I A ’ S IRREPLACEABLE P L A T F O R M ALEXANDRIA TECHNOLOGY SQUARE® CAMBRIDGE Established 2006 CAMPUS POINT BY ALEXANDRIA SAN DIEGO Established 2010 Refer to "Megacampus” in the appendix.

67ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. First Foundational Megacampus™ in Operation Nearly 20-year ownership of a generational asset with critical adjacency to MIT’s main science campus, at the heart of innovation ALEXANDRIA TECHNOLOGY SQUARE® Cambridge, Greater Boston

68ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 MAIN STREET MEGACAMPUS: ALEXANDRIA TECHNOLOGY SQUARE® 1.2M RSF | 7 Properties MEGACAMPUS: ALEXANDRIA CENTER® AT ONE KENDALL SQUARE 1.4M RSF | 12 Properties MEGACAMPUS: ALEXANDRIA CENTER® AT KENDALL SQUARE 2.2M RSF | 8 Properties B IN N E Y S TR E E T KENDALL/MIT BR O A D W A Y CHARLES/MGH CAMBRIDGE | LOCATION Alexandria’s Significant Presence in Kendall Square “The Most Innovative Square Mile on the Planet”1 of Alexandria’s Greater Boston ARR Is Within Our East Cambridge Megacampuses2 62% As of September 30, 2025. ARR represents annual rental revenue. Refer to “Annual rental revenue” and “Megacampus” in the appendix. 1. Source: Massachusetts Institute of Technology, “Kendall Square Initiative.” 2. Represents the aggregate annual rental revenue, at 100%, of our Alexandria Center® at Kendall Square, Alexandria Center® at One Kendall Square, and Alexandria Technology Square® megacampuses divided by the total annual rental revenue, in our Greater Boston market.

69ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Electronic Research Center 1964-1970 Cambridge Scientific Center 1964-1992 Artificial Intelligence Laboratory 1963-2004 World Wide Web Consortium 1994-2004 Worldwide Drug Discovery Center 2002–Present CAMBRIDGE | INNOVATION Kendall Square Has Been the Home of Technology and Biotechnology Innovation for Over 60 Years

70ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. 1. Source: Massachusetts Technology Collaborative website, “Why Massachusetts,” accessed November 10, 2025. 2. Source: The Innovation Institute at the MassTech Collaborative, “Annual Index of the Massachusetts Innovation Economy,” 2023 Edition. MEGACAMPUS: ALEXANDRIA TECHNOLOGY SQUARE® #1 STEM graduates per capita and percentage of adults with bachelor’s degree or higher1 #1 High-tech job concentration1 1.4M+ Workers in the innovation economy or 39% of Massachusetts workforce1,2 CAMBRIDGE | TALENT Greater Boston’s Attractive STEM Talent Base at the Intersection of Science and Technology The Ray and Maria Stata Center

71ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Source: PitchBook, November 2025. $14B+ LIFE SCIENCE VENTURE CAPITAL RAISED SINCE 2023 However, in the Current Environment, Many Venture Investors Have Been Highly Focused on De-Risked and Later-Stage Assets 30%+ Proportion of U.S. Biotech Capital Deployed to Greater Boston Over the Past Decade CAMBRIDGE | CAPITAL Sophisticated Life Science Investors Continue to Focus on Core Markets Like Greater Boston

72ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to "Megacampus" in the appendix. Alexandria Technology Square® ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY DELIVERS DIFFERENTIATED ECOSYSTEMS SPACE | PLACE | SERVICE

73ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 400 TECHNOLOGY SQUARE 200 TECHNOLOGY SQUARE 2006 YEAR ACQUIRED 7 PROPERTIES 1.2M RSF OPERATING ~100K SF FUTURE DEVELOPMENT ALEXANDRIA TECHNOLOGY SQUARE® Offers Scale and Flexibility That Delivers Tenants Strategic Optionality As of September 30, 2025. Refer to “Megacampus” in the appendix. SPACE PLACE SERVICEALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY 100 TECHNOLOGY SQUARE 700 TECHNOLOGY SQUARE 600 TECHNOLOGY SQUARE FUTURE DEVELOPMENT 500 TECHNOLOGY SQUARE 300 TECHNOLOGY SQUARE

74ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 4Q23: Historic Durable High Occupancy Delivered Regional Growth ARR represents annual rental revenue. Refer to “Annual rental revenue” and “Megacampus” in the appendix. 1. Tenant mix by percentage of Alexandria Technology Square® Megacampus annual rental revenue as of December 31, 2023. 2. As of September 30, 2025. 35% Public Biotechnology 29% Multinational Pharmaceutical 18% MIT 5% Life Science Product, Service, and Device5% Private Biotechnology 1% Other FOOTPRINT AT TECH SQUARE FOOTPRINT TODAY2 7% Biomedical Institutions SPACE PLACE SERVICEALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY 10K RSF 300 Technology Square, Cambridge 17K RSF 500 Technology Square, Cambridge 125K RSF 200 Technology Square, Cambridge 81K RSF 500 Technology Square, Cambridge 101K RSF The Arsenal on the Charles Megacampus 105K RSF Alexandria Center® for Life Science – Fenway Megacampus 462K RSF Alexandria Center® at One Kendall Square Megacampus 73K RSF 99 Coolidge Avenue, Watertown 923% GROWTH 270% GROWTH (11)% GROWTH 523% GROWTH 741K RSF218% GROWTHTOTAL 233K RSF ALEXANDRIA TECHNOLOGY SQUARE® TENANT MIX ARR AS OF 4Q231

75ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Curated Technology Square Ecosystem Designed to Recruit & Retain Top Talent, Ignite Collaboration, and Catalyze Innovation We’re not here just to gain new knowledge; we’re here to transfer that new knowledge into useful things. It’s what made Kendall Square Kendall Square.” PHILLIP SHARP Nobel Laureate and Co-Founder of Biogen ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE Refer to “Megacampus” in the appendix.

76ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. SPACE PLACE SERVICEALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY Earth Building (Sustainability) 325 Binney Street, Cambridge Public Assembly Category The Arsenal on the Charles Community Link, Watertown 2025 BOMA Boston TOBY (The Outstanding Building of the Year) Award Winners Alexandria’s Operational Excellence in Asset Management, Design, Development, and Sustainability The Building Owners and Managers Association (BOMA) TOBY Awards are the commercial real estate industry’s highest recognition honoring excellence in building management and operations. Suburban Campus of the Year The Arsenal on the Charles, Watertown Life Science Building of the Year 201 Brookline Avenue, Fenway Corporate Facility of the Year 15 Necco Street, Seaport

77ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of September 30, 2025. Refer to “Megacampus” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Value-creation margin calculated as gain divided by gross book value plus unamortized ground lease right-of-use asset as of September 30, 2025. Gain calculated as follows: (a) net operating income (cash basis) for the three months ended September 30, 2025 annualized divided by the submarket capitalization rate of 5.7% as of September 30, 2025 less (b) net book value plus unamortized ground lease right-of-use asset as of September 30, 2025. ALEXANDRIA TECHNOLOGY SQUARE’S STRONG FINANCIAL PERFORMANCE VALUE- CREATION MARGIN1 79% Year Acquired 2006 Cash NOI Growth Since Acquisition 313%

78ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 FINANCIAL CASE STUDY: CAMBRIDGE LABORATORY BUILDING VALUATIONS Source: Newmark. 75 BROADWAY CAMBRIDGE Target Delivery 1Q28 730–750 MAIN STREET CAMBRIDGE In Operation JV PARTNER BioMed Realty DEAL METRICS $1.2B ($2,000 PSF) | ~580,000 SF (100% Leased) Closed in March 2025 SELLER Massachusetts Institute of Technology DEAL METRICS $361.3M ($1,648 PSF) | ~220,000 SF (100% Leased) Closed in September 2024 BUYER BioMed Realty/ Blackstone DEVELOPER/OWNER Massachusetts Institute of Technology ~18% VALUE-CREATION POTENTIAL

79ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. The Miracle Mile of Medicine™ An over 15-year journey of strategic aggregation and development to create an irreplicable 100-acre Megacampus™ ecosystem with future growth opportunities CAMPUS POINT BY ALEXANDRIA University Town Center, San Diego

80ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 MEGACAMPUS: ONE ALEXANDRIA SQUARE 1.1M RSF | 10 Properties MEGACAMPUS: CAMPUS POINT BY ALEXANDRIA 1.7M RSF | 8 Properties MEGACAMPUS: SD TECH BY ALEXANDRIA 1.1M RSF | 11 Properties MEGACAMPUS: 5200 ILLUMINA WAY 793K RSF | 6 Properties SAN DIEGO | LOCATION Alexandria’s Premier Megacampus™ Ecosystems Within the San Diego Science Sector As of September 30, 2025. Refer to “Megacampus” in the appendix.

81ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 SAN DIEGO | INNOVATION & TALENT Deep and Diverse Innovation Ecosystem 1. Based on geographic proximity of life science assets owned by Alexandria. 2. Source: LinkedIn, ”Tech talent is surging in these 15 cities,” June 8, 2022. Reflects percentage growth from 2019 to 2022. 3. Source: San Diego Regional Economic Development Corporation website, “About the Region: Defense,” ”About the Region: Tech,” and ”About the Region: Life Sciences,” accessed November 13, 2025. HOSPITAL SYSTEMS RESEARCH INSTITUTIONS LIFE SCIENCE ADVANCED TECHNOLOGIES DEFENSE TECHNOLOGY & MILITARY #1 Densest Alexandria Life Science Cluster1 #1 Fastest-Growing U.S. Metro in Tech Talent2 #1 Largest Concentration of U.S. Military Assets3

82ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. Source: Evaluate Pharma. Includes biopharma M&A during 2024–2025 YTD; 2025 YTD as of November 15, 2025. San Diego’s Life Science M&A Activity Ranks #1 in Total Deal Value Since 2024, Exceeding Greater Boston and the San Francisco Bay Area1 $37B SAN DIEGO $32B GREATER BOSTON $19B SAN FRANCISCO BAY AREA SAN DIEGO | CAPITAL Significant M&A Has Driven the Growth of the San Diego Science Sector

83ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Campus Point by Alexandria ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY DELIVERS DIFFERENTIATED ECOSYSTEMS SPACE | PLACE | SERVICE Refer to "Megacampus" in the appendix.

84ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of September 30, 2025. Refer to “Megacampus” in the appendix. Alexandria Designs and Operates Flexible Human-Centered Environments to Optimize Productivity 8 Properties SPACE PLACE SERVICEALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY CAMPUS POINT BY ALEXANDRIA 1.3M RSF Operating 1.4M SF Active/Future Development

85ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to "Megacampus" in the appendix. Campus Point Provides an Unmatched Campus Experience That Enables Tenants to Recruit and Retain Top Talent There is no way anyone would ever go back to any other real estate group after having access to all these amenities with ARE.” LARGE PHARMACEUTICAL TENANT ALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY SPACE PLACE SERVICE

86ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Service Platform Curates Ecosystem Events That Drive Innovation, Engagement, and Teamwork White-Glove Operational Team Refer to "Megacampus" in the appendix. 1. Events held from January 1, 2025 through November 18, 2025 at Alexandria properties. Being part of Alexandria’s ecosystem gives our team access to a thriving community of innovators. It’s not only elevated our culture but also made it easier to attract and retain top talent who want to be part of this amazing environment.” LARGE PHARMACEUTICAL TENANT SPACE PLACE SERVICEALEXANDRIA’S UNIQUE MEGACAMPUS™ STRATEGY ACROSS OUR SAN DIEGO PORTFOLIO IN 20251 ~1,500 EVENTS

87ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of September 30, 2025. Refer to "Annual rental revenue" in the appendix 1. ARR represents annual rental revenue in effect as of September 30, 2025. 2. Represents the weighted-average lease term at our Campus Point by Alexandria Megacampus as of September 30, 2025, pro forma for one 15-year lease at our 4135 Campus Point Court development project expected to be delivered during 3Q26. Excludes one 16-year lease at our committed near-term project expected to commence construction in the next year that is 100% pre-leased to a long-standing multinational pharmaceutical tenant. Including this lease, the weighted- average lease term at our Campus Point by Alexandria Megacampus as of September 30, 2025 is 11.4 years. Campus Point’s Strong and Diverse Tenant Base Drives High-Quality Cash Flows and Strong Occupancy 24% Advanced Technologies 99.5% Occupancy 9.2 YEARS Weighted-Average Lease Term2 85% of Annual Rental Revenue Is From Credit Tenants 55% Multinational Pharmaceutical CAMPUS POINT BY ALEXANDRIA’S TENANT MIX ARR AS OF 3Q251 7% Biomedical Institutions 6% Private Biotechnology 5% Public Biotechnology 2% Life Science Product, Service, and Device <1% Other

88ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of September 30, 2025. Refer to “Annual rental revenue” and “Megacampus” in the appendix. 1. Represents the growth in annual rental revenue and RSF of a select group of tenants at our Campus Point by Alexandria Megacampus from their initial lease or San Diego footprint immediately preceding their most recent expansion, compared to their most recent lease. The Alexandria Megacampus™ Platform Is a Pipeline for Growth Starting ARR 3Q25 ARR ~$33.0M ~$130.7M 4.0x INCREASE in Annual Rental Revenue From Campus Point Tenants Since Initial Lease1 RSF Growth by Tenants at Campus Point Since Initial Lease1 2.3x

89ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 CAMPUS POINT BY ALEXANDRIA’S STRONG FINANCIAL PERFORMANCE As of September 30, 2025. Refer to “Megacampus” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. Each year shown represents when the property or land parcel was acquired. 1. Represents the year in which Campus Point aggregated over 1 million RSF, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. 2. Value-creation margin calculated as gain divided by gross book value plus the cost to complete build-to-suit development projects in our active and near-term pipeline for two multinational pharmaceutical companies as of September 30, 2025. Gain calculated as follows: (a) net operating income (cash basis) for the three months ended September 30, 2025 annualized, as adjusted, with future stabilized net operating income (cash basis) from executed leases on the development projects in our active and near-term pipeline divided by the submarket capitalization rate of 5.7% as of September 30, 2025 plus (b) land book value as of September 30, 2025 less (c) net book value plus cost to complete build-to-suit development projects in our active and near-term pipeline for two multinational pharmaceutical companies as of September 30, 2025. Active, 100% Pre-Leased Committed Near-Term, or Future Development Operating Property Cash NOI Growth Since 4Q151 563% 2010 Multi-Tenant 2019 Large Pharma 2018 Parking 2018 Advanced Tech 2017 Large Pharma 2010 Multi-Tenant 2015 Large Pharma 2019 Multi-Tenant VALUE- CREATION MARGIN2 16% 2022 Third-Party Residential Methodically acquiring assets and land from 2010 to 2022 to create an irreplicable Megacampus™ ecosystem

90ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 THE ALEXANDRIA BRAND MEANS TRUST Enduring, Long-Standing Strategic Relationships in the Life Science Community — 1996 —— 1996 — — 2009 —— 2009 —— 2007 — — 2008 — — 2010 — — 2011 — — 2013 — — 2015 —— 2010 — — 2006 —— 2004 — — 2005 — — 2005 — — 1998 — — 2000 — — 2002 — An Unmatched Client Base of ~700 Tenants1 Each year represents the start of Alexandria’s relationship with each tenant either through (i) an executed lease agreement with the tenant, (ii) Alexandria’s acquisition of property where the tenant was located, (iii) the tenant’s acquisition of an existing Alexandria tenant, or (iv) the sale-leaseback of the tenant’s property. 1. Represents the years ended December 31, 2021 through 2024 and the nine months ended September 30, 2025. >80% Average Tenant Retention Rate for the Past 5 Years1

91ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Initial stabilized yield (unlevered)” in the appendix. 1. Excludes revenues from tenant-funded and –built improvements and future expense recoveries. 2. Represents the initial stabilized yield (cash basis) of 6.5% less the market capitalization rate of 5.7%, divided by the market capitalization rate of 5.7%. Total Rental Revenue Over Lease Term1 ~$800M Alexandria Executes Largest Life Science Lease in Company History With Long-Standing Multinational Pharmaceutical Tenant 16-YEAR LEASE 467K RSF BUILD-TO-SUIT BIOMEDICAL RESEARCH HUB Value-Creation Margin2 14%

92ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 ELI LILLY Greater Boston SPONSORSHIP MATTERS: THE WORLD’S LEADING INNOVATORS TRUST ALEXANDRIA BAYER San Diego BRISTOL MYERS SQUIBB San Diego KYMERA THERAPEUTICS Greater Boston EIKON THERAPEUTICS San Francisco Bay Area LILLY GATEWAY LABS San Diego LEIDOS San Diego VERTEX San Diego BEAM THERAPEUTICS Research Triangle ILLUMINA San Diego MERCK San Francisco Bay Area MILLIPORESIGMA Maryland

93ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 ALEXANDRIA’S IRREPLACEABLE MEGACAMPUS™ PLATFORM DRIVES SUPERIOR OPERATING RESULTS 26 MEGACAMPUS ECOSYSTEMS As of September 30, 2025. Refer to “Megacampus” in the appendix. 27.1M RSF in Operation

94ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Highly Differentiated Megacampus™ Platform Anchors Our High-Quality Asset Base Clustered in the Key Centers of Life Science Innovation As of September 30, 2025. Refer to “Megacampus” in the appendix. SEATTLE GREATER BOSTON SAN FRANCISCO BAY AREA RESEARCH TRIANGLE MARYLAND SAN DIEGO 4.7M RSF 7.7M RSF 5.0M RSF 2.6M RSF 3.2M RSF 1.7M RSF TEXAS 1.5M RSF 26 ALEXANDRIA MEGACAMPUSES 27.1M RSF in Operation 3 Megacampuses 5 Megacampuses 5 Megacampuses 7 Megacampuses 1 Megacampus 3 Megacampuses NEW YORK CITY 743K RSF 1 Megacampus 1 Megacampus

95ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Highly Differentiated Megacampus™ Platform Anchors Our High-Quality Asset Base Clustered in the Key Centers of Life Science Innovation As of September 30, 2025. Refer to “Megacampus” in the appendix. SEATTLE GREATER BOSTON SAN FRANCISCO BAY AREA RESEARCH TRIANGLE MARYLAND SAN DIEGO Alexandria Technology Square® Alexandria Center® for Science and Technology – Mission Bay Campus Point by Alexandria 4.0M RSF Alexandria Center® at Kendall Square 6.8M RSF Alexandria Center® at One Kendall Square One Alexandria Square 3.8M RSF Alexandria Center® for Life Science – Eastlake 2.2M RSF The Arsenal on the Charles Alexandria Technology Center® – Gateway Alexandria Center® for Life Science – Durham 2.2M RSF Alexandria Center® for Life Science – Fenway Alexandria Center® for Life Science – Shady Grove 1.7M RSF Alexandria Center® for Advanced Technologies – South San Francisco SD Tech by Alexandria 5200 Illumina Way TEXAS 1.5M RSF Intersection Campus Alexandria Center® for Advanced Technologies – Canyon Park 17 ARE’S ESTABLISHED MEGACAMPUSES 22.3M RSF in Operation Established Megacampus >750,000 RSF in Operation

96ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 ALEXANDRIA’S PROPRIETARY ALGORITHM Driving Our Differentiated Megacampus™ Strategy CLUSTERING: THE DNA of the LIFE SCIENCE INDUSTRY THE DNA of the ALEXANDRIA MEGACAMPUS PLATFORM A L E X A N D R I A ’ S IRREPLACEABLE P L A T F O R M

97ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. Alexandria’s established megacampuses consist of over 750,000 RSF in operation as of September 30, 2025. 1. Represents the rental rate changes on renewed and re-leased spaces executed during 1Q23–3Q25. ALEXANDRIA’S ESTABLISHED MEGACAMPUSES1 ALEXANDRIA’S NON- MEGACAMPUSES1 MEGACAMPUS GROWTH PREMIUM Rental rate increases: 23.8% 15.4% 1.5x Rental rate increases (cash basis): 14.1% 5.8% 2.4x ALEXANDRIA CENTER® FOR LIFE SCIENCE – EASTLAKE MEGACAMPUS SEATTLE The Power of Alexandria’s Irreplaceable Megacampus™ Platform RENTAL RATE PREMIUM: 1Q23–3Q25

98ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to “Megacampus” in the appendix. Alexandria’s established megacampuses consist of over 750,000 RSF in operation as of September 30, 2025. 1. Represents the weighted-average term of each lease type executed during 1Q23–3Q25. ALEXANDRIA’S ESTABLISHED MEGACAMPUSES1 ALEXANDRIA’S NON- MEGACAMPUSES1 MEGACAMPUS OUTPERFORMANCE All Leases 11.7 8.3 3.4 Renewed/ Re-Leased 9.5 6.3 3.2 Previously Vacant 12.0 11.6 0.4 Development/ Redevelopment 14.4 9.3 5.1 The Alexandria Megacampus Platform Typically Drives Longer Average Lease Terms Relative to Our Non-Megacampus Assets The Power of Alexandria’s Irreplaceable Megacampus™ Platform LONGER AVERAGE LEASE TERM (IN YEARS): 1Q23–3Q25

99ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of September 30, 2025. Refer to “Annual rental revenue,” “Investment-grade or publicly traded large cap tenants,” and “Megacampus” in the appendix. Alexandria’s established megacampuses consist of over 750,000 RSF in operation as of September 30, 2025. The Power of Alexandria’s Irreplaceable Megacampus™ Platform SUPERIOR CREDIT PROFILE ALEXANDRIA’S ESTABLISHED MEGACAMPUSES 40%60% Investment- Grade or Publicly Traded Large Cap Tenants Non- Investment Grade or Non-Large Cap 60% BY ANNUAL RENTAL REVENUE – 3Q25 ALEXANDRIA’S NON-MEGACAMPUSES 64% 36% Non- Investment Grade or Non-Large CapInvestment- Grade or Publicly Traded Large Cap Tenants 36% BY ANNUAL RENTAL REVENUE – 3Q25

100ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 The Power of Alexandria’s Irreplaceable Megacampus™ Platform OCCUPANCY OUTPERFORMANCE Refer to “Megacampus” in the appendix. Alexandria’s established megacampuses consist of over 750,000 RSF in operation as of September 30, 2025. 1. Represents the average occupancy of Alexandria operating properties within the Greater Boston, San Francisco Bay Area, and San Diego markets, weighted by RSF, as of September 30, 2025. 2. Represents the average market occupancy for the Greater Boston, San Francisco Bay Area, and San Diego markets as of September 30, 2025, per the Q2 2025 U.S. Life Sciences Report published by CBRE Research. 90% 89% ALEXANDRIA’S ESTABLISHED MEGACAMPUSES1 ALEXANDRIA’S NON- MEGACAMPUSES1 vs vs ALEXANDRIA’S TOP 3 MARKETS: GREATER BOSTON, SAN FRANCISCO BAY AREA, AND SAN DIEGO 73% MARKET2

101ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Refer to ”Megacampus” in the appendix. RENTAL RATE GROWTH PREMIUM LONGER LEASE TERMS HIGHER-QUALITY TENANTS OCCUPANCY OUTPERFORMANCE CLUSTERING: THE DNA of the LIFE SCIENCE INDUSTRY THE DNA of the ALEXANDRIA MEGACAMPUS PLATFORM Alexandria’s Irreplaceable Megacampus™ Platform DRIVES SUPERIOR OPERATING RESULTS AND POSITIONS THE COMPANY TO OVERCOME CURRENT CHALLENGES

103ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2025 FFO Per Share Midpoint of $9.011 Occupancy Range as of 12/31/25 of 90.0% to 91.6% ~$1.5B of Dispositions of Non-Core Assets (Land, Stabilized, and Non-Stabilized) to Recycle Capital2 4Q25 Annualized Leverage Target Range of 5.5x to 6.0x3 G&A Reduction: Down $48M, or 29%, Compared to 20244 Paydown of Debt in 4Q25: ~$41M of Proceeds From Monetization of Non-Real Estate Investments5 2025 GUIDANCE UPDATE 1. Represents the midpoint of our guidance range for 2025 funds from operations per share – diluted, as adjusted, disclosed on December 3, 2025. Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria's common stockholders” in the appendix and our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Represents the midpoint of our guidance range for 2025 dispositions and sales of partial interests disclosed on December 3, 2025. 3. Represents our guidance range for net debt and preferred stock to Adjusted EBITDA for 4Q25 annualized disclosed on October 27, 2025. Refer to “Net debt and preferred stock to Adjusted EBITDA“ in the appendix. 4. Based on the midpoint of our guidance range for 2025 general and administrative expenses. 5. We expect to receive proceeds aggregating approximately $41M related to certain non-real estate investments and expect to recognize realized investment losses aggregating approximately $103M in 4Q25, which will be included in 2025 earnings per share and funds from operations and excluded from 2025 funds from operations per share – diluted, as adjusted. Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the appendix and our Current Report on Form 8-K filed on December 3, 2025 for additional details. 3Q25 2025 INVESTOR DAY Unchanged Unchanged Unchanged Unchanged Unchanged Favorable Update

104ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 As of December 3, 2025. 1. Represents the midpoint of our guidance range for 2025 dispositions and sales of partial interests disclosed on December 3, 2025. 2. Sales price represents or based on completed and pending dispositions under non-refundable deposits and signed letters of intent or purchase and sale agreements as of December 3, 2025 aggregating $1.8B. Refer to our Current Report and Form 8-K filed on December 3, 2025 for additional details. 21% 21% 58% Stabilized Properties Land Non- Stabilized Properties $695M $840M $296M Completed Non-Refundable Deposit Under Signed LOI/PSA 2025 DISPOSITIONS UPDATE On Track to Meet or Exceed $1.5 Billion1 Midpoint of Our 2025 Guidance Range $1,535M Completed or Non-Refundable Deposit $1.8B TRANSACTION STATUS2 TYPE OF SALE2

105ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Changes to Projects Expected to Stabilize in 2026 As of 3Q25, Pro Forma for Expected Changes Refer to “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Property was designated as held for sale as of December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Represents the incremental annual net operating income from projects remaining in the pipeline. Also includes expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 4Q25 through 4Q26 is projected to be $77M. Located on Megacampus Leased/ Negotiating Remains in Pipeline Held for Sale1 Continue Construction Evaluating Business Strategy 2026 STABILIZATION 99 Coolidge Avenue, Greater Boston X 81% X 4135 Campus Point Court, San Diego X 100% X 10075 Barnes Canyon Road, San Diego X 68% X Weighted Average – Megacampus Projects 86% 8800 Technology Forest Place, Texas 41% X Canada X Weighted Average – Total 81% $105M Incremental Annual NOI From 4Q25–4Q26 Deliveries2

106ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Changes to Projects Expected to Stabilize in 2027 and Beyond As of 3Q25, Pro Forma for Expected Changes Refer to “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Properties were designated as held for sale as of December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Property will be placed back into operation for purposes of operating occupancy and same property comparisons as of 4Q25. 3. Represents the incremental annual NOI from projects remaining in the pipeline. Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service in 2027 and beyond is projected to be $204M. Located on Megacampus Leased/ Negotiating Remains in Pipeline Held for Sale1 Reposition as Office Continue Construction Evaluating Business Strategy 2027 AND BEYOND STABILIZATION 311 Arsenal Street, Greater Boston X 7% X 421 Park Drive, Greater Boston X 13% X 40 Sylvan Road, Greater Boston X −% X 50 and 60 Sylvan Road, Greater Boston X 74% X 3000 Minuteman Road, Greater Boston −% X 1450 Owens Street, SFBA X 49% X 269 East Grand Avenue, SFBA X −% X 701 Dexter Avenue, Seattle X 23% X 401 Park Drive, Greater Boston X X2 One Hampshire Street, Greater Boston X 651 Gateway Boulevard, SFBA X 100% PRE-LEASED COMMITTED PROJECT Campus Point by Alexandria, San Diego X 100% X Weighted Average – Total 32% $240M Incremental Annual NOI From 2027 and Beyond Deliveries3

108ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. Represents the percentage change of the midpoints of our guidance ranges for 2025 funds from operations per share – diluted, as adjusted, compared to 2026 funds from operations per share – diluted, as adjusted, disclosed on December 3, 2025. 2. Includes change in capitalized interest related to pipeline projects expected to be sold during the years ending December 31, 2025 and 2026. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. Key Components Impacting 2026 Funds From Operations Per Share Guidance % Change in FFO From 2025 to 20261 Core Operations: Primarily Driven by Lower Occupancy (9)% Capitalized Interest: Primarily Driven by Dispositions and Milestones Reached (6)2 Realized Gains on Non-Real Estate Investments: Lower Compared to 2025 (2) General and Administrative Expenses: Higher Compared to 2025 (2) Dispositions: 2025 and 2026 Dispositions Primarily of Non-Core Assets (7) Other (3) (29)%

109ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 $6.40 MIDPOINT FUNDS FROM OPERATIONS PER SHARE1 $6.25 TO $6.55 2026 GUIDANCE RANGE 1. Represents funds from operations per share – diluted, as adjusted. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted, because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the appendix and our Current Report on Form 8-K filed on December 3, 2025 for additional details. ALEXANDRIA’S 2026 GUIDANCE FUNDS FROM OPERATIONS PER SHARE

110ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. Represents the implied range for 4Q25 funds from operations per share – diluted, as adjusted, based on our full-year guidance range for 2025 funds from operations per share – diluted, as adjusted, disclosed on December 3, 2025. 2. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted, because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the appendix. $2.13 to $2.19 $1.40 to $1.60 4Q25¹ 1Q26 2Q26 3Q26 4Q26 Expect Quarterly FFO to Flatten in 2H26 Primarily Due to Weighting of Dispositions Around Midyear 2026 Funds From Operations Per Share Guidance PROJECTED QUARTERLY FFO PER SHARE – DILUTED, AS ADJUSTED2

111ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. Represents our guidance range for operating occupancy percentage in North America as of December 31, 2026. OCCUPANCY AT DECEMBER 31, 20261 87.7% TO 89.3% SAME PROPERTY NET OPERATING INCOME PERFORMANCE (9.5)% TO (7.5)% RENTAL RATE CHANGES ON LEASE RENEWALS AND RE-LEASING OF SPACE (2.0)% TO 6.0% (9.5)% TO (7.5)% (CASH BASIS) (12.0)% TO (4.0)% Ranges Reflect Expected Challenged Demand and Elevated Supply Across the Life Science Real Estate Sector (CASH BASIS) ALEXANDRIA’S 2026 GUIDANCE OPERATING METRICS

112ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Historical Same Property Cash NOI Performance Refer to “Net operating income, net operating income (cash basis), and operating margin” and “Same property” in the appendix. 1. Represents the midpoints of our guidance ranges for 2025 and 2026 same property operating income performance (cash basis) disclosed on October 27, 2025 and December 3, 2025, respectively. 7.3% 4.7% 1.5% 4.1% 3.5% 5.4% 5.5% 4.7% 6.0% 6.8% 9.2% 7.1% 5.1% 7.1% 9.6% 4.6% 4.6% (0.2)% (8.5)% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Guidance Midpoint¹ 2026 Guidance Midpoint¹ SAME PROPERTY NOI PERFORMANCE (CASH BASIS)

113ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Key Drivers of 2026 Same Property Performance Same Property Performance Primarily Driven by Occupancy 1. ARR represents annual rental revenue as of September 30, 2025. Refer to ”Annual rental revenue" in the appendix. 2. Represents a weighted-average estimate for two tenants in the San Francisco Bay Area market. We are in early negotiations for the re-lease of these spaces. (5)% TO (3)% Projected Same Property Occupancy Decline 2026 vs 2025 (9.5)% TO (7.5)% (9.5)% TO (7.5)% 2026 GUIDANCE RANGES Same Property Net Operating Income Performance (CASH BASIS) Key 2026 Lease Expirations/ Known Vacancies: As Initially Disclosed in 2Q25 and Subsequently Updated 1.2M RSF | $79M of ARR1 Potential Early Terminations: Temporary Downtime for Construction Post-Termination With Re-Lease2 ~250K RSF | $16M of ARR1 Potential Tenant Wind-Downs: Assumed Downtime Without Immediate Backfill ~500K RSF | $23M of ARR1

114ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Summary of Key 2026 Lease Expirations/Known Vacancies Lease expiration information as of September 30, 2025 and leasing status as of December 3, 2025. ARR represents annual rental revenue in effect as of September 30, 2025. Refer to “Annual rental revenue” and “Megacampus” in the appendix. 1. Approximately 74% of the 527,049 RSF expiring leases are located on a Megacampus. Initially Disclosed in 2Q25 and Subsequently Updated Lease Expirations/Known Vacancies by ARR (in Thousands) Campus or Property Submarket RSF Located on Megacampus Weighted- Average Expiration Date Negotiating/ Anticipating Tenant From Acquisitions Relocation/ Consolidation Within ARE Portfolio Space Requires Major Renovation/ Other Total Alexandria Stanford Life Science District Greater Stanford 137,970 Jun 2026 $ - $ 12,899 $ - $ - $ 12,899 One Alexandria Square Torrey Pines 118,225 X Jan 2026 4,848 - 5,216 - 10,064 Alexandria Center® at One Kendall Square Cambridge 92,775 X May 2026 - - 4,514 3,269 7,783 9625 Towne Centre Drive University Town Center 163,648 Jan 2026 - - - 6,520 6,520 The Arsenal on the Charles Cambridge/Inner Suburbs 62,142 X Mar 2026 - - 5,300 675 5,975 5810/5820 Nancy Ridge Drive Sorrento Mesa 83,354 Jan 2026 4,621 - - - 4,621 Alexandria Center® at Kendall Square Cambridge 45,636 X Jan 2026 - - - 4,564 4,564 Remaining Various 527,049 (1) Apr 2026 - 7,287 3,544 15,493 26,324 1,230,799 Mar 2026 $ 9,469 $ 20,186 $ 18,574 $ 30,521 $ 78,750 12% 26% 23% 39% 100%

115ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Summary of 2026 Lease Expirations RSF as of 3Q25 Lease expiration information as of September 30, 2025 and leasing status as of December 3, 2025. 1. Represents lease expirations at properties that may be sold in 2026 but have not met the held for sale criteria as of December 3, 2025. 2. Relates to a 100% pre-leased single-tenant development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the beginning of 2026, the tenant will vacate 52,620 RSF, which generated annual rental revenue of $4.1M as of 3Q25, from an existing building to allow for the demolition and development of the new, build-to-suit life science building at this site. 3. Represents lease expirations at properties that were designated as held for sale as of December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. LEASED NEGOTIATING/ ANTICIPATING TOO EARLY SUBTOTAL TARGETED FOR FUTURE DEVELOPMENT POTENTIAL DISPOSITIONS1 TOTAL 494,758 64,717 737,393 1,296,868 52,6202 286,589 1,636,077 Key Lease Expirations/Known Vacancies 1,230,799 Held for Sale as of 12/3/253 217,775 Total 2026 Lease Expirations 3,084,651 60% to 70% Anticipated Retention Rate 68% Are Located on Megacampuses

116ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Known Vacancies Address/Market – Submarket Located on Megacampus Expiration Date Early Discussions for Renewal or Re-Lease Too Early Negotiating/ Anticipating Tenant From Acquisition Tenant Consolidating Back Into Owned Property Relocation/ Consolidation Within ARE Portfolio 10300 Campus Point Drive/San Diego – University Town Center X Mar 2027 – – – – – 190,085 259 East Grand Avenue/San Francisco Bay Area – South San Francisco X Jan 2027 – – 170,6181 – – – 9645 Scranton Road/San Diego – Sorrento Mesa X Oct 2027 – 132,200 – – – – 249 East Grand Avenue/San Francisco Bay Area – South San Francisco X Jan 2027 – – – – 129,501 – 199 East Blaine Street/Seattle – South Lake Union X Jun 2027 109,969 - – – – – 1150 Eastlake Avenue East/Seattle – South Lake Union X Jun 2027 – – – – – 99,271 428 Westlake North/Seattle – South Lake Union X Mar 2027 – 83,090 – – – – 3307 Hillview Avenue/San Francisco Bay Area – Greater Stanford Mar 2027 – – – 78,308 – – 450 East 29th Street/New York City – New York City X Feb 2027 72,428 – – – – – 507 East Howard Lane/Texas – Austin X Jan 2027 – 65,551 – – – – 182,397 280,841 170,618 78,308 129,501 289,356 16% 25% 15% 7% 11% 26% Summary of Top 10 Lease Expirations in 2027 Lease expiration information as of September 30, 2025 and leasing status as of December 3, 2025. 1. There is downtime associated with this lease expiration and re-lease of the space for construction related to building and tenant improvements prior to delivery to the new tenant. RSF as of 3Q25 41% 59%

117ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 1. Represents the anticipated occupancy benefit related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for designation as held for sale by December 31, 2026, but that have not yet qualified for such designation as of December 3, 2025. 2. Represents the midpoint of our guidance range for occupancy percentage of operating properties in North America as of December 31, 2025 disclosed on October 27, 2025. 3. Represents the midpoint of our guidance range for occupancy percentage of operating properties in North America as of December 31, 2026 disclosed on December 3, 2025. 4. Represents operating properties in North America as of each period-end. Alexandria’s Occupancy Guidance We Expect a Meaningful Occupancy Benefit From Properties That May Be Sold in 2026 90.6% 90.8% 88.5% 3Q25 Actual 4Q25 Guidance Midpoint² 4Q26 Guidance Midpoint³ ~2% Anticipated Benefit From Properties That May Be Sold in 20261 OPERATING OCCUPANCY PERCENTAGE4

118ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Guidance for Rental Rate Changes on Renewed/Re-Leased Space 1. Represents the midpoints of our guidance ranges for 2025 and 2026 rental rate changes and rental rate changes (cash basis) disclosed on October 27, 2025 and December 3, 2025, respectively. Focus on Meeting the Market and Growing Occupancy Over Time RENTAL RATE CHANGE (CASH BASIS) 17.2% 11.0% 2.0% RENTAL RATE CHANGE 7.4% 4.5% (8.0)% Pre-COVID 10-Year Average (2010–2019) 2026 Guidance Midpoint1 2025 Guidance Midpoint1 Pre-COVID 10-Year Average (2010–2019) 2026 Guidance Midpoint1 2025 Guidance Midpoint1

119ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Continued Successful Management of G&A in 2026 1. Represents or based on the midpoints of our guidance ranges for 2025 and 2026 general and administrative expenses disclosed on October 27, 2025 and December 3, 2025, respectively. GENERAL AND ADMINISTRATION EXPENSES $168M $120M $144M 2024 2025 Guidance Midpoint¹ 2026 Guidance Midpoint¹ o Primarily the result of cost-control and efficiency initiatives related to reducing personnel-related costs and streamlining business processes o Approximately half the 2025 cost savings are expected to be temporary in nature $134M TO $154M 2026 GUIDANCE RANGE $72M Projected Cumulative G&A Savings in 2025 and 2026 Compared to 20241 ALEXANDRIA’S 2026 GUIDANCE GENERAL AND ADMINISTRATION EXPENSES

120ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME3 ALEXANDRIA’S GENERAL AND ADMINISTRATIVE EXPENSE LEVELS OUTPERFORM OTHER REITS 1. Source for S&P 500 REIT data: S&P Global Market Intelligence. Represents the annual average of the years ended December 31, 2023 and 2024 and the trailing twelve months ended September 30, 2025. 2. For the trailing twelve months ending December 31, 2026. 3. Refer to “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 11.3% 7.4% to 8.9% S&P 500 REIT Average 2023–3Q25 (Excluding Alexandria)¹ Alexandria′s 2026 Guidance Range²

121ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Strong Adjusted EBITDA Margin Relative to Other Sectors 27% 47% 55% 55% 56% 64% to 69% 71% 76% Lodging/Resorts Health Care Office Industrial Residential ARE 2026 Projected¹ ARE YTD 3Q25 Retail ADJUSTED EBITDA MARGIN2 Sources: S&P Global Market Intelligence for percentages of REIT asset types; internal records for ARE. Information is for the nine months ended September 30, 2025, except as noted. 1. For the trailing twelve months ending December 31, 2026. 2. Refer to “Adjusted EBITDA and Adjusted EBITDA margin” in the appendix.

122ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2026 GUIDANCE RANGES $230M TO $280M CAPITALIZATION OF INTEREST $225M TO $275M INTEREST EXPENSE ALEXANDRIA’S 2026 GUIDANCE INTEREST EXPENSE

123ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Key Components of Reduction in 2026 Capitalized Interest 1. Represents or based on the midpoints of our guidance ranges for 2025 and 2026 capitalization of interest disclosed on October 27, 2025 and December 3, 2025, respectively. 2. Represents the change in capitalized interest from dispositions completed and pending in 2025 and projected dispositions in 2026 based on the midpoint of our guidance range for 2026 dispositions and sales of partial interests disclosed on December 3, 2025. 3. Includes changes in capitalized interest from pipeline deliveries, net of additional construction spending during 2026. $335M $250M $(80M) to $(60M) $(20M) to $0M $(15M) to $5M 2025 Guidance Midpoint¹ Dispositions Projected Pause in Pre-Construction Activities on Land¹ Change in Active Pipeline and Other 2026 Guidance Midpoint¹ CAPITALIZED INTEREST ~$85M or ~25% DECLINE vs 20251 1,3 1,2

124ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Anticipated Reduction of Capitalized Interest as Non-Income-Producing Assets and Development Activities Decrease $8.4B $4.0B to $5.5B 3Q25 4Q26 Projected AVERAGE REAL ESTATE BASIS CAPITALIZED DURING THE QUARTER

125ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Anticipated Progress on Reducing Non-Income-Producing Assets NON-INCOME-PRODUCING ASSETS AS A PERCENTAGE OF GROSS ASSETS 20% 11% to 16% 12/31/24 12/31/26 Projected

126ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 RECALIBRATE INVESTMENT GAINS 1. Represents the midpoints of our guidance ranges for 2025 and 2026 realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, disclosed on October 27, 2025 and December 3, 2025, respectively. 2. Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant gains, losses, and impairments realized on non-real estate investments, if any. Refer to “Investments” and “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the appendix. $50M $72M $106M $101M $81M $117M $110M $75M 2019 2020 2021 2022 2023 2024 2025 Guidance Midpoint¹ 2026 Guidance Midpoint¹ REALIZED GAINS INCLUDED IN FFO PER SHARE – DILUTED, AS ADJUSTED $60M TO $90M 2026 GUIDANCE RANGE Alexandria’s Venture Investment Gains Expected to Return to 2020 Levels ALEXANDRIA’S 2026 GUIDANCE REALIZED GAINS AND LOSSES ON NON-REAL ESTATE INVESTMENTS2

127ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 $ in millions. 1. Represents the midpoints of our guidance ranges for 2026 key sources of capital disclosed on December 3, 2025. Refer to the appendix for our guidance ranges. 2. Refer to “Net cash provided by operating activities after dividends” in the appendix. 3. Refer to “Development, redevelopment, and pre-construction” in the appendix. 2026 Guidance Midpoint¹ Reduction in debt $ (1,675) Net cash provided by operating activities after dividends² 525 Dispositions and sales of partial interests 2,900 Total key sources of capital $ 1,750 $ 1,750Construction³ Total key uses of capital $ 1,750 ALEXANDRIA’S 2026 GUIDANCE KEY SOURCES AND USES OF CAPITAL

128ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 CAMPUS POINT BY ALEXANDRIA MEGACAMPUS™ 4135 CAMPUS POINT COURT | SAN DIEGO ALEXANDRIA’S CONTINUED MODERATION OF CONSTRUCTION SPENDING OVER THE PAST SEVERAL YEARS $2.8B $1.7B Average Annual 2021–2023 Average Annual 2024–2026 Projected¹ ANNUAL CONSTRUCTION SPENDING 39% DECREASE 1. Includes the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025.

129ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 10% 66% 24% Alexandria’s 2026 Guidance for Construction Spending Primarily Focused on Lease-Up of Vacant Space and Active Construction Projects 1. Represents, and percentages based on, the midpoint of our guidance range for 2026 construction before contributions from noncontrolling interests (consolidated real estate joint ventures) and tenant-funded and -built landlord improvements. Refer to “Development, redevelopment, and pre-construction” in the appendix. 2. Includes one 100% pre-leased committed near-term project expected to commence construction in the next year. Also includes smaller conversions to laboratory space through redevelopment. REVENUE-/NON-REVENUE- ENHANCING CAPITAL EXPENDITURES MINIMAL FUTURE PIPELINE PRE-CONSTRUCTION (~75% represents capitalized costs) ACTIVE CONSTRUCTION PROJECTS • Includes development and redevelopment under construction2 2026 GUIDANCE MIDPOINT1 • Includes repositioning of existing and known future vacancies $1.75B PROJECTED 2026 CONSTRUCTION

130ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria Expects Elevated Revenue- and Non-Revenue-Enhancing Capital Expenditures in 2026 Related to Lease-Up of Vacancy at Operating Properties Refer to “Development, redevelopment, and pre-construction” and “Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Represents the average of our share of revenue-/non-revenue-enhancing capital expenditures (including leasing commissions) as a percentage of net operating income for the years ended December 31, 2022 through 2024 and projected amounts for the years ending December 31, 2025 and 2026, based on the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025. 2. Based on the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025. REVENUE-/NON-REVENUE-ENHANCING CAPITAL EXPENDITURES AS A PERCENTAGE OF NOI1 13% 13% 14% 15% to 20% 27% to 32% 2022 2023 2024 2025 Guidance Range² 2026 Guidance Range² TOP 2 PROJECTS IN 20265-YEAR AVERAGE (2022–2026) Revenue- and Non-Revenue-Enhancing Capital Expenditures as a Percentage of NOI1 17% ~55% of Total 2026 Revenue- and Non-Revenue- Enhancing Capital Expenditures Alexandria Megacampus Properties Years Since Last Renovation Alexandria Center® for Advanced Technologies – South San Francisco San Francisco Bay Area 12 16 Alexandria Technology Square® Greater Boston

131ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s 2026 Funding Plan We Intend to Fund 2026 Capital Needs Primarily With Retained Cash Flows, Dispositions of Non-Core Assets, and Joint Ventures 1. Represents net cash from operating activities after dividends and distributions. Refer to “Net cash provided by operating activities after dividends” in the appendix. CASH FLOWS FROM OPERATING ACTIVITIES AFTER DIVIDENDS¹ NON-CORE DISPOSITIONS JOINT VENTURES

132ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2026 Self-Funding and Capital Recycling Strategy 1. In December 2025, our Board of Directors declared a quarterly cash dividend of $0.72 per common share for 4Q25, representing a 45% reduction from the quarterly dividend declared of $1.32 for 3Q25. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Represents or based on the midpoints of our guidance ranges for 2026 key sources and uses of capital, 2026 dispositions and sales of partial interests, and net debt to Adjusted EBITDA – 4Q26 annualized disclosed on December 3, 2025. 2026 Self-Funding Sources 2026 Capital Needs 45% Dividend Reduction1 Dispositions and Sales of Partial Interests2 2026 Guidance Midpoint2 Key Sources of Capital Reduction in debt $ (1,075) $ – $ (600) $ (1,675) Net cash provided by operating activities after dividends 115 410 – 525 Dispositions and sales of partial interests – – 2,900 2,900 Funding needed to achieve leverage target 2,710 (410) (2,300) – $ 1,750 $ – $ – $ 1,750 Key Uses of Capital Construction $ 1,750 $ – $ – $ 1,750 $ 1,750 $ – $ – $ 1,750 Range for Net Debt to Adjusted EBITDA – 4Q26 Annualized 5.6x–6.2x 5.6x–6.2x

133ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s 45% Dividend Reduction to Conserve $410M of Capital 1. Source of peer data: S&P Global Market Intelligence. S&P 500 REIT average dividend yield is calculated as 3Q25 quarterly dividend, annualized, divided by the closing stock price as of November 17, 2025. Based on an average of S&P 500 REITs, excluding ARE. 2. Calculated as 3Q25 quarterly dividend annualized, divided by the closing stock price of $58.22 as of October 31, 2025. 3. Pro forma for a 45% dividend reduction relative to 3Q25 annualized. In December 2025, our Board of Directors declared a quarterly cash dividend of $0.72 per common share for 4Q25, representing a 45% reduction from the quarterly dividend declared of $1.32 for 3Q25. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. Allows for Retaining Significant Cash Flow for Reinvestment While Maintaining an Attractive Dividend Yield 4.2% 9.1% 5.0% S&P 500 REIT Average¹ 10/31/25 Prior to Dividend Reduction² 10/31/25 Pro Forma for Dividend Reduction³ DIVIDEND YIELD

134ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Net Cash Flows From Operating Activities After Dividends We Have Retained Significant Cash Flows to Reinvest Into the Company 1. Represents the midpoints of our guidance ranges for 2025 and 2026 net cash provided by operating activities after dividends disclosed on December 3, 2025. 2. Represents net cash from operating activities after dividends and distributions. Refer to “Net cash provided by operating activities after dividends” in the appendix. $467M $536M $498M $475M $525M 2022 2023 2024 2025 Guidance Midpoint¹ 2026 Guidance Midpoint¹ NET CASH PROVIDED BY OPERATING ACTIVITIES AFTER DIVIDENDS2

135ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s 2026 Disposition Program Expect Substantial Completion of Large-Scale Non-Core Asset Sale Program in 2026 1. Represents or based on the midpoint of our guidance range for 2026 dispositions and sales of partial interests disclosed on December 3, 2025. 2. Represents average capitalization rate on all 2026 dispositions and sales of partial interests of non-core assets and excludes land and core dispositions or partial interest sales. Refer to "Capitalization rates" in the appendix. 3. Includes assets that have been classified as held for sale as of December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 25% to 35% 25% to 35% 35% to 45% $2.9B 2026 GUIDANCE MIDPOINT1 Land Non-Core Core PROJECTED 2026 DISPOSITIONS ~55% of 2026 Disposition Program Has Been Designated as Held for Sale or Targeted for Partial Interest Sales1,3 8.5% to 9.5% Average Capitalization Rate for Non-Core Dispositions (Excluding Land and Core Dispositions or Partial Interest Sales)²

136ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Long-Standing Track Record of Monetizing Embedded Asset Value: 2019–YTD 3Q25 Dispositions and Partial Interest Sales 1. Represents aggregate proceeds from outright sales and sales of partial interests. 2. Total gains and impairments include any amounts related to sales of partial interests recognized in additional paid-in capital. 2019–YTD 3Q25 AGGREGATE $10B Total Proceeds1 $3.6B Total Gains on Sales of Real Estate2 $1.4B Total Impairments of Real Estate2 $0.9 $1.1 $2.6 $2.2 $1.3 $1.4 $0.5 $0.4 $0.4 $1.1 $1.2 $0.3 $0.1 $0.0$0.01 $0.1 $0.1 $0.1 $0.4 $0.2 $0.5 2019 2020 2021 2022 2023 2024 YTD 3Q25 Total Proceeds¹ Total Gains² Total Impairments² 2019–YTD 3Q25 DISPOSITIONS AND PARTIAL INTEREST SALES ($ in Billions)

137ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Large-Scale Non-Core Disposition Plan Refer to “Annual rental revenue” and “Megacampus” in the appendix. 1. Represents non-core assets outside our Megacampus ecosystems. ANNUAL RENTAL REVENUE FROM MEGACAMPUS REAL ESTATE AND OTHER CORE ASSETS REDUCE EXPOSURE TO NON-CORE ASSETS INCREASE CONCENTRATION IN MEGACAMPUS™ ECOSYSTEMS 12% 5% to 10% 12/31/24 12/31/26 Projected ANNUAL RENTAL REVENUE FROM NON-CORE ASSETS1 90% to 95% 12/31/26 Projected

138ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Debt Repayment Strategy From Projected Disposition Proceeds $1.7B 2026 NET DEBT REDUCTION1 DEBT REPAYMENT PRIORITIES Existing Short-Term Borrowings $650M of 2026 Bond Maturities Potentially Other Bonds, Including 2027 Bond Maturity 1. Represents the midpoint of our guidance range for 2026 reduction in debt disclosed on December 3, 2025.

139ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Funds From Operations • Guidance range for 4Q26 funds from operations per share – diluted, as adjusted, of $1.40 to $1.601 Core Operations • Highly dependent on ability to lease vacant space in 2026 Capitalized Interest • Range of average real estate basis expected to be capitalized during 4Q26 of $4.0B to $5.5B Realized Gains on Non-Real Estate Investments2 • Projected 2026 investment gains expected to return to 2020 levels General and Administrative Expenses • Continued focus on expense management and operational excellence Dispositions • Expect substantial completion of large-scale non-core asset sale program in 2026 Key Factors Expected to Impact 2027 Results 1. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted, because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods. Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the appendix. 2. Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant gains, losses, and impairments realized on non-real estate investments, if any. Refer to “Investments” and “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the appendix.

140ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria Continues to Have a Strong and Flexible Balance Sheet With Significant Liquidity As of September 30, 2025. 1. Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2021 through September 30, 2025. 2. Top 15% 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 September 30, 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. 3. Sources: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025, except for ARE. TOP 15% BBB+ Stable Baa1 Negative CREDIT RATING RANKING AMONG ALL PUBLICLY TRADED U.S. REITS2 WEIGHTED AVERAGE REMAINING DEBT TERM (IN YEARS) 11.6 3.97% PERCENTAGE OF FIXED-RATE DEBT SINCE 20211 96.7% SIGNIFICANT LIQUIDITY DEBT INTEREST RATE $4.2B Longest Among S&P 500 REITs3

141ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Prudent Laddering of Debt Maturities As of September 30, 2025. 1. We expect to have limited borrowings with less than $500M outstanding on our unsecured senior line of credit and commercial paper program by the end of 2025. We expect to reduce the outstanding balance with proceeds from our 2025 dispositions expected to close in 4Q25. ($ in millions) $1,050 $850 $600 $650 $350 $425 $700 $2,700 $750 $900 $1,000 $800 $400 $300 $700 $1,000 $500 $0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 $2,400 $2,700 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2049 2050 2051 2052 2053 2054 Unsecured senior notes payable Unsecured senior line of credit and commercial paper 29% OF TOTAL DEBT 7% OF TOTAL DEBT 1

142ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria Has the Longest Weighted-Average Remaining Debt Term Among S&P 500 REITs at Nearly 2x the Average Debt Term for These REITs As of September 30, 2025. Sources for S&P 500 REITs: S&P Global Market Intelligence, Bloomberg, or company filings (data not disclosed for SBAC, PSA, and WY) as of September 30, 2025. 4.0 4.4 4.5 4.6 4.6 4.6 5.0 5.0 5.2 5.2 5.5 5.5 5.7 6.0 6.0 6.2 6.3 6.7 6.7 6.7 6.9 7.0 7.6 8.2 8.6 11.6 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 BXP DOC DLR EXR IRM UDR CPT VTR INVH HST O AMT WELL FRT CCI VICI MAA AVB EQR ESS EQIX REG SPG KIM PLD ARE WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) 5.9 Years Average Debt Term of S&P 500 REITs as of September 30, 2025

143ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Outstanding Fixed-Rate Long-Dated Bonds With Favorable Terms Relative to Market Discount Equivalent to ~$8 of NAV Per Share 1. As of September 30, 2025. 2. Source: Bloomberg. Mark-to-market of unsecured senior notes is calculated based on the market value as of September 30, 2025. $12.1B Principal Balance of Bonds1 $10.8B Fair Value of Bonds2 $1.3B Discount Amount ~$8 NAV Per Share Benefit 3.90% Coupon Rate1 12.6 Remaining Debt Term1 (in Years)

144ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 ALEXANDRIA’S SIGNIFICANT LIQUIDITY 1. Represents availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program; outstanding forward equity sales agreements; cash, cash equivalents, and restricted cash; availability under our secured construction loan; and investments in publicly traded companies as of each period-end. LIQUIDITY1 Impressive Growth in Liquidity Since 2010 $0.9B $2.0B $4.1B ~$5.0B ~$5.0B 2010 2015 2020 2025 Projected 2026 Projected GREATER THAN IN 2010 ~5.5x

145ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 2026 GUIDANCE RANGES 5.6x TO 6.2x FIXED-CHARGE COVERAGE RATIO 3.6x TO 4.1x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA Represents 4Q26 annualized. Refer to “Net debt and preferred stock to Adjusted EBITDA“ and “Fixed-charge coverage ratio“ in the appendix. ALEXANDRIA’S 2026 GUIDANCE CREDIT METRICS

146ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Net Debt and Preferred Stock to Adjusted EBITDA Refer to “Net debt and preferred stock to Adjusted EBITDA“ and "Net operating income, net operating income (cash basis), and operating margin” in the appendix. 1. Represents our guidance for net debt and preferred stock to Adjusted EBITDA for 4Q25 annualized, disclosed on October 27, 2025. 2. Represents our guidance for net debt and preferred stock to Adjusted EBITDA for 4Q26 annualized, disclosed on December 3, 2025. 3. Quarter annualized. NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA3 5.5x to 6.0x 5.6x to 6.2x 5.5x to 6.0x 4Q25 Projected¹ 4Q26 Projected² Near-Term Goal Beyond 2026 FACTORS IMPACTING LEVERAGE BEYOND 2026 Retained Cash Flows Future Occupancy Growth Incremental NOI From Active Pipeline Deliveries Lower Future Construction Spending on Pipeline Projects Dispositions and Partial Interest Sales

147ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Key Projected Financial Covenants Expect to Remain Comfortably in Compliance With Our Debt Covenants 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. UNSECURED SENIOR NOTES PAYABLE1 REQUIREMENT ACTUAL 9/30/25 PROJECTED 12/31/26 Total Debt to Total Assets ≤ 60% 32% 28% to 32% Secured Debt to Total Assets ≤ 40% −% −% Consolidated EBITDA to Interest Expense ≥ 1.5x 9.8x 5.5x to 6.5x Unencumbered Total Asset Value to Unsecured Debt ≥ 150% 302% 300% to 330% UNSECURED SENIOR LINE OF CREDIT1 REQUIREMENT ACTUAL 9/30/25 PROJECTED 12/31/26 Total Debt to Total Assets ≤ 60.0% 33.6% 30.0% to 35.0% Secured Debt to Total Assets ≤ 45.0% −% −% Consolidated EBITDA to Interest Expense ≥ 1.50x 3.58x 2.50x to 3.50x Unsecured Interest Coverage Ratio ≥ 1.75x 8.54x 5.50x to 6.50x

148ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Alexandria’s Important Mission and Values Are the Foundation of Our One-of-a-Kind, Consequential Company WE ARE MISSION DRIVEN To create and grow life science ecosystems and clusters that ignite and accelerate the world’s leading innovators in their noble pursuit to advance human health Core Values That Guide Us INTEGRITY MUTUAL RESPECT EGOLESS LEADERSHIP HUMILITY TRANSPARENCY TEAMWORK BEST IDEA WINS

150ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Definitions and Non-GAAP Reconciliations Adjusted EBITDA and Adjusted EBITDA margin 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 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 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, impairments of real estate, impairments of non-real estate investments, and changes in 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. 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 September 30, 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.

151ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Definitions and Non-GAAP Reconciliations 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. Class A/A+ properties and AAA locations Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These properties are typically well-located, professionally managed, and well-maintained, offering a wide range of amenities and featuring premium construction materials and finishes. Class A/A+ properties are generally newer or have undergone substantial redevelopment and are generally expected to command higher annual rental rates compared to other classes of similar properties. AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is important to note that our definition of property classification may not be directly comparable to other equity REITs. Development, redevelopment, and pre-construction A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A/A+ properties, and property enhancements identified during the underwriting of certain acquired properties, located in collaborative Megacampus ecosystems in AAA life science innovation clusters. 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 and 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 laboratories. 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. 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. 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.

152ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Definitions and Non-GAAP Reconciliations 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. 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). 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, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors. Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes that real estate values diminish over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the Nareit Board of Governors established funds from operations as an improved measurement tool. Since its introduction, funds from operations has become a widely used non-GAAP financial measure among equity REITs. We believe that funds from operations is helpful to investors as an additional measure of the performance of an equity REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our performance to the performance of other real estate companies on a consistent basis, without having to account for differences recognized because of real estate acquisition and disposition decisions, financing decisions, capital structure, capital market transactions, variances resulting from the volatility of market conditions outside of our control, or other corporate activities that may not be representative of the operating performance of our properties. The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”) defines funds from operations as net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of operating real estate assets, and after adjustments for our share of consolidated and unconsolidated partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair value over the recoverability period is less than the carrying value due to changes in general market conditions and do not necessarily reflect the operating performance of the properties during the corresponding period. We compute funds from operations, as adjusted, as funds from operations calculated in accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized on non-real estate investments, unrealized gains or losses on non-real estate investments, 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 with nonforfeitable dividends 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 with nonforfeitable dividends 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. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted, because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods.

153ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Definitions and Non-GAAP Reconciliations Initial stabilized yield (unlevered) Initial stabilized yield is calculated as the estimated amounts of net operating income at stabilization divided by our investment in the property. For this calculation, we exclude any tenant-funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment projects are generally expected to increase over time due to contractual annual rent escalations. Our estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion represent our initial estimates at the commencement of the project. We expect to update this information upon completion of the project, or sooner if there are significant changes to the expected project yields or costs. - Initial stabilized yield reflects rental income, including contractual rent escalations and any rent concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements. - Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property. Investment-grade or publicly traded large cap tenants Investment-grade or publicly traded large cap tenants represent tenants that are investment-grade rated or publicly traded companies with an average daily market capitalization greater than $10 billion for the twelve months ended September 30, 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. Megacampus™ A Megacampus is a cluster campus that consists of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. We consider Megacampuses that include a minimum of 750,000 operating RSF to be Established Megacampuses. These Megacampuses have realized the scale and flexibility that deliver strategic optionality to our tenants. We present certain metrics related to our Established Megacampuses because we believe they facilitate a more robust understanding of certain of our operating trends. Net cash provided by operating activities after dividends Net cash provided by operating activities after dividends is reduced by distributions to noncontrolling interests and excludes changes in operating assets and liabilities 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. 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, impairments of real estate, impairments of non-real estate investments, and changes in 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.

154ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Definitions and Non-GAAP Reconciliations Net operating income, net operating income (cash basis), and operating margin 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. We calculate operating margin as net operating income divided by total revenues. Operating statistics We present certain operating statistics related to our properties, including number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end of the period. We believe these measures are useful to investors because they facilitate an understanding of certain trends for our properties. We compute the number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at properties classified as held for sale, for all properties in which we have an investment, including properties owned by our consolidated and unconsolidated real estate joint ventures. For operating metrics based on annual rental revenue, refer to the definition of annual rental revenue herein. Same property Same property refers to all consolidated properties that were fully operating for the entirety of the comparative periods 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) are excluded from same property results. Additionally, termination fees, if any, are excluded from the results of same properties. 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. 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.

155ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Funds From Operations Per Share – Diluted, As Adjusted 1. Represents our guidance for projected 2025 earnings per share and funds from operations per share attributable to Alexandria’s common stockholders – diluted, disclosed on December 3, 2025. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. 2. Excludes unrealized gains or losses on non-real estate investments after September 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted. Refer to our Current Report on Form 8-K filed on December 3, 2025 for additional details. PROJECTED 2025 NET LOSS PER SHARE AND FUNDS FROM OPERATIONS PER SHARE ATTRIBUTABLE TO ALEXANDRIA’S COMMON STOCKHOLDERS – DILUTED PROJECTED 20251 Net loss per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders2 $ (9.27) to $(7.89) Depreciation and amortization of real estate assets 7.05 Gain on sales of real estate (0.60) to (1.92) Impairment of real estate – rental properties and land 10.03 Allocation to unvested restricted stock awards (0.03) Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted $ 7.18 to $7.24 Unrealized losses on non-real estate investments 0.42 Realized loss on non-real estate investments 0.61 Impairment of non-real estate investments 0.45 Impairment of real estate 0.33 Allocation to unvested restricted stock awards (0.01) Funds from operations per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders – diluted, as adjusted $ 8.98 to $9.04

156ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Adjusted EBITDA and Adjusted EBITDA Margin $ in thousands. 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 3Q25 Net income (loss) $42,977 $19,792 $45,607 $(18,631) $216,053 $457,133 $99,796 $95,268 $(42,658) $(16,095) $(197,845) Interest expense 28,230 31,223 36,082 40,239 45,493 37,538 34,862 17,522 31,967 55,659 54,852 Income taxes 2,160 737 1,398 613 1,269 2,053 4,156 2,063 1,322 1,855 3,737 Depreciation and amortization 72,245 95,222 107,714 124,990 140,518 177,750 239,254 264,480 285,246 330,108 340,230 Stock compensation expense 4,590 6,426 6,961 9,810 10,239 11,394 14,253 11,586 34,592 12,477 10,293 Loss on early extinguishment of debt - - 2,781 - - 7,898 - - - - 107 Gain on sales of real estate (12,426) (3,715) - (8,704) (474) (152,503) (124,226) - (62,227) (101,806) (9,366) Significant realized gains on non-real estate investments - - - (6,428) - - - - - - - Unrealized losses (gains) on non-real estate investments - - - 94,850 (148,268) (233,538) 139,716 24,117 (19,479) 79,776 (18,515) Impairment of real estate - - - - 12,334 25,177 - 26,186 271,890 186,564 323,870 Impairment of non-real estate investments 8,740 16,024 3,805 5,483 9,991 - - 20,512 23,094 20,266 25,139 Decrease in provision for expected credit losses on financial instruments - - - - - - - - - (434) - Adjusted EBITDA $146,516 $165,709 $204,348 $242,222 $287,155 $332,902 $407,811 $461,734 $523,747 $568,370 $532,502 Total revenues $223,955 $249,162 $302,596 $350,837 $422,504 $485,319 $576,923 $670,281 $757,216 $788,945 $751,944 Adjusted EBITDA margin 65% 67% 68% 69% 68% 69% 71% 69% 69% 72% 71%

157ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Net Debt and Preferred Stock to Adjusted EBITDA $ in thousands. 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 3Q25 Secured notes payable $ 809,818 $ 1,011,292 $ 771,061 $ 630,547 $ 349,352 $ 230,925 $ 205,198 $ 59,045 $ 119,662 $ 149,909 $ - Unsecured senior notes payable 2,030,631 2,378,262 3,395,804 4,292,293 6,044,127 7,232,370 8,316,678 10,100,717 11,096,028 12,094,465 12,044,999 Unsecured senior line of credit and commercial paper 151,000 28,000 50,000 208,000 384,000 99,991 269,990 - 99,952 - 1,548,542 Unsecured senior bank term loan 944,243 746,471 547,942 347,415 - - - - - - - Unamortized deferred financing costs 30,103 29,917 29,051 31,413 47,299 56,312 65,476 74,918 76,329 77,649 76,383 Cash and cash equivalents (125,098) (125,032) (254,384) (234,181) (189,681) (568,532) (361,348) (825,193) (618,190) (552,146) (579,474) Restricted cash (28,872) (16,334) (22,805) (37,949) (53,008) (29,173) (53,879) (32,782) (42,581) (7,701) (4,705) Preferred stock 367,163 216,914 74,386 64,336 - - - - - - - Net debt and preferred stock $4,178,988 $4,269,490 $4,591,058 $5,301,874 $6,582,089 $7,021,893 $8,442,115 $9,376,705 $10,731,200 $11,762,176 $13,085,745 Adjusted EBITDA $146,516 $165,709 $204,348 $242,222 $287,155 $332,902 $407,811 $461,734 $523,747 $568,370 $532,502 Adjusted EBITDA (annualized) $586,064 $662,836 $817,392 $968,888 $1,148,620 $1,331,608 $1,631,244 $1,846,936 $2,094,988 $2,273,480 $2,130,008 Net debt and preferred stock to Adjusted EBITDA – quarter annualized 7.1x 6.4x 5.6x 5.5x 5.7x 5.3x 5.2x 5.1x 5.1x 5.2x 6.1x

158ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Key 2025 Sources and Uses of Capital $ in millions. RANGE MIDPOINT Sources of capital: Reduction in debt $ (90) $ (190) $ (140) Net cash provided by operating activities after dividends 425 525 475 Dispositions and sales of partial interests 1,100 1,900 1,500 Total sources of capital $ 1,435 $ 2,235 $ 1,835 Uses of capital: Construction $ 1,300 $ 1,600 $ 1,450 Acquisitions and other opportunistic uses of capital - 500 250 Ground lease prepayment 135 135 135 Total uses of capital $ 1,435 $ 2,235 $ 1,835 Reduction in debt (included above): Issuance of unsecured senior notes payable $ 550 $ 550 $ 550 Repayment of unsecured senior notes payable (600) (600) (600) Repayment of secured notes payable (154) (154) (154) Unsecured senior line of credit, commercial paper program, and other 114 14 64 Reduction in debt $ (90) $ (190) $ (140)

159ALEXANDRIA REAL ESTATE EQUITIES, INC. | Proprietary | All Rights Reserved © 2025 Key 2026 Sources and Uses of Capital $ in millions. RANGE MIDPOINT Sources of capital: Reduction in debt $ (1,075) $ (2,275) $ (1,675) Net cash provided by operating activities after dividends 475 575 525 Dispositions and sales of partial interests 2,100 3,700 2,900 Total sources of capital $ 1,500 $ 2,000 $ 1,750 Uses of capital: Construction $ 1,500 $ 2,000 $ 1,750 Total uses of capital $ 1,500 $ 2,000 $ 1,750 Reduction in debt (included above): Repayment of unsecured senior notes payable $ (650) $ (650) $ (650) Unsecured senior line of credit, commercial paper program, and other (425) (1,625) (1,025) Reduction in debt $ (1,075) $ (2,275) $ (1,675)

EX-99.2 3 ex992-2026guidance.htm EX-99.2 Document

Exhibit 99.2

This filing includes certain non-GAAP financial measures, such as funds from operation per share – diluted, as adjusted, adjusted EBITDA, and net operating income, that differ from measures calculated in accordance with GAAP. These non-GAAP measures are in addition to, and not a substitute for or superior to, financial measures prepared in accordance with GAAP and should be considered in conjunction with our GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may differ from similarly titled metrics or measures presented by other companies. We are unable to provide a reconciliation of certain non-GAAP guidance measures from the corresponding GAAP measures on a forward-looking basis because doing so would not be possible without unreasonable effort due to, among other things, the potential variability and limited visibility of the excluded items. For the same reasons, we are unable to address the probable significance of the unavailable information.

Updates to 2025 Guidance

As described in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission on October 27, 2025, we continue to strategically harvest value through our asset recycling program. Our long-standing track record of monetizing embedded asset value through dispositions and partial interest sales from the period of 1Q21 - 3Q25 is illustrated in the table below (in billions):


	Total Proceeds(1)		Total Gains(2)		Total Impairments(2)
2019	$	0.9	$	0.4	$	0.01
2020	1.1		0.4		0.1
2021	2.6		1.1		0.1
2022	2.2		1.2		0.1
2023	1.3		0.3		0.4
2024	1.4		0.1		0.2
YTD 3Q25	0.5		—		0.5
	$	10.0	$	3.6	$	1.4

(1)Represents aggregate proceeds from outright sales and sales of partial interests.

(2)Total gains and impairments include any amounts related to sales of partial interests recognized in additional paid-in capital.

Also, in the same quarterly report on Form 10-Q, we provided 2025 guidance for various items, including our share of potential real estate dispositions and sales of partial interests aggregating approximately $1.5 billion at the midpoint of our guidance range. We also disclosed that approximately $1.0 billion of pending dispositions and sales of partial interests were subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations as of October 27, 2025. In addition, we disclosed that we had evaluated a large number of other potential real estate disposition targets, and indicated that if these assets met the held for sale criteria in 4Q25 (considering market factors, buyer ability to perform, our desire to proceed with a sale at a particular price, and other factors), we could recognize our share of impairments of up to $685 million in 4Q25 in connection with the disposition targets under consideration at that time. Consequently, this potential impairment amount aggregating $685 million was included in our updated 2025 guidance provided on October 27, 2025.

Subsequent to October 27, 2025, and as of December 3, 2025, we made progress finalizing the Company’s 2025 capital plan and established an initial 2026 capital plan to fund 2026 construction through the sale of land, as well as stabilized, and non-stabilized non-core real estate assets, and sales of partial interests. As a result, as of December 3, 2025, with the requisite authority and intent, we made strategic decisions to dispose of a number of real estate assets. Consequently, the identified assets met the criteria for classification as held for sale, and we recognized impairment charges with our share aggregating approximately $1.3 billion. This amount comprises approximately $685 million of impairment charges previously disclosed as potential 4Q25 impairments, as discussed above, and approximately $588 million of additional real estate impairments primarily related to the disposition targets identified after October 27, 2025 and approved for sale by December 3, 2025, with expected sales completion in 2025 and 2026.

The midpoint of our guidance range for 2025 net (loss) income per share was reduced by $5.64 from $(2.94) to $(8.58) compared to our 2025 guidance disclosed on October 27, 2025, primarily to reflect additional real estate impairments aggregating $588 million described above.

Our share of real estate impairments aggregating $1.3 billion recognized in connection with assets classified as held for sale subsequent to October 27, 2025 and as of December 3, 2025, and expected to be sold in December 2025 or 2026, consisted of the following:

•Impairment charge of $335.0 million was recognized to reduce the carrying amount of a future development project aggregating 1.1 million SF, which represents our sole remaining asset in the SoMa submarket, to its estimated fair value of approximately $75.0 million less costs to sell. We acquired this asset in January 2017, with the intent to develop the property for laboratory and/or advanced technology space. In March 2019, we executed a build-to-suit lease with an anchor tenant, Pinterest, Inc. In August 2020, we received an $89.5 million lease termination payment from Pinterest, Inc. upon termination of its lease prior to commencement of development. Management’s decision not to proceed with the project was due to the macroeconomic outlook and our strategy to recycle capital into projects with greater value-creation potential. This asset has been entitled for residential use and we have commenced a program to market this property to residential developers.

Updates to 2025 Guidance (continued)

•Impairment charge of $208.0 million, representing our share, was recognized to reduce the carrying amounts of seven properties owned by our consolidated real estate joint venture at a Megacampus in our South San Francisco submarket, to their estimated fair values aggregating approximately $282.0 million less costs to sell. As of September 30, 2025, we hold a 50% ownership interest in six of these properties and a 51% interest in the remaining property. The decision to sell these certain Megacampus assets followed a reevaluation of the project’s financial outlook and the capital required to lease vacant space and redevelop certain properties, leading to our strategic decision to reinvest the sales proceeds toward other projects with greater value-creation opportunities.

•Impairment charge of $150.0 million, representing our share, was recognized to reduce the carrying amount of multiple land parcels aggregating 1.0 million of future development RSF owned by a consolidated real estate joint venture in our Seaport Innovation District submarket, to their estimated fair values aggregating approximately $33.5 million less costs to sell. As of September 30, 2025, we hold a 60% ownership interest in the land parcels. These industrial- and retail-zoned land parcels were originally acquired with the intent to develop laboratory space. The decision not to proceed with the project reflects a lack of tenant demand for laboratory space in the Seaport Innovation District submarket, and our strategy to recycle capital into projects with greater value-creation potential.

•Impairment charge of $145.0 million was recognized to reduce the carrying amount of one operating office property and land parcel aggregating 478,000 SF in our Greater Stanford submarket, to their estimated fair values aggregating approximately $140.0 million less costs to sell. We acquired these assets in 2019 with the intent to redevelop them for life science use. However, following a reassessment of the project’s financial outlook and the significant capital required, we commenced a program to market this site to residential developers.

•Impairment charge of $107.0 million was recognized to reduce the carrying amounts of 10 non-Megacampus properties aggregating 788,146 RSF, located in our Canada market, to their estimated fair values aggregating approximately $142.5 million less costs to sell. This decision reflects our assessment that the next phase of value creation for these assets would require significant capital investment to generate leasing activity, our strategic decision to reinvest the sales proceeds toward other projects with greater value-creation opportunities, as well as our decision to exit the Montreal submarket. The disposition of these properties will represent our complete exit from the Montreal submarket, leaving us with only one remaining asset in the Canadian market. This disposition does not represent a strategic shift and therefore does not meet the criteria for classification as a discontinued operation.

•Impairment charge of $105.0 million was recognized to reduce the carrying amount of a redevelopment project under construction as of September 30, 2025, aggregating 104,956 RSF in our Cambridge submarket, to its estimated fair value of approximately $70.0 million less costs to sell. This asset was originally acquired with the intent to expand our Alexandria Center® at One Kendall Square Megacampus, but the capital necessary to complete the redevelopment will be significant. The decision to sell this asset was driven by the project’s financial outlook and the capital required to complete the redevelopment and lease the property, leading to our strategic decision to reinvest the sales proceeds, and other capital necessary to lease the property, toward other projects with greater value-creation opportunities.

•Impairment charge of $71.5 million was recognized to reduce the carrying amount of land parcels aggregating 1.1 million SF located in our Research Triangle submarket, to their estimated fair values aggregating approximately $41.5 million less costs to sell. The decision to sell these land parcels reflects lower-than-anticipated biomanufacturing demand at this location, leading to our strategic decision to reinvest the sales proceeds toward other projects with greater value-creation opportunities.

•Impairment charge of $68.0 million was recognized in connection with three operating properties aggregating 148,967 RSF in our non-cluster market, reducing their carrying amounts to estimated fair values aggregating approximately $26.0 million less costs to sell. These properties were originally acquired based on their proximity to Amgen, Inc., a large public biotechnology company, and with the intent of accommodating a pipeline of early-stage tenants. However, demand from these tenants has substantially declined since our acquisition. As a result, we have decided to sell these assets, and to reinvest the sales proceeds and other capital necessary to lease the properties toward other projects with greater value-creation opportunities.

•Additional impairment charges aggregating $83.4 million were recognized in connection with 10 operating properties aggregating 441,100 RSF across six markets that are expected to be sold in 2025 and 2026. These impairments reduced the carrying amounts of these assets to their estimated fair values aggregating approximately $128.3 million less costs to sell. All but one of these properties are located outside of a Megacampus ecosystem, and their disposition aligns with our strategy to recycle capital into projects with greater value-creation potential.

Updates to 2025 Guidance (continued)

Updates to 2025 net loss per share, funds from operations per share, and funds from operations per share, as adjusted


Projected 2025 Net Loss per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
	As of 12/3/25			As of 10/27/25		Key Changes to Midpoint
Net loss per share(1)	$(9.27) to $(7.89)			$(5.68) to $(0.20)		$(5.64)
Depreciation and amortization of real estate assets		7.05			7.05
Gain on sales of real estate		(0.60) to (1.92)			(0.14) to (1.54)
Impairment of real estate – rental properties and land		10.03	(2)		6.69 to 2.67	$5.35
Allocation to unvested restricted stock awards		(0.03)			(0.03)
Funds from operations per share(3)	$7.18 to $7.24			$7.89 to $7.95
Unrealized losses on non-real estate investments		0.42			0.42
Realized loss on non-real estate investments(4)		0.61			—	$0.61(4)
Impairment of non-real estate investments		0.45			0.45
Impairment of real estate		0.33			0.23
Allocation to unvested restricted stock awards		(0.01)			(0.01)
Funds from operations per share, as adjusted(3)	$8.98 to $9.04			$8.98 to $9.04
Midpoint	$9.01			$9.01

(1)Excludes unrealized gains or losses after September 30, 2025 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(2)Includes impairment charges aggregating $1.3 billion recognized during the period from October 1, 2025 through December 3, 2025, as further described under “Updates to 2025 Guidance” above.

(3)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in “Definitions and Non-GAAP Measures” in this exhibit for additional details.

(4)In November 2025, we contributed a portfolio of publicly traded securities to an unconsolidated joint venture, which resulted in a one-time realized loss of $103.3 million. These securities were accumulated through historical distributions from our investments in venture funds or investments in private entities that subsequently went public. This realized loss had previously been reflected as unrealized losses within investment income in our consolidated statement of operations. We expect to receive a one-time cash distribution, representing our net proceeds from the sale of these securities, aggregating approximately $41 million in the fourth quarter of 2025.

Updates to 2025 key sources and uses of capital


	As of 12/3/25								As of 10/27/25 Midpoint		Key Changes to Midpoint
Key Sources and Uses of Capital (in millions)	Range				Midpoint		Certain Completed Items
Sources of capital:
Reduction in debt	$	(90)	$	(190)	$	(140)	See below		$	160	$	(300)
Net cash provided by operating activities after dividends	425		525		475				475
Dispositions and sales of partial interests	1,100		1,900		1,500		(1)		1,500
Total sources of capital	$	1,435	$	2,235	$	1,835			$	2,135
Uses of capital:
Construction	$	1,300	$	1,600	$	1,450			$	1,750	$	(300)	(2)
Acquisitions and other opportunistic uses of capital	—		500		250		$	208	250
Ground lease prepayment	135		135		135		$	135	135
Total uses of capital	$	1,435	$	2,235	$	1,835			$	2,135
Reduction in debt (included above):
Issuance of unsecured senior notes payable	$	550	$	550	$	550	$	550	$	550
Repayment of unsecured note payable	(600)		(600)		(600)		$	(600)	(600)
Repayment of secured note payable	(154)		(154)		(154)		$	(154)	(154)
Unsecured senior line of credit, commercial paper, and other	114		14		64				364
Reduction in debt	$	(90)	$	(190)	$	(140)			$	160

(1)As of December 3, 2025, completed dispositions aggregated $695.4 million and our share of pending transactions subject to non-refundable deposits, signed letters of intent, or purchase and sale agreements aggregated $1.1 billion. We expect to achieve a weighted-average capitalization rate on our projected 2025 dispositions and sales of partial interests (excluding land and including stabilized and non-stabilized operating properties) of approximately 7%. Refer to “Updates to 2025 dispositions” below for additional information.

(2)Represents an approximate $300 million deferral of 2025 construction spend to 2026.

Updates to 2025 dispositions


Property	Submarket/Market	Interest Sold		Sales Price	Gain on Sale of Real Estate
Completed through October 27, 2025					$	509,820		$	26,893

Completed from October 27, 2025 to December 3, 2025:
14 TW Alexander Drive	Research Triangle/Research Triangle	100	%		155,000		(1)	78,489
Other					30,601
Total dispositions completed as of December 3, 2025					695,421

Pending dispositions expected to close in December 2025:
Subject to non-refundable deposits					840,358
					1,535,779

Subject to executed letters of intent and/or purchase and sales agreement negotiations					295,681

Total completed and pending 2025 dispositions					$	1,831,460
2025 guidance range for dispositions and sales of partial interest		$1,100,000 – $1,900,000
2025 guidance midpoint for dispositions and sales of partial interests					$	1,500,000

(1)The capitalization rates of the disposition were 5.1% and 5.2% (cash basis) based upon net operating income and net operating income (cash basis), respectively, for 3Q25 annualized. This property was sold to a user on November 20, 2025.

The following table provides the estimated breakout of the types of assets included in the $1.8 billion of dispositions that were completed or are pending for the year ending December 31, 2025:


Types of dispositions	Percentage of Sales Price
Stabilized properties	21	%
Non-stabilized properties	58
Land	21
Total 2025 dispositions	100	%

Updates to 2025 Guidance (continued)

Updates to 2025 pipeline projects

In the fourth quarter of 2025, management made the strategic decision to sell or reposition certain projects that were in our active pipeline as of September 30, 2025. Three active redevelopment projects (One Hampshire Street in our Cambridge submarket, 651 Gateway Boulevard in our South San Francisco submarket, and a project in our Canada market) were designated as held for sale as of December 3, 2025 and are expected to be sold in December 2025 or in 2026. In addition, one active redevelopment project (401 Park Drive in our Fenway submarket) will be repositioned to office use. The 401 Park Drive project will be placed into our operating portfolio and will be included in our operating occupancy and same property comparisons as of 4Q25. Pro forma to exclude these projects from the pipeline, we expect to generate incremental annual net operating income from our current pipeline projects during 4Q25 through 4Q26 (including expected partial deliveries through 4Q26 from projects expected to stabilize in 2027 and beyond, including speculative future leasing that is not yet fully committed) and in 2027 and beyond aggregating $105 million and $240 million, respectively. Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service from 4Q25 through 4Q26 and 2027 and beyond is projected to be $77 million and $204 million, respectively.

The following presents details of current development and redevelopment projects and our pre-leased/negotiating near-term projects of our Class A properties as of September 30, 2025, pro forma for our revised strategy to sell or reposition certain active projects described above. Leased/negotiating percentages have been updated as of December 3, 2025.


Property/Market/Submarket	Located on Mega- campus		Square Footage			Percentage				Occupancy(1)

		Dev/ Redev	In Service	CIP	Total	Leased		Leased/Negotiating		Initial		Stabilized
Under construction
2026 stabilization
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	X	Dev	129,413	191,396	320,809	81	%	81	%		4Q23	4Q26
4135 Campus Point Court/San Diego/University Town Center	X	Dev	—	426,927	426,927	100		100			3Q26	3Q26
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	X	Dev	31,490	221,589	253,079	68		68			1Q25	2H26
8800 Technology Forest Place/Texas/Greater Houston(2)		Redev	50,094	73,298	123,392	41		41			2Q23	4Q26
			210,997	913,210	1,124,207	81		81

2027 and beyond stabilization
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs	X	Redev	56,904	333,758	390,662	7		7			2027	2027
421 Park Drive/Greater Boston/Fenway(2)	X	Dev	—	392,011	392,011	13		13			2027	2028
40 Sylvan Road/Greater Boston/Route 128(2)	X	Redev	—	329,049	329,049	—		—			2027	2027
50 and 60 Sylvan Road/Greater Boston/Route 128	X	Redev	—	267,015	267,015	74		74			4Q26	2027
3000 Minuteman Road/Greater Boston(2)		Redev	—	453,869	453,869	—		—			2027	2027
1450 Owens Street/San Francisco Bay Area/Mission Bay	X	Dev	—	212,796	212,796	—		49			2027	2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco	X	Redev	—	107,250	107,250	—		—			2H26	2027
701 Dexter Avenue North/Seattle/Lake Union	X	Dev	—	227,577	227,577	23		23			4Q26	2027
			56,904	2,323,325	2,380,229


100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center	X	Dev	—	466,598	466,598	100		100			2028	2028

Total 2027 and beyond stabilization and committed near-term project			56,904	2,789,923	2,846,827	28		32

			267,901	3,703,133	3,971,034	43	%	46	%

(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 time.

(2)These projects remain in our active pipeline, but we are evaluating the business strategy for these projects.

Updates to 2025 Guidance (continued)


	Located on Mega- campus	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
2026 stabilization with 81% leased/negotiating
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	X	100	%	$	154,608	$	210,017	$	79,375		$	444,000			6.0	%		6.8	%
4135 Campus Point Court/San Diego/University Town Center	X	55.0	%	—		412,619		111,381			524,000				9.0	%		6.2	%
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	X	50.0	%	25,573		217,841		77,586			321,000				5.5	%		5.7	%
8800 Technology Forest Place/Texas/Greater Houston		100	%	60,480		46,526		4,994			112,000				6.3	%		6.0	%
				240,661		887,003

2027 and beyond stabilization(1)
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs	X	100	%	21,756		298,829		TBD
421 Park Drive/Greater Boston/Fenway	X	100	%	—		561,633
40 Sylvan Road/Greater Boston/Route 128	X	100	%	—		222,038
50 and 60 Sylvan Road/Greater Boston/Route 128	X	100	%	—		289,887
3000 Minuteman Road/Greater Boston/Other		100	%	—		160,950
1450 Owens Street/San Francisco Bay Area/Mission Bay	X	25.0	%	—		245,677
269 East Grand Avenue/San Francisco Bay Area/South San Francisco	X	100	%	—		109,065
701 Dexter Avenue North/Seattle/Lake Union	X	100	%	—		293,922
				21,756		2,182,001
				262,417		3,069,004
100% Pre-leased committed near-term project expected to commence construction in the next year
Campus Point by Alexandria/San Diego/University Town Center	X	55.0	%	—		60,398		599,602			660,000				7.3	%		6.5	%

Total				$	262,417	$	3,129,402	$	2,260,000	(2)	$	5,660,000	(2)

Our share of investment(2)(3)				$	250,000	$	2,620,000	$	1,850,000		$	4,720,000

(1)We expect to provide total estimated costs and related yields for each project with estimated stabilization in 2027 and beyond over the next several quarters.

(2)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.

(3)Represents our share of investment based on our ownership percentage upon completion of development or redevelopment projects.

Exhibit 99.2

2026 Guidance

Our 2026 guidance includes certain forward-looking non-GAAP financial measures, such as funds from operations as adjusted, net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized, and fixed-charge coverage ratio – 4Q26 annualized, that differ from measures calculated in accordance with GAAP. These non-GAAP measures are in addition to, and not a substitute for or superior to, financial measures prepared in accordance with GAAP, and should be considered in conjunction with our GAAP financial measures. We are unable to provide corresponding GAAP measures on a forward-looking basis, or a reconciliation from these GAAP measures to the non-GAAP measures on a forward-looking basis, as we are not able to forecast the net income or loss of future periods without unreasonable effort. 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 and annual components such as gain on sales of real estate, impairments of real estate and non-real estate investments, and unrealized gains or losses on non-real estate investments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors. Refer to “Definitions and Non-GAAP Measures” in this exhibit for additional details about these non-GAAP measures.

Our guidance for funds from operations per share – diluted, as adjusted, for the year ending December 31, 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026 to a range of $6.25 to $6.55, with the midpoint at $6.40. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Our guidance for 2026 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 in “Forward-Looking Statements” in this exhibit 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.

We expect quarterly funds from operations per share – diluted, as adjusted in 2026 to flatten toward the end of 2026 primarily due to the anticipated weighting of dispositions and sales of partial interests around mid-2026. Our guidance range for projected funds from operation per share – diluted, as adjusted for the fourth quarter of 2026 is $1.40 to $1.60.

At the midpoints of our guidance ranges for 2025 and 2026 funds from operations per share – diluted, as adjusted, disclosed on December 3, 2025, 2026 funds from operations per share – diluted, as adjusted, is expected to decline from 2025 by approximately 29%. The key components of the decline, as initially discussed in our 3Q25 quarterly supplemental package and our Current Report on Form 8-K filed on October 29, 2025, comprising the following:


Key Components Impacting 2026 Funds from Operations per Share Guidance	% Change From 2025 to 2026(1)
Core Operations: Primarily Driven by Lower Occupancy	(9)	%
Capitalized Interest: Primarily Driven by Dispositions and Milestones Reached(2)	(6)
Realized Gains on Non-Real Estate Investments: Lower Compared to 2025	(2)
General and Administrative Expenses: Higher Compared to 2025	(2)
Dispositions: 2025 and 2026 Dispositions Primarily of Non-Core Assets	(7)
Other	(3)
	(29)	%

(1)Represents the percentage change of the midpoints of the guidance ranges for 2025 funds from operations per share - diluted, as adjusted, compared to 2026 funds from operations per share – diluted, as adjusted, disclosed on December 3, 2025.

(2) Includes change in capitalized interest related to pipeline projects expected to be sold during the years ending December 31, 2025 and 2026.


Key credit metrics						2026 Guidance
Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized(1)						5.6x to 6.2x
Fixed-charge coverage ratio – 4Q26 annualized						3.6x to 4.1x
Adjusted EBITDA margin – trailing 12 months 4Q26						64% to 69%

(1)Our near-term goal beyond 2026 for net debt and preferred stock to adjusted EBITDA – quarter annualized, is 5.5x to 6.0x.

2026 Guidance (continued)


Key assumptions (dollars in millions)	Low			High
Occupancy percentage in North America as of December 31, 2026(1)	87.7		%	89.3		%
Lease renewals and re-leasing of space:
Rental rate changes	(2.0)%			6.0		%
Rental rate changes (cash basis)	(12.0)%			(4.0)%
Same property performance:
Net operating income changes(2)	(9.5)%			(7.5)%
Net operating income changes (cash basis)(2)	(9.5)%			(7.5)%
Straight-line rent revenue	$	65		$	95
General and administrative expenses(3)	$	134		$	154
Capitalization of interest(4)	$	225		$	275
Interest expense	$	230		$	280
Realized gains and losses on non-real estate investments(5)	$	60		$	90

(1)Our guidance for operating occupancy percentage in North America as of December 31, 2026 assumes an approximate 2% benefit related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for designation as held for sale by December 31, 2026 but that have not yet qualified for such designation as of December 3, 2025.

(2)2026 same property performance is primarily driven by an anticipated decline in 2026 same property average occupancy of between (5)% to (3)% compared to 2025. The key drivers of the decline in same property average occupancy are as follows:

•Key lease expirations in 2026 as initially disclosed in 2Q25 and subsequently updated, primarily located in the Greater Boston, San Francisco Bay Area, and San Diego markets aggregating 1.2 million RSF with a weighted-average lease expiration date in March 2026 and annual rental revenue aggregating $79 million, which are expected to become vacant upon lease expiration. See "Summary of key 2026 lease expirations/known vacancies" below for additional details.

•Potential early terminations: temporary downtime for construction post-termination with re-lease to two new tenants under early negotiations in our San Francisco Bay Area with a weighted-average estimate of approximately 250K RSF and $16 million in annual rental revenue.

•Potential tenant wind-downs: Assumed downtime without immediate backfill of approximately 500K RSF and $23 million in annual rental revenue.

(3)Compared to the general and administrative expenses for the year ended December 31, 2024, we expect to achieve $72 million of cumulative general and administrative expense savings in 2025 and 2026 based upon the midpoints of our guidance ranges for 2025 and 2026 general and administrative expenses disclosed on October 27, 2025 and December 3, 2025, respectively. These savings were achieved primarily as a result of cost-control and efficiency initiatives related to reducing personnel-related costs and streamlining business processes. Approximately half the 2025 cost savings are expected to be temporary in nature. We expect general and administrative expenses as a percentage of net operating income for the year ending December 31, 2026 to range from 7.4% to 8.9%, based upon the midpoint of our guidance range for 2026 general and administrative expenses.

(4)Refer to “2026 Capitalization of interest” below.

(5)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” within our quarterly report filed on Form 10-Q for the quarter ended September 30, 2025 for additional details.

Summary of key 2026 lease expirations/known vacancies

The following table provides an update on key 2026 lease expirations and known vacancies that were initially disclosed in 2Q25 (lease expirations and annual rental revenue information as of September 30, 2025, leasing status is as of December 3, 2025, and dollars are in thousands):


					Lease Expirations/Known Vacancies by Annual Rental Revenue
Property or Campus	Submarket	RSF	Located on Mega- Campus	Weighted Average Expiration Date	Negotiating/ Anticipating			Tenants from Acquisitions			Relocation/ Consolidation Within ARE Portfolio			Space Requires Major Renovation/ Other			Total
Alexandria Stanford Life Science District	Greater Stanford	137,970		Jun 2026	$	—		$	12,899		$	—		$	—		$	12,899
One Alexandria Square	Torrey Pines	118,225	X	Jan 2026	4,848			—			5,216			—			10,064
Alexandria Center® at One Kendall Square	Cambridge	92,775	X	May 2026	—			—			4,514			3,269			7,783
9625 Towne Centre Drive	University Town Center	163,648		Jan 2026	—			—			—			6,520			6,520
The Arsenal on the Charles	Cambridge/Inner Suburbs	62,142	X	Mar 2026	—			—			5,300			675			5,975
5810/5820 Nancy Ridge Drive	Sorrento Mesa	83,354		Jan 2026	4,621			—			—			—			4,621
Alexandria Center® at Kendall Square	Cambridge	45,636	X	Jan 2026	—			—			—			4,564			4,564
Remaining	Various	527,049	(1)	Apr 2026	—			7,287			3,544			15,493			26,324
		1,230,799		Mar 2026	$	9,469		$	20,186		$	18,574		$	30,521		$	78,750
					12		%	26		%	23		%	39		%	100		%

(1)Approximately 74% of the 527,049 RSF expiring leases are located on a Megacampus.

2026 Guidance (continued)

Summary of 2026 lease expirations

The following table provides a summary of 2026 lease expirations, in RSF, as of September 30, 2025, with leasing status and key lease expirations/known vacancies updated as of December 3, 2025.


Leased	Negotiating/ Anticipating	Too Early(1)	Subtotal(2)	Targeted for Future Development(3)	Potential Dispositions(4)	Total
494,758	64,717	737,393	1,296,868	52,620	286,589	1,636,077


				Key lease expirations/known vacancies		1,230,799
				Held for sale as of December 3, 2025(5)		217,775
				Total 2026 lease expirations		3,084,651

(1)Approximately 68% of this expiring RSF is located within our Megacampuses.

(2)We anticipate a 60% to 70% retention rate on the total expiring RSF.

(3)Relates to a 100% pre-leased single-tenant development project aggregating 466,598 RSF that expands the existing Campus Point by Alexandria Megacampus. At the beginning of 2026, the tenant will vacate 52,620 RSF, which generated annual rental revenue of $4.1 million as of 3Q25, from an existing building to allow for the demolition and development of the new, build-to-suit life science building at this site.

(4)Represents lease expirations at properties that may be sold in 2026 but have not met the held for sale criteria as of December 3, 2025.

(5)Represents lease expirations at properties that were designated as held for sale as of December 3, 2025.

Summary of top 10 lease expirations in 2027

The following table provides a summary of our top 10 lease expirations in 2027. Lease expiration information (in RSF) is as of September 30, 2025, and leasing status is as of December 3, 2025.


							Known Vacancies
Address/Market - Submarket	Located on Megacampus	Expiration Date	Early Discussions for Renewal or Re-Lease		Too Early		Negotiating/Anticipating		Tenant From Acquisitions		Tenant Consolidating Back Into Owned Property		Relocation/ Consolidation Within ARE Portfolio
10300 Campus Point Drive/San Diego – University Town Center	X	Mar 2027	—		—		—		—		—		190,085
259 East Grand Avenue/San Francisco Bay Area – South San Francisco	X	Jan 2027	—		—		170,618(1)		—		—		—
9645 Scranton Road/San Diego – Sorrento Mesa	X	Oct 2027	—		132,200		—		—		—		—
249 East Grand Avenue/San Francisco Bay Area – South San Francisco	X	Jan 2027	—		—		—		—		129,501		—
199 East Blaine Street/Seattle – South Lake Union	X	Jun 2027	109,969		—		—		—		—		—
1150 Eastlake Avenue East/Seattle – South Lake Union	X	Jun 2027	—		—		—		—		—		99,271
428 Westlake North/Seattle –South Lake Union	X	Mar 2027	—		83,090		—		—		—		—
3307 Hillview Avenue/San Francisco – Greater Stanford		Mar 2027	—		—		—		78,308		—		—
450 East 29th Street/New York City – New York City	X	Feb 2027	72,428		—		—		—		—		—
507 East Howard Lane/Texas – Austin	X	Jan 2027	—		65,551		—		—		—		—
			182,397		280,841		170,618		78,308		129,501		289,356
			16	%	25	%	15	%	7	%	11	%	26	%
			41%				59%

(1)We anticipate a period of downtime to complete construction of building and tenant improvements before delivering the space to a new tenant.

2026 Guidance (continued)

2026 Capitalization of interest

We capitalize interest costs as a cost of a project only during the period for which activities necessary to prepare an asset for its intended use are ongoing, provided that expenditures for the asset have been made and interest cost has been incurred. Property taxes, insurance on real estate, and indirect project costs, such as construction, administration, legal fees, and office costs that clearly relate to projects under development or construction, are capitalized as incurred during the period an asset is undergoing activities to prepare it for its intended use. We also capitalize payroll and other indirect project costs related to development, redevelopment, pre-construction, and construction projects. 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 long-term value for future ground-up development and are required for the vertical construction of buildings. Should we cease activities necessary to prepare an asset for its intended use, the interest, taxes, insurance, and certain other direct project costs related to this asset would be expensed as incurred. Expenditures for repairs and maintenance are expensed as incurred.

We expect a $85 million, or 25%, reduction in capitalized interest in 2026 compared to 2025 based upon the midpoints of our guidance ranges for capitalized interest disclosed on December 3, 2025 and October 27, 2025, respectively. The key components of the reduction in capitalized interest year-over-year comprise the following:

Component of reduction of capitalization of interest (in millions)

Capitalized

Interest(1)

2025 capitalized interest midpoint

335

Dispositions completed and pending in 2025 and projected dispositions in 2026

(80) to (60)

Projected pause in pre-construction activities on land (not expected to be sold in 2025 and 2026)

(20) to 0

Change in active pipeline and other(2)

(15) to 5

2026 capitalized interest midpoint

250

(1)Represents or based on the midpoints of our guidance ranges for 2025 and 2026 capitalization of interest disclosed on October 27, 2025 and December 3, 2025, respectively.

(2)Includes changes in capitalized interest from pipeline deliveries, net of additional construction spending during 2026.

Real estate basis capitalized and non-income-producing assets

We expect average real estate basis capitalized to decrease from $8.4 billion for the three months ended September 30, 2025 to a range of $4.0 billion to $5.5 billion for the fourth quarter of 2026 as non-income-producing assets and development activities decrease. Additionally, we anticipate that our non-income-producing assets as a percentage of gross assets will decline from 20% as of December 31, 2024 to a range of 11% to 16% as of December 31, 2026.

2026 Key sources and uses of capital


Key 2026 sources and uses of capital (in millions)	Range				Midpoint
Sources of capital:
Reduction in debt(1)	$	(1,075)	$	(2,275)	$	(1,675)


Net cash provided by operating activities after dividends	475		575		525
Dispositions and sales of partial interests(2)	2,100		3,700		2,900
Total sources of capital	$	1,500	$	2,000	$	1,750
Uses of capital:
Construction	$	1,500	$	2,000	$	1,750

Total uses of capital	$	1,500	$	2,000	$	1,750
Reduction in debt (included above):

Repayment of unsecured senior notes payable	$	(650)	$	(650)	$	(650)

Unsecured senior line of credit, commercial paper program, and other	(425)		(1,625)		(1,025)
Reduction in debt	$	(1,075)	$	(2,275)	$	(1,675)

(1)Our debt repayment priorities include repaying existing short-term borrowings, including amounts outstanding on our commercial paper program, repaying our 2026 unsecured senior note payable maturities aggregating $650 million, and potentially repaying other unsecured senior notes payable, including our 2027 maturity.

(2)We expect to achieve a weighted-average capitalization rate on our projected 2026 dispositions (excluding land and core assets) in the 8.5% to 9.5% range. We expect dispositions of land to represent 25% to 35% of our total dispositions and sales of partial interests for the year ending December 31, 2026. Approximately 55% of the midpoint of our guidance range for 2026 dispositions and sales of partial interests of $2.9 billion is targeted for partial interest sales or has been designated as held for sale as of December 3, 2025 as discussed in the “Updates to 2025 Guidance” above. By the end of 2026, we expect Megacampus real estate and other core assets to comprise 90% to 95% of total rental revenue, and non-core assets that are not located on a Megacampus to comprise 5% to 10% of total annual rental revenue.

2026 Guidance (continued)

The following table provides a summary of our 2026 self-funding and capital recycling strategy. The amounts below are based on the midpoints of our 2026 guidance ranges for key sources and uses of capital (in millions).


			2026 Self-Funding Sources
	2026 Capital Needs		45% Dividend Reduction(1)		Dispositions and Sales of Partial Interests		2026 Guidance Midpoint
Key sources of capital
Reduction in debt	$	(1,075)	$	—	$	(600)	$	(1,675)
Net cash provided by operating activities after dividends	115		410		—		525
Dispositions and sales of partial interests	—		—		2,900		2,900
Funding needed to achieve leverage target	2,710		(410)		(2,300)		—
	$	1,750	$	—	$	—	$	1,750
Key uses of capital
Construction	$	1,750	$	—	$	—	$	1,750
	$	1,750	$	—	$	—	$	1,750

(1)Refer to “2026 dividends and net cash provided by operating activities after dividends” below.

One of our primary uses of capital is construction spend related to the development, redevelopment, pre-construction, and construction of properties. We also incur additional project costs, including interest, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, pre-construction, or construction of a project, during periods when activities necessary to prepare an asset for its intended use are in progress. Our annual average construction spend for the years ended December 31, 2021 through 2023 and the years ending December 31, 2024 through 2026 (including the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025) has decreased by 39% from $2.8 billion to $1.7 billion, respectively.

The table below provides additional information on our guidance for 2026 construction, including projected contributions from noncontrolling interests.


Midpoint of guidance range for projected 2026 construction (dollars in millions)	Amount		Percentage of Total
Construction of Class A/A+ properties:
Active construction projects
Includes development and redevelopment under construction(1)	$	1,405	66	%
Future pipeline pre-construction
Approximately 75% represents capitalized costs	210		10
Revenue- and non-revenue-enhancing capital expenditures	510		24
Construction (before contributions from noncontrolling interests or tenants)	2,125		100	%
Contributions from noncontrolling interests (consolidated real estate joint ventures)	(60)
Tenant-funded and -built landlord improvements	(315)
Total construction	$	1,750
2026 guidance range for construction	$1,500 – $2,000

(1)Includes one 100% pre-leased committed near-term project expected to commence construction in 2026, and smaller conversions to lab space through redevelopment.

The ranges for our 2025 and 2026 revenue- and non-revenue-enhancing capital expenditures as a percentage of net operating income is expected to be 15% to 20% and 27% to 32%, respectively (based on the midpoint of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025). The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 55% of the total spending within this category. Our five-year average (2022 through 2026) of revenue- and non-revenue-enhancing capital expenditures as a percentage of net operating income is expected to be approximately 17%. This represents the average of our share of revenue- and non-revenue-enhancing capital expenditures for the years ended December 31, 2022 through 2024, and projected amounts for the years ending December 31, 2025 and 2026, based on the midpoints of our guidance ranges for 2025 and 2026 construction disclosed on December 3, 2025.

2026 Dividends and net cash provided by operating activities after dividends

In December 2025, our Board of Directors declared a quarterly cash dividend of $0.72 per common share for 4Q25, representing a 45% reduction from the quarterly dividend declared of $1.32 for 3Q25. The decision to reduce the declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, and preserving liquidity of approximately $410 million on an annual basis, which will be used to support our 2026 capital plan.

2026 Guidance (continued)

Debt covenant compliance

We expect to remain comfortably in compliance with our key financial covenants under our unsecured senior notes payable and unsecured senior line of credit. The following table presents the requirements under each loan agreement along with our actual compliance results as of September 30, 2025 and the projected ranges for compliance results as of December 31, 2026.

Unsecured Senior Notes Payable(1)

Requirement

September 30, 2025

Projected
December 31, 2026

Total Debt to Total Assets

≤ 60%

32%

28% to 32%

Secured Debt to Total Assets

≤ 40%

—%

Consolidated EBITDA to Interest Expense

≥ 1.5x

9.8x

5.5x to 6.5x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

302%

300% to 330%

Unsecured Senior Line of Credit(1)

Requirement

September 30, 2025

Projected
December 31, 2026

Total Debt to Total Assets

≤ 60.0%

33.6%

30.0% to 35.0%

Secured Debt to Total Assets

≤ 45.0%

—%

Consolidated EBITDA to Interest Expense

≥ 1.50x

3.58x

2.50x to 3.50x

Unsecured Interest Coverage Ratio

≥ 1.75x

8.54x

5.50x to 6.50x

(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.

Key Factors Expected to Impact 2027 Results

•Funds from operations: Guidance range for 4Q26 funds from operation per share – diluted, as adjusted, of $1.40 to $1.60.

•Core operations: Highly dependent on ability to lease vacant space in 2026.

•Capitalized interest: Range of average real estate basis expected to be capitalized during 4Q26 of $4.0 billion to $5.5 billion.

•Realized gains on non-real estate investments: Projected 2026 investment gains expected to return to 2020 levels.

•General and administrative expenses: Continued focus on expense management and operational excellence.

•Dispositions: Expect substantial completion of large-scale non-core asset sale program in 2026.

Forward-Looking Statements

This current report on Form 8-K contains forward-looking non-GAAP financial measures, including funds from operations per share – diluted, as adjusted. We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods.

This update 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 earnings per share attributable to Alexandria’s common stockholders – diluted, funds from operations per share attributable to Alexandria’s common stockholders – diluted, net operating income, sources and uses of capital, and targets and timing for rental revenues and development and value-creation projects, expenses, capital plan strategy and related actions. 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, greater than expected losses on dispositions of our properties, 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 Form 8-K, 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.

Definitions and Non-GAAP Measures

Adjusted EBITDA and Adjusted EBITDA margin

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 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 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.

Definitions and Non-GAAP Measures (continued)

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, impairments of real estate, impairments of non-real estate investments, and changes in 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.

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 September 30, 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.

Class A/A+ properties and AAA locations

Class A/A+ properties are properties clustered in AAA locations that provide innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These properties are typically well-located, professionally managed, and well-maintained, offering a wide range of amenities and featuring premium construction materials and finishes. Class A/A+ properties are generally newer or have undergone substantial redevelopment and are generally expected to command higher annual rental rates compared to other classes of similar properties. AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is important to note that our definition of property classification may not be directly comparable to other equity REITs.

Development, redevelopment, and pre-construction

A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A/A+ properties, as well as property enhancements identified during the underwriting of certain acquired properties. These efforts are primarily concentrated in collaborative Megacampus™ ecosystems within AAA life science innovation clusters, as well as other strategic locations that support innovation and growth. These projects are generally focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of a wide range of tenants. Upon completion, each development or redevelopment project is expected to generate increases in rental income, net operating income, and cash flows. Our development and redevelopment projects are generally in locations that are highly desirable to high-quality entities, which we believe results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.

Development projects generally consist of the ground-up development of generic and reusable laboratory facilities. Redevelopment projects consist of the permanent change in use of acquired office, warehouse, or shell space into laboratory space. We generally will not commence new development projects for aboveground construction of new Class A/A+ laboratory space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A/A+ properties.

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.

Definitions and Non-GAAP Measures (continued)

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.

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.

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).

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, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors.

Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders

GAAP-basis accounting for real estate assets utilizes historical cost accounting and assumes that real estate values diminish over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the Nareit Board of Governors established funds from operations as an improved measurement tool. Since its introduction, funds from operations has become a widely used non-GAAP financial measure among equity REITs. We believe that funds from operations is helpful to investors as an additional measure of the performance of an equity REIT. Moreover, we believe that funds from operations, as adjusted, allows investors to compare our performance to the performance of other real estate companies on a consistent basis, without having to account for differences recognized because of real estate acquisition and disposition decisions, financing decisions, capital structure, capital market transactions, variances resulting from the volatility of market conditions outside of our control, or other corporate activities that may not be representative of the operating performance of our properties.

The 2018 White Paper published by the Nareit Board of Governors (the “Nareit White Paper”) defines funds from operations as net income (computed in accordance with GAAP), excluding gains or losses on sales of real estate, and impairments of real estate, plus depreciation and amortization of operating real estate assets, and after adjustments for our share of consolidated and unconsolidated partnerships and real estate joint ventures. Impairments represent the write-down of assets when fair value over the recoverability period is less than the carrying value due to changes in general market conditions and do not necessarily reflect the operating performance of the properties during the corresponding period.

We compute funds from operations, as adjusted, as funds from operations calculated in accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized on non-real estate investments, unrealized gains or losses on non-real estate investments, 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 with nonforfeitable dividends 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 with nonforfeitable dividends 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.

We do not provide guidance for the most comparable GAAP financial measure or a reconciliation of the forward-looking non-GAAP financial measure of funds from operations, as adjusted, because we are unable to reasonably predict, without unreasonable effort, certain items that would be contained in the comparable GAAP measure, including items that are not indicative of our ongoing operations, such as, without limitation, unrealized gains or losses on non-real estate investments, potential impairments of real

estate assets, and gains or losses on sales of real estate. These items are uncertain, depend on various factors, and could have a material impact on our GAAP results for the guidance periods.

Definitions and Non-GAAP Measures (continued)

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.

MegacampusTM

A Megacampus is a cluster campus that consists of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished.

We consider Megacampuses that include a minimum of 750,000 operating RSF to be Established Megacampuses. These Megacampuses have realized the scale and flexibility that deliver strategic optionality to our tenants. We present certain metrics related to our Established Megacampuses because we believe they facilitate a more robust understanding of certain of our operating trends.

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends is reduced by distributions to noncontrolling interests and excludes changes in operating assets and liabilities 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.

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, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be potentially misleading for our investors.

Net operating income and net operating income (cash basis)

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.

Definitions and Non-GAAP Measures (continued)

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.

Same property

Same property refers to all consolidated properties that were fully operating for the entirety of the comparative periods 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) are excluded from same property results. Additionally, termination fees, if any, are excluded from the results of same properties.

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.