Alexandria Real Estate Equities, Inc. · NYSE:ARE
Alexandria Real Estate Equities — Q3 2026 Earnings Presentation
71 slides from Alexandria Real Estate Equities's earnings presentation, Oct 26, 2026
Slide 1: 2026
Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026
Slide 2: Alexandria's Megacampus Platform Represents 80% of Annual Rental Revenue
ALEXANDRIA’S MEGACAMPUS ™ PLATFORM REPRESENTS 80% OF OUR ANNUAL RENTAL REVENUE ALEXANDRIA: MISSION–DRIVEN COMPANY & THE MOST TRUSTED BRAND IN LIFE SCIENCE REAL ESTATE WE INVENTED IT. WE DOMINATE IT. HIGHEST-QUALITY AND LARGEST ASSET BASE CLUSTERED IN MISSION-CRITICAL MEGACAMPUSES IN THE KEY CENTERS
Slide 3: Life science industry sources and footnotes
(1) Sources: Haendel et al., “How many rare diseases are there?”, Nature Reviews Drug Discovery, 2020; National Organization for Rare Disorders as cited in The Wall Street Journal, 2025. (2) Source: PhRMA, “Medicines in Development for Chronic Diseases: 2024 Report.” (3) Source: Centers for Disease
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Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 vi
Slide 5: 2026 vii
Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 vii
Slide 6: FDA novel therapy approvals
Source: U.S. Food and Drug Administration, September 2026. YTD 3Q26 covers the period from January 1, 2026 to September 30, 2026. Novel therapies approved by the FDA (Center for Drug Evaluation and Research) include new molecular entities and new biologics defined as products containing active moiet
Slide 7: AI Supports but Does Not Replace Physical Experimentation in a Lab
AI SUPPORTS – BUT DOES NOT REPLACE – PHYSICAL EXPERIMENTATION DONE IN A LAB AI’s Impact on Drug Discovery is Constrained By The Complexity of Human Biology Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 ix
Slide 8: Alexandria's Path Forward
ALEXANDRIA’S PATH FORWARD
Slide 9: Significant Liquidity and Fixed-Rate Debt
SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022 (2) $4.6B 95.5% REMAINING DEBT TERM (IN YEARS) (3) DEBT INTEREST RATE 11.6 4.33% Longest Among S&P 500 REITs (4) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.4x to 3.9x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RAT
Slide 10: Longest Debt Maturity Profile Among S&P 500 REITs
ALEXANDRIA HAS THE LONGEST DEBT MATURITY PROFILE AMONG S&P 500 REITS: WEIGHTED-AVERAGE REMAINING DEBT TERM OF 11.6 YEARS (1)
Slide 11: Debt Maturities by Year
6% OF TOTAL DEBT 28% OF TOTAL DEBT (2) (1) No Maturities 2037–2048 Unsecured senior notes payable Unsecured senior line of credit and commercial paper (2) Junior subordinated notes payable (1) Debt Maturities by Year ($ in millions) As of September 30, 2026 , unless stated otherwise. (1) Reflects ou
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Slide 13: Weighted-average remaining debt term of S&P 500 REITs
12.0 10.0 6.0 4.0 2.0 0.0 2.4 93.5 93.5 93.9 4.4945 47 5.0 95.1 5.1 5.2 85.2 85.5 6.5 96.7 7.0 97.4 98.2 H11.6 SBAC BXP DOC UDR EXR INVH DLR IRM HST CPT FRT O WELL AMT VTR VICI WY MAA PSA EQR EQIX AVB ESS REG SPG CCI KIM PLD ARE
Slide 14: Weighted-Average Remaining Debt Term
5.4 Years Average Debt Term of other S&P 500 REITs as of June 30, 2026 WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS) Sources: S&P Global Market Intelligence, Bloomberg Professional Services, or company filings. S&P 500 REIT peer group constituents and peer data are as of June 30, 2026 , except for
Slide 15: Completed and Pending Transactions
Completed Transactions Pending Subject to Non-Refundable Deposits
Slide 16: 2026 Sources of Capital: Dispositions
$717M $355M (1) ~ $2.6B Completed & Pending $1.9B Guidance Midpoint $1.55B Completed & Pending is More Than Required Which May Allow Us to Defer Some Proceeds Into 2027 (2) Refer to “ Dispositions and sales of partial interests ” in the Earnings Press Release for additional details. The status of co
Slide 17: Alexandria Center for Life Science – Fenway | Park Drive
ALEXANDRIA CENTER® FOR LIFE SCIENCE – FENWAY | 421 PARK DRIVE ~ $136 MILLION REDUCTION IN FUTURE CONSTRUCTION SPEND THROUGH EXPECTED SALE TO AN INSTITUTIONAL USER 339,668 RSF; anticipated closing in 4Q26
Slide 18: The Arsenal on the Charles | Arsenal Street
THE ARSENAL ON THE CHARLES | 311 ARSENAL STREET ~ $220 MILLION REDUCTION IN FUTURE CONSTRUCTION SPEND THROUGH PIVOT TO LOWER- COST ADVANCED TECHNOLOGY USE 339,020 RSF project; 66,859 RSF leased and 100,684 RSF under negotiation As of October 26, 2026 . Alexandria Real Estate Equities, Inc. All Right
Slide 19: Average Real Estate Basis Requiring Capitalization of Interest
$8.1B $7.0B $6.9B Development/ Redevelopment Under Construction and Repositioning Projects Land/Future Development $5.9B (1) $3.4B – $4.9B (2) (1) In addition to capitalized interest, we capitalize other qualifying project costs, including property taxes, insurance, and other costs directly related
Slide 20: Capitalized interest projection
11% 9% 9% 12/31/24 12/31/25 3026 12/31/26 Projected
Slide 21: Non-income-producing assets as a percentage of gross assets
20% 17% Development/ Redevelopment Under Construction Land/Future Development 9% to 11% 11% to 16% 12% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Excludes land and development parcels classified as held for sale which represented approximat
Slide 22: Focus on Steady Improvement in Occupancy and NOI
FOCUS ON STEADY IMPROVEMENT IN OCCUPANCY AND NOI + 3.7% future benefit to occupancy from 1.3 million RSF of leased space not yet occupied as of 3Q26 (1) FOCUS ON INCREASING OCCUPANCY and CASH FLOWS through LEASING BEST ASSETS in the BEST LOCATIONS BEST LEASING TEAMS SECTOR-FOCUSED LEASING TEAMS WITH
Slide 23: 3Q26 Total Leasing Volume
3Q26 TOTAL LEASING VOLUME EXCEEDS 1.2M RSF AND EXCEEDS 1Q25–2Q26 AVERAGE DRIVEN BY STRONG LEASING OF VACANT SPACE Largest Total Quarterly Volume Since 4Q24
Slide 24: Substantial Total Leasing Volume in 3Q26
SUBSTANTIAL TOTAL LEASING VOLUME IN 3Q26 1.2M RSF LEASED IN 3Q26 + 256 K RSF ABOVE 1Q25–2Q26 AVERAGE UP 26% 980 RSF 1Q25–2Q26 AVERAGE QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 xix
Slide 25: Tenants Continue to Make Long-Term Lease Commitments
TENANTS CONTINUE TO MAKE LONG-TERM LEASE COMMITMENTS WITH ALEXANDRIA YTD 3Q26 leases executed at a 10.9 -year weighted-average term
Slide 26: Weighted-Average Lease Term of 10.9 Years
WEIGHTED-AVERAGE TERM OF LEASES SIGNED IN YTD 3Q26 10.9 YEARS ONE OF THE LONGEST LEASE TERMS IN A DECADE 21% ABOVE 2017–2025 AVERAGE LEASE TERM OF 9.0 YEARS 9.0 Years 2017–2025 AVERAGE
Slide 27: Strong Leasing of Vacant Space
SOLID 3Q26 LEASING VOLUME DRIVEN BY STRONG LEASING OF VACANT SPACE Second-Highest Quarterly Leasing of Previously Vacant Space in Company History in 3Q26
Slide 28: Quarterly Total Leasing Volume
1,250 1,236 1,039 647 (1) Renewals & Re-leasing Development & Redevelopment Previously Vacant Projected Total Leasing QUARTERLY TOTAL LEASING VOLUME (RSF IN THOUSANDS) Refer to “Leasing activity” in the Supplemental Information for additional details. (1) The projected 4Q26 leasing volume is an esti
Slide 29: Leasing Volume Driven by Diverse Tenants
ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS 74% of our leasing activity during the last twelve months was generated from our existing tenant base
Slide 30: Tenant Mix by Type
Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology - Approved or Marketed Product Other Public Commercial Biotechnology - Advanced Preclinical or Technologies Clinical Stage Government Institutions Private Biotechnology Biomedical Institutions
Slide 31: Tenant Mix by Type
Biomedical Institutions Other Commercial Life Science Product, Service, and Device Advanced Technologies Private Biotechnology Multinational Pharmaceutical Public Biotechnology
Slide 32: 3Q26 Leasing Volume by Tenant Type
(1) (2) (3) (4) 3Q26 Leasing Volume by Tenant Type (% of 3Q26 Total RSF Leased) Percentage of Alexandria’s Annual Rental Revenue (as of September 30, 2026) Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including the definition of annual rental rev
Slide 33: Occupancy in Top Markets Exceeds Overall Market
ALEXANDRIA’S OCCUPANCY PERFORMANCE IN ITS TOP 3 MARKETS HAS SIGNIFICANTLY EXCEEDED OVERALL MARKET OCCUPANCY AS OF 3Q26 (1) 81.0% 75.3% + 570 bps 89.7% 77.6% + 1,210 bps 87.1% 74.7% + 1,240 bps (1) Source: Alexandria’s proprietary market database. Represents the occupancy in the Greater Boston, San D
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Slide 35: G&A Expenses as a Percentage of Net Operating Income
7.5% 14.3% Alexandria 3Q26 (1) S&P 500 REIT (2) Average 2023–2025 (excluding Alexandria) GENERAL AND ADMINISTRATIVE EXPENSES AS A PERCENTAGE OF NET OPERATING INCOME (3) (1) Trailing twelve months ended September 30, 2026 . (2) Source for S&P 500 REIT data: S&P Global Market Intelligence. (3) Refer t
Slide 36: Reports 3Q26 and YTD 3Q26 Results: Key Highlights
Alexandria Real Estate Equities, Inc. Reports 3Q26 and YTD 3Q26 Net Loss per Share – Diluted of $3.74 and $2.06 , respectively, and 3Q26 and YTD 3Q26 FFO per Share – Diluted, as Adjusted, o f $1.54 and $5.00 , respectively PASADENA, Calif. – October 26, 2026 – Alexandria Real Estate Equities, Inc. (
Slide 37: Stable Cash Flows From Our High-Quality and Diverse Tenants
Stable Cash Flows From Our High-Quality and Diverse Tenants
Slide 38: Tenant Mix by Type
Life Science Product, Service, and Device Multinational Pharmaceutical Public Biotechnology — Approved or Marketed Product Other Public Commercial Biotechnology - Preclinical or Advanced Clinical Stage Technologies Government Institutions Private Biomedical Biotechnology Institutions
Slide 39: Investment-Grade or Large Cap Tenants and Top 20 Tenants
Investment-Grade or Publicly Traded Large Cap Tenants 57% 84% of ARE’s Total Annual Rental Revenue of ARE’s Top 20 Tenant Annual Rental Revenue Weighted Average Remaining Term (3) 7.7 Years 10.0 Years All Tenants Top 20 Tenants (1) (2) (4) Percentage of Alexandria’s Annual Rental Revenue As of Septe
Slide 40: Same Property Performance and Occupancy
Same Property Performance and Occupancy Same Property Net Operating Income Changes
Slide 41: Same Property Net Operating Income Changes (Cash Basis)
0.9% (8.4)% (9.5)% 2025 YTD 9/30/26 2026 Guidance Midpoint Cash Basis
Slide 42: Same Property Net Operating Income Changes
(3.5)% (9.2)% (9.5)% 2025 YTD 9/30/26 2026 Guidance Midpoint
Slide 43: Occupancy of Operating Properties
Occupancy of Operating Properties Refer to “Same property performance” and “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Net operating income” and its reconciliation from the most directly compa
Slide 44: Rental Rate Changes, Lease Structure, and Margins
Rental Rate Changes, Lease Structure, and Margins Rental Rate Changes: Renewed/Re-Leased Space Favorable Lease Structure (1) Strategic Lease Structure by Owner and Operator of Collaborative Megacampus Ecosystems Increasing cash flows Percentage of leases containing annual rent escalations 97 % Stabl
Slide 45: Rental Rate Changes
7.0% (5.1)% (5.0)% 2025 YTD 2026 9/30/26 Guidance Midpoint
Slide 46: Margins
Margins (2) Operating Adjusted EBITDA 66% 65% Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. “Definitions and reconciliations” contains the definition of “Adjusted EBITDA” and its reconciliation from the most directly comparable financial measures
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Slide 48: Contractual Lease Expirations
Relocation to Other ARE Properties (4) Leases at Assets Originally Acquired for Redevelopment Other Relocation to Other ARE Properties Leases at Assets Originally Acquired for Redevelopment 100 Technology Square (5) Other Current Leasing Status (Based on RSF) Current Leasing Status (Based on RSF)
Slide 49: 22% 38%
22% 38%
Slide 50: Contractual Lease Expirations (continued)
Negotiating Early Tenant Discussions Marketing/Remaining Early Tenant Discussions Marketing/Remaining Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 25 Contractual Lease Expirations (continued)
Slide 51: Property Listing
(1) R epresents executed leases aggregating 1.3 million RSF with occupancy expected upon completion of building and/or tenant improveme nts . The weighted-average expected occupancy date is approximately June 2027 , with expected annual rental revenue of approximately $52 million . We expect 32% of
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Slide 53: Investments in Real Estate and Non-Income-Producing Assets
20% Development/ Redevelopment Under Construction Land/Future Development 17% 11% to 16% 12% Non-Income-Producing Assets (4) as a Percentage of Gross Assets (1) Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, inclu
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Slide 56: Recent Deliveries
10075 Barnes Canyon Road 269 East Grand Avenue 701 Dexter Avenue North Megacampus: SD Tech by Alexandria Megacampus: Alexandria Center ® for Advanced Technologies – South San Francisco Megacampus: Alexandria Center ® for Advanced Technologies – South Lake Union 253,079 RSF 33,780 RSF 51,627 RSF 80%
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Slide 59: New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued)
(1) Image represents 60 Sylvan Road on the Alexandria Center ® for Life Science – Waltham Megacampus. Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 37 New Class A/A+ Development and Redevelopment Properties: Recent Deliveries (continued)
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Slide 61: Properties Under Construction
269 East Grand Avenue 701 Dexter Avenue North Megacampus: Alexandria Center ® for Advanced Technologies – South San Francisco Megacampus: Alexandria Center ® for Advanced Technologies – South Lake Union 50,377 RSF 175,950 RSF 40% Leased/Negotiating 69% Leased/Negotiating
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Slide 63: New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)
Alexandria Real Estate Equities, Inc. All Rights Reserved . © 2026 39 New Class A/A+ Development and Redevelopment Properties: Under Construction (continued)
Slide 64: Average Real Estate Basis Capitalized
$8.1B Development/Redevelopment Under Construction and Repositioning Projects Land/Future Development $7.0B $6.9B $5.9B $3.4B – $4.9B Average Real Estate Basis Capitalized (1) In addition to capitalized interest, we incur other capitalized project costs, including property taxes, insurance, and othe
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Slide 66: Investments: Public and Private, Tenant and Non-Tenant
18% Tenant 7% Public 82% Non-Tenant 93% Private (1) Primarily relates to one non-real estate investment in a privately held entity that does not report NAV. (2) P rimarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and nin
Slide 67: Significant Liquidity and Fixed-Rate Debt
SIGNIFICANT LIQUIDITY PERCENTAGE OF FIXED-RATE DEBT SINCE 2022 (2) $4.6B 95.5% REMAINING DEBT TERM (IN YEARS) (3) DEBT INTEREST RATE 11.6 4.33% Longest Among S&P 500 REITs (4) 4Q26 ANNUALIZED GUIDANCE 5.6x to 6.2x 3.4x to 3.9x NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA FIXED-CHARGE COVERAGE RAT
Slide 68: Debt target chart
poo e ee He HK HK HK HK KH HK He He He ee poco oe eee eK ee ee ee poco eee ee He He eK He ee ee ee 12/31/26 Target 9/30/26 12/31/25
Slide 69: Line of credit availability and balance
$1,091 $353 <$350 Remaining amounts available for borrowing under our unsecured senior line of credit Outstanding balance under our unsecured senior line of credit and/or commercial paper program 6.9x
Slide 70: Debt term goal
12/31/25 9/30/26 9/30/26 12/31/26 Intermediate- Pro Forma Target Term Goal
Slide 71: Summary of Debt
5.6x to 6.2x 3.4x to 3.9x 3.7x 5.7x Mid-5x Range 3.2x Refer to “Definitions and reconciliations” in the Supplemental Information for additional details. (1) Quarter annualized. (2) The pro forma amount reflects the October 23, 2026 sale of our partial interest in the Campus Point by Alexandria joint
Alexandria Real Estate Equities — Q3 2026 Earnings Presentation on 6ix