 | |
Table of Contents | |
June 30, 2026 | |
COMPANY HIGHLIGHTS | Page | Page | |||
Alexandria's Mission and Cluster Model .............................................. | |||||
EARNINGS PRESS RELEASE | |||||
Second Quarter Ended June 30, 2026 Financial and Operating Results ................................................................................................... | Consolidated Statements of Operations .......................................... | ||||
Guidance ................................................................................................... | Consolidated Balance Sheets ............................................................ | ||||
Dispositions, Sales of Partial Interests, and Other Capital Sources | |||||
Earnings Call Information and About the Company ........................... | |||||
SUPPLEMENTAL INFORMATION | |||||
Company Profile ....................................................................................... | External Growth / Investments in Real Estate | ||||
Investor Information ................................................................................. | Investments in Real Estate ................................................................ | ||||
Financial and Asset Base Highlights ..................................................... | New Class A/A+ Development and Redevelopment Properties: | ||||
High-Quality and Diverse Tenant Base ............................................... | Recent Deliveries ........................................................................... | ||||
Internal Operating Metrics | Under Construction ........................................................................ | ||||
Key Operating Metrics ............................................................................. | Summary of Pipeline ...................................................................... | ||||
Same Property Performance .................................................................. | Construction Spending ........................................................................ | ||||
Leasing Activity ......................................................................................... | Capitalization of Interest ..................................................................... | ||||
Contractual Lease Expirations ............................................................... | Joint Venture Financial Information ................................................... | ||||
Top 20 Tenants ......................................................................................... | Balance Sheet Management | ||||
Summary of Properties and Occupancy .............................................. | Investments .......................................................................................... | ||||
Property Listing ........................................................................................ | Balance Sheet ...................................................................................... | ||||
Key Credit Metrics ............................................................................... | |||||
Summary of Debt ................................................................................. | |||||
Definitions and Reconciliations | |||||
Definitions and Reconciliations .......................................................... | |||||
CONFERENCE CALL INFORMATION: | ||
Tuesday, August 4, 2026 2:00 p.m. Eastern Time 11:00 a.m. Pacific Time | ||
(833) 366-1125 (U.S./Canada) (412) 902-6738 (International) | ||
Ask to join the conference call for Alexandria Real Estate Equities, Inc. | ||
CONTACT INFORMATION: | ||
Alexandria Real Estate Equities, Inc. corporateinformation@are.com | ||
JOEL S. MARCUS Executive Chairman & Founder | ||
PETER M. MOGLIA Chief Executive Officer & Chief Investment Officer | ||
MARC E. BINDA Chief Financial Officer & Treasurer | ||
PAULA SCHWARTZ Managing Director, Rx Communications Group (917) 633-7790 | ||
ALEXANDRIA:
HIGHLY IMPACTFUL,
CONSEQUENTIAL 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 OF LIFE SCIENCE AND TECHNOLOGY INNOVATION | ||
LEADING TENANT BASE WITHIN THE LIFE SCIENCE REAL ESTATE SECTOR | ||
HIGH-QUALITY, LONG-TERM CASH FLOWS | ||
PROVEN UNDERWRITING EXPERTISE | ||
STRONG AND FLEXIBLE BALANCE SHEET | ||
LONG-TENURED, HIGHLY EXPERIENCED MANAGEMENT TEAM WITH DEEP SECTOR EXPERTISE | ||
ALEXANDRIA’S MEGACAMPUS™ PLATFORM REPRESENTS |
80% OF OUR ANNUAL RENTAL REVENUE |
As of June 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
DELIVERED IN JUNE 2026: ALEXANDRIA’S HIGHLY SUSTAINABLE
STATE-OF-THE-ART R&D HUB FOR BRISTOL MYERS SQUIBB
UNDER A 15-YEAR LEASE
This new 426,927 RSF facility will support BMS’s
cutting-edge research in cancer as well as
immune-mediated and neurodegenerative diseases
(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 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 the COVID-19 pandemic.
(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.
THE HEALTH OF THE HIGHLY REGULATED LIFE SCIENCE INDUSTRY
IS DEPENDENT ON FOUR CRITICAL PILLARS
Source: U.S. Food and Drug Administration, June 2026. 1H26 covers the period from January 1, 2026 to June 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 moieties that have not previously been approved by the FDA.
AI’S IMPACT ON DRUG DISCOVERY IS CONSTRAINED
BY THE COMPLEXITY OF HUMAN BIOLOGY
ALEXANDRIA’S PATH FORWARD
Steadily Improve Occupancy and Increase NOI, Focusing on Leasing to All Sectors of Our Tenant Base |
Continue to Successfully Manage G&A |
Maintain Optionality for Future Growth Focused on MegacampusTM Investment |
Consider Flexible and Opportunistic Share Buyback Plan |
Maintain a Strong and Flexible Balance Sheet, Significant Liquidity, and Targeted Leverage |
Reduce Capital Spend and Funding Needs while Prioritizing Capital Necessary to Lease Space |
Execute on Varied Cost- Efficient Sources of Capital, Including Land and Non-core Dispositions, Sales of Partial Interests, and Other Capital to Support the Achievement of Our Leverage Ratio Targets |
ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
On track for annualized 4Q26 leverage guidance of 5.6x to 6.2x
SIGNIFICANT LIQUIDITY | PERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2) | ||
$3.6B | 95.7% | ||
REMAINING DEBT TERM (IN YEARS) | DEBT INTEREST RATE | ||
9.7 | 4.08% | ||
Longest Among S&P 500 REITs(3) | |||
4Q26 ANNUALIZED GUIDANCE | |||
5.6x to 6.2x | 3.6x to 4.1x | ||
NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA | FIXED-CHARGE COVERAGE RATIO | ||
TOP 20%
CREDIT RATING RANKING
AMONG ALL PUBLICLY TRADED
U.S. REITS(1)
BBB+
Negative
WEIGHTED AVERAGE
Baa2
Stable
As of June 30, 2026, unless stated otherwise. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Top 20% ranking represents credit rating levels from S&P Global Ratings and Moody’s Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services and Nareit, as of June 30, 2026.
(2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through June 30, 2026.
(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026.
Longest Debt Maturity Profile Among S&P 500 REITs:
Weighted-Average Remaining Debt Term of 9.7 Years
(1)
6%
OF
TOTAL
DEBT
20%
OF TOTAL DEBT
(1)
(2)
Debt Maturities by Year
($ in millions)
As of June 30, 2026, unless stated otherwise.
(1)Reflects the unsecured senior line of credit and commercial paper at the pro forma maturity date of January 22, 2032, based on the July 2026 amendment to the unsecured senior line of credit, which extends the maturity date
from January 22, 2030 and is expected to become effective in September 2026. The weighted-average remaining debt term of 9.7 years does not reflect the effect of this amendment. Pro forma for the amended and restated
unsecured senior line of credit, our weighted-average remaining debt term would have been 10.0 years. Refer to footnotes 2 through 4 on page 51 under “Fixed-rate and variable-rate debt” in the Supplemental Information for
additional details.
2026 SOURCES OF CAPITAL: $2.9B(1) DISPOSITIONS, SALES OF PARTIAL
INTERESTS, AND OTHER CAPITAL SOURCES
$1.33B
(2)
(3)
September
2026
Projected
Weighted-Average
Completion Date
$2.9B
Guidance
Midpoint
(1)
$471M
$1.10B
Refer to “Dispositions, sales of partial interests, and other capital sources” in the Earnings Press Release for additional details.
(1)Based on the midpoint of our 2026 guidance range for dispositions, sales of partial interests, and other capital sources. Actual results may differ significantly.
(2)We may utilize multiple sources of capital, including sales of partial interests and other capital sources, intended to support the achievement of our leverage ratio targets. We continue to evaluate available alternatives and expect to
execute on cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026.
(3)As of August 3, 2026, completed dispositions aggregated $170.4 million and our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement
negotiations aggregated $1.16 billion.
REDUCTION IN NON-INCOME-PRODUCING AND NON-CORE ASSETS |
Non-Income-Producing Assets(1) as
a Percentage of Gross Assets
Annual Rental Revenue
(“ARR”)
From Non-Core Assets as
a Percentage of Total ARR(2)
20%
17%
16%
Development/ Redevelopment Under Construction |
Land/Future Development |
11% to 16%
5% to 10%
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Excludes properties classified as held for sale. Land parcels classified as held for sale represented approximately 0.5% of total non-income-producing assets as of June 30, 2026, compared with approximately 1% as of December
31, 2025 and 2024.
(2)Represents non-core assets outside of our Megacampus ecosystems.
FOCUS ON STEADY IMPROVEMENT IN
OCCUPANCY AND NOI
+4.0% future benefit to occupancy from 1.4 million RSF of leased space not yet
occupied as of 2Q26(1)
FOCUS ON
INCREASING
OCCUPANCY and
CASH FLOWS through
LEASING
(1)Represents 1.4 million RSF of leases executed but not occupied as of June 30, 2026, with a weighted-average future expected occupancy date of approximately November 2026. These leases are expected to generate annual
rental revenue of approximately $69 million.
2Q26 TOTAL LEASING VOLUME SURPASSES 1M RSF AND EXCEEDS PRIOR QUARTER AND 2Q25–1Q26 AVERAGE |
LEASING VOLUME
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 3Q26 leasing RSF is an estimate based on our current assessment of a range of potential leasing outcomes, subject to ongoing negotiations. These assumptions are inherently uncertain, and some or all of the
contemplated transactions may not be executed by September 30, 2026, or at all. Accordingly, actual results may differ materially from this estimate. Refer to the “Forward-Looking Statements” on page 8 of the Earnings Press
Release for additional details.
ALEXANDRIA’S LEASING VOLUME IS DRIVEN BY OUR DIVERSE TENANTS
68% of our leasing activity during 2Q26 was generated from our existing tenant base
(1)
2Q26 Leasing Volume by Tenant Type
(% of 2Q26 Total RSF Leased)
(1)Includes a 159,947 RSF lease with an advanced technology tenant at 3000 Minuteman Road in our Greater Boston market executed in 2Q26, enabling a pivot from a redevelopment strategy for laboratory use to advanced
technology use.
Alexandria’s Leasing Performance In Its Top 3 Markets
Has Significantly Exceeded Overall Market
OCCUPANCY AS OF 2Q26
(1)
83.0% | 74.6% | + | 8.4% | ||
89.9% | 78.2% | + | 11.7% | ||
83.1% | 74.4% | + | 8.7% |
(1)Source: Alexandria’s proprietary market database. Represents the market occupancy in the Greater Boston, San Diego, and San Francisco Bay Area markets as of June 30, 2026.
CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES
ARE generates more than 2x the NOI per G&A expense compared to the S&P 500 REIT average
6.6% | 14.3% | |
Alexandria 2Q26(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 June 30, 2026.
(2)Source for S&P 500 REIT data: S&P Global Market Intelligence.
(3)Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details.
CONTINUED SUCCESSFUL MANAGEMENT OF G&A EXPENSES
(cont’d)
$24.4M
Savings
vs. 2024
$168M
$76M | ||
Projected Cumulative G&A Savings in 2025 and 2026(1) Relative to 2024 | ||
$51.3M
Savings
vs. 2024
$144M(1)
$117M
ANNUAL GENERAL & ADMINISTRATIVE EXPENSE
(1)Based on the midpoint of our guidance range for 2026 general and administrative expenses.
ALEXANDRIA’S OPERATIONAL EXCELLENCE IN ASSET
MANAGEMENT, DESIGN, AND DEVELOPMENT SUPPORTS
TENANT RETENTION AND LONG-TERM CASH FLOW
The Outstanding Building of the Year (TOBY) Awards are the commercial real estate industry’s
highest recognition honoring excellence in commercial building management and operations
Alexandria Real Estate Equities, Inc. Reports
2Q26 and 1H26 Net (Loss) Income per Share – Diluted of $(0.43) and $1.68, respectively,
and 2Q26 and 1H26 FFO per Share – Diluted, as Adjusted, of $1.73 and $3.46, respectively
PASADENA, Calif. – August 3, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the second quarter ended June 30, 2026.
KEY HIGHLIGHTS |
Operating results | 2Q26 | 2Q25 | 1H26 | 1H25 | ||||
Net (loss) income attributable to Alexandria’s common stockholders – diluted: | ||||||||
In millions | $(73.7) | $(109.6) | $286.7 | $(121.2) | ||||
Per share | $(0.43) | $(0.64) | $1.68 | $(0.71) | ||||
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: | ||||||||
In millions | $296.1 | $396.4 | $592.0 | $788.4 | ||||
Per share | $1.73 | $2.33 | $3.46 | $4.63 | ||||
A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms |
Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 6/30/26) |
•$21.84 billion in total market capitalization.
•$9.02 billion in total equity capitalization.
•Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of
3.3x for 2Q26 annualized; 4Q26 annualized targets: 5.6x–6.2x and 3.6x–4.1x, respectively.
•We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted
EBITDA ratio in 2H26 as we complete dispositions, sales of partial interests, and other
capital sources.
•Significant liquidity of $3.60 billion and extension of our $5.0 billion unsecured senior line of
credit to 2032.
•Only 6% of our total debt matures through 2028.
•9.7-year weighted-average remaining debt term, the longest among S&P 500 REITs.
•Total debt and preferred stock to gross assets of 31%.
•Intermediate-term goal for leverage: mid-5x range.
Solid 2Q26 leasing volume exceeding 1.0 million RSF |
•2Q26 total leasing volume surpassed 1.0 million RSF, increasing 60% from 1Q26 and
exceeding the 2Q25–1Q26 quarterly average of 952,365 RSF by approximately 87,000 RSF.
•Includes 397,919 RSF for combined previously vacant and development and
redevelopment space; second-highest amount since 2Q24, excluding the 466,598 RSF
build-to-suit lease signed in 3Q25.
•75% of our leasing activity during the last twelve months was generated from our existing
tenant base.
Leasing Volume in RSF: | 2Q26 | 1Q26 | 1H26 | ||||
Leasing of development and redevelopment space | 68,771 | 117,935 | 186,706 | ||||
Leasing of previously vacant space | 329,148 | 148,734 | 477,882 | ||||
397,919 | 266,669 | 664,588 | |||||
Lease renewals and re-leasing of space | 640,998 | 380,687 | 1,021,685 | ||||
Total leasing volume | 1,038,917 | 647,356 | 1,686,273 | ||||
Lease renewals and re-leasing of space: | |||||||
Rental rate changes | (0.7)% | (15.0)% | (7.4)% | ||||
Rental rate changes (cash basis) | (4.3)% | (15.8)% | (9.6)% |
Ongoing execution of Alexandria’s capital recycling strategy |
We plan to continue funding a significant portion of our capital requirements for the year ending
December 31, 2026 through dispositions of land, non-core dispositions, sales of partial
interests, and other capital sources.
(in millions) | Sales Price | % | ||
Completed as of August 3, 2026 | $170 | |||
Pending transactions subject to non-refundable deposits, signed letters of intent, and/or sale agreement negotiations | 1,159 | |||
1,329 | 46% | |||
Dispositions, sales of partial interests, and other capital sources in process | 1,100 | 38% | ||
Multiple alternatives under evaluation | 471 | 16% | ||
2026 guidance midpoint for dispositions, sales of partial interests, and other capital sources | $2,900 |
We expect to allocate this capital as follows (based on guidance midpoints):
(in millions) | 2026 Guidance (Midpoint) | |
Construction focused on highly leased developments and lease-up of vacant space | $1,750 | |
Reduction of debt to meet our leverage goal | 1,675 | |
Net cash provided by operating activities, as adjusted | (525) | |
$2,900 |
| |
Second Quarter Ended June 30, 2026 Financial and Operating Results (continued) | |
June 30, 2026 | |
Occupancy and leasing progress |
Operating occupancy as of March 31, 2026 | 87.7% | |
Key changes to occupancy: | ||
Reclassification of space at 3000 Minuteman Road from redevelopment to operating in 2Q26, fully leased with expected occupancy in 2Q27 | (0.4) | (1) |
Previously disclosed 2Q26 key lease expirations with expected downtime | (0.8) | |
Increase in occupancy, primarily due to the commencement of leases during 2Q26 | 0.4 | |
Operating occupancy as of June 30, 2026 | 86.9 | |
Vacant space with executed leases and future occupancy | 4.0 | (2) |
Operating occupancy as of June 30, 2026, including executed leases with future occupancy | 90.9% |
(1)Refer to “Reduction of capital spend and funding needs” in this Earnings Press Release for additional details
regarding the 159,947 RSF lease executed in 2Q26.
(2)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of
building and/or tenant improvements. The weighted-average expected occupancy date is approximately
November 2026, with expected annual rental revenue of approximately $69 million. We expect 64% of the total
1.4 million RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater
Boston, San Diego, and San Francisco Bay Area markets.
KEY OPERATING METRICS
Operating metrics | 2Q26 | 1H26 | |||
Same property performance: | |||||
Net operating income changes | (10.6)% | (1) | (11.5)% | (1) | |
Net operating income changes (cash basis) | (8.6)% | (1) | (11.2)% | (1) | |
Occupancy – current-period average | 87.1% | 88.2% | |||
Occupancy – same-period prior-year average | 92.6% | 93.5% | |||
Refer to “Same property comparisons” and “Net operating income” under “Definitions and reconciliations” in the
Supplemental Information for additional details and their respective reconciliations from the most directly comparable
financial measures presented in accordance with GAAP.
(1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key
lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with
weighted-average lease expiration dates of January 2026 and April 2026, respectively.
Reduction of capital spend and funding needs |
•In 2Q26, we executed a lease aggregating 159,947 RSF with an advanced technology tenant
at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The
lease enables us to pivot a portion of the redevelopment project from future laboratory and/or
biomanufacturing use to a lower-cost advanced technology use, reducing the project’s
expected aggregate construction budget by approximately $80 million. We expect to deliver
the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant
improvements.
•As a result, the leased space was reclassified from redevelopment to operating, reducing
the redevelopment project from 431,550 RSF as of 1Q26 to 271,603 RSF as of 2Q26.
•We continue to evaluate the business and financial strategy for five projects aggregating
1.4 million RSF, which may allow us to further reduce future construction funding
requirements within our active pipeline.
Reduction of capital spend and funding needs (continued) |
•As of 2Q26, we executed letters of intent aggregating 108,800 RSF for advanced technology
use at our redevelopment project at 311 Arsenal Street. If we are successful in executing
these potential leases, we expect to evaluate whether all or a portion of this project will be
placed back into operation without the need to further redevelop for laboratory use.
•Non-income-producing assets for 2Q26 are 16% of gross assets, a 4% reduction since 4Q24;
targeting a range of 11% to 16% by 4Q26.
Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $57 million during 2Q26, with an additional $42 million anticipated to be delivered by 4Q26 |
•During 2Q26, we placed into service one development project aggregating 426,927 RSF that
is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University
Town Center submarket and delivered incremental annual net operating income aggregating
$57 million.
•Annual net operating income (cash basis) from recently delivered projects is expected to
increase by $40 million upon the burn-off of initial free rent, which has a weighted-average
remaining period of approximately five months.
•79% of the RSF in our total development and redevelopment pipeline is within our
Megacampus ecosystems.
Development and Redevelopment Projects | Incremental Annual Net Operating Income | RSF | Occupied/ Leased/ Negotiating Percentage | |||||
(dollars in millions) | ||||||||
Placed into service in 1H26 | $58 | 532,219 | 91% | |||||
Expected to be placed into service: | ||||||||
2H26 | $42 | (1) | 174,662 | (2) | 84% | (3) | ||
2027–2028 | 93 | 1,258,004 | 68% | |||||
$135 | ||||||||
(1)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including
speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years
under “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental
Information for additional details.
(2)Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries
through 2026 from projects expected to stabilize in 2027–2028.
(3)Represents the current leased/negotiating percentage of our 174,662 RSF development project that is
expected to stabilize in 4Q26.
| |
Second Quarter Ended June 30, 2026 Financial and Operating Results (continued) | |
June 30, 2026 | |
Continued successful management of general and administrative expenses |
•General and administrative expenses for 2Q26 aggregated $36.9 million, an increase of
$7.7 million, or 26.5%, from 2Q25, but a decrease of $7.8 million, or 17.4%, from 2Q24,
reflecting the continued benefit from cost‑efficiency initiatives implemented in prior years.
Some of the cost savings in 2025 were temporary, and approximately half of the cost
reductions achieved in 2025 are expected to continue in 2026.
•Compared to 2024, we continue to expect approximately $76 million of cumulative general
and administrative expense savings in 2025 and 2026 (based on the midpoint of our 2026
guidance range).
•For the trailing twelve months ended June 30, 2026, our general and administrative expenses
represented 6.6% of net operating income, approximately half the average of other S&P 500
REITs for 2023–2025.
Key capital events |
•In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of
credit. The amendment is expected to become effective in September 2026, upon the
satisfaction of certain conditions. The amendment extends the maturity date from
January 22, 2030 to January 22, 2032, including extension options that we control. In
addition, the amendment reduces the applicable borrowing rate to SOFR plus 0.725% from
the currently applicable SOFR plus 0.835%. In connection with the amendment, we expect
to recognize a loss on early extinguishment of debt of approximately $3.3 million related to
the partial write-off of unamortized loan fees in 3Q26.
•In April 2026, we repaid, upon maturity, $350.0 million of 3.80% unsecured senior notes
payable. The repayment was funded temporarily with borrowings under our commercial
paper program, which will be repaid through planned dispositions, sales of partial interests,
and other capital sources included in our 2026 guidance. No gain or loss was incurred in
connection with this repayment.
•Under our common stock repurchase program authorized in December 2025, we may
repurchase up to $500.0 million of our common stock through December 31, 2026. As of
June 30, 2026, no shares have been repurchased under this program and $500.0 million
remains available for future share repurchases.
Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment |
•Common stock dividend declared of $0.72 per share for 2Q26, consistent with the preceding
quarter. The declared dividend per common share reflects our commitment to maintaining the
strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing
cash flows with our stockholders.
•Significant net cash provided by operating activities, as adjusted, retained for reinvestment
aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the
midpoint of our 2026 guidance range.
•Dividend yield of 5.4% as of June 30, 2026 and dividend payout ratio of 42% for the three
months ended June 30, 2026.
Investments |
•As of June 30, 2026:
•Our non-real estate investments aggregated $1.69 billion.
•Unrealized gains presented in our consolidated balance sheet were $223.9 million,
comprising gross unrealized gains and losses aggregating $290.5 million and $66.6 million,
respectively.
•Investment income of $133.2 million for 2Q26, presented in our consolidated statement of
operations, consisted of $10.3 million of realized gains, $131.9 million of unrealized gains,
and $9.0 million of impairment charges.
2026 Guidance | |
June 30, 2026 | |
(Dollars in millions, except per share amounts) | |
Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will
not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of “forward-looking statements” on page 8 of the
Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
Projected 2026 Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted | As of 8/3/26 | As of 4/27/26 | Key Changes | |||||||
Funds from operations per share, as adjusted(1) | $6.35 to $6.45 | $6.30 to $6.50 | No change to midpoint; range narrowed by 10 cents(2) | |||||||
Midpoint | $6.40 | $6.40 | ||||||||
Key Credit Metrics Targets | As of 8/3/26 | As of 4/27/26 | Key Changes | |||
Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized | 5.6x to 6.2x | 5.6x to 6.2x | No Change | |||
Fixed-charge coverage ratio – 4Q26 annualized | 3.6x to 4.1x | 3.6x to 4.1x | ||||
As of 8/3/26 | As of 4/27/26 Midpoint | |||||||||||
Key Sources and Uses of Capital | Range | Midpoint | Certain Completed Items | |||||||||
Sources of capital: | ||||||||||||
Net cash provided by operating activities, as adjusted | $475 | $575 | $525 | $525 | ||||||||
Dispositions, sales of partial interests, and other capital sources(3) | 2,100 | 3,700 | 2,900 | (3) | 2,900 | |||||||
Total sources of capital | $2,575 | $4,275 | $3,425 | $3,425 | ||||||||
Uses of capital: | ||||||||||||
Construction(4)(5) | $1,500 | $2,000 | $1,750 | $1,750 | ||||||||
Reduction in unsecured senior debt | 1,075 | 2,275 | 1,675 | See below | 1,675 | |||||||
Total uses of capital | $2,575 | $4,275 | $3,425 | $3,425 | ||||||||
Reduction in unsecured senior debt (included above): | ||||||||||||
Repayment of unsecured senior notes payable with 2026 maturities | $650 | $650 | $650 | $650 | $650 | |||||||
Tender offers for partial principal repayments of unsecured senior notes payable | 952 | 952 | 952 | $952 | 952 | |||||||
Issuance of unsecured senior notes payable | (750) | (750) | (750) | $(750) | (750) | |||||||
Unsecured senior line of credit, commercial paper, and other | 223 | 1,423 | 823 | 823 | ||||||||
Reduction in unsecured senior debt | $1,075 | $2,275 | $1,675 | $1,675 | ||||||||
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details on key credit metrics.
(1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions and reconciliations” in the Supplemental Information for additional
details.
(2)Refer to “2026 and 4Q26 funds from operations per share – diluted, as adjusted” on page 6 for additional details.
(3)For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased
developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate
available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026. As of August 3,
2026, completed dispositions aggregated $170.4 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated
$1.16 billion, and in-process dispositions, sales of partial interests, and other capital sources aggregated $1.10 billion, with the remaining $471.0 million representing multiple alternatives that we are currently evaluating.
(4)We are currently evaluating our future construction spending estimates for 2027, and a number of factors could cause our preliminary estimates for 2027 to change as we refine our estimates over the next several months. As of August 3,
2026, our updated estimate of 2027 construction spending assumes a decline of $100 million to $600 million (relative to the $1.75 billion midpoint of our 2026 guidance range), resulting in an expected range of $1.15 billion to $1.65 billion,
subject to market conditions. The updates to our 2027 construction spending outlook primarily reflect additional leasing activity since 1Q26, including recently executed leases and leases currently under negotiation, which has refined our
expectations regarding the amount and timing of 2027 construction spending.
(5)We expect 2027 construction spending to primarily focus on: (i) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, (ii) five projects
under evaluation which may require significant capital to complete, and (iii) revenue- and non-revenue-enhancing capital expenditures, in order to secure leasing of vacant space and renewals and re-leasing of space at our operating
properties.
2026 Guidance (continued) | |
June 30, 2026 | |
(Dollars in millions) | |
As of 8/3/26 | As of 4/27/26 | Key Changes to Midpoint | |||||||||
Key Assumptions | Low | High | Low | High | |||||||
Occupancy of operating properties as of December 31, 2026 | 86.2% | (1) | 87.8% | (1) | 86.2% | 87.8% | No Change | ||||
Same property performance: | |||||||||||
Net operating income changes | (10.5)% | (1) | (8.5)% | (1) | (10.5)% | (8.5)% | |||||
Net operating income changes (cash basis) | (10.5)% | (1) | (8.5)% | (1) | (10.5)% | (8.5)% | |||||
Lease renewals and re-leasing of space: | |||||||||||
Rental rate changes | (9.0)% | (1.0)% | (9.0)% | (1.0)% | |||||||
Rental rate changes (cash basis) | (15.0)% | (7.0)% | (15.0)% | (7.0)% | |||||||
Straight-line rent revenue | $45 | $75 | $55 | $85 | $10 million reduction(2) | ||||||
General and administrative expenses | $134 | $154 | $134 | $154 | No Change | ||||||
Capitalization of interest | $220 | $260 | $225 | $265 | $5 million reduction(3) | ||||||
Interest expense | $260 | $300 | $240 | $280 | $20 million increase(4) | ||||||
Realized gains on non-real estate investments(5) | $60 | $90 | $60 | $90 | No Change | ||||||
(1)Our guidance for occupancy of operating properties as of December 31, 2026, and for 2026 same property net operating income changes assumes a benefit of approximately 1% and 2%, respectively, related to a range of assets with
vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, but that had not yet met such criteria as of June 30, 2026.
(2)Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance continues to assume a $25 million to $30 million reduction in funds from operations related to potential tenant wind-
downs, of which approximately $14 million was recognized during 1H26, including approximately $8 million recognized in 2Q26.
(3)Reduction driven primarily by the achievement of certain milestone dates across several projects impacting 4Q26, including a potential decline related to projects for which we are evaluating business and financial strategies. Refer to the
discussion of “2026 and 4Q26 funds from operations per share – diluted, as adjusted” and “Capitalization of interest” on the following page, and “Capitalization of interest” in the Supplemental Information for additional details.
(4)Includes: (i) an approximate $15 million increase resulting primarily from a shift of approximately six weeks in the weighted-average projected completion date of our 2026 dispositions, sales of partial interests, and other capital sources,
from August 2026 to September 2026, and (ii) an approximate $5 million increase resulting primarily from the reduction in 2026 capitalization of interest in 4Q26 discussed in the footnote above.
(5)Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. Refer to
“Investments” in the Supplemental Information for additional details.
2026 Guidance (continued) | |
June 30, 2026 | |
2026 and 4Q26 funds from operations per share – diluted, as adjusted
•On April 27, 2026, we provided a guidance range of $6.30 to $6.50 for projected 2026 funds from operations per share – diluted, as
$1.40–$1.50
adjusted. On August 3, 2026, we narrowed this range to $6.35 to $6.45 while maintaining the midpoint of $6.40. Our outlook includes the
following assumptions:
•The $6.40 midpoint of the guidance range for 2026 funds from operations per share – diluted, as adjusted, remains unchanged, as
we expect the benefit from the later dispositions, sales of partial interests, and other capital sources to substantially offset the higher
interest expense and lower capitalization of interest for 2026. The narrowed guidance range reflects additional visibility into our full-
year outlook.
•We expect higher 3Q26 funds from operations per share – diluted, as adjusted, than previously assumed due to the approximately
six-week shift in the weighted-average projected completion date of the dispositions, sales of partial interests, and other capital
sources assumed at the midpoint of our 2026 guidance, from August to September 2026.
•During 4Q26, we expect lower capitalization of interest than previously assumed primarily driven by the achievement of certain
milestone dates across several projects, including a potential decline related to projects for which we are evaluating business and
financial strategies. The lower capitalized interest is expected to result in our 4Q26 funds from operations per share – diluted, as
adjusted, being at the lower end of our previously provided, and now reiterated, range of $1.40 to $1.50.
1) Development-related other income
•During 1H26, we recognized development fees and other related revenues of approximately $5.6 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete
the respective projects.
2) Development and redevelopment projects under business and financial strategy evaluation
•We have five development and redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements,
pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to “New Class A/A+ development and redevelopment
properties: under construction” in the Supplemental Information for additional details.
•If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.
•If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), these projects could deliver earlier than 2028. The incremental capital required for
alternative-use construction, and corresponding rental rates earned, are generally lower than those associated with laboratory improvements.
•In 2Q26, we executed a lease with an advanced technology tenant at the 3000 Minuteman Road redevelopment project in our Greater Boston market. This lease is for a lower-cost alternative use at
lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed one building at our 3000 Minuteman Road redevelopment project, aggregating 159,947 RSF, back into
operation this quarter and included it in our operating occupancy as of June 30, 2026. Refer to the Earnings Press Release and “Leasing Activity” in the Supplemental Information for additional
details.
•In addition, we have signed letters of intent at our 311 Arsenal Street redevelopment project for non-laboratory use, including advanced technology uses, aggregating 108,800 RSF. If we are
successful in executing these potential leases for advanced technology use, we expect lower rental rates and stabilized yields than our initial underwriting.
3) Capitalization of interest
•We expect average real estate basis capitalized to decline from $6.94 billion for 1H26 to an updated range of $3.4 billion to $4.9 billion for 4Q26, primarily driven by the achievement of certain milestone
dates across several projects due to deliveries of development and redevelopment projects, deliveries of leased vacant space under construction, and pauses in construction and pre-construction
activities, including a potential decline related to projects for which we are evaluating business and financial strategies. The updated range for 4Q26 represents a $400 million reduction (at the midpoint)
from the projected range of $3.8 billion to $5.3 billion that was previously disclosed on April 27, 2026. Refer to "Capitalization of interest" in the Supplemental Information for additional details.
•At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions,
(ii) pause future investments, or (iii) consider potential dispositions of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project,
including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. Annualized capitalized operating
expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1H26.
4) 2Q26 Key lease expirations
•We estimate 451 thousand RSF and 1.4 million RSF of leases expiring in 2026 and 2027 with approximately $18.1
million and $100.5 million of annual rental revenue, respectively, to have downtime after lease expiration. These
2026 and 2027 expirations have weighted-average contractual lease expiration dates of August 2026 and March
2027, respectively, and expected weighted-average downtime of 12 to 24 months. Refer to “Contractual lease
expirations” in the Supplemental Information for additional details.
5) Dispositions, sales of partial interests, and other capital sources
•We may utilize multiple sources of capital, including land dispositions, non-core dispositions, sales of partial interests, and other capital sources to support the achievement of our leverage ratio targets
beyond 2026, given (i) key lease expirations in 2027 with downtime and the factors previously described that could negatively impact EBITDA, (ii) construction spending required to complete our
development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, and (iii) revenue- and non-revenue-enhancing capital expenditures required to secure leasing of
vacant space and renewals and re-leasing of space at our operating properties. Refer to footnotes 4 and 5 under “Key sources and uses of capital” on page 4 for additional details.
We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.
Dispositions, Sales of Partial Interests, and Other Capital Sources | |
June 30, 2026 | |
(Dollars in thousands) | |
Date of Transaction | Interest Sold | Square Footage | Capitalization Rate | Capitalization Rate (Cash Basis) | Price (Our Share) | |||||||||||||||
Property | Submarket/Market | Operating | Future Development | |||||||||||||||||
Completed in 2Q26 and 1H26 | $7,350 | |||||||||||||||||||
Completed in July 2026: | ||||||||||||||||||||
Land: | ||||||||||||||||||||
3825 and 3875 Fabian Way(1) | Palo Alto/San Francisco Bay Area | 7/14/26 | 100% | 228,000 | 250,000 | N/A(1) | 163,000 | |||||||||||||
Total completed 2026 dispositions as of August 3, 2026 | 170,350 | |||||||||||||||||||
Our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, and/or purchase and sale agreement negotiations | 1,158,626 | |||||||||||||||||||
1,328,976 | ||||||||||||||||||||
Dispositions, sales of partial interests, and other capital sources in process | 1,100,000 | |||||||||||||||||||
Multiple alternatives under evaluation | 471,024 | |||||||||||||||||||
$2,900,000 | ||||||||||||||||||||
2026 guidance range for dispositions, sales of partial interests, and other capital sources(2) | $2,100,000 – $3,700,000 | |||||||||||||||||||
Midpoint | $2,900,000 | |||||||||||||||||||
Weighted-average projected completion date of 2026 dispositions, sales of partial interests, and other capital sources | September 2026 | |||||||||||||||||||
(1)Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the
intent to develop them for life science use. However, due to the project’s macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer. Based on 2Q26 annualized results, the assets
generated approximately $6.2 million of annual net operating income.
(2)For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased
developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate
available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026.
| |
Earnings Call Information and About the Company | |
June 30, 2026 | |
We will host a conference call on Tuesday, August 4, 2026, at 2:00 p.m. Eastern Time (“ET”)/11:00 a.m. Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating
results for the second quarter ended June 30, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for
Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on
Tuesday, August 4, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 5367901.
Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2026 is available in the “For Investors” section of our website at www.are.com or
by following this link: https://www.are.com/fs/2026q2.pdf.
For any questions, please contact corporateinformation@are.com; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda,
chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.
About the Company
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994,
Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced
technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2026, Alexandria has a total
market capitalization of $21.84 billion and an asset base that includes 36.0 million RSF of operating properties and 2.8 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing
and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class
talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique
business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset
value. For more information on Alexandria, please visit www.are.com.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net
operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as “forecast,” “guidance,” “goals,” “projects,” “estimates,”
“anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” “seeks,” “should,” “targets,” or “will,” or the negative of those words or similar words. These forward-looking statements are based on our current
expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning
future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important
factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain
capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our
markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new
properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or
non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy
building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”). Accordingly, you are cautioned not to place undue reliance on
such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to
update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to
risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our
most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.
This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a
prospectus approved for that purpose. Unless otherwise indicated, the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries.
Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria
Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names,
trademarks, and logos referenced herein are the property of their respective owners.
Consolidated Statements of Operations | |
June 30, 2026 | |
(Dollars in thousands, except per share amounts) | |
Three Months Ended | Six Months Ended | |||||||||||||
6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 6/30/26 | 6/30/25 | ||||||||
Revenues: | ||||||||||||||
Income from rentals | $643,210 | $653,013 | $728,872 | $735,849 | $737,279 | $1,296,223 | $1,480,454 | |||||||
Other income | 19,574 | 18,009 | 25,542 | 16,095 | 24,761 | 37,583 | 39,744 | |||||||
Total revenues | 662,784 | 671,022 | 754,414 | 751,944 | 762,040 | 1,333,806 | 1,520,198 | |||||||
Expenses: | ||||||||||||||
Rental operations | 207,336 | 224,142 | 232,543 | 239,234 | 224,433 | 431,478 | 450,828 | |||||||
General and administrative | 36,861 | 34,685 | 28,020 | 29,224 | 29,128 | 71,546 | 59,803 | |||||||
Interest | 64,342 | 64,584 | 65,674 | 54,852 | 55,296 | 128,926 | 106,172 | |||||||
Depreciation and amortization | 304,384 | 305,441 | 322,063 | 340,230 | 346,123 | 609,825 | 688,185 | |||||||
Impairment of real estate | 222,470 | 5,499 | 1,717,188 | 323,870 | 129,606 | 227,969 | 161,760 | |||||||
Total expenses | 835,393 | 634,351 | 2,365,488 | 987,410 | 784,586 | 1,469,744 | 1,466,748 | |||||||
Equity in earnings (losses) of unconsolidated real estate joint ventures | 413 | (147) | (304) | 201 | (9,021) | 266 | (9,528) | |||||||
Investment income (losses) | 133,227 | (4,582) | (3,890) | 28,161 | (30,622) | 128,645 | (80,614) | |||||||
Gain (loss) on early extinguishment of debt | — | 366,435 | — | (107) | — | 366,435 | — | |||||||
Gain on sales of real estate | — | — | 619,914 | 9,366 | — | — | 13,165 | |||||||
Net (loss) income | (38,969) | 398,377 | (995,354) | (197,845) | (62,189) | 359,408 | (23,527) | |||||||
Net income attributable to noncontrolling interests | (33,814) | (36,724) | (85,521) | (34,909) | (44,813) | (70,538) | (92,414) | |||||||
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s stockholders | (72,783) | 361,653 | (1,080,875) | (232,754) | (107,002) | 288,870 | (115,941) | |||||||
Net income attributable to unvested restricted stock awards | (908) | (2,779) | (965) | (2,183) | (2,609) | (2,149) | (5,269) | |||||||
Net (loss) income attributable to Alexandria Real Estate Equities, Inc.’s common stockholders | $(73,691) | $358,874 | $(1,081,840) | $(234,937) | $(109,611) | $286,721 | $(121,210) | |||||||
Net (loss) income per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders: | ||||||||||||||
Basic | $(0.43) | $2.10 | $(6.35) | $(1.38) | $(0.64) | $1.68 | $(0.71) | |||||||
Diluted | $(0.43) | $2.10 | $(6.35) | $(1.38) | $(0.64) | $1.68 | $(0.71) | |||||||
Weighted-average shares of common stock outstanding: | ||||||||||||||
Basic | 170,718 | 170,598 | 170,394 | 170,181 | 170,135 | 170,658 | 170,328 | |||||||
Diluted | 170,718 | 170,867 | 170,394 | 170,181 | 170,135 | 171,040 | 170,328 | |||||||
Dividends declared per share of common stock | $0.72 | $0.72 | $0.72 | $1.32 | $1.32 | $1.44 | $2.64 | |||||||
Consolidated Balance Sheets | |
June 30, 2026 | |
(In thousands) | |
6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | ||||||
Assets | ||||||||||
Investments in real estate | $29,125,895 | $28,830,116 | $28,689,996 | $31,743,917 | $32,160,600 | |||||
Investments in unconsolidated real estate joint ventures | 28,910 | 30,520 | 30,677 | 39,601 | 40,234 | |||||
Cash and cash equivalents | 470,449 | 418,720 | 549,062 | 579,474 | 520,545 | |||||
Restricted cash | 4,690 | 4,665 | 4,693 | 4,705 | 7,403 | |||||
Tenant receivables | 7,661 | 7,362 | 6,672 | 6,409 | 6,267 | |||||
Deferred rent | 1,209,722 | 1,200,047 | 1,179,403 | 1,257,378 | 1,232,719 | |||||
Deferred leasing costs | 453,761 | 456,405 | 458,311 | 505,241 | 491,074 | |||||
Investments | 1,685,695 | 1,536,419 | 1,501,249 | 1,537,638 | 1,476,696 | |||||
Other assets | 1,645,443 | 1,683,143 | 1,661,772 | 1,700,785 | 1,688,091 | |||||
Total assets | $34,632,226 | $34,167,397 | $34,081,835 | $37,375,148 | $37,623,629 | |||||
Liabilities, Noncontrolling Interests, and Equity | ||||||||||
Secured notes payable | $— | $— | $— | $— | $153,500 | |||||
Unsecured senior notes payable | 10,818,366 | 11,166,009 | 12,047,394 | 12,044,999 | 12,042,607 | |||||
Unsecured senior line of credit and commercial paper | 1,994,508 | 1,353,986 | 353,161 | 1,548,542 | 1,097,993 | |||||
Accounts payable, accrued expenses, and other liabilities | 2,513,526 | 2,154,782 | 2,397,073 | 2,432,726 | 2,360,840 | |||||
Dividends payable | 130,468 | 128,880 | 127,771 | 230,603 | 229,686 | |||||
Total liabilities | 15,456,868 | 14,803,657 | 14,925,399 | 16,256,870 | 15,884,626 | |||||
Commitments and contingencies | ||||||||||
Redeemable noncontrolling interests | 9,119 | 9,234 | 58,788 | 58,662 | 9,612 | |||||
Alexandria Real Estate Equities, Inc.’s stockholders’ equity: | ||||||||||
Common stock | 1,707 | 1,707 | 1,705 | 1,703 | 1,701 | |||||
Additional paid-in capital | 15,585,296 | 15,763,321 | 15,497,760 | 16,669,802 | 17,200,949 | |||||
Accumulated other comprehensive loss | (33,027) | (30,936) | (29,395) | (32,203) | (27,415) | |||||
Alexandria Real Estate Equities, Inc.’s stockholders’ equity | 15,553,976 | 15,734,092 | 15,470,070 | 16,639,302 | 17,175,235 | |||||
Noncontrolling interests | 3,612,263 | 3,620,414 | 3,627,578 | 4,420,314 | 4,554,156 | |||||
Total equity | 19,166,239 | 19,354,506 | 19,097,648 | 21,059,616 | 21,729,391 | |||||
Total liabilities, noncontrolling interests, and equity | $34,632,226 | $34,167,397 | $34,081,835 | $37,375,148 | $37,623,629 |
Funds From Operations and Funds From Operations per Share | |
June 30, 2026 | |
(In thousands) | |
The following table presents a reconciliation of net income (loss) attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in accordance
with U.S. generally accepted accounting principles (“GAAP”), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to
Alexandria’s common stockholders – diluted, and funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below:
Three Months Ended | Six Months Ended | |||||||||||||
6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 6/30/26 | 6/30/25 | ||||||||
Net (loss) income attributable to Alexandria’s common stockholders – basic and diluted | $(73,691) | $358,874 | $(1,081,840) | $(234,937) | $(109,611) | $286,721 | $(121,210) | |||||||
Depreciation and amortization of real estate assets | 302,238 | 303,296 | 319,865 | 338,182 | 343,729 | 605,534 | 683,110 | |||||||
Noncontrolling share of depreciation and amortization from consolidated real estate JVs | (31,518) | (29,473) | (39,942) | (45,327) | (36,047) | (60,991) | (69,458) | |||||||
Our share of depreciation and amortization from unconsolidated real estate JVs | 805 | 914 | 855 | 852 | 942 | 1,719 | 1,996 | |||||||
Gain on sales of real estate | — | — | (307,132) | (9,824) | — | — | (13,165) | |||||||
Impairment of real estate – rental properties and land | 222,470 | (1) | 5,499 | 1,439,303 | 323,870 | 131,090 | 227,969 | 131,090 | ||||||
Allocation to unvested restricted stock awards | (2,201) | (2,181) | (1,903) | (1,648) | (1,222) | (5,877) | (1,916) | |||||||
Funds from operations attributable to Alexandria’s common stockholders – diluted(2) | 418,103 | 636,929 | 329,206 | 371,168 | 328,881 | 1,055,075 | 610,447 | |||||||
Unrealized (gains) losses on non-real estate investments | (131,933) | 10,332 | (98,548) | (18,515) | 21,938 | (121,601) | 90,083 | |||||||
Significant realized losses on non-real estate investments | — | — | 103,329 | — | — | — | — | |||||||
Impairment of non-real estate investments | 8,998 | (3) | 12,448 | 20,181 | 25,139 | 39,216 | 21,446 | 50,396 | ||||||
Impairment of real estate | — | — | 12,619 | — | 7,189 | — | 39,343 | |||||||
(Gain) loss on early extinguishment of debt | — | (366,435) | — | 107 | — | (366,435) | — | |||||||
Acceleration of stock compensation expense due to executive officer resignation | — | — | 2,455 | — | — | — | — | |||||||
(Decrease) increase in provision for expected credit losses on financial instruments | — | — | (341) | — | — | — | 285 | |||||||
Allocation to unvested restricted stock awards | 909 | 2,674 | (363) | (74) | (794) | 3,541 | (2,116) | |||||||
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted | $296,077 | $295,948 | $368,538 | $377,825 | $396,430 | $592,026 | $788,438 | |||||||
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Primarily reflects impairment charges to reduce the carrying amounts of the following real estate assets classified as held for sale as of 2Q26 to their respective estimated fair values less costs to sell, including (i) $64.2 million related to a
land parcel in Sorrento Mesa that is expected to be sold to a residential developer, (ii) $61.6 million, including $8.9 million attributable to foreign currency translation, related to one operating property in Canada, which was classified as held
for sale following our decision to sell the asset and reallocate the substantial near-term capital that its redevelopment would have required toward other projects with greater value-creation opportunities, (iii) $28.2 million related to one land
parcel and five operating properties, primarily comprising non-laboratory space, in our Sorrento Valley submarket, which were 30% occupied as of 2Q26, had a weighted-average lease term of 2.4 years, and would have required significant
capital investment to convert to laboratory use, and (iv) $24.8 million related to one vacant office property, aggregating 104,956 RSF, in the Cambridge submarket of our Greater Boston market, for which we elected not to pursue a
conversion to laboratory space.
(2)Calculated in accordance with standards established by the Nareit Board of Governors.
(3)Primarily related to two non-real estate investments in privately held entities that do not report NAV.
Funds From Operations and Funds From Operations per Share (continued) | |
June 30, 2026 | |
(In thousands, except per share amounts) | |
The following table presents a reconciliation of net income (loss) per share attributable to Alexandria’s common stockholders, the most directly comparable financial measure presented in
accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria’s common
stockholders – diluted, and funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to
rounding.
Three Months Ended | Six Months Ended | |||||||||||||
6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 6/30/26 | 6/30/25 | ||||||||
Net (loss) income per share attributable to Alexandria’s common stockholders – diluted | $(0.43) | $2.10 | $(6.35) | $(1.38) | $(0.64) | $1.68 | $(0.71) | |||||||
Depreciation and amortization of real estate assets | 1.59 | 1.61 | 1.65 | 1.73 | 1.81 | 3.19 | 3.61 | |||||||
Gain on sales of real estate | — | — | (1.80) | (0.06) | — | — | (0.08) | |||||||
Impairment of real estate – rental properties and land | 1.30 | 0.03 | 8.45 | 1.90 | 0.77 | 1.33 | 0.77 | |||||||
Allocation to unvested restricted stock awards | (0.02) | (0.01) | (0.02) | (0.01) | (0.01) | (0.03) | (0.01) | |||||||
Funds from operations per share attributable to Alexandria’s common stockholders – diluted | 2.44 | 3.73 | 1.93 | 2.18 | 1.93 | 6.17 | 3.58 | |||||||
Unrealized (gains) losses on non-real estate investments | (0.77) | 0.06 | (0.58) | (0.11) | 0.13 | (0.71) | 0.53 | |||||||
Significant realized losses on non-real estate investments | — | — | 0.61 | — | — | — | — | |||||||
Impairment of non-real estate investments | 0.05 | 0.07 | 0.12 | 0.15 | 0.23 | 0.13 | 0.30 | |||||||
Impairment of real estate | — | — | 0.07 | — | 0.04 | — | 0.23 | |||||||
(Gain) loss on early extinguishment of debt | — | (2.14) | — | — | — | (2.14) | — | |||||||
Acceleration of stock compensation expense due to executive officer resignation | — | — | 0.01 | — | — | — | — | |||||||
Allocation to unvested restricted stock awards | 0.01 | 0.01 | — | — | — | 0.01 | (0.01) | |||||||
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted | $1.73 | $1.73 | $2.16 | $2.22 | $2.33 | $3.46 | $4.63 | |||||||
Weighted-average shares of common stock outstanding – diluted | ||||||||||||||
Earnings per share – diluted | 170,718 | 170,867 | 170,394 | 170,181 | 170,135 | 171,040 | 170,328 | |||||||
Funds from operations – diluted, per share | 171,210 | 170,867 | 170,504 | 170,305 | 170,192 | 171,040 | 170,390 | |||||||
Funds from operations – diluted, as adjusted, per share | 171,210 | 170,867 | 170,504 | 170,305 | 170,192 | 171,040 | 170,390 | |||||||
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
SUPPLEMENTAL
INFORMATION
| |
Company Profile | |
June 30, 2026 | |
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a
best-in-class, mission-driven life science REIT making a positive and lasting impact on the
world. With our founding in 1994, Alexandria pioneered the life science real estate niche.
Alexandria is the preeminent and longest-tenured owner, operator, and developer of
collaborative Megacampus ecosystems in AAA life science and advanced technology
innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay
Area, Seattle, Maryland, Research Triangle, and New York City.
As of June 30, 2026, Alexandria has a total market capitalization of $21.84 billion
and an asset base that includes 36.0 million RSF of operating properties and 2.8 million
RSF of Class A/A+ properties undergoing construction.
Alexandria has a long-standing and proven track record of developing Class A/A+
properties clustered in highly dynamic and collaborative Megacampus environments that
enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire
productivity, efficiency, creativity, and success.
Alexandria also provides strategic capital to transformative life science
companies through our venture capital platform. We believe our unique business model
and diligent underwriting ensure a high-quality and diverse tenant base that results in
higher occupancy levels, longer lease terms, higher rental income, higher returns, and
greater long-term asset value. For more information on Alexandria, please visit
www.are.com.
Tenant base
Alexandria is known for our high-quality and diverse tenant base, with 57% of our
annual rental revenue generated from tenants that are investment-grade rated or publicly
traded large cap companies. The quality, diversity, breadth, and depth of our significant
relationships with our tenants provide Alexandria with high-quality and stable cash flows.
Alexandria’s underwriting team and long-term industry relationships positively distinguish
us from all other publicly traded REITs and real estate companies.
Executive and senior management team
Alexandria’s executive and senior management team has unique experience and
expertise in creating, owning, and operating highly dynamic and collaborative
Megacampus real estate in key life science cluster locations to catalyze innovation. From
design to development to the management of our high-quality, sustainable real estate, as
well as our ongoing cultivation of collaborative environments with unique amenities and
events, the Alexandria team has a best-in-class reputation of excellence in life science real
estate. Alexandria’s highly experienced management team includes regional market
directors with leading reputations and long-standing relationships within the life science
communities in their respective innovation clusters. We believe that our experience,
expertise, reputation, and key relationships in the real estate and life science industries
provide Alexandria significant competitive advantages in attracting new business
opportunities.
Alexandria’s executive and senior management team consists of 69
individuals averaging 23 years of real estate experience, including 13 years
with Alexandria. Our executive management team alone averages 16 years
with Alexandria.
EXECUTIVE MANAGEMENT TEAM | ||
Joel S. Marcus | Peter M. Moglia | |
Executive Chairman & Founder | Chief Executive Officer & Chief Investment Officer | |
Marc E. Binda | Hunter L. Kass | |
Chief Financial Officer & Treasurer | Co-President & Regional Market Director – Greater Boston | |
Hart Cole | Joseph Hakman | |
Co-President & Co-Regional Market Director – Seattle | Co-Chief Operating Officer & Chief Strategic Transactions Officer | |
Lawrence J. Diamond | Blake L. Stevens | |
Co-Chief Operating Officer & Co-Regional Market Director – Maryland | EVP – Regional Market Director – Research Triangle | |
Bret E. Gossett | Jesse J. Nelson | |
EVP – Co-Regional Market Director & Head of Leasing – San Diego | EVP – Regional Market Director – San Francisco Bay Area | |
Joshua J. Mitchell | Michael E. Boss | |
EVP – Regional Market Director – New York | EVP – Co-Regional Market Director – San Diego | |
Hallie E. Kuhn | Jenna R. Foger | |
EVP – Capital Markets & Co-Lead – Life Science | EVP – Co-Lead – Life Science | |
Jackie B. Clem | Andres R. Gavinet | |
General Counsel & Secretary | Chief Accounting Officer | |
Onn C. Lee | Kristina A. Fukuzaki-Carlson | |
EVP – Accounting | EVP – Business Operations | |
Madeleine T. Alsbrook | Gregory C. Thomas | |
EVP – Talent Management | EVP – Chief Technology Officer | |
Gary D. Dean | ||
EVP – Real Estate Legal Affairs | ||
| |
Investor Information | |
June 30, 2026 | |
Corporate Headquarters | New York Stock Exchange Trading Symbol | Information Requests | |||
26 North Euclid Avenue | Common stock: ARE | Phone: | (626) 578-0777 | ||
Pasadena, California 91101 | Email: | corporateinformation@are.com | |||
www.are.com | Website: | investor.are.com | |||
Equity Research Coverage |
Alexandria is currently covered by the following research analysts. This list may be incomplete and is subject to change as firms initiate or discontinue coverage of our company. Please note that any opinions, estimates, or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, or forecasts of Alexandria or our management. Alexandria does not, by our reference or distribution of the information below, imply our endorsement of or concurrence with any opinions, estimates, or forecasts of these analysts. Interested persons may obtain copies of analysts’ reports on their own as we do not distribute these reports. Several of these firms may, from time to time, own our stock and/or hold other long or short positions in our stock and may provide compensated services to us. |
BMO | Citigroup Global Markets Inc. | Green Street | RBC Capital Markets | |||
John Kim / Juan Sanabria | Nicholas Joseph / Seth Bergey | Dylan Burzinski | Michael Carroll / Henry Newell | |||
(212) 885-4115 / (312) 845-4074 | (212) 816-1909 / (212) 816-2066 | (949) 640-8780 | (440) 715-2649 / (440) 715-2651 | |||
BNP Paribas Exane | Citizens | J.P. Morgan Securities LLC | Robert W. Baird & Co. Incorporated | |||
Nate Crossett / Monir Koummal | Aaron Hecht | Anthony Paolone / Daniella De Armas Rosales | Wesley Golladay / Nicholas Thillman | |||
(646) 342-1588 / (646) 342-1554 | (415) 835-3963 | (212) 622-6682 / (212) 622-0050 | (216) 737-7510 / (414) 298-5053 | |||
BofA Securities | Deutsche Bank AG | Jefferies | ||||
Farrell Granath / Julieta Michelin | Tayo Okusanya | Joe Dickstein / Andrew Hernandez | ||||
(646) 855-1351 / (646) 855-1898 | (212) 250-9284 | (212) 778-8771 / (212) 284-1742 | ||||
BTIG, LLC | Evercore ISI | Mizuho Securities USA LLC | ||||
Tom Catherwood / Michael Tompkins | Steve Sakwa / James Kammert | Vikram Malhotra / Jyoti Yadav | ||||
(212) 738-6140 / (212) 527-3566 | (212) 446-9462 / (312) 705-4233 | (212) 282-3827 / (212) 471-2683 | ||||
Cantor Fitzgerald | Goldman Sachs | Morgan Stanley & Co. LLC | ||||
Richard Anderson / Jeffrey Carr | Julien Blouin / Ryan Treais | Ronald Kamdem / Derrick Metzler | ||||
(929) 441-6927 / (929) 709-0434 | (415) 393-7638 / (415) 249-7061 | (212) 296-8319 / (212) 761-3366 | ||||
Fixed Income Research Coverage | Rating Agencies | |||||
Barclays Capital Inc. | J.P. Morgan Securities LLC | Moody’s Ratings | S&P Global Ratings | |||
Srinjoy Banerjee / Ishaan Pandya | Mark Streeter / Benjamin Stueck | (212) 553-0376 | Michael Souers | |||
(212) 526-3521 / (212) 526-2970 | (212) 834-5086 / (212) 270-6757 | (212) 438-2508 | ||||
CreditSights | Mizuho Securities USA LLC | |||||
Nicholas Moglia | Thierry Perrein | |||||
(212) 340-3886 | (212) 205-7665 | |||||
Financial and Asset Base Highlights | |
June 30, 2026 | |
(Dollars in thousands, except per share amounts) | |
Financial and Asset Base Highlights (continued) | |
June 30, 2026 | |
(Dollars in thousands, except annual rental revenue per occupied RSF amounts) | |
Three Months Ended (unless stated otherwise) | ||||||||||
6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | ||||||
Components of Funds From Operations and Non-Revenue-Enhancing Capital Expenditures | ||||||||||
Straight-line rent revenue | $901 | (1) | $17,862 | $14,096 | $18,821 | $18,536 | ||||
Amortization of acquired below-market leases | $8,381 | $5,615 | $5,889 | $6,456 | $10,196 | |||||
Amortization of deferred revenue related to tenant-funded and -built landlord improvements | $7,484 | $5,405 | $5,264 | $5,455 | $2,401 | |||||
Straight-line rent expense on ground leases | $141 | $155 | $116 | $114 | $87 | |||||
Stock compensation expense | $10,146 | $11,032 | $8,232 | $10,293 | $12,530 | |||||
Amortization of loan fees | $4,417 | $4,428 | $4,481 | $4,505 | $4,615 | |||||
Amortization of debt discounts | $352 | $320 | $327 | $325 | $335 | |||||
Non-revenue-enhancing capital expenditures: | ||||||||||
Building improvements | $4,600 | $3,357 | $4,372 | $3,948 | $4,622 | |||||
Tenant improvements and leasing commissions | $28,042 | $22,811 | $26,494 | $16,707 | $23,971 | |||||
Funds from operations attributable to noncontrolling interests | $65,332 | $66,197 | $77,922 | $80,236 | $80,860 | |||||
Property Statistics (at end of period and includes assets held for sale, unless stated otherwise) | ||||||||||
Number of properties – operating and development and redevelopment projects under construction | 336 | 339 | 340 | 375 | 384 | |||||
RSF – operating and development and redevelopment projects under construction | 38,858,653 | 39,260,168 | 39,449,372 | 42,887,964 | 43,699,922 | |||||
Total square footage | 59,297,725 | 59,377,267 | 59,382,079 | 66,417,026 | 67,220,337 | |||||
Annual rental revenue per occupied RSF | $60.45 | $59.91 | $59.97 | $58.94 | $58.68 | |||||
Occupancy of operating properties (excluding assets held for sale) | 86.9% | (2) | 87.7% | 90.9% | 90.6% | 90.8% | ||||
Occupancy of operating and redevelopment properties (excluding assets held for sale) | 83.6% | 84.1% | 86.9% | 85.8% | 86.2% | |||||
Weighted-average remaining lease term (in years) | 7.7 | 7.5 | 7.5 | 7.5 | 7.4 | |||||
Leasing Statistics | ||||||||||
Total leasing activity – RSF | 1,038,917 | 647,356 | 1,220,944 | 1,171,344 | 769,815 | |||||
Lease renewals and re-leasing of space – change in new rental rates over expiring rates: | ||||||||||
Rental rate changes | (0.7)% | (15.0)% | (9.9)% | 15.2% | 5.5% | |||||
Rental rate changes (cash basis) | (4.3)% | (15.8)% | (5.2)% | 6.1% | 6.1% | |||||
RSF (included in total leasing activity above) | 640,998 | 380,687 | 821,289 | 354,367 | 483,409 | |||||
Previously vacant leasing activity – RSF | 329,148 | 148,734 | 393,376 | 256,633 | 154,638 | |||||
Developed/redeveloped leasing activity – RSF | 68,771 | 117,935 | 6,279 | 560,344 | 131,768 | |||||
Top 20 Tenants | ||||||||||
Annual rental revenue | $778,069 | $725,681 | $725,559 | $768,528 | $795,244 | |||||
Annual rental revenue from investment-grade or publicly traded large cap tenants | 88% | 87% | 84% | 90% | 89% | |||||
Weighted-average remaining lease term (in years) | 10.0 | 9.9 | 9.7 | 9.4 | 9.4 | |||||
Same Property Performance (change over comparable prior year quarter) | ||||||||||
Net operating income changes | (10.6)% | (3) | (11.9)% | (6.0)% | (6.0)% | (5.4)% | ||||
Net operating income changes (cash basis) | (8.6)% | (3) | (11.7)% | (1.7)% | (3.1)% | 2.0% | ||||
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Decrease from 1Q26 is primarily due to (i) one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, for which we recognized a $5.3 million write-off of deferred rent receivable in connection with a
lease termination and the receipt of a $10.5 million payment from the tenant; the space has since been re-leased, with delivery expected in 1Q27 upon completion of tenant improvements; and (ii) a $4.5 million reduction in rental
revenue related to rents not expected to be collected in full through the lease term.
(2)Refer to page 1 in the Earnings Press Release and “Summary of properties and occupancy” in the Supplemental Information for additional details.
(3)Refer to “Same property performance” in the Supplemental Information for additional details.
| |
High-Quality and Diverse Tenant Base | |
June 30, 2026 | |
Stable Cash Flows From Our High-Quality and Diverse Tenants
Investment-Grade or Publicly Traded Large Cap Tenants | ||||
88% | 57% | |||
of ARE’s Top 20 Tenant Annual Rental Revenue | of ARE’s Total Annual Rental Revenue | |||
Weighted Average Remaining Term(3) | ||||
10.0 Years | 7.7 Years | |||
Top 20 Tenants | All Tenants | |||
(1)
(2)
(4)
Percentage of Alexandria’s Annual Rental Revenue
As of June 30, 2026. Annual rental revenue represents amounts in effect as of June 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details, including our methodology of calculating annual rental
revenue from unconsolidated real estate joint ventures.
(1)Represents the percentage of our annual rental revenue generated by professional services, finance, construction/real estate companies, and retail-related tenants.
(2)83% of our annual rental revenue from advanced technologies tenants is from investment-grade or publicly traded large cap tenants.
(3)Represents the weighted-average remaining term based on annual rental revenue in effect as of June 30, 2026.
(4)81% of our annual rental revenue from biomedical institutions is from investment-grade or publicly traded large cap tenants.
| |
Key Operating Metrics | |
June 30, 2026 | |
Same Property Performance and Occupancy
Same Property Net Operating Income Changes | ||||
(1)
(1)
Occupancy | ||||
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 comparable financial measures presented in accordance with GAAP.
(1)Refer to footnote 1 under “Same property performance” in the Supplemental Information for additional details.
| |
Key Operating Metrics (continued) | |
June 30, 2026 | |
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% | ||||||||
Stable cash flows | |||||||||
Percentage of triple net leases | 91% | ||||||||
Lower capex burden | |||||||||
Percentage of leases providing for the recapture of capital expenditures | 91% | ||||||||
Margins(2) | ||||
Operating | Adjusted EBITDA | |||
69% | 67% | |||
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 presented in accordance with GAAP.
(1)Percentages calculated based on our annual rental revenue in effect as of June 30, 2026.
(2)For the three months ended June 30, 2026.
Same Property Performance | |
June 30, 2026 | |
(Dollars in thousands) | |
June 30, 2026 | June 30, 2026 | |||||||||||
Same Property Financial Data | Three Months Ended | Six Months Ended | Same Property Statistical Data | Three Months Ended | Six Months Ended | |||||||
Percentage change over comparable period from prior year: | Number of same properties | 289 | 288 | |||||||||
Net operating income changes | (10.6%) | (1) | (11.5%) | (1) | Rentable square feet | 31,733,905 | 31,448,559 | |||||
Net operating income changes (cash basis) | (8.6%) | (1) | (11.2%) | (1) | Occupancy – current-period average | 87.1% | 88.2% | |||||
Operating margin | 68% | 66% | Occupancy – same-period prior-year average | 92.6% | 93.5% | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||
Income from rentals: | |||||||||||||||||
Same properties | $434,779 | $477,026 | $(42,247) | (8.9)% | $855,554 | $940,034 | $(84,480) | (9.0)% | |||||||||
Non-same properties | 51,810 | 76,351 | (24,541) | (32.1) | 105,821 | 165,455 | (59,634) | (36.0) | |||||||||
Rental revenues | 486,589 | 553,377 | (66,788) | (12.1) | 961,375 | 1,105,489 | (144,114) | (13.0) | |||||||||
Same properties | 148,483 | 166,400 | (17,917) | (10.8) | 312,684 | 327,564 | (14,880) | (4.5) | |||||||||
Non-same properties | 8,138 | 17,502 | (9,364) | (53.5) | 22,164 | 47,401 | (25,237) | (53.2) | |||||||||
Tenant recoveries | 156,621 | 183,902 | (27,281) | (14.8) | 334,848 | 374,965 | (40,117) | (10.7) | |||||||||
Income from rentals | 643,210 | 737,279 | (94,069) | (12.8) | 1,296,223 | 1,480,454 | (184,231) | (12.4) | |||||||||
Same properties | — | — | — | — | — | — | — | — | |||||||||
Non-same properties | 19,574 | 24,761 | (5,187) | (20.9) | 37,583 | 39,744 | (2,161) | (5.4) | |||||||||
Other income | 19,574 | 24,761 | (5,187) | (20.9) | 37,583 | 39,744 | (2,161) | (5.4) | |||||||||
Same properties | 583,262 | 643,426 | (60,164) | (9.4) | 1,168,238 | 1,267,598 | (99,360) | (7.8) | |||||||||
Non-same properties | 79,522 | 118,614 | (39,092) | (33.0) | 165,568 | 252,600 | (87,032) | (34.5) | |||||||||
Total revenues | 662,784 | 762,040 | (99,256) | (13.0) | 1,333,806 | 1,520,198 | (186,392) | (12.3) | |||||||||
Same properties | 187,351 | 200,594 | (13,243) | (6.6) | 395,913 | 394,692 | 1,221 | 0.3 | |||||||||
Non-same properties | 19,985 | 23,839 | (3,854) | (16.2) | 35,565 | 56,136 | (20,571) | (36.6) | |||||||||
Rental operations | 207,336 | 224,433 | (17,097) | (7.6) | 431,478 | 450,828 | (19,350) | (4.3) | |||||||||
Same properties | 395,911 | 442,832 | (46,921) | (10.6) | 772,325 | 872,906 | (100,581) | (11.5) | |||||||||
Non-same properties | 59,537 | 94,775 | (35,238) | (37.2) | 130,003 | 196,464 | (66,461) | (33.8) | |||||||||
Net operating income | $455,448 | $537,607 | $(82,159) | (15.3)% | $902,328 | $1,069,370 | $(167,042) | (15.6)% | |||||||||
Net operating income – same properties | $395,911 | $442,832 | $(46,921) | (10.6)% | $772,325 | $872,906 | $(100,581) | (11.5)% | |||||||||
Straight-line rent revenue | (5,138) | (18,773) | 13,635 | (72.6) | (16,624) | (26,420) | 9,796 | (37.1) | |||||||||
Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements | (12,915) | (10,731) | (2,184) | 20.4 | (22,677) | (20,999) | (1,678) | 8.0 | |||||||||
Net operating income – same properties (cash basis) | $377,858 | $413,328 | $(35,470) | (8.6)% | $733,024 | $825,487 | $(92,463) | (11.2)% | |||||||||
Refer to “Same property comparisons” under “Definitions and reconciliations” in the Supplemental Information for additional details, including a reconciliation of same properties to total properties. “Definitions and reconciliations” also
contains definitions of “Tenant recoveries” and “Net operating income” and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.
(1)The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with weighted-
average lease expiration dates of January 2026 and April 2026, respectively.
Leasing Activity | |
June 30, 2026 | |
(Dollars per RSF) | |
Three Months Ended | Six Months Ended | Year Ended | ||||||||||||||||||||||
June 30, 2026 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | Including Straight-Line Rent | Cash Basis | |||||||||||||||||||
Leasing activity: | ||||||||||||||||||||||||
Renewed/re-leased space(1) | ||||||||||||||||||||||||
Rental rate changes | (0.7)% | (4.3)% | (7.4)% | (9.6)% | 7.0% | 3.5% | ||||||||||||||||||
New rates | $39.03 | (2) | $41.66 | (2) | $43.08 | $46.04 | $52.71 | $53.66 | ||||||||||||||||
Expiring rates | $39.29 | $43.52 | $46.51 | $50.94 | $49.27 | $51.87 | ||||||||||||||||||
RSF | 640,998 | 1,021,685 | 2,543,473 | |||||||||||||||||||||
Tenant improvements/leasing commissions | $45.57 | (3) | $50.92 | $55.34 | ||||||||||||||||||||
Weighted-average lease term | 6.8 years | 7.5 years | 9.0 years | |||||||||||||||||||||
Previously vacant/developed/redeveloped space leased | ||||||||||||||||||||||||
New rates | $33.55 | (2) | $34.13 | (2) | $41.49 | $41.34 | $72.30 | (4) | $67.56 | |||||||||||||||
Previously vacant RSF | 329,148 | 477,882 | 944,362 | |||||||||||||||||||||
Developed/redeveloped RSF(5) | 68,771 | 186,706 | 704,821 | (4) | ||||||||||||||||||||
Weighted-average lease term | 9.6 years | 12.4 years | 13.8 years | |||||||||||||||||||||
Leasing activity summary (totals): | ||||||||||||||||||||||||
New rates | $36.93 | $38.77 | $42.45 | $44.19 | $60.42 | $59.13 | ||||||||||||||||||
RSF | 1,038,917 | 1,686,273 | 4,192,656 | |||||||||||||||||||||
Weighted-average lease term | 8.0 years | 10.1 years | 11.9 years | |||||||||||||||||||||
Lease expirations(1) | ||||||||||||||||||||||||
Expiring rates | $50.81 | $53.94 | $53.81 | $58.39 | $54.22 | $55.56 | ||||||||||||||||||
RSF | 1,169,042 | (6) | 2,509,851 | 4,460,081 | ||||||||||||||||||||
Leasing activity includes 100% of results for properties in which we have an investment.
(1)Excludes month-to-month leases aggregating 291,724 RSF and 58,516 RSF as of June 30, 2026 and December 31, 2025, respectively. During the trailing twelve months ended June 30, 2026, we granted free rent
concessions averaging 1.5 months per annum.
(2)Leases executed with advanced technology tenants represented 29.2% of our total 2Q26 leasing volume. Advanced technology space typically generates lower rental rates, and requires lower capital investment, compared to
laboratory space.
(3)Includes the impact of one lease aggregating 81,220 RSF at 10955 Alexandria Way in our Torrey Pines submarket, executed in April 2026 to accommodate the expansion needs of a growth-stage life science company
advancing next-generation therapeutics and to backfill a vacancy from a tenant wind-down. Delivery of the space is expected in 1Q27 upon completion of tenant improvements. Excluding this lease, tenant improvements and
leasing commissions for the three months ended June 30, 2026 was $28.60 per RSF.
(4)Includes the largest life science lease in company history, executed in July 2025 with Novartis AG. The 16-year expansion build-to-suit lease aggregates 466,598 RSF and is located at the Campus Point by Alexandria
Megacampus in our University Town Center submarket. Excluding this lease, previously vacant/developed/redeveloped rental rates would have been $58.31 and $58.70 (cash basis) and development/redevelopment
leasing volume would have been 238,223 RSF, for the year ended December 31, 2025.
(5)Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” in the Supplemental Information for additional details, including total project costs.
(6)Includes previously disclosed key lease expirations aggregating 260,888 RSF that became vacant during 2Q26, with a weighted-average lease expiration date of April 2026.
Contractual Lease Expirations | |
June 30, 2026 | |
Market | 2026 Contractual Lease Expirations (in RSF) | Annual Rental Revenue (per RSF)(1) | 2027 Contractual Lease Expirations (in RSF) | Annual Rental Revenue (per RSF)(1) | ||||||||||||||||||
Leased | Negotiating/ Anticipating | Remaining Expiring Leases | Total(2) | Leased | Negotiating/ Anticipating | Remaining Expiring Leases | Total | |||||||||||||||
Greater Boston | 101,347 | 12,190 | 93,849 | 207,386 | $51.56 | 42,458 | — | 106,399 | 148,857 | $66.73 | ||||||||||||
San Diego | — | — | 83,965 | 83,965 | 60.25 | — | — | 383,498 | 383,498 | 42.30 | ||||||||||||
San Francisco Bay Area | 155 | 17,357 | 17,031 | 34,543 | 37.48 | 375 | 15,212 | 180,738 | 196,325 | 72.94 | ||||||||||||
Seattle | 6,193 | 6,276 | 22,291 | 34,760 | 29.37 | 18,205 | 96,573 | 174,346 | 289,124 | 42.21 | ||||||||||||
Maryland | 6,833 | — | 7,696 | 14,529 | 81.74 | — | — | 170,981 | 170,981 | 29.91 | ||||||||||||
Research Triangle | 13,385 | 11,913 | 8,853 | 34,151 | 23.99 | 39,891 | — | 206,807 | 246,698 | 34.64 | ||||||||||||
New York City | — | — | 32,890 | 32,890 | 97.03 | — | — | 98,612 | 98,612 | 98.03 | ||||||||||||
Texas | 65,628 | — | — | 65,628 | 28.77 | — | — | 26,160 | 26,160 | 27.74 | ||||||||||||
Subtotal | 193,541 | 47,736 | 266,575 | 507,852 | 49.34 | 100,929 | 111,785 | 1,347,541 | 1,560,255 | 49.26 | ||||||||||||
Key lease expirations with expected downtime | 31,391 | 192,847 | 227,212 | 451,450 | (3) | 40.10 | — | — | 1,377,960 | 1,377,960 | (3) | 72.92 | ||||||||||
Total | 224,932 | 240,583 | 493,787 | 959,302 | $44.98 | 100,929 | 111,785 | 2,725,501 | 2,938,215 | $60.39 | ||||||||||||
Percentage of expiring leases | 23% | 25% | 52% | 100% | 3% | 4% | 93% | 100% | ||||||||||||||
Contractual lease expirations for properties classified as held for sale as of June 30, 2026 are excluded from the information on this page.
(1)Amounts in effect as of June 30, 2026.
(2)Excludes month-to-month leases aggregating 291,724 RSF.
(3)See tables below for additional details.
(4)Includes 317,385 RSF of key lease expirations from Bristol Myers Squibb across four properties, generating $24.0 million of annual rental revenue with a weighted-average expiration date of April 2027. Upon lease expiration, BMS will
relocate to 4135 Campus Point Court, a 426,927 RSF R&D facility that was delivered in June 2026. We expect the vacated space to experience a period of downtime and we are currently in early discussions for 190,085 RSF.
2026 Key Lease Expirations with Expected Downtime | 2027 Key Lease Expirations with Expected Downtime | ||||||||||||||
Total | Annual Rental Revenue(1) | Weighted Average Expiration Date | Weighted Average Expected Downtime | Total | Annual Rental Revenue(1) | Weighted Average Expiration Date | Weighted Average Expected Downtime | ||||||||
451,450 RSF | $18.1M | August 2026 | 12 to 24 months | 1,377,960 RSF | $100.5M | March 2027 | 12 to 24 months | ||||||||
Reason for Expected Downtime (Based on RSF) | Reason for Expected Downtime (Based on RSF) | ||||||||||
Relocation to Other ARE Properties(4) | Leases at Assets Originally Acquired for Redevelopment | Other |
Relocation to Other ARE Properties | Other | ||
Current Leasing Status (Based on RSF) | Current Leasing Status (Based on RSF) | ||||||||||
Early Discussions | Marketing |
Leased/Negotiating | Early Discussions | Marketing |
Top 20 Tenants | |
June 30, 2026 | |
(Dollars in thousands, except average market cap amounts) | |
88% of Top 20 Tenant Annual Rental Revenue Is From Investment-Grade
or Publicly Traded Large Cap Tenants(1)
Tenant | Remaining Lease Term(1) (in years) | Aggregate RSF | Annual Rental Revenue(1) | Percentage of Annual Rental Revenue(1) | Investment-Grade Credit Ratings | Average Market Cap (in billions) | |||||||||||||||||
Moody’s | S&P | ||||||||||||||||||||||
1 | Bristol Myers Squibb Company | 8.5 | 1,653,689 | $161,572 | 8.8% | A2 | A | $107.15 | |||||||||||||||
2 | Eli Lilly and Company | 9.0 | 1,054,241 | 92,202 | 5.0 | Aa3 | AA- | $883.16 | |||||||||||||||
3 | Moderna, Inc. | 12.4 | 462,100 | 71,571 | 3.9 | — | — | $15.00 | |||||||||||||||
4 | AstraZeneca PLC | 5.7 | 611,326 | 56,151 | (2) | 3.0 | A1 | A+ | $273.81 | ||||||||||||||
5 | Takeda Pharmaceutical Company Limited | 10.3 | 386,111 | 41,673 | 2.3 | Baa1 | BBB+ | $50.27 | |||||||||||||||
6 | Eikon Therapeutics, Inc.(3) | 13.0 | 299,638 | 38,907 | 2.1 | — | — | $0.62 | |||||||||||||||
7 | Illumina, Inc. | 5.3 | 792,687 | 29,977 | 1.6 | Baa3 | BBB | $18.90 | |||||||||||||||
8 | United States Government | 4.1 | 414,499 | 29,340 | (4) | 1.6 | Aaa | AA+ | $— | ||||||||||||||
9 | Uber Technologies, Inc. | 56.3 | (5) | 1,009,188 | 27,869 | 1.5 | Baa1 | BBB+ | $172.86 | ||||||||||||||
10 | Boston Children's Hospital | 10.7 | 309,231 | 26,294 | 1.4 | Aa2 | AA | $— | |||||||||||||||
11 | Novartis AG | 1.9 | (6) | 321,743 | 25,111 | 1.4 | Aa3 | AA- | $290.24 | ||||||||||||||
12 | Sanofi | 4.5 | 267,278 | 22,045 | 1.2 | Aa3 | AA | $115.66 | |||||||||||||||
13 | Alphabet Inc. | 1.9 | 418,600 | 21,837 | 1.2 | Aa2 | AA+ | $3,530.73 | |||||||||||||||
14 | New York University | 6.1 | 218,983 | 21,073 | 1.1 | Aa2 | AA- | $— | |||||||||||||||
15 | Massachusetts Institute of Technology | 3.5 | 242,428 | 20,529 | 1.1 | Aaa | AAA | $— | |||||||||||||||
16 | Merck & Co., Inc. | 7.8 | 300,930 | 18,895 | 1.0 | Aa3 | A+ | $253.48 | |||||||||||||||
17 | Vaxcyte, Inc. | 8.5 | 230,755 | 18,656 | 1.0 | — | — | $6.36 | |||||||||||||||
18 | Altos Labs, Inc.(7) | 14.8 | 158,990 | 18,407 | 1.0 | — | — | $— | |||||||||||||||
19 | Charles River Laboratories, Inc. | 9.3 | 187,418 | 18,061 | 1.0 | — | — | $8.63 | |||||||||||||||
20 | Amgen Inc. | 9.6 | 309,945 | 17,899 | 1.0 | Baa1 | BBB+ | $175.75 | |||||||||||||||
Total/weighted-average | 10.0 | (5) | 9,649,780 | $778,069 | 42.2% | ||||||||||||||||||
Annual rental revenue and RSF include 100% of each property managed by us. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” under “Definitions and reconciliations” in the Supplemental Information
for additional details, including our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.
(1)Based on annual rental revenue in effect as of June 30, 2026.
(2)Of the $56.2 million of annual rental revenue generated by this tenant, $27.0 million relates to a 232,902-RSF lease at our Alexandria Center® for Life Science – Waltham Megacampus, which expires in 1Q27. This lease is included in the
1.4 million RSF of 2027 key lease expirations with expected downtime disclosed on page 23. We do not anticipate the tenant to renew its lease and are actively marketing the space.
(3)Eikon Therapeutics, Inc. is a public biotechnology company led by Roger Perlmutter, a biopharmaceutical executive who previously served as an executive vice president of Merck & Co., Inc. As of March 31, 2026, the company held
$512 million in cash and marketable securities.
(4)Includes leases, which are not subject to annual appropriations, with governmental entities such as the NIH and the General Services Administration. Approximately 2% of the annual rental revenue derived from our leases with the United
States Government is cancellable prior to the lease expiration date.
(5)Includes (i) ground leases for land at 1455 and 1515 Third Street (two buildings aggregating 422,980 RSF) and (ii) leases at 1655 and 1725 Third Street (two buildings aggregating 586,208 RSF) in our Mission Bay submarket owned by
our unconsolidated real estate joint venture in which we have an ownership interest of 10%. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental
revenue from our unconsolidated real estate joint ventures. Excluding these ground leases, the weighted-average remaining lease term for our top 20 tenants was 8.3 years as of June 30, 2026.
(6)Includes one lease at 100 Technology Square at Alexandria Technology Square® Megacampus in our Cambridge submarket aggregating 255,441 RSF, which generates annualized rental revenue of $21.0 million and expires in March
2028. We do not expect the tenant to renew the lease and are actively marketing the space for re-lease.
(7)Altos Labs, Inc. is a private biotechnology company led by Hal Barron, M.D., former Chief Scientific Officer and President, R&D at GlaxoSmithKline. Altos Labs launched with $3.0 billion in private funding in 2022, and is backed by a group
of prominent investors.
Summary of Properties and Occupancy | |
June 30, 2026 | |
(Dollars in thousands, except per RSF amounts) | |
Summary of properties
RSF | Number of Properties | Annual Rental Revenue | |||||||||||||||||
Market | Operating | Development | Redevelopment | Total | % of Total | Total | % of Total | Per RSF | |||||||||||
Greater Boston | 9,500,175 | 566,673 | 1,201,425 | 11,268,273 | 29% | 63 | $699,694 | 38% | $88.73 | ||||||||||
San Diego | 6,444,923 | 466,598 | — | 6,911,521 | 19 | 56 | 338,631 | 18 | 58.44 | ||||||||||
San Francisco Bay Area | 5,861,540 | 212,657 | 84,157 | 6,158,354 | 16 | 51 | 307,239 | 17 | 70.78 | ||||||||||
Seattle | 2,846,133 | 227,577 | — | 3,073,710 | 8 | 39 | 111,216 | 6 | 44.58 | ||||||||||
Maryland | 3,676,755 | — | — | 3,676,755 | 9 | 47 | 151,419 | 8 | 45.79 | ||||||||||
Research Triangle | 3,436,158 | — | — | 3,436,158 | 9 | 36 | 88,834 | 5 | 27.52 | ||||||||||
New York City | 727,674 | — | — | 727,674 | 2 | 2 | 65,192 | 4 | 93.85 | ||||||||||
Texas | 1,651,094 | — | 66,350 | 1,717,444 | 4 | 13 | 39,944 | 2 | 28.37 | ||||||||||
Non-cluster/other markets | 170,429 | — | — | 170,429 | — | 6 | 5,679 | — | 61.58 | ||||||||||
Properties held for sale | 1,718,335 | — | — | 1,718,335 | 4 | 23 | 38,554 | 2 | 29.71 | ||||||||||
36,033,216 | 1,473,505 | 1,351,932 | 38,858,653 | 100% | 336 | $1,846,402 | 100% | $60.45 | |||||||||||
2,825,437 | |||||||||||||||||||
Summary of occupancy
Operating Properties | Operating and Redevelopment Properties | |||||||||||
Market | 6/30/26 | 3/31/26 | 6/30/25 | 6/30/26 | 3/31/26 | 6/30/25 | ||||||
Greater Boston | 83.0% | (1) | 83.8% | 90.1% | 73.7% | 73.1% | 76.7% | |||||
San Diego | 89.9 | 88.4 | 94.8 | 89.9 | 88.4 | 94.8 | ||||||
San Francisco Bay Area | 83.1 | (2) | 87.6 | 88.9 | 81.9 | 86.4 | 85.2 | |||||
Seattle | 87.7 | 87.8 | 90.3 | 87.7 | 87.8 | 90.3 | ||||||
Maryland | 91.5 | 92.3 | 93.9 | 91.5 | 92.3 | 93.9 | ||||||
Research Triangle | 93.9 | 93.8 | 92.8 | 93.9 | 93.8 | 92.8 | ||||||
New York City | 95.5 | 95.8 | 88.9 | 95.5 | 95.8 | 88.9 | ||||||
Texas | 85.3 | 81.8 | 82.1 | 82.0 | 78.7 | 78.9 | ||||||
Subtotal | 87.1 | 87.8 | 91.0 | 83.8 | 84.0 | 86.3 | ||||||
Canada | N/A | N/A | 90.7 | N/A | N/A | 85.8 | ||||||
Non-cluster/other markets | 54.1 | 86.0 | 72.6 | 54.1 | 86.0 | 72.6 | ||||||
86.9% | (3) | 87.7% | 90.8% | 83.6% | 84.1% | 86.2% | ||||||
(1)Decline in occupancy was primarily due to 159,947 RSF at our 3000 Minuteman Road redevelopment project in our Greater Boston market being placed back into operation following the execution of a lease with an advanced
technology tenant in 2Q26. The lease enables us to pivot a portion of the redevelopment project from future laboratory use to a lower-cost advanced technology use, reducing the project’s expected aggregate construction
budget by approximately $80 million. We expect to deliver the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant improvements.
(2)Decline in occupancy since March 31, 2026 was primarily attributable to previously disclosed key lease expirations with expected downtime, including 137,316 RSF of office space at Alexandria Stanford Life Science District,
where we are evaluating a repositioning for advanced technology space, and 71,567 RSF across two properties in our Palo Alto and South San Francisco submarkets. Of the latter, we have re-leased 17,271 RSF, and are
actively marketing the remaining space.
(3)Excludes leases aggregating 1.4 million RSF, or 4.0% of total operating RSF, executed as of June 30, 2026 and expected to be occupied upon completion of building and/or tenant improvements. See the Occupancy and
Leasing Progress chart on the following page for additional information.
Summary of Properties and Occupancy (continued) | |
June 30, 2026 | |
Occupancy and Leasing Progress
(1)
(1)Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately November 2026,
with expected annual rental revenue of approximately $69 million. We expect 64% of the total RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San
Francisco Bay Area markets.
Property Listing | |
June 30, 2026 | |
(Dollars in thousands) | |
Our Megacampus Properties Account for 80% of Our Annual Rental Revenue
Property Listing (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Property Listing (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Property Listing (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Property Listing (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Property Listing (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Market / Submarket / Address | RSF | Number of Properties | Annual Rental Revenue | Occupancy Percentage | ||||||||||||||||
Operating | Operating and Redevelopment | |||||||||||||||||||
Operating | Development | Redevelopment | Total | |||||||||||||||||
NEW YORK CITY | ||||||||||||||||||||
New York City | ||||||||||||||||||||
Megacampus: Alexandria Center® for Life Science – New York City | 727,674 | — | — | 727,674 | 2 | $65,192 | 95.5% | 95.5% | ||||||||||||
430 and 450 East 29th Street | ||||||||||||||||||||
NEW YORK CITY TOTAL | 727,674 | — | — | 727,674 | 2 | 65,192 | 95.5 | 95.5 | ||||||||||||
TEXAS | ||||||||||||||||||||
Austin | ||||||||||||||||||||
Megacampus: Intersection Campus | 1,523,318 | — | — | 1,523,318 | 12 | 36,192 | 88.7 | 88.7 | ||||||||||||
507 East Howard Lane, 13011 McCallen Pass, 13813 and 13929 Center Lake Drive, and 12535, 12545, 12555, and 12565 Riata Vista Circle | ||||||||||||||||||||
Greater Houston | ||||||||||||||||||||
Alexandria Center® for Advanced Technologies at The Woodlands | 127,776 | — | 66,350 | 194,126 | 1 | 3,752 | 44.6 | 29.4 | ||||||||||||
8800 Technology Forest Place | ||||||||||||||||||||
TEXAS TOTAL | 1,651,094 | — | 66,350 | 1,717,444 | 13 | 39,944 | 85.3 | 82.0 | ||||||||||||
Non-cluster/other markets | 170,429 | — | — | 170,429 | 6 | 5,679 | 54.1 | 54.1 | ||||||||||||
Total, excluding properties held for sale | 34,314,881 | 1,473,505 | 1,351,932 | 37,140,318 | 313 | 1,807,848 | 86.9% | 83.6% | ||||||||||||
Properties held for sale | 1,718,335 | — | — | 1,718,335 | 23 | 38,554 | 75.5% | 75.5% | ||||||||||||
Total | 36,033,216 | 1,473,505 | 1,351,932 | 38,858,653 | 336 | $1,846,402 | ||||||||||||||
Refer to “New Class A/A+ development and redevelopment properties: summary of pipeline” and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments in Real Estate | |
June 30, 2026 | |
INCREMENTAL ANNUAL NET OPERATING INCOME
GROWTH EXPECTED FROM ALEXANDRIA’S
DEVELOPMENT AND REDEVELOPMENT DELIVERIES
Placed Into Service | Near-Term Deliveries | Intermediate-Term Deliveries | |||||
1H26 | Projected Stabilization: | 2H26 | Projected Stabilization: | 2027–2028 | |||
$58M | $42M | $93M | |||||
91% Occupied | 84% Leased/Negotiating | 68% Leased/Negotiating | |||||
532,219 RSF | 174,662 RSF | 1.3 million RSF | |||||
(1)
(2)
(3)
(4)
(5)
Refer to “Net operating income” under “Definitions and reconciliations” in the Supplemental Information for additional details, including its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.
(1)Excludes future incremental annual net operating income from spaces placed into service that were vacant and/or unleased at delivery.
(2)Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including speculative future leasing that is not yet fully committed. Our share of incremental annual net operating income from projects
expected to be placed into service commencing through 2026 is projected to be $42 million. Refer to the initial and stabilized occupancy years under “New Class A/A+ development and redevelopment properties: under construction” in
the Supplemental Information for additional details.
(3)Our share of incremental annual net operating income from projects expected to stabilize in 2027–2028 is projected to be $59 million.
(4)Represents the current leased/negotiating percentage of development and redevelopment projects that are expected to stabilize through 2026.
(5)Represents the RSF related to projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027–2028.
Investments in Real Estate (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Development and Redevelopment | |||||||||||||||
Under Construction | |||||||||||||||
Operating | 2H26 Stabilization | 2027–2028 Stabilization | Evaluating Strategy | Future | Subtotal | Total | |||||||||
Square footage | |||||||||||||||
Operating | 34,314,881 | — | — | — | — | — | 34,314,881 | ||||||||
Future Class A/A+ development and redevelopment properties | — | 174,662 | 1,258,004 | 1,392,771 | 19,372,303 | 22,197,740 | 22,197,740 | ||||||||
Future development and redevelopment square feet currently included in rental properties(1) | — | — | — | — | (947,156) | (947,156) | (947,156) | ||||||||
Total square footage, excluding properties held for sale | 34,314,881 | 174,662 | 1,258,004 | 1,392,771 | 18,425,147 | 21,250,584 | 55,565,465 | ||||||||
Properties held for sale | 1,718,335 | — | — | — | 2,013,925 | 2,013,925 | 3,732,260 | ||||||||
Total square footage | 36,033,216 | 174,662 | 1,258,004 | 1,392,771 | 20,439,072 | 23,264,509 | 59,297,725 | ||||||||
Investments in real estate | |||||||||||||||
Gross book value as of June 30, 2026(2) | $29,139,650 | $201,882 | $1,195,667 | $1,319,039 | $3,917,800 | $6,634,388 | (3) | $35,774,038 | |||||||
Properties held for sale | 455,917 | — | — | — | 188,192 | 188,192 | 644,109 | ||||||||
Total gross investment in real estate, excluding properties held for sale | $28,683,733 | $201,882 | $1,195,667 | $1,319,039 | $3,729,608 | $6,446,196 | $35,129,929 | ||||||||
20%
Development/ Redevelopment Under Construction |
Land/Future Development |
17%
16%
11% to 16%
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, including future development and redevelopment square feet currently included in rental properties.
(2)Balances exclude accumulated depreciation and our share of the cost basis associated with our properties held by our unconsolidated real estate joint ventures, which is classified as investments in unconsolidated real estate joint
ventures in our consolidated balance sheet. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(3)Our share of investment in our development and redevelopment pipeline as of June 30, 2026 is $6.17 billion.
(4)Excludes properties classified as held for sale. Land parcels classified as held for sale represented approximately 0.5% of total non-income-producing assets as of June 30, 2026, compared with approximately 1% as of December 31,
2025 and 2024.
New Class A/A+ Development and Redevelopment Properties: Recent Deliveries | |
June 30, 2026 | |
(Dollars in thousands) | |
Incremental Annual Net Operating Income Generated From
1H26 Deliveries Aggregated $58 million
99 Coolidge Avenue | 4135 Campus Point Court | 10075 Barnes Canyon Road | 8800 Technology Forest Place | |||
Greater Boston/ Cambridge/Inner Suburbs | San Diego/ University Town Center | San Diego/Sorrento Mesa | Texas/Greater Houston | |||
146,147 RSF | 426,927 RSF | 253,079 RSF | 57,042 RSF | |||
100% Occupancy | 100% Occupancy | 80% Occupancy | 100% Occupancy | |||
 |  |  |  |
Property/Market/Submarket | Our Ownership Interest | RSF Placed in Service | Occupancy Percentage(2) | Total Project | Unlevered Yields | |||||||||||||||||||||||
2Q26 Delivery Date(1) | Prior to 1/1/26 | 1Q26 | 2Q26 | Total | Initial Stabilized | Initial Stabilized (Cash Basis) | ||||||||||||||||||||||
RSF | Investment | |||||||||||||||||||||||||||
Development projects | ||||||||||||||||||||||||||||
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs | N/A | 100% | 129,413 | 16,734 | — | 146,147 | 100% | 320,809 | $444,000 | 6.0% | 6.8% | |||||||||||||||||
4135 Campus Point Court/San Diego/University Town Center | 6/1/26 | 58.2% | — | — | 426,927 | 426,927 | 100% | 426,927 | 524,000 | 10.8 | 6.2 | |||||||||||||||||
10075 Barnes Canyon Road/San Diego/Sorrento Mesa | N/A | 50.0% | 171,469 | 81,610 | (3) | — | 253,079 | 80% | 253,079 | 314,000 | 5.5 | 5.7 | ||||||||||||||||
Redevelopment projects | ||||||||||||||||||||||||||||
8800 Technology Forest Place/Texas/Greater Houston | N/A | 100% | 50,094 | 6,948 | — | 57,042 | 100% | 123,392 | 112,000 | 6.3 | 6.0 | |||||||||||||||||
Weighted average/total | 6/1/26 | 350,976 | 105,292 | 426,927 | 883,195 | 1,124,207 | $1,394,000 | 7.7% | 6.3% | |||||||||||||||||||
Refer to “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details on the square footage in service and under construction, if applicable.
(1)Represents the average delivery date for deliveries that occurred during the current quarter, weighted by annual rental revenue.
(2)Occupancy reflects total operating RSF placed in service as of each respective delivery date when the space was placed into service. Subsequent occupancy changes are not reflected.
(3)Includes 50,531 RSF that were vacant and/or unleased at delivery.
New Class A/A+ Development and Redevelopment Properties: Under Construction | |
June 30, 2026 | |
99 Coolidge Avenue | 50 and 60 Sylvan Road(1) | 10200 Campus Point Drive | ||
Greater Boston/ Cambridge/Inner Suburbs | Greater Boston/Route 128 | San Diego/ University Town Center | ||
174,662 RSF | 267,015 RSF | 466,598 RSF | ||
84% Leased/Negotiating | 74% Leased/Negotiating | 100% Leased | ||
|  |  |
1450 Owens Street | 269 East Grand Avenue | 701 Dexter Avenue North | ||
San Francisco Bay Area/ Mission Bay | San Francisco Bay Area/ South San Francisco | Seattle/Lake Union | ||
212,657 RSF | 84,157 RSF | 227,577 RSF | ||
51% Leased/Negotiating | 40% Leased/Negotiating | 23% Leased/Negotiating | ||
 |  |  |
(1)Image represents 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket.
New Class A/A+ Development and Redevelopment Properties: Under Construction (continued) | |
June 30, 2026 | |
96% of Development and Redevelopment RSF Under Construction
Is Within our Megacampus Ecosystem
(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)Represents a single-tenant project that expands the existing Campus Point by Alexandria Megacampus, where we currently have a 58.2% ownership interest. The project is fully leased to Novartis AG that currently occupies one building
within the Megacampus aggregating 52,853 RSF, that generated annual rental revenue of $4.1 million as of 2Q26. The tenant is expected to vacate this building during 2028. We expect to fund the majority of future construction costs at the
Megacampus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our joint venture partner.
(3)We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a
disposition, based upon future leasing interest. Under a lower-investment scenario, we would expect lower rent and tenant improvement requirements, and we would evaluate whether all or a portion of the property would be placed back
into operation. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028.
(4)The decrease from 431,550 RSF as of March 31, 2026 to 271,603 RSF as of June 30, 2026 for this project reflects 159,947 RSF being placed back into operation from redevelopment following the execution of a lease with an advanced
technology tenant, enabling a pivot of redevelopment strategy from future laboratory use to advanced technology use. As of June 30, 2026, the 159,947 RSF of leased space remains vacant within our operating pool and is expected to be
delivered in 2Q27 upon completion of building and tenant improvements.
New Class A/A+ Development and Redevelopment Properties: Under Construction (continued) | |
| |
June 30, 2026 | |
(Dollars in thousands) | |
Refer to “Initial stabilized yield (unlevered)” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)We expect to provide total estimated costs and related yields for each project over the next several quarters.
(2)Refer to footnote 2 on the prior page for additional details.
(3)Represents dollar amount rounded to the nearest $10 million and includes preliminary estimated amounts for projects listed as TBD.
(4)Represents our share of investment based on our current ownership percentage upon completion of development or redevelopment projects. Our share of investment will be adjusted as our ownership percentage increases at the Campus
Point project.
(5)Refer to footnote 3 on the prior page for additional details.
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline | |
June 30, 2026 | |
(Dollars in thousands) | |
79% of Our Total Development and Redevelopment Pipeline RSF
Is Within Our Megacampus Ecosystems
Market Property | Submarket | Our Ownership Interest | Book Value | Development and Redevelopment Square Footage | |||||||||
Under Construction | Future | Total(1) | |||||||||||
GREATER BOSTON | |||||||||||||
Megacampus: The Arsenal on the Charles | Cambridge/Inner Suburbs | 100% | $331,654 | 333,758 | 34,157 | 367,915 | |||||||
311 Arsenal Street | |||||||||||||
Megacampus: 480 Arsenal Way and 446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue | Cambridge/Inner Suburbs | 100% | 226,573 | 174,662 | 560,000 | 734,662 | |||||||
446, 458, and 500 Arsenal Street, and 99 Coolidge Avenue | |||||||||||||
Megacampus: Alexandria Center® for Life Science – Fenway | Fenway | 100% | 629,367 | 392,011 | — | 392,011 | |||||||
421 Park Drive | |||||||||||||
Megacampus: Alexandria Center® for Life Science – Waltham | Route 128 | 100% | 673,010 | 596,064 | 515,000 | 1,111,064 | |||||||
40, 50, and 60 Sylvan Road, and 35 Gatehouse Drive | |||||||||||||
Megacampus: 30, 200, and 3000 Minuteman Road | Other | 100% | 113,619 | 271,603 | 350,000 | 621,603 | |||||||
3000 Minuteman Road | |||||||||||||
Megacampus: Alexandria Center® at Kendall Square | Cambridge | 100% | 49,411 | — | 174,500 | 174,500 | |||||||
100 Edwin H. Land Boulevard | |||||||||||||
Megacampus: Alexandria Technology Square® | Cambridge | 100% | 8,982 | — | 100,000 | 100,000 | |||||||
10 Necco Street | Seaport Innovation District | 100% | 107,225 | — | 175,000 | 175,000 | |||||||
215 Presidential Way | Route 128 | 100% | 6,816 | — | 112,000 | 112,000 | |||||||
Other development and redevelopment projects | 100% | 167,700 | — | 740,000 | 740,000 | ||||||||
GREATER BOSTON TOTAL | $2,314,357 | 1,768,098 | 2,760,657 | 4,528,755 | |||||||||
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A/A+ properties. Square footage presented includes the RSF of buildings currently in operation at properties that also have future development or redevelopment opportunities. Upon expiration of existing in-place leases, we intend to demolish or redevelop the existing property subject to market conditions and leasing. Refer to “Investments in real estate” under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties. | |||||||||||||
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
New Class A/A+ Development and Redevelopment Properties: Summary of Pipeline (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Market Property | Submarket | Our Ownership Interest | Book Value | Development and Redevelopment Square Footage | |||||||||
Under Construction | Future | Total(1) | |||||||||||
TEXAS | |||||||||||||
Alexandria Center® for Advanced Technologies at The Woodlands | Greater Houston | 100% | $45,211 | 66,350 | 116,405 | 182,755 | |||||||
8800 Technology Forest Place | |||||||||||||
1001 Trinity Street and 1020 Red River Street | Austin | 100% | 140,035 | — | 250,010 | 250,010 | |||||||
Other development and redevelopment projects | 100% | 61,513 | — | 344,000 | 344,000 | ||||||||
TEXAS TOTAL | 246,759 | 66,350 | 710,415 | 776,765 | |||||||||
Other development and redevelopment projects | 100% | 47,504 | — | 350,000 | 350,000 | ||||||||
Total pipeline as of June 30, 2026, excluding properties held for sale | 6,446,196 | 2,825,437 | 19,372,303 | 22,197,740 | |||||||||
Properties held for sale | 188,192 | — | 2,013,925 | 2,013,925 | |||||||||
Total pipeline as of June 30, 2026 | $6,634,388 | (2) | 2,825,437 | 21,386,228 | 24,211,665 | ||||||||
Refer to “Megacampus” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Total square footage includes 0.9 million RSF of buildings currently in operation that we expect to demolish or redevelop and commence future construction subject to market conditions and leasing. Refer to “Investments in real estate”
under “Definitions and reconciliations” in the Supplemental Information for additional details, including development and redevelopment square feet currently included in rental properties.
(2)Includes $2.72 billion of projects that are currently under construction.
Construction Spending | |
June 30, 2026 | |
(Dollars in thousands) | |
Construction spending | Projected Guidance Midpoint for Year Ending December 31, 2026 | Six Months Ended June 30, 2026 | Year Ended December 31, 2025 | ||||||||
Construction of Class A/A+ properties: | |||||||||||
Active construction projects | |||||||||||
Development and redevelopment under construction(1) | $ | 1,505,000 | $ | 820,291 | $ | 1,216,572 | |||||
Future pipeline pre-construction | |||||||||||
Primarily Megacampus expansion pre-construction work (entitlement, design, and site work) | 210,000 | (2) | 102,052 | 275,971 | |||||||
Revenue- and non-revenue-enhancing capital expenditures(3) | 510,000 | (4) | 269,067 | 324,293 | |||||||
Construction spending (before contributions from noncontrolling interests or tenants) | 2,225,000 | 1,191,410 | 1,816,836 | ||||||||
Contributions from noncontrolling interests (consolidated real estate joint ventures) | (100,000) | (5) | (38,325) | (193,936) | |||||||
Tenant-funded and -built landlord improvements | (375,000) | (371,746) | (178,651) | ||||||||
Total construction spending | $ | 1,750,000 | $ | 781,339 | $ | 1,444,249 | |||||
2026 guidance range for construction spending | $1,500,000 – $2,000,000 | ||||||||||
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes smaller conversions to laboratory space through redevelopment.
(2)Approximately 70% represents capitalized costs.
(3)Represents revenue- and non-revenue-enhancing capital expenditures before contributions from noncontrolling interests and tenant-funded and tenant-built landlord improvements.
(4)The top two revenue- and non-revenue-enhancing capital expenditure projects in 2026 represent approximately 53% of the total spending within this category. The first project relates to a property located at the Alexandria Center® for
Advanced Technologies – South San Francisco Megacampus in our South San Francisco submarket, which is leased to a new tenant and is undergoing its first major renovation in 12 years. The second project relates to two properties at
the Alexandria Technology Square® Megacampus in our Cambridge submarket, which are undergoing their first major renovation in 16 years.
(5)Represents contractual capital commitments from existing real estate joint venture partners to fund construction.
Capitalization of Interest | |
June 30, 2026 | |
(Dollars in thousands) | |
Leased/ Negotiating | Average Real Estate Basis Capitalized | |||||||
Key Categories of Real Estate Basis Capitalized | Six Months Ended June 30, 2026 | Weighted Average Delivery/Milestone Date | ||||||
Construction of Class A/A+ properties: | ||||||||
Development and redevelopment of projects under construction and repositioning projects: | ||||||||
2H26 stabilization | 84% | $117,693 | October 2026 | |||||
2027–2028 stabilization | 68% | 799,738 | October 2026 | |||||
Evaluating business and financial strategy(1) | 15% | 1,243,636 | January 2027 | |||||
Repositioning and smaller redevelopment projects(2) | 1,580,601 | N/A | ||||||
3,741,668 | ||||||||
Land/future development projects with critical key pre-construction milestones through: | ||||||||
2026(3) | 765,490 | August 2026 | ||||||
2027(3) | 719,619 | May 2027 | ||||||
2028 and beyond(4) | 1,312,919 | N/A | ||||||
2,798,028 | ||||||||
Total average real estate basis capitalized, excluding projects delivered or no longer requiring capitalization of interest as of 2Q26 | 6,539,696 | |||||||
Average real estate basis of projects delivered in 1H26 or no longer requiring capitalization of interest as of 2Q26 | 403,475 | May 2026 | ||||||
Total average real estate basis capitalized(5) | $6,943,171 | |||||||
Substantial Reduction in Land Drives Decrease in Average Real Estate Basis Capitalized
$8.1B
Development/Redevelopment Under Construction and Repositioning Projects |
Land/Future Development |
$6.9B
$3.4B – $4.9B
Average Real Estate Basis Capitalized
(1)Includes five projects aggregating 1.4 million RSF for which we are evaluating business and financial strategy. We are evaluating multiple options, including whether to continue construction of laboratory improvements, pause construction,
pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. If we choose not to pursue future construction or other activities, capitalized interest and other project costs may no
longer qualify for capitalization.
(2)These projects generally have shorter periods for which capitalization of interest is required and consist of a variety of projects related to our operating assets, including the executed leases aggregating 1.4 million RSF as of June 30, 2026
with future occupancy expected after completion of building and/or tenant improvements by November 2026 on a weighted-average basis. The average basis subject to capitalization for this category over the last eight quarters was $1.20
billion. Subject to market conditions, we expect the average real estate basis capitalized for this category to be closer to the historical eight-quarter average over the next few quarters as we deliver leased spaces, partially offset by new
leasing which may require construction.
(3)Includes future pipeline projects that are expected to reach anticipated pre-construction milestones, including various phases of entitlement, design, site work, and other activities necessary to begin aboveground vertical construction. As
projects progress through these activities, we will evaluate whether to proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, pause future investments, or consider for
potential disposition.
(4)Includes future Megacampus development projects at Alexandria Center® for Advanced Technologies – Tanforan in our South San Francisco submarket and Alexandria Center® for Life Science – San Carlos in our San Carlos submarket,
which represent approximately 64% of the total average capitalized real estate basis with 2028 and beyond milestones during the six months ended June 30, 2026. These projects are located at transit-friendly sites with future access to
exceptional amenities.
(5)In addition to capitalized interest, we incur additional capitalized project costs, including property taxes, insurance, payroll, and other costs directly related and essential to the construction of Class A/A+ properties. If we cease activities
necessary to prepare a project for its intended use, costs related to such project are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total average real
estate basis subject to capitalization for 1H26.
| |
Joint Venture Financial Information | |
June 30, 2026 | |
Consolidated Real Estate Joint Ventures | ||||||||||||
Property | Market | Submarket | Noncontrolling Interest Share | Operating RSF at 100% | ||||||||
50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | 66.0% | 532,395 | ||||||||
75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | 60.0% | 388,270 | ||||||||
100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | 70.0% | 870,641 | ||||||||
15 Necco Street | Greater Boston | Seaport Innovation District | 43.3% | 345,996 | ||||||||
3215 Merryfield Row | San Diego | Torrey Pines | 70.0% | 170,523 | ||||||||
Campus Point by Alexandria(1)(2) | San Diego | University Town Center | 41.8% | (3) | 1,586,697 | |||||||
5200 Illumina Way | San Diego | University Town Center | 49.0% | 792,687 | ||||||||
9625 Towne Centre Drive | San Diego | University Town Center | 70.0% | 171,001 | ||||||||
SD Tech by Alexandria(1)(4) | San Diego | Sorrento Mesa | 50.0% | 1,051,752 | ||||||||
Summers Ridge Science Park(5) | San Diego | Sorrento Mesa | 70.0% | 316,531 | ||||||||
Alexandria Center® for Science and Technology – Mission Bay(6) | San Francisco Bay Area | Mission Bay | 75.0% | 551,845 | ||||||||
211 and 213 East Grand Avenue | San Francisco Bay Area | South San Francisco | 70.0% | 300,930 | ||||||||
500 Forbes Boulevard | San Francisco Bay Area | South San Francisco | 90.0% | 155,685 | ||||||||
Alexandria Center® for Life Science – Millbrae | San Francisco Bay Area | South San Francisco | 51.4% | 285,346 | ||||||||
1201 and 1208 Eastlake Avenue East | Seattle | Lake Union | 70.0% | 206,134 | ||||||||
400 Dexter Avenue North | Seattle | Lake Union | 70.0% | 290,754 | ||||||||
800 Mercer Street(1) | Seattle | Lake Union | 40.0% | — | ||||||||
Unconsolidated Real Estate Joint Ventures | ||||||||||||
Property | Market | Submarket | Our Ownership Share | Operating RSF at 100% | ||||||||
1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | 10.0% | 586,208 | ||||||||
101 West Dickman Street | Maryland | Beltsville | 58.4% | (7) | 135,958 | |||||||
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Includes properties currently under construction or in our future development and redevelopment pipeline. Refer to the sections under “New Class A/A+ development and redevelopment properties” in the Supplemental Information
for additional details.
(2)Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court.
(3)The noncontrolling interest share of our real estate joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the campus until our ownership interest increases to 75%,
after which future capital would be contributed pro rata with our partner. Refer to “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental Information for additional details.
(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.
(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.
(6)Includes 1450, 1500, and 1700 Owens Street and 455 Mission Bay Boulevard South.
(7)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.
Joint Venture Financial Information (continued) | |
June 30, 2026 | |
(In thousands) | |
As of June 30, 2026 | ||||||||
Noncontrolling Interest Share of Consolidated Real Estate JVs | Our Share of Unconsolidated Real Estate JVs | |||||||
Investments in real estate | $ | 3,376,318 | $ | 86,697 | ||||
Cash, cash equivalents, and restricted cash | 116,812 | 2,559 | ||||||
Other assets | 401,550 | 10,406 | ||||||
Secured notes payable | — | (61,061) | ||||||
Other liabilities | (273,298) | (9,691) | ||||||
Redeemable noncontrolling interests | (9,119) | — | ||||||
$ | 3,612,263 | $ | 28,910 | |||||
Noncontrolling Interest Share of Consolidated Real Estate JVs | Our Share of Unconsolidated Real Estate JVs | ||||||||||||||
June 30, 2026 | June 30, 2026 | ||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||||||||
Total revenues | $ | 98,861 | $ | 196,073 | $ | 3,004 | $ | 6,010 | |||||||
Rental operations | (32,953) | (63,630) | (961) | (2,152) | |||||||||||
65,908 | 132,443 | 2,043 | 3,858 | ||||||||||||
General and administrative | (661) | (1,283) | (2) | (24) | |||||||||||
Interest | (107) | (170) | (975) | (2,001) | |||||||||||
Depreciation and amortization of real estate assets | (31,518) | (60,991) | (805) | (1,719) | |||||||||||
Gain on sale of interest of unconsolidated JV | — | — | 152 | 152 | |||||||||||
Fixed returns allocated to redeemable noncontrolling interest(1) | 192 | 539 | — | — | |||||||||||
$ | 33,814 | $ | 70,538 | $ | 413 | $ | 266 | ||||||||
Straight-line rent and below-market lease revenue | $ | 1,144 | $ | 4,125 | $ | 137 | $ | 334 | |||||||
Funds from operations(2) | $ | 65,332 | $ | 131,529 | $ | 1,218 | $ | 1,985 | |||||||
Refer to “Joint venture financial information” under “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interest for a property in the San Francisco Bay Area market. This redeemable noncontrolling interest earns a fixed return on its investment rather
than participating in the operating results of the property.
(2)Refer to “Funds from operations and funds from operations per share” in the Earnings Press Release and “Definitions and reconciliations” in the Supplemental Information for additional details.
Investments | |
June 30, 2026 | |
(Dollars in thousands) | |
We hold investments in publicly traded companies and privately held entities primarily involved in the life science industry. The tables below summarize components of our investment income
(loss) and non-real estate investments. Refer to “Investments” under “Definitions and reconciliations” in the Supplemental Information for additional details.
June 30, 2026 | Year Ended December 31, 2025 | ||||||||
Three Months Ended | Six Months Ended | ||||||||
Realized gains (losses): | |||||||||
Realized gains | $10,292 | $28,490 | $115,722 | ||||||
Impairment of non-real estate investments | (8,998) | (1) | (21,446) | (95,716) | |||||
Significant realized loss | — | — | (103,329) | ||||||
1,294 | 7,044 | (83,323) | |||||||
Unrealized gains | 131,933 | (2) | 121,601 | (2) | 26,980 | (3) | |||
Investment income (losses) | $133,227 | $128,645 | $(56,343) | ||||||
June 30, 2026 | December 31, 2025 | |||||||||
Investments | Cost | Unrealized Gains | Unrealized Losses | Carrying Amount | Carrying Amount | |||||
Publicly traded companies | $86,268 | $50,949 | $(14,405) | $122,812 | $94,928 | |||||
Entities that report NAV | 496,043 | 180,952 | (40,937) | 636,058 | 512,376 | |||||
Entities that do not report NAV: | ||||||||||
Entities with observable price changes | 91,621 | 58,568 | (11,210) | 138,979 | 123,238 | |||||
Entities without observable price changes | 390,401 | — | — | 390,401 | 413,324 | |||||
Investments accounted for under the equity method | N/A | N/A | N/A | 397,445 | 357,383 | |||||
June 30, 2026 | $1,064,333 | (4) | $290,469 | $(66,552) | $1,685,695 | $1,501,249 | ||||
December 31, 2025 | $1,010,488 | $184,434 | $(51,056) | $1,501,249 | ||||||
Public/Private Mix (Cost) | Tenant/Non-Tenant Mix (Cost) | |
17%
Tenant
6%
Public
83%
Non-Tenant
94%
Private
(1)Primarily related to two non-real estate investments in privately held entities that do not report NAV.
(2)Primarily relates to the increase in the fair value of our investments in privately held entities that report NAV during the three and six months ended June 30, 2026.
(3)Primarily relates to the increase in fair values of our investments in publicly traded entities during the year ended December 31, 2025.
(4)Represents 2.6% of gross assets as of June 30, 2026. Refer to “Gross assets” under “Definitions and reconciliations” in the Supplemental Information for additional details.
| |
Balance Sheet | |
June 30, 2026 | |
ALEXANDRIA CONTINUES TO MAINTAIN A STRONG AND FLEXIBLE
BALANCE SHEET WITH SIGNIFICANT LIQUIDITY
SIGNIFICANT LIQUIDITY | PERCENTAGE OF FIXED-RATE DEBT SINCE 2022(2) | ||
$3.6B | 95.7% | ||
REMAINING DEBT TERM (IN YEARS) | DEBT INTEREST RATE | ||
9.7 | 4.08% | ||
Longest Among S&P 500 REITs(3) | |||
4Q26 ANNUALIZED GUIDANCE | |||
5.6x to 6.2x | 3.6x to 4.1x | ||
NET DEBT AND PREFERRED STOCK TO ADJUSTED EBITDA | FIXED-CHARGE COVERAGE RATIO | ||
TOP 20%
CREDIT RATING RANKING AMONG
ALL PUBLICLY TRADED U.S. REITS(1)
BBB+
Negative
WEIGHTED AVERAGE
Baa2
Stable
As of June 30, 2026. Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Top 20% 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 June 30, 2026.
(2)Represents the average quarterly percentage fixed-rate debt as of each quarter-end from January 1, 2022 through June 30, 2026.
(3)Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026.
| |
Key Credit Metrics | |
June 30, 2026 | |
5.6x to 6.2x
3.6x to 4.1x
Mid-5x Range
Refer to “Definitions and reconciliations” in the Supplemental Information for additional details.
(1)Quarter annualized.
Summary of Debt | |
June 30, 2026 | |
ALEXANDRIA’S 9.7-YEAR WEIGHTED-AVERAGE REMAINING DEBT TERM IS THE LONGEST
AMONG S&P 500 REITS AT ALMOST 2X THE AVERAGE DEBT TERM FOR THESE REITS
5.5 Years
Average Debt Term
of S&P 500 REITs
as of March 31, 2026
(1)
WEIGHTED-AVERAGE REMAINING DEBT TERM (IN YEARS)
Sources: S&P Global Market Intelligence, Bloomberg, or company filings as of March 31, 2026, except for ARE, which is as of June 30, 2026.
(1)Pro forma for the amended and restated unsecured senior line of credit expected to become effective in September 2026, our weighted-average remaining debt term would have been 10.0 years.
Summary of Debt (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Fixed-rate and variable-rate debt | Fixed-Rate Debt | Variable-Rate Debt | Total | Percentage | Weighted-Average | |||||||
Interest Rate(1) | Remaining Term (in years) | |||||||||||
Unsecured senior notes payable | $10,818,366 | $— | $10,818,366 | 84.4% | 4.04% | 10.9 | ||||||
Unsecured senior line of credit(2) and commercial paper program(3) | — | 1,994,508 | 1,994,508 | 15.6 | 4.27 | 3.6 | (4) | |||||
Total/weighted average | $10,818,366 | $1,994,508 | $12,812,874 | 100.0% | 4.08% | 9.7 | (4) | |||||
Percentage of total debt | 84.4% | 15.6% | 100.0% | |||||||||
(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)As of June 30, 2026, we had no outstanding balance on our unsecured senior line of credit.
(3)The commercial paper program provides us with the ability to issue up to $2.50 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with
a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are back-stopped by our unsecured senior line of credit. In the event we are unable to
issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at
SOFR+0.835%. As of June 30, 2026, we had $1.99 billion of commercial paper notes outstanding.
(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper notes, the
consolidated weighted-average maturity of our debt is 9.2 years. The commercial paper notes sold during the six months ended June 30, 2026 were issued at a weighted-average yield to maturity of 4.17% and had a weighted-
average maturity term of 15 days.
Average Debt Outstanding | Weighted-Average Interest Rate | ||||||||
June 30, 2026 | June 30, 2026 | ||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | ||||||
Long-term fixed-rate debt | $10,943,589 | $11,188,132 | 4.02% | 3.98% | |||||
Short-term variable-rate unsecured senior line of credit and commercial paper program debt | 2,186,278 | 1,961,252 | 4.27 | 4.16 | |||||
Blended-average interest rate | 13,129,867 | 13,149,384 | 4.06 | 4.01 | |||||
Loan fee amortization and annual facility fee related to unsecured senior line of credit | N/A | N/A | 0.14 | 0.13 | |||||
Total/weighted average | $13,129,867 | $13,149,384 | 4.20% | 4.14% | |||||
Summary of Debt (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Debt covenants | Unsecured Senior Notes Payable | Unsecured Senior Line of Credit | ||||||
Debt Covenant Ratios(1) | Requirement | June 30, 2026 | Requirement | June 30, 2026 | ||||
Total Debt to Total Assets | ≤ 60% | 32% | ≤ 60.0% | 35.5% | ||||
Secured Debt to Total Assets | ≤ 40% | —% | ≤ 45.0% | —% | ||||
Consolidated EBITDA to Interest Expense | ≥ 1.5x | 7.4x | ≥ 1.50x | 3.07x | ||||
Unencumbered Total Asset Value to Unsecured Debt | ≥ 150% | 300% | N/A | N/A | ||||
Unsecured Interest Coverage Ratio | N/A | N/A | ≥ 1.75x | 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.
Unconsolidated real estate joint ventures’ debt | At 100% | |||||||||||||||||
Unconsolidated Joint Venture | Maturity Date | Stated Rate | Interest Rate(1) | Aggregate Commitment | Debt Balance(2) | Our Share | ||||||||||||
101 West Dickman Street | 10/29/26 | (3) | SOFR+1.95% | (4) | 5.68% | $26,750 | $19,445 | 58.4% | ||||||||||
1655 and 1725 Third Street | 2/10/35 | 6.37% | 6.44% | 500,000 | 497,052 | 10.0% | ||||||||||||
$526,750 | $516,497 | |||||||||||||||||
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2026.
(3)The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. As of June 30, 2026, our investment in this unconsolidated real estate joint venture was $9.8 million.
(4)This loan is subject to a SOFR floor of 0.75%.
Summary of Debt (continued) | |
June 30, 2026 | |
(Dollars in thousands) | |
Debt | Stated Rate | Interest Rate(1) | Maturity Date(2) | Principal Payments Remaining for the Periods Ending December 31, | Principal | Unamortized (Deferred Financing Cost), (Discount)/ Premium | Total | |||||||||||||||||||
2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||
Unsecured senior line of credit and commercial paper program(3) | (3) | 4.27% | (3) | 1/22/30 | (3) | $— | $— | $— | $— | $1,996,859 | $— | $1,996,859 | $(2,351) | $1,994,508 | ||||||||||||
Unsecured senior notes payable | 3.95% | 4.13 | 1/15/27 | — | 350,000 | — | — | — | — | 350,000 | (296) | 349,704 | ||||||||||||||
Unsecured senior notes payable | 3.95% | 4.07 | 1/15/28 | — | — | 425,000 | — | — | — | 425,000 | (675) | 424,325 | ||||||||||||||
Unsecured senior notes payable | 4.50% | 4.60 | 7/30/29 | — | — | — | 300,000 | — | — | 300,000 | (693) | 299,307 | ||||||||||||||
Unsecured senior notes payable | 2.75% | 2.87 | 12/15/29 | — | — | — | 400,000 | — | — | 400,000 | (1,449) | 398,551 | ||||||||||||||
Unsecured senior notes payable | 4.70% | 4.81 | 7/1/30 | — | — | — | — | 450,000 | — | 450,000 | (1,501) | 448,499 | ||||||||||||||
Unsecured senior notes payable | 4.90% | 5.05 | 12/15/30 | — | — | — | — | 700,000 | — | 700,000 | (3,555) | 696,445 | ||||||||||||||
Unsecured senior notes payable | 3.375% | 3.48 | 8/15/31 | — | — | — | — | — | 750,000 | 750,000 | (3,381) | 746,619 | ||||||||||||||
Unsecured senior notes payable | 2.00% | 2.12 | 5/18/32 | — | — | — | — | — | 900,000 | 900,000 | (5,579) | 894,421 | ||||||||||||||
Unsecured senior notes payable | 1.875% | 1.97 | 2/1/33 | — | — | — | — | — | 1,000,000 | 1,000,000 | (5,805) | 994,195 | ||||||||||||||
Unsecured senior notes payable | 2.95% | 3.07 | 3/15/34 | — | — | — | — | — | 800,000 | 800,000 | (6,096) | 793,904 | ||||||||||||||
Unsecured senior notes payable | 4.75% | 4.88 | 4/15/35 | — | — | — | — | — | 500,000 | 500,000 | (4,270) | 495,730 | ||||||||||||||
Unsecured senior notes payable | 5.50% | 5.66 | 10/1/35 | — | — | — | — | — | 550,000 | 550,000 | (6,007) | 543,993 | ||||||||||||||
Unsecured senior notes payable | 5.25% | 5.41 | 3/15/36 | — | — | — | — | — | 750,000 | 750,000 | (10,866) | 739,134 | ||||||||||||||
Unsecured senior notes payable | 5.25% | 5.38 | 5/15/36 | — | — | — | — | — | 400,000 | 400,000 | (3,595) | 396,405 | ||||||||||||||
Unsecured senior notes payable | 4.85% | 4.93 | 4/15/49 | — | — | — | — | — | 300,000 | 300,000 | (2,698) | 297,302 | ||||||||||||||
Unsecured senior notes payable | 4.00% | 3.95 | 2/1/50 | — | — | — | — | — | 390,801 | 390,801 | 5,441 | 396,242 | ||||||||||||||
Unsecured senior notes payable | 3.00% | 3.16 | 5/18/51 | — | — | — | — | — | 352,398 | 352,398 | (4,413) | 347,985 | ||||||||||||||
Unsecured senior notes payable | 3.55% | 3.70 | 3/15/52 | — | — | — | — | — | 475,406 | 475,406 | (6,180) | 469,226 | ||||||||||||||
Unsecured senior notes payable | 5.15% | 5.26 | 4/15/53 | — | — | — | — | — | 500,000 | 500,000 | (7,260) | 492,740 | ||||||||||||||
Unsecured senior notes payable | 5.625% | 5.71 | 5/15/54 | — | — | — | — | — | 600,000 | 600,000 | (6,361) | 593,639 | ||||||||||||||
Unsecured debt weighted-average interest rate/ subtotal | 4.08 | — | 350,000 | 425,000 | 700,000 | 3,146,859 | 8,268,605 | 12,890,464 | (77,590) | 12,812,874 | ||||||||||||||||
Weighted-average interest rate/total | 4.08% | $— | $350,000 | $425,000 | $700,000 | $3,146,859 | $8,268,605 | $12,890,464 | $(77,590) | $12,812,874 | ||||||||||||||||
Balloon payments | $— | $350,000 | $425,000 | $700,000 | $3,146,859 | $8,268,605 | $12,890,464 | $— | $12,890,464 | |||||||||||||||||
Principal amortization | — | — | — | — | — | — | — | (77,590) | (77,590) | |||||||||||||||||
Total debt | $— | $350,000 | $425,000 | $700,000 | $3,146,859 | $8,268,605 | $12,890,464 | $(77,590) | $12,812,874 | |||||||||||||||||
Fixed-rate debt | $— | $350,000 | $425,000 | $700,000 | $1,150,000 | $8,268,605 | $10,893,605 | $(75,239) | $10,818,366 | |||||||||||||||||
Variable-rate debt | — | — | — | — | 1,996,859 | — | 1,996,859 | (2,351) | 1,994,508 | |||||||||||||||||
Total debt | $— | $350,000 | $425,000 | $700,000 | $3,146,859 | $8,268,605 | $12,890,464 | $(77,590) | $12,812,874 | |||||||||||||||||
Weighted-average stated rate on maturing debt | N/A | 3.95% | 3.95% | 3.50% | 4.47% | 3.84% | ||||||||||||||||||||
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)Reflects any extension options that we control.
(3)Refer to footnotes 2 through 4 under “Fixed-rate and variable-rate debt” in “Summary of debt” for additional details. In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is
expected to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition,
the amendment reduces the applicable borrowing rate and eliminates the existing sustainability-linked pricing adjustments, resulting in an applicable borrowing rate and facility fee of SOFR plus 0.725% and 0.15%, respectively, from the
currently applicable borrowing rate and facility fee of SOFR plus 0.835% and 0.14%, respectively. In connection with the amendment, we expect to recognize a loss on early extinguishment of debt of approximately $3.3 million related to the
partial write-off of unamortized loan fees in 3Q26.
| |
Definitions and Reconciliations | |
June 30, 2026 | |
This section contains additional details for sections throughout the Supplemental Information and the accompanying Earnings Press Release, as well as explanations and reconciliations of certain non-
GAAP financial measures and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent
annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.
Adjusted EBITDA and Adjusted EBITDA margin
The following table reconciles net income (loss), the most directly comparable financial
measure calculated and presented in accordance with GAAP, to Adjusted EBITDA and calculates the
Adjusted EBITDA margin:
Three Months Ended | |||||||||
(Dollars in thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | ||||
Net (loss) income | $(38,969) | $398,377 | $(995,354) | $(197,845) | $(62,189) | ||||
Interest expense | 64,342 | 64,584 | 65,674 | 54,852 | 55,296 | ||||
Income taxes | 1,845 | 3,225 | 1,851 | 3,737 | 1,020 | ||||
Depreciation and amortization | 304,384 | 305,441 | 322,063 | 340,230 | 346,123 | ||||
Stock compensation expense | 10,146 | 11,032 | 8,232 | 10,293 | 12,530 | ||||
(Gain) loss on early extinguishment of debt | — | (366,435) | — | 107 | — | ||||
Gain on sales of real estate | — | — | (619,914) | (9,366) | — | ||||
Unrealized (gains) losses on non-real estate investments | (131,933) | 10,332 | (98,548) | (18,515) | 21,938 | ||||
Significant realized losses on non-real estate investments | — | — | 103,329 | — | — | ||||
Impairment of real estate | 222,470 | 5,499 | 1,717,188 | 323,870 | 129,606 | ||||
Impairment of non-real estate investments | 8,998 | 12,448 | 20,181 | 25,139 | 39,216 | ||||
Decrease in provision for expected credit losses on financial instruments | — | — | (341) | — | — | ||||
Adjusted EBITDA | $441,283 | $444,503 | $524,361 | $532,502 | $543,540 | ||||
Total revenues | $662,784 | $671,022 | $754,414 | $751,944 | $762,040 | ||||
Adjusted EBITDA margin | 67% | 66% | 70% | 71% | 71% | ||||
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.
Adjusted EBITDA and Adjusted EBITDA margin (continued)
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 investors’ 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 potentially be misleading for our
investors.
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
Advanced technology
Advanced technology space serves tech office and non-life-science uses of real estate by
users whose operations require building characteristics, infrastructure, or systems beyond those
typically found in traditional office space. Similar to laboratory space, advanced technology space may
require enhanced floor-loading capacity; increased electrical capacity, redundancy, and resilience;
greater floor-to-floor heights or clear heights; enhanced freight and loading access; enhanced security
features; and specialized HVAC, exhaust, or other critical building systems.
Annual rental revenue
Annual rental revenue represents the annualized fixed base rental obligations, calculated in
accordance with GAAP. It includes 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 June 30, 2026, approximately 91% of our leases (on an
annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real
estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating
expenses (including increases thereto) in addition to base rent. Annual rental revenue excludes these
operating expenses recovered from our tenants. Amounts recovered from our tenants related to these
operating expenses, along with base rent, are classified in income from rentals in our consolidated
statements of operations.
Capitalization rates
Capitalization rates are calculated based on net operating income and net operating income
(cash basis) annualized, excluding lease termination fees, on stabilized operating assets for the quarter
preceding the date on which the property is sold, or near-term prospective net operating income.
Capitalized interest
We capitalize interest cost as a cost of a project during periods for which activities necessary
to develop, redevelop, or reposition a project for its intended use are ongoing, provided that
expenditures for the asset have been made and interest cost has been incurred. Activities necessary to
develop, redevelop, or reposition a project include pre-construction activities such as entitlements,
permitting, design, site work, and other activities preceding commencement of construction of
aboveground building improvements. The advancement of pre-construction efforts is focused on
reducing the time required to deliver projects to prospective tenants. These critical activities add
significant value for future ground-up development and are required for the vertical construction of
buildings. If we cease activities necessary to prepare a project for its intended use, interest costs related
to such project are expensed as incurred.
Cash interest
Cash interest is equal to interest expense calculated in accordance with GAAP plus
capitalized interest, less amortization of loan fees and debt premiums (discounts). Refer to the definition
of fixed-charge coverage ratio for a reconciliation of interest expense, the most directly comparable
financial measure calculated and presented in accordance with GAAP, to cash interest.
Class A/A+ properties and AAA locations
Class A/A+ properties are properties clustered in AAA locations that provide innovative
tenants with highly dynamic and collaborative environments that enhance their ability to successfully
recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. These
properties are typically well-located, professionally managed, and well-maintained, offering a wide range
of amenities and featuring premium construction materials and finishes. Class A/A+ properties are
generally newer or have undergone substantial redevelopment and are generally expected to command
higher annual rental rates compared to other classes of similar properties. AAA locations are in close
proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. It is
important to note that our definition of property classification may not be directly comparable to other
equity REITs.
Credit ratings
Represents the credit ratings assigned by S&P Global Ratings or Moody’s Ratings as of
June 30, 2026. A credit rating is not a recommendation to buy, sell, or hold securities and may be
subject to revision or withdrawal at any time.
Development, redevelopment, and pre-construction
A key component of our business model is our disciplined allocation of capital to the
development and redevelopment of new Class A/A+ properties, as well as property enhancements
identified during the underwriting of certain acquired properties. These efforts are primarily concentrated
in collaborative Megacampus ecosystems within AAA life science and advanced technology 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 generally consist of the permanent change in use
of acquired office, warehouse, or shell space into facilities designed for life science innovation or
advanced technology. 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 Reconciliations (continued) | |
June 30, 2026 | |
Development, redevelopment, and pre-construction (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.
Dividend payout ratio (common stock)
Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends
on our common stock (shares of common stock outstanding on the respective record dates multiplied by
the related dividend per share) to funds from operations attributable to Alexandria’s common
stockholders – diluted, as adjusted.
Dividend yield
Dividend yield for the quarter represents the annualized quarterly dividend per share divided
by the closing common stock price at the end of the quarter.
Fixed-charge coverage ratio
Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of
Adjusted EBITDA to cash interest and fixed charges. We believe that this ratio is useful to investors as a
supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends.
Fixed charges equal interest expense calculated in accordance with GAAP plus capitalized interest, plus
preferred stock dividends, less amortization of loan fees and debt premiums (discounts), and less any
portion of interest expense or preferred stock dividends incurred from any corresponding portion of any
hybrid instrument that is treated as equity, generally consistent with the treatment by key rating
agencies.
The following table reconciles interest expense, the most directly comparable financial
measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-
charge coverage ratio:
Three Months Ended | |||||||||
(Dollars in thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | ||||
Adjusted EBITDA | $441,283 | $444,503 | $524,361 | $532,502 | $543,540 | ||||
Interest expense | $64,342 | $64,584 | $65,674 | $54,852 | $55,296 | ||||
Capitalized interest | 73,717 | 69,973 | 81,845 | 86,091 | 82,423 | ||||
Amortization of loan fees | (4,417) | (4,428) | (4,481) | (4,505) | (4,615) | ||||
Amortization of debt discounts | (352) | (320) | (327) | (325) | (335) | ||||
Cash interest and fixed charges | $133,290 | $129,809 | $142,711 | $136,113 | $132,769 | ||||
Fixed-charge coverage ratio: | |||||||||
– quarter annualized | 3.3x | 3.4x | 3.7x | 3.9x | 4.1x | ||||
– trailing 12 months | 3.6x | 3.8x | 4.0x | 4.1x | 4.3x | ||||
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 potentially be
misleading for our investors.
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real
Estate Equities, Inc.’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 are not able to forecast the net income of future periods without unreasonable effort, and
therefore do not provide a reconciliation for funds from operations 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 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 potentially be misleading
for our investors.
Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real
Estate Equities, Inc.’s common stockholders (continued)
The following table reconciles net income (loss) to funds from operations for the share of
consolidated real estate joint ventures attributable to noncontrolling interests and our share of
unconsolidated real estate joint ventures:
Noncontrolling Interest Share of Consolidated Real Estate JVs | Our Share of Unconsolidated Real Estate JVs | ||||||
June 30, 2026 | June 30, 2026 | ||||||
(In thousands) | Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||
Net income | $33,814 | $70,538 | $413 | $266 | |||
Depreciation and amortization of real estate assets | 31,518 | 60,991 | 805 | 1,719 | |||
Funds from operations | $65,332 | $131,529 | $1,218 | $1,985 | |||
Gross assets
Gross assets are calculated as total assets plus accumulated depreciation:
(In thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | ||||
Total assets | $34,632,226 | $34,167,397 | $34,081,835 | $37,375,148 | $37,623,629 | ||||
Accumulated depreciation | 6,648,143 | 6,393,658 | 6,127,525 | 6,416,745 | 6,146,378 | ||||
Gross assets | $41,280,369 | $40,561,055 | $40,209,360 | $43,791,893 | $43,770,007 | ||||
Incremental annual net operating income on development and redevelopment projects
Incremental annual net operating income represents the amount of net operating income, on
an annualized basis, expected to be realized upon a project being placed into service and achieving full
occupancy. Incremental annual net operating income is calculated as the initial stabilized yield multiplied
by the project’s total cost at completion.
Initial stabilized yield (unlevered)
Initial stabilized yield is calculated as the estimated amounts of net operating income at
stabilization divided by our investment in the property. For this calculation, we exclude any tenant-
funded and tenant-built landlord improvements from our investment in the property. Our initial stabilized
yield excludes the benefit of leverage. Our cash rents related to our development and redevelopment
projects are generally expected to increase over time due to contractual annual rent escalations. Our
estimates for initial stabilized yields, initial stabilized yields (cash basis), and total costs at completion
represent our initial estimates at the commencement of the project. We expect to update this information
upon completion of the project, or sooner if there are significant changes to the expected project yields
or costs.
•Initial stabilized yield reflects rental income, including contractual rent escalations and any rent
concessions over the term(s) of the lease(s), calculated on a straight-line basis, and any
amortization of deferred revenue related to tenant-funded and tenant-built landlord improvements.
•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental
concessions, if any, have elapsed and our total cash investment in the property.
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
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 June 30, 2026, as reported by Bloomberg Professional Services.
Credit ratings from Moody’s Ratings and S&P Global Ratings reflect credit ratings of the tenant’s parent
entity, and there can be no assurance that a tenant’s parent entity will satisfy the tenant’s lease
obligation upon such tenant’s default. We monitor the credit quality and related material changes of our
tenants. Material changes that cause a tenant’s market capitalization to decrease below $10 billion,
which are not immediately reflected in the twelve-month average, may result in their exclusion from this
measure.
Investments
We hold investments in publicly traded companies and privately held entities primarily
involved in the life science industry. We recognize, measure, present, and disclose these investments as
follows:
Statements of Operations | ||||||
Balance Sheet | Gains and Losses | |||||
Carrying Amount | Unrealized | Realized | ||||
Difference between proceeds received upon disposition and historical cost | ||||||
Publicly traded companies | Fair value | Changes in fair value | ||||
Privately held entities without readily determinable fair values that: | ||||||
Report NAV | Fair value, using NAV as a practical expedient | Changes in NAV, as a practical expedient to fair value | ||||
Do not report NAV | Cost, adjusted for observable price changes and impairments(1) | Observable price changes(1) | Impairments to reduce costs to fair value, which result in an adjusted cost basis and the differences between proceeds received upon disposition and adjusted or historical cost | |||
Equity method investments | Contributions, adjusted for our share of the investee’s earnings or losses, less distributions received, reduced by other-than-temporary impairments | Our share of unrealized gains or losses reported by the investee | Our share of realized gains or losses reported by the investee, and other-than- temporary impairments | |||
(1)An observable price is a price observed in an orderly transaction for an identical or similar investment of the same
issuer. Observable price changes result from, among other things, equity transactions for the same issuer with
similar rights and obligations executed during the reporting period, including subsequent equity offerings or other
reported equity transactions related to the same issuer.
Investments in real estate
The following table reconciles our investments in real estate as of June 30, 2026:
(In thousands) | Investments in Real Estate | ||
Gross investments in real estate | $35,774,038 | ||
Less: accumulated depreciation | (6,648,143) | ||
Investments in real estate | $29,125,895 |
The following table presents our new Class A/A+ development and redevelopment pipeline,
excluding properties held for sale, as a percentage of gross assets and as a percentage of annual rental
revenue as of June 30, 2026:
(Dollars in thousands) | Book Value | Percentage of Gross Assets | ||
Projects under active construction | $2,716,588 | 7% | ||
Future development projects(1) and land parcels primarily located in Megacampuses | 3,729,608 | 9 | ||
Total Class A/A+ development and redevelopment pipeline, excluding properties held for sale | 6,446,196 | 16 | ||
Properties held for sale – land parcels | 188,192 | — | ||
Total Class A/A+ development and redevelopment pipeline | $6,634,388 | 16% | ||
(1)Includes projects with existing buildings that are generating or can generate operating cash flows. Also includes
development rights associated with existing operating campuses.
The square footage presented in the table below is classified as operating as of June 30, 2026
and excludes properties classified as held for sale. These lease expirations or vacant space at recently
acquired properties represent future opportunities for which we intend, subject to market conditions and
leasing, to commence first-time conversion from non-laboratory space to laboratory space, or to
commence future ground-up development:
Dev/ Redev | RSF of Lease Expirations Targeted for Development and Redevelopment | |||||||||
Property/Submarket | 2026 | 2027 | Thereafter(1) | Total | ||||||
Future projects: | ||||||||||
446, 458, and 500 Arsenal Street/Cambridge/Inner Suburbs | Dev | — | — | 116,623 | 116,623 | |||||
Campus Point by Alexandria/University Town Center | Dev | — | — | 96,805 | 96,805 | |||||
Sequence District by Alexandria/Sorrento Mesa | Dev/ Redev | — | — | 457,013 | 457,013 | |||||
1150 El Camino Real/South San Francisco | Dev | — | — | 152,000 | 152,000 | |||||
2100 Geng Road/Palo Alto | Dev | — | — | 12,125 | 12,125 | |||||
960 Industrial Road/San Carlos | Dev | — | — | 112,590 | 112,590 | |||||
Total | — | — | 947,156 | 947,156 | ||||||
(1)Includes vacant square footage as of June 30, 2026.
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
Joint venture financial information
We present components of balance sheet and operating results information related to our real
estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP.
We present the proportionate share of certain financial line items as follows: (i) for each real estate joint
venture that we consolidate in our financial statements, which are controlled by us through contractual
rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest
economic ownership percentage to each financial item to arrive at the amount of such cumulative
noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that
we do not control and do not consolidate, which are instead controlled jointly or by our joint venture
partners through contractual rights or majority voting rights, we apply our economic ownership
percentage to each financial item to arrive at our proportionate share of each component presented.
The components of balance sheet and operating results information related to our real estate
joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own,
the joint venture agreement generally determines what equity holders can receive upon capital events,
such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their
respective legal ownership of any residual cash from a joint venture only after all liabilities, priority
distributions, and claims have been repaid or satisfied.
We believe that this information can help investors estimate the balance sheet and operating
results information related to our partially owned entities. Presenting this information provides a
perspective not immediately available from consolidated financial statements and one that can
supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in
our consolidated results.
The components of balance sheet and operating results information related to our real estate
joint ventures are limited as an analytical tool as the overall economic ownership interest does not
represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In
addition, joint venture financial information may include financial information related to the
unconsolidated real estate joint ventures that we do not control. We believe that, to facilitate investors’
clear understanding of our operating results and our total assets and liabilities, joint venture financial
information should be examined in conjunction with our consolidated statements of operations and
balance sheets. Joint venture financial information should not be considered an alternative to our
consolidated financial statements, which are presented and prepared in accordance with GAAP.
Megacampus™
A Megacampus ecosystem is a cluster campus that consists of approximately 1 million RSF or
greater, including operating, active development/redevelopment, and land RSF less operating RSF
expected to be demolished.
The following table reconciles our annual rental revenue and development and redevelopment
pipeline RSF, excluding properties classified as held for sale, as of June 30, 2026:
(Dollars in thousands) | Annual Rental Revenue | Development and Redevelopment Pipeline RSF | ||
Megacampus | $1,444,106 | 16,828,718 | ||
Core and non-core | 363,742 | 4,421,866 | ||
Total | $1,807,848 | 21,250,584 | ||
Megacampus as a percentage of annual rental revenue and of total development and redevelopment pipeline RSF | 80% | 79% |
Net cash provided by operating activities, as adjusted
We use net cash provided by operating activities, as adjusted, as a supplemental measure for
financial and operational decision-making, and as a supplemental means of evaluating period-to-period
comparisons on a consistent basis. Net cash provided by operating activities, as adjusted, is calculated
as net cash provided by operating activities as shown in our consolidated statements of cash flows,
adjusted for changes in operating assets and liabilities (as they represent timing differences), and
reduced by dividends and distributions to noncontrolling interests (excludes liquidating distributions from
asset sales).
We believe net cash provided by operating activities, as adjusted, provides investors with
relevant and useful information as it allows investors to evaluate our operating cash flows on a more
consistent basis that excludes period-to-period timing differences in operating assets and liabilities
(working capital) and reflects cash dividends and distributions paid quarterly.
The following table reconciles net cash flows from operating activities, the most directly
comparable financial measure presented in accordance with GAAP, to net cash provided by operating
activities, as adjusted:
Six Months Ended | ||||
(in thousands) | 6/30/26 | 6/30/25 | ||
Net cash provided by operating activities | $533,592 | $668,190 | ||
Decreases in operating assets and liabilities | 166,799 | 203,101 | ||
Common stock dividends paid | (247,594) | (457,217) | ||
Distributions to noncontrolling interests | (111,860) | (123,618) | ||
Net cash provided by operating activities, as adjusted | $340,937 | $290,456 | ||
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
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 for evaluating our balance sheet leverage. Net
debt and preferred stock is calculated at the end of the applicable period and equals total consolidated
debt (including unsecured senior and secured debt) plus preferred stock, less cash, cash equivalents,
restricted cash, and the portion of any hybrid instrument included in debt or preferred stock that is
treated as equity, generally consistent with the treatment by key rating agencies. Refer to the definition
of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted
EBITDA.
The following table reconciles debt to net debt and preferred stock and computes the ratio to
Adjusted EBITDA:
(Dollars in thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |||||
Secured notes payable | $— | $— | $— | $— | $153,500 | |||||
Unsecured senior notes payable | 10,818,366 | 11,166,009 | 12,047,394 | 12,044,999 | 12,042,607 | |||||
Unsecured senior line of credit and commercial paper | 1,994,508 | 1,353,986 | 353,161 | 1,548,542 | 1,097,993 | |||||
Unamortized deferred financing costs | 67,066 | 69,071 | 74,314 | 76,383 | 78,574 | |||||
Cash and cash equivalents | (470,449) | (418,720) | (549,062) | (579,474) | (520,545) | |||||
Restricted cash | (4,690) | (4,665) | (4,693) | (4,705) | (7,403) | |||||
Preferred stock | — | — | — | — | — | |||||
Net debt and preferred stock | $12,404,801 | $12,165,681 | $11,921,114 | $13,085,745 | $12,844,726 | |||||
Adjusted EBITDA: | ||||||||||
– quarter annualized | $1,765,132 | $1,778,012 | $2,097,444 | $2,130,008 | $2,174,160 | |||||
– trailing 12 months | $1,942,649 | $2,044,906 | $2,141,811 | $2,185,820 | $2,208,226 | |||||
Net debt and preferred stock to Adjusted EBITDA: | ||||||||||
– quarter annualized | 7.0x | 6.8x | 5.7x | 6.1x | 5.9x | |||||
– trailing 12 months | 6.4x | 5.9x | 5.6x | 6.0x | 5.8x | |||||
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 potentially be misleading for our investors.
Net operating income, net operating income (cash basis), and operating margin
The following table reconciles net income (loss) to net operating income and net operating
income (cash basis) and computes operating margin:
Three Months Ended | Six Months Ended | |||||||
(Dollars in thousands) | 6/30/26 | 6/30/25 | 6/30/26 | 6/30/25 | ||||
Net (loss) income | $(38,969) | $(62,189) | $359,408 | $(23,527) | ||||
Equity in (earnings) losses of unconsolidated real estate joint ventures | (413) | 9,021 | (266) | 9,528 | ||||
General and administrative expenses | 36,861 | 29,128 | 71,546 | 59,803 | ||||
Interest expense | 64,342 | 55,296 | 128,926 | 106,172 | ||||
Depreciation and amortization | 304,384 | 346,123 | 609,825 | 688,185 | ||||
Impairment of real estate | 222,470 | 129,606 | 227,969 | 161,760 | ||||
Gain on early extinguishment of debt | — | — | (366,435) | — | ||||
Gain on sales of real estate | — | — | — | (13,165) | ||||
Investment (income) loss | (133,227) | 30,622 | (128,645) | 80,614 | ||||
Net operating income | 455,448 | 537,607 | 902,328 | 1,069,370 | ||||
Straight-line rent revenue | (901) | (18,536) | (18,763) | (40,559) | ||||
Amortization of deferred revenue related to tenant- funded and -built landlord improvements | (7,484) | (2,401) | (12,889) | (4,052) | ||||
Amortization of acquired below-market leases | (8,381) | (10,196) | (13,996) | (25,418) | ||||
Provision for expected credit losses on financial instruments | — | — | — | 285 | ||||
Net operating income (cash basis) | $438,682 | $506,474 | $856,680 | $999,626 | ||||
Net operating income (cash basis) – annualized | $1,754,728 | $2,025,896 | $1,713,360 | $1,999,252 | ||||
Net operating income (from above) | $455,448 | $537,607 | $902,328 | $1,069,370 | ||||
Total revenues | $662,784 | $762,040 | $1,333,806 | $1,520,198 | ||||
Operating margin | 69% | 71% | 68% | 70% | ||||
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 Reconciliations (continued) | |
June 30, 2026 | |
Net operating income, net operating income (cash basis), and operating margin (continued)
Furthermore, we believe net operating income is useful to investors as a performance
measure of our consolidated properties because, when compared across periods, net operating income
reflects trends in occupancy rates, rental rates, and operating costs, which provide a perspective not
immediately apparent from net income or loss. Net operating income can be used to measure the initial
stabilized yields of our properties by calculating net operating income generated by a property divided by
our investment in the property. Net operating income excludes certain components from net income in
order to provide results that are more closely related to the results of operations of our properties. For
example, interest expense is not necessarily linked to the operating performance of a real estate asset
and is often incurred at the corporate level rather than at the property level. In addition, depreciation and
amortization, because of historical cost accounting and useful life estimates, may distort comparability of
operating performance at the property level. Impairments of real estate have been excluded in deriving
net operating income because we do not consider impairments of real estate to be property-level
operating expenses. Impairments of real estate relate to changes in the values of our assets and do not
reflect the current operating performance with respect to related revenues or expenses. Our
impairments of real estate represent the write-down in the value of the assets to the estimated fair value
less cost to sell. These impairments result from investing decisions or a deterioration in market
conditions. We also exclude realized and unrealized investment gain or loss, which results from
investment decisions that occur at the corporate level related to non-real estate investments in publicly
traded companies and certain privately held entities. Therefore, we do not consider these activities to be
an indication of operating performance of our real estate assets at the property level. Our calculation of
net operating income also excludes charges incurred from changes in certain financing decisions, such
as losses on early extinguishment of debt and changes in provision for expected credit losses on
financial instruments, as these charges often relate to corporate strategy. Property operating expenses
included in determining net operating income primarily consist of costs that are related to our operating
properties, such as utilities, repairs, and maintenance; rental expense related to ground leases;
contracted services, such as janitorial, engineering, and landscaping; property taxes and insurance; and
property-level salaries. General and administrative expenses consist primarily of accounting and
corporate compensation, corporate insurance, professional fees, rent, and supplies that are incurred as
part of corporate office management. We calculate operating margin as net operating income divided by
total revenues.
We believe that, to facilitate investors’ clear understanding of our operating results, net
operating income should be examined in conjunction with net income or loss as presented in our
consolidated statements of operations. Net operating income should not be considered as an alternative
to net income or loss as an indication of our performance, nor as an alternative to cash flows as a
measure of our liquidity or our ability to make distributions.
We are not able to forecast the net income of future periods without unreasonable effort, and
therefore do not provide a reconciliation for net operating income 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 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 potentially be misleading
for our investors.
Operating statistics
We present certain operating statistics related to our properties, including number of
properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end
of the period. We believe these measures are useful to investors because they facilitate an
understanding of certain trends for our properties. We compute the number of properties, RSF,
occupancy percentage, leasing activity, and contractual lease expirations at 100%, excluding RSF at
properties classified as held for sale, for all properties in which we have an investment, including
properties owned by our consolidated and unconsolidated real estate joint ventures. For operating
metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.
Same property comparisons
As a result of changes within our total property portfolio during the comparative periods
presented, including changes from assets acquired or sold, properties placed into development or
redevelopment, and development or redevelopment properties recently placed into service, the
consolidated total income from rentals, as well as rental operating expenses in our operating results, can
show significant changes from period to period. In order to supplement an evaluation of our results of
operations over a given quarterly or annual period, we analyze the operating performance for all
consolidated properties that were fully operating for the entirety of the comparative periods presented,
referred to as same properties. We separately present quarterly and year-to-date same property results
to align with the interim financial information required by the SEC in our management’s discussion and
analysis of our financial condition and results of operations. These same properties are analyzed
separately from properties acquired subsequent to the first day in the earliest comparable quarterly or
year-to-date period presented, properties that underwent development or redevelopment at any time
during the comparative periods, unconsolidated real estate joint ventures, properties classified as held
for sale, and corporate entities (legal entities performing general and administrative functions), which are
excluded from same property results. Additionally, termination fees, if any, are excluded from the results
of same properties.
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
Same property comparisons (continued)
The following table reconciles the number of same properties to total properties for the six
months ended June 30, 2026:
Development and redevelopment – under construction | Properties | |
99 Coolidge Avenue | 1 | |
1450 Owens Street | 1 | |
421 Park Drive | 1 | |
701 Dexter Avenue North | 1 | |
10200 Campus Point Drive | 1 | |
40, 50, and 60 Sylvan Road | 3 | |
269 East Grand Avenue | 1 | |
8800 Technology Forest Place | 1 | |
311 Arsenal Street | 1 | |
3000 Minuteman Road | 1 | |
12 | ||
Development – placed into service after January 1, 2025 | ||
230 Harriet Tubman Way | 1 | |
500 North Beacon Street and 4 Kingsbury Avenue | 2 | |
10935, 10945, and 10955 Alexandria Way | 3 | |
10075 Barnes Canyon Road | 1 | |
4135 Campus Point Court | 1 | |
8 | ||
Acquisitions after January 1, 2025 | ||
Other | 2 | |
2 | ||
Unconsolidated real estate JVs | 3 | |
Properties held for sale | 23 | |
Total properties excluded from same properties | 48 | |
Same properties | 288 | |
Total properties as of June 30, 2026 | 336 |
Stabilized occupancy date
The stabilized occupancy date represents the estimated date on which a development or
redevelopment project is expected to reach occupancy of 95% or greater.
Tenant collections
Tenant collections represent the percentage of recognized rental income billed during the
respective quarter that has been collected as of the date of this report. Rental income from tenants for
whom collection is considered not probable is recognized only upon receipt of cash and, accordingly, is
included in this calculation only to the extent recognized and collected.
Tenant recoveries
Tenant recoveries represent revenues comprising reimbursement of real estate taxes,
insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
and are earned in the period during which the applicable expenses are incurred and the tenant’s
obligation to reimburse us arises.
We classify rental revenues and tenant recoveries generated through the leasing of real
estate assets within revenues in income from rentals in our consolidated statements of operations. We
provide investors with a separate presentation of rental revenues and tenant recoveries in “Same
property performance” in this Supplemental Information because we believe it promotes investors’
understanding of our operating results. We believe that the presentation of tenant recoveries is useful to
investors as a supplemental measure of our ability to recover operating expenses under our triple net
leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common
area expenses, and other operating expenses, and of our ability to mitigate the effect on net income of
any significant variability in components of our operating expenses.
The following table reconciles income from rentals to tenant recoveries:
Three Months Ended | Six Months Ended | ||||||||||||
(In thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 6/30/26 | 6/30/25 | ||||||
Income from rentals | $643,210 | $653,013 | $728,872 | $735,849 | $737,279 | $1,296,223 | $1,480,454 | ||||||
Rental revenues | (486,589) | (474,786) | (538,330) | (541,070) | (553,377) | (961,375) | (1,105,489) | ||||||
Tenant recoveries | $156,621 | $178,227 | $190,542 | $194,779 | $183,902 | $334,848 | $374,965 | ||||||
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.
| |
Definitions and Reconciliations (continued) | |
June 30, 2026 | |
Unencumbered net operating income as a percentage of total net operating income
Unencumbered net operating income as a percentage of total net operating income is a non-
GAAP financial measure that we believe is useful to investors as a performance measure of the results
of operations of our unencumbered real estate assets as it reflects those income and expense items that
are incurred at the unencumbered property level. Unencumbered net operating income is derived from
assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or
other security interest, as of the period for which income is presented.
The following table summarizes unencumbered net operating income as a percentage of total
net operating income:
Three Months Ended | |||||||||
(Dollars in thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | ||||
Unencumbered net operating income | $455,448 | $446,880 | $521,871 | $512,710 | $535,766 | ||||
Encumbered net operating income | — | — | — | — | 1,841 | ||||
Total net operating income | $455,448 | $446,880 | $521,871 | $512,710 | $537,607 | ||||
Unencumbered net operating income as a percentage of total net operating income | 100.0% | 100.0% | 100.0% | 100.0% | 99.7% | ||||
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.
Weighted-average shares of common stock outstanding – diluted
From time to time, we enter into capital market transactions, including forward equity sales
agreements (“Forward Agreements”), to fund acquisitions, to fund construction of our development and
redevelopment projects, and for general working capital purposes. While the Forward Agreements are
outstanding, we are required to consider the potential dilutive effect of our Forward Agreements under
the treasury stock method. Under this method, we also include the dilutive effect of unvested restricted
stock awards (“RSAs”) with forfeitable dividends in the calculation of diluted shares.
The weighted-average shares of common stock outstanding used in calculating EPS – diluted,
FFO per share – diluted, and FFO per share – diluted, as adjusted, during each period are calculated as
follows. Also shown are the weighted-average unvested shares associated with unvested RSAs with
nonforfeitable dividends used in calculating amounts allocable to these awards pursuant to the two-class
method for each of the respective periods presented below.
Three Months Ended | Six Months Ended | ||||||||||||
(In thousands) | 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | 6/30/26 | 6/30/25 | ||||||
Basic shares for earnings per share | 170,718 | 170,598 | 170,394 | 170,181 | 170,135 | 170,658 | 170,328 | ||||||
Unvested RSAs with forfeitable dividends | — | 269 | — | — | — | 382 | — | ||||||
Diluted shares for earnings per share | 170,718 | 170,867 | 170,394 | 170,181 | 170,135 | 171,040 | 170,328 | ||||||
Basic shares for funds from operations per share and funds from operations per share, as adjusted | 170,718 | 170,598 | 170,394 | 170,181 | 170,135 | 170,658 | 170,328 | ||||||
Unvested RSAs with forfeitable dividends | 492 | 269 | 110 | 124 | 57 | 382 | 62 | ||||||
Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 171,210 | 170,867 | 170,504 | 170,305 | 170,192 | 171,040 | 170,390 | ||||||
Weighted-average unvested RSAs with nonforfeitable dividends used in calculating the allocations of net income, funds from operations, and funds from operations, as adjusted | 1,276 | 1,340 | 1,570 | 1,917 | 1,998 | 1,308 | 2,025 | ||||||