# ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE) Informational only - not investment advice. CIK: 0001035443 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-01-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1035443 Filing source: https://www.sec.gov/Archives/edgar/data/1035443/000103544326000013/are-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-01-26 · accession 0001035443-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001035443.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,889,721,000 USD | 2025 | verified | | Net income | -1,429,570,000 USD | 2025 | verified | | Assets | 34,081,835,000 USD | 2025 | verified | | Net margin | -49.47% | 2025 | computed | | Revenue YoY | -3.84% | 2025 | computed | | ROE | -9.24% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | ARE | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -49.5% | 16.8% | 2 | 149 | | Revenue growth | -3.8% | 3.7% | 21 | 149 | | ROE | -9.2% | 5.7% | 9 | 151 | | ROA | -4.2% | 1.5% | 5 | 155 | | Liabilities / equity | 0.96 | 1.48 | 30 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2889721000 | USD | 2025 | 2026-01-26 | | Net income | -1429570000 | USD | 2025 | 2026-01-26 | | Assets | 34081835000 | USD | 2025 | 2026-01-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001035443.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 1,465,692,000 | 1,854,427,000 | 2,081,362,000 | 2,534,862,000 | 2,802,567,000 | 3,005,137,000 | 2,889,721,000 | | Net income | -65,901,000 | 169,093,000 | 379,312,000 | 363,165,000 | 770,959,000 | 571,247,000 | 521,660,000 | 103,639,000 | 322,949,000 | -1,429,570,000 | | Diluted EPS | -1.99 | 1.58 | 3.52 | 3.12 | 6.01 | 3.82 | 3.18 | 0.54 | 1.80 | -8.44 | | Operating cash flow | 393,487,000 | 450,882,000 | 570,339,000 | 683,857,000 | 882,510,000 | 1,010,197,000 | 1,294,321,000 | 1,630,550,000 | 1,504,524,000 | 1,414,046,000 | | Dividends paid | 240,347,000 | 312,131,000 | 380,632,000 | 447,029,000 | 532,980,000 | 655,968,000 | 757,742,000 | 847,483,000 | 898,557,000 | 911,450,000 | | Share buybacks | | | | | | | 0.00 | 0.00 | 50,107,000 | 208,187,000 | | Assets | 10,354,888,000 | 12,103,953,000 | 14,464,956,000 | 18,390,503,000 | 22,827,878,000 | 30,219,373,000 | 35,523,399,000 | 36,771,402,000 | 37,527,449,000 | 34,081,835,000 | | Liabilities | 4,972,610,000 | 5,620,784,000 | 6,570,242,000 | 8,224,025,000 | 9,384,100,000 | 11,186,123,000 | 12,840,152,000 | 14,148,409,000 | 15,128,988,000 | 14,925,399,000 | | Stockholders' equity | 4,895,796,000 | 5,949,666,000 | 7,341,965,000 | 8,865,826,000 | 11,725,712,000 | 16,189,542,000 | 18,972,387,000 | 18,471,175,000 | 17,889,042,000 | 15,470,070,000 | | Cash and cash equivalents | 125,032,000 | 254,381,000 | 234,181,000 | 189,681,000 | 568,532,000 | 361,348,000 | 825,193,000 | 618,190,000 | 552,146,000 | 549,062,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 24.78% | 41.57% | 27.45% | 20.58% | 3.70% | 10.75% | -49.47% | | Return on equity | -1.35% | 2.84% | 5.17% | 4.10% | 6.57% | 3.53% | 2.75% | 0.56% | 1.81% | -9.24% | | Return on assets | -0.64% | 1.40% | 2.62% | 1.97% | 3.38% | 1.89% | 1.47% | 0.28% | 0.86% | -4.19% | | Liabilities / equity | 1.02 | 0.94 | 0.89 | 0.93 | 0.80 | 0.69 | 0.68 | 0.77 | 0.85 | 0.96 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001035443.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 2.11 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.44 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.51 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 696,601,000 | 24,269,000 | 0.13 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 733,525,000 | -88,429,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 746,061,000 | 170,545,000 | 0.97 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 745,626,000 | 46,702,000 | 0.25 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 763,947,000 | 167,947,000 | 0.96 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 749,503,000 | -62,245,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 731,421,000 | -8,939,000 | -0.07 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 722,935,000 | -107,002,000 | -0.64 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 722,643,000 | -232,754,000 | -1.38 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 712,722,000 | -1,080,875,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 640,659,000 | 361,653,000 | 2.10 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 629,408,000 | -72,783,000 | -0.43 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from ARE's latest 10-K: [/company/ARE/business/](/company/ARE/business/). ## Risk Factors Verbatim Item 1A Risk Factors from ARE's latest 10-K: [/company/ARE/risk-factors/](/company/ARE/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1035443/000103544326000066/are-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-03 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-looking statements Certain information and statements included in this quarterly report on Form 10-Q, including, without limitation, statements containing the words “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, constitute “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. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that may affect our future plans of operations, business and financial strategy, results of operations, and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the following: •Operating factors, such as a failure to operate our business successfully in comparison to market expectations or in comparison to our competitors, our inability to obtain capital when desired or refinance debt maturities when desired, and/ or a failure to maintain our status as a REIT for federal tax purposes; •Market and industry factors, such as adverse developments concerning the life science industry and/or our tenants; •Government factors, such as any unfavorable effects resulting from federal, state, local, and/or foreign government policies, laws, and/or funding levels; •Global factors, such as negative economic, social, political, financial, credit market, banking conditions, and/or regional armed hostilities; and •Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting standards. This list of risks and uncertainties is not exhaustive. Additional information regarding risk factors that may affect us is included under Part I, “Item 1A. Risk factors”; and Part II, “Item 7. Management’s discussion and analysis of financial condition and results of operations” in our annual report on Form 10-K for the year ended December 31, 2025, and under respective sections in this quarterly report on Form 10-Q. Readers of this quarterly report on Form 10-Q should also read our other documents filed publicly with the SEC for further discussion regarding such factors. 50 Overview We are a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT for federal income tax purposes. 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. We develop dynamic Megacampus ecosystems that enable and inspire some of the world’s most brilliant minds and innovative companies to create life-changing scientific and technological innovations. We believe in the utmost professionalism, humility, and teamwork. Our tenants include multinational pharmaceutical companies; life science product, service, and device companies; public and private biotechnology companies; advanced technologies companies; biomedical institutions; U.S. government institutions; and others. 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. As of June 30, 2026: •Investment-grade or publicly traded large cap tenants represented 57% of our annual rental revenue; •Approximately 97% of our leases (on an annual rental revenue basis) contained effective annual rent escalations approximating 3% that were either fixed or indexed based on a consumer price index or other index; •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; •Approximately 91% of our leases (on an annual rental revenue basis) provided for the recapture of capital expenditures (such as HVAC maintenance and/or replacement, roof replacement, and parking lot resurfacing) that we believe would typically be borne by the landlord in traditional office leases; and •75% of our leasing activity during the last twelve months was generated from our existing tenant base. A key element of our business and financial strategy is our unique focus on Class A/A+ properties primarily located in collaborative Megacampus ecosystems in AAA life science and advanced technology innovation clusters. Our Megacampus ecosystems are designed for optionality and scalability, offering our tenants a clear path to address their growth requirements, including through our future developments and redevelopments. Strategically located near top academic and medical research institutions and equipped with curated amenities and services and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining top talent and in meeting our tenants’ growth needs, which we believe is a key driver of tenant demand for our properties. Our strategy also includes drawing upon our deep, broad, and long-standing real estate and life science industry relationships in order to retain tenants, identify and attract new and leading tenants, and source additional real estate. 51 Executive summary Operating results [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Net (loss) income attributable to Alexandria\u2019s common stockholders \u2013 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\u2019s common stockholders \u2013 diluted, as adjusted:"],["In millions","$296.1","","$396.4","","$592.0","","$788.4"],["Per share","$1.73","","$2.33","","$3.46","","$4.63"]] [[/GREPCENT_TABLE]] For additional information, 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.” A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms [[GREPCENT_TABLE]] [["(As of or for the three months ended June 30, 2026, unless stated otherwise)"],["Occupancy of operating properties","","86.9%"],["Occupancy of operating properties, including executed leases with future occupancy","","90.9%"],["Percentage of total annual rental revenue in effect from Megacampus platform","","80%"],["Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants","","57%"],["Operating margin","","69%"],["Adjusted EBITDA margin","","67%"],["Percentage of leases containing annual rent escalations","","97%"],["Weighted-average remaining lease term:"],["Top 20 tenants","","10.0","years"],["All tenants","","7.7","years"],["Strong tenant collections(1):"],["Rents and receivables for the three months ended June 30, 2026, collected as of the date of this report","","99.9%"]] [[/GREPCENT_TABLE]] (1)Refer to “Tenant collections” under “Definitions and reconciliations” for additional details. 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 June 30, 2026) •Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of 3.3x for the three months ended June 30, 2026 annualized; the respective targets for the three months ending December 31, 2026, annualized, are 5.6x–6.2x and 3.6x–4.1x. •We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted EBITDA ratio in the second half of 2026 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. 52 Solid leasing volume exceeding 1.0 million RSF during the three months ended June 30, 2026 •Total leasing volume surpassed 1.0 million RSF during the three months ended June 30, 2026, increasing 60% from the three months ended March 31, 2026 and exceeding the average quarterly leasing volume for the period from the second quarter of 2025 through the first quarter of 2026 of 952,365 RSF by approximately 87,000 RSF. •Includes 397,919 RSF of combined previously vacant and development and redevelopment space; second-highest amount since the second quarter of 2024, excluding the 466,598 RSF build-to-suit lease signed in the third quarter of 2025. •75% of our leasing activity during the last twelve months was generated from our existing tenant base. [[GREPCENT_TABLE]] [["","","Three Months Ended","","Six Months Ended June 30, 2026"],["","","June 30, 2026","","March 31, 2026"],["Leasing volume in RSF:"],["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)%"]] [[/GREPCENT_TABLE]] 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 assets, sales of partial interests, and other capital sources. [[GREPCENT_TABLE]] [["(in millions)","","Sales Price","","%"],["Completed as of the date of this report","","$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"]] [[/GREPCENT_TABLE]] We expect to allocate this capital as follows (based on guidance midpoints): [[GREPCENT_T [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1035443/000103544326000013/are-20251231.htm Complete FY 2025 MD&A: /company/ARE/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-01-26 Report date: 2025-12-31 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with our consolidated financial statements and notes thereto under “Item 15. Exhibits and financial statement schedules” in this annual report on Form 10-K. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, results of operations, and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, those described within this “Item 7. Management’s discussion and analysis of financial condition and results of operations” in this annual report on Form 10-K. We do not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise. As used in this annual report on Form 10-K, references to the “Company,” “Alexandria,” “ARE,” “we,” “us,” and “our” refer to Alexandria Real Estate Equities, Inc. and its consolidated subsidiaries. 86 Executive summary Operating results [[GREPCENT_TABLE]] [["","","Year Ended December 31,"],["","","2025","","2024"],["Net (loss) income attributable to Alexandria\u2019s common stockholders \u2013 diluted:"],["In millions","","$(1,438.0)","","$309.6"],["Per share","","$(8.44)","","$1.80"],["Funds from operations attributable to Alexandria\u2019s common stockholders \u2013 diluted, as adjusted:"],["In millions","","$1,534.7","","$1,629.1"],["Per share","","$9.01","","$9.47"]] [[/GREPCENT_TABLE]] For additional information, 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” and to the tabular presentation of these items in “Results of operations” in Item 7 in this annual report on Form 10-K. A best-in-class REIT with a high-quality, diverse tenant base, strong margins, and long lease terms [[GREPCENT_TABLE]] [["(As of December 31, 2025, unless stated otherwise)"],["Occupancy of operating properties in North America","","","90.9%"],["Percentage of total annual rental revenue in effect from Megacampus platform","","","78%"],["Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants","","","53%"],["Adjusted EBITDA margin for the three months ended December 31, 2025","","","70%"],["Percentage of leases containing annual rent escalations","","","97%"],["Weighted-average remaining lease term:"],["Top 20 tenants","","","9.7","years"],["All tenants","","","7.5","years"],["Strong tenant collections for the three months ended December 31, 2025:"],["Tenant rents and receivables for the three months ended December 31, 2025 collected as of the date of this report","","","99.9%"]] [[/GREPCENT_TABLE]] Solid leasing volume •Leasing volume aggregating 4.2 million RSF for the year ended December 31, 2025. •Leasing of previously vacant space aggregating 393,376 RSF, up 98%, over the quarterly average over the last five quarters. •Rental rates on lease renewals and re-leasing of space increased by 7.0% and 3.5% (cash basis) for the year ended December 31, 2025. •82% of our leasing activity in 2025 was generated from our existing tenant base. [[GREPCENT_TABLE]] [["","","2025"],["Lease renewals and re-leasing of space:"],["Rental rate changes","","7.0%"],["Rental rate changes (cash basis)","","3.5%"],["RSF","","2,543,473"],["Leasing of previously vacant space \u2013 RSF","","944,362"],["Leasing of development and redevelopment space \u2013 RSF","","704,821"],["Total leasing activity \u2013 RSF","","4,192,656"]] [[/GREPCENT_TABLE]] 87 Key operating metrics •Total revenues of $3.03 billion, down 2.9%, for the year ended December 31, 2025, compared to $3.12 billion for the year ended December 31, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by 2.3% for the year ended December 31, 2025. •Net operating income (cash basis) of $1.98 billion for the year ended December 31, 2025 increased by $1.7 million, or 0.1%, compared to the year ended December 31, 2024. •Change in net operating income (cash basis) includes the impact of operating properties disposed of after January 1, 2024. Excluding these dispositions, net operating income (cash basis) for the year ended December 31, 2025 would have increased by 6.2% compared to 2024. •Same property net operating income decreased by 3.5% and increased by 0.9% (cash basis) for the year ended December 31, 2025, compared to the year ended December 31, 2024. •92.5% same properties’ average occupancy for the year ended December 31, 2025, compared to 95.2% average occupancy for the year ended December 31, 2024. Continued successful management and reduction of general and administrative expenses •General and administrative expenses as a percentage of net operating income for the year ended December 31, 2025 were 5.6%—the lowest level in the past ten years for the Company and approximately half the average of other S&P 500 REITs. In 2025, we realized cost reductions of $51.3 million, or 30%, compared to the year ended December 31, 2024, primarily from cost-control and efficiency initiatives. Some of these cost savings are temporary in nature, and we anticipate that approximately half of the cost reduction achieved in 2025 will continue in 2026. •Compared to the general and administrative expenses for the year ended December 31, 2024, we expect to achieve a savings of $76 million of cumulative general and administrative expense in 2025 and 2026 based upon the midpoint of our guidance range for 2026 general and administrative expenses. 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 the three months ended December 31, 2025, representing a 45% reduction from the quarterly dividend declared of $1.32 for the three months ended September 30, 2025. •The decision to reduce the declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, and preserving liquidity of approximately $410 million on an annual basis, which will be used to support our 2026 capital plan. •Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating $2.36 billion for the years ended December 31, 2021 through 2025. •Dividend yield of 5.9% as of December 31, 2025 and dividend payout ratio of 33% for the three months ended December 31, 2025. Successful execution of Alexandria’s capital recycling strategy We exceeded the midpoint of our 2025 guidance for dispositions and sales of partial interests by completing $1.81 billion of funding, primarily from sales of non-core assets and land, as well as sales to owner/users. During the three months ended December 31, 2025, we completed $1.47 billion of dispositions. As of December 31, 2025, the book value of our real estate assets designated as held for sale aggregated $581.7 million. We expect to sell these assets in 2026. Refer to “Dispositions and sales of partial interests” in Item 2 in this annual report Form 10-K for additional details. [[GREPCENT_TABLE]] [["(in millions)","","Sales Price"],["During the nine months ended September 30, 2025","","$341"],["During the three months ended December 31, 2025","","1,471"],["Total 2025 dispositions and sales of partial interests(1)","","$1,812"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["Types of dispositions during the year ended December 31, 2025(1)","","% of Sales Price"],["Land","","21%"],["Non-stabilized properties","","59"],["Stabilized properties","","20"],["Total 2025 dispositions","","100%"]] [[/GREPCENT_TABLE]] (1)Excludes the exchange of partial interests in two consolidated real estate joint ventures, Pacific Technology Park and 199 East Blaine Street, during the three months ended September 30, 2025. 88 Increased occupancy and leasing progress on temporary vacancy [[GREPCENT_TABLE]] [["Operating occupancy as of September 30, 2025","","90.6%"],["Assets with vacancy designated as held for sale during the three months ended December 31, 2025","","0.5"],["Early termination of one lease aggregating 170,618 RSF at 259 East Grand Avenue in South San Francisco, originally set to expire in 2027, which is already fully re-leased to a multinational pharmaceutical tenant with occupancy expected to commence in 2H26","","(0.5)","(1)"],["Reclassification of 401 Park Avenue from redevelopment to operating upon our decision to pursue leasing as office space rather than convert to laboratory space","","(0.3)"],["Other changes in occupancy, primarily due to the commencement of leases during 4Q25","","0.6"],["Operating occupancy as of December 31, 2025","","90.9"],["Key vacant space leased with future delivery","","2.5","(2)"],["Operating occupancy as of December 31, 2025, including leased but not yet delivered space","","93.4%"]] [[/GREPCENT_TABLE]] (1)Refer to “Projected results” in item 7 for key considerations on guidance for the three months ending March 31, 2026. (2)Represents temporary vacancies as of December 31, 2025 aggregating 899,259 RSF, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, that are leased and expected to be occupied upon completion of building and/or tenant improvements. The weighted-average expected delivery date is approximately August 2026 and the expected annual rental revenue is approximately $52 million. Reduction of capital spend and funding needs •During the three months ended December 31, 2025, we reduced future construction funding requirements across our active pipeline by: i) selling or designating three projects as held for sale and ii) pivoting one project to a lower investment strategy; enabling us to redeploy future construction savings and sale proceeds into opportunities aligned with our long‑term Megacampus™ strategy. •We reduced the overall size of our future construction funding needs on current development and redevelopment projects by more than $300 million over the next few years. •3% reduction in non-income-producing assets to 17% as a percentage of gross assets. •We are evaluating business strategy for four additional projects. Alexandria’s development and redevelopment pipeline delivered incremental annual net operating income of $10 million, commencing during the three months ended December 31, 2025, with an additional $97 million of incremental annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 86% leased/negotiating. •During the three months ended December 31, 2025, we placed into service one development project aggregating 139,979 RSF that is 100% occupied at 10075 Barnes Canyon Road in our Sorrento Mesa submarket and delivered incremental annual net operating income of $10 million. •Annual net operating income (cash basis) from recently delivered projects is expected to increase by $26 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately six months. •77% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems. [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/ARE/mda/fy2025/ All MD&A years: /company/ARE/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/ARE/mda/fy2024/): filed 2025-01-27; accession 0001035443-25-000067 (https://www.sec.gov/Archives/edgar/data/1035443/000103544325000067/are-20241231.htm) - [FY 2023 MD&A](/company/ARE/mda/fy2023/): filed 2024-01-29; accession 0001035443-24-000072 (https://www.sec.gov/Archives/edgar/data/1035443/000103544324000072/are-20231231.htm) - [FY 2022 MD&A](/company/ARE/mda/fy2022/): filed 2023-01-30; accession 0001035443-23-000099 (https://www.sec.gov/Archives/edgar/data/1035443/000103544323000099/are-20221231.htm) - [FY 2021 MD&A](/company/ARE/mda/fy2021/): filed 2022-01-31; accession 0001035443-22-000040 (https://www.sec.gov/Archives/edgar/data/1035443/000103544322000040/are-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/ARE.md · JSON record: /company/ARE.json · verified financials: /company/ARE/financials.json / /company/ARE/financials.csv · machine TOC for the whole site: /llms.txt