Published: 2022-10-24 00:00:00 ET

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			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022

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As of September 30, 2022.

(1)Our other tenants, which aggregate 2.0% of our annual rental revenue, comprise technology, professional services, finance, telecommunications, and construction/real estate companies and less than 1.0% of retail-related tenants by annual rental revenue.

(2)Represents annual rental revenue currently generated from space that is targeted for a future change in use. The weighted-average remaining term of these leases is 3.6 years.

(3)Represents annual rental revenue in effect as of September 30, 2022

(4)As of September 30, 2022. Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

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As of September 30, 2022.

(1)Represents projects under construction aggregating 5.6 million RSF and seven near term projects, aggregating 2.0 million RSF, expected to commence construction during the next five quarters.

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(1)Represents common stock dividend declared on September 30, 2022 annualized.

(2)Based on a closing stock price of $140.19 on September 30, 2022.

(3)Based on the midpoint of projected guidance for the year ended December 31, 2022.

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As of September 30, 2022.

(1)Refer to “Key credit metrics” of our Supplemental Information for additional details.

(2)Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

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(1)A credit rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time. Top 10% ranking represents credit rating levels from Moody’s Investors Service and S&P Global Ratings for publicly traded U.S. REITs, from Bloomberg Professional Services as of September 30, 2022.

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As of September 30, 2022.

(1)Quarter annualized.

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(1)Top 10% ranking for FTSE Nareit All REITs Index, from Bloomberg Professional Services as of September 30, 2022.

(2)Top 10% ranking for Sustainalytics Global Universe, from Bloomberg Professional Services as of September 30, 2022.

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Environmental progress data for 2021 reflected in the chart above received independent limited assurance from DNV Business Assurance USA, Inc.

(1)2025 environmental goal for Alexandria’s cumulative progress relative to a 2015 baseline on a like-for-like basis for buildings in operation that the company directly manages.

(2)2025 environmental goal for buildings in operation that Alexandria indirectly and directly manages. In alignment with industry best practice, the company reports waste diversion annually; the 2025 goal is to

achieve a waste diversion rate of at least 45% by 2025.

(3)Progress toward 2025 goal.

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Table of Contents
September 30, 2022

EARNINGS PRESS RELEASE			Page									Page
Third Quarter Ended September 30, 2022 Financial and Operating Results			1						Earnings Call Information and About the Company			7
Acquisitions			4						Consolidated Statements of Operations			8
Dispositions and Sales of Partial Interests			5						Consolidated Balance Sheets			9
Guidance			6						Funds From Operations and Funds From Operations per Share			10
SUPPLEMENTAL INFORMATION			Page									Page
Company Profile			13						External Growth / Investments in Real Estate
Investor Information			14						Investments in Real Estate			32
Financial and Asset Base Highlights			15						New Class A Development and Redevelopment Properties:
High-Quality, Diverse, and Innovative Tenants			17						Recent Deliveries			34
Class A Properties in AAA Locations			18						Current Projects			37
Occupancy			19						Summary of Pipeline			42
Internal Growth									Construction Spending			47
Key Operating Metrics			20						Joint Venture Financial Information			48
Same Property Performance			21						Balance Sheet Management
Leasing Activity			22						Investments			50
Contractual Lease Expirations			23						Key Credit Metrics			51
Top 20 Tenants			24						Summary of Debt			52
Summary of Properties and Occupancy			25						Definitions and Reconciliations
Property Listing			26						Definitions and Reconciliations			55

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. Please refer to page 7 of this Earnings Press Release and Supplemental Information for further information.

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.

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Alexandria Real Estate Equities, Inc. Reports:

3Q22 and YTD 3Q22 Net Income per Share – Diluted of $2.11 and $2.88, respectively; and

3Q22 and YTD 3Q22 FFO per Share – Diluted, As Adjusted, of $2.13 and $6.28, respectively

PASADENA, Calif. – October 24, 2022 – Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced financial and operating results for the third quarter ended September 30, 2022.

Key highlights															YTD
Operating results			3Q22						3Q21						3Q22						3Q21
Total revenues:
In millions			$	659.9					$	547.8					$	1,918.7					$	1,537.2
Growth			20.5		%										24.8		%
Net income attributable to Alexandria’s common stockholders – diluted
In millions			$	341.4					$	101.3					$	461.5					$	490.6
Per share			$	2.11					$	0.67					$	2.88					$	3.38
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted
In millions			$	344.7					$	296.0					$	1,008.1					$	841.3
Per share			$	2.13					$	1.95					$	6.28					$	5.80

A REIT industry-leading, high-quality roster of over 1,000 tenants and operational excellence, supporting high-quality revenues, cash flows, and strong margins

Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants						49		%
Sustained strength in tenant collections:
Tenant receivables as of September 30, 2022						$	7.8		million
October tenant rent and receivables collected as of October 24, 2022						99.9		%
Occupancy of operating properties in North America						94.3		%
Operating margin						70		%
Adjusted EBITDA margin						69		%
Weighted-average remaining lease term:
All tenants						7.2			years
Top 20 tenants						9.7			years

Solid leasing volume and rental rate increase

•During 3Q22, we completed 1.7 million RSF of leasing activity; 87% of which was generated from our roster of over 1,000 tenants.

•Quarterly leasing volume continues to surpass our 10-year quarterly average of 1.3 million RSF and our pre-COVID 5-year quarterly average of 1.1 million RSF.

•3Q22 rental rate increases on lease renewals and re-leasing of space were 27.1% and 22.6% (cash basis).

						3Q22									YTD 3Q22
Total leasing activity – RSF						1,662,069									6,405,265
Leasing of development and redevelopment space – RSF						329,006									2,685,138
Lease renewals and re-leasing of space:
RSF (included in total leasing activity above)						1,094,821									3,045,980
Rental rate increases						27.1%									34.3%
Rental rate increases (cash basis)						22.6%									24.2%

Continued strong net operating income and internal growth

•Net operating income (cash basis) of $1.6 billion for 3Q22 annualized, up $306.0 million, or 22.9%, compared to 3Q21 annualized.

•96% of our leases contain contractual annual rent escalations approximating 3%.

•Same property net operating income growth:

•5.1% and 10.6% (cash basis) for 3Q22 over 3Q21, representing the third-highest same property net operating income (cash basis) growth in Company history.

•7.0% and 8.9% (cash basis) for YTD 3Q22 over YTD 3Q21.

Strong and flexible balance sheet with significant liquidity

•Investment-grade credit ratings ranked in the top 10% among all publicly traded U.S. REITs.

•Net debt and preferred stock to Adjusted EBITDA of 5.4x and fixed-charge coverage ratio of 4.9x for 3Q22 annualized.

•Total debt and preferred stock to gross assets of 27%.

•95.9% of our debt has a fixed rate.

•13.2 years weighted-average remaining term of debt.

•No debt maturities prior to 2025.

•$6.4 billion of liquidity.

Continued strategic value harvesting with strong valuations

During YTD 3Q22, we completed dispositions and sales of partial interests aggregating $2.2 billion, including $1.0 billion of dispositions during 3Q22:

•Sale of five properties in our South San Francisco and Greater Stanford submarkets for an aggregate sales price of $383.6 million, or $1,161 per RSF, representing capitalization rates of 5.2% and 5.2% (cash basis).

•Sale of a 70% interest in 3215 Merryfield Row in our Torrey Pines submarket for a sales price of $149.9 million, or $1,256 per RSF, representing capitalization rates of 4.5% and 4.2% (cash basis).

•Sale of a 70% interest in Summers Ridge Science Park in our Sorrento Mesa submarket for a sales price of $159.6 million, or $720 per RSF, representing capitalization rates of 4.9% and 4.6% (cash basis).

Continued dividend strategy to share strong and consistent growth in operating cash flows with stockholders while also retaining a significant portion for reinvestment

•Common stock dividend declared for 3Q22 of $1.18 per common share, aggregating $4.66 per common share for the twelve months ended September 30, 2022, up 24 cents, or 5%, over the twelve months ended September 30, 2021.

•Dividend yield of 3.4% as of September 30, 2022.

•FFO payout ratio of 56% for the three months ended September 30, 2022.

•Average annual dividend per-share growth of 6.5% over the last five years.

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Third Quarter Ended September 30, 2022 Financial and Operating Results (continued)
September 30, 2022

Completion of unsecured senior line of credit upsizing and term extension

•In September 2022, we amended our unsecured senior line of credit. Key changes include:

New Agreement

Change

Commitments available for borrowing

$4.0 billion

Up $1.0 billion

Maturity date

January 22, 2028

Extended by 2 years

Interest rate

SOFR+0.875%

Converted to SOFR from LIBOR

Alexandria’s tenants drive visibility for future growth aggregating over $645 million of incremental net operating income

Highly leased value-creation pipeline of current and seven near-term projects expected to generate greater than $645 million of incremental net operating income, primarily commencing from 4Q22 through 3Q25.

•7.6 million RSF of our value-creation projects, which are 78% leased.

•80% of the leased RSF was generated from our roster of over 1,000 tenants.

Key items included in operating results

Key items included in net income attributable to Alexandria’s common stockholders:
																											YTD
			3Q22						3Q21						3Q22						3Q21						3Q22						3Q21						3Q22						3Q21
(In millions, except per share amounts)			Amount												Per Share – Diluted												Amount												Per Share – Diluted
Unrealized (losses) gains on non-real estate investments			$	(56.5)					$	(14.4)					$	(0.35)					$	(0.10)					$	(388.1)					$	183.3					$	(2.42)					$	1.26
Significant realized gains on non-real estate investments			—						52.4						—						0.35						—						110.1						—						0.76
Gain (loss) on sales of real estate			323.7						(0.4)						2.00						—						537.9						2.3						3.35						0.02
Impairment of real estate			(38.8)						(42.6)						(0.24)						(0.28)						(38.8)						(52.7)						(0.24)						(0.37)
Loss on early extinguishment of debt			—						—						—						—						(3.3)						(67.3)						(0.02)						(0.46)
Acceleration of stock compensation expense due to executive officer resignation			(7.2)						—						(0.04)						—						(7.2)						—						(0.04)						—
Total			$	221.2					$	(5.0)					$	1.37					$	(0.03)					$	100.5					$	175.7					$	0.63					$	1.21

Balance sheet management

Key metrics as of September 30, 2022

•$33.3 billion in total market capitalization.

•$22.8 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.

•13.2 years weighted-average remaining term of debt.

•No remaining LIBOR-based debt ahead of June 2023 phase-out.

3Q22

Goal

Quarter

Trailing

4Q22

Annualized

12 Months

Annualized

Net debt and preferred stock to Adjusted EBITDA

5.4x

5.6x

Less than or equal to 5.1x

Fixed-charge coverage ratio

4.9x

5.1x

Greater than or equal to 5.1x

Key capital events

•In September 2022, we amended our unsecured senior line of credit to increase the aggregate commitment to $4.0 billion and extend the maturity date to January 22, 2028. Refer to page 2 of this Earnings Press Release for additional detail.

•In September 2022, we increased the aggregate amount we may issue from time to time under our commercial paper program to $2.0 billion from $1.5 billion.

•During 3Q22, we settled a portion of our outstanding forward equity sales agreements by issuing 1.0 million shares and received net proceeds of $199.7 million. We expect to issue an aggregate of 8.0 million shares at an average price of $186.03 per share to settle all our outstanding forward equity sales agreements and receive net proceeds of approximately $1.5 billion in 4Q22.

•During 3Q22, there was no sale activity under our ATM program. As of September 30, 2022, the remaining aggregate amount available under our ATM program for future sales of common stock was $246.6 million.

Investments

•As of September 30, 2022:

•Our investments aggregated $1.6 billion.

•Unrealized gains presented in our consolidated balance sheets were $421.1 million, comprising gross unrealized gains and losses aggregating $529.0 million and $107.9 million, respectively.

•Investment loss of $32.3 million for the three months ended September 30, 2022, presented in our consolidated statements of operations, consisted of $24.2 million of realized gains and $56.5 million of unrealized losses/changes in fair value.

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Third Quarter Ended September 30, 2022 Financial and Operating Results (continued)
September 30, 2022

External growth and investment in real estate

Delivery and commencement of value-creation projects

•During 3Q22, we placed into service development and redevelopment projects aggregating 332,961 RSF across multiple submarkets resulting in $30 million of incremental net operating income.

•82% of construction costs related to active development and redevelopment projects aggregating 5.6 million RSF are under a guaranteed maximum price (“GMP”) contract or other fixed contracts. Our budgets also include construction cost contingencies in GMP contracts plus additional landlord contingencies that generally range from 3% to 5%.

•Annual net operating income (cash basis) is expected to increase by $45 million upon the burn-off of initial free rent from recently delivered projects.

Value-creation pipeline of new Class A development and redevelopment projects as a percentage of gross assets						3Q22
Under construction projects 76% leased/negotiating						10%
Near-term projects expected to commence construction in the next five quarters 88% leased						1%
Income-producing/potential cash flows/covered land play(1)						8%
Land						3%

(1)Includes projects that have existing buildings that are generating or can generate operating cash flows. Also includes development rights associated with existing operating campuses.

Alexandria is at the vanguard of innovation for a high-quality roster of over 1,000 tenants, focused on accommodating their current needs and providing them with a path for future growth

•During 3Q22, we completed acquisitions in our key life science cluster submarkets aggregating 1.2 million RSF of value-creation opportunities for an aggregate purchase price of $316.7 million.

Industry and ESG leadership: catalyzing and leading the way for positive change to benefit human health and society

•In October 2022, Alexandria continued to enhance its first social responsibility pillar focused on advancing human health by empowering NEXT for AUTISM’s development of important support services for autistic individuals and their families. Alexandria has been forging strategically supportive partnerships with highly impactful organizations that aim to accelerate groundbreaking medical innovation to advance vitally needed therapies for individuals with autism.

•In October 2022, Alexandria’s position as a groundbreaking leader in ESG was reinforced in the 2022 GRESB Real Estate Assessment, with several achievements, including: (i) Regional and Global Sector Leader for buildings in development in the Science & Technology sector, (ii) #2 ranking for buildings in operation in the Diversified Listed sector, and (iii) “A” disclosure score for the fifth consecutive year. Alexandria has earned “Green Star” recognitions in the operating asset benchmark for the sixth consecutive year and in the development benchmark for the third consecutive year since its 2020 launch.

Industry and ESG leadership (continued)

•In October 2022, Alexandria was recognized as a Climate Leader by the Sponsors of Mass Save®, a collaborative of the energy utilities and energy efficiency service providers in Massachusetts. Utilizing these programs in our Greater Boston market, we have implemented over 65 energy conservation projects across more than 40 buildings over the last 10 years, resulting in estimated recurring annual energy savings of over 5 million kWh. Alexandria was the only real estate company to be selected in the inaugural cohort of honorees.

•In September 2022, coinciding with National Suicide Prevention Month, we announced our deepened partnership with KITA, a non-profit providing tuition-free summer camp for children who have lost a loved one to suicide, and the advancement of our eighth social responsibility pillar addressing the mental health crisis. Through Alexandria’s significant support, KITA will have free, long-term access to 28 acres in Acton, Maine that will serve as the non-profit’s new home and enable it to grow its program and increase the number of children it serves.

•In July 2022, Alexandria Venture Investments, our strategic venture capital platform, was recognized as the #1 most active corporate investor in biopharma by new deal volume (2021-1H22) for the fifth consecutive year by Silicon Valley Bank in its “Healthcare Investments and Exits: Mid-Year 2022 Report.” Alexandria’s venture activity provides us with, among other things, mission-critical data and insights into industry innovations and trends.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since its founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. The trusted partner to over 1,000 tenants, as of September 30, 2022, Alexandria has a total market capitalization of $33.3 billion and an asset base in North America of 74.5 million square feet (“SF”), which includes 41.1 million RSF of operating properties and 5.6 million RSF of Class A properties undergoing construction, 9.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 17.9 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A properties clustered in life science, agtech, and technology campuses that provide our 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation, and technology 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 additional information on Alexandria, please visit www.are.com.

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Acquisitions
September 30, 2022
(Dollars in thousands)

Property						Submarket/Market						Date of Purchase						Number of Properties						Operating Occupancy									Square Footage																																				Purchase Price
																																	Acquisitions With Development/Redevelopment Opportunities(1)
																																	Future Development												Operating With Future Development/ Redevelopment						Operating(2)						Operating						Total(3)
Completed in 1H22																		32						91		%							5,486,991												2,866,642						451,760						—						8,373,453																								$			2,120,863
Completed in 3Q22:
100 Edwin H. Land Boulevard						Cambridge/Inner Suburbs/Greater Boston						8/1/22						1						100		%							TBD												104,500						—						—						104,500																											170,000
10010 and 10140 Campus Point Drive and 4275 Campus Point Court						University Town Center/San Diego						9/29/22						3						100									750,000												226,144						—						—						750,000																											106,380
Other						Various						Various						3						96									302,000												108,478						—						—						372,278																											40,349
																		7						99		%							1,052,000												439,122			(4)			—						—						1,226,778																											316,729
Completed in October 2022:
1001 Trinity Street and 1020 Red River Street						Austin/Texas						10/4/22						2						100%									123,976												198,972						—						—						322,948																											108,000
Other																																																																																										360
																																																																																										108,360
Pending						Various																																																																																				104,048
Total																																																																																							$			2,650,000
2022 guidance range																																																															$2,550,000 – $2,750,000

(1)We expect to provide total estimated costs and related yields for development and redevelopment projects in the future, subsequent to the commencement of construction.

(2)Represents the operating component of our value-creation acquisitions that is not expected to undergo future development or redevelopment.

(3)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation with future development or redevelopment opportunities. Refer to “Definitions and reconciliations” in our Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(4)We expect the acquisitions completed during the three months ended September 30, 2022 to generate initial annual net operating income of approximately $12 million for the twelve months following acquisition. These acquisitions included seven operating properties with a weighted-average acquisition date of August 27, 2022 (weighted by initial annual net operating income).

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Dispositions and Sales of Partial Interest
September 30, 2022
(Dollars in thousands, except per RSF amounts)

																																										Capitalization Rate (Cash Basis)																					Sales Price per RSF									Gain or Consideration in Excess of Book Value
Property						Submarket/Market						Date of Sale						Interest Sold									RSF						Capitalization Rate																		Sales Price
Completed 1H22:
100 Binney Street						Cambridge/Inner Suburbs/Greater Boston						3/30/22						70		%							432,931						3.6		%							3.5		%							$	713,228								(1)			$	2,353								$	413,615		(2)
300 Third Street						Cambridge/Inner Suburbs/Greater Boston						6/27/22						70		%							131,963						4.6		%							4.3		%							166,485									(1)			$	1,802								113,020			(2)
Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive						Route 128 and Route 495/Greater Boston						6/8/22						100		%							617,043						5.1		%							5.1		%							334,397												$	542								202,325
Other																																	N/A									N/A									47,800												N/A									11,894
																																																			1,261,910																					740,854
Completed 3Q22:
1450 Owens Street						Mission Bay/San Francisco Bay Area						7/1/22						20		%	(3)						191,000						N/A									N/A									25,039									(1)			N/A									10,083			(2)
341 and 343 Oyster Point Boulevard, 7000 Shoreline Court, and Shoreway Science Center						South San Francisco and Greater Stanford/San Francisco Bay Area						9/15/22						100		%							330,379						5.2%									5.2%									383,635												$	1,161								223,127
3215 Merryfield Row						Torrey Pines/San Diego						9/1/22						70		%							170,523						4.5%									4.2%									149,940									(1)			$	1,256								42,214			(2)
Summers Ridge Science Park						Sorrento Mesa/San Diego						9/15/22						70		%							316,531						4.9%									4.6%									159,600									(1)			$	720								65,097			(2)
7330 and 7360 Carroll Road						Sorrento Mesa/San Diego						9/15/22						100		%							84,442						4.4%									4.6%									59,476												$	704								35,463
13112 Evening Creek Drive						Other/San Diego						9/26/22						100		%							109,780						5.3%									5.3%									55,500												$	506								31,001
Other						Various																											N/A									N/A									127,196												N/A									34,108
																																																			960,386																					441,093
Total																																																			$	2,222,296																				$	1,181,947
2022 guidance range																																										$1,450,000 – $2,600,000

(1)Represents the contractual sales price for the percentage interest of the property sold by us.

(2)We retained control over the newly formed real estate joint venture and therefore continued to consolidate this property. We accounted for the difference between the consideration received and the book value of the interest sold as an equity transaction, with no gain or loss recognized in earnings.

(3)Relates to the sale of a partial interest in a land parcel. The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes capital for construction over time. As of September 30, 2022, the noncontrolling interest share of our joint venture partner was 34.5%.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			5

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Guidance
September 30, 2022
(Dollars in millions, except per share amounts)

The following updated guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2022. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Also, refer to our discussion of “forward-looking statements” on page 7 of this Earnings Press Release for additional details.

2022 Guidance Midpoint

Summary of Key Changes in Guidance

As of 10/24/22

As of 7/25/22

EPS, FFO per share, and FFO per share, as adjusted

See updates below

Occupancy percentage in North America as of December 31, 2022

95.0% to 95.6%

95.2% to 95.8%

Straight-line rent revenue

$139 to $149

$144 to $154

Projected 2022 Earnings per Share and Funds From Operations per Share Attributable to Alexandria’s Common Stockholders – Diluted
						As of 10/24/22												As of 7/25/22
Earnings per share(1)						$3.56 to $3.58												$2.14 to $2.20
Depreciation and amortization of real estate assets									5.50												5.50
Gain on sales of real estate									(3.35)												(1.34)
Allocation to unvested restricted stock awards									(0.01)												(0.02)
Funds from operations per share(2)						$5.70 to $5.72												$6.28 to $6.34
Unrealized losses on non-real estate investments									2.42												2.07
Impairment of real estate									0.24												—
Loss on early extinguishment of debt									0.02												0.02
Acceleration of stock compensation expense due to executive officer resignation									0.04												0.04
Allocation to unvested restricted stock awards									(0.03)												(0.02)
Other									0.01												(0.01)
Funds from operations per share, as adjusted(2)						$8.40 to $8.42												$8.38 to $8.44
Midpoint						$8.41												$8.41

Key Assumptions						Low						High
Occupancy percentage in North America as of December 31, 2022(4)						95.0%						95.6%
Lease renewals and re-leasing of space:
Rental rate increases						30.0%						35.0%
Rental rate increases (cash basis)						18.0%						23.0%
Same property performance:
Net operating income increase						6.0%						8.0%
Net operating income increase (cash basis)						6.8%						8.8%
Straight-line rent revenue(5)						$	139					$	149
General and administrative expenses						$	172					$	180
Capitalization of interest						$	269					$	279
Interest expense						$	90					$	100

Key Credit Metrics

2022 Guidance

Net debt and preferred stock to Adjusted EBITDA – 4Q22 annualized

Less than or equal to 5.1x

Fixed-charge coverage ratio – 4Q22 annualized

Greater than or equal to 5.1x

Key Sources and Uses of Capital						Range												Midpoint									Certain Completed Items
Sources of capital:
Net cash provided by operating activities after dividends						$	275					$	325					$			300
Incremental debt						1,383						583									983						See below
Dispositions and sales of partial interests (refer to page 5)						1,450						2,600									2,025						$	2,222
Common equity						2,342						2,342									2,342						$	2,342		(3)
Total sources of capital						$	5,450					$	5,850					$			5,650
Uses of capital:
Construction (refer to page 47)						$	2,900					$	3,100					$			3,000
Acquisitions (refer to page 4)						2,550						2,750									2,650						$	2,546
Total uses of capital						$	5,450					$	5,850					$			5,650
Incremental debt (included above):
Issuance of unsecured senior notes payable						$	1,800					$	1,800					$			1,800						$	1,800
Repayments of secured notes payable						(195)						(195)									(195)						$	(195)
Unsecured senior line of credit, commercial paper, and other						(22)						(722)									(372)
Cash expected to be held at December 31, 2022(6)						(200)						(300)									(250)
Incremental debt						$	1,383					$	583					$			983

(1)Excludes unrealized gains or losses after September 30, 2022 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted.

(2)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of our Supplemental Information for additional details.

(3)Refer to “Key capital events” on page 3 of this Earnings Press Release for additional details. During the nine months ended September 30, 2022, we entered into new forward equity sales agreements aggregating $2.3 billion to sell 12.3 million shares of our common stock, and settled a portion of these forward equity sales agreements by issuing 4.2 million shares and received net proceeds of $847.9 million. We expect to issue 8.0 million shares to settle our remaining outstanding forward equity sales agreements and receive net proceeds of approximately $1.5 billion in 4Q22.

(4)Updated guidance for occupancy percentage in North America as of December 31, 2022, reflects one property acquired in 3Q22 with 70,278 operating RSF that was occupied by the seller through September 30, 2022.

(5)Reduction in our guidance range for straight-line rent revenue by $5 million is primarily attributable to: i) completed and projected dispositions, and ii) the write-off of deferred rent in 3Q22 in connection with the early termination of one below-market lease aggregating 21,621 RSF, with no downtime in occupancy, at rental rate increases of 23% and 36% (cash basis).

(6)Represents cash expected to be held at December 31, 2022, which reduces our 2023 debt capital needs.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			6

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Earnings Call Information and About the Company
September 30, 2022

We will host a conference call on Tuesday, October 25, 2022, at 3:00 p.m. Eastern Time (“ET”)/noon Pacific Time (“PT”), which is open to the general public, to discuss our financial and operating results for the third quarter ended September 30, 2022. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 3:00 p.m. ET/noon PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the “For Investors” section. A replay of the call will be available for a limited time from 5:00 p.m. ET/2:00 p.m. PT on Tuesday, October 25, 2022. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 9685874.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the third quarter ended September 30, 2022 is available in the “For Investors” section of our website at www.are.com or by following this link: https://www.are.com/fs/2022q3.pdf.

For any questions, please contact Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and co-chief investment officer; Dean A. Shigenaga, president and chief financial officer; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, vice president – strategic communications, at (626) 578-0777.

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. As the pioneer of the life science real estate niche since its founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. The trusted partner to over 1,000 tenants, as of September 30, 2022, Alexandria has a total market capitalization of $33.3 billion and an asset base in North America of 74.5 million SF, which includes 41.1 million RSF of operating properties and 5.6 million RSF of Class A properties undergoing construction, 9.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 17.9 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A properties clustered in life science, agtech, and technology campuses that provide our 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation, and technology 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 additional information on Alexandria, please visit www.are.com.

***********

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 2022 earnings per share attributable to Alexandria’s common stockholders – diluted, 2022 funds from operations per share attributable to Alexandria’s common stockholders – diluted, 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.

Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That’s What’s in Our DNA®, 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.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			7

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Consolidated Statements of Operations
September 30, 2022
(Dollars in thousands, except per share amounts)

						Three Months Ended																														Nine Months Ended
						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						9/30/22						9/30/21
Revenues:
Income from rentals						$	656,853					$	640,959					$	612,554					$	574,656					$	546,527					$	1,910,366					$	1,533,593
Other income						2,999						2,805						2,511						2,267						1,232						8,315						3,634
Total revenues						659,852						643,764						615,065						576,923						547,759						1,918,681						1,537,227
Expenses:
Rental operations						201,189						196,284						181,328						175,717						165,995						578,801						447,838
General and administrative						49,958			(1)			43,397						40,931						41,654						37,931						134,286						109,807
Interest						22,984						24,257						29,440						34,862						35,678						76,681						107,303
Depreciation and amortization						254,929						242,078						240,659						239,254						210,842						737,666						581,807
Impairment of real estate						38,783			(1)			—						—						—						42,620						38,783						52,675
Loss on early extinguishment of debt						—						3,317						—						—						—						3,317						67,253
Total expenses						567,843						509,333						492,358						491,487						493,066						1,569,534						1,366,683
Equity in earnings of unconsolidated real estate joint ventures						40						213						220						3,018						3,091						473						9,237
Investment (loss) income						(32,305)						(39,481)						(240,319)						(112,884)						67,084						(312,105)						372,361
Gain (loss) on sales of real estate						323,699						214,219						—						124,226						(435)						537,918						2,344
Net income (loss)						383,443						309,382						(117,392)						99,796						124,433						575,433						554,486
Net income attributable to noncontrolling interests						(38,747)						(37,168)						(32,177)						(24,901)						(21,286)						(108,092)						(58,134)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s stockholders						344,696						272,214						(149,569)						74,895						103,147						467,341						496,352
Net income attributable to unvested restricted stock awards						(3,257)						(2,934)						(2,081)						(2,098)						(1,883)						(5,866)						(5,750)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.’s common stockholders						$	341,439					$	269,280					$	(151,650)					$	72,797					$	101,264					$	461,475					$	490,602
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.’s common stockholders:
Basic						$	2.11					$	1.67					$	(0.96)					$	0.47					$	0.67					$	2.88					$	3.39
Diluted						$	2.11					$	1.67					$	(0.96)					$	0.47					$	0.67					$	2.88					$	3.38
Weighted-average shares of common stock outstanding:
Basic						161,554						161,412						158,198						153,464						150,854						160,400						144,716
Diluted						161,554						161,412						158,198						154,307						151,561						160,400						145,153
Dividends declared per share of common stock						$	1.18					$	1.18					$	1.15					$	1.15					$	1.12					$	3.51					$	3.33

(1)Refer to “Funds from operations and funds from operations per share” of this Earnings Press Release for additional details.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			8

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Consolidated Balance Sheets
September 30, 2022
(In thousands)

						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Assets
Investments in real estate						$	28,771,745					$	27,952,931					$	27,100,009					$	24,980,669					$	23,071,514
Investments in unconsolidated real estate joint ventures						38,285						37,587						38,456						38,483						321,737
Cash and cash equivalents						533,824						420,258						775,060						361,348						325,872
Restricted cash						332,344						97,404						95,106						53,879						42,182
Tenant receivables						7,759						7,069						7,570						7,379						7,749
Deferred rent						918,995						905,699						881,743						839,335						816,219
Deferred leasing costs						506,864						498,434						484,184						402,898						329,952
Investments						1,624,921						1,657,461						1,661,101						1,876,564						2,046,878
Other assets						1,633,877						1,667,210						1,801,027						1,658,818						1,596,615
Total assets						$	34,368,614					$	33,244,053					$	32,844,256					$	30,219,373					$	28,558,718
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable						$	40,594					$	24,986					$	208,910					$	205,198					$	198,758
Unsecured senior notes payable						10,098,588						10,096,462						10,094,337						8,316,678						8,314,851
Unsecured senior line of credit and commercial paper						386,666						149,958						—						269,990						749,978
Accounts payable, accrued expenses, and other liabilities						2,393,764						2,317,940						2,172,692						2,210,410						2,149,450
Dividends payable						193,623						192,571						187,701						183,847						173,560
Total liabilities						13,113,235						12,781,917						12,663,640						11,186,123						11,586,597
Commitments and contingencies
Redeemable noncontrolling interests						9,612						9,612						9,612						9,612						11,681
Alexandria Real Estate Equities, Inc.’s stockholders’ equity:
Common stock						1,626						1,615						1,614						1,580						1,532
Additional paid-in capital						17,639,434						17,149,571						16,934,094						16,195,256						14,727,735
Accumulated other comprehensive loss						(24,725)						(11,851)						(5,727)						(7,294)						(6,029)
Alexandria Real Estate Equities, Inc.’s stockholders’ equity						17,616,335						17,139,335						16,929,981						16,189,542						14,723,238
Noncontrolling interests						3,629,432						3,313,189						3,241,023						2,834,096						2,237,202
Total equity						21,245,767						20,452,524						20,171,004						19,023,638						16,960,440
Total liabilities, noncontrolling interests, and equity						$	34,368,614					$	33,244,053					$	32,844,256					$	30,219,373					$	28,558,718

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			9

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Funds From Operations and Funds From Operations per Share
September 30, 2022
(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																														Nine Months Ended
						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						9/30/22						9/30/21
Net income (loss) attributable to Alexandria’s common stockholders						$	341,439					$	269,280					$	(151,650)					$	72,797					$	101,264					$	461,475					$	490,602
Depreciation and amortization of real estate assets						251,453						238,565						237,160						234,979						205,436						727,178						569,654
Noncontrolling share of depreciation and amortization from consolidated real estate JVs						(27,790)						(26,418)						(23,681)						(21,265)						(17,871)						(77,889)						(49,615)
Our share of depreciation and amortization from unconsolidated real estate JVs						795						934						955						3,058						3,465						2,684						10,676
(Gain) loss on sales of real estate						(323,699)						(214,219)						—						(124,226)						435						(537,918)						(2,344)
Impairment of real estate – rental properties						—						—						—						—						18,602						—						25,485
Allocation to unvested restricted stock awards						1,002						—						—						—						(1,472)						(81)						(6,574)
Funds from operations attributable to Alexandria’s common stockholders – diluted(1)						243,200						268,142						62,784						165,343						309,859						575,449						1,037,884
Unrealized losses (gains) on non-real estate investments						56,515						68,128						263,433						139,716						14,432						388,076						(183,348)
Significant realized gains on non-real estate investments						—						—						—						—						(52,427)						—						(110,119)
Impairment of real estate						38,783			(2)			—						—						—						24,018						38,783						27,190
Loss on early extinguishment of debt						—						3,317						—						—						—						3,317						67,253
Acceleration of stock compensation expense due to executive officer resignation						7,185			(3)			—						—						—						—						7,185						—
Allocation to unvested restricted stock awards						(1,033)						(778)						(1,604)						(1,432)						149						(4,743)						2,400
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted						$	344,650					$	338,809					$	324,613					$	303,627					$	296,031					$	1,008,067					$	841,260

(1)Calculated in accordance with standards established by the Nareit Board of Governors.

(2)Includes $38.3 million related to the impairment of one future development, which we recognized upon our decision not to proceed with the project.

(3)Relates to the resignation of Stephen A. Richardson, our former Co-Chief Executive Officer, in July 2022.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			10

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Funds From Operations and Funds From Operations per Share (continued)
September 30, 2022
(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																														Nine Months Ended
						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						9/30/22						9/30/21
Net income (loss) per share attributable to Alexandria’s common stockholders – diluted						$	2.11					$	1.67					$	(0.96)					$	0.47					$	0.67					$	2.88					$	3.38
Depreciation and amortization of real estate assets						1.39						1.32						1.36						1.40						1.26						4.06						3.66
Gain on sales of real estate						(2.00)						(1.33)						—						(0.80)						—						(3.35)						(0.02)
Impairment of real estate – rental properties						—						—						—						—						0.12						—						0.18
Allocation to unvested restricted stock awards						0.01						—						—						—						(0.01)						—						(0.05)
Funds from operations per share attributable to Alexandria’s common stockholders – diluted						1.51						1.66						0.40						1.07						2.04						3.59						7.15
Unrealized losses (gains) on non-real estate investments						0.35						0.42						1.67						0.91						0.10						2.42						(1.26)
Significant realized gains on non-real estate investments						—						—						—						—						(0.35)						—						(0.76)
Impairment of real estate						0.24						—						—						—						0.16						0.24						0.19
Loss on early extinguishment of debt						—						0.02						—						—						—						0.02						0.46
Acceleration of stock compensation expense due to executive officer resignation						0.04						—						—						—						—						0.04						—
Allocation to unvested restricted stock awards						(0.01)						—						(0.02)						(0.01)						—						(0.03)						0.02
Funds from operations per share attributable to Alexandria’s common stockholders – diluted, as adjusted						$	2.13					$	2.10					$	2.05					$	1.97					$	1.95					$	6.28					$	5.80
Weighted-average shares of common stock outstanding for calculation of:
Earnings per share – diluted						161,554						161,412						158,198						154,307						151,561						160,400						145,153
Funds from operations, diluted, per share						161,554						161,412						158,209						154,307						151,561						160,400						145,153
Funds from operations, diluted, as adjusted, per share						161,554						161,412						158,209						154,307						151,561						160,400						145,153

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			11

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SUPPLEMENTAL

INFORMATION

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Company Profile
September 30, 2022

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. As the pioneer of the life science real estate niche since its founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. The trusted partner to over 1,000 tenants, as of September 30, 2022, Alexandria has a total market capitalization of $33.3 billion and an asset base in North America of 74.5 million SF, which includes 41.1 million RSF of operating properties and 5.6 million RSF of Class A properties undergoing construction, 9.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 17.9 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A properties clustered in life science, agtech, and technology campuses that provide our 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. Alexandria also provides strategic capital to transformative life science, agrifoodtech, climate innovation, and technology 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 additional information on Alexandria, please visit www.are.com.

Tenant base

Alexandria is known for our high-quality and diverse tenant base, with 49% of our total annual rental revenue being generated from tenants that are investment-grade rated or publicly traded large cap companies. The quality, diversity, breadth, and depth of our significant relationships with our tenants provide Alexandria with high-quality and stable cash flows. Alexandria’s underwriting team and long-term industry relationships positively distinguish us from all other publicly traded REITs and real estate companies.

Executive and senior management team

Alexandria’s executive and senior management team has unique experience and expertise in creating, owning, and operating highly dynamic and collaborative campuses in key life science, agtech, and technology cluster locations that inspire innovation. From our development of high-quality, sustainable real estate to our ongoing cultivation of collaborative environments with unique amenities and events, the Alexandria team has a best-in-class reputation of excellence in our niche. Alexandria’s highly experienced management team also includes regional market directors with leading reputations and longstanding relationships within the life science, agtech, and technology communities in their respective innovation clusters. We believe that our expertise, experience, reputation, and key relationships in the real estate, life science, agtech, and technology sectors provide Alexandria significant competitive advantages in attracting new business opportunities.

Alexandria’s executive and senior management team consists of 61 individuals, averaging 24 years of real estate experience, including 12 years with Alexandria. Our executive management team alone averages 18 years with Alexandria.

EXECUTIVE MANAGEMENT TEAM
Joel S. Marcus						Peter M. Moglia
Executive Chairman & Founder						Chief Executive Officer & Co-Chief Investment Officer
Dean A. Shigenaga						Daniel J. Ryan
President & Chief Financial Officer						Co-Chief Investment Officer & Regional Market Director – San Diego
Hunter L. Kass						John H. Cunningham
Executive Vice President – Regional Market Director – Greater Boston						Executive Vice President – Regional Market Director – New York City
Lawrence J. Diamond						Vincent R. Ciruzzi
Co-Chief Operating Officer & Regional Market Director – Maryland						Chief Development Officer
Joseph Hakman						Jackie B. Clem
Co-Chief Operating Officer & Chief Strategic Transactions Officer						General Counsel & Secretary
Marc E. Binda						Andres R. Gavinet
Executive Vice President – Finance & Treasurer						Chief Accounting Officer
Gary D. Dean						Terezia C. Nemeth
Executive Vice President – Real Estate Legal Affairs						Executive Vice President – Regional Market Director – San Francisco Bay Area
Onn C. Lee						Kristina A. Fukuzaki-Carlson
Executive Vice President – Accounting						Executive Vice President – Business Operations
Madeleine T. Alsbrook
Executive Vice President – Talent Management

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			13

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Investor Information
September 30, 2022

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

Website:

www.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.

Bank of America Merrill Lynch

Citigroup Global Markets Inc.

JMP Securities

RBC Capital Markets

Jeff Spector / Joshua Dennerlein

Nicholas Joseph / Michael Griffin

Aaron Hecht

Michael Carroll

(646) 855-1363 / (646) 855-1681

(212) 816-1909 / (212) 816-5871

(415) 835-3963

(440) 715-2649

Berenberg Capital Markets

Evercore ISI

J.P. Morgan Securities LLC

Robert W. Baird & Co. Incorporated

Connor Siversky

Steve Sakwa / Wendy Ma

Anthony Paolone / Ray Zhong

David Rodgers / Nicholas Thillman

(646) 949-9037

(212) 446-9462 / (212) 497-0870

(212) 622-6682 / (212) 622-5411

(216) 737-7341 / (414) 298-5053

BTIG, LLC

Green Street

Mizuho Securities USA LLC

SMBC Nikko Securities America, Inc.

Tom Catherwood / John Nickodemus

Daniel Ismail / Dylan Burzinski

Vikram Malhotra / Georgi Dinkov

Richard Anderson / Jay Kornreich

(212) 738-6140 / (212) 738-6050

(949) 640-8780 / (949) 640-8780

(212) 282-3827 / (617) 352-1721

(646) 521-2351 / (646) 424-3202

CFRA

Kenneth Leon

(646) 517-2552

Fixed Income Coverage

Rating Agencies

Barclays Capital Inc.

Stifel Financial Corp.

Moody’s Investors Service

S&P Global Ratings

Srinjoy Banerjee

Thierry Perrein

(212) 553-0376

Fernanda Hernandez / Michael Souers

(212) 526-3521

(646) 376-5303

(212) 438-1347 / (212) 438-2508

J.P. Morgan Securities LLC

Mark Streeter / Ian Snyder

(212) 834-5086 / (212) 834-3798

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			14

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Financial and Asset Base Highlights
September 30, 2022
(Dollars in thousands, except per share amounts)

						Three Months Ended (unless stated otherwise)
						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Selected financial data from consolidated financial statements and related information
Rental revenues						$	496,146					$	485,067					$	469,537					$	435,637					$	415,918
Tenant recoveries						$	160,707					$	155,892					$	143,017					$	139,019					$	130,609
General and administrative expenses						$	49,958		(1)			$	43,397					$	40,931					$	41,654					$	37,931
General and administrative expenses as a percentage of net operating income – trailing 12 months						10.1%						9.8%						10.0%						10.2%						10.1%
Operating margin						70%						70%						71%						70%						70%
Adjusted EBITDA margin						69%						70%						71%						71%						71%
Adjusted EBITDA – quarter annualized						$	1,810,764					$	1,797,488					$	1,734,956					$	1,631,244					$	1,557,652
Adjusted EBITDA – trailing 12 months						$	1,743,613					$	1,680,335					$	1,601,857					$	1,517,838					$	1,442,929
Net debt at end of period						$	9,736,627					$	9,832,722					$	9,514,256					$	8,442,115					$	8,960,645
Net debt and preferred stock to Adjusted EBITDA – quarter annualized						5.4x						5.5x						5.5x						5.2x						5.8x
Net debt and preferred stock to Adjusted EBITDA – trailing 12 months						5.6x						5.9x						5.9x						5.6x						6.2x
Total debt and preferred stock at end of period						$	10,525,848					$	10,271,406					$	10,303,247					$	8,791,866					$	9,263,587
Gross assets at end of period						$	38,516,844					$	37,304,589					$	36,795,922					$	33,990,614					$	32,173,158
Total debt and preferred stock to gross assets at end of period						27%						28%						28%						26%						29%
Fixed-charge coverage ratio – quarter annualized						4.9x						5.1x						5.1x						5.3x						5.1x
Fixed-charge coverage ratio – trailing 12 months						5.1x						5.1x						5.1x						5.0x						4.8x
Unencumbered net operating income as a percentage of total net operating income						100%						100%						97%						97%						97%
Closing stock price at end of period						$	140.19					$	145.03					$	201.25					$	222.96					$	191.07
Common shares outstanding (in thousands) at end of period						162,620						161,456						161,408						158,044						153,284
Total equity capitalization at end of period						$	22,797,633					$	23,415,970					$	32,483,420					$	35,237,463					$	29,287,880
Total market capitalization at end of period						$	33,323,481					$	33,687,376					$	42,786,667					$	44,029,329					$	38,551,467
Dividend per share – quarter/annualized						$1.18/$4.72						$1.18/$4.72						$1.15/$4.60						$1.15/$4.60						$1.12/$4.48
Dividend payout ratio for the quarter						56%						56%						57%						60%						58%
Dividend yield – annualized						3.4%						3.3%						2.3%						2.1%						2.3%
Amounts related to operating leases:
Operating lease liabilities at end of period						$	409,030					$	412,535					$	405,818					$	434,745					$	371,538
Rent expense						$	8,502					$	7,924					$	7,718					$	7,124					$	6,228
Capitalized interest						$	73,189					$	68,202					$	57,763					$	44,078					$	43,185
Weighted-average interest rate for capitalization of interest during the period						3.55%						3.56%						3.26%						3.22%						3.30%
(1)Refer to “Funds from operations and funds from operations per share” of our Earnings Press Release for additional details.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			15

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Financial and Asset Base Highlights (continued)
September 30, 2022
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

						Three Months Ended (unless stated otherwise)
						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue						$	24,431					$	27,362					$	42,025					$	25,942					$	33,918
Amortization of acquired below-market leases						$	23,546					$	16,760					$	13,915					$	15,737					$	13,664
Straight-line rent expense on ground leases						$	583					$	354					$	416					$	301					$	58
Stock compensation expense						$	17,786		(1)			$	14,340					$	14,028					$	14,253					$	9,728
Amortization of loan fees						$	3,235					$	3,236					$	3,103					$	2,911					$	2,854
Amortization of debt (discounts) premiums						$	(269)					$	(267)					$	424					$	502					$	498
Non-revenue-enhancing capital expenditures:
Building improvements						$	3,963					$	4,199					$	4,110					$	4,027					$	3,901
Tenant improvements and leasing commissions						$	48,960					$	24,562					$	27,791					$	109,516					$	16,409
Operating statistics and related information (at end of period)
Number of properties – North America						431						436						446						414						407
RSF – North America (including development and redevelopment projects under construction)						46,690,943						46,934,653						47,364,067						43,670,737						43,044,195
Total square feet – North America						74,450,918						74,087,636						74,185,859						66,970,705						63,858,780
Annual rental revenue per occupied RSF – North America						$	50.99					$	50.80					$	49.42					$	48.65					$	47.73
Occupancy of operating properties – North America						94.3%						94.6%						94.7%						94.0%						94.4%
Occupancy of operating properties – North America (excluding vacancy at recently acquired properties)						98.4%			(2)			98.4%						98.6%						98.7%						98.5%
Occupancy of operating and redevelopment properties – North America						88.6%						89.0%						88.9%						88.5%						89.6%
Weighted-average remaining lease term (in years)						7.2						7.1						7.3						7.5						7.4
Total leasing activity – RSF						1,662,069						2,279,758						2,463,438						4,094,174						1,810,630
Lease renewals and re-leasing of space – change in average new rental rates over expiring rates:
Rental rate increases						27.1%						45.4%						32.2%						35.9%						35.3%
Rental rate increases (cash basis)						22.6%						33.9%						16.5%						22.9%						19.3%
RSF (included in total leasing activity above)						1,094,821						1,087,082						864,077						1,947,727						671,775
Same property – percentage change over comparable quarter from prior year:
Net operating income increase						5.1%						7.5%						7.6%						5.0%						3.0%
Net operating income increase (cash basis)						10.6%						10.2%						7.3%						7.5%						7.1%

(1)Includes acceleration of stock compensation expense recognized due to the resignation of an executive officer during 3Q22.

(2)Refer to “Occupancy” in this Supplemental Information for additional details.

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High-Quality, Diverse, and Innovative Tenants
September 30, 2022

Long-Duration Cash Flows From High-Quality, Diverse, and

Innovative Tenants

Investment-Grade or Publicly Traded Large Cap Tenants

Industry Mix of 1,000+ Tenants

49%

of ARE’s Total Annual Rental Revenue(1)

Long-Duration Lease Terms

7.2 Years

Weighted-Average Remaining Term(2)

Percentage of ARE’s Annual Rental Revenue(1)

(1)Represents annual rental revenue in effect as of September 30, 2022.

(2)Based on aggregate annual rental revenue in effect as of September 30, 2022. Refer to “Annual rental revenue” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures.

(3)Represents annual rental revenue currently generated from space that is targeted for a future change in use. The weighted-average remaining term of these leases is 3.6 years.

(4)Our other tenants, which aggregate 2.0% of our annual rental revenue, comprise technology, professional services, finance, telecommunications, and construction/real estate companies and less than 1.0% of retail-related tenants by annual rental revenue.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			17

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Class A Properties in AAA Locations
September 30, 2022

High-Quality Cash Flows From High-Quality Tenants and

Class A Properties in AAA Locations

Industry-Leading Tenant Roster

AAA Locations

86%

of ARE’s Top 20 Tenants

Annual Rental Revenue

Is From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

Percentage of ARE’s Annual Rental Revenue(2)

(1)As of September 30, 2022. Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants.

(2)Represents annual rental revenue in effect as of September 30, 2022.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			18

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Occupancy
September 30, 2022

Solid Historical Occupancy(1)

Occupancy Across Key Locations

96%

Over 10 Years

(1)Represents average occupancy of operating properties in North America as of each December 31 for the last 10 years and as of September 30, 2022.

(2)Excludes 1.7 million RSF, or 4.1%, of vacancy at recently acquired properties (noted below) representing lease-up opportunities that are expected to generate incremental annual rental revenue. Approximately 34% of the vacant 1.7 million RSF is currently leased/negotiating. Additionally, approximately 15% of the vacant 1.7 million RSF represents spaces, spread across multiple recently acquired properties, that are expected to be converted to office/laboratory space in the future. We expect to deliver 36% of the 1.7 million RSF over the next three quarters. Excluding recently acquired vacancies, occupancy of operating properties in North America was 98.4% as of September 30, 2022. The following table provides vacancy detail for our recent acquisitions:

												As of September 30, 2022																		Percentage of Vacant RSF Leased/Negotiating
												Vacant RSF						Operating Properties Occupancy Impact
Property						Market/Submarket												Region						North America
275 Grove Street						Greater Boston/Route 128						173,033						1.6		%				0.4		%				—		%	(3)
Intersection Campus						Texas/Austin						159,433						9.6		%				0.4						100
Alexandria Center® for Life Science – Durham						Research Triangle/Research Triangle						128,387						3.6		%				0.3						62
601 and 611 Gateway Boulevard						San Francisco Bay Area/South San Francisco						114,680						1.4		%				0.3						40
Alexandria Center® for Life Science – Fenway						Greater Boston/Fenway						89,458						0.8		%				0.2						20
Other acquisitions						Various						1,010,833						N/A						2.5						27
												1,675,824												4.1		%				34		%

(3)We are evaluating options to develop or redevelop this space for office/laboratory space in the future.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			19

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Key Operating Metrics
September 30, 2022

Historical Same Property Net Operating Income Growth

Favorable Lease Structure(1)

Strategic Lease Structure by Owner and Operator of Collaborative Life Science, Agtech, and Technology Campuses

Increasing cash flows

Percentage of leases containing annual rent escalations

96%

Stable cash flows

Percentage of triple net leases

91%

Lower capex burden

Percentage of leases providing for the recapture of capital expenditures

94%

Historical Rental Rate Growth: Renewed/Re-Leased Space

Margins(2)

Operating

Adjusted EBITDA

70%

69%

(1)Percentages calculated based on annual rental revenue as of September 30, 2022.

(2)Represents percentages for the three months ended September 30, 2022.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			20

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Same Property Performance
September 30, 2022
(Dollars in thousands)

						September 30, 2022																		September 30, 2022
Same Property Financial Data						Three Months Ended						Nine Months Ended						Same Property Statistical Data						Three Months Ended						Nine Months Ended
Percentage change over comparable period from prior year:																								Number of same properties						296						256
Net operating income increase						5.1%									7.0%									Rentable square feet						29,758,169						26,421,903
Net operating income increase (cash basis)						10.6%									8.9%									Occupancy – current-period average						95.6%						95.7%
Operating margin						69%									70%									Occupancy – same-period prior-year average						94.4%						94.6%

						Three Months Ended September 30,																								Nine Months Ended September 30,
						2022						2021						$ Change						% Change						2022						2021						$ Change						% Change
Income from rentals:
Same properties						$	382,282					$	359,457					$	22,825					6.3		%				$	1,041,128					$	967,378					$	73,750					7.6		%
Non-same properties						113,864						56,461						57,403						101.7						409,622						215,577						194,045						90.0
Rental revenues						496,146						415,918						80,228						19.3						1,450,750						1,182,955						267,795						22.6
Same properties						132,988						113,246						19,742						17.4						355,063						299,072						55,991						18.7
Non-same properties						27,719						17,363						10,356						59.6						104,553						51,566						52,987						102.8
Tenant recoveries						160,707						130,609						30,098						23.0						459,616						350,638						108,978						31.1
Income from rentals						656,853						546,527						110,326						20.2						1,910,366						1,533,593						376,773						24.6
Same properties						196						197						(1)						(0.5)						496						386						110						28.5
Non-same properties						2,803						1,035						1,768						170.8						7,819						3,248						4,571						140.7
Other income						2,999						1,232						1,767						143.4						8,315						3,634						4,681						128.8
Same properties						515,466						472,900						42,566						9.0						1,396,687						1,266,836						129,851						10.3
Non-same properties						144,386						74,859						69,527						92.9						521,994						270,391						251,603						93.1
Total revenues						659,852						547,759						112,093						20.5						1,918,681						1,537,227						381,454						24.8
Same properties						158,708						133,530						25,178						18.9						413,666						347,933						65,733						18.9
Non-same properties						42,481						32,465						10,016						30.9						165,135						99,905						65,230						65.3
Rental operations						201,189						165,995						35,194						21.2						578,801						447,838						130,963						29.2
Same properties						356,758						339,370						17,388						5.1						983,021						918,903						64,118						7.0
Non-same properties						101,905						42,394						59,511						140.4						356,859						170,486						186,373						109.3
Net operating income						$	458,663					$	381,764					$	76,899					20.1		%				$	1,339,880					$	1,089,389					$	250,491					23.0		%
Net operating income – same properties						$	356,758					$	339,370					$	17,388					5.1		%				$	983,021					$	918,903					$	64,118					7.0		%
Straight-line rent revenue						(11,726)						(26,373)						14,647						(55.5)						(49,851)						(60,316)						10,465						(17.4)
Amortization of acquired below-market leases						(10,200)						(10,249)						49						(0.5)						(20,765)						(20,698)						(67)						0.3
Net operating income – same properties (cash basis)						$	334,832					$	302,748					$	32,084					10.6		%				$	912,405					$	837,889					$	74,516					8.9		%

Refer to “Same property comparisons” in the “Definitions and reconciliations” of this Supplemental Information for 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.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			21

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Leasing Activity
September 30, 2022
(Dollars per RSF)

									Three Months Ended																								Nine Months Ended																								Year Ended
									September 30, 2022																								September 30, 2022																								December 31, 2021
						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									27.1%												22.6%												34.3%												24.2%												37.9%												22.6%
New rates									$59.41												$57.35												$57.61												$55.50												$59.00												$55.60
Expiring rates									$46.73												$46.79												$42.89												$44.68												$42.80												$45.36
RSF									1,094,821																								3,045,980																								4,614,040
Tenant improvements/leasing commissions									$43.34																								$33.26																								$41.05
Weighted-average lease term									5.1 years																								4.9 years																								6.3 years
Developed/redeveloped/previously vacant space leased(2)
New rates									$56.98												$51.55												$75.88												$67.05												$78.52												$69.42
RSF									567,248																								3,359,285																								4,902,261
Weighted-average lease term									11.7 years																								12.7 years																								11.2 years
Leasing activity summary (totals):
New rates									$58.58												$55.37												$67.20												$61.56												$69.05												$62.72
RSF									1,662,069																								6,405,265			(3)																					9,516,301
Weighted-average lease term									7.3 years																								9.0 years																								8.8 years
Lease expirations(1)
Expiring rates									$44.26												$46.56												$40.10												$40.93												$41.53												$43.70
RSF									1,436,203																								4,525,413																								5,747,192

Leasing activity includes 100% of results for each property in which we have an investment in North America.

(1)Excludes month-to-month leases aggregating 265,199 RSF and 110,180 RSF as of September 30, 2022 and December 31, 2021, respectively.

(2)Refer to “New Class A development and redevelopment properties: summary of pipeline” of this Supplemental Information for additional details on total project costs.

(3)During the nine months ended September 30, 2022, we granted tenant concessions/free rent averaging 2.5 months with respect to the 6,405,265 RSF leased. Approximately 61% of the leases executed during the nine months ended September 30, 2022 did not include concessions for free rent.

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Contractual Lease Expirations
September 30, 2022

Year												RSF												Percentage of Occupied RSF												Annual Rental Revenue (per RSF)(1)												Percentage of Total Annual Rental Revenue
			2022			(2)									635,234												1.7		%										$	37.69											1.2		%
			2023												2,992,991												7.8		%										$	42.71											6.6		%
			2024												4,268,120												11.1		%										$	45.19											10.0		%
			2025												3,533,031												9.2		%										$	47.96											8.8		%
			2026												2,466,984												6.4		%										$	52.09											6.7		%
			2027												2,606,791												6.8		%										$	53.57											7.3		%
			2028												3,872,553												10.1		%										$	51.17											10.3		%
			2029												2,089,306												5.4		%										$	56.52											6.1		%
			2030												2,601,174												6.8		%										$	56.65											7.7		%
			2031												3,072,548												8.0		%										$	52.66											8.4		%
Thereafter															10,323,260												26.7		%										$	49.89											26.9		%

Market						2022 Contractual Lease Expirations (in RSF)																																				Annual Rental Revenue (per RSF)(1)						2023 Contractual Lease Expirations (in RSF)																																				Annual Rental Revenue (per RSF)(1)
						Leased						Negotiating/ Anticipating						Targeted for Future Development/ Redevelopment(3)									Remaining Expiring Leases									Total(2)												Leased						Negotiating/ Anticipating						Targeted for Future Development/ Redevelopment(3)									Remaining Expiring Leases(4)									Total
Greater Boston						22,383						—						—									34,758									57,141						$	62.22					49,191						148,923						323,110									430,936									952,160						$	53.01
San Francisco Bay Area						5,500						15,023						250,000									41,772									312,295						45.20						19,377						—						—									351,472									370,849						56.67
New York City						—						—						—									100									100						N/A						—						—						—									88,272									88,272						N/A
San Diego						70,419						—						9,199									62,073									141,691						26.84						82,462						22,429						—									671,263									776,154						30.81
Seattle						—						—						—									22,783									22,783						29.46						7,566						7,413						18,680									328,645									362,304						24.54
Maryland						5,720						—						—									4,266									9,986						22.18						—						139,540						—									85,369									224,909						30.19
Research Triangle						—						—						—									10,827									10,827						N/A						81,956						—						—									115,601									197,557						31.00
Texas						—						—						—									—									—						N/A						—						—						—									—									—						N/A
Canada						—						36,425						—									36,337									72,762						N/A						—						13,321						—									—									13,321						29.99
Non-cluster/other markets						—						—						—									7,649									7,649						82.26						—						—						—									7,465									7,465						58.48
Total						104,022						51,448						259,199									220,565									635,234						$	37.69					240,552						331,626						341,790									2,079,023									2,992,991						$	42.71
Percentage of expiring leases						16		%				8		%				41		%							35		%							100		%										8		%				11		%				11		%							70		%							100		%

(1)Represents amounts in effect as of September 30, 2022.

(2)Excludes month-to-month leases aggregating 265,199 RSF as of September 30, 2022.

(3)Represents RSF targeted for future development or redevelopment upon expiration of existing in-place leases primarily related to recently acquired properties with an average contractual lease expiration date of November 12, 2022 and January 8, 2023 for 2022 and 2023, respectively, weighted by annual rental revenue. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(4)The largest remaining contractual expiration is 111,490 RSF in our Sorrento Mesa submarket.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			23

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Top 20 Tenants
September 30, 2022
(Dollars in thousands, except average market cap amounts)

86% of Top 20 Annual Rental Revenue 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 Aggregate Annual Rental Revenue(1)						Investment-Grade Credit Ratings												Average Market Cap(1) (in billions)
																																																						Moody’s						S&P
1						Bristol-Myers Squibb Company									4.5												961,883												$	69,687								3.6		%				A2						A+						$	148.5
2						Moderna, Inc.									14.1												908,340												51,914									2.7						—						—						$	75.9
3						Eli Lilly and Company									6.4												743,267												49,676									2.6						A2						A+						$	268.8
4						Takeda Pharmaceutical Company Limited									7.3												549,760												37,399									1.9						Baa2						BBB+						$	45.0
5						Illumina, Inc.									7.9												891,495												36,205									1.9						Baa3						BBB						$	47.1
6						Sanofi									7.3												463,935												35,407									1.8						A1						AA						$	125.6
7						2seventy bio, Inc.(2)									10.9												312,805												33,617									1.7						—						—						$	0.5
8						Novartis AG									5.8												447,831												30,582									1.6						A1						AA-						$	206.1
9						TIBCO Software, Inc.									4.4			(3)									292,013												28,537									1.5						—						—						$	—
10						Uber Technologies, Inc.									60.0			(4)									1,009,188												27,689									1.4						—						—						$	64.8
11						Roche									6.8												417,011												27,186									1.4						Aa2						AA						$	309.9
12						Maxar Technologies									3.1			(3)									478,000												22,133									1.1						—						—						$	2.1
13						Massachusetts Institute of Technology									6.3												257,626												21,438									1.1						Aaa						AAA						$	—
14						Harvard University									2.3			(3)									286,580												20,086									1.0						Aaa						AAA						$	—
15						Boston Children's Hospital									14.1												269,816												20,066									1.0						Aa2						AA						$	—
16						United States Government									7.6												315,908												19,413									1.0						Aaa						AA+						$	—
17						New York University									9.1												203,500												19,241									1.0						Aa2						AA-						$	—
18						Merck & Co., Inc.									11.6												300,930												18,913									1.0						A1						A+						$	212.7
19						Pfizer Inc.									2.8												416,996												17,742									0.9						A2						A+						$	282.4
20						Apple, Inc.									2.6												604,382												17,512									0.9						Aaa						AA+						$	2,581.6
						Total/weighted-average									9.7			(4)									10,131,266												$	604,443								31.1		%

(1)Based on aggregate annual rental revenue in effect as of September 30, 2022. Represents the percentage of our annual rental revenue generated by our top 20 tenants that are also investment-grade or publicly traded large cap tenants. Refer to “Annual rental revenue” and “Investment-grade or publicly traded large cap tenants” in the “Definitions and reconciliations” of this Supplemental Information for additional details about our methodology of calculating annual rental revenue from unconsolidated real estate joint ventures and average market capitalization, respectively.

(2)Represents two leases in our Greater Boston and Seattle markets with in-place cash rents that are 5%–10% below current market. As of June 30, 2022, 2seventy bio, Inc. held $269.9 million of cash and cash equivalents.

(3)Includes leases at recently acquired properties with future development and redevelopment opportunities. The leases with these tenants were in place when we acquired the properties.

(4)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) 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. Refer to footnote 1 for additional details. Excluding the ground leases, the weighted-average remaining lease term for our top 20 tenants was 7.4 years as of September 30, 2022.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			24

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Summary of Properties and Occupancy
September 30, 2022
(Dollars in thousands, except per RSF amounts)

Summary of properties

Market						RSF																														Number of Properties						Annual Rental Revenue
						Operating						Development						Redevelopment						Total						% of Total												Total						% of Total						Per RSF
Greater Boston						11,068,440						1,625,048						1,256,930						13,950,418						30		%				86						$	694,386					36		%				$	66.49
San Francisco Bay Area						8,348,617						230,592						300,010						8,879,219						19						67						461,017						24						61.45
New York City						1,214,658						—						55,361						1,270,019						3						5						92,178						5						78.67
San Diego						8,022,378						219,621						—						8,241,999						18						102						320,365						16						41.96
Seattle						2,813,803						311,631						213,976						3,339,410						7						46						108,492						6						39.72
Maryland						3,434,218						282,000						116,391						3,832,609						8						50						111,300						6						34.24
Research Triangle						3,534,682						328,233						376,871						4,239,786						9						42						95,844						5						28.99
Texas						1,668,718						—						201,499						1,870,217						4						14						37,151						1						28.40
Canada						577,225						—						107,081						684,306						1						8						10,916						—						20.33
Non-cluster/other markets						382,960						—						—						382,960						1						11						14,981						1						52.18
North America						41,065,699						2,997,125						2,628,119						46,690,943						100		%				431						$	1,946,630					100		%				$	50.99
												5,625,244

Summary of occupancy

						Operating Properties																		Operating and Redevelopment Properties
Market						9/30/22						6/30/22						9/30/21						9/30/22						6/30/22						9/30/21
Greater Boston						94.4		%				95.0		%				94.3		%				84.7		%				84.7		%				86.7		%
San Francisco Bay Area						96.2						95.8						94.5						92.8						92.6						94.0
New York City						96.5			(1)			97.3						98.3						92.3						92.2						90.2
San Diego						95.2			(2)			96.3						93.9						95.2						96.3						92.5
Seattle						97.1						97.2						96.2						90.2						90.4						89.2
Maryland						95.4			(3)			97.6						99.7						92.3						94.2						91.0
Research Triangle						93.5						93.5						94.1						84.5						84.5						85.4
Texas						78.4						78.4						N/A						69.9						69.9						N/A
Subtotal						94.5						95.1						95.0						88.9						89.3						90.1
Canada						93.0						76.8						82.8						78.5						76.8						82.8
Non-cluster/other markets						75.0						76.7						76.2						75.0						76.7						76.2
North America						94.3		%	(4)			94.6		%				94.4		%				88.6		%				89.0		%				89.6		%

(1)Decline in occupancy related to temporary vacancy of 23,603 RSF at 450 E. 29th Street. This space is partially leased with occupancy expected to commence in 1Q23.

(2)Decline in occupancy primarily related to temporary vacancy of 88,274 RSF at one property in our Sorrento Mesa submarket. This space is leased to a large cap tenant with occupancy expected to commence in 1H23.

(3)Decline in occupancy primarily related to temporary vacancy of 68,573 RSF at one property in our Beltsville submarket. This space is partially leased with occupancy expected to commence in 1Q23.

(4)Refer to “Occupancy” of this Supplemental Information for additional details on vacancy at recently acquired properties.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			25

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Property Listing
September 30, 2022
(Dollars in thousands)

Mega Campuses Encompass 67% of Our Operating Property RSF(1)

Market / Submarket / Address												RSF																								Number of Properties						Annual Rental Revenue									Occupancy Percentage
																																																			Operating									Operating and Redevelopment
												Operating						Development						Redevelopment						Total
Greater Boston
			Cambridge/Inner Suburbs
						Mega Campus: Alexandria Center® at Kendall Square						2,474,354						—						403,892						2,878,246						12						$	191,118								98.7		%							84.8		%
						50(2), 60(2), 75/125(2), 100(2), and 225(2) Binney Street, 161 and 215 First Street, 150 Second Street, 300 Third Street(2), 11 Hurley Street, One Rogers Street, and 100 Edwin H. Land Boulevard
						Mega Campus: Alexandria Center® at One Kendall Square						903,777						462,100						—						1,365,877						12						83,080									97.0									97.0
						One Kendall Square – Buildings 100, 200, 300, 400, 500, 600/700, 1400, 1800, and 2000, 325 and 399 Binney Street, and One Hampshire Street
						Mega Campus: Alexandria Technology Square®						1,185,190						—						—						1,185,190						7						115,777									99.1									99.1
						100, 200, 300, 400, 500, 600, and 700 Technology Square
						Mega Campus: The Arsenal on the Charles						815,908						248,018						56,757						1,120,683						13						46,852									95.1									88.9
						311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,      1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
						Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street						533,327						—						—						533,327						5						24,273									97.6									97.6
						99 Coolidge Avenue(2)						—						320,809						—						320,809						1						—									N/A									N/A
						640 Memorial Drive						242,477						—						—						242,477						1						17,753									76.7									76.7
						780 and 790 Memorial Drive						99,658						—						—						99,658						2						9,305									100.0									100.0
						79/96 13th Street (Charlestown Navy Yard)						25,309						—						—						25,309						1						832									100.0									100.0
						Cambridge/Inner Suburbs						6,280,000						1,030,927						460,649						7,771,576						54						488,990									97.1									90.5
			Fenway
						Mega Campus: Alexandria Center® for Life Science – Fenway						1,189,489						248,126						—						1,437,615						2						83,776									92.5									92.5
						401 Park Drive and 201 Brookline Avenue(2)
			Seaport Innovation District
						5 and 15(2) Necco Street						95,400						345,995						—						441,395						2						6,534									86.6									86.6
						Mega Campus: 380 and 420 E Street						195,506						—						—						195,506						2						4,484									100.0									100.0
						Seaport Innovation District						290,906						345,995						—						636,901						4						11,018									95.6									95.6
			Route 128
						Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way						706,988						—						—						706,988						4						29,059									100.0									100.0
						19, 225, and 235 Presidential Way						585,022						—						—						585,022						3						13,628									99.9									99.9
						Reservoir Woods						312,845						—						202,428						515,273						3						15,469									100.0									60.7
						40, 50, and 60 Sylvan Road
						275 Grove Street						509,702						—						—						509,702						3						15,696									66.1									66.1
						225, 266, and 275 Second Avenue						329,005						—						—						329,005						3						18,522									100.0									100.0
						840 Winter Street						28,230						—						139,984						168,214						1						1,239									100.0									16.8
						100 Beaver Street						82,330						—						—						82,330						1						5,190									100.0									100.0
						Route 128						2,554,122						—						342,412						2,896,534						18						98,803									93.2									82.2
			Other									753,923						—						453,869						1,207,792						8						11,799									77.5									48.3
						Greater Boston						11,068,440						1,625,048						1,256,930						13,950,418						86						$	694,386								94.4		%							84.7		%
			(1)Refer to “New Class A development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (2)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			26

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Property Listing (continued)
September 30, 2022
(Dollars in thousands)

Market / Submarket / Address												RSF																								Number of Properties						Annual Rental Revenue									Occupancy Percentage
																																																			Operating									Operating and Redevelopment
												Operating						Development						Redevelopment						Total
San Francisco Bay Area
			Mission Bay
						Mega Campus: Alexandria Center® for Science and Technology – Mission Bay(1)						2,015,177						—						—						2,015,177						9						$	98,016								100.0		%							100.0		%
						1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South
						Mission Bay						2,015,177						—						—						2,015,177						9						98,016									100.0									100.0
			South San Francisco
						Mega Campus: Alexandria Technology Center® – Gateway(1)						1,114,890						230,592						300,010						1,645,492						12						57,157									88.7									69.9
						600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
						Mega Campus: 213(1), 249, 259, 269, and 279 East Grand Avenue						919,704						—						—						919,704						5						48,951									100.0									100.0
						Mega Campus: 1122 and 1150 El Camino Real						725,172						—						—						725,172						2						12,646									97.2									97.2
						Alexandria Center® for Life Science – South San Francisco						504,551						—						—						504,551						3						36,872									100.0									100.0
						201 Haskins Way and 400 and 450 East Jamie Court
						500 Forbes Boulevard(1)						155,685						—						—						155,685						1						10,680									100.0									100.0
						849/863 Mitten Road/866 Malcolm Road						103,857						—						—						103,857						1						4,829									100.0									100.0
						South San Francisco						3,523,859						230,592						300,010						4,054,461						24						171,135									95.9									88.3
			Greater Stanford
						Mega Campus: Alexandria Center® for Life Science – San Carlos						739,192						—						—						739,192						9						49,418									96.3									96.3
						825, 835, 960, and 1501-1599 Industrial Road
						Alexandria Stanford Life Science District						703,742						—						—						703,742						9						64,601									100.0									100.0
						3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
						3825 and 3875 Fabian Way						478,000						—						—						478,000						2						22,133									100.0									100.0
						3412, 3420, 3440, 3450, and 3460 Hillview Avenue						338,751						—						—						338,751						5						20,926									73.8									73.8
						2100, 2200, 2300, and 2400 Geng Road						194,648						—						—						194,648						4						8,652									73.2									73.2
						2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road						194,503						—						—						194,503						3						18,011									100.0									100.0
						2425 Garcia Avenue/2400/2450 Bayshore Parkway						99,208						—						—						99,208						1						4,257									100.0									100.0
						3350 West Bayshore Road						61,537						—						—						61,537						1						3,868									93.7									93.7
						Greater Stanford						2,809,581						—						—						2,809,581						34						191,866									93.9									93.9
						San Francisco Bay Area						8,348,617						230,592						300,010						8,879,219						67						461,017									96.2									92.8
New York City
			New York City
						Mega Campus: Alexandria Center® for Life Science – New York City						740,972						—						—						740,972						3						71,205									94.2									94.2
						430 and 450 East 29th Street
						219 East 42nd Street						349,947						—						—						349,947						1						14,006									100.0									100.0
						Alexandria Center® for Life Science – Long Island City						123,739						—						55,361						179,100						1						6,967									100.0									69.1
						30-02 48th Avenue
						New York City						1,214,658						—						55,361						1,270,019						5						$	92,178								96.5		%							92.3		%
			Refer to “New Class A development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details. (2)We own 100% of this property.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			27

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Property Listing (continued)
September 30, 2022
(Dollars in thousands)

Market / Submarket / Address												RSF																								Number of Properties						Annual Rental Revenue									Occupancy Percentage
																																																			Operating									Operating and Redevelopment
												Operating						Development						Redevelopment						Total
San Diego
			Torrey Pines
						Mega Campus: One Alexandria Square and One Alexandria North						904,883						—						—						904,883						10						$	52,652								98.7		%							98.7		%
						3115 and 3215(1) Merryfield Row, 3010, 3013, and 3033 Science Park Road, 10975 and 11119 North Torrey Pines Road, 10975, 10995, and 10996 Torreyana Road, and 3545 Cray Court
						ARE Torrey Ridge						298,863						—						—						298,863						3						15,688									100.0									100.0
						10578, 10618, and 10628 Science Center Drive
						ARE Nautilus						213,900						—						—						213,900						4						11,220									88.1									88.1
						3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
						Torrey Pines						1,417,646						—						—						1,417,646						17						79,560									97.4									97.4
			University Town Center
						Mega Campus: Alexandria Point(1)						1,662,342						—						—						1,662,342						11						76,080									98.8									98.8
						9880(2), 10010(2), 10140(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, 4242, and 4275(2) Campus Point Court
						Mega Campus: 5200 Illumina Way(1)						792,687						—						—						792,687						6						29,978									100.0									100.0
						Mega Campus: University District						415,462						—						—						415,462						7						17,815									100.0									100.0
						9625 Towne Centre Drive(1), 4755, 4757, and 4767 Nexus Center Drive, 4796 Executive Drive, 8505 Costa Verde Boulevard, and 4260 Nobel Drive
						University Town Center						2,870,491						—						—						2,870,491						24						123,873									99.3									99.3
			Sorrento Mesa
						Mega Campus: SD Tech by Alexandria(1)						986,315						75,508						—						1,061,823						14						38,501									93.5									93.5
						9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10121(2), and 10151(2) Barnes Canyon Road
						Mega Campus: Sequence District by Alexandria						805,223						—						—						805,223						7						26,128									89.0									89.0
						6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
						Pacific Technology Park(1)						553,551						—						—						553,551						6						8,574									95.9									95.9
						9389, 9393, 9401, 9444, 9455, and 9477 Waples Street
						Summers Ridge Science Park(1)						316,531						—						—						316,531						4						11,077									100.0									100.0
						9965, 9975, 9985, and 9995 Summers Ridge Road
						Scripps Science Park by Alexandria						99,970						144,113						—						244,083						3						2,498									100.0									100.0
						10102 Hoyt Park Drive and 10256 and 10260 Meanley Drive
						ARE Portola						101,857						—						—						101,857						3						3,603									100.0									100.0
						6175, 6225, and 6275 Nancy Ridge Drive
						5810/5820 Nancy Ridge Drive						83,354						—						—						83,354						1						3,853									100.0									100.0
						9877 Waples Street						63,774						—						—						63,774						1						2,374									100.0									100.0
						5871 Oberlin Drive						33,842						—						—						33,842						1						1,772									100.0									100.0
						Sorrento Mesa						3,044,417						219,621						—						3,264,038						40						$	98,380								94.2		%							94.2		%
			Refer to “New Class A development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details. (2)We own 100% of this property.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			28

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Property Listing (continued)
September 30, 2022
(Dollars in thousands)

Market / Submarket / Address												RSF																								Number of Properties						Annual Rental Revenue									Occupancy Percentage
																																																			Operating									Operating and Redevelopment
												Operating						Development						Redevelopment						Total
San Diego (continued)
			Sorrento Valley
						3911, 3931, 3985, 4025, and 4045 Sorrento Valley Boulevard						131,698						—						—						131,698						5						$	4,621								75.7		%							75.7		%
						11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street						119,513						—						—						119,513						6						3,853									95.0									95.0
						Sorrento Valley						251,211						—						—						251,211						11						8,474									84.9									84.9
			Other									438,613						—						—						438,613						10						10,078									73.6									73.6
						San Diego						8,022,378						219,621						—						8,241,999						102						320,365									95.2									95.2
Seattle
			Lake Union
						Mega Campus: The Eastlake Life Science Campus by Alexandria						937,290						311,631						—						1,248,921						9						56,277									99.0									99.0
						1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
						Mega Campus: Alexandria Center® for Life Science – South Lake Union
						400(1) and 601 Dexter Avenue North						308,791						—						—						308,791						2						15,434									100.0									100.0
						219 Terry Avenue North						30,705						—						—						30,705						1						1,858									100.0									100.0
						Lake Union						1,276,786						311,631						—						1,588,417						12						73,569									99.2									99.2
			SoDo
						830 4th Avenue South						42,380						—						—						42,380						1						1,678									70.5									70.5
			Elliott Bay
						3000/3018 Western Avenue						47,746						—						—						47,746						1						3,147									100.0									100.0
						410 West Harrison Street and 410 Elliott Avenue West						36,849						—						—						36,849						2						1,609									100.0									100.0
						Elliott Bay						84,595						—						—						84,595						3						4,756									100.0									100.0
			Bothell
						Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park						1,060,958						—						—						1,060,958						22						22,770									95.9									95.9
						22121 and 22125 17th Avenue Southeast, 22021, 22025, 22026, 22030, 22118, and 22122 20th Avenue Southeast, 22333, 22422, 22515, 22522, 22722, and 22745 29th Drive Southeast, 21540, 22213, and 22309 30th Drive Southeast, and 1629, 1631, 1725, 1916, and 1930 220th Street Southeast
						Alexandria Center® for Advanced Technologies – Monte Villa Parkway						246,647						—						213,976						460,623						6						4,653									97.3									52.1
						3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
						Bothell						1,307,605						—						213,976						1,521,581						28						27,423									96.2									82.7
			Other									102,437						—						—						102,437						2						1,066									90.0									90.0
						Seattle						2,813,803						311,631						213,976						3,339,410						46						$	108,492								97.1		%							90.2		%
Refer to “New Class A development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			29

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Property Listing (continued)
September 30, 2022
(Dollars in thousands)

Market / Submarket / Address												RSF																								Number of Properties						Annual Rental Revenue									Occupancy Percentage
																																																			Operating									Operating and Redevelopment
												Operating						Development						Redevelopment						Total
Maryland
			Rockville
						Mega Campus: Alexandria Center® for Life Science – Shady Grove						1,072,891						282,000						78,533						1,433,424						19						$	46,044								98.3		%							91.6		%
						9601, 9603, 9605, 9704, 9708, 9712, 9714, 9800, 9804, 9808, 9900, and 9950 Medical Center Drive, 14920 and 15010 Broschart Road, 9920 Belward Campus Drive, and 9810 Darnestown Road
						1330 Piccard Drive						131,511						—						—						131,511						1						4,026									100.0									100.0
						1405 and 1450(1) Research Boulevard						114,849						—						—						114,849						2						2,631									62.8									62.8
						1500 and 1550 East Gude Drive						91,359						—						—						91,359						2						1,844									100.0									100.0
						5 Research Place						63,852						—						—						63,852						1						2,992									100.0									100.0
						5 Research Court						51,520						—						—						51,520						1						1,788									100.0									100.0
						12301 Parklawn Drive						49,185						—						—						49,185						1						1,530									100.0									100.0
						Rockville						1,575,167						282,000						78,533						1,935,700						27						60,855									96.2									91.6
			Gaithersburg
						Alexandria Technology Center® – Gaithersburg I						613,438						—						—						613,438						9						17,424									98.6									98.6
						9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
						Alexandria Technology Center® – Gaithersburg II						486,324						—						—						486,324						7						17,657									97.0									97.0
						700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
						20400 Century Boulevard						42,692						—						37,858						80,550						1						1,707									100.0									53.0
						401 Professional Drive						63,154						—						—						63,154						1						1,863									100.0									100.0
						950 Wind River Lane						50,000						—						—						50,000						1						1,004									100.0									100.0
						620 Professional Drive						27,950						—						—						27,950						1						1,207									100.0									100.0
						Gaithersburg						1,283,558						—						37,858						1,321,416						20						40,862									98.2									95.4
			Beltsville
						8000/9000/10000 Virginia Manor Road						191,884						—						—						191,884						1						2,887									100.0									100.0
						101 West Dickman Street(1)						135,423						—						—						135,423						1						569									46.0									46.0
						Beltsville						327,307						—						—						327,307						2						3,456									77.7									77.7
			Northern Virginia
						14225 Newbrook Drive						248,186						—						—						248,186						1						6,127									100.0									100.0
						Maryland						3,434,218						282,000						116,391						3,832,609						50						$	111,300								95.4		%							92.3		%
			Refer to “New Class A development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			30

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Property Listing (continued)
September 30, 2022
(Dollars in thousands)

Market / Submarket / Address												RSF																								Number of Properties						Annual Rental Revenue									Occupancy Percentage
																																																			Operating									Operating and Redevelopment
												Operating						Development						Redevelopment						Total
Research Triangle
			Research Triangle
						Mega Campus: Alexandria Center® for Life Science – Durham						1,880,185						—						376,871						2,257,056						16						$	37,784								93.2		%							77.6		%
						6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
						Mega Campus: Alexandria Center® for Advanced Technologies						350,267						180,000						—						530,267						5						14,377									89.7									89.7
						4, 6, 8, 10, and 12 Davis Drive
						Alexandria Center® for AgTech						280,584						60,195						—						340,779						2						13,036									95.3									95.3
						5 and 9 Laboratory Drive
						104 and 108/110/112/114 TW Alexander Drive						227,902						—						—						227,902						5						7,375									94.3									94.3
						Alexandria Technology Center® – Alston						186,870						—						—						186,870						3						4,510									94.1									94.1
						100, 800, and 801 Capitola Drive
						6040 George Watts Hill Drive						61,547						88,038						—						149,585						2						2,148									100.0									100.0
						Alexandria Innovation Center® – Research Triangle						136,729						—						—						136,729						3						3,919									94.4									94.4
						7010, 7020, and 7030 Kit Creek Road
						7 Triangle Drive						104,531						—						—						104,531						1						4,422									100.0									100.0
						2525 East NC Highway 54						82,996						—						—						82,996						1						3,651									100.0									100.0
						407 Davis Drive						81,956						—						—						81,956						1						1,644									100.0									100.0
						601 Keystone Park Drive						77,395						—						—						77,395						1						1,072									74.3									74.3
						5 Triangle Drive						32,120						—						—						32,120						1						1,147									100.0									100.0
						6101 Quadrangle Drive						31,600						—						—						31,600						1						759									100.0									100.0
						Research Triangle						3,534,682						328,233						376,871						4,239,786						42						95,844									93.5									84.5
Texas
			Austin
						Mega Campus: Intersection Campus						1,525,613						—						—						1,525,613						12						37,151									85.7									85.7
			Greater Houston
						8800 Technology Forest Place						—						—						201,499						201,499						1						—									N/A									—
						Other						143,105						—						—						143,105						1						—									—									—
						Greater Houston						143,105						—						201,499						344,604						2						—									—									—
						Texas						1,668,718						—						201,499						1,870,217						14						37,151									78.4									69.9
Canada												577,225						—						107,081						684,306						8						10,916									93.0									78.5
Non-cluster/other markets												382,960						—						—						382,960						11						14,981									75.0									75.0
Total – North America												41,065,699						2,997,125						2,628,119						46,690,943						431						$	1,946,630								94.3		%							88.6		%

Refer to “New Class A development and redevelopment properties: summary of pipeline” and to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			31

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Investments in Real Estate
September 30, 2022

Demand for our value-creation development and redevelopment projects consisting of high-quality office/laboratory space, and for our continued operational excellence at our world-class and sophisticated laboratory facilities, has translated into sustained, strong leasing activity.

Projected Incremental Net Operating Income Primarily Commencing From 4Q22 Through 3Q25
$645 Million
7.6 million RSF(1)
78% Leased

As of September 30, 2022.

(1)Represents projects under construction aggregating 5.6 million RSF and seven near term projects, aggregating 2.0 million RSF, expected to commence construction during the next five quarters.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			32

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Investments in Real Estate
September 30, 2022
(Dollars in thousands)

												Development and Redevelopment
						Operating						Under Construction						Near Term						Intermediate Term						Future						Subtotal						Total
Investments in real estate
Gross book value as of September 30, 2022(1)						$	24,552,318					$	3,886,783					$	1,766,604					$	688,971					$	2,010,240					$	8,352,598					$	32,904,916
Square footage
Operating						41,065,699						—						—						—						—						—						41,065,699
New Class A development and redevelopment properties						—						5,625,244						7,158,947			(2)			3,825,041						21,296,252						37,905,484						37,905,484
Value-creation square feet currently included in rental properties(3)						—						—						(1,049,483)						(9,199)						(3,461,583)						(4,520,265)						(4,520,265)
Total square footage						41,065,699						5,625,244						6,109,464						3,815,842						17,834,669						33,385,219						74,450,918

(1)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 sheets. Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for reconciliation detail of investments in real estate.

(2)Includes 2.0 million RSF currently 88% leased and expected to commence construction in the next five quarters. Refer to “New Class A development and redevelopment properties: current projects” for additional details.

(3)Refer to “Investments in real estate” in the “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			33

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New Class A Development and Redevelopment Properties: Recent Deliveries
September 30, 2022

The Arsenal on the Charles

201 Brookline Avenue

201 Haskins Way

825 and 835 Industrial Road

Greater Boston/ Cambridge/Inner Suburbs

Greater Boston/ Fenway

San Francisco Bay Area/ South San Francisco

San Francisco Bay Area/ Greater Stanford

330,921 RSF

261,990 RSF

323,190 RSF

526,129 RSF

100% Occupancy

100% Occupancy

100% Occupancy

100% Occupancy

3160 Porter Drive

30-02 48th Avenue

3115 Merryfield Row

10055 Barnes Canyon Road

San Francisco Bay Area/ Greater Stanford

New York City/New York City

San Diego/Torrey Pines

San Diego/Sorrento Mesa

92,300 RSF

81,826 RSF

146,456 RSF

119,927 RSF

83% Occupancy

100% Occupancy

93% Occupancy

100% Occupancy

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			34

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New Class A Development and Redevelopment Properties: Recent Deliveries (continued)
September 30, 2022

5505 Morehouse Drive

9601 and 9603 Medical Center Drive

9950 Medical Center Drive

20400 Century Boulevard

San Diego/Sorrento Mesa

Maryland/Rockville

Maryland/Rockville

Maryland/Gaithersburg

79,945 RSF

17,378 RSF

84,264 RSF

42,692 RSF

100% Occupancy

100% Occupancy

100% Occupancy

100% Occupancy

2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive(1)

5 and 9 Laboratory Drive(2)

8 and 10 Davis Drive(3)

Research Triangle/Research Triangle

Research Triangle/Research Triangle

Research Triangle/Research Triangle

326,445 RSF

280,205 RSF

250,000 RSF

100% Occupancy

100% Occupancy

94% Occupancy

(1)Image represents 2400 Ellis Road in our Alexandria Center® for Life Science – Durham mega campus.

(2)Image represents 9 Laboratory Drive in our Alexandria Center® for AgTech campus.

(3)Image represents 10 Davis Drive in our Alexandria Center® for Advanced Technologies mega campus.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			35

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New Class A Development and Redevelopment Properties: Recent Deliveries (continued)
September 30, 2022
(Dollars in thousands)

Deliveries in 3Q22 commenced $30 million in net operating income

Property/Market/Submarket												Our Ownership Interest						RSF Placed in Service																														Occupancy Percentage(2)												Total Project												Unlevered Yields
						3Q22 Delivery Date(1)												Prior to 1/1/22																																							1Q22															2Q22						3Q22												Total												Initial Stabilized												Initial Stabilized (Cash Basis)
																																																																		RSF									Investment
Development projects
201 Brookline Avenue/Greater Boston/Fenway						9/2/22						98.8%						—																														—						—						261,990												261,990									100%									510,116						$	734,000								7.2		%										6.2		%
201 Haskins Way/San Francisco Bay Area/ South San Francisco						N/A						100%						270,879																														52,311						—						—												323,190									100%									323,190						367,000									6.3												6.0
825 and 835 Industrial Road/San Francisco Bay Area/Greater Stanford						N/A						100%						476,211																														49,918						—						—												526,129									100%									526,129						631,000									6.7												6.5
3115 Merryfield Row/San Diego/Torrey Pines						N/A						100%						—																														146,456						—						—												146,456									93%									146,456						150,000									6.3												6.2
10055 Barnes Canyon Road/San Diego/ Sorrento Mesa						8/11/22						50%						—																														—						110,454						9,473												119,927									100%									195,435						181,000									7.2												6.6
9950 Medical Center Drive/Maryland/Rockville						N/A						100%						—																														84,264						—						—												84,264									100%									84,264						57,000									8.9												7.8
5 and 9 Laboratory Drive/Research Triangle/Research Triangle						7/6/22						100%						267,509																														11,211						—						1,485												280,205									100%									340,400						216,000									7.2												7.1
8 and 10 Davis Drive/Research Triangle/ Research Triangle						N/A						100%						65,247																														44,980						139,773						—												250,000									94%									250,000						159,000									7.6												7.3
Redevelopment projects
The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs						9/13/22						100%						137,111																														99,796						50,663						43,351												330,921									100%									872,665						831,000									6.3												5.5
3160 Porter Drive/San Francisco Bay Area/Greater Stanford						N/A						100%						57,696																														34,604						—						—												92,300									83%									92,300						117,000									4.6												4.6
30-02 48th Avenue/New York City/New York City						8/5/22						100%						41,848																														11,092						18,689						10,197												81,826									100%									179,100						224,000									5.8												5.8
5505 Morehouse Drive/San Diego/Sorrento Mesa						N/A						100%						28,324																														—						51,621						—												79,945									100%									79,945						68,000									7.1												7.2
9601 and 9603 Medical Center Drive/Maryland/Rockville						N/A						100%						17,378																														—						—						—												17,378									100%									95,911						54,000									8.4												7.1
20400 Century Boulevard/Maryland/Gaithersburg						9/1/22						100%						—																														32,033						4,194						6,465												42,692									100%									80,550						35,000									8.5												8.6
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle						N/A						100%						326,445																														—						—						—												326,445									100%									703,316						337,000									7.5												6.7
Total						9/1/22												1,688,648																														566,665						375,394						332,961												2,963,668																		4,479,777						$	4,161,000								6.8		%										6.2		%

Refer to “New Class A development and redevelopment properties: current projects” of this Supplemental Information for details on the RSF 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)Relates to total operating RSF placed in service as of the most recent delivery.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			36

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New Class A Development and Redevelopment Properties: Current Projects
September 30, 2022

325 Binney Street

One Rogers Street

99 Coolidge Avenue

500 North Beacon Street and 4 Kingsbury Avenue(1)

The Arsenal on the Charles

Greater Boston/ Cambridge/Inner Suburbs

Greater Boston/ Cambridge/Inner Suburbs

Greater Boston/ Cambridge/Inner Suburbs

Greater Boston/ Cambridge/Inner Suburbs

Greater Boston/ Cambridge/Inner Suburbs

462,100 RSF

403,892 RSF

320,809 RSF

248,018 RSF

56,757 RSF

100% Leased

100% Leased

36% Leased/Negotiating

85% Leased/Negotiating

96% Leased/Negotiating

201 Brookline Avenue

15 Necco Street

40, 50, and 60 Sylvan Road(2)

840 Winter Street

651 Gateway Boulevard

Greater Boston/Fenway

Greater Boston/ Seaport Innovation District

Greater Boston/Route 128

Greater Boston/Route 128

San Francisco Bay Area/ South San Francisco

248,126 RSF

345,995 RSF

202,428 RSF

139,984 RSF

300,010 RSF

97% Leased/Negotiating

97% Leased/Negotiating

61% Leased/Negotiating

100% Leased

7% Leased/Negotiating

(1)Image represents 500 North Beacon Street in our The Arsenal on the Charles mega campus.

(2)Image represents 50 Sylvan Road in our Reservoir Woods campus.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			37

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New Class A Development and Redevelopment Properties: Current Projects (continued)
September 30, 2022

751 Gateway Boulevard

30-02 48th Avenue

10055 Barnes Canyon Road

1150 Eastlake Avenue East

9810 Darnestown Road

San Francisco Bay Area/ South San Francisco

New York City/New York City

San Diego/Sorrento Mesa

Seattle/Lake Union

Maryland/Rockville

230,592 RSF

55,361 RSF

75,508 RSF

311,631 RSF

192,000 RSF

100% Leased

80% Leased/Negotiating

100% Leased

89% Leased/Negotiating

100% Leased

9808 Medical Center Drive

9601 and 9603 Medical Center Drive

2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive(1)

4 Davis Drive

6040 George Watts Hill Drive, Phase II

Maryland/Rockville

Maryland/Rockville

Research Triangle/Research Triangle

Research Triangle/Research Triangle

Research Triangle/Research Triangle

90,000 RSF

78,533 RSF

376,871 RSF

180,000 RSF

88,038 RSF

38% Leased/Negotiating

100% Leased

86% Leased/Negotiating

—% Leased/Negotiating

100% Leased

(1)Image represents 14 TW Alexander Drive in our Alexandria Center® for Life Science – Durham mega campus.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			38

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New Class A Development and Redevelopment Properties: Current Projects (continued)
September 30, 2022

Market Property/Submarket												Square Footage																		Percentage																		Occupancy(1)
						Dev/Redev						In Service						CIP						Total						Leased									Leased/Negotiating									Initial												Stabilized
Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs						Dev						—						462,100						462,100						100		%							100		%										2023									2024
One Rogers Street/Cambridge/Inner Suburbs						Redev						4,367						403,892						408,259						100									100												2023									2023
99 Coolidge Avenue/Cambridge/Inner Suburbs						Dev						—						320,809						320,809						36									36												2024									2025
500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs						Dev						—						248,018						248,018						85									85												2024									2025
The Arsenal on the Charles/Cambridge/Inner Suburbs						Redev						815,908						56,757						872,665						96									96												3Q21									2022
201 Brookline Avenue/Fenway						Dev						261,990						248,126						510,116						96									97												3Q22									2023
15 Necco Street/Seaport Innovation District						Dev						—						345,995						345,995						97									97												2024									2024
40, 50, and 60 Sylvan Road/Route 128						Redev						312,845						202,428						515,273						61									61												2023									2024
840 Winter Street/Route 128						Redev						28,230						139,984						168,214						100									100												2024									2024
Other						Redev						—						453,869						453,869						—									—			(2)									2023									2025
San Francisco Bay Area
651 Gateway Boulevard/South San Francisco						Redev						—						300,010						300,010						—									7			(2)									2023									2025
751 Gateway Boulevard/South San Francisco						Dev						—						230,592						230,592						100									100												2023									2023
New York City
30-02 48th Avenue/New York City						Redev						123,739						55,361						179,100						72									80												4Q20									2022
San Diego
10055 Barnes Canyon Road/Sorrento Mesa						Dev						119,927						75,508						195,435						100									100												2Q22									2022
10102 Hoyt Park Drive/Sorrento Mesa						Dev						—						144,113						144,113						100									100												2023									2023
Seattle
1150 Eastlake Avenue East/Lake Union						Dev						—						311,631						311,631						89									89												2023									2024
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell						Redev						246,647						213,976						460,623						70									70												2022									2023
Maryland
9810 Darnestown Road/Rockville						Dev						—						192,000						192,000						100									100												2024									2024
9808 Medical Center Drive/Rockville						Dev						—						90,000						90,000						29									38												2023									2024
9601 and 9603 Medical Center Drive/Rockville						Redev						17,378						78,533						95,911						100									100												4Q21									2023
20400 Century Boulevard/Gaithersburg						Redev						42,692						37,858						80,550						100									100												1Q22									2023
Research Triangle
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/ Research Triangle						Redev						326,445						376,871						703,316						86									86												2Q21									2024
4 Davis Drive/Research Triangle						Dev						—						180,000						180,000						—									—			(2)									2023									2024
6040 George Watts Hill Drive, Phase II/Research Triangle						Dev						—						88,038						88,038						100									100												2024									2024
5 and 9 Laboratory Drive/Research Triangle						Redev/Dev						280,205						60,195						340,400						96									96												3Q21									2022
Texas
8800 Technology Forest Place/Greater Houston						Redev						—						201,499						201,499						23									23												2023									2024
Canada
Canada						Redev						22,992						107,081						130,073						62									80												2023									2024
												2,603,365						5,625,244						8,228,609						75		%							76		%
(1)Initial occupancy dates are subject to leasing and/or market conditions. Multi-tenant projects may have occupancy by tenants over a period of time. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. (2)This project is focused on demand from our existing tenants in our adjacent properties/campuses and will also address demand from other non-Alexandria properties/campuses.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			39

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New Class A Development and Redevelopment Properties: Current Projects (continued)
September 30, 2022

Market Property/Submarket												Square Footage																		Percentage
						Dev/Redev						In Service						CIP						Total						Leased									Leased/Negotiating
Near-term projects expected to commence construction in the next five quarters
San Francisco Bay Area
230 Harriet Tubman Way/South San Francisco						Dev						—						285,346						285,346						100		%							100		%
San Diego
11255 and 11355 North Torrey Pines Road/Torrey Pines						Dev						—						309,094						309,094						100									100
10931 and 10933 North Torrey Pines Road/Torrey Pines						Dev						—						299,158						299,158						100									100
Alexandria Point, Phase II/University Town Center						Dev						—						426,927						426,927						100									100
Alexandria Point, Phase I/University Town Center						Dev						—						171,102						171,102						100									100
Seattle
701 Dexter Avenue North/Lake Union						Dev						—						226,586						226,586						—									—
Maryland
9820 Darnestown Road/Rockville						Dev						—						250,000						250,000						100									100
												—						1,968,213						1,968,213						88									88
												2,603,365						7,593,457						10,196,822						78		%							78		%

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			40

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New Class A Development and Redevelopment Properties: Current Projects (continued)
September 30, 2022
(Dollars in thousands)

						Our Ownership Interest																																	Unlevered Yields
Market Property/Submarket															In Service						CIP						Cost to Complete						Total at Completion						Initial Stabilized												Initial Stabilized (Cash Basis)
Under construction
Greater Boston
325 Binney Street/Cambridge/Inner Suburbs						100		%							$	—					$	416,678					$	474,322					$	891,000								8.5		%										7.2		%
One Rogers Street/Cambridge/Inner Suburbs						100		%							10,807						970,641						224,552						1,206,000									5.2		%										4.2		%
99 Coolidge Avenue/Cambridge/Inner Suburbs						75.0		%							—						130,778						TBD
500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs						100		%							—						121,622						305,378						427,000									6.2		%										5.5		%
The Arsenal on the Charles/Cambridge/Inner Suburbs						100		%							727,877						71,317						31,806						831,000									6.3		%										5.5		%
201 Brookline Avenue/Fenway						98.8		%							344,002						311,818						78,180						734,000									7.2		%										6.2		%
15 Necco Street/Seaport Innovation District						90.0		%							—						311,635						255,365						567,000									6.7		%										5.5		%
40, 50, and 60 Sylvan Road/Route 128						100		%							173,674						131,476						TBD
840 Winter Street/Route 128						100		%							13,635						91,069						103,296						208,000									7.5		%										6.5		%
Other						100		%							—						126,915						TBD
San Francisco Bay Area
651 Gateway Boulevard/South San Francisco						50.0		%							—						161,745						TBD
751 Gateway Boulevard/South San Francisco						51.0		%							—						162,756						127,244						290,000									6.5		%										6.3		%
New York City
30-02 48th Avenue/New York City						100		%							141,343						68,355						14,302						224,000									5.8		%										5.8		%
San Diego
10055 Barnes Canyon Road/Sorrento Mesa						50.0		%							77,618						43,792						59,590						181,000									7.2		%										6.6		%
10102 Hoyt Park Drive/Sorrento Mesa						100		%							—						93,025						20,975						114,000									7.4		%										6.5		%
Seattle
1150 Eastlake Avenue East/Lake Union						100		%							—						176,527						228,473						405,000									6.4		%										6.2		%
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell						100		%							57,311						88,289						TBD
Maryland
9810 Darnestown Road/Rockville						100		%							—						60,992						72,008						133,000									6.9		%										6.2		%
9808 Medical Center Drive/Rockville						100		%							—						37,666						TBD
9601 and 9603 Medical Center Drive/Rockville						100		%							6,464						37,787						9,749						54,000									8.4		%										7.1		%
20400 Century Boulevard/Gaithersburg						100		%							18,552						7,109						9,339						35,000									8.5		%										8.6		%
Research Triangle
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle						100		%							93,734						110,303						132,963						337,000									7.5		%										6.7		%
4 Davis Drive/Research Triangle						100		%							—						32,604						TBD
6040 George Watts Hill Drive, Phase II/Research Triangle						100		%							—						11,363						52,637						64,000									8.0		%										7.0		%
5 and 9 Laboratory Drive/Research Triangle						100		%							164,926						42,429						8,645						216,000									7.2		%										7.1		%
Texas
8800 Technology Forest Place/Greater Houston						100		%							—						53,708						TBD
Canada
Canada						100		%							3,079						14,384						TBD
															$	1,833,022					$	3,886,783					$	3,800,000		(1)			$	9,520,000		(1)

(1)Amounts rounded to the nearest $10 million.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			41

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New Class A Development and Redevelopment Properties: Summary of Pipeline
September 30, 2022
(Dollars in thousands)

Market Property/Submarket						Our Ownership Interest									Book Value						Square Footage
																					Development and Redevelopment
																					Under Construction						Near Term						Intermediate Term						Future						Total(1)
Greater Boston
Mega Campus: Alexandria Center® at One Kendall Square/Cambridge/ Inner Suburbs						100		%							$	416,678					462,100						—						—						—						462,100
325 Binney Street
Mega Campus: Alexandria Center® at Kendall Square/Cambridge/ Inner Suburbs						100		%							970,641						403,892						104,500						—						—						508,392
One Rogers Street and 100 Edwin H. Land Boulevard
99 Coolidge Avenue/Cambridge/Inner Suburbs						75.0		%							130,778						320,809						—						—						—						320,809
Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs						100		%							203,812						304,775						—						—						34,157						338,932
311 Arsenal Street, 400 and 500 North Beacon Street, 100 Talcott Avenue, and 4 Kingsbury Avenue
Mega Campus: Alexandria Center® for Life Science – Fenway/Fenway						(2)									604,733						248,126						507,997						—						—						756,123
201 Brookline Avenue and 421 Park Drive
15 Necco Street/Seaport Innovation District						90.0		%							311,635						345,995						—						—						—						345,995
Reservoir Woods/Route 128						100		%							181,412						202,428						312,845						—						440,000						955,273
40, 50, and 60 Sylvan Road
840 Winter Street/Route 128						100		%							91,069						139,984						28,230						—						—						168,214
275 Grove Street/Route 128						100		%							—						—						160,251						—						—						160,251
10 Necco Street/Seaport Innovation District						100		%							97,498						—						—						175,000						—						175,000
215 Presidential Way/Route 128						100		%							6,808						—						—						112,000						—						112,000
Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs						100		%							75,126						—						—						—						902,000						902,000
446, 458, and 550 Arsenal Street
Mega Campus: Alexandria Technology Square®/Cambridge/Inner Suburbs						100		%							7,881						—						—						—						100,000						100,000
Mega Campus: 380 and 420 E Street/Seaport Innovation District						100		%							124,644						—						—						—						1,000,000						1,000,000
99 A Street/Seaport Innovation District						100		%							49,334						—						—						—						235,000						235,000
Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way/Route 128						100		%							24,366						—						—						—						1,100,000						1,100,000
Other value-creation projects						100		%							216,392						453,869						260,992						—						466,504						1,181,365
															$	3,512,807					2,881,978						1,374,815						287,000						4,277,661						8,821,454
Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 248,126 RSF, which is currently under construction, and a 100% ownership interest in the near-term development project at 421 Park Drive aggregating 507,997 SF.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			42

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New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2022
(Dollars in thousands)

Market Property/Submarket						Our Ownership Interest									Book Value						Square Footage
																					Development and Redevelopment
																					Under Construction						Near Term						Intermediate Term						Future						Total(1)
San Francisco Bay Area
Mega Campus: Alexandria Technology Center® – Gateway/ South San Francisco						(2)									$	347,759					530,602						—						—						291,000						821,602
651 and 751 Gateway Boulevard
Mega Campus: Alexandria Center® for Science and Technology – Mission Bay/Mission Bay						65.5		%							102,515						—						191,000						—						—						191,000
1450 Owens Street
Alexandria Center® for Life Science – Millbrae/South San Francisco						44.3		%							221,441						—						633,747						—						—						633,747
230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road
3825 and 3875 Fabian Way/Greater Stanford						100		%							—						—						250,000						—						228,000						478,000
Mega Campus: Alexandria Center® for Life Science – San Carlos/Greater Stanford						100		%							386,999						—						105,000						700,000						692,830						1,497,830
960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road
901 California Avenue/Greater Stanford						100		%							8,432						—						56,924						—						—						56,924
Mega Campus: 88 Bluxome Street/SoMa						100		%							335,963						—						1,070,925						—						—						1,070,925
Mega Campus: 1122, 1150, and 1178 El Camino Real/South San Francisco						100		%							342,139						—						—						—						1,930,000						1,930,000
Mega Campus: 211(3), 213(3), 249, 259, 269, and 279 East Grand Avenue/ South San Francisco						100		%							6,655						—						—						—						90,000						90,000
211 East Grand Avenue
Other value-creation projects						100		%							—						—						—						—						25,000						25,000
															1,751,903						530,602						2,307,596						700,000						3,256,830						6,795,028
New York City
Alexandria Center® for Life Science – Long Island City/New York City						100		%							100,589						55,361						135,938						—						—						191,299
30-02 48th Avenue and 47-50 30th Street
Mega Campus: Alexandria Center® for Life Science – New York City/ New York City						100		%							124,489						—						—						550,000			(4)			—						550,000
219 East 42nd Street/New York City						100		%							—						—						—						—						579,947						579,947
															$	225,078					55,361						135,938						550,000						579,947						1,321,246
Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)We own a 50.0% ownership interest in 651 Gateway Boulevard aggregating 300,010 RSF and a 51.0% ownership interest in 751 Gateway Boulevard aggregating 230,592 RSF. (3)We own a partial interest in this property through a real estate joint venture. Refer to “Joint venture financial information” of this Supplemental Information for additional details. (4)Pursuant to an option agreement, we are currently negotiating a long-term ground lease with the City of New York for the future site of a new building of approximately 550,000 SF.

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			43

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New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2022
(Dollars in thousands)

Market Property/Submarket						Our Ownership Interest									Book Value						Square Footage
																					Development and Redevelopment
																					Under Construction						Near Term						Intermediate Term						Future						Total(1)
San Diego
Scripps Science Park by Alexandria/Sorrento Mesa						100		%							$	160,958					144,113						105,000						175,041						164,000						588,154
10102 Hoyt Park Drive, 10048 and 12019 Meanley Drive, and 10277 Scripps Ranch Boulevard
Mega Campus: SD Tech by Alexandria/Sorrento Mesa						50.0		%							159,464						75,508						190,074						160,000						333,845						759,427
9805 Scranton Road and 10055 and 10075 Barnes Canyon Road
Mega Campus: One Alexandria Square/Torrey Pines						100		%							235,561						—						608,252						—						125,280						733,532
10931, 10933, 11255, and 11355 North Torrey Pines Road and 10975 and 10995 Torreyana Road
Mega Campus: Alexandria Point/University Town Center						55.0		%							251,801						—						598,029						—						1,074,445						1,672,474
10010(2), 10140(2), and 10260 Campus Point Drive and 4110, 4150, 4161, and 4275(2) Campus Point Court
Mega Campus: Sequence District by Alexandria/Sorrento Mesa						100		%							42,443						—						200,000						509,000						1,089,915						1,798,915
6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive
Mega Campus: University District/University Town Center						100		%							140,659						—						—						937,000						—						937,000
9363, 9373, and 9393 Towne Centre Drive, 8410-8750 Genesee Avenue, and 4282 Esplanade Court
9444 Waples Street/Sorrento Mesa						50.0		%							21,632						—						—						149,000						—						149,000
Mega Campus: 5200 Illumina Way/University Town Center						51.0		%							15,526						—						—						—						451,832						451,832
4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley						100		%							20,668						—						—						—						247,000						247,000
Other value-creation projects						100		%							74,616						—						—						—						539,235						539,235
															1,123,328						219,621						1,701,355						1,930,041						4,025,552						7,876,569
Seattle
Mega Campus: The Eastlake Life Science Campus by Alexandria/ Lake Union						100		%							176,527						311,631						—						—						—						311,631
1150 Eastlake Avenue East
Alexandria Center® for Advanced Technologies – Monte Villa Parkway/Bothell						100		%							88,289						213,976						50,552						—						—						264,528
3301, 3555, and 3755 Monte Villa Parkway
Mega Campus: Alexandria Center® for Life Science – South Lake Union/ Lake Union						(3)									355,603						—						1,095,586						—						188,400						1,283,986
601 and 701 Dexter Avenue North and 800 Mercer Street
830 and 1010 4th Avenue South/SoDo						100		%							$	53,301					—						—						—						597,313						597,313
Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties. (2)We have a 100% ownership interest in this property. (3)We have a 100% ownership interest in 601 and 701 Dexter Avenue North aggregating 414,986 SF and a 60% ownership interest in the near-term development project at 800 Mercer Street aggregating 869,000 SF.

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New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2022
(Dollars in thousands)

Market Property/Submarket						Our Ownership Interest									Book Value						Square Footage
																					Development and Redevelopment
																					Under Construction						Near Term						Intermediate Term						Future						Total(1)
Seattle (continued)
Mega Campus: Alexandria Center® for Advanced Technologies – Canyon Park/Bothell						100		%							$	13,804					—						—						—						230,000						230,000
21660 20th Avenue Southeast
Other value-creation projects						100		%							81,696						—						—						—						691,000						691,000
															769,220						525,607						1,146,138						—						1,706,713						3,378,458
Maryland
Mega Campus: Alexandria Center® for Life Science – Shady Grove/Rockville						100		%							174,064						360,533						250,000						258,000						38,000						906,533
9601, 9603, and 9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road
20400 Century Boulevard/Gaithersburg						100		%							7,109						37,858						—						—						—						37,858
															181,173						398,391						250,000						258,000						38,000						944,391
Research Triangle
Mega Campus: Alexandria Center® for Life Science – Durham/ Research Triangle						100		%							258,450						376,871						—						—						2,060,000						2,436,871
40 and 41 Moore Drive and 14 TW Alexander Drive
Mega Campus: Alexandria Center® for Advanced Technologies/ Research Triangle						100		%							67,910						180,000						—						—						990,000						1,170,000
4 and 12 Davis Drive
6040 George Watts Hill Drive, Phase II/Research Triangle						100		%							11,363						88,038						—						—						—						88,038
Alexandria Center® for AgTech/Research Triangle						100		%							42,429						60,195						—						—						—						60,195
9 Laboratory Drive
Mega Campus: Alexandria Center® for NextGen Medicines/ Research Triangle						100		%							99,335						—						100,000						100,000						855,000						1,055,000
3029 East Cornwallis Road
120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle						100		%							50,593						—						—						—						750,000						750,000
Other value-creation projects						100		%							4,185						—						—						—						76,262						76,262
															$	534,265					705,104						100,000						100,000						4,731,262						5,636,366
Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details. (1)Represents total square footage upon completion of development or redevelopment of one or more new Class A properties. Square footage presented includes RSF of buildings currently in operation at properties that also have inherent future development or redevelopment opportunities. Upon expiration of existing in-place leases, we have the intent to demolish or redevelop the existing property and commence future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

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New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)
September 30, 2022
(Dollars in thousands)

Market Property/Submarket						Our Ownership Interest									Book Value						Square Footage
																					Development and Redevelopment
																					Under Construction						Near Term						Intermediate Term						Future						Total(1)
Texas
8800 Technology Forest Place/Greater Houston						100		%							$	61,425					201,499						—						—						116,287						317,786
Other value-creation projects						100		%							140,754						—						143,105						—						2,090,000						2,233,105
															202,179						201,499						143,105						—						2,206,287						2,550,891
Canada						100		%							14,384						107,081						—						—						124,000						231,081
Other value-creation projects						100		%							38,261						—						—						—						350,000						350,000
Total pipeline as of September 30, 2022															$	8,352,598		(2)			5,625,244						7,158,947						3,825,041						21,296,252						37,905,484

Refer to “Mega campus” in the “Definitions and reconciliations” of this Supplemental Information for additional details.

(1)Total square footage includes 4,520,265 RSF of buildings currently in operation that will be redeveloped or replaced with new development RSF upon commencement of future construction. Refer to “Definitions and reconciliations” of this Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(2)Total book value includes $3.9 billion of projects currently under construction that are 76% leased/negotiating. We also expect to commence construction on seven near-term projects aggregating $494.6 million in the next five quarters that are 88% leased.

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Construction Spending
September 30, 2022
(In thousands)

						Nine Months Ended
Construction Spending						September 30, 2022
Additions to real estate – consolidated projects						$			2,324,017
Investments in unconsolidated real estate joint ventures									1,245
Contributions from noncontrolling interests									(205,117)
Construction spending (cash basis)									2,120,145
Change in accrued construction									118,203
Construction spending									2,238,348
Projected construction spending for the three months ending December 31, 2022									761,652
Guidance midpoint						$			3,000,000

						Year Ending
Projected Construction Spending						December 31, 2022
Development, redevelopment, and pre-construction projects						$			3,106,000
Contributions from noncontrolling interests (consolidated real estate joint ventures)									(286,000)
Revenue-enhancing and repositioning capital expenditures									98,000
Non-revenue-enhancing capital expenditures									82,000
Guidance midpoint						$			3,000,000

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Joint Venture Financial Information
September 30, 2022

Consolidated Real Estate Joint Ventures

Property

Market

Submarket

Noncontrolling Interest Share(1)

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%

870,106

99 Coolidge Avenue

Greater Boston

Cambridge/Inner Suburbs

25.0%

—

(2)

Alexandria Center® for Science and Technology – Mission Bay(3)

San Francisco Bay Area

Mission Bay

75.0%

1,005,989

1450 Owens Street

San Francisco Bay Area

Mission Bay

34.5%

(4)

—

601, 611, 651, 681, 685, and 701 Gateway Boulevard

San Francisco Bay Area

South San Francisco

50.0%

789,567

751 Gateway Boulevard

San Francisco Bay Area

South San Francisco

49.0%

—

(2)

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

55.7%

—

3215 Merryfield Row

San Diego

Torrey Pines

70.0%

170,523

Alexandria Point(5)

San Diego

University Town Center

45.0%

1,337,916

5200 Illumina Way

San Diego

University Town Center

49.0%

792,687

9625 Towne Centre Drive

San Diego

University Town Center

49.9%

163,648

SD Tech by Alexandria(6)

San Diego

Sorrento Mesa

50.0%

803,430

Pacific Technology Park

San Diego

Sorrento Mesa

50.0%

553,551

Summers Ridge Science Park(7)

San Diego

Sorrento Mesa

70.0%

316,531

1201 and 1208 Eastlake Avenue East and 199 East Blaine Street

Seattle

Lake Union

70.0%

321,218

400 Dexter Avenue North

Seattle

Lake Union

70.0%

290,111

800 Mercer Street

Seattle

Lake Union

40.0%

—

Unconsolidated Real Estate Joint Ventures

Property

Market

Submarket

Our Ownership Share(8)

Operating RSF at 100%

1655 and 1725 Third Street

San Francisco Bay Area

Mission Bay

10.0%

586,208

1401/1413 Research Boulevard

Maryland

Rockville

65.0%

(9)

(10)

1450 Research Boulevard

Maryland

Rockville

73.2%

(11)

42,679

101 West Dickman Street

Maryland

Beltsville

57.9%

(11)

135,423

(1)In addition to the consolidated real estate joint ventures listed, various partners hold insignificant noncontrolling interests in three other real estate joint ventures in North America.

(2)Represents a property currently under construction. Refer to “New Class A development and redevelopment properties: current projects” for additional details.

(3)Includes 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(4)The noncontrolling interest share of our joint venture partner is anticipated to increase to 75% as our partner contributes capital for construction over time.

(5)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4150, 4161, 4224, and 4242 Campus Point Court.

(6)Includes 9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road and 10055 and 10065 Barnes Canyon Road.

(7)Includes 9965, 9975, 9985 and 9995 Summers Ridge Road.

(8)In addition to the unconsolidated real estate joint ventures listed, we hold an interest in one other insignificant unconsolidated real estate joint venture in North America.

(9)Represents our ownership interest; our voting interest is limited to 50%.

(10)Represents a joint venture with a distinguished retail real estate developer for an approximately 90,000 RSF retail shopping center.

(11)Represents a joint venture with a local real estate operator in which our partner manages the day-to-day activities that significantly affect the economic performance of the joint venture.

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Joint Venture Financial Information (continued)
September 30, 2022
(In thousands)

						As of September 30, 2022
			Noncontrolling Interest Share of Consolidated Real Estate JVs												Our Share of Unconsolidated Real Estate JVs
Investments in real estate			$			3,327,281									$			111,614
Cash, cash equivalents, and restricted cash						130,145												4,799
Other assets						385,072												10,982
Secured notes payable (refer to page 53)						(9,986)												(84,198)
Other liabilities						(193,468)												(4,912)
Redeemable noncontrolling interests						(9,612)												—
			$			3,629,432									$			38,285

			Noncontrolling Interest Share of Consolidated Real Estate JVs																								Our Share of Unconsolidated Real Estate JVs
			September 30, 2022																								September 30, 2022
			Three Months Ended												Nine Months Ended												Three Months Ended												Nine Months Ended
Total revenues			$			96,841									$			264,781									$			2,875									$			8,441
Rental operations						(30,154)												(78,182)												(1,074)												(2,444)
						66,687												186,599												1,801												5,997
General and administrative						(352)												(1,222)												—												(96)
Interest						—												—												(966)												(2,744)
Depreciation and amortization of real estate assets						(27,790)												(77,889)												(795)												(2,684)
Fixed returns allocated to redeemable noncontrolling interests(1)						202												604												—												—
			$			38,747									$			108,092									$			40									$			473
Straight-line rent and below-market lease revenue			$			3,285									$			11,918									$			322									$			862
Funds from operations(2)			$			66,537									$			185,981									$			835									$			3,157

(1)Represents an allocation of joint venture earnings to redeemable noncontrolling interests primarily in one property in our South San Francisco submarket. These redeemable noncontrolling interests earn a fixed return on their investment rather than participate in the operating results of the property.

(2)Refer to “Funds from operations and funds from operations per share” in our Earnings Press Release and “Funds from operations and funds from operations, as adjusted, attributable to Alexandria’s common stockholders” in the “Definitions and reconciliations” of this Supplemental Information for the definition and reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

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Investments
September 30, 2022
(Dollars in thousands)

We hold investments in publicly traded companies and privately held entities primarily involved in the life science, agtech, and technology industries. The tables below summarize components of our non-real estate investments and investment income. For additional details, refer to “Investments” in the “Definitions and reconciliations” of this Supplemental Information.

						September 30, 2022
						Three Months Ended									Nine Months Ended									Year Ended December 31, 2021
Realized gains						$	24,210								$	75,971								$	215,845		(1)
Unrealized (losses) gains						(56,515)									(388,076)									43,632
Investment (loss) income						$	(32,305)								$	(312,105)								$	259,477

						September 30, 2022
Investments						Cost						Unrealized Gains						Unrealized Losses												Carrying Amount
Publicly traded companies						$	220,787					$	102,196					$	(99,441)											$	223,542
Entities that report NAV						438,087						331,477						(6,297)												$	763,267
Entities that do not report NAV:
Entities with observable price changes						104,337						95,289						(2,166)												$	197,460
Entities without observable price changes						384,278						—						—												$	384,278
Investments accounted for under the equity method of accounting						N/A						N/A						N/A												56,374
September 30, 2022						$	1,147,489		(2)			$	528,962					$	(107,904)											$	1,624,921
December 31, 2021						$	1,007,303					$	830,863					$	(33,190)											$	1,876,564

(1)Includes six separate significant realized gains aggregating $110.1 million related to the following transactions: (i) the sales of investments in three publicly traded biotechnology companies, (ii) a distribution received from a limited partnership investment, and (iii) the acquisition of two of our privately held non-real estate investments in a biopharmaceutical company and a biotechnology company.

(2)Represents 3.0% of gross assets as of September 30, 2022.

			Public/Private Mix (Cost)
			Tenant/Non-Tenant Mix (Cost)

			Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022			50

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Key Credit Metrics
September 30, 2022

Liquidity

Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit

(in millions)

$6.4B

(in millions)

Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program

$

3,613

Outstanding forward equity sales agreements(1)

1,494

Cash, cash equivalents, and restricted cash

866

Remaining construction loan commitments

154

Investments in publicly traded companies

224

Liquidity as of September 30, 2022

$

6,351

Net Debt and Preferred Stock to Adjusted EBITDA(2)

Fixed-Charge Coverage Ratio(2)

(1)Represents expected net proceeds from the future settlement of 8.0 million shares under forward equity sales agreements.

(2)Quarter annualized. Refer to “Fixed-charge coverage ratio” and “Net debt and preferred stock to Adjusted EBITDA” in the “Definitions and reconciliations” of this Supplemental Information for additional details.

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Summary of Debt
September 30, 2022
(In millions)

Weighted-Average Remaining Term of 13.2 Years

(1)Refer to footnotes 3 and 4 on the next page under “Fixed-rate and variable-rate debt” for additional details.

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Summary of Debt (continued)
September 30, 2022
(Dollars in thousands)

Fixed-rate and variable-rate debt			Fixed-Rate Debt						Variable-Rate Debt						Total						Percentage						Weighted-Average
																											Interest Rate(1)						Remaining Term (in years)
Secured notes payable			$	650					$	39,944					$	40,594					0.4		%				5.36		%				4.3
Unsecured senior notes payable			10,098,588						—						10,098,588						95.9						3.51						13.5
Unsecured senior line of credit(2) and commercial paper program(3)			—						386,666						386,666			(3)			3.7						3.48			(3)			5.3			(4)
Total/weighted average			$	10,099,238					$	426,610					$	10,525,848					100.0		%				3.52		%				13.2			(4)
Percentage of total debt			95.9		%				4.1		%				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)In September 2022, we amended our unsecured senior line of credit to extend the maturity date to January 22, 2028 from January 6, 2026, increase the commitments to $4.0 billion from $3.0 billion, and convert the interest rate to SOFR+0.875% from LIBOR+0.815%. In addition, the rate is subject to a sustainability adjustment of +/- four basis points based upon our ability to achieve certain annual sustainability targets. As of September 30, 2022, we have no outstanding balance on our unsecured senior line of credit.

(3)In September 2022, we increased the aggregate amount we may issue from time to time under our commercial paper program to $2.0 billion from $1.5 billion. The commercial paper program provides us with the ability to issue up to $2.0 billion of commercial paper notes that bear interest at short-term fixed rates and can generally be issued with a maturity of 30 days or less and with a maximum maturity of 397 days from the date of issuance. Borrowings under the program are used to fund short-term capital needs and are backed by our unsecured senior line of credit. In the event we are unable to issue commercial paper notes or refinance outstanding borrowings under terms equal to or more favorable than those under our unsecured senior line of credit, we expect to borrow under the unsecured senior line of credit at SOFR+0.875%. As of September 30, 2022, we had $386.7 million of commercial paper notes outstanding with a weighted-average interest rate of 3.48%.

(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, the consolidated weighted-average maturity of our debt is 13.0 years. The commercial paper notes sold during the three months ended September 30, 2022 were issued at a weighted-average yield to maturity of 2.69% and had a weighted-average maturity term of 13 days.

Debt covenants

Unsecured Senior Notes Payable

Unsecured Senior Line of Credit

Debt Covenant Ratios(1)

Requirement

September 30, 2022

Requirement

September 30, 2022

Total Debt to Total Assets

≤ 60%

29%

≤ 60.0%

27.8%

Secured Debt to Total Assets

≤ 40%

0.1%

≤ 45.0%

0.1%

Consolidated EBITDA to Interest Expense

≥ 1.5x

16.1x

≥ 1.50x

4.46x

Unencumbered Total Asset Value to Unsecured Debt

≥ 150%

337%

N/A

N/A

Unsecured Interest Coverage Ratio

N/A

N/A

≥ 1.75x

14.88x

(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
1401/1413 Research Boulevard						12/23/24						2.70%									3.32%									$	28,500					$	28,079					65.0%
1655 and 1725 Third Street						3/10/25						4.50%									4.57%									600,000						598,974						10.0%
101 West Dickman Street						11/10/26						SOFR+1.95%			(3)						4.33%									26,750						10,439						57.9%
1450 Research Boulevard						12/10/26						SOFR+1.95%			(3)						N/A									13,000						—						73.2%
																														$	668,250					$	637,492

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2022.

(3)This loan is subject to a fixed SOFR floor rate of 0.75%.

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Summary of Debt (continued)
September 30, 2022
(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
																											2022						2023						2024						2025						2026						Thereafter
Secured notes payable
Greater Boston(3)						SOFR+2.70		%				5.34		%							11/19/26						$	—					$	—					$	—					$	—					$	41,438					$	—					$	41,438					$	(1,494)					$	39,944
San Francisco Bay Area						6.50		%				6.50									7/1/36						—						30						32						34						36						518						650						—						650
Secured debt weighted-average interest rate/subtotal												5.36															—						30						32						34						41,474						518						42,088						(1,494)						40,594
Unsecured senior line of credit and commercial paper program(4)						(4)						3.48			(4)						1/22/28			(4)			(4)						—						—						—						—						386,815			(4)			386,815						(149)						386,666
Unsecured senior notes payable						3.45		%				3.62									4/30/25						—						—						—						600,000						—						—						600,000						(2,280)						597,720
Unsecured senior notes payable						4.30		%				4.50									1/15/26						—						—						—						—						300,000						—						300,000						(1,628)						298,372
Unsecured senior notes payable – green bond						3.80		%				3.96									4/15/26						—						—						—						—						350,000						—						350,000						(1,752)						348,248
Unsecured senior notes payable						3.95		%				4.13									1/15/27						—						—						—						—						—						350,000						350,000						(2,199)						347,801
Unsecured senior notes payable						3.95		%				4.07									1/15/28						—						—						—						—						—						425,000						425,000						(2,257)						422,743
Unsecured senior notes payable						4.50		%				4.60									7/30/29						—						—						—						—						—						300,000						300,000						(1,524)						298,476
Unsecured senior notes payable						2.75		%				2.87									12/15/29						—						—						—						—						—						400,000						400,000						(2,981)						397,019
Unsecured senior notes payable						4.70		%				4.81									7/1/30						—						—						—						—						—						450,000						450,000						(2,889)						447,111
Unsecured senior notes payable						4.90		%				5.05									12/15/30						—						—						—						—						—						700,000						700,000						(6,485)						693,515
Unsecured senior notes payable						3.375		%				3.48									8/15/31						—						—						—						—						—						750,000						750,000						(5,787)						744,213
Unsecured senior notes payable – green bond						2.00		%				2.12									5/18/32						—						—						—						—						—						900,000						900,000						(9,029)						890,971
Unsecured senior notes payable						1.875		%				1.97									2/1/33						—						—						—						—						—						1,000,000						1,000,000						(9,055)						990,945
Unsecured senior notes payable – green bond						2.95		%				3.07									3/15/34						—						—						—						—						—						800,000						800,000						(8,923)						791,077
Unsecured senior notes payable						4.85		%				4.93									4/15/49						—						—						—						—						—						300,000						300,000						(3,131)						296,869
Unsecured senior notes payable						4.00		%				3.91									2/1/50						—						—						—						—						—						700,000						700,000						10,248						710,248
Unsecured senior notes payable						3.00		%				3.08									5/18/51						—						—						—						—						—						850,000						850,000						(12,082)						837,918
Unsecured senior notes payable						3.55		%				3.63									3/15/52						—						—						—						—						—						1,000,000						1,000,000						(14,658)						985,342
Unsecured debt weighted average/subtotal												3.51															—						—						—						600,000						650,000						9,311,815						10,561,815						(76,561)						10,485,254
Weighted-average interest rate/total												3.52		%													$	—					$	30					$	32					$	600,034					$	691,474					$	9,312,333					$	10,603,903					$	(78,055)					$	10,525,848
Balloon payments																											$	—					$	—					$	—					$	600,000					$	691,438					$	9,311,883					$	10,603,321					$	—					$	10,603,321
Principal amortization																											—						30						32						34						36						450						582						(78,055)						(77,473)
Total debt																											$	—					$	30					$	32					$	600,034					$	691,474					$	9,312,333					$	10,603,903					$	(78,055)					$	10,525,848
Fixed-rate debt																											$	—					$	30					$	32					$	600,034					$	650,036					$	8,925,518					$	10,175,650					$	(76,412)					$	10,099,238
Variable-rate debt																											—						—						—						—						41,438						386,815						428,253						(1,643)						426,610
Total debt																											$	—					$	30					$	32					$	600,034					$	691,474					$	9,312,333					$	10,603,903					$	(78,055)					$	10,525,848
Weighted-average stated rate on maturing debt																											N/A						N/A						N/A						3.45%						3.95%						3.36%

(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.

(2)Reflects any extension options that we control.

(3)Represents a secured construction loan held by our consolidated real estate joint venture at 99 Coolidge Avenue, of which we own a 75.0% interest. As of September 30, 2022, this joint venture has $153.9 million available under the existing lender commitments. The interest rate shall be reduced from SOFR+2.70% to SOFR+2.10% over time upon the completion of certain leasing, construction, and financial covenant milestones.

(4)Refer to footnotes 2 through 4 on the prior page under “Fixed-rate and variable-rate debt.”

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Definitions and Reconciliations
September 30, 2022

This section contains additional details for sections throughout this 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)			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Net income (loss)			$	383,443					$	309,382					$	(117,392)					$	99,796					$	124,433
Interest expense			22,984						24,257						29,440						34,862						35,678
Income taxes			1,950						2,089						3,571						4,156						3,672
Depreciation and amortization			254,929						242,078						240,659						239,254						210,842
Stock compensation expense			17,786						14,340						14,028						14,253						9,728
Loss on early extinguishment of debt			—						3,317						—						—						—
(Gain) loss on sales of real estate			(323,699)						(214,219)						—						(124,226)						435
Significant realized gains on non-real estate investments			—						—						—						—						(52,427)
Unrealized losses on non-real estate investments			56,515						68,128						263,433						139,716						14,432
Impairment of real estate			38,783						—						—						—						42,620
Adjusted EBITDA			$	452,691					$	449,372					$	433,739					$	407,811					$	389,413
Total revenues			$	659,852					$	643,764					$	615,065					$	576,923					$	547,759
Adjusted EBITDA margin			69%						70%						71%						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, and significant termination fees. Adjusted EBITDA also excludes unrealized gains or losses and significant realized gains or losses and impairments that result from our non-real estate investments. These non-real estate investment amounts are classified in our consolidated statements of operations outside of total revenues.

We believe Adjusted EBITDA provides investors with relevant and useful information as it allows investors to evaluate the operating performance of our business activities without having to account for differences recognized because of investing and financing decisions related to our real estate and non-real estate investments, our capital structure, capital market transactions, and variances resulting from the volatility of market conditions outside of our control. For example, we exclude gains or losses on the early extinguishment of debt to allow investors to measure our performance independent of our indebtedness and capital structure. We believe that adjusting for the effects of impairments and gains or losses on sales of real estate, significant impairments and realized gains or losses on non-real estate investments, and significant termination fees allows investors to evaluate performance from period to period on a consistent basis without having to account for differences recognized because of investing and financing decisions related to our real estate and non-real estate investments or other corporate activities that may not be representative of the operating performance of our properties.

In addition, we believe that excluding charges related to stock compensation and unrealized gains or losses facilitates for investors a comparison of our business activities across periods without the volatility resulting from market forces outside of our control. Adjusted EBITDA has limitations as a measure of our performance. Adjusted EBITDA does not reflect our historical expenditures or future requirements for capital expenditures or contractual commitments. While Adjusted EBITDA is a relevant measure of performance, it does not represent net income (loss) or cash flows from operations calculated and presented in accordance with GAAP, and it should not be considered as an alternative to those indicators in evaluating performance or liquidity.

In order to calculate the Adjusted EBITDA margin, we divide Adjusted EBITDA by total revenues as presented in our consolidated statements of operations. We believe that this supplemental performance measure provides investors with additional useful information regarding the profitability of our operating activities.

Annual rental revenue

Annual rental revenue represents the annualized fixed base rental obligations, calculated in accordance with GAAP, for leases in effect as of the end of the period, related to our operating RSF. Annual rental revenue is presented using 100% of the annual rental revenue from our consolidated properties and our share of annual rental revenue for our unconsolidated real estate joint ventures. Annual rental revenue per RSF is computed by dividing annual rental revenue by the sum of 100% of the RSF of our consolidated properties and our share of the RSF of properties held in unconsolidated real estate joint ventures. As of September 30, 2022, 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 for the quarter preceding the date on which the property is sold, or near term prospective net operating income.

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Definitions and Reconciliations (continued)
September 30, 2022

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 properties and AAA locations

Class 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. Class A properties generally command higher annual rental rates than other classes of similar properties.

AAA locations are in close proximity to concentrations of specialized skills, knowledge, institutions, and related businesses. Such locations are generally characterized by high barriers to entry for new landlords, high barriers to exit for tenants, and a limited supply of available space.

Construction costs related to active development and redevelopment projects under contract

Includes (i) costs incurred to date, (ii) remaining costs to complete under a general contractor's guaranteed maximum price construction contract or other fixed contracts, and (iii) our maximum committed tenant improvement allowances under our executed leases. The general contractor's guaranteed maximum price contract or other fixed contracts reduce our exposure to costs of construction materials, labor, and services from third-party contractors and suppliers, unless the overruns result from, among other things, a force majeure event or a change in the scope of work covered by the contract.

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 properties, and property enhancements identified during the underwriting of certain acquired properties, located in collaborative life science, agtech, and technology campuses in AAA innovation clusters. These projects are generally focused on providing high-quality, generic, and reusable spaces that meet the real estate requirements of, and are reusable by, a wide range of tenants. Upon completion, each value-creation project is expected to generate a significant increase 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 facilities. Redevelopment projects consist of the permanent change in use of office, warehouse, and shell space into office/laboratory, agtech, or tech office space. We generally will not commence new development projects for aboveground construction of new Class A office/laboratory, agtech, and tech office space without first securing significant pre-leasing for such space, except when there is solid market demand for high-quality Class A properties.

Pre-construction activities include entitlements, permitting, design, site work, and other activities preceding commencement of construction of aboveground building improvements. The advancement of pre-construction efforts is focused on reducing the time required to deliver projects to prospective tenants. These critical activities add significant value for future ground-up development and are required for the vertical construction of buildings. Ultimately, these projects will provide high-quality facilities and are expected to generate significant revenue and cash flows.

Development, redevelopment, and pre-construction spending also includes the following costs: (i) amounts to bring certain acquired properties up to market standard and/or other costs identified during the acquisition process (generally within two years of acquisition) and (ii) permanent conversion of space for highly flexible, move-in-ready office/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.

Non-revenue-enhancing capital expenditures represent costs required to maintain the current revenues of a stabilized property, including the associated costs for renewed and re-leased space.

Dividend payout ratio (common stock)

Dividend payout ratio (common stock) is the ratio of the absolute dollar amount of dividends on our common stock (shares of common stock outstanding on the respective record dates multiplied by the related dividend per share) to funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted.

Dividend yield

Dividend yield for the quarter represents the annualized quarter dividend divided by the closing common stock price at the end of the quarter.

Space Intentionally Blank

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Definitions and Reconciliations (continued)
September 30, 2022

Fixed-charge coverage ratio

Fixed-charge coverage ratio is a non-GAAP financial measure representing the ratio of Adjusted EBITDA to fixed charges. We believe that this ratio is useful to investors as a supplemental measure of our ability to satisfy fixed financing obligations and preferred stock dividends. Cash interest is equal to interest expense calculated in accordance with GAAP plus capitalized interest, less amortization of loan fees and debt premiums (discounts).

The following table reconciles interest expense, the most directly comparable financial measure calculated and presented in accordance with GAAP, to cash interest and computes fixed-charge coverage ratio:

			Three Months Ended
(Dollars in thousands)			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Adjusted EBITDA			$	452,691					$	449,372					$	433,739					$	407,811					$	389,413
Interest expense			$	22,984					$	24,257					$	29,440					$	34,862					$	35,678
Capitalized interest			73,189						68,202						57,763						44,078						43,185
Amortization of loan fees			(3,235)						(3,236)						(3,103)						(2,911)						(2,854)
Amortization of debt (discounts) premiums			(269)						(267)						424						502						498
Cash interest and fixed charges			$	92,669					$	88,956					$	84,524					$	76,531					$	76,507
Fixed-charge coverage ratio:
– quarter annualized			4.9x						5.1x						5.1x						5.3x						5.1x
– trailing 12 months			5.1x						5.1x						5.1x						5.0x						4.8x

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

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

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

We compute funds from operations, as adjusted, as funds from operations calculated in accordance with the Nareit White Paper, excluding significant gains, losses, and impairments realized on non-real estate investments, unrealized gains or losses on non-real estate investments, gains or losses on early extinguishment of debt, significant termination fees, acceleration of stock compensation expense due to the resignation of an executive officer, 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. 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.

The following table reconciles net income 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
			September 30, 2022												September 30, 2022
(In thousands)			Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
Net income			$	38,747					$	108,092					$	40					$	473
Depreciation and amortization of real estate assets			27,790						77,889						795						2,684
Funds from operations			$	66,537					$	185,981					$	835					$	3,157

Gross assets

Gross assets are calculated as total assets plus accumulated depreciation:

(In thousands)			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Total assets			$	34,368,614					$	33,244,053					$	32,844,256					$	30,219,373					$	28,558,718
Accumulated depreciation			4,148,230						4,060,536						3,951,666						3,771,241						3,614,440
Gross assets			$	38,516,844					$	37,304,589					$	36,795,922					$	33,990,614					$	32,173,158

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. Our initial stabilized yield excludes the benefit of leverage. Our cash rents related to our value-creation 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.

•Initial stabilized yield (cash basis) reflects cash rents at the stabilization date after initial rental concessions, if any, have elapsed and our total cash investment in the property.

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Definitions and Reconciliations (continued)
September 30, 2022

Investment-grade or publicly traded large cap tenants

Investment-grade or publicly traded large cap tenants represent tenants that are investment-grade rated or publicly traded companies with an average daily market capitalization greater than $10 billion for the twelve months ended September 30, 2022, as reported by Bloomberg Professional Services. Credit ratings from Moody’s Investors Service 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, agtech, and technology industries. 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 September 30, 2022:

(In thousands)						Investments in Real Estate
Gross investments in real estate – North America						$	32,904,916
Less: accumulated depreciation – North America						(4,144,019)
Net investments in real estate – North America						28,760,897
Net investments in real estate – Asia						10,848
Investments in real estate						$	28,771,745

Space Intentionally Blank

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Definitions and Reconciliations (continued)
September 30, 2022

The square footage presented in the table below includes RSF of buildings in operation as of September 30, 2022, primarily representing lease expirations at recently acquired properties that also have inherent future development or redevelopment opportunities and for which we have the intent to demolish or redevelop the existing property upon expiration of the existing in-place leases and commencement of future construction:

						Dev/ Redev						RSF of Lease Expirations Targeted for Development and Redevelopment
Property/Submarket												2022						2023												Thereafter(1)						Total
Near-term projects:
100 Edwin H. Land Boulevard/Cambridge/Inner Suburbs						Redev						—						—												104,500						104,500
40 Sylvan Road/Route 128						Redev						—						312,845												—						312,845
275 Grove Street/Route 128						Redev						—						—												160,251						160,251
840 Winter Street/Route 128						Redev						—						10,265												17,965						28,230
3825 Fabian Way/Greater Stanford						Redev						250,000						—												—						250,000
3301 Monte Villa Parkway/Bothell						Redev						—						—												50,552						50,552
Other/Texas						Redev						—						—												143,105						143,105
												250,000						323,110												476,373						1,049,483
Intermediate-term projects:
9444 Waples Street/Sorrento Mesa						Dev						9,199						—												—						9,199
												9,199						—												—						9,199
Future projects:
550 Arsenal Street/Cambridge/Inner Suburbs						Dev						—						—												260,867						260,867
446 and 458 Arsenal Street/Cambridge/Inner Suburbs						Dev						—						—												38,200						38,200
380 and 420 E Street/Seaport Innovation District						Dev						—						—												195,506						195,506
Other/Greater Boston						Redev						—						—												167,549						167,549
1122 and 1150 El Camino Real/South San Francisco						Dev						—						—												655,172						655,172
3875 Fabian Way/Greater Stanford						Redev						—						—												228,000						228,000
960 Industrial Road/Greater Stanford						Dev						—						—												110,000						110,000
219 East 42nd Street/New York City						Dev						—						—												349,947						349,947
10975 and 10995 Torreyana Road/Torrey Pines						Dev						—						—												84,829						84,829
Alexandria Point/University Town Center						Dev						—						—												495,192						495,192
Sequence District by Alexandria/Sorrento Mesa						Dev/Redev						—						—												689,938						689,938
4025 and 4045 Sorrento Valley Boulevard/Sorrento Valley						Dev						—						—												22,886						22,886
601 Dexter Avenue North/Lake Union						Dev						—						18,680												—						18,680
830 4th Avenue South/SoDo						Dev						—						—												42,380						42,380
Other/Seattle						Dev						—						—												102,437						102,437
												—						18,680												3,442,903						3,461,583
												259,199						341,790												3,919,276						4,520,265

(1)Includes vacant square footage as of September 30, 2022.

Joint venture financial information

We present components of balance sheet and operating results information related to our real estate joint ventures, which are not presented, or intended to be presented, in accordance with GAAP. We present the proportionate share of certain financial line items as follows: (i) for each real estate joint venture that we consolidate in our financial statements, which are controlled by us through contractual rights or majority voting rights, but of which we own less than 100%, we apply the noncontrolling interest economic ownership percentage to each financial item to arrive at the amount of such cumulative noncontrolling interest share of each component presented; and (ii) for each real estate joint venture that we do not control and do not consolidate, and are instead controlled jointly or by our joint venture partners through contractual rights or majority voting rights, we apply our economic ownership percentage to each financial item to arrive at our proportionate share of each component presented.

The components of balance sheet and operating results information related to our real estate joint ventures do not represent our legal claim to those items. For each entity that we do not wholly own, the joint venture agreement generally determines what equity holders can receive upon capital events, such as sales or refinancing, or in the event of a liquidation. Equity holders are normally entitled to their respective legal ownership of any residual cash from a joint venture only after all liabilities, priority distributions, and claims have been repaid or satisfied.

We believe that this information can help investors estimate the balance sheet and operating results information related to our partially owned entities. Presenting this information provides a perspective not immediately available from consolidated financial statements and one that can supplement an understanding of the joint venture assets, liabilities, revenues, and expenses included in our consolidated results.

The components of balance sheet and operating results information related to our real estate joint ventures are limited as an analytical tool as the overall economic ownership interest does not represent our legal claim to each of our joint ventures’ assets, liabilities, or results of operations. In addition, joint venture financial information may include financial information related to the unconsolidated real estate joint ventures that we do not control. We believe that in order to facilitate for investors a clear understanding of our operating results and our total assets and liabilities, joint venture financial information should be examined in conjunction with our consolidated statements of operations and balance sheets. Joint venture financial information should not be considered an alternative to our consolidated financial statements, which are presented and prepared in accordance with GAAP.

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Definitions and Reconciliations (continued)
September 30, 2022

Key items included in net income attributable to Alexandria’s common stockholders

We present a tabular comparison of items, whether gain or loss, that may facilitate a high-level understanding of our results and provide context for the disclosures included in this Supplemental Information, our most recent annual report on Form 10-K, and our subsequent quarterly reports on Form 10-Q. We believe that such tabular presentation promotes a better understanding for investors of the corporate-level decisions made and activities performed that significantly affect comparison of our operating results from period to period. We also believe that this tabular presentation will supplement for investors an understanding of our disclosures and real estate operating results. Gains or losses on sales of real estate and impairments of held for sale assets are related to corporate-level decisions to dispose of real estate. Gains or losses on early extinguishment of debt are related to corporate-level financing decisions focused on our capital structure strategy. Significant realized and unrealized gains or losses on non-real estate investments, impairments of real estate and non-real estate investments, and acceleration of stock compensation expense due to the resignation of an executive officer are not related to the operating performance of our real estate assets as they result from strategic, corporate-level non-real estate investment decisions and external market conditions. Impairments of non-real estate investments are not related to the operating performance of our real estate as they represent the write-down of non-real estate investments when their fair values decrease below their respective carrying values due to changes in general market or other conditions outside of our control. Significant items, whether a gain or loss, included in the tabular disclosure for current periods are described in further detail in this Supplemental Information and accompanying Earnings Press Release.

Mega campus

Mega campuses are cluster campuses that consist of approximately 1 million RSF or more, including operating, active development/redevelopment, and land RSF less operating RSF expected to be demolished. The following table reconciles our operating RSF as of September 30, 2022:

						Operating RSF
Mega campus						27,716,476
Non-mega campus						13,349,223
Total						41,065,699
Mega campus RSF as a percentage of total operating property RSF						67		%

Net cash provided by operating activities after dividends

Net cash provided by operating activities after dividends includes the deduction for distributions to noncontrolling interests. For purposes of this calculation, changes in operating assets and liabilities are excluded as they represent timing differences.

Net debt and preferred stock to Adjusted EBITDA

Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a supplemental measure of evaluating our balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated debt less cash, cash equivalents, and restricted cash, plus preferred stock outstanding as of the end of the period. Refer to the definition of Adjusted EBITDA and Adjusted EBITDA margin for further information on the calculation of Adjusted EBITDA.

The following table reconciles debt to net debt and preferred stock and computes the ratio to Adjusted EBITDA:

(Dollars in thousands)						9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Secured notes payable						$	40,594					$	24,986					$	208,910					$	205,198					$	198,758
Unsecured senior notes payable						10,098,588						10,096,462						10,094,337						8,316,678						8,314,851
Unsecured senior line of credit and commercial paper						386,666						149,958						—						269,990						749,978
Unamortized deferred financing costs						76,947						78,978						81,175						65,476						65,112
Cash and cash equivalents						(533,824)						(420,258)						(775,060)						(361,348)						(325,872)
Restricted cash						(332,344)						(97,404)						(95,106)						(53,879)						(42,182)
Preferred stock						—						—						—						—						—
Net debt and preferred stock						$	9,736,627					$	9,832,722					$	9,514,256					$	8,442,115					$	8,960,645
Adjusted EBITDA:
– quarter annualized						$	1,810,764					$	1,797,488					$	1,734,956					$	1,631,244					$	1,557,652
– trailing 12 months						$	1,743,613					$	1,680,335					$	1,601,857					$	1,517,838					$	1,442,929
Net debt and preferred stock to Adjusted EBITDA:
– quarter annualized						5.4		x				5.5		x				5.5		x				5.2		x				5.8		x
– trailing 12 months						5.6		x				5.9		x				5.9		x				5.6		x				6.2		x

Space Intentionally Blank

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Definitions and Reconciliations (continued)
September 30, 2022

Net operating income, net operating income (cash basis), and operating margin

The following table reconciles net income to net operating income and net operating income (cash basis) and computes operating margin:

						Three Months Ended												Nine Months Ended
(Dollars in thousands)						9/30/22						9/30/21						9/30/22						9/30/21
Net income						$	383,443					$	124,433					$	575,433					$	554,486
Equity in earnings of unconsolidated real estate joint ventures						(40)						(3,091)						(473)						(9,237)
General and administrative expenses						49,958						37,931						134,286						109,807
Interest expense						22,984						35,678						76,681						107,303
Depreciation and amortization						254,929						210,842						737,666						581,807
Impairment of real estate						38,783						42,620						38,783						52,675
Loss on early extinguishment of debt						—						—						3,317						67,253
(Gain) loss on sales of real estate						(323,699)						435						(537,918)						(2,344)
Investment loss (income)						32,305						(67,084)						312,105						(372,361)
Net operating income						458,663						381,764						1,339,880						1,089,389
Straight-line rent revenue						(24,431)						(33,918)						(93,818)						(89,203)
Amortization of acquired below-market leases						(23,546)						(13,664)						(54,221)						(39,043)
Net operating income (cash basis)						$	410,686					$	334,182					$	1,191,841					$	961,143
Net operating income (cash basis) – annualized						$	1,642,744					$	1,336,728					$	1,589,121					$	1,281,524
Net operating income (from above)						$	458,663					$	381,764					$	1,339,880					$	1,089,389
Total revenues						$	659,852					$	547,759					$	1,918,681					$	1,537,227
Operating margin						70%						70%						70%						71%

Net operating income is a non-GAAP financial measure calculated as net income, 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 and amortization of acquired above- and below-market lease revenue adjustments 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.

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, 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, office rent, and office supplies that are incurred as part of corporate office management. We calculate operating margin as net operating income divided by total revenues.

We believe that in order to facilitate for investors a clear understanding of our operating results, net operating income should be examined in conjunction with net income or loss as presented in our consolidated statements of operations. Net operating income should not be considered as an alternative to net income or loss as an indication of our performance, nor as an alternative to cash flows as a measure of our liquidity or our ability to make distributions.

Operating statistics

We present certain operating statistics related to our properties, including number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations as of the end of the period. We believe these measures are useful to investors because they facilitate an understanding of certain trends for our properties. We compute the number of properties, RSF, occupancy percentage, leasing activity, and contractual lease expirations at 100% for all properties in which we have an investment, including properties owned by our consolidated and unconsolidated real estate joint ventures. For operating metrics based on annual rental revenue, refer to the definition of annual rental revenue herein.

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Definitions and Reconciliations (continued)
September 30, 2022

Same property comparisons

As a result of changes within our total property portfolio during the comparative periods presented, including changes from assets acquired or sold, properties placed into development or redevelopment, and development or redevelopment properties recently placed into service, the consolidated total income from rentals, as well as rental operating expenses in our operating results, can show significant changes from period to period. In order to supplement an evaluation of our results of operations over a given quarterly or annual period, we analyze the operating performance for all consolidated properties that were fully operating for the entirety of the comparative periods presented, referred to as same properties. We separately present quarterly and year-to-date same property results to align with the interim financial information required by the SEC in our management’s discussion and analysis of our financial condition and results of operations. These same properties are analyzed separately from properties acquired subsequent to the first day in the earliest comparable quarterly or year-to-date period presented, properties that underwent development or redevelopment at any time during the comparative periods, unconsolidated real estate joint ventures, properties classified as held for sale, and corporate entities (legal entities performing general and administrative functions), which are excluded from same property results. Additionally, termination fees, if any, are excluded from the results of same properties.

Space Intentionally Blank

The following table reconciles the number of same properties to total properties for the nine months ended September 30, 2022:

												Redevelopment – placed into
Development – under construction						Properties						service after January 1, 2021						Properties
5 and 9 Laboratory Drive						2						700 Quince Orchard Road						1
4 Davis Drive						1						3160 Porter Drive						1
201 Brookline Avenue						1						5505 Morehouse Drive						1
10055 Barnes Canyon Road						1						Other						1
15 Necco Street						1												4
751 Gateway Boulevard						1						Acquisitions after January 1, 2021						Properties
325 Binney Street						1						3301, 3303, 3305, 3307, 3420, and 3440 Hillview Avenue						6
1150 Eastlake Avenue East						1
10102 Hoyt Park Drive						1						Sequence District by Alexandria						5
9810 Darnestown Road						1						Alexandria Center® for Life Science – Fenway						1
99 Coolidge Avenue						1
500 North Beacon Street and 4 Kingsbury Avenue						2						550 Arsenal Street						1
												1501-1599 Industrial Road						6
9808 Medical Center Drive						1						One Investors Way						2
6040 George Watts Hill Drive						1						2475 Hanover Street						1
						16						10975 and 10995 Torreyana Road						2
Development – placed into												Pacific Technology Park						6
service after January 1, 2021						Properties						1122 and 1150 El Camino Real						2
1165 Eastlake Avenue East						1						12 Davis Drive						1
201 Haskins Way						1						8505 Costa Verde Boulevard and 4260 Nobel Drive						2
825 and 835 Industrial Road						2
9950 Medical Center Drive						1						225 and 235 Presidential Way						2
3115 Merryfield Row						1						104 TW Alexander Drive						4
8 and 10 Davis Drive						2						One Hampshire Street						1
						8						Intersection Campus						12
Redevelopment – under construction						Properties						100 Edwin H. Land Boulevard						1
30-02 48th Avenue						1						10010 and 10140 Campus Point Drive and 4275 Campus Point Court						3
The Arsenal on the Charles						11
2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive						4						446 and 458 Arsenal Street						2
												Other						47
840 Winter Street						1												107
20400 Century Boulevard						1						Unconsolidated real estate JVs						4
9601 and 9603 Medical Center Drive						2						Properties held for sale						—
One Rogers Street						1
40, 50, and 60 Sylvan Road						3						Total properties excluded from same properties						175
Alexandria Center® for Advanced Technologies – Monte Villa Parkway						6
												Same properties						256
651 Gateway Boulevard						1						Total properties in North America as of September 30, 2022						431
8800 Technology Forest Place						1
Canada						2
Other						2
						36

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Definitions and Reconciliations (continued)
September 30, 2022

Stabilized occupancy date

The stabilized occupancy date represents the estimated date on which the project is expected to reach occupancy of 95% or greater.

Tenant recoveries

Tenant recoveries represent revenues comprising reimbursement of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses and earned in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse us arises.

We classify rental revenues and tenant recoveries generated through the leasing of real estate assets within revenue 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” of this Supplemental Information because we believe it promotes investors’ understanding of our operating results. We believe that the presentation of tenant recoveries is useful to investors as a supplemental measure of our ability to recover operating expenses under our triple net leases, including recoveries of utilities, repairs and maintenance, insurance, property taxes, common area expenses, and other operating expenses, and of our ability to mitigate the effect to net income for any significant variability to components of our operating expenses.

The following table reconciles income from rentals to tenant recoveries:

			Three Months Ended																														Nine Months Ended
(In thousands)			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						9/30/22						9/30/21
Income from rentals			$	656,853					$	640,959					$	612,554					$	574,656					$	546,527					$	1,910,366					$	1,533,593
Rental revenues			(496,146)						(485,067)						(469,537)						(435,637)						(415,918)						(1,450,750)						(1,182,955)
Tenant recoveries			$	160,707					$	155,892					$	143,017					$	139,019					$	130,609					$	459,616					$	350,638

Total equity capitalization

Total equity capitalization is equal to the outstanding shares of common stock multiplied by the closing price on the last trading day at the end of each period presented.

Total market capitalization

Total market capitalization is equal to the sum of total equity capitalization and total debt.

Unencumbered net operating income as a percentage of total net operating income

Unencumbered net operating income as a percentage of total net operating income is a non-GAAP financial measure that we believe is useful to investors as a performance measure of the results of operations of our unencumbered real estate assets as it reflects those income and expense items that are incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented.

The following table summarizes unencumbered net operating income as a percentage of total net operating income:

			Three Months Ended
(Dollars in thousands)			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21
Unencumbered net operating income			$	457,656					$	446,473					$	420,960					$	390,017					$	371,026
Encumbered net operating income			1,007						1,007						12,777						11,189						10,738
Total net operating income			$	458,663					$	447,480					$	433,737					$	401,206					$	381,764
Unencumbered net operating income as a percentage of total net operating income			100%						100%						97%						97%						97%

Weighted-average interest rate for capitalization of interest

The weighted-average interest rate required for calculating capitalization of interest pursuant to GAAP represents a weighted-average rate as of the end of the applicable period, based on the rates applicable to borrowings outstanding during the period, including expense/income related to interest rate hedge agreements, amortization of loan fees, amortization of debt premiums (discounts), and other bank fees. A separate calculation is performed to determine our weighted-average interest rate for capitalization for each month. The rate will vary each month due to changes in variable interest rates, outstanding debt balances, the proportion of variable-rate debt to fixed-rate debt, the amount and terms of interest rate hedge agreements, and the amount of loan fee and premium (discount) amortization.

Space Intentionally Blank

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Definitions and Reconciliations (continued)
September 30, 2022

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 highly leased development and redevelopment projects, and for general working capital purposes. We are required to consider the potential dilutive effect of our forward equity sales agreements under the treasury stock method while the forward equity sales agreements are outstanding. As of September 30, 2022, we had Forward Agreements outstanding to sell an aggregate of 8.0 million shares of common stock.

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:

			Three Months Ended																														Nine Months Ended
(In thousands)			9/30/22						6/30/22						3/31/22						12/31/21						9/30/21						9/30/22						9/30/21
Basic shares for earnings per share			161,554						161,412						158,198						153,464						150,854						160,400						144,716
Forward Agreements			—						—						—						843						707						—						437
Diluted shares for earnings per share			161,554						161,412						158,198						154,307						151,561						160,400						145,153
Basic shares for funds from operations per share and funds from operations per share, as adjusted			161,554						161,412						158,198						153,464						150,854						160,400						144,716
Forward Agreements			—						—						11						843						707						—						437
Diluted shares for funds from operations per share and funds from operations per share, as adjusted			161,554						161,412						158,209						154,307						151,561						160,400						145,153

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