# EDGAR Filing Document

**Accession Number:** 0001035443
**File Stem:** 0001035443-23-000100
**Filing Date:** 2023-1
**Character Count:** 353139
**Document Hash:** f493fbf6c7ea7cf0dbb1d4dae50c9886
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001035443-23-000100.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001035443-23-000100

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20230130

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALEXANDRIA REAL ESTATE EQUITIES, INC.
- **CENTRAL INDEX KEY:** 0001035443
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 954502084
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12993
- **FILM NUMBER:** 23568057

**BUSINESS ADDRESS:**
- **STREET 1:** 26 NORTH EUCLID AVENUE
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101
- **BUSINESS PHONE:** 6265780777

**MAIL ADDRESS:**
- **STREET 1:** 26 NORTH EUCLID AVENUE
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALEXANDRIA REAL ESTATE EQUITIES INC
- **DATE OF NAME CHANGE:** 19970311

?xml version="1.0" ? are-20230130

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): January 30, 2023

**ALEXANDRIA REAL ESTATE EQUITIES, INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Maryland** | **1-12993** | **95-4502084** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**26 North Euclid Avenue, Pasadena, California 91101** 

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: **(626) 578-0777** 

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $.01 par value per share | ARE | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On January 30, 2023, Alexandria Real Estate Equities, Inc. (the "Company") issued a press release entitled "Alexandria Real Estate Equities, Inc. Reports Fourth Quarter and Year Ended December 31, 2022 Financial and Operating Results." The press release referred to certain supplemental information that is available on the Company's website at www.are.com. A copy of the press release and supplemental information are attached hereto as Exhibit 99.1.

The information contained in this Item 2.02, including the exhibit referenced herein, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1](a4q22ex991supp.htm)&nbsp;&nbsp;&nbsp;&nbsp; [Alexandria Real Estate Equities, Inc.'s Earnings Press Release and Supplemental Information](a4q22ex991supp.htm) for the Fourth Quarter and Year Ended December 31, 2022

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**Forward-Looking Statements**

This current report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These statements include words such as "forecast," "guidance," "projects," "estimates," "anticipates," "goals," "believes," "expects," "intends," "may," "plans," "seeks," "should," or "will," or the negative of these words or similar words. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. A number of important factors could cause actual results to differ materially from those included within or contemplated by the forward-looking statements, including, but not limited to, the factors described in the Company's filings with the Securities and Exchange Commission, including the Company's most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. The Company does not undertake any responsibility to update any of these factors or to announce publicly any revisions to any of the forward-looking statements contained in this or any other document, whether as a result of new information, future events, or otherwise.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | ALEXANDRIA REAL ESTATE EQUITIES, INC. | ALEXANDRIA REAL ESTATE EQUITIES, INC. |
| January 30, 2023 | By: | /s/ Joel S. Marcus |
|  |  | Joel S. Marcus |
|  |  | Executive Chairman |
|  | By: | /s/ Peter M. Moglia |
|  |  | Peter M. Moglia |
|  |  | Chief Executive Officer and <br>Co-Chief Investment Officer |
|  | By: | /s/ Dean A. Shigenaga |
|  |  | Dean A. Shigenaga |
|  |  | President and Chief Financial Officer |

---

## Exhibit 99.1

![q422frontcover.jpg](q422frontcover.jpg)

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<br>

------

![q422conferencecallv4a.jpg](q422conferencecallv4a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | i |

---

------

![q422bigcatv3.jpg](q422bigcatv3.jpg)

Sources: Bloomberg and S&P Global Market Intelligence. Assumes reinvestment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Alexandria's IPO priced at $20.00 per share on May 27, 1997.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents the FTSE Nareit Equity Office Index.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | ii |

---

------

![q422balancesheetav8.jpg](q422balancesheetav8.jpg)

As of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Quarter annualized. Refer to "Net debt and preferred stock to Adjusted EBITDA" in the "Definitions and reconciliations" of our Supplemental Information for additional details.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | iii |

---

------

![q422arrpercentagev8a.jpg](q422arrpercentagev8a.jpg)

As of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(1)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.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents annual rental revenue currently generated from space that is targeted for a future change in use, including 1.1% of total annual rental revenue that is generated from covered land play projects. The weighted-average remaining term of these leases is 5.2 years.

&nbsp;&nbsp;&nbsp;&nbsp;(3)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.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Represents annual rental revenue in effect as of December 31, 2022. Refer to "Annual rental revenue" in the "Definitions and reconciliations" of our Supplemental Information for additional details.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | iv |

---

------

![q422leasingvolumeannualv6a.jpg](q422leasingvolumeannualv6a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | v |

---

------

![q422quarterlyleasingv4a.jpg](q422quarterlyleasingv4a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | vi |

---

------

![q422rentalrategaapv1a.jpg](q422rentalrategaapv1a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | vii |

---

------

![q422rentalratecashbasisv4a.jpg](q422rentalratecashbasisv4a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | viii |

---

------

![q422dividendv5a.jpg](q422dividendv5a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1)Based on the closing price of our common stock as of December 31, 2022 of $145.67 and the common stock dividend declared for the three months ended December 31, 2022 of $1.21 annualized.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | ix |

---

------

![q422dispositionv6a.jpg](q422dispositionv6a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes initial proceeds from our joint venture partners' contribution toward construction projects.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Represents the aggregate gain and consideration in excess of book value recognized on dispositions and partial interest sales, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Represents the weighted-average capitalization rates for stabilized operating assets.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | x |

---

------

![q422pipelinesplashv12.jpg](q422pipelinesplashv12.jpg)

Refer to "Net operating income" in the "Definitions and reconciliations" of our Supplemental Information for additional details and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As of December 31, 2022. 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 four quarters.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | xi |

---

------

![q422insidedna.jpg](q422insidedna.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | xii |

---

------

![q422metricsav5.jpg](q422metricsav5.jpg)

As of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Refer to "Key credit metrics" of our Supplemental Information for additional details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xiii |

---

------

![q422metricsbv2a.jpg](q422metricsbv2a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 December 31, 2022.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xiv |

---

------

![q422balancesheetbv5a.jpg](q422balancesheetbv5a.jpg)

As of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Quarter annualized. Refer to "Net debt and preferred stock to Adjusted EBITDA" in the "Definitions and reconciliations" of our Supplemental Information for additional details.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xv |

---

------

![q422tobyawardsv2a.jpg](q422tobyawardsv2a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xvi |

---

------

![q422esghighlightsv5a.jpg](q422esghighlightsv5a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Reflects current score for Alexandria and latest scores available for the FTSE Nareit All REITs Index companies from Bloomberg Professional Services as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Top 10% ranking among companies included in the Sustainalytics Global Universe, based on information available from Bloomberg Professional Services as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Reflects current scores for Alexandria and latest scores available for the FTSE Nareit All REITs Index companies on ISS's website as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Top 10% ranking among FTSE Nareit All REITs Index companies, based on information available from Bloomberg Professional Services as of December 31, 2022.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xvii |

---

------

![q422sustainabilityv1.jpg](q422sustainabilityv1.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Progress toward 2025 goal.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xviii |

---

------

![q422binneyesg.jpg](q422binneyesg.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xix |

---

------

![q422socialresponsibilityv2a.jpg](q422socialresponsibilityv2a.jpg)

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved.©](#i25f5ad965cbc47809551e63314f7d09f_22)2023 | xx |

---

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Table of Contents** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **EARNINGS PRESS RELEASE** | Page |  | Page |
| &nbsp;&nbsp;&nbsp;Fourth Quarter and Year Ended December 31, 2022[Financial and Operating Results](#i25f5ad965cbc47809551e63314f7d09f_25) | [1](#i25f5ad965cbc47809551e63314f7d09f_25) | &nbsp;&nbsp;&nbsp;[Earnings Call Information and About the Company](#i25f5ad965cbc47809551e63314f7d09f_46) | [7](#i25f5ad965cbc47809551e63314f7d09f_46) |
| &nbsp;&nbsp;&nbsp;[Acquisitions](#i25f5ad965cbc47809551e63314f7d09f_28) | [4](#i25f5ad965cbc47809551e63314f7d09f_28) | &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations](#i25f5ad965cbc47809551e63314f7d09f_49) | [8](#i25f5ad965cbc47809551e63314f7d09f_49) |
| &nbsp;&nbsp;&nbsp;[Dispositions and Sales of Partial Inte](#i25f5ad965cbc47809551e63314f7d09f_31)[re](#i25f5ad965cbc47809551e63314f7d09f_31)[st](#i25f5ad965cbc47809551e63314f7d09f_31)[s](#i25f5ad965cbc47809551e63314f7d09f_31) | [5](#i25f5ad965cbc47809551e63314f7d09f_31) | &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#i25f5ad965cbc47809551e63314f7d09f_52) | [9](#i25f5ad965cbc47809551e63314f7d09f_52) |
| &nbsp;&nbsp;&nbsp;[Guidance](#i25f5ad965cbc47809551e63314f7d09f_34) | [6](#i25f5ad965cbc47809551e63314f7d09f_34) | &nbsp;&nbsp;&nbsp;[Funds From Operations and Funds From Operations per Share](#i25f5ad965cbc47809551e63314f7d09f_55) | [10](#i25f5ad965cbc47809551e63314f7d09f_55) |
| **SUPPLEMENTAL INFORMATION** | Page |  | Page |
| &nbsp;&nbsp;&nbsp;[Company Profile](#i25f5ad965cbc47809551e63314f7d09f_61) | [13](#i25f5ad965cbc47809551e63314f7d09f_61) | **External Growth / Investments in Real Estate** |  |
| &nbsp;&nbsp;&nbsp;[Investor Information](#i25f5ad965cbc47809551e63314f7d09f_64) | [14](#i25f5ad965cbc47809551e63314f7d09f_64) | &nbsp;&nbsp;&nbsp;[Investments in Real Estate](#i25f5ad965cbc47809551e63314f7d09f_100) | [32](#i25f5ad965cbc47809551e63314f7d09f_100) |
| &nbsp;&nbsp;&nbsp;[Financial and Asset Base Highlights](#i25f5ad965cbc47809551e63314f7d09f_67) | [15](#i25f5ad965cbc47809551e63314f7d09f_67) | &nbsp;&nbsp;&nbsp;New Class A Development and Redevelopment Properties: |  |
| &nbsp;&nbsp;&nbsp;[High-Quality](#i25f5ad965cbc47809551e63314f7d09f_1099511629146)[Client Base](#i25f5ad965cbc47809551e63314f7d09f_1099511629146) | [17](#i25f5ad965cbc47809551e63314f7d09f_1099511629146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Recent Deliveries](#i25f5ad965cbc47809551e63314f7d09f_106) | [34](#i25f5ad965cbc47809551e63314f7d09f_106) |
| &nbsp;&nbsp;&nbsp;[High-Quali](#i25f5ad965cbc47809551e63314f7d09f_73)[ty](#i25f5ad965cbc47809551e63314f7d09f_73)[and Diverse](#i25f5ad965cbc47809551e63314f7d09f_73)[Client Base in AAA Locations](#i25f5ad965cbc47809551e63314f7d09f_73) | [18](#i25f5ad965cbc47809551e63314f7d09f_73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Current Projects](#i25f5ad965cbc47809551e63314f7d09f_109) | [37](#i25f5ad965cbc47809551e63314f7d09f_109) |
| &nbsp;&nbsp;&nbsp;[Occupancy](#i25f5ad965cbc47809551e63314f7d09f_76) | [19](#i25f5ad965cbc47809551e63314f7d09f_76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Summary of Pipeline](#i25f5ad965cbc47809551e63314f7d09f_115) | [43](#i25f5ad965cbc47809551e63314f7d09f_115) |
| **Internal Growth** |  | &nbsp;&nbsp;&nbsp;[Construction Spending](#i25f5ad965cbc47809551e63314f7d09f_118) | [48](#i25f5ad965cbc47809551e63314f7d09f_118) |
| &nbsp;&nbsp;&nbsp;[Key Operating Metrics](#i25f5ad965cbc47809551e63314f7d09f_79) | [20](#i25f5ad965cbc47809551e63314f7d09f_79) | &nbsp;&nbsp;&nbsp;[Joint Venture Financial Information](#i25f5ad965cbc47809551e63314f7d09f_121) | [49](#i25f5ad965cbc47809551e63314f7d09f_121) |
| &nbsp;&nbsp;&nbsp;[Same Property Performance](#i25f5ad965cbc47809551e63314f7d09f_82) | [21](#i25f5ad965cbc47809551e63314f7d09f_82) | **Balance Sheet Management** |  |
| &nbsp;&nbsp;&nbsp;[Leasing Activity](#i25f5ad965cbc47809551e63314f7d09f_85) | [22](#i25f5ad965cbc47809551e63314f7d09f_85) | &nbsp;&nbsp;&nbsp;[Investments](#i25f5ad965cbc47809551e63314f7d09f_124) | [51](#i25f5ad965cbc47809551e63314f7d09f_124) |
| &nbsp;&nbsp;&nbsp;[Contractual Lease Expirations](#i25f5ad965cbc47809551e63314f7d09f_88) | [23](#i25f5ad965cbc47809551e63314f7d09f_88) | &nbsp;&nbsp;&nbsp;[Key Credit Metrics](#i25f5ad965cbc47809551e63314f7d09f_127) | [52](#i25f5ad965cbc47809551e63314f7d09f_127) |
| &nbsp;&nbsp;&nbsp;[Top 20 Tenants](#i25f5ad965cbc47809551e63314f7d09f_91) | [24](#i25f5ad965cbc47809551e63314f7d09f_91) | &nbsp;&nbsp;&nbsp;[Summary of Debt](#i25f5ad965cbc47809551e63314f7d09f_130) | [53](#i25f5ad965cbc47809551e63314f7d09f_130) |
| &nbsp;&nbsp;&nbsp;[Summary of Properties and Occupancy](#i25f5ad965cbc47809551e63314f7d09f_94) | [25](#i25f5ad965cbc47809551e63314f7d09f_94) | **Definitions and Reconciliations** |  |
| &nbsp;&nbsp;&nbsp;[Property Listing](#i25f5ad965cbc47809551e63314f7d09f_97) | [26](#i25f5ad965cbc47809551e63314f7d09f_97) | &nbsp;&nbsp;&nbsp;[Definitions and Reconciliations](#i25f5ad965cbc47809551e63314f7d09f_139) | [57](#i25f5ad965cbc47809551e63314f7d09f_139) |

---

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](#i25f5ad965cbc47809551e63314f7d09f_46) 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.

 Alexandria Real Estate Equities, Inc. All Rights Reserved.© 2023 xxi

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![q422logo.jpg](q422logo.jpg)

**Alexandria Real Estate Equities, Inc. Reports:**

**4Q22 and 2022 Net Income per Share – Diluted of $0.31 and $3.18, respectively; and**

**4Q22 and 2022 FFO per Share – Diluted, As Adjusted, of $2.14 and $8.42, respectively**

PASADENA, Calif. – January 30, 2023 – Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the fourth quarter and year ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Key highlights</u>** | | | | |
| *<u>Operating results</u>* | 4Q22 | 4Q21 | 2022 | 2021 |
| Total revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;In millions | $670.3 | $576.9 | $2589.0 | $2114.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growth | 16.2% |  | 22.5% |  |
| Net income attributable to Alexandria's common stockholders – diluted | Net income attributable to Alexandria's common stockholders – diluted | Net income attributable to Alexandria's common stockholders – diluted | Net income attributable to Alexandria's common stockholders – diluted | Net income attributable to Alexandria's common stockholders – diluted |
| &nbsp;&nbsp;&nbsp;&nbsp;In millions | $51.8 | $72.8 | $513.3 | $563.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share | $0.31 | $0.47 | $3.18 | $3.82 |
| Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted | Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted | Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted | Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted | Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted |
| &nbsp;&nbsp;&nbsp;&nbsp;In millions | $353.6 | $303.6 | $1361.7 | $1144.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per share | $2.14 | $1.97 | $8.42 | $7.76 |

---

*<u>An operationally excellent, industry-leading REIT with a high-quality client base of approximately 1,000 tenants supporting high-quality revenues, cash flows, and strong margins</u>*

---

| | |
|:---|:---|
| Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants | 48% |
| Sustained strength in tenant collections: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant receivables as of December 31, 2022 | $7.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;January 2023 tenant rent and receivables collected as of January 30, 2023 | 99.4% |
| Occupancy of operating properties in North America | 94.8% |
| Operating margin | 70% |
| Adjusted EBITDA margin | 69% |
| Weighted-average remaining lease term: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All tenants | 7.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Top 20 tenants | 9.4 |

---

*<u>Second-highest annual leasing volume and rental rate increases (cash basis)</u>*

&nbsp;&nbsp;&nbsp;&nbsp;***•*** Annual leasing volume of 8.4 million RSF in 2022 represents the second highest in Company history, with 74% generated from our client base of approximately 1,000 tenants.

&nbsp;&nbsp;&nbsp;&nbsp;***•*** 4Q22 leasing volume of 2.0 million RSF represents the fourth highest in Company history.

&nbsp;&nbsp;&nbsp;&nbsp;***•*** Rental rate increase (cash basis) of 22.1% on lease renewals and re-leasing of space represents the second-highest rental rate growth (cash basis) in Company history.

---

| | | | |
|:---|:---|:---|:---|
| | 4Q22 | | 2022 |
| Total leasing activity – RSF | 2000322 |  | 8405587 |
| Lease renewals and re-leasing of space: |  |  |  |
| &nbsp;&nbsp;&nbsp;RSF (included in total leasing activity above) | 1494345 |  | 4540325 |
| &nbsp;&nbsp;&nbsp;Rental rate increases | 26.0% | <sup>(1)</sup> | 31.0% |
| &nbsp;&nbsp;&nbsp;Rental rate increases (cash basis) | 19.6% | <sup>(1)</sup> | 22.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Includes rental rate increases related to two recently acquired office leases, including one lease subject to a fixed-rate renewal option and one full-building lease in a non-core submarket. Excluding these leases, rental rate increases for the three months ended December 31, 2022 were 36.8% and 31.4% (cash basis).

*<u>Continued strong net operating income and internal growth, including highest annual same property and third-highest quarterly same property growth (cash basis)</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• Net operating income (cash basis) of $1.7 billion for 4Q22 annualized, up $248.4 million, or 17.3%, compared to 4Q21 annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Same property net operating income growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4.7% and 10.9% (cash basis) for 4Q22 over 4Q21, representing the third-highest (cash basis) growth in Company history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 6.6% and 9.6% (cash basis) for 2022 over 2021, with both increases representing the highest growth in Company history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our 2022 same property growth outperformed our 10-year averages of 3.6% and 6.7% (cash basis) as a result of an increase in same property occupancy of 100 bps and early lease renewals that commenced in late 2021/early 2022.

*<u>Continued strong and flexible balance sheet with lowest leverage in Company history and 13.2 years of remaining term of outstanding debt</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;• Net debt and preferred stock to Adjusted EBITDA of 5.1x, the lowest ratio in Company history, and fixed-charge coverage ratio of 5.0x for 4Q22 annualized.

&nbsp;&nbsp;&nbsp;&nbsp;• Total debt and preferred stock to gross assets of 25%.

&nbsp;&nbsp;&nbsp;&nbsp;• 99.4% of our debt has a fixed rate.

&nbsp;&nbsp;&nbsp;&nbsp;• 13.2 years weighted-average remaining term of debt.

&nbsp;&nbsp;&nbsp;&nbsp;• No debt maturities prior to 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• $5.3 billion of liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;• $1.4 billion of contractual construction funding commitments from existing real estate joint venture partners expected over the next four years.

*<u>Continued strong, consistent, and increasing dividends with a focus on retaining significant net cash flows from operating activities after dividends for reinvestment</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• Common stock dividend declared for 4Q22 of $1.21 per common share, aggregating $4.72 per common share for the year ended December 31, 2022, up 24 cents, or 5%, over the year ended December 31, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;• Dividend yield of 3.3% as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;• Dividend payout ratio of 58% for the three months ended December 31, 2022.

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

*<u>Alexandria's value-creation pipeline drives visibility for future growth aggregating over $655 million of incremental net operating income</u>*

Highly leased value-creation pipeline of current and seven near-term projects expected to generate greater than $655 million of incremental net operating income, primarily commencing from 1Q23 through 4Q25.

&nbsp;&nbsp;&nbsp;&nbsp;• 7.6 million RSF of value-creation projects, which are 72% leased.

&nbsp;&nbsp;&nbsp;&nbsp;• 77% of the leased RSF of our value-creation projects was generated from our client base of approximately 1,000 tenants.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>1</sub>

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| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Fourth Quarter and Year Ended December 31, 2022 Financial and Operating Results (continued)**  | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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*<u>Key items included in operating results</u>*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: | Key items included in net income attributable to Alexandria's common stockholders: |
|  | 4Q22 | 4Q21 | 4Q22 | 4Q21 | 2022 | 2021 | 2022 | 2021 |
| *(In millions, except per share amounts)* | Amount | Amount | Per Share – Diluted | Per Share – Diluted | Amount | Amount | Per Share – Diluted | Per Share – Diluted |
| Impairment of real estate | $(26.2) | $— | $(0.16) | $— | $(65.0) | $(52.7) | $(0.40) | $(0.35) |
| Loss on early extinguishment of debt |  |  |  |  | (3.3) | (67.3) | (0.02) | (0.46) |
| Gain on sales of real estate |  | 124.2 |  | 0.80 | 537.9 | 126.6 | 3.33 | 0.86 |
| Acceleration of stock compensation expense due to executive officer resignation |  |  |  |  | (7.2) |  | (0.04) |  |
| Unrealized (losses) gains on non-real estate investments | (24.1) | (139.7) | (0.15) | (0.91) | (412.2) | 43.6 | (2.55) | 0.30 |
| Impairment of non-real estate investments | (20.5) |  | (0.12) |  | (20.5) |  | (0.13) |  |
| Significant realized gains on non-real estate investments |  |  |  |  |  | 110.1 |  | 0.75 |
| &nbsp;&nbsp;&nbsp;Total | $(70.8) | $(15.5) | $(0.43) | $(0.11) | $29.7 | $160.3 | $0.19 | $1.10 |
| Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. | Refer to "Funds from operations and funds from operations per share" of this Earnings Press Release for additional details. |

---

**<u>Strong balance sheet management</u>**

*<u>Key metrics as of December 31, 2022</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• $35.0 billion in total market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;• $24.9 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.

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

---

| | | | |
|:---|:---|:---|:---|
| | 4Q22 | 4Q22 | Goal |
| | Quarter<br>Annualized | Trailing<br>12 Months | 4Q23<br>Annualized |
| Net debt and preferred stock to Adjusted EBITDA | 5.1x | 5.2x | Less than or equal to 5.1x |
| Fixed-charge coverage ratio | 5.0x | 5.0x | 4.5x to 5.0x |

---

*<u>K</u><u>ey capital events</u>*

&nbsp;&nbsp;&nbsp;&nbsp;*•* During 4Q22, we settled outstanding forward equity sales agreements by issuing 8.0 million shares of common stock at an average price of $186.87 and received net proceeds of $1.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;• In December 2022, we entered into new forward equity sales agreements aggregating $104.7 million to sell 699,274 shares under our ATM program at an average price of $149.68 per share (before underwriter discounts). We expect to settle these forward equity sales agreements in 2023.

&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2022, the remaining aggregate amount available under our ATM program for future sales of common stock was $141.9 million. We expect to establish a new ATM program in 1Q23.

*<u>Investments</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• As of December 31, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our non-real estate investments aggregated $1.6 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized gains presented in our consolidated balance sheet were $397.0 million, comprising gross unrealized gains and losses aggregating $506.4 million and $109.4 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Investment loss of $19.7 million for the three months ended December 31, 2022 presented in our consolidated statement of operations consisted of $25.0 million of realized gains, $24.1 million of unrealized losses/changes in fair value, and $20.5 million of impairments primarily related to three non-real estate investments in privately held entities that do not report NAV.

**<u>External growth and investments in real estate</u>**

*<u>Delivery and commencement of value-creation projects</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• During 4Q22, we placed into service development and redevelopment projects aggregating 497,755 RSF across multiple submarkets, resulting in $28 million of incremental annual net operating income.

&nbsp;&nbsp;&nbsp;&nbsp;• Annual net operating income (cash basis) is expected to increase by $57 million upon the burn-off of initial free rent from recently delivered projects.

&nbsp;&nbsp;&nbsp;&nbsp;• Commenced two development projects aggregating 467,567 RSF during 4Q22, including 212,796 RSF at 1450 Owens Street in our Mission Bay submarket, which will be 100% funded by our joint venture partner, and 254,771 RSF at 10075 Barnes Canyon Road in our Sorrento Mesa submarket, which will be 50% funded by our joint venture partner.

---

| | |
|:---|:---|
| Value-creation pipeline of new Class A development and redevelopment projects as a percentage of gross assets | 4Q22 |
| Under construction projects 68% leased/negotiating | 10% |
| Near-term projects expected to commence construction in the next four quarters 88% leased | 2% |
| Income-producing/potential cash flows/covered land play<sup>(1)</sup> | 7% |
| Land | 3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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. These projects aggregate 1.1% of total annual rental revenue as of December 31, 2022 and are included in targeted for a future change in use in our industry mix chart. Refer to "High-quality and diverse client base in AAA locations" in our Supplemental Information.

&nbsp;&nbsp;&nbsp;&nbsp;• 81% 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%.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>2</sub>

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| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Fourth Quarter and Year Ended December 31, 2022 Financial and Operating Results (continued)**  | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**<u>Industry and ESG leadership: catalyzing and leading the way for positive change to benefit human health and society</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• In January 2023, Alexandria Venture Investments was recognized by Silicon Valley Bank in its "Healthcare Investments and Exits: Annual Report 2022" as the #1 most active corporate investor in biopharma by new deal volume (2021-2022) for the sixth consecutive year. Alexandria's venture activity provides us with, among other things, mission-critical data on and insights into key macro life science industry and innovation trends.

&nbsp;&nbsp;&nbsp;&nbsp;• In November 2022, our executive chairman and founder, Joel S. Marcus, presented at the much-anticipated Annual Baron Investment Conference for a rare second time. Mr. Marcus opened the program with a presentation on what renowned author and business strategist Jim Collins describes as our "Superior Results, Distinctive Impact, and Lasting Endurance."

&nbsp;&nbsp;&nbsp;&nbsp;• In November 2022, Alexandria earned several 2022 TOBY (The Outstanding Building of the Year) Awards from BOMA (Building Owners and Managers Association) in Boston, Seattle, and Raleigh-Durham. The TOBY Awards recognize quality in commercial buildings and reward excellence in building management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In our Cambridge/Inner Suburbs submarket: Four recognitions across three of our premier mega campuses – Alexandria Center<sup>®</sup> at Kendall Square, Alexandria Center<sup>®</sup> at One Kendall Square, and Alexandria Technology Square<sup>®</sup> – for Corporate Facility, Laboratory Building, Renovated Building, and Building Under 100,000 SF categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In our Lake Union submarket: A recognition for 1165 Eastlake Avenue East on The Eastlake Life Science Campus by Alexandria mega campus in the Corporate Facility category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In our Research Triangle submarket: A recognition for 9 Laboratory Drive on our Alexandria Center<sup>®</sup> for AgTech campus in the Life Science category.

&nbsp;&nbsp;&nbsp;&nbsp;• In October 2022, Mr. Marcus, as a newly appointed member of the Prix Galien USA's esteemed Awards jury, honored groundbreaking medical innovations in life science. He served on the Prix Galien committee, alongside other influential science leaders, that recognized the Best Startup, Best Digital Health Solution and the inaugural Best Incubators, Accelerators and Equity.

&nbsp;&nbsp;&nbsp;&nbsp;• In October 2022, 9880 Campus Point Drive on the Campus Point by Alexandria mega campus in our University Town Center submarket received an Orchid award for Architecture from the San Diego Architectural Foundation, and a People's Choice Orchid. The facility is home to Alexandria GradLabs<sup>®</sup>, a dynamic platform that is accelerating the growth of promising early-stage life science companies.

&nbsp;&nbsp;&nbsp;&nbsp;• Alexandria is addressing some of today's most urgent societal challenges through our eight social responsibility pillars, including the mental health crisis and opioid addiction. In October 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alexandria presented a timely conversation on the state of mental health in America with former congressman Patrick J. Kennedy, one of the world's leading voices and policymakers on mental health, at the Galien Forum USA 2022, which was held at the Alexandria Center<sup>®</sup> for Life Science – New York City.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OneFifteen, a novel, data-driven comprehensive care model we developed in partnership with Verily, celebrated its third anniversary of the campus's opening in Dayton, Ohio. OneFifteen has treated over 5,800 patients since opening its doors in October 2019.

**<u>About Alexandria Real Estate Equities, Inc.</u>** 

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500<sup>®</sup> 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 approximately 1,000 tenants, Alexandria has a total market capitalization of $35.0 billion and an asset base in North America of 74.6 million square feet ("SF") as of December 31, 2022, which includes 41.8 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 17.3 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.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>3</sub>

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| | |
|:---|:---|
| **Acquisitions** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Submarket/Market** | **Date of<br>Purchase** | **Number of Properties** | **Operating<br>Occupancy** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Purchase Price** |
| **Property** | **Submarket/Market** | **Date of<br>Purchase** | **Number of Properties** | **Operating<br>Occupancy** | **Acquisitions With Development/Redevelopment Opportunities**<sup>(1)</sup> | **Acquisitions With Development/Redevelopment Opportunities**<sup>(1)</sup> | **Acquisitions With Development/Redevelopment Opportunities**<sup>(1)</sup> | **Acquisitions With Development/Redevelopment Opportunities**<sup>(1)</sup> | | | **Purchase Price** |
| **Property** | **Submarket/Market** | **Date of<br>Purchase** | **Number of Properties** | **Operating<br>Occupancy** | **Future Development** | **Operating With Future Development/ Redevelopment** | | **Operating**<sup>(2)</sup> | | **Total**<sup>(3)</sup> | **Purchase Price** |
| **Property** | **Submarket/Market** | **Date of<br>Purchase** | **Number of Properties** | **Operating<br>Occupancy** | **Future Development** | **Operating With Future Development/ Redevelopment** | | **Operating**<sup>(2)</sup> | | **Total**<sup>(3)</sup> | **Purchase Price** |
| Completed in YTD 3Q22 |  |  | 39 | 92% | 6538991 | 3305764 |  | 451760 |  | 9600231 | $2437592 |
| Completed in 4Q22: |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;35 Gatehouse Drive<sup>(4)</sup> | Route 128/Greater Boston | 12/29/22 | 1 | 100 | 75000 | 31611 |  | 265965 |  | 372576 | 272500 |
| &nbsp;&nbsp;&nbsp;1001 Trinity Street and 1020 Red River Street | Austin/Texas | 10/4/22 | 2 | 100 | 51038 | 198972 |  |  |  | 250010 | 108000 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  |  |  | 360 |
|  |  |  | 3 | 100 | 126038 | 230583 | <sup>(5)</sup> | 265965 | <sup>(5)</sup> | 622586 | 380860 |
| Total 2022 acquisitions |  |  | 42 | 93% | 6665029 | 3536347 |  | 717725 |  | 10222817 | $2818452 |

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(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)Represents an opportunity to expand our existing properties at 40, 50, and 60 Sylvan Road and 840 Winter Street into a mega campus.

(5)We expect the acquisitions completed during the three months ended December 31, 2022 to generate initial annual net operating income of approximately $28 million for the twelve months following acquisition. These acquisitions included three operating properties with a weighted-average acquisition date of December 8, 2022 (weighted by initial annual net operating income).

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>4</sub>

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| | |
|:---|:---|
| **Dispositions and Sales of Partial Interests** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands, except per RSF amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Capitalization Rate<br>(Cash Basis)** | | | **Sales Price per RSF** | **Gain or Consideration in Excess of Book Value** | **Gain or Consideration in Excess of Book Value** |
|<br>**Property** |<br>**Submarket/Market** |<br>**Date of Sale** | **Interest Sold** | **Interest Sold** |<br>**RSF** |<br>**Capitalization Rate** | **Capitalization Rate<br>(Cash Basis)** |<br>**Sales Price** | | **Sales Price per RSF** | **Gain or Consideration in Excess of Book Value** | **Gain or Consideration in Excess of Book Value** |
| &nbsp;&nbsp;&nbsp;100 Binney Street | &nbsp;&nbsp;&nbsp;&nbsp;Cambridge/Inner Suburbs/<br>Greater Boston | 3/30/22 | 70% |  | 432931 | 3.6% | 3.5% | $713228 | <sup>(1)</sup> | $2353 | $413615 | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;300 Third Street | &nbsp;&nbsp;&nbsp;&nbsp;Cambridge/Inner Suburbs/<br>Greater Boston | 6/27/22 | 70% |  | 131963 | 4.6% | 4.3% | 166485 | <sup>(1)</sup> | $1802 | 113020 | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive | &nbsp;&nbsp;&nbsp;&nbsp;Route 128 and Route 495/<br>Greater Boston | 6/8/22 | 100% |  | 617043 | 5.1% | 5.1% | 334397 |  | $542 | 202325 |  |
| &nbsp;&nbsp;&nbsp;1450 Owens Street | Mission Bay/San Francisco Bay Area | 7/1/22 | 20% | <sup>(3)</sup> | 191000 | N/A | N/A | 25039 | <sup>(1)</sup> | N/A | 10083 | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;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% |  | 330379 | 5.2% | 5.2% | 383635 |  | $1161 | 223127 |  |
| &nbsp;&nbsp;&nbsp;3215 Merryfield Row | Torrey Pines/San Diego | 9/1/22 | 70% |  | 170523 | 4.5% | 4.2% | 149940 | <sup>(1)</sup> | $1256 | 42214 | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Summers Ridge Science Park | Sorrento Mesa/San Diego | 9/15/22 | 70% |  | 316531 | 4.9% | 4.6% | 159600 | <sup>(1)</sup> | $720 | 65097 | <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;7330 and 7360 Carroll Road | Sorrento Mesa/San Diego | 9/15/22 | 100% |  | 84442 | 4.4% | 4.6% | 59476 |  | $704 | 35463 |  |
| &nbsp;&nbsp;&nbsp;Other | Various |  |  |  |  | N/A | N/A | 230496 |  | N/A | 77003 |  |
| Total 2022 dispositions and sales of partial interests |  |  |  |  |  |  |  | $2222296 |  |  | $1181947 |  |

---

(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 December 31, 2022, the noncontrolling interest share of our joint venture partner was 40.3%.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>5</sub>

------

---

| | |
|:---|:---|
| **Guidance** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in millions, except per share amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

The following guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2023 and is consistent with the guidance issued on our Form 8-K filed on November 30, 2022, except for an update to "excess 2022 bond capital held as cash at December 31, 2022," which reflects the actual amount of $300 million as of December 31, 2022, compared to the prior guidance range from $200 million to $300 million.

There can be no assurance that actual 2023 results will not be materially higher or lower than these expectations. Also, refer to our discussion of "forward-looking statements" on page [7](#i25f5ad965cbc47809551e63314f7d09f_46) of this Earnings Press Release for additional details.

---

| | |
|:---|:---|
| **Projected 2023 Earnings per Share and Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted** | **Projected 2023 Earnings per Share and Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted** |
| Earnings per share<sup>(1)</sup> | $3.41 to $3.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 5.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocation to unvested restricted stock awards | (0.05) |
| Funds from operations per share<sup>(2)</sup> | $8.86 to $9.06 |
| Midpoint | $8.96 |

---

---

| | | |
|:---|:---|:---|
| **Key Assumptions** | **Low** | **High** |
| Occupancy percentage in North America as of December 31, 2023 | 94.8% | 95.8% |
| Lease renewals and re-leasing of space: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental rate increases | 27.0% | 32.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental rate increases (cash basis) | 11.0% | 16.0% |
| Same property performance: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating income increase | 2.0% | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating income increase (cash basis) | 4.0% | 6.0% |
| Straight-line rent revenue | $130 | $145 |
| General and administrative expenses | $183 | $193 |
| Capitalization of interest | $342 | $362 |
| Interest expense | $74 | $94 |

---

---

| | |
|:---|:---|
| **Key Credit Metrics** | **2023 Guidance** |
| Net debt and preferred stock to Adjusted EBITDA – 4Q23 annualized  | Less than or equal to 5.1x |
| Fixed-charge coverage ratio – 4Q23 annualized | 4.5x to 5.0x |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Key Sources and Uses of Capital** | **Range** | **Range** | **Midpoint** | |
| *Sources of capital:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental debt | $550 | $850 | $700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excess 2022 bond capital held as cash at December 31, 2022 | 300 | 300 | 300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities after dividends | 350 | 400 | 375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate dispositions, sales of partial interests, and issuances of common equity | 1400 | 2400 | 1900 | <sup>(3)</sup> |
| Total sources of capital | $2600 | $3950 | $3275 |  |
| *Uses of capital:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction (refer to page [48](#i25f5ad965cbc47809551e63314f7d09f_118)) | $2400 | $3550 | $2975 |  |
| &nbsp;&nbsp;&nbsp;Acquisitions (refer to page [4](#i25f5ad965cbc47809551e63314f7d09f_28)) | 200 | 400 | 300 |  |
| Total uses of capital | $2600 | $3950 | $3275 |  |
| *Incremental debt (included above):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of unsecured senior notes payable | $500 | $1000 | $750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured senior line of credit, commercial paper, and other | 50 | (150) | (50) |  |
| Incremental debt | $550 | $850 | $700 |  |

---

(1)Excludes unrealized gains or losses after December 31, 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 2 of this Earnings Press Release for additional details. During the three months ended December 31, 2022, we entered into new forward equity sales agreements aggregating $104.7 million to sell 699,274 shares under our ATM program at an average price of $149.68 per share (before underwriter discounts). We expect to settle these forward equity sales agreements in 2023 and establish a new ATM program in 1Q23.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>6</sub>

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Earnings Call Information and About the Company** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

We will host a conference call on Tuesday, January 31, 2023, 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 fourth quarter and year ended December 31, 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, January 31, 2023. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 7024203.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the fourth quarter and year ended December 31, 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/2022q4.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.

**About the Company**

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500<sup>®</sup> 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 approximately 1,000 tenants, Alexandria has a total market capitalization of $35.0 billion and an asset base in North America of 74.6 million SF as of December 31, 2022, which includes 41.8 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 17.3 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 2023 earnings per share attributable to Alexandria's common stockholders – diluted, 2023 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<sup>®</sup>, Lighthouse Design<sup>®</sup> logo, Building the Future of Life-Changing Innovation<sup>®</sup>, That's What's in Our DNA<sup>®</sup>, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center<sup>®</sup>, Alexandria Technology Square<sup>®</sup>, Alexandria Technology Center<sup>®</sup>, and Alexandria Innovation Center<sup>®</sup> 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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>7</sub>

------

---

| | |
|:---|:---|
| **Consolidated Statements of Operations** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands, except per share amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Revenues: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Income from rentals | $665674 | $656853 | $640959 | $612554 | $574656 | $2576040 | $2108249 |
| &nbsp;&nbsp;Other income | 4607 | 2999 | 2805 | 2511 | 2267 | 12922 | 5901 |
| Total revenues | 670281 | 659852 | 643764 | 615065 | 576923 | 2588962 | 2114150 |
| Expenses: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rental operations | 204352 | 201189 | 196284 | 181328 | 175717 | 783153 | 623555 |
| &nbsp;&nbsp;General and administrative | 42992 | 49958 | 43397 | 40931 | 41654 | 177278 | 151461 |
| &nbsp;&nbsp;Interest | 17522 | 22984 | 24257 | 29440 | 34862 | 94203 | 142165 |
| &nbsp;&nbsp;Depreciation and amortization | 264480 | 254929 | 242078 | 240659 | 239254 | 1002146 | 821061 |
| &nbsp;&nbsp;Impairment of real estate | 26186 | 38783 |  |  |  | 64969 | 52675 |
| &nbsp;&nbsp;Loss on early extinguishment of debt |  |  | 3317 |  |  | 3317 | 67253 |
| Total expenses | 555532 | 567843 | 509333 | 492358 | 491487 | 2125066 | 1858170 |
| Equity in earnings of unconsolidated real estate joint ventures | 172 | 40 | 213 | 220 | 3018 | 645 | 12255 |
| Investment (loss) income | (19653) | (32305) | (39481) | (240319) | (112884) | (331758) | 259477 |
| Gain on sales of real estate |  | 323699 | 214219 |  | 124226 | 537918 | 126570 |
| Net income (loss) | 95268 | 383443 | 309382 | (117392) | 99796 | 670701 | 654282 |
| Net income attributable to noncontrolling interests | (40949) | (38747) | (37168) | (32177) | (24901) | (149041) | (83035) |
| Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders | 54319 | 344696 | 272214 | (149569) | 74895 | 521660 | 571247 |
| Net income attributable to unvested restricted stock awards | (2526) | (3257) | (2934) | (2081) | (2098) | (8392) | (7848) |
| Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders | $51793 | $341439 | $269280 | $(151650) | $72797 | $513268 | $563399 |
| Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Basic | $0.31 | $2.11 | $1.67 | $(0.96) | $0.47 | $3.18 | $3.83 |
| &nbsp;&nbsp;Diluted | $0.31 | $2.11 | $1.67 | $(0.96) | $0.47 | $3.18 | $3.82 |
| Weighted-average shares of common stock outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Basic | 165393 | 161554 | 161412 | 158198 | 153464 | 161659 | 146921 |
| &nbsp;&nbsp;Diluted | 165393 | 161554 | 161412 | 158198 | 154307 | 161659 | 147460 |
| Dividends declared per share of common stock | $1.21 | $1.18 | $1.18 | $1.15 | $1.15 | $4.72 | $4.48 |

---

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>8</sub>

------

---

| | |
|:---|:---|
| **Consolidated Balance Sheets** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(In thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Assets |  |  |  |  |  |
| Investments in real estate | $29945440 | $28771745 | $27952931 | $27100009 | $24980669 |
| Investments in unconsolidated real estate joint ventures | 38435 | 38285 | 37587 | 38456 | 38483 |
| Cash and cash equivalents | 825193 | 533824 | 420258 | 775060 | 361348 |
| Restricted cash | 32782 | 332344 | 97404 | 95106 | 53879 |
| Tenant receivables | 7614 | 7759 | 7069 | 7570 | 7379 |
| Deferred rent | 942646 | 918995 | 905699 | 881743 | 839335 |
| Deferred leasing costs | 516275 | 506864 | 498434 | 484184 | 402898 |
| Investments | 1615074 | 1624921 | 1657461 | 1661101 | 1876564 |
| Other assets | 1599940 | 1633877 | 1667210 | 1801027 | 1658818 |
| Total assets | $35523399 | $34368614 | $33244053 | $32844256 | $30219373 |
| Liabilities, Noncontrolling Interests, and Equity |  |  |  |  |  |
| Secured notes payable | $59045 | $40594 | $24986 | $208910 | $205198 |
| Unsecured senior notes payable | 10100717 | 10098588 | 10096462 | 10094337 | 8316678 |
| Unsecured senior line of credit and commercial paper |  | 386666 | 149958 |  | 269990 |
| Accounts payable, accrued expenses, and other liabilities | 2471259 | 2393764 | 2317940 | 2172692 | 2210410 |
| Dividends payable | 209131 | 193623 | 192571 | 187701 | 183847 |
| Total liabilities | 12840152 | 13113235 | 12781917 | 12663640 | 11186123 |
| Commitments and contingencies |  |  |  |  |  |
| Redeemable noncontrolling interests | 9612 | 9612 | 9612 | 9612 | 9612 |
| Alexandria Real Estate Equities, Inc.'s stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 1707 | 1626 | 1615 | 1614 | 1580 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 18991492 | 17639434 | 17149571 | 16934094 | 16195256 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (20812) | (24725) | (11851) | (5727) | (7294) |
| Alexandria Real Estate Equities, Inc.'s stockholders' equity | 18972387 | 17616335 | 17139335 | 16929981 | 16189542 |
| Noncontrolling interests | 3701248 | 3629432 | 3313189 | 3241023 | 2834096 |
| Total equity | 22673635 | 21245767 | 20452524 | 20171004 | 19023638 |
| Total liabilities, noncontrolling interests, and equity | $35523399 | $34368614 | $33244053 | $32844256 | $30219373 |

---

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>9</sub>

------

---

| | |
|:---|:---|
| **Funds From Operations and Funds From Operations per Share** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(In thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

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** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | | **12/31/21** |
| **Net income (loss) attributable to Alexandria's common stockholders** | $**51793** |  | $**341439** | $**269280** | $**(151650)** | $**72797** | $**513268** |  | $**563399** |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 261185 |  | 251453 | 238565 | 237160 | 234979 | 988363 |  | 804633 |
| &nbsp;&nbsp;&nbsp;Noncontrolling share of depreciation and amortization from consolidated real estate JVs | (29702) |  | (27790) | (26418) | (23681) | (21265) | (107591) |  | (70880) |
| &nbsp;&nbsp;&nbsp;Our share of depreciation and amortization from unconsolidated real estate JVs | 982 |  | 795 | 934 | 955 | 3058 | 3666 |  | 13734 |
| &nbsp;&nbsp;&nbsp;Gain on sales of real estate |  |  | (323699) | (214219) |  | (124226) | (537918) |  | (126570) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate – rental properties | 20899 | <sup>(1)</sup> |  |  |  |  | 20899 |  | 25485 |
| &nbsp;&nbsp;&nbsp;Allocation to unvested restricted stock awards  | (953) |  | 1002 |  |  |  | (1118) |  | (6315) |
| **Funds from operations attributable to Alexandria's common stockholders – diluted**<sup>(2)</sup> | **304204** |  | **243200** | **268142** | **62784** | **165343** | **879569** |  | **1203486** |
| &nbsp;&nbsp;&nbsp;Unrealized losses (gains) on non-real estate investments | 24117 |  | 56515 | 68128 | 263433 | 139716 | 412193 |  | (43632) |
| &nbsp;&nbsp;&nbsp;Significant realized gains on non-real estate investments |  |  |  |  |  |  |  |  | (110119) |
| &nbsp;&nbsp;&nbsp;Impairment of non-real estate investments | 20512 | <sup>(3)</sup> |  |  |  |  | 20512 | <sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 5287 |  | 38783 |  |  |  | 44070 |  | 27190 |
| &nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt |  |  |  | 3317 |  |  | 3317 |  | 67253 |
| &nbsp;&nbsp;&nbsp;Acceleration of stock compensation expense due to executive officer resignation |  |  | 7185 |  |  |  | 7185 |  |  |
| &nbsp;&nbsp;&nbsp;Allocation to unvested restricted stock awards | (482) |  | (1033) | (778) | (1604) | (1432) | (5137) |  | 710 |
| **Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted** | $**353638** |  | $**344650** | $**338809** | $**324613** | $**303627** | $**1361709** |  | $**1144888** |

---

(1)Primarily consists of an impairment of one real estate asset recognized to reduce the carrying amount of the asset to its estimated fair value, less costs to sell, upon its classification as held for sale in December 2022. We expect to complete the sale of this asset during 2023.

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

(3)Primarily relates to three investments in privately held entities that do not report NAV.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>10</sub>

------

---

| | |
|:---|:---|
| **Funds From Operations and Funds From Operations per Share (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(In thousands, except per share amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

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** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| | **12/31/22** | | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | | **12/31/21** |
| **Net income (loss) per share attributable to Alexandria's common stockholders – diluted** | $**0.31** |  | $**2.11** | $**1.67** | $**(0.96)** | $**0.47** | $**3.18** |  | $**3.82** |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate assets | 1.41 |  | 1.39 | 1.32 | 1.36 | 1.40 | 5.47 |  | 5.07 |
| &nbsp;&nbsp;&nbsp;Gain on sales of real estate |  |  | (2.00) | (1.33) |  | (0.80) | (3.33) |  | (0.86) |
| &nbsp;&nbsp;&nbsp;Impairment of real estate – rental properties | 0.13 | <sup>(1)</sup> |  |  |  |  | 0.13 |  | 0.17 |
| &nbsp;&nbsp;&nbsp;Allocation to unvested restricted stock awards | (0.01) |  | 0.01 |  |  |  | (0.01) |  | (0.04) |
| **Funds from operations per share attributable to Alexandria's common stockholders – diluted** | **1.84** |  | **1.51** | **1.66** | **0.40** | **1.07** | **5.44** |  | **8.16** |
| &nbsp;&nbsp;&nbsp;Unrealized losses (gains) on non-real estate investments | 0.15 |  | 0.35 | 0.42 | 1.67 | 0.91 | 2.55 |  | (0.30) |
| &nbsp;&nbsp;&nbsp;Significant realized gains on non-real estate investments |  |  |  |  |  |  |  |  | (0.75) |
| &nbsp;&nbsp;&nbsp;Impairment of non-real estate investments | 0.12 | <sup>(1)</sup> |  |  |  |  | 0.13 | <sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Impairment of real estate | 0.03 |  | 0.24 |  |  |  | 0.27 |  | 0.18 |
| &nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt |  |  |  | 0.02 |  |  | 0.02 |  | 0.46 |
| &nbsp;&nbsp;&nbsp;Acceleration of stock compensation expense due to executive officer resignation |  |  | 0.04 |  |  |  | 0.04 |  |  |
| &nbsp;&nbsp;&nbsp;Allocation to unvested restricted stock awards |  |  | (0.01) |  | (0.02) | (0.01) | (0.03) |  | 0.01 |
| **Funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted** | $**2.14** |  | $**2.13** | $**2.10** | $**2.05** | $**1.97** | $**8.42** |  | $**7.76** |
| Weighted-average shares of common stock outstanding for calculation of: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings per share – diluted | 165393 |  | 161554 | 161412 | 158198 | 154307 | 161659 |  | 147460 |
| &nbsp;&nbsp;&nbsp;Funds from operations, diluted, per share | 165393 |  | 161554 | 161412 | 158209 | 154307 | 161659 |  | 147460 |
| &nbsp;&nbsp;&nbsp;Funds from operations, diluted, as adjusted, per share | 165393 |  | 161554 | 161412 | 158209 | 154307 | 161659 |  | 147460 |

---

(1)Refer to footnotes on the previous page for additional details.

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>11</sub>

------

**SUPPLEMENTAL**

**INFORMATION**

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Company Profile** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500<sup>®</sup> 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 approximately 1,000 tenants, Alexandria has a total market capitalization of $35.0 billion and an asset base in North America of 74.6 million SF as of December 31, 2022, which includes 41.8 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 17.3 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 48% 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 60 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** | **EXECUTIVE MANAGEMENT TEAM** |
| Joel S. Marcus | Peter M. Moglia |
| Executive Chairman & Founder | Chief Executive Officer & <br>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 & <br>Chief Strategic Transactions Officer | General Counsel & Secretary |
| Marc E. Binda | Andres R. Gavinet |
| Executive Vice President – <br>Finance & Treasurer | Chief Accounting Officer |
| Gary D. Dean | Terezia C. Nemeth |
| Executive Vice President – <br>Real Estate Legal Affairs | Executive Vice President – Regional Market Director – San Francisco <br>Bay Area |
| Onn C. Lee | Kristina A. Fukuzaki-Carlson |
| Executive Vice President –<br>Accounting | Executive Vice President – <br>Business Operations |
| Madeleine T. Alsbrook | |
| Executive Vice President –<br>Talent Management | |

---

[Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>13</sub>

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Investor Information** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Corporate Headquarters** | **New York Stock Exchange Trading Symbol** | **Information Requests** | **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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>

---

| | | | |
|:---|:---|:---|:---|
| **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 / Aditi Balachandran |
| (646) 855-1363 / (646) 855-1681 | (212) 816-1909 / (212) 816-5871 | (415) 835-3963 | (440) 715-2649 / (212) 428-6200 |
| **BTIG, LLC** | **Evercore ISI** | **J.P. Morgan Securities LLC** | **Robert W. Baird & Co. Incorporated** |
| Tom Catherwood / John Nickodemus | Steve Sakwa / Jay Poskitt | Anthony Paolone / Ray Zhong | David Rodgers / Nicholas Thillman |
| (212) 738-6140 / (212) 738-6050 | (212) 446-9462 / (212) 752-0886 | (212) 622-6682 / (212) 622-5411 | (216) 737-7341 / (414) 298-5053 |
| **CFRA** | **Green Street** | **Mizuho Securities USA LLC** | **SMBC Nikko Securities America, Inc.** |
| Kenneth Leon | Dylan Burzinski / Michael Manos | Vikram Malhotra / Georgi Dinkov | Richard Anderson / Jay Kornreich |
| (646) 517-2552 | (949) 640-8780 / (949) 640-8780 | (212) 282-3827 / (617) 352-1721 | (646) 521-2351 / (646) 424-3202 |
| **Fixed Income Coverage** | **Fixed Income Coverage** | **Rating Agencies** | **Rating Agencies** |
| **Barclays Capital Inc.** | **Stifel Financial Corp.** | **Moody's Investors Service** | **S&P Global Ratings** |
| Srinjoy Banerjee | Thierry Perrein | (212) 553-0376 | Michael Souers |
| (212) 526-3521 | (646) 376-5303 |  | (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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023<sub>14</sub>

------

---

| | |
|:---|:---|
| **Financial and Asset Base Highlights** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands, except per share amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| *Selected financial data from consolidated financial statements and related information* |  |  |  |  |  |
| Rental revenues | $499348 | $496146 | $485067 | $469537 | $435637 |
| Tenant recoveries | $166326 | $160707 | $155892 | $143017 | $139019 |
| General and administrative expenses | $42992 | $49958 | $43397 | $40931 | $41654 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses as a percentage of net operating income – <br>trailing 12 months | 9.8% | 10.1% | 9.8% | 10.0% | 10.2% |
| Operating margin | 70% | 70% | 70% | 71% | 70% |
| Adjusted EBITDA margin | 69% | 69% | 70% | 71% | 71% |
| Adjusted EBITDA – quarter annualized | $1846936 | $1810764 | $1797488 | $1734956 | $1631244 |
| Adjusted EBITDA – trailing 12 months | $1797536 | $1743613 | $1680335 | $1601857 | $1517838 |
| Net debt at end of period  | $9376705 | $9736627 | $9832722 | $9514256 | $8442115 |
| Net debt and preferred stock to Adjusted EBITDA – quarter annualized | 5.1x | 5.4x | 5.5x | 5.5x | 5.2x |
| Net debt and preferred stock to Adjusted EBITDA – trailing 12 months | 5.2x | 5.6x | 5.9x | 5.9x | 5.6x |
| Total debt and preferred stock at end of period | $10159762 | $10525848 | $10271406 | $10303247 | $8791866 |
| Gross assets at end of period | $39877462 | $38516844 | $37304589 | $36795922 | $33990614 |
| Total debt and preferred stock to gross assets at end of period | 25% | 27% | 28% | 28% | 26% |
| Fixed-charge coverage ratio – quarter annualized | 5.0x | 4.9x | 5.1x | 5.1x | 5.3x |
| Fixed-charge coverage ratio – trailing 12 months | 5.0x | 5.1x | 5.1x | 5.1x | 5.0x |
| Unencumbered net operating income as a percentage of total net operating income | 100% | 100% | 100% | 97% | 97% |
| Closing stock price at end of period | $145.67 | $140.19 | $145.03 | $201.25 | $222.96 |
| Common shares outstanding (in thousands) at end of period  | 170748 | 162620 | 161456 | 161408 | 158044 |
| Total equity capitalization at end of period | $24872919 | $22797633 | $23415970 | $32483420 | $35237463 |
| Total market capitalization at end of period | $35032681 | $33323481 | $33687376 | $42786667 | $44029329 |
| Dividend per share – quarter/annualized | $1.21/$4.84 | $1.18/$4.72 | $1.18/$4.72 | $1.15/$4.60 | $1.15/$4.60 |
| Dividend payout ratio for the quarter | 58% | 56% | 56% | 57% | 60% |
| Dividend yield – annualized | 3.3% | 3.4% | 3.3% | 2.3% | 2.1% |
| Amounts related to operating leases: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities at end of period | $406700 | $409030 | $412535 | $405818 | $434745 |
| &nbsp;&nbsp;&nbsp;Rent expense | $8722 | $8502 | $7924 | $7718 | $7124 |
| Capitalized interest | $79491 | $73189 | $68202 | $57763 | $44078 |
| Weighted-average interest rate for capitalization of interest during the period | 3.65% | 3.55% | 3.56% | 3.26% | 3.22% |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 15 |

---

------

---

| | |
|:---|:---|
| **Financial and Asset Base Highlights (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands, except annual rental revenue per occupied RSF amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** | **Three Months Ended (unless stated otherwise)** |
| | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| *Amounts included in funds from operations and non-revenue-enhancing capital expenditures* |  |  |  |  |  |
| Straight-line rent revenue | 24185 | 24431 | 27362 | 42025 | 25942 |
| Amortization of acquired below-market leases | 20125 | 23546 | 16760 | 13915 | 15737 |
| Straight-line rent expense on ground leases | 487 | 583 | 354 | 416 | 301 |
| Stock compensation expense | 11586 | 17786 | 14340 | 14028 | 14253 |
| Amortization of loan fees  | 3975 | 3235 | 3236 | 3103 | 2911 |
| Amortization of debt (discounts) premiums | (272) | (269) | (267) | 424 | 502 |
| Non-revenue-enhancing capital expenditures: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Building improvements  | 4128 | 3963 | 4199 | 4110 | 4027 |
| &nbsp;&nbsp;&nbsp;Tenant improvements and leasing commissions | 25049 | 48960 | 24562 | 27791 | 109516 |
| *Operating statistics and related information (at end of period)* |  |  |  |  |  |
| Number of properties – North America | 432 | 431 | 436 | 446 | 414 |
| RSF – North America (including development and redevelopment projects under construction) | 47371259 | 46690943 | 46934653 | 47364067 | 43670737 |
| Total square feet – North America | 74566128 | 74450918 | 74087636 | 74185859 | 66970705 |
| Annual rental revenue per occupied RSF – North America | 51.75 | 50.99 | 50.80 | 49.42 | 48.65 |
| Occupancy of operating properties – North America | 94.8% | 94.3% | 94.6% | 94.7% | 94.0% |
| Occupancy of operating and redevelopment properties – North America | 89.4% | 88.6% | 89.0% | 88.9% | 88.5% |
| Weighted-average remaining lease term (in years)  | 7.1 | 7.2 | 7.1 | 7.3 | 7.5 |
| Total leasing activity – RSF | 2000322 | 1662069 | 2279758 | 2463438 | 4094174 |
| Lease renewals and re-leasing of space – change in average new rental rates over expiring rates: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental rate increases | 26.0% | 27.1% | 45.4% | 32.2% | 35.9% |
| &nbsp;&nbsp;&nbsp;Rental rate increases (cash basis) | 19.6% | 22.6% | 33.9% | 16.5% | 22.9% |
| &nbsp;&nbsp;&nbsp;RSF (included in total leasing activity above) | 1494345 | 1094821 | 1087082 | 864077 | 1947727 |
| Same property – percentage change over comparable quarter from prior year: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net operating income increase | 4.7% | 5.1% | 7.5% | 7.6% | 5.0% |
| &nbsp;&nbsp;&nbsp;Net operating income increase (cash basis) | 10.9% | 10.6% | 10.2% | 7.3% | 7.5% |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 16 |

---

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **High-Quality Client Base** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

Long-Duration and Stable Cash Flows From

High-Quality Tenants

---

| | |
|:---|:---|
| **Investment-Grade or<br>Publicly Traded Large Cap Tenants** | **REIT Industry-Leading<br>Tenant Client Base** |
| **48%** |  |
| **48%** |  |
| **48%** |  |
| **48%** | **90%** |
| of ARE's Total Annual Rental Revenue<sup>(1)</sup> | **90%** |
|  | **90%** |
|  | **90%** |
| **Long-Duration Lease Terms** |  |
|  | of ARE's Top 20 Tenants |
| **7.1 Years** | Annual Rental Revenue |
| **7.1 Years** | Is From Investment-Grade |
| **7.1 Years** | or Publicly Traded Large Cap Tenants<sup>(1)</sup> |
| Weighted-Average Remaining Term<sup>(2)</sup> |  |

---

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.

(1)Represents annual rental revenue in effect as of December 31, 2022.

(2)Based on total annual rental revenue in effect as of December 31, 2022.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 17 |

---

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **High-Quality and Diverse Client Base in AAA Locations** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | |
|:---|:---|
| **Industry Mix of Approximately 1,000 Tenants** | **AAA Locations** |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| ![q422clienttenantmixv5.jpg](q422clienttenantmixv5.jpg) | ![q422realestatev2.jpg](q422realestatev2.jpg) |
| Percentage of ARE's Annual Rental Revenue<sup>(3)</sup> | Percentage of ARE's Annual Rental Revenue<sup>(3)</sup> |

---

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.

(1)Represents annual rental revenue currently generated from space that is targeted for a future change in use, including 1.1% of total annual rental revenue that is generated from covered land play projects. The weighted-average remaining term of these leases is 5.2 years.

(2)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.

(3)Represents annual rental revenue in effect as of December 31, 2022.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 18 |

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------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Occupancy** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

Solid Occupancy From Historically Strong Demand

for Class A Properties in AAA Locations

---

| | |
|:---|:---|
| **Solid Historical Occupancy**<sup>(1)</sup> | **Occupancy Across Key Locations** |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
| **96%** | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
| **96%** | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
| **96%** | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
| **96%** | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
| Over 10 Years | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |
|  | ![q422occupancyv2.jpg](q422occupancyv2.jpg) |

---

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

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 19 |

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| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Key Operating Metrics** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Historical Same Property**<br>**Net Operating Income Growth**<sup>(1)</sup> | **Historical Same Property**<br>**Net Operating Income Growth**<sup>(1)</sup> | **Favorable Lease Structure**<sup>(3)</sup> | **Favorable Lease Structure**<sup>(3)</sup> | **Favorable Lease Structure**<sup>(3)</sup> |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | **Strategic Lease Structure by Owner and Operator of Collaborative <br>Life Science, Agtech, and Technology Campuses** | **Strategic Lease Structure by Owner and Operator of Collaborative <br>Life Science, Agtech, and Technology Campuses** | **Strategic Lease Structure by Owner and Operator of Collaborative <br>Life Science, Agtech, and Technology Campuses** |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | *Increasing cash flows* |  |  |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | &nbsp;&nbsp;&nbsp;**Percentage of leases containing** <br>**annual rent escalations** | &nbsp;&nbsp;&nbsp;**Percentage of leases containing** <br>**annual rent escalations** | **96%** |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | *Stable cash flows* |  |  |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | &nbsp;&nbsp;&nbsp;**Percentage of triple** <br>**net leases** | &nbsp;&nbsp;&nbsp;**Percentage of triple** <br>**net leases** | **93%** |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | *Lower capex burden* |  |  |
| ![q422samepropav1.jpg](q422samepropav1.jpg) | ![q422samepropbv1.jpg](q422samepropbv1.jpg) | &nbsp;&nbsp;&nbsp;**Percentage of leases providing for the**<br>**recapture of capital expenditures**  | &nbsp;&nbsp;&nbsp;**Percentage of leases providing for the**<br>**recapture of capital expenditures**  | **93%** |
|  | ![q422samepropbv1.jpg](q422samepropbv1.jpg) |  |  |  |
| **Historical Rental Rate Growth: <br>Renewed/Re-Leased Space** | **Historical Rental Rate Growth: <br>Renewed/Re-Leased Space** | **Margins**<sup>(4)</sup> | **Margins**<sup>(4)</sup> | **Margins**<sup>(4)</sup> |
| ![q422rentalratea.jpg](q422rentalratea.jpg) | ![q422rentalrateb.jpg](q422rentalrateb.jpg) |  |  |  |
| ![q422rentalratea.jpg](q422rentalratea.jpg) | ![q422rentalrateb.jpg](q422rentalrateb.jpg) | **Operating** | **Adjusted EBITDA** | **Adjusted EBITDA** |
| ![q422rentalratea.jpg](q422rentalratea.jpg) | ![q422rentalrateb.jpg](q422rentalrateb.jpg) | 70% | 69% | 69% |
| ![q422rentalratea.jpg](q422rentalratea.jpg) | ![q422rentalrateb.jpg](q422rentalrateb.jpg) | 70% | 69% | 69% |
| ![q422rentalratea.jpg](q422rentalratea.jpg) | ![q422rentalrateb.jpg](q422rentalrateb.jpg) |  |  |  |
| ![q422rentalratea.jpg](q422rentalratea.jpg) | ![q422rentalrateb.jpg](q422rentalrateb.jpg) |  |  |  |
|  | ![q422rentalrateb.jpg](q422rentalrateb.jpg) |  |  |  |
|  | ![q422rentalrateb.jpg](q422rentalrateb.jpg) |  |  |  |

---

(1)Refer to "Same property performance" and "Definitions and reconciliations" of this Supplemental Information for additional details. "Definitions and reconciliations" contains the definition of "Net operating income" and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.

(2)Our 2022 same property growth outperformed our 10-year averages of 3.6% and 6.7% (cash basis) as a result of an increase in same property occupancy of 100 bps and early lease renewals that commenced in late 2021/early 2022.

(3)Percentages calculated based on annual rental revenue in effect as of December 31, 2022.

(4)Represents percentages for the three months ended December 31, 2022.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 20 |

---

------

---

| | |
|:---|:---|
| **Same Property Performance** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | | **December 31, 2022** | **December 31, 2022** |
|<br>**Same Property Financial Data** | **Three Months Ended** | **Year Ended** |<br>**Same Property Statistical Data** | **Three Months Ended** | **Year Ended** |
| Percentage change over comparable period from prior year: |  |  | Number of same properties | 306 | 253 |
| &nbsp;&nbsp;**Net operating income increase** | **4.7%** | **6.6%** | Rentable square feet | 31099211 | 26121796 |
| &nbsp;&nbsp;**Net operating income increase (cash basis)** | **10.9%** | **9.6%** | Occupancy – current-period average | 95.2% | 95.7% |
| Operating margin | 69% | 70% | Occupancy – same-period prior-year average | 94.9% | 94.7% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **$ Change** | **% Change** | **2022** | **2021** | **$ Change** | **% Change** |
| Income from rentals: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Same properties | $397105 | $375258 | $21847 | 5.8% | $1385380 | $1289246 | $96134 | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-same properties | 102243 | 60379 | 41864 | 69.3 | 564718 | 329346 | 235372 | 71.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | 499348 | 435637 | 63711 | 14.6 | 1950098 | 1618592 | 331506 | 20.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Same properties | 135755 | 119833 | 15922 | 13.3 | 478333 | 407450 | 70883 | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-same properties | 30571 | 19186 | 11385 | 59.3 | 147609 | 82207 | 65402 | 79.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant recoveries | 166326 | 139019 | 27307 | 19.6 | 625942 | 489657 | 136285 | 27.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from rentals | 665674 | 574656 | 91018 | 15.8 | 2576040 | 2108249 | 467791 | 22.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same properties | 184 | 155 | 29 | 18.7 | 620 | 479 | 141 | 29.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-same properties | 4423 | 2112 | 2311 | 109.4 | 12302 | 5422 | 6880 | 126.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 4607 | 2267 | 2340 | 103.2 | 12922 | 5901 | 7021 | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same properties | 533044 | 495246 | 37798 | 7.6 | 1864333 | 1697175 | 167158 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-same properties | 137237 | 81677 | 55560 | 68.0 | 724629 | 416975 | 307654 | 73.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **670281** | **576923** | **93358** | **16.2** | **2588962** | **2114150** | **474812** | **22.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same properties | 163887 | 142521 | 21366 | 15.0 | 561301 | 475209 | 86092 | 18.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-same properties | 40465 | 33196 | 7269 | 21.9 | 221852 | 148346 | 73506 | 49.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rental operations | 204352 | 175717 | 28635 | 16.3 | 783153 | 623555 | 159598 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same properties | 369157 | 352725 | 16432 | 4.7 | 1303032 | 1221966 | 81066 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-same properties | 96772 | 48481 | 48291 | 99.6 | 502777 | 268629 | 234148 | 87.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net operating income | $465929 | $401206 | $64723 | 16.1% | $1805809 | $1490595 | $315214 | 21.1% |
| **Net operating income – same properties** | $**369157** | $**352725** | $**16432** | **4.7%** | $**1303032** | $**1221966** | $**81066** | **6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent revenue | (8498) | (24362) | 15864 | (65.1) | (54991) | (79602) | 24611 | (30.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired below-market leases | (9274) | (11492) | 2218 | (19.3) | (26224) | (27252) | 1028 | (3.8) |
| **Net operating income – same properties (cash basis)** | $**351385** | $**316871** | $**34514** | **10.9%** | $**1221817** | $**1115112** | $**106705** | **9.6%** |

---

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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 21 |

---

------

---

| | |
|:---|:---|
| **Leasing Activity** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars per RSF)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | | **Year Ended** | **Year Ended** | **Year Ended** | | **Year Ended** | **Year Ended** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | | **December 31, 2021** | **December 31, 2021** |
| | **Including <br>Straight-Line Rent** | **Including <br>Straight-Line Rent** | **Cash Basis** | **Cash Basis** | **Including <br>Straight-Line Rent** | **Including <br>Straight-Line Rent** | **Cash Basis** | **Cash Basis** | **Including <br>Straight-Line Rent** | **Cash Basis** |
| *Leasing activity:* |  |  |  |  |  |  |  |  |  |  |
| Renewed/re-leased space<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Rental rate changes** | **26.0%** | <sup>(2)</sup> | **19.6%** | <sup>(2)</sup> | **31.0%** |  | **22.1%** | <sup>(3)</sup> | **37.9%** | **22.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;New rates | $35.59 |  | $34.17 |  | $50.37 |  | $48.48 |  | $59.00 | $55.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiring rates | $28.24 |  | $28.58 |  | $38.44 |  | $39.69 |  | $42.80 | $45.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;RSF | 1494345 |  |  |  | 4540325 |  |  |  | 4614040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant improvements/leasing commissions | $16.29 |  |  |  | $27.83 |  |  |  | $41.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average lease term | 5.2 years |  |  |  | 5.0 years |  |  |  | 6.3 years |  |
| Developed/redeveloped/previously vacant space leased<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New rates | $57.35 |  | $44.03 |  | $73.46 |  | $64.04 |  | $78.52 | $69.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;RSF | 505977 |  |  |  | 3865262 |  |  |  | 4902261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average lease term | 6.1 years |  |  |  | 11.8 years |  |  |  | 11.2 years |  |
| *Leasing activity summary (totals):* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New rates | $41.10 |  | $36.67 |  | $60.98 |  | $55.64 |  | $69.05 | $62.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;RSF | 2000322 |  |  |  | 8405587 | <sup>(3)(5)</sup> |  |  | 9516301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average lease term | 5.4 years |  |  |  | 8.1 years |  |  |  | 8.8 years |  |
| *Lease expirations*<sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiring rates | $30.62 |  | $31.01 |  | $37.41 |  | $38.06 |  | $41.53 | $43.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;RSF | 2048061 |  |  |  | 6572286 |  |  |  | 5747192 |  |

---

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 266,292 RSF and 110,180 RSF as of December 31, 2022 and 2021, respectively.

(2)Includes rental rate increases related to two recently acquired office leases, including one lease subject to a fixed-rate renewal option and one full-building lease in a non-core submarket. Excluding these leases, rental rate increases for the three months ended December 31, 2022 were 36.8% and 31.4% (cash basis).

(3)Represents the second highest annual leasing volume and annual rental rate growth (cash basis) in Company history.

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

(5)During the year ended December 31, 2022, we granted tenant concessions/free rent averaging 2.1 months with respect to the 8,405,587 RSF leased. Approximately 63% of the leases executed during the year ended December 31, 2022 did not include concessions for free rent.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 22 |

---

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Contractual Lease Expirations** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Year** | **RSF** | **Percentage of<br>Occupied RSF** | **Annual Rental Revenue (per RSF)**<sup>(1)</sup> | **Percentage of Total<br>Annual Rental Revenue** |
| 2023 | <sup>(2)</sup> | 2871438 | 7.3% | $45.10 | 6.5% |
| 2024 |  | 4341944 | 11.1% | $46.70 | 10.2% |
| 2025 |  | 3312092 | 8.5% | $48.22 | 8.1% |
| 2026 |  | 2628988 | 6.7% | $50.79 | 6.7% |
| 2027 |  | 2669028 | 6.8% | $55.36 | 7.5% |
| 2028 |  | 4160778 | 10.6% | $51.51 | 10.8% |
| 2029 |  | 2467070 | 6.3% | $53.31 | 6.6% |
| 2030 |  | 2766240 | 7.1% | $58.03 | 8.1% |
| 2031 |  | 3006892 | 7.7% | $52.83 | 8.0% |
| 2032 |  | 1298945 | 3.3% | $56.91 | 3.7% |
| Thereafter | Thereafter | 9613205 | 24.6% | $48.72 | 23.8% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market** | **2023 Contractual Lease Expirations (in RSF)** | **2023 Contractual Lease Expirations (in RSF)** | **2023 Contractual Lease Expirations (in RSF)** | **2023 Contractual Lease Expirations (in RSF)** | **2023 Contractual Lease Expirations (in RSF)** | **Annual Rental Revenue**<br>**(per RSF)**<sup>(1)</sup> | **2024 Contractual Lease Expirations (in RSF)** | **2024 Contractual Lease Expirations (in RSF)** | **2024 Contractual Lease Expirations (in RSF)** | **2024 Contractual Lease Expirations (in RSF)** | **2024 Contractual Lease Expirations (in RSF)** | **Annual Rental Revenue**<br>**(per RSF)**<sup>(1)</sup> |
| **Market** | **Leased** | **Negotiating/<br>Anticipating** | **Targeted for**<br>**Future Development/**<br>**Redevelopment**<sup>(3)</sup> | **Remaining**<br>**Expiring**<br>**Leases**<sup>(4)</sup> | **Total**<sup>(2)</sup> | **Annual Rental Revenue**<br>**(per RSF)**<sup>(1)</sup> | **Leased** | **Negotiating/<br>Anticipating** | **Targeted for Future**<br>**Development/**<br>**Redevelopment**<sup>(3)</sup> | **Remaining**<br>**Expiring Leases**<sup>(4)</sup> | **Total** | **Annual Rental Revenue**<br>**(per RSF)**<sup>(1)</sup> |
| **Market** | **Leased** | **Negotiating/<br>Anticipating** | **Targeted for**<br>**Future Development/**<br>**Redevelopment**<sup>(3)</sup> | **Remaining**<br>**Expiring**<br>**Leases**<sup>(4)</sup> | **Total**<sup>(2)</sup> | **Annual Rental Revenue**<br>**(per RSF)**<sup>(1)</sup> | **Leased** | **Negotiating/<br>Anticipating** | **Targeted for Future**<br>**Development/**<br>**Redevelopment**<sup>(3)</sup> | **Remaining**<br>**Expiring Leases**<sup>(4)</sup> | **Total** | **Annual Rental Revenue**<br>**(per RSF)**<sup>(1)</sup> |
| Greater Boston | 61091 | 83346 | 323110 | 428905 | 896452 | $56.56 | 102060 | 5881 | 122465 | 500918 | 731324 | $73.74 |
| San Francisco Bay Area | 30876 | 10208 |  | 342952 | 384036 | 52.63 | 35798 | 407369 |  | 592252 | 1035419 | 50.33 |
| New York City |  |  |  | 88372 | 88372 | N/A |  |  | 349947 | 5645 | 355592 | N/A |
| San Diego | 184287 | 124745 |  | 426615 | 735647 | 33.50 |  |  | 580021 | 394852 | 974873 | 31.10 |
| Seattle | 14979 | 8167 | 18680 | 266038 | 307864 | 27.22 |  | 267350 | 50552 | 415503 | 733405 | 35.04 |
| Maryland | 6674 | 115454 |  | 131735 | 253863 | 35.41 |  | 3555 |  | 62016 | 65571 | 25.15 |
| Research Triangle | 81956 | 15043 |  | 77286 | 174285 | 33.08 | 15519 |  |  | 194008 | 209527 | 52.01 |
| Texas |  |  |  |  |  |  |  |  | 126034 | 72938 | 198972 | 33.91 |
| Canada | 13321 |  |  | 2484 | 15805 | 28.89 |  |  |  | 6786 | 6786 | 24.38 |
| Non-cluster/other markets |  |  |  | 15114 | 15114 | 41.42 |  |  |  | 30475 | 30475 | 65.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 393184 | 356963 | 341790 | 1779501 | 2871438 | $45.10 | 153377 | 684155 | 1229019 | 2275393 | 4341944 | $46.70 |
| Percentage of expiring leases | 14% | 12% | 12% | 62% | 100% |  | 4% | 16% | 28% | 52% | 100% |  |

---

(1)Represents amounts in effect as of December 31, 2022.

(2)Excludes month-to-month leases aggregating 266,292 RSF as of December 31, 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 January 7, 2023 and July 13, 2024 for 2023 and 2024, 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 for 2023 and 2024 is 108,020 RSF in our Bothell submarket and 98,808 RSF in our Mission Bay submarket, respectively.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 23 |

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------

---

| | |
|:---|:---|
| **Top 20 Tenants** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands, except average market cap amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

90% of Top 20 Tenants Annual Rental Revenue Is From Investment-Grade

or Publicly Traded Large Cap Tenants<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Tenant** | **Remaining Lease Term**<sup>(1)</sup> ***(in years)*** | **Remaining Lease Term**<sup>(1)</sup> ***(in years)*** | **Aggregate <br>RSF** | **Annual Rental Revenue**<sup>(1)</sup> | **Percentage of Aggregate Annual Rental Revenue**<sup>(1)</sup> | **Investment-Grade <br>Credit Ratings** | **Investment-Grade <br>Credit Ratings** | **Average Market Cap**<sup>(1)</sup><br>***(in billions)*** |
| | **Tenant** | **Remaining Lease Term**<sup>(1)</sup> ***(in years)*** | **Remaining Lease Term**<sup>(1)</sup> ***(in years)*** | **Aggregate <br>RSF** | **Annual Rental Revenue**<sup>(1)</sup> | **Percentage of Aggregate Annual Rental Revenue**<sup>(1)</sup> | **Investment-Grade <br>Credit Ratings** | **Investment-Grade <br>Credit Ratings** | **Average Market Cap**<sup>(1)</sup><br>***(in billions)*** |
| | **Tenant** | **Remaining Lease Term**<sup>(1)</sup> ***(in years)*** | **Remaining Lease Term**<sup>(1)</sup> ***(in years)*** | **Aggregate <br>RSF** | **Annual Rental Revenue**<sup>(1)</sup> | **Percentage of Aggregate Annual Rental Revenue**<sup>(1)</sup> | **Moody's** | **S&P** | **Average Market Cap**<sup>(1)</sup><br>***(in billions)*** |
| 1 | Bristol-Myers Squibb Company | 4.3 |  | 962439 | $69870 | 3.5% | A2 | A+ | $156.1 |
| 2 | Moderna, Inc. | 13.8 |  | 908340 | 51926 | 2.6 |  |  | $62.1 |
| 3 | Eli Lilly and Company | 6.2 |  | 743267 | 49890 | 2.5 | A2 | A+ | $292.5 |
| 4 | Takeda Pharmaceutical Company Limited | 7.0 |  | 549760 | 37399 | 1.9 | Baa2 | BBB+ | $45 |
| 5 | Illumina, Inc. | 7.6 |  | 891495 | 36204 | 1.8 | Baa3 | BBB | $40.2 |
| 6 | Sanofi | 7.6 |  | 434648 | 34104 | 1.7 | A1 | AA | $122.2 |
| 7 | 2seventy bio, Inc.<sup>(2)</sup> | 10.7 |  | 312805 | 33617 | 1.7 |  |  | $0.5 |
| 8 | Novartis AG | 5.6 |  | 447831 | 30749 | 1.5 | A1 | AA- | $206.3 |
| 9 | TIBCO Software, Inc. | 4.2 | <sup>(3)</sup> | 292013 | 28537 | 1.4 |  |  | $— |
| 10 | Uber Technologies, Inc. | 59.7 | <sup>(4)</sup> | 1009188 | 27704 | 1.4 |  |  | $57.7 |
| 11 | Roche | 6.5 |  | 417011 | 27188 | 1.4 | Aa2 | AA | $290.6 |
| 12 | Amgen Inc. | 3.5 |  | 503832 | 24680 | 1.2 | Baa1 | BBB+ | $133.2 |
| 13 | Pfizer Inc. | 1.7 |  | 416996 | 22376 | 1.1 | A1 | A+ | $280.1 |
| 14 | Massachusetts Institute of Technology | 6.1 |  | 257626 | 21438 | 1.1 | Aaa | AAA | $— |
| 15 | Harvard University | 2.0 | <sup>(3)</sup> | 286580 | 20086 | 1.0 | Aaa | AAA | $— |
| 16 | Boston Children's Hospital | 13.8 |  | 269816 | 20066 | 1.0 | Aa2 | AA | $— |
| 17 | United States Government | 7.3 |  | 315908 | 19660 | 1.0 | Aaa | AA+ | $— |
| 18 | New York University | 8.9 |  | 203500 | 19241 | 1.0 | Aa1 | AA+ | $— |
| 19 | Merck & Co., Inc. | 11.3 |  | 300930 | 18913 | 0.9 | A1 | A+ | $227.3 |
| 20 | AstraZeneca PLC | 3.8 |  | 348363 | 18641 | 0.9 | A3 | A | $195.1 |
|  | Total/weighted-average | 9.4 | <sup>(4)</sup> | 9872348 | $612289 | 30.6% |  |  |  |

---

(1)Based on total annual rental revenue in effect as of December 31, 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 20%–25% below current market. As of September 30, 2022, 2seventy bio, Inc. held $127.0 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 7.1 years as of December 31, 2022.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 24 |

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------

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| | |
|:---|:---|
| **Summary of Properties and Occupancy** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands, except per RSF amounts)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

**Summary of properties**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market** | **RSF** | **RSF** | **RSF** | **RSF** | **RSF** | **Number of Properties** | | **Annual Rental Revenue** | **Annual Rental Revenue** | **Annual Rental Revenue** |
| **Market** | **Operating** | **Development** | **Redevelopment** | **Total** | **% of Total** | **Number of Properties** | | **Total** | **% of Total** | **Per RSF** |
| Greater Boston | 11450547 | 1546965 | 1200173 | 14197685 | 30% | 84 |  | $731010 | 36% | $67.58 |
| San Francisco Bay Area | 8100245 | 443388 | 300010 | 8843643 | 19 | 67 |  | 452191 | 23 | 61.88 |
| New York City | 1270019 |  |  | 1270019 | 3 | 5 |  | 97413 | 5 | 83.14 |
| San Diego | 8099957 | 254771 |  | 8354728 | 18 | 94 |  | 330713 | 16 | 42.79 |
| Seattle | 2814446 | 311631 | 213976 | 3340053 | 7 | 46 |  | 109029 | 5 | 39.95 |
| Maryland | 3459475 | 282000 | 91134 | 3832609 | 8 | 50 |  | 115347 | 6 | 35.12 |
| Research Triangle | 3596979 | 268038 | 376871 | 4241888 | 9 | 42 |  | 99055 | 5 | 29.31 |
| Texas | 1724585 |  | 201499 | 1926084 | 4 | 15 |  | 45785 | 2 | 29.11 |
| Canada | 577225 |  | 107081 | 684306 | 1 | 8 |  | 9868 | 1 | 21.15 |
| Non-cluster/other markets | 382960 |  |  | 382960 | 1 | 11 |  | 14554 | 1 | 50.70 |
| Properties held for sale | 297284 |  |  | 297284 |  | 10 | <sup>(1)</sup> | 2476 |  | N/A |
| &nbsp;&nbsp;&nbsp;**North America** | **41773722** | **3106793** | **2490744** | **47371259** | **100%** | **432** |  | $**2007441** | **100%** | $**51.75** |
|  |  | **5597537** | **5597537** |  |  |  |  |  |  |  |

---

(1)Represents properties held for sale in three submarkets, including eight contiguous properties aggregating 128,870 RSF in a non-core submarket.

**Summary of occupancy**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Operating Properties** | **Operating Properties** | **Operating Properties** | **Operating and Redevelopment Properties** | **Operating and Redevelopment Properties** | **Operating and Redevelopment Properties** |
|<br>**Market** | **12/31/22** | **9/30/22** | **12/31/21** | **12/31/22** | **9/30/22** | **12/31/21** |
| Greater Boston | 94.5% | 94.4% | 95.2% | 85.5% | 84.7% | 83.2% |
| San Francisco Bay Area | 96.7 | 96.2 | 93.0 | 93.3 | 92.8 | 92.6 |
| New York City | 92.3 | 96.5 | 98.4 | 92.3 | 92.3 | 91.0 |
| San Diego | 95.4 | 95.2 | 93.1 | 95.4 | 95.2 | 91.7 |
| Seattle | 97.0 | 97.1 | 95.6 | 90.1 | 90.2 | 88.5 |
| Maryland | 95.8 | 95.4 | 99.8 | 93.3 | 92.3 | 96.0 |
| Research Triangle | 94.0 | 93.5 | 94.6 | 85.0 | 84.5 | 86.1 |
| Texas | 91.2 | 78.4 | N/A | 81.6 | 69.9 | N/A |
| &nbsp;&nbsp;&nbsp;Subtotal | 95.1 | 94.5 | 94.9 | 89.9 | 88.9 | 89.1 |
| Canada | 80.8 | 93.0 | 78.6 | 68.2 | 78.5 | 78.6 |
| Non-cluster/other markets | 75.0 | 75.0 | 75.1 | 75.0 | 75.0 | 75.1 |
| &nbsp;&nbsp;&nbsp;**North America** | **94.8%** | **94.3%** | **94.0%** | **89.4%** | **88.6%** | **88.5%** |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 25 |

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------

---

| | |
|:---|:---|
| **Property Listing** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

Mega Campuses Encompass 68% of Our Operating Property RSF<sup>(1)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Market / *Submarket* / Address** | **Operating** | **Development** | **Redevelopment** | **Total** | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Greater Boston** | | | | | | | | |
| *Cambridge/Inner Suburbs* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **at Kendall Square** | 2449354 |  | 403892 | 2853246 | 11 | $198373 | 99.1% | 85.1% |
| &nbsp;&nbsp;*50*<sup>(2)</sup>*, 60*<sup>(2)</sup>*, 75/125*<sup>(2)</sup>*, 100*<sup>(2)</sup>*, and 225*<sup>(2)</sup> *Binney Street, 215 First Street, 150 Second Street, 300 Third Street*<sup>(2)</sup>*, 11 Hurley Street, One Rogers Street, and 100 Edwin H. Land Boulevard* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **at One Kendall Square** | 903777 | 462100 |  | 1365877 | 12 | 76350 | 95.8 | 95.8 |
| &nbsp;&nbsp;&nbsp;*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**<sup>®</sup> | 1185190 |  |  | 1185190 | 7 | 116609 | 99.1 | 99.1 |
| &nbsp;&nbsp;*100, 200, 300, 400, 500, 600, and 700 Technology Square*  |  |  |  |  |  |  |  |  |
| **Mega Campus: The Arsenal on the Charles** | 872665 | 248018 |  | 1120683 | 13 | 50582 | 96.2 | 96.2 |
| &nbsp;&nbsp; *311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street,<br>&nbsp;&nbsp;&nbsp;&nbsp; 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** | 533327 |  |  | 533327 | 5 | 24241 | 97.6 | 97.6 |
| 99 Coolidge Avenue<sup>(2)</sup> |  | 320809 |  | 320809 | 1 |  | N/A | N/A |
| 640 Memorial Drive  | 242477 |  |  | 242477 | 1 | 19320 | 77.6 | 77.6 |
| 780 and 790 Memorial Drive | 99658 |  |  | 99658 | 2 | 9257 | 100.0 | 100.0 |
| *Cambridge/Inner Suburbs* | 6286448 | 1030927 | 403892 | 7721267 | 52 | 494732 | 97.3 | 91.4 |
| *Fenway* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Life Science – Fenway** | 1267572 | 170043 |  | 1437615 | 2 | 94904 | 92.9 | 92.9 |
| &nbsp;&nbsp;*401 Park Drive and 201 Brookline Avenue*<sup>(2)</sup> |  |  |  |  |  |  |  |  |
| *Seaport Innovation District* |  |  |  |  |  |  |  |  |
| 5 and 15<sup>(2)</sup> Necco Street | 95400 | 345995 |  | 441395 | 2 | 4414 | 86.6 | 86.6 |
| **Mega Campus: 380 and 420 E Street** | 195506 |  |  | 195506 | 2 | 4490 | 100.0 | 100.0 |
| *Seaport Innovation District* | 290906 | 345995 |  | 636901 | 4 | 8904 | 95.6 | 95.6 |
| *Route 128* |  |  |  |  |  |  |  |  |
| **Mega Campus: 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street** | 638651 |  | 342412 | 981063 | 5 | 38439 | 100.0 | 65.1 |
| **Mega Campus: One Moderna Way** | 706988 |  |  | 706988 | 4 | 29059 | 100.0 | 100.0 |
| 19, 225, and 235 Presidential Way | 585022 |  |  | 585022 | 3 | 13996 | 99.9 | 99.9 |
| 275 Grove Street | 509702 |  |  | 509702 | 3 | 15704 | 66.1 | 66.1 |
| 225, 266, and 275 Second Avenue | 329005 |  |  | 329005 | 3 | 18650 | 100.0 | 100.0 |
| 100 Beaver Street | 82330 |  |  | 82330 | 1 | 5262 | 100.0 | 100.0 |
| *Route 128* | 2851698 |  | 342412 | 3194110 | 19 | 121110 | 93.9 | 83.8 |
| *Other* | 753923 |  | 453869 | 1207792 | 7 | 11360 | 75.2 | 46.9 |
| **Greater Boston** | **11450547** | **1546965** | **1200173** | **14197685** | **84** | $**731010** | **94.5%** | **85.5%** |
| <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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. | <br>(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.<br>(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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 26 |

---

------

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| | |
|:---|:---|
| **Property Listing (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Market / *Submarket* / Address** | **Operating** | **Development** | **Redevelopment** | **Total** | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **San Francisco Bay Area** | | | | | | | | |
| *Mission Bay* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Mega Campus: Alexandria Center**<sup>®</sup> **for Science and Technology –** <br>**Mission Bay**<sup>(1)</sup> | 2015177 | 212796 |  | 2227973 | 10 | 98444 | 100.0% | 100.0% |
| &nbsp;&nbsp;*1455*<sup>(2)</sup>*, 1515*<sup>(2)</sup>*, 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South* |  |  |  |  |  |  |  |  |
| *Mission Bay* | 2015177 | 212796 |  | 2227973 | 10 | 98444 | 100.0 | 100.0 |
| *South San Francisco* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Technology Center**<sup>®</sup> **– Gateway**<sup>(1)</sup> | 1114890 | 230592 | 300010 | 1645492 | 12 | 60385 | 92.6 | 73.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*600*<sup>(2)</sup>*, 601, 611, 630*<sup>(2)</sup>*, 650*<sup>(2)</sup>*, 651, 681, 685, 701, 751, 901*<sup>(2)</sup>*, and 951*<sup>(2)</sup> <br>*Gateway Boulevard* |  |  |  |  |  |  |  |  |
| **Mega Campus: 213**<sup>(1)</sup>**, 249, 259, 269, and 279 East Grand Avenue** | 919704 |  |  | 919704 | 5 | 48854 | 100.0 | 100.0 |
| **Mega Campus: 1122 and 1150 El Camino Real** | 725172 |  |  | 725172 | 2 | 10948 | 97.8 | 97.8 |
| Alexandria Center<sup>®</sup> for Life Science – South San Francisco | 504551 |  |  | 504551 | 3 | 37153 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;*201 Haskins Way and 400 and 450 East Jamie Court* |  |  |  |  |  |  |  |  |
| 500 Forbes Boulevard<sup>(1)</sup> | 155685 |  |  | 155685 | 1 | 10680 | 100.0 | 100.0 |
| 849/863 Mitten Road/866 Malcolm Road | 103857 |  |  | 103857 | 1 | 4834 | 100.0 | 100.0 |
| *South San Francisco* | 3523859 | 230592 | 300010 | 4054461 | 24 | 172854 | 97.2 | 89.6 |
| *Greater Stanford* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Life Science – San Carlos** | 739192 |  |  | 739192 | 9 | 49953 | 97.3 | 97.3 |
| &nbsp;&nbsp;&nbsp;*825, 835, 960, and 1501-1599 Industrial Road* |  |  |  |  |  |  |  |  |
| Alexandria Stanford Life Science District | 703742 |  |  | 703742 | 9 | 65349 | 100.0 | 100.0 |
| &nbsp;&nbsp;&nbsp;*3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue* |  |  |  |  |  |  |  |  |
| 3875 Fabian Way | 228000 |  |  | 228000 | 1 | 9402 | 100.0 | 100.0 |
| 3412, 3420, 3440, 3450, and 3460 Hillview Avenue | 338751 |  |  | 338751 | 5 | 20926 | 73.8 | 73.8 |
| 2100, 2200, 2300, and 2400 Geng Road | 196276 |  |  | 196276 | 4 | 8448 | 70.7 | 70.7 |
| 2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road | 194503 |  |  | 194503 | 3 | 18040 | 100.0 | 100.0 |
| 2425 Garcia Avenue/2400/2450 Bayshore Parkway  | 99208 |  |  | 99208 | 1 | 4257 | 100.0 | 100.0 |
| 3350 West Bayshore Road | 61537 |  |  | 61537 | 1 | 4518 | 99.9 | 99.9 |
| *Greater Stanford* | 2561209 |  |  | 2561209 | 33 | 180893 | 93.5 | 93.5 |
| **San Francisco Bay Area** | **8100245** | **443388** | **300010** | **8843643** | **67** | **452191** | **96.7** | **93.3** |
| **New York City** |  |  |  |  |  |  |  |  |
| *New York City* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Life Science – New York City** | 740972 |  |  | 740972 | 3 | 71779 | 94.2 | 94.2 |
| &nbsp;&nbsp;*430 and 450 East 29th Street* |  |  |  |  |  |  |  |  |
| 219 East 42nd Street | 349947 |  |  | 349947 | 1 | 18638 | 100.0 | 100.0 |
| Alexandria Center<sup>®</sup> for Life Science – Long Island City | 179100 |  |  | 179100 | 1 | 6996 | 69.1 | 69.1 |
| &nbsp;&nbsp;*30-02 48th Avenue* |  |  |  |  |  |  |  |  |
| **New York City** | **1270019** | **—** | **—** | **1270019** | **5** | **97413** | **92.3%** | **92.3%** |
| <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 27 |

---

------

---

| | |
|:---|:---|
| **Property Listing (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Operating and Redevelopment** |
| **Market / *Submarket* / Address** | **Operating** | **Development** | **Redevelopment** | **Total** | **Number of Properties** | **Annual Rental Revenue** | **Operating and Redevelopment** |
| **San Diego** | | | | | | | |
| *Torrey Pines* |  |  |  |  |  |  |  |
| **Mega Campus: One Alexandria Square and One Alexandria North** | 904883 |  |  | 904883 | 10 | 53236 | 99.9% |
| &nbsp;&nbsp;*3115 and 3215*<sup>(1)</sup> *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 | 298863 |  |  | 298863 | 3 | 15747 | 100.0 |
| &nbsp;&nbsp;&nbsp;*10578, 10618, and 10628 Science Center Drive* |  |  |  |  |  |  |  |
| ARE Nautilus | 213900 |  |  | 213900 | 4 | 11297 | 88.1 |
| &nbsp;&nbsp;*3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court* |  |  |  |  |  |  |  |
| *Torrey Pines* | 1417646 |  |  | 1417646 | 17 | 80280 | 98.2 |
| *University Town Center* |  |  |  |  |  |  |  |
| **Mega Campus: Campus Point by Alexandria**<sup>(1)</sup> | 1662342 |  |  | 1662342 | 11 | 75970 | 97.7 |
| &nbsp;&nbsp;*9880*<sup>(2)</sup>*, 10010*<sup>(2)</sup>*, 10140*<sup>(2)</sup>*, 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, 4242, and 4275*<sup>(2)</sup> *Campus Point Court* |  |  |  |  |  |  |  |
| **Mega Campus: 5200 Illumina Way**<sup>(1)</sup> | 792687 |  |  | 792687 | 6 | 29978 | 100.0 |
| **Mega Campus: University District** | 415462 |  |  | 415462 | 7 | 18641 | 100.0 |
| &nbsp;&nbsp;*9625 Towne Centre Drive*<sup>(1)</sup>*, 4755, 4757, and 4767 Nexus Center Drive, 4796 Executive Drive, 8505 Costa Verde Boulevard, and 4260 Nobel Drive* |  |  |  |  |  |  |  |
| *University Town Center* | 2870491 |  |  | 2870491 | 24 | 124589 | 98.7 |
| *Sorrento Mesa* |  |  |  |  |  |  |  |
| **Mega Campus: SD Tech by Alexandria**<sup>(1)</sup> | 1059754 | 254771 |  | 1314525 | 15 | 43387 | 94.1 |
| &nbsp;&nbsp;*9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive*<sup>(2)</sup>*, and 10055, 10065, 10075, 10121*<sup>(2)</sup>*, and 10151*<sup>(2)</sup> *Barnes Canyon Road* |  |  |  |  |  |  |  |
| **Mega Campus: Sequence District by Alexandria** | 803319 |  |  | 803319 | 7 | 23993 | 89.0 |
| &nbsp;&nbsp;&nbsp;*6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive* |  |  |  |  |  |  |  |
| Pacific Technology Park<sup>(1)</sup> | 544352 |  |  | 544352 | 5 | 8106 | 88.6 |
| &nbsp;&nbsp;&nbsp;*9389, 9393, 9401, 9455, and 9477 Waples Street* |  |  |  |  |  |  |  |
| Summers Ridge Science Park<sup>(1)</sup> | 316531 |  |  | 316531 | 4 | 11521 | 100.0 |
| &nbsp;&nbsp;*9965, 9975, 9985, and 9995 Summers Ridge Road* |  |  |  |  |  |  |  |
| Scripps Science Park by Alexandria | 244083 |  |  | 244083 | 3 | 10226 | 100.0 |
| &nbsp;&nbsp;*10102 Hoyt Park Drive and 10256 and 10260 Meanley Drive* |  |  |  |  |  |  |  |
| ARE Portola | 101857 |  |  | 101857 | 3 | 3880 | 100.0 |
| &nbsp;&nbsp;*6175, 6225, and 6275 Nancy Ridge Drive* |  |  |  |  |  |  |  |
| 5810/5820 Nancy Ridge Drive | 83354 |  |  | 83354 | 1 | 3853 | 100.0 |
| 9877 Waples Street | 63774 |  |  | 63774 | 1 | 2521 | 100.0 |
| 5871 Oberlin Drive | 33842 |  |  | 33842 | 1 | 1772 | 100.0 |
| *Sorrento Mesa* | 3250866 | 254771 |  | 3505637 | 40 | 109259 | 93.5% |
| <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. | <br>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.<br>(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.<br>(2)We own 100% of this property. |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 28 |

---

------

---

| | |
|:---|:---|
| **Property Listing (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Market / *Submarket* / Address** | **Operating** | **Development** | **Redevelopment** | **Total** | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **San Diego (continued)** | | | | | | | | |
| *Sorrento Valley* |  |  |  |  |  |  |  |  |
| 3911, 3931, 3985, 4025, and 4045 Sorrento Valley Boulevard | 131698 |  |  | 131698 | 5 | $3930 | 75.7% | 75.7% |
| 11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street | 119513 |  |  | 119513 | 6 | 4312 | 100.0 | 100.0 |
| *Sorrento Valley* | 251211 |  |  | 251211 | 11 | 8242 | 87.3 | 87.3 |
| *Other* | 309743 |  |  | 309743 | 2 | 8343 | 79.5 | 79.5 |
| **San Diego** | **8099957** | **254771** | **—** | **8354728** | **94** | **330713** | **95.4** | **95.4** |
| **Seattle** |  |  |  |  |  |  |  |  |
| *Lake Union* |  |  |  |  |  |  |  |  |
| **Mega Campus: The Eastlake Life Science Campus by Alexandria** | 937290 | 311631 |  | 1248921 | 9 | 56305 | 97.4 | 97.4 |
| &nbsp;&nbsp;*1150, 1165, 1201*<sup>(1)</sup>*, 1208*<sup>(1)</sup>*, 1551, and 1616 Eastlake Avenue East, 188 and 199*<sup>(1)</sup> *East Blaine Street, and 1600 Fairview Avenue East* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Life Science – South Lake Union** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;*400*<sup>(1)</sup> *and 601 Dexter Avenue North* | 309434 |  |  | 309434 | 2 | 15494 | 100.0 | 100.0 |
| 219 Terry Avenue North | 30705 |  |  | 30705 | 1 | 1935 | 100.0 | 100.0 |
| *Lake Union* | 1277429 | 311631 |  | 1589060 | 12 | 73734 | 98.1 | 98.1 |
| *SoDo* |  |  |  |  |  |  |  |  |
| 830 4th Avenue South | 42380 |  |  | 42380 | 1 | 1691 | 70.5 | 70.5 |
| *Elliott Bay* |  |  |  |  |  |  |  |  |
| 3000/3018 Western Avenue | 47746 |  |  | 47746 | 1 | 3147 | 100.0 | 100.0 |
| 410 West Harrison Street and 410 Elliott Avenue West | 36849 |  |  | 36849 | 2 | 1613 | 100.0 | 100.0 |
| *Elliott Bay* | 84595 |  |  | 84595 | 3 | 4760 | 100.0 | 100.0 |
| *Bothell* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Advanced Technologies – Canyon Park** | 1060958 |  |  | 1060958 | 22 | 23042 | 96.7 | 96.7 |
| &nbsp;&nbsp;&nbsp;*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<sup>®</sup> for Advanced Technologies – Monte Villa Parkway | 246647 |  | 213976 | 460623 | 6 | 4657 | 97.3 | 52.1 |
| &nbsp;&nbsp;&nbsp;*3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway* |  |  |  |  |  |  |  |  |
| *Bothell* | 1307605 |  | 213976 | 1521581 | 28 | 27699 | 96.8 | 83.2 |
| *Other* | 102437 |  |  | 102437 | 2 | 1145 | 93.5 | 93.5 |
| **Seattle** | **2814446** | **311631** | **213976** | **3340053** | **46** | $**109029** | **97.0%** | **90.1%** |
| <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 29 |

---

------

---

| | |
|:---|:---|
| **Property Listing (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Market / *Submarket* / Address** | **Operating** | **Development** | **Redevelopment** | **Total** | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Maryland** | | | | | | | | |
| *Rockville* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Life Science – Shady Grove** | 1090102 | 282000 | 61322 | 1433424 | 19 | $49353 | 99.0% | 93.7% |
| &nbsp;&nbsp;&nbsp;*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 | 131511 |  |  | 131511 | 1 | 4034 | 100.0 | 100.0 |
| 1405 and 1450<sup>(1)</sup> Research Boulevard | 114849 |  |  | 114849 | 2 | 2631 | 62.8 | 62.8 |
| 1500 and 1550 East Gude Drive | 91359 |  |  | 91359 | 2 | 1844 | 100.0 | 100.0 |
| 5 Research Place | 63852 |  |  | 63852 | 1 | 2999 | 100.0 | 100.0 |
| 5 Research Court | 51520 |  |  | 51520 | 1 | 1788 | 100.0 | 100.0 |
| 12301 Parklawn Drive | 49185 |  |  | 49185 | 1 | 1530 | 100.0 | 100.0 |
| *Rockville* | 1592378 | 282000 | 61322 | 1935700 | 27 | 64179 | 96.6 | 93.0 |
| *Gaithersburg* |  |  |  |  |  |  |  |  |
| Alexandria Technology Center<sup>®</sup> – Gaithersburg I | 613438 |  |  | 613438 | 9 | 17359 | 98.6 | 98.6 |
| &nbsp;&nbsp;&nbsp;*9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road* |  |  |  |  |  |  |  |  |
| Alexandria Technology Center<sup>®</sup> – Gaithersburg II | 486324 |  |  | 486324 | 7 | 17632 | 96.5 | 96.5 |
| &nbsp;&nbsp;&nbsp;*700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road* |  |  |  |  |  |  |  |  |
| 20400 Century Boulevard | 50738 |  | 29812 | 80550 | 1 | 2035 | 100.0 | 63.0 |
| 401 Professional Drive | 63154 |  |  | 63154 | 1 | 1918 | 100.0 | 100.0 |
| 950 Wind River Lane | 50000 |  |  | 50000 | 1 | 1234 | 100.0 | 100.0 |
| 620 Professional Drive | 27950 |  |  | 27950 | 1 | 1207 | 100.0 | 100.0 |
| *Gaithersburg* | 1291604 |  | 29812 | 1321416 | 20 | 41385 | 98.0 | 95.8 |
| *Beltsville* |  |  |  |  |  |  |  |  |
| 8000/9000/10000 Virginia Manor Road | 191884 |  |  | 191884 | 1 | 2951 | 100.0 | 100.0 |
| 101 West Dickman Street<sup>(1)</sup> | 135423 |  |  | 135423 | 1 | 705 | 51.1 | 51.1 |
| *Beltsville* | 327307 |  |  | 327307 | 2 | 3656 | 79.8 | 79.8 |
| *Northern Virginia* |  |  |  |  |  |  |  |  |
| 14225 Newbrook Drive | 248186 |  |  | 248186 | 1 | 6127 | 100.0 | 100.0 |
| **Maryland** | **3459475** | **282000** | **91134** | **3832609** | **50** | $**115347** | **95.8%** | **93.3%** |
| <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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. | <br>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.<br>(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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 30 |

---

------

---

| | |
|:---|:---|
| **Property Listing (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Occupancy Percentage**  | **Occupancy Percentage**  |
| **Market / *Submarket* / Address** | **RSF**  | **RSF**  | **RSF**  | **RSF**  | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Market / *Submarket* / Address** | **Operating** | **Development** | **Redevelopment** | **Total** | **Number of Properties** | **Annual Rental Revenue** | **Operating** | **Operating and Redevelopment** |
| **Research Triangle** | | | | | | | | |
| *Research Triangle* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Life Science – Durham** | 1880185 |  | 376871 | 2257056 | 16 | $37681 | 93.2% | 77.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;*6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31*<br>*Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive* |  |  |  |  |  |  |  |  |
| **Mega Campus: Alexandria Center**<sup>®</sup> **for Advanced Technologies – Research Triangle** | 350267 | 180000 |  | 530267 | 5 | 15869 | 93.9 | 93.9 |
| &nbsp;&nbsp;&nbsp;*4, 6, 8, 10, and 12 Davis Drive* |  |  |  |  |  |  |  |  |
| Alexandria Center<sup>®</sup> for AgTech | 342881 |  |  | 342881 | 2 | 15315 | 94.1 | 94.1 |
| &nbsp;&nbsp;&nbsp;*5 and 9 Laboratory Drive* |  |  |  |  |  |  |  |  |
| 104, 108, 110, 112, and 114 TW Alexander Drive | 227902 |  |  | 227902 | 5 | 7375 | 94.3 | 94.3 |
| Alexandria Technology Center<sup>®</sup> – Alston | 186870 |  |  | 186870 | 3 | 4009 | 94.1 | 94.1 |
| &nbsp;&nbsp;&nbsp;*100, 800, and 801 Capitola Drive* |  |  |  |  |  |  |  |  |
| 6040 George Watts Hill Drive | 61547 | 88038 |  | 149585 | 2 | 2148 | 100.0 | 100.0 |
| Alexandria Innovation Center<sup>®</sup> – Research Triangle | 136729 |  |  | 136729 | 3 | 3963 | 97.2 | 97.2 |
| &nbsp;&nbsp;&nbsp;*7010, 7020, and 7030 Kit Creek Road* |  |  |  |  |  |  |  |  |
| 7 Triangle Drive | 104531 |  |  | 104531 | 1 | 4422 | 100.0 | 100.0 |
| 2525 East NC Highway 54 | 82996 |  |  | 82996 | 1 | 3651 | 100.0 | 100.0 |
| 407 Davis Drive | 81956 |  |  | 81956 | 1 | 1644 | 100.0 | 100.0 |
| 601 Keystone Park Drive | 77395 |  |  | 77395 | 1 | 1072 | 74.3 | 74.3 |
| 5 Triangle Drive | 32120 |  |  | 32120 | 1 | 1147 | 100.0 | 100.0 |
| 6101 Quadrangle Drive | 31600 |  |  | 31600 | 1 | 759 | 100.0 | 100.0 |
| **Research Triangle** | **3596979** | **268038** | **376871** | **4241888** | **42** | **99055** | **94.0** | **85.0** |
| **Texas** |  |  |  |  |  |  |  |  |
| *Austin* |  |  |  |  |  |  |  |  |
| **Mega Campus: Intersection Campus** | 1525613 |  |  | 1525613 | 12 | 39039 | 90.0 | 90.0 |
| 1001 Trinity Street and 1020 Red River Street | 198972 |  |  | 198972 | 2 | 6746 | 100.0 | 100.0 |
| *Austin* | 1724585 |  |  | 1724585 | 14 | 45785 | 90.0 | 90.0 |
| *Greater Houston* |  |  |  |  |  |  |  |  |
| 8800 Technology Forest Place |  |  | 201499 | 201499 | 1 |  | N/A |  |
| &nbsp;&nbsp;&nbsp;**Texas** | **1724585** | **—** | **201499** | **1926084** | **15** | **45785** | **91.2** | **81.6** |
| **Canada** | 577225 |  | 107081 | 684306 | 8 | 9868 | 80.8 | 68.2 |
| **Non-cluster/other markets** | 382960 |  |  | 382960 | 11 | 14554 | 75.0 | 75.0 |
| **North America, excluding properties held for sale** | **41476438** | **3106793** | **2490744** | **47073975** | **422** | **2004965** | **94.8%** | **89.4%** |
| **Properties held for sale**  | 297284 |  |  | 297284 | 10 | 2476 | 34.0% | 34.0% |
| **Total – North America** | **41773722** | **3106793** | **2490744** | **47371259** | **432** | $**2007441** |  |  |

---

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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 31 |

---

------

---

| | | |
|:---|:---|:---|
| **Investments in Real Estate** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **Investments in Real Estate** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| | ![footerlogov2.jpg](footerlogov2.jpg) | |

---

![q422pipelinesplashv12.jpg](q422pipelinesplashv12.jpg)

Refer to "Net operating income" in the "Definitions and reconciliations" of our Supplemental Information for additional details and its reconciliation from the most directly comparable financial measures presented in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;(1)As of December 31, 2022. 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 four quarters.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 32 |

---

------

---

| | |
|:---|:---|
| **Investments in Real Estate** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | |
| |<br>**Operating** | **Under Construction** | **Near<br>Term** | | **Intermediate<br>Term** | **Future** | **Subtotal** |<br>**Total** |
| **Investments in real estate** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Gross book value as of December 31, 2022<sup>(1)</sup> | $25568121 | $4055353 | $1738913 |  | $918528 | $2002541 | $8715335 | $34283456 |
| **Square footage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating | 41773722 |  |  |  |  |  |  | 41773722 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Class A development and redevelopment properties |  | 5597537 | 6248830 | <sup>(2)</sup> | 4780268 | 20716308 | 37342943 | 37342943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value-creation square feet currently included in rental properties<sup>(3)</sup> |  |  | (656378) |  | (434776) | (3459383) | (4550537) | (4550537) |
| Total square footage | 41773722 | 5597537 | 5592452 |  | 4345492 | 17256925 | 32792406 | 74566128 |

---

(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 four 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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 33 |

---

------

---

| | | |
|:---|:---|:---|
| **New Class A Development and Redevelopment Properties: Recent Deliveries** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **New Class A Development and Redevelopment Properties: Recent Deliveries** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| | ![footerlogov2.jpg](footerlogov2.jpg) | |

---

---

| | | | |
|:---|:---|:---|:---|
| **The Arsenal on the Charles** | **201 Brookline Avenue** | **201 Haskins Way** | **825 and 835 Industrial Road** |
| Greater Boston/<br>Cambridge/Inner Suburbs | Greater Boston/<br>Fenway | San Francisco Bay Area/<br>South San Francisco | San Francisco Bay Area/<br>Greater Stanford |
| 387,678 RSF | 340,073 RSF | 323,190 RSF | 526,129 RSF |
| 96% Occupancy | 100% Occupancy | 100% Occupancy | 100% Occupancy |
| ![q422arsenal.jpg](q422arsenal.jpg) | ![q422brookline.jpg](q422brookline.jpg) | ![q422haskins201.jpg](q422haskins201.jpg) | ![q422industrial825.jpg](q422industrial825.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **3160 Porter Drive** | **30-02 48th Avenue** | **3115 Merryfield Row** | **10055 Barnes Canyon Road** |
| San Francisco Bay Area/<br>Greater Stanford | New York City/New York City | San Diego/Torrey Pines | San Diego/Sorrento Mesa |
| 92,300 RSF | 137,187 RSF | 146,456 RSF | 195,435 RSF |
| 83% Occupancy | 69% Occupancy | 93% Occupancy | 100% Occupancy |
| ![q422porterdrive.jpg](q422porterdrive.jpg) | ![q422bindery.jpg](q422bindery.jpg) | ![q422merryfield3115.jpg](q422merryfield3115.jpg) | ![q422sdtechv2.jpg](q422sdtechv2.jpg) |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 34 |

---

------

---

| | | |
|:---|:---|:---|
| **New Class A Development and Redevelopment Properties: Recent Deliveries (continued)** | |  |
| **New Class A Development and Redevelopment Properties: Recent Deliveries (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **New Class A Development and Redevelopment Properties: Recent Deliveries (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| **New Class A Development and Redevelopment Properties: Recent Deliveries (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) | |
| ![footerlogov2.jpg](footerlogov2.jpg) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **10102 Hoyt Park Drive** | **5505 Morehouse Drive** | **9601 and 9603 Medical Center Drive** | **9950 Medical Center Drive** |
| San Diego/Sorrento Mesa | San Diego/Sorrento Mesa | Maryland/Rockville | Maryland/Rockville |
| 144,113 RSF | 79,945 RSF | 34,589 RSF | 84,264 RSF |
| 100% Occupancy | 100% Occupancy | 100% Occupancy | 100% Occupancy |
| ![q422hoytpark.jpg](q422hoytpark.jpg) | ![q422morehouse5505v2.jpg](q422morehouse5505v2.jpg) | ![q422mcd9601.jpg](q422mcd9601.jpg) | ![q422medical9950.jpg](q422medical9950.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **20400 Century Boulevard** | **2400 Ellis Road, 40 and 41 Moore Drive, and** <br>**14 TW Alexander Drive**<sup>(1)</sup> | **5 and 9 Laboratory Drive**<sup>(2)</sup> | **8 and 10 Davis Drive**<sup>(3)</sup> |
| Maryland/Gaithersburg | Research Triangle/Research Triangle | Research Triangle/Research Triangle | Research Triangle/Research Triangle |
| 50,738 RSF | 326,445 RSF | 342,881 RSF | 250,000 RSF |
| 100% Occupancy | 100% Occupancy | 94% Occupancy | 94% Occupancy |
| ![q422centuryblvd20400.jpg](q422centuryblvd20400.jpg) | ![q422ellisroad.jpg](q422ellisroad.jpg) | ![q422lab9v1.jpg](q422lab9v1.jpg) | ![q422davis10.jpg](q422davis10.jpg) |

---

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

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

(3)Image represents 10 Davis Drive in our Alexandria Center<sup>®</sup> for Advanced Technologies – Research Triangle mega campus.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 35 |

---

------

---

| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Recent Deliveries (continued)** | |
| **New Class A Development and Redevelopment Properties: Recent Deliveries (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |
| | ![footerlogov2.jpg](footerlogov2.jpg) |

---

Deliveries in 4Q22 commenced $28 million in annual net operating income

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property/Market/Submarket** | | **Our Ownership Interest** | **RSF Placed in Service** | **RSF Placed in Service** | **RSF Placed in Service** | **RSF Placed in Service** | **RSF Placed in Service** | **RSF Placed in Service** | **Occupancy Percentage**<sup>(2)</sup> | **Total Project** | **Total Project** | **Unlevered Yields** | **Unlevered Yields** |
| **Property/Market/Submarket** | **4Q22 Delivery Date**<sup>(1)</sup> | **Our Ownership Interest** | **Prior to 1/1/22** | **1Q22** | **2Q22** | **3Q22** | **4Q22** | **Total** | **Occupancy Percentage**<sup>(2)</sup> | **Total Project** | **Total Project** | **Initial Stabilized** | **Initial Stabilized (Cash Basis)** |
| **Property/Market/Submarket** | **4Q22 Delivery Date**<sup>(1)</sup> | **Our Ownership Interest** | **Prior to 1/1/22** | **1Q22** | **2Q22** | **3Q22** | **4Q22** | **Total** | **Occupancy Percentage**<sup>(2)</sup> | **RSF** | **Investment** | **Initial Stabilized** | **Initial Stabilized (Cash Basis)** |
| **Development projects** | | | | | | | | | | | | | |
| 201 Brookline Avenue/Greater Boston/Fenway | 11/3/22 | 98.8% |  |  |  | 261990 | 78083 | 340073 | 100% | 510116 | $734000 | 7.2% | 6.2% |
| 201 Haskins Way/San Francisco Bay Area/South San Francisco | N/A | 100% | 270879 | 52311 |  |  |  | 323190 | 100% | 323190 | 367000 | 6.3 | 6.0 |
| 825 and 835 Industrial Road/San Francisco Bay Area/Greater Stanford | N/A | 100% | 476211 | 49918 |  |  |  | 526129 | 100% | 526129 | 631000 | 6.7 | 6.5 |
| 3115 Merryfield Row/San Diego/Torrey Pines | N/A | 100% |  | 146456 |  |  |  | 146456 | 93% | 146456 | 150000 | 6.3 | 6.2 |
| 10055 Barnes Canyon Road/San Diego/Sorrento Mesa | 11/21/22 | 50.0% |  |  | 110454 | 9473 | 75508 | 195435 | 100% | 195435 | 189000 | 7.2 | 6.7 |
| 10102 Hoyt Park Drive/San Diego/Sorrento Mesa | 11/15/22 | 100% |  |  |  |  | 144113 | 144113 | 100% | 144113 | 114000 | 7.4 | 6.8 |
| 9950 Medical Center Drive/Maryland/Rockville | N/A | 100% |  | 84264 |  |  |  | 84264 | 100% | 84264 | 57000 | 8.9 | 7.8 |
| 5 and 9 Laboratory Drive/Research Triangle/Research Triangle | 12/21/22 | 100% | 267509 | 11211 |  | 1485 | 62676 | 342881 | 94% | 342881 | 221000 | 6.9 | 7.0 |
| 8 and 10 Davis Drive/Research Triangle/ Research Triangle | N/A | 100% | 65247 | 44980 | 139773 |  |  | 250000 | 94% | 250000 | 159000 | 7.6 | 7.3 |
| **Redevelopment projects** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| The Arsenal on the Charles/Greater Boston/Cambridge/Inner Suburbs | 12/31/22 | 100% | 137111 | 99796 | 50663 | 43351 | 56757 | 387678 | 96% | 872665 | 834000 | 6.3 | 5.6 |
| 3160 Porter Drive/San Francisco Bay Area/Greater Stanford | N/A | 100% | 57696 | 34604 |  |  |  | 92300 | 83% | 92300 | 117000 | 4.6 | 4.6 |
| 30-02 48th Avenue/New York City/New York City | 12/31/22 | 100% | 41848 | 11092 | 18689 | 10197 | 55361 | 137187 | 69% | 179100 | 248000 | 5.8 | 6.0 |
| 5505 Morehouse Drive/San Diego/Sorrento Mesa | N/A | 100% | 28324 |  | 51621 |  |  | 79945 | 100% | 79945 | 68000 | 7.1 | 7.2 |
| 9601 and 9603 Medical Center Drive/Maryland/Rockville | 11/17/22 | 100% | 17378 |  |  |  | 17211 | 34589 | 100% | 95911 | 54000 | 8.4 | 7.1 |
| 20400 Century Boulevard/Maryland/Gaithersburg | 10/17/22 | 100% |  | 32033 | 4194 | 6465 | 8046 | 50738 | 100% | 80550 | 35000 | 8.5 | 8.6 |
| 2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle/Research Triangle | N/A | 100% | 326445 |  |  |  |  | 326445 | 100% | 703316 | 337000 | 7.5 | 6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average/total | 11/18/22 |  | 1688648 | 566665 | 375394 | 332961 | 497755 | 3461423 |  | 4626371 | $4315000 | 6.8% | 6.3% |

---

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](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 36 |

---

------

---

| | | |
|:---|:---|:---|
| **New Class A Development and Redevelopment Properties: Current Projects** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **New Class A Development and Redevelopment Properties: Current Projects** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| | ![footerlogov2.jpg](footerlogov2.jpg) | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **325 Binney Street** | **One Rogers Street** | **99 Coolidge Avenue** | **500 North Beacon Street and** <br>**4 Kingsbury Avenue**<sup>(1)</sup> | **201 Brookline Avenue** |
| Greater Boston/<br>Cambridge/Inner Suburbs | Greater Boston/<br>Cambridge/Inner Suburbs | Greater Boston/<br>Cambridge/Inner Suburbs | Greater Boston/<br>Cambridge/Inner Suburbs | Greater Boston/Fenway |
| 462,100 RSF | 403,892 RSF | 320,809 RSF | 248,018 RSF | 170,043 RSF |
| 100% Leased | 100% Leased | 36% Leased/Negotiating | 85% Leased/Negotiating | 98% Leased/Negotiating |
| ![q422binney325.jpg](q422binney325.jpg) | ![q422charlespark.jpg](q422charlespark.jpg) | ![q422coolidge.jpg](q422coolidge.jpg) | ![q422arsenalphaseii.jpg](q422arsenalphaseii.jpg) | ![q422brookline.jpg](q422brookline.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **15 Necco Street** | **40, 50, and 60 Sylvan Road**<sup>(2)</sup> | **1450 Owens Street** | **651 Gateway Boulevard** | **751 Gateway Boulevard** |
| Greater Boston/<br>Seaport Innovation District | Greater Boston/Route 128 | San Francisco Bay Area/<br>Mission Bay | San Francisco Bay Area/<br>South San Francisco | San Francisco Bay Area/<br>South San Francisco |
| 345,995 RSF | 202,428 RSF | 212,796 RSF | 300,010 RSF | 230,592 RSF |
| 97% Leased/Negotiating | 61% Leased/Negotiating | —% Leased/Negotiating | 7% Leased/Negotiating | 100% Leased |
| ![q422necco15.jpg](q422necco15.jpg) | ![q422sylvan50.jpg](q422sylvan50.jpg) | ![q422owens1450.jpg](q422owens1450.jpg) | ![q422gateway651.jpg](q422gateway651.jpg) | ![q422gateway751.jpg](q422gateway751.jpg) |

---

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

(2)Image represents 50 Sylvan Road.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 37 |

---

------

---

| | | |
|:---|:---|:---|
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| | ![footerlogov2.jpg](footerlogov2.jpg) | |

---

---

| | | | |
|:---|:---|:---|:---|
| **10075 Barnes Canyon Road** | **1150 Eastlake Avenue East** | **9810 Darnestown Road** | **9808 Medical Center Drive** |
| San Diego/Sorrento Mesa | Seattle/Lake Union | Maryland/Rockville | Maryland/Rockville |
| 254,771 RSF | 311,631 RSF | 192,000 RSF | 90,000 RSF |
| —% Leased/Negotiating | 89% Leased/Negotiating | 100% Leased | 73% Leased/Negotiating |
| ![q422barnescanyon10075.jpg](q422barnescanyon10075.jpg) | ![q422eastlake1150.jpg](q422eastlake1150.jpg) | ![q422darnestown9810v2.jpg](q422darnestown9810v2.jpg) | ![q422mcd9808.jpg](q422mcd9808.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **9601 and 9603 Medical Center Drive** | **2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive**<sup>(1)</sup> | **4 Davis Drive** | **6040 George Watts Hill Drive, <br>Phase II** |
| Maryland/Rockville | Research Triangle/Research Triangle | Research Triangle/Research Triangle | Research Triangle/Research Triangle |
| 61,322 RSF | 376,871 RSF | 180,000 RSF | 88,038 RSF |
| 100% Leased | 86% Leased/Negotiating | 6% Leased/Negotiating | 100% Leased |
| ![q422mcd9601.jpg](q422mcd9601.jpg) | ![q422mooredrive41.jpg](q422mooredrive41.jpg) | ![q422davis4.jpg](q422davis4.jpg) | ![q422georgewatts6040.jpg](q422georgewatts6040.jpg) |

---

(1)Image represents 41 Moore Drive in our Alexandria Center<sup>®</sup> for Life Science – Durham mega campus.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 38 |

---

------

---

| | | |
|:---|:---|:---|
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| | ![footerlogov2.jpg](footerlogov2.jpg) | |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | | **Square Footage** | **Square Footage** | **Square Footage** | **Percentage** | **Percentage** | **Percentage** | **Occupancy**<sup>(1)</sup> | **Occupancy**<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** |<br>**Dev/Redev** | **In Service** | **CIP** | **Total** | **Leased** | **Leased/Negotiating** | **Leased/Negotiating** | **Initial** | **Stabilized** |
| **Under construction** | | | | | | | | | |
| Greater Boston |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;325 Binney Street/Cambridge/Inner Suburbs | Dev |  | 462100 | 462100 | 100% | 100% |  | 2023 | 2024 |
| &nbsp;&nbsp;&nbsp;One Rogers Street/Cambridge/Inner Suburbs | Redev | 4367 | 403892 | 408259 | 100 | 100 |  | 2023 | 2023 |
| &nbsp;&nbsp;&nbsp;99 Coolidge Avenue/Cambridge/Inner Suburbs | Dev |  | 320809 | 320809 | 36 | 36 |  | 2024 | 2025 |
| &nbsp;&nbsp;&nbsp;500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs | Dev |  | 248018 | 248018 | 85 | 85 |  | 2024 | 2025 |
| &nbsp;&nbsp;&nbsp;201 Brookline Avenue/Fenway | Dev | 340073 | 170043 | 510116 | 97 | 98 |  | 3Q22 | 2023 |
| &nbsp;&nbsp;&nbsp;15 Necco Street/Seaport Innovation District | Dev |  | 345995 | 345995 | 97 | 97 |  | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;40, 50, and 60 Sylvan Road/Route 128 | Redev | 312845 | 202428 | 515273 | 61 | 61 |  | 2023 | 2024 |
| &nbsp;&nbsp;&nbsp;840 Winter Street/Route 128 | Redev | 28230 | 139984 | 168214 | 100 | 100 |  | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;Other | Redev |  | 453869 | 453869 |  |  | <sup>(2)</sup> | 2023 | 2025 |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1450 Owens Street/Mission Bay | Dev |  | 212796 | 212796 |  |  | <sup>(2)</sup> | 2024 | 2025 |
| &nbsp;&nbsp;&nbsp;651 Gateway Boulevard/South San Francisco | Redev |  | 300010 | 300010 | 7 | 7 | <sup>(2)</sup> | 2023 | 2025 |
| &nbsp;&nbsp;&nbsp;751 Gateway Boulevard/South San Francisco | Dev |  | 230592 | 230592 | 100 | 100 |  | 2023 | 2023 |
| San Diego |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10075 Barnes Canyon Road/Sorrento Mesa | Dev |  | 254771 | 254771 |  |  | <sup>(2)</sup> | 2024 | 2025 |
| Seattle |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1150 Eastlake Avenue East/Lake Union | Dev |  | 311631 | 311631 | 89 | 89 |  | 2023 | 2024 |
| &nbsp;&nbsp;Alexandria Center<sup>®</sup> for Advanced Technologies – Monte Villa Parkway/Bothell | Redev | 246647 | 213976 | 460623 | 84 | 84 |  | 2023 | 2024 |
| Maryland |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9810 Darnestown Road/Rockville | Dev |  | 192000 | 192000 | 100 | 100 |  | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;9808 Medical Center Drive/Rockville | Dev |  | 90000 | 90000 | 29 | 73 |  | 2023 | 2024 |
| &nbsp;&nbsp;&nbsp;9601 and 9603 Medical Center Drive/Rockville | Redev | 34589 | 61322 | 95911 | 100 | 100 |  | 4Q21 | 2023 |
| &nbsp;&nbsp;&nbsp;20400 Century Boulevard/Gaithersburg | Redev | 50738 | 29812 | 80550 | 100 | 100 |  | 1Q22 | 2023 |
| Research Triangle |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/<br>Research Triangle | Redev | 326445 | 376871 | 703316 | 86 | 86 |  | 2Q21 | 2024 |
| &nbsp;&nbsp;&nbsp;4 Davis Drive/Research Triangle | Dev |  | 180000 | 180000 |  | 6 | <sup>(2)</sup> | 2023 | 2024 |
| &nbsp;&nbsp;&nbsp;6040 George Watts Hill Drive, Phase II/Research Triangle | Dev |  | 88038 | 88038 | 100 | 100 |  | 2024 | 2024 |
| Texas |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8800 Technology Forest Place/Greater Houston | Redev |  | 201499 | 201499 | 23 | 23 |  | 2023 | 2024 |
| Canada |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | Redev | 22992 | 107081 | 130073 | 71 | 81 |  | 2023 | 2024 |
|  |  | 1366926 | 5597537 | 6964463 | 67% | 68% |  |  |  |
| (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. | (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.<br>(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. |

---

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| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 39 |

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| | | |
|:---|:---|:---|
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | |  |
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |  |
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) | December 31, 2022 |
| | ![footerlogov2.jpg](footerlogov2.jpg) | |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | | **Square Footage** | **Square Footage** | **Square Footage** | **Percentage** | **Percentage** | **Percentage** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** |<br>**Dev/Redev** | **In Service** | **CIP** | **Total** | **Leased** | **Leased/Negotiating** | **Leased/Negotiating** |
| **Near-term projects expected to commence construction in the next four quarters** | | | | | | | |
| San Francisco Bay Area |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;230 Harriet Tubman Way/South San Francisco | Dev |  | 285346 | 285346 | 100% | 100% |  |
| San Diego |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;11255 and 11355 North Torrey Pines Road/Torrey Pines | Dev |  | 309094 | 309094 | 100 | 100 |  |
| &nbsp;&nbsp;&nbsp;10931 and 10933 North Torrey Pines Road/Torrey Pines | Dev |  | 299158 | 299158 | 100 | 100 |  |
| &nbsp;&nbsp;&nbsp;Campus Point by Alexandria, Phase II/University Town Center | Dev |  | 426927 | 426927 | 100 | 100 |  |
| &nbsp;&nbsp;&nbsp;Campus Point by Alexandria, Phase I/University Town Center | Dev |  | 171102 | 171102 | 100 | 100 |  |
| Seattle |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;701 Dexter Avenue North/Lake Union | Dev |  | 226586 | 226586 |  |  | <sup>(1)</sup> |
| Maryland |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9820 Darnestown Road/Rockville | Dev |  | 250000 | 250000 | 100 | 100 |  |
|  |  |  | 1968213 | 1968213 | 88 | 88 |  |
| Total |  | 1366926 | 7565750 | 8932676 | 72% | 72% |  |
| (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. | (1)This project was initiated due to demand from neighboring tenants. |

---

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| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 40 |

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------

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| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Our Ownership Interest** | **At 100%** | **At 100%** | **At 100%** | **At 100%** | **At 100%** | | **Unlevered Yields** | **Unlevered Yields** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **In Service** | **CIP** | **Cost to Complete** | | **Total at<br>Completion** | | **Initial Stabilized** | **Initial Stabilized (Cash Basis)** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **In Service** | **CIP** | **Cost to Complete** | | **Total at<br>Completion** | | **Initial Stabilized** | **Initial Stabilized (Cash Basis)** |
| **Under construction** | | | | | | | | | |
| Greater Boston |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;325 Binney Street/Cambridge/Inner Suburbs | 100% | $— | $477206 | $413794 |  | $891000 |  | 8.5% | 7.2% |
| &nbsp;&nbsp;&nbsp;One Rogers Street/Cambridge/Inner Suburbs | 100% | 10814 | 1040421 | 154765 |  | 1206000 |  | 5.2% | 4.2% |
| &nbsp;&nbsp;&nbsp;99 Coolidge Avenue/Cambridge/Inner Suburbs | 75.0% |  | 174817 | TBD | TBD | TBD | TBD | TBD | TBD |
| &nbsp;&nbsp;&nbsp;500 North Beacon Street and 4 Kingsbury Avenue/Cambridge/Inner Suburbs | 100% |  | 156299 | 270701 |  | 427000 |  | 6.2% | 5.5% |
| &nbsp;&nbsp;&nbsp;201 Brookline Avenue/Fenway | 98.8% | 482455 | 208188 | 43357 |  | 734000 |  | 7.2% | 6.2% |
| &nbsp;&nbsp;&nbsp;15 Necco Street/Seaport Innovation District | 90.0% |  | 339207 | 227793 |  | 567000 |  | 6.7% | 5.5% |
| &nbsp;&nbsp;&nbsp;40, 50, and 60 Sylvan Road/Route 128 | 100% | 173686 | 151887 | TBD | TBD | TBD | TBD | TBD | TBD |
| &nbsp;&nbsp;&nbsp;840 Winter Street/Route 128 | 100% | 13642 | 99117 | 95241 |  | 208000 |  | 7.5% | 6.5% |
| &nbsp;&nbsp;&nbsp;Other | 100% |  | 128736 | TBD | TBD | TBD | TBD | TBD | TBD |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1450 Owens Street/Mission Bay | 59.7% |  | 122012 | TBD | TBD | TBD | TBD | TBD | TBD |
| &nbsp;&nbsp;&nbsp;651 Gateway Boulevard/South San Francisco | 50.0% |  | 182941 | TBD | TBD | TBD | TBD | TBD | TBD |
| &nbsp;&nbsp;&nbsp;751 Gateway Boulevard/South San Francisco | 51.0% |  | 171315 | 118685 |  | 290000 |  | 6.5% | 6.3% |
| San Diego |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;10075 Barnes Canyon Road/Sorrento Mesa | 50.0% |  | 51389 | TBD | TBD | TBD | TBD | TBD | TBD |
| Seattle |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1150 Eastlake Avenue East/Lake Union | 100% |  | 213339 | 191661 |  | 405000 |  | 6.4% | 6.2% |
| &nbsp;&nbsp;Alexandria Center<sup>®</sup> for Advanced Technologies – Monte Villa Parkway/Bothell | 100% | 59309 | 99001 | 70690 |  | 229000 |  | 6.3% | 6.2% |
| Maryland |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;9810 Darnestown Road/Rockville | 100% |  | 78508 | 54492 |  | 133000 |  | 6.9% | 6.2% |
| &nbsp;&nbsp;&nbsp;9808 Medical Center Drive/Rockville | 100% |  | 51050 | TBD | TBD | TBD | TBD | TBD | TBD |
| &nbsp;&nbsp;&nbsp;9601 and 9603 Medical Center Drive/Rockville | 100% | 18187 | 30907 | 4906 |  | 54000 |  | 8.4% | 7.1% |
| &nbsp;&nbsp;&nbsp;20400 Century Boulevard/Gaithersburg | 100% | 21185 | 7584 | 6231 |  | 35000 |  | 8.5% | 8.6% |
| Research Triangle |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive/Research Triangle | 100% | 93858 | 121944 | 121198 |  | 337000 |  | 7.5% | 6.7% |
| &nbsp;&nbsp;&nbsp;4 Davis Drive/Research Triangle | 100% |  | 38090 | TBD | TBD | TBD | TBD | TBD | TBD |
| &nbsp;&nbsp;&nbsp;6040 George Watts Hill Drive, Phase II/Research Triangle | 100% |  | 20583 | 43417 |  | 64000 |  | 8.0% | 7.0% |
| Texas |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;8800 Technology Forest Place/Greater Houston | 100% |  | 73436 | TBD | TBD | TBD | TBD | TBD | TBD |
| Canada |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | 100% | 3154 | 17376 | TBD | TBD | TBD | TBD | TBD | TBD |
|  |  | $876290 | $4055353 | $3690000 | <sup>(1)</sup> | $8620000 | <sup>(1)</sup> |  |  |
| (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. | (1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD. |

---

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| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 41 |

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------

---

| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | |
| **New Class A Development and Redevelopment Properties: Current Projects (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Our Ownership Interest** | **At 100%** | **At 100%** | **At 100%** | **At 100%** | **At 100%** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **In Service** | **CIP** | **Cost to Complete** | | **Total at<br>Completion** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **In Service** | **CIP** | **Cost to Complete** | | **Total at<br>Completion** | |
| **Near-term projects expected to commence construction in the next four quarters** | | | | | | | |
| San Francisco Bay Area |  |  |  | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;230 Harriet Tubman Way/South San Francisco | 45.3% | $— | $110278 | TBD | TBD | TBD |  |
| San Diego |  |  |  | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;11255 and 11355 North Torrey Pines Road/Torrey Pines | 100% |  | 126748 | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;10931 and 10933 North Torrey Pines Road/Torrey Pines | 100% |  | 83241 | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;Campus Point by Alexandria, Phase II/University Town Center | 55.0% |  | 53495 | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;Campus Point by Alexandria, Phase I/University Town Center | 55.0% |  | 46821 | TBD | TBD | TBD |  |
| Seattle |  |  |  | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;701 Dexter Avenue North/Lake Union | 100% |  | 124303 | TBD | TBD | TBD |  |
| Maryland |  |  |  | TBD | TBD | TBD |  |
| &nbsp;&nbsp;&nbsp;9820 Darnestown Road/Rockville | 100% |  | 38952 | TBD | TBD | TBD |  |
|  |  |  | 583838 | 1830000 | <sup>(1)</sup> | 2420000 | <sup>(1)</sup> |
| Total |  | $876290 | $4639191 | $5520000 | <sup>(1)</sup> | $11040000 | <sup>(1)</sup> |
| Our share of investment<sup>(2)</sup> |  |  |  | $4660000 | <sup>(1)</sup> | $9730000 | <sup>(1)</sup> |

---

(1)Amounts rounded to the nearest $10 million and include preliminary estimated amounts for projects listed as TBD.

(2)Represents our share of investment based on our ownership percentages at the completion of development or redevelopment projects.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 42 |

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| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Summary of Pipeline** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Under Construction** | **Near<br>Term** | **Intermediate<br>Term** | **Future** |<br>**Total**<sup>(1)</sup> |
| Greater Boston |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> at One Kendall Square/Cambridge/<br>Inner Suburbs | 100% | 477206 | 462100 |  |  |  | 462100 |
| &nbsp;&nbsp;&nbsp;&nbsp;*325 Binney Street* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> at Kendall Square/Cambridge/<br>Inner Suburbs | 100% | 1097991 | 403892 | 104500 |  | 41955 | 550347 |
| &nbsp;&nbsp;&nbsp;&nbsp;*One Rogers Street and 100 Edwin H. Land Boulevard* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;99 Coolidge Avenue/Cambridge/Inner Suburbs | 75.0% | 174817 | 320809 |  |  |  | 320809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: The Arsenal on the Charles/Cambridge/Inner Suburbs | 100% | 167226 | 248018 |  |  | 342603 | 590621 |
| &nbsp;&nbsp;&nbsp;&nbsp; *311 Arsenal Street, 500 North Beacon Street, and 4 Kingsbury Avenue* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Life Science – Fenway/Fenway | <sup>(2)</sup> | 524791 | 170043 | 507997 |  |  | 678040 |
| &nbsp;&nbsp;&nbsp;&nbsp;*201 Brookline Avenue and 421 Park Drive* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;15 Necco Street/Seaport Innovation District | 90.0% | 339207 | 345995 |  |  |  | 345995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 40, 50, and 60 Sylvan Road, 35 Gatehouse Drive, and 840 Winter Street/Route 128 | 100% | 308205 | 342412 | 341075 |  | 515000 | 1198487 |
| &nbsp;&nbsp;&nbsp;&nbsp;275 Grove Street/Route 128 | 100% |  |  | 160251 |  |  | 160251 |
| &nbsp;&nbsp;&nbsp;&nbsp;10 Necco Street/Seaport Innovation District | 100% | 98667 |  |  | 175000 |  | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp;215 Presidential Way/Route 128 | 100% | 6808 |  |  | 112000 |  | 112000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 480 Arsenal Way and 446, 458, 500, and 550 Arsenal Street/Cambridge/Inner Suburbs | 100% | 77582 |  |  |  | 902000 | 902000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*446, 458, and 550 Arsenal Street* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Technology Square<sup>®</sup>/Cambridge/Inner Suburbs | 100% | 7881 |  |  |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 380 and 420 E Street/Seaport Innovation District | 100% | 125786 |  |  |  | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;99 A Street/Seaport Innovation District | 100% | 49800 |  |  |  | 235000 | 235000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: One Moderna Way/Route 128 | 100% | 24686 |  |  |  | 1100000 | 1100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other value-creation projects | 100% | 202708 | 453869 | 260992 |  | 449549 | 1164410 |
|  |  | **3683361** | **2747138** | **1374815** | **287000** | **4686107** | **9095060** |
| <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 98.8% ownership interest in 201 Brookline Avenue aggregating 170,043 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. |

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| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 43 |

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| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Under Construction** | **Near<br>Term** | **Intermediate<br>Term** | | **Future** |<br>**Total**<sup>(1)</sup> |
| San Francisco Bay Area |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Science and Technology – Mission Bay/Mission Bay | 59.7% | 122012 | 212796 |  |  |  |  | 212796 |
| &nbsp;&nbsp;&nbsp;&nbsp;*1450 Owens Street* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Technology Center<sup>®</sup> – Gateway/<br>South San Francisco | <sup>(2)</sup> | 378730 | 530602 |  |  |  | 291000 | 821602 |
| &nbsp;&nbsp;&nbsp;&nbsp;*651 and 751 Gateway Boulevard* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Center<sup>®</sup> for Life Science – Millbrae/South San Francisco | 45.3% | 252173 |  | 633747 |  |  |  | 633747 |
| &nbsp;&nbsp;&nbsp;&nbsp;*230 Harriet Tubman Way, 201 and 231 Adrian Road, and 6 and 30 Rollins Road* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3825 and 3875 Fabian Way/Greater Stanford | 100% | 137076 |  |  | 250000 |  | 228000 | 478000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Life Science – San Carlos/Greater Stanford | 100% | 397323 |  | 105000 | 700000 |  | 692830 | 1497830 |
| &nbsp;&nbsp;&nbsp;&nbsp;*960 Industrial Road, 987 and 1075 Commercial Street, and 888 Bransten Road* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;901 California Avenue/Greater Stanford | 100% | 11698 |  | 56924 |  |  |  | 56924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 88 Bluxome Street/SoMa | 100% | 348135 |  | 1070925 |  |  |  | 1070925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 1122, 1150, and 1178 El Camino Real/South San Francisco | 100% | 350590 |  |  |  |  | 1930000 | 1930000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 211<sup>(3)</sup>, 213<sup>(3)</sup>, 249, 259, 269, and 279 East Grand Avenue/<br>South San Francisco | 100% | 6655 |  |  |  |  | 90000 | 90000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*211 East Grand Avenue* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other value-creation projects | 100% |  |  |  |  |  | 25000 | 25000 |
|  |  | **2004392** | **743398** | **1866596** | **950000** |  | **3256830** | **6816824** |
| New York City |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Life Science – New York City/<br>New York City | 100% | 133505 |  |  | 550000 | <sup>(4)</sup> |  | 550000 |
| &nbsp;&nbsp;&nbsp;&nbsp;219 East 42nd Street/New York City | 100% |  |  |  | 579947 |  |  | 579947 |
|  |  | **133505** | **—** | **—** | **1129947** |  | **—** | **1129947** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(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. <br>(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.<br>(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. |

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| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 44 |

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------

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| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Under Construction** | **Near<br>Term** | **Intermediate<br>Term** | **Future** |<br>**Total**<sup>(1)</sup> |
| San Diego |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: SD Tech by Alexandria/Sorrento Mesa | 50.0% | 116330 | 254771 |  | 160000 | 333845 | 748616 |
| &nbsp;&nbsp;&nbsp;&nbsp;*9805 Scranton Road and 10065 and 10075 Barnes Canyon Road* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: One Alexandria Square and One Alexandria North/Torrey Pines | 100% | 262456 |  | 608252 | 125280 |  | 733532 |
| &nbsp;&nbsp;&nbsp;&nbsp;*10931, 10933, 11255, and 11355 North Torrey Pines Road and 10975 and 10995 Torreyana Road* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Campus Point by Alexandria/University Town Center | 55.0% | 259044 |  | 598029 |  | 1074445 | 1672474 |
| &nbsp;&nbsp;&nbsp;&nbsp;*10010*<sup>(2)</sup>*, 10140*<sup>(2)</sup>*, and 10260 Campus Point Drive and 4110, 4150, 4161, and 4275*<sup>(2)</sup> *Campus Point Court* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Sequence District by Alexandria/Sorrento Mesa | 100% | 43100 |  | 200000 | 509000 | 1089915 | 1798915 |
| &nbsp;&nbsp;&nbsp;&nbsp;*6260, 6290, 6310, 6340, 6350, and 6450 Sequence Drive* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Scripps Science Park by Alexandria/Sorrento Mesa | 100% | 69978 |  | 105000 | 175041 | 164000 | 444041 |
| &nbsp;&nbsp;&nbsp;&nbsp;*10048 and 10219 Meanley Drive, and 10277 Scripps Ranch Boulevard* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: University District/University Town Center | 100% | 143990 |  |  | 937000 |  | 937000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*9363, 9373, and 9393 Towne Centre Drive, 8410-8750 Genesee Avenue, and 4282 Esplanade Court* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacific Technology Park/Sorrento Mesa | 50.0% | 21981 |  |  | 149000 |  | 149000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*9444 Waples Street* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: 5200 Illumina Way/University Town Center | 51.0% | 16652 |  |  |  | 451832 | 451832 |
| &nbsp;&nbsp;&nbsp;&nbsp;4025, 4031, 4045, and 4075 Sorrento Valley Boulevard/Sorrento Valley | 100% | 21282 |  |  |  | 247000 | 247000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other value-creation projects | 100% | 68606 |  |  |  | 475000 | 475000 |
|  |  | **1023419** | **254771** | **1511281** | **2055321** | **3836037** | **7657410** |
| Seattle |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: The Eastlake Life Science Campus by Alexandria/<br>Lake Union | 100% | 213339 | 311631 |  |  |  | 311631 |
| &nbsp;&nbsp;&nbsp;&nbsp;*1150 Eastlake Avenue East* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Center<sup>®</sup> for Advanced Technologies – Monte Villa Parkway/Bothell | 100% | 99001 | 213976 | 50552 |  |  | 264528 |
| &nbsp;&nbsp;&nbsp;&nbsp;*3301, 3555, and 3755 Monte Villa Parkway* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Life Science – South Lake Union/<br>Lake Union | <sup>(3)</sup> | 377870 |  | 1095586 |  | 188400 | 1283986 |
| &nbsp;&nbsp;&nbsp;&nbsp;*601 and 701 Dexter Avenue North and 800 Mercer Street* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;830 and 1010 4th Avenue South/SoDo | 100% | 53937 |  |  |  | 597313 | 597313 |
| <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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. | <br>Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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.<br>(2)We have a 100% ownership interest in this property.<br>(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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| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 45 |

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| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | **Under Construction** | **Near<br>Term** | **Intermediate<br>Term** | **Future** |<br>**Total**<sup>(1)</sup> |
| Seattle (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Advanced Technologies – Canyon Park/Bothell | 100% | $14059 |  |  |  | 230000 | 230000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*21660 20th Avenue Southeast* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other value-creation projects | 100% | 84369 |  |  |  | 691000 | 691000 |
|  |  | **842575** | **525607** | **1146138** | **—** | **1706713** | **3378458** |
| Maryland |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Life Science – Shady Grove/Rockville | 100% | 218117 | 343322 | 250000 | 258000 | 38000 | 889322 |
| &nbsp;&nbsp;&nbsp;&nbsp;*9601, 9603, and 9808 Medical Center Drive and 9810, 9820, and 9830 Darnestown Road* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20400 Century Boulevard/Gaithersburg | 100% | 7584 | 29812 |  |  |  | 29812 |
|  |  | **225701** | **373134** | **250000** | **258000** | **38000** | **919134** |
| Research Triangle |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Life Science – Durham/<br>Research Triangle | 100% | 271547 | 376871 |  |  | 2060000 | 2436871 |
| &nbsp;&nbsp;&nbsp;&nbsp;*40 and 41 Moore Drive and 14 TW Alexander Drive* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for Advanced Technologies – Research Triangle/Research Triangle | 100% | 74801 | 180000 |  |  | 990000 | 1170000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*4 and 12 Davis Drive* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;6040 George Watts Hill Drive, Phase II/Research Triangle | 100% | 20583 | 88038 |  |  |  | 88038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mega Campus: Alexandria Center<sup>®</sup> for NextGen Medicines/<br>Research Triangle | 100% | 100290 |  | 100000 | 100000 | 855000 | 1055000 |
| &nbsp;&nbsp;&nbsp;&nbsp;*3029 East Cornwallis Road* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;120 TW Alexander Drive, 2752 East NC Highway 54, and 10 South Triangle Drive/Research Triangle | 100% | 51083 |  |  |  | 750000 | 750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other value-creation projects | 100% | 4185 |  |  |  | 76262 | 76262 |
|  |  | $**522489** | **644909** | **100000** | **100000** | **4731262** | **5576171** |
| Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. | Refer to "Mega campus" in the "Definitions and reconciliations" of this Supplemental Information for additional details.<br>(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. |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 46 |

---

------

---

| | |
|:---|:---|
| **New Class A Development and Redevelopment Properties: Summary of Pipeline (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** | **Square Footage** |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | **Development and Redevelopment** | |
| &nbsp;&nbsp;&nbsp;**Market**<br>**Property/Submarket** | **Our Ownership Interest** | **Book Value** | | **Under Construction** | **Near<br>Term** | **Intermediate<br>Term** | **Future** |<br>**Total**<sup>(1)</sup> |
| Texas |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;8800 Technology Forest Place/Greater Houston | 100% | $84514 |  | 201499 |  |  | 116287 | 317786 |
| &nbsp;&nbsp;&nbsp;&nbsp;1020 Red River Street/Austin | 100% | 9197 |  |  |  |  | 177072 | 177072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other value-creation projects | 100% | 127618 |  |  |  |  | 1694000 | 1694000 |
|  |  | 221329 |  | 201499 |  |  | 1987359 | 2188858 |
| Canada | 100% | 17376 |  | 107081 |  |  | 124000 | 231081 |
| Other value-creation projects | 100% | 41188 |  |  |  |  | 350000 | 350000 |
| Total pipeline as of December 31, 2022 |  | $**8715335** | <sup>(2)</sup> | **5597537** | **6248830** | **4780268** | **20716308** | **37342943** |

---

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

(1)Total square footage includes 4,550,537 RSF of buildings currently in operation that we intend to demolish or redevelop 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)Total book value includes $4.1 billion of projects currently under construction that are 68% leased/negotiating. We also expect to commence construction on seven near-term projects aggregating $583.8 million, which are 88% leased, in the next four quarters.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 47 |

---

------

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| | |
|:---|:---|
| **Construction Spending** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(In thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | |
|:---|:---|
| | **Year Ended<br>December 31, 2022** |
|<br>**Construction Spending** | **Year Ended<br>December 31, 2022** |
| Additions to real estate – consolidated projects | $3307313 |
| Investments in unconsolidated real estate joint ventures | 1442 |
| Contributions from noncontrolling interests | (320057) |
| &nbsp;&nbsp;&nbsp;Construction spending (cash basis) | 2988698 |
| Change in accrued construction | 102801 |
| &nbsp;&nbsp;&nbsp;Construction spending | $3091499 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ending<br>December 31, 2023** | **Year Ending<br>December 31, 2023** | |
|<br>**Projected Construction Spending** | **Year Ending<br>December 31, 2023** | **Year Ending<br>December 31, 2023** | |
| Development, redevelopment, and pre-construction projects | $ | 3549000 |  |
| Contributions from noncontrolling interests (consolidated real estate joint ventures) |  | (794000) | <sup>(1)</sup> |
| Revenue-enhancing and repositioning capital expenditures |  | 160000 |  |
| Non-revenue-enhancing capital expenditures |  | 60000 |  |
| &nbsp;&nbsp;&nbsp;Guidance midpoint | $ | 2975000 |  |
| (1)Approximately 55% of this amount represents contractual funding commitments from our existing consolidated real estate joint ventures, and the remaining amount is from projected new real estate joint ventures. | (1)Approximately 55% of this amount represents contractual funding commitments from our existing consolidated real estate joint ventures, and the remaining amount is from projected new real estate joint ventures. | (1)Approximately 55% of this amount represents contractual funding commitments from our existing consolidated real estate joint ventures, and the remaining amount is from projected new real estate joint ventures. | (1)Approximately 55% of this amount represents contractual funding commitments from our existing consolidated real estate joint ventures, and the remaining amount is from projected new real estate joint ventures. |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 48 |

---

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Joint Venture Financial Information** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Real Estate Joint Ventures** | **Consolidated Real Estate Joint Ventures** | **Consolidated Real Estate Joint Ventures** | **Consolidated Real Estate Joint Ventures** | **Consolidated Real Estate Joint Ventures** | **Consolidated Real Estate Joint Ventures** | **Consolidated Real Estate Joint Ventures** |
| **Property** | **Market** | **Submarket** | **Noncontrolling** <br>**Interest Share**<sup>(1)</sup> | **Noncontrolling** <br>**Interest Share**<sup>(1)</sup> | **Operating RSF** <br>**at 100%** | **Operating RSF** <br>**at 100%** |
| &nbsp;&nbsp;50 and 60 Binney Street | Greater Boston | Cambridge/Inner Suburbs | 66.0% |  | 532395 |  |
| &nbsp;&nbsp;75/125 Binney Street | Greater Boston | Cambridge/Inner Suburbs | 60.0% |  | 388270 |  |
| &nbsp;&nbsp;100 and 225 Binney Street and 300 Third Street | Greater Boston | Cambridge/Inner Suburbs | 70.0% |  | 870106 |  |
| &nbsp;&nbsp;99 Coolidge Avenue | Greater Boston | Cambridge/Inner Suburbs | 25.0% |  |  | <sup>(2)</sup> |
| Alexandria Center<sup>®</sup> for Science and Technology – Mission Bay<sup>(3)</sup> | San Francisco Bay Area | Mission Bay | 75.0% |  | 1005989 |  |
| &nbsp;&nbsp;1450 Owens Street | San Francisco Bay Area | Mission Bay | 40.3% | <sup>(4)</sup> |  | <sup>(2)</sup> |
| &nbsp;&nbsp;601, 611, 651, 681, 685, and 701 Gateway Boulevard | San Francisco Bay Area | South San Francisco | 50.0% |  | 789567 |  |
| &nbsp;&nbsp;751 Gateway Boulevard | San Francisco Bay Area | South San Francisco | 49.0% |  |  | <sup>(2)</sup> |
| &nbsp;&nbsp;211 and 213 East Grand Avenue | San Francisco Bay Area | South San Francisco | 70.0% |  | 300930 |  |
| &nbsp;&nbsp;500 Forbes Boulevard | San Francisco Bay Area | South San Francisco | 90.0% |  | 155685 |  |
| Alexandria Center<sup>®</sup> for Life Science – Millbrae | San Francisco Bay Area | South San Francisco | 54.7% |  |  |  |
| &nbsp;&nbsp;3215 Merryfield Row | San Diego | Torrey Pines | 70.0% |  | 170523 |  |
| Campus Point by Alexandria<sup>(5)</sup> | San Diego | University Town Center | 45.0% |  | 1337916 |  |
| &nbsp;&nbsp;5200 Illumina Way | San Diego | University Town Center | 49.0% |  | 792687 |  |
| &nbsp;&nbsp;9625 Towne Centre Drive | San Diego | University Town Center | 49.9% |  | 163648 |  |
| SD Tech by Alexandria<sup>(6)</sup> | San Diego | Sorrento Mesa | 50.0% |  | 876869 |  |
| &nbsp;&nbsp;Pacific Technology Park | San Diego | Sorrento Mesa | 50.0% |  | 544352 |  |
| Summers Ridge Science Park<sup>(7)</sup> | San Diego | Sorrento Mesa | 70.0% |  | 316531 |  |
| &nbsp;&nbsp;1201 and 1208 Eastlake Avenue East and 199 East Blaine Street | Seattle | Lake Union | 70.0% |  | 321218 |  |
| &nbsp;&nbsp;400 Dexter Avenue North | Seattle | Lake Union | 70.0% |  | 290754 |  |
| &nbsp;&nbsp;800 Mercer Street | Seattle | Lake Union | 40.0% |  |  |  |
| **Unconsolidated Real Estate Joint Ventures** | **Unconsolidated Real Estate Joint Ventures** | **Unconsolidated Real Estate Joint Ventures** | **Unconsolidated Real Estate Joint Ventures** | **Unconsolidated Real Estate Joint Ventures** | **Unconsolidated Real Estate Joint Ventures** | **Unconsolidated Real Estate Joint Ventures** |
| **Property** | **Market** | **Submarket** | **Our Ownership Share**<sup>(8)</sup> | **Our Ownership Share**<sup>(8)</sup> | **Operating RSF** <br>**at 100%** | **Operating RSF** <br>**at 100%** |
| &nbsp;&nbsp;1655 and 1725 Third Street | San Francisco Bay Area | Mission Bay | 10.0% |  | 586208 |  |
| &nbsp;&nbsp;1401/1413 Research Boulevard | Maryland | Rockville | 65.0% | <sup>(9)</sup> | <sup>(10)</sup> |  |
| &nbsp;&nbsp;1450 Research Boulevard | Maryland | Rockville | 73.2% | <sup>(11)</sup> | 42679 |  |
| &nbsp;&nbsp;101 West Dickman Street | Maryland | Beltsville | 57.9% | <sup>(11)</sup> | 135423 |  |

---

(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 100% of the remaining cost to complete the project 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, 10065, and 10075 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 a retail shopping center aggregating 84,837 RSF.

(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.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 49 |

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------

---

| | |
|:---|:---|
| **Joint Venture Financial Information (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(In thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2022** | **As of December 31, 2022** |
| | **Noncontrolling Interest <br>Share of Consolidated <br>Real Estate JVs** | **Our Share of <br>Unconsolidated Real <br>Estate JVs** |
| Investments in real estate | $3392839 | $114664 |
| Cash, cash equivalents, and restricted cash | 129186 | 4729 |
| Other assets | 386667 | 11346 |
| Secured notes payable (refer to page [54](#i25f5ad965cbc47809551e63314f7d09f_133)) | (14599) | (87694) |
| Other liabilities | (183233) | (4610) |
| Redeemable noncontrolling interests | (9612) |  |
|  | $3701248 | $38435 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Noncontrolling Interest Share of Consolidated Real Estate JVs** | **Noncontrolling Interest Share of Consolidated Real Estate JVs** | **Our Share of <br>Unconsolidated Real Estate JVs** | **Our Share of <br>Unconsolidated Real Estate JVs** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| | **Three Months Ended** | **Year Ended** | **Three Months Ended** | **Year Ended** |
| Total revenues | $102013 | $366794 | $2689 | $11130 |
| Rental operations | (31176) | (109358) | (753) | (3197) |
|  | 70837 | 257436 | 1936 | 7933 |
| General and administrative | (372) | (1594) | (10) | (106) |
| Interest | (15) | (15) | (772) | (3516) |
| Depreciation and amortization of real estate assets | (29702) | (107591) | (982) | (3666) |
| Fixed returns allocated to redeemable noncontrolling interests<sup>(1)</sup> | 201 | 805 |  |  |
|  | $40949 | $149041 | $172 | $645 |
| Straight-line rent and below-market lease revenue | $3858 | $15776 | $274 | $1136 |
| Funds from operations<sup>(2)</sup> | $70651 | $256632 | $1154 | $4311 |

---

(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 its reconciliation from the most directly comparable financial measure presented in accordance with GAAP.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 50 |

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| | |
|:---|:---|
| **Investments** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

We hold strategic 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | | |
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| Realized gains | $4464 | <sup>(1)</sup> | $80435 | <sup>(1)</sup> | $215845 | <sup>(2)</sup> |
| Unrealized (losses) gains | (24117) |  | (412193) |  | 43632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment (loss) income | $(19653) |  | $(331758) |  | $259477 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|<br>**Investments** | **Cost** | | **Unrealized<br>Gains** | **Unrealized Losses** | **Carrying Amount** |
| Publicly traded companies | $210986 |  | $96271 | $(100118) | $207139 |
| Entities that report NAV | 452391 |  | 315071 | (7710) | 759752 |
| Entities that do not report NAV: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Entities with observable price changes | 100296 |  | 95062 | (1574) | 193784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Entities without observable price changes | 388940 |  |  |  | 388940 |
| Investments accounted for under the equity method of accounting | &nbsp;&nbsp;&nbsp;&nbsp;N/A |  | N/A | N/A | 65459 |
| December 31, 2022 | $1152613 | <sup>(3)</sup> | $506404 | $(109402) | $1615074 |
| December 31, 2021 | $1007303 |  | $830863 | $(33190) | $1876564 |

---

(1)For the three months and year ended December 31, 2022, includes impairments aggregating $20.5 million primarily related to three non-real estate investments in privately held entities that do not report NAV.

(2)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.

(3)Represents 2.9% of gross assets as of December 31, 2022.

---

| |
|:---|
| **Public/Private<br>Mix (Cost)** |
| ![q422pubprivmixv1.jpg](q422pubprivmixv1.jpg) |
| **Tenant/Non-Tenant<br>Mix (Cost)** |
| ![q422investmenttenantmixv1.jpg](q422investmenttenantmixv1.jpg) |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 51 |

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| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Key Credit Metrics** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Liquidity** | **Liquidity** | **Minimal Outstanding Borrowings and Significant Availability on Unsecured Senior Line of Credit** |
| | | *(in millions)* |
| $5.3B | $5.3B | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| $5.3B | $5.3B | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| $5.3B | $5.3B | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| $5.3B | $5.3B | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| $5.3B | $5.3B | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| $5.3B | $5.3B | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
|  |  | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| *(in millions)* |  | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| Availability under our unsecured senior line of credit, net of amounts outstanding under our commercial paper program | $4000 | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| Outstanding forward equity sales agreements<sup>(1)</sup> | 102 | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| Cash, cash equivalents, and restricted cash | 858 | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| Remaining construction loan commitments | 136 | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| Investments in publicly traded companies | 207 | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| &nbsp;&nbsp;&nbsp;Liquidity as of December 31, 2022 | $5303 | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
|  |  | ![q422lineofcreditv3.jpg](q422lineofcreditv3.jpg) |
| **Net Debt and Preferred Stock to Adjusted EBITDA**<sup>(2)</sup> | **Net Debt and Preferred Stock to Adjusted EBITDA**<sup>(2)</sup> | **Fixed-Charge Coverage Ratio**<sup>(2)</sup> |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |
| ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422netdebtv2.jpg](q422netdebtv2.jpg) | ![q422fixedchargev2.jpg](q422fixedchargev2.jpg) |

---

(1)Represents expected net proceeds from the future settlement of 0.7 million shares under forward equity sales agreements after underwriter discounts.

(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.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 52 |

---

------

---

| | |
|:---|:---|
| **Summary of Debt** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(In millions)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

Weighted-Average Remaining Term of 13.2 Years

![q422debtmaturitiesv4.jpg](q422debtmaturitiesv4.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Refer to footnotes 2 through 4 on the next page under "Fixed-rate and variable-rate debt" for additional details.

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 53 |

---

------

---

| | |
|:---|:---|
| **Summary of Debt (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fixed-rate and variable-rate debt** | **Fixed-Rate<br>Debt** | **Variable-Rate Debt** | **Total** | **Percentage** | **Weighted-Average** | **Weighted-Average** | |
| | **Fixed-Rate<br>Debt** | **Variable-Rate Debt** | **Total** | **Percentage** | **Interest Rate**<sup>(1)</sup> | **Remaining Term<br>(in years)** | |
| | **Fixed-Rate<br>Debt** | **Variable-Rate Debt** | **Total** | **Percentage** | **Interest Rate**<sup>(1)</sup> | **Remaining Term<br>(in years)** | |
| Secured notes payable | $649 | $58396 | $59045 | 0.6% | 6.75% | 4.0 |  |
| Unsecured senior notes payable | 10100717 |  | 10100717 | 99.4 | 3.51 | 13.3 |  |
| Unsecured senior line of credit<sup>(2)</sup> and commercial paper program<sup>(3)</sup> |  |  |  |  | N/A | 5.1 | <sup>(4)</sup> |
| Total/weighted average | $10101366 | $58396 | $10159762 | 100.0% | 3.53% | 13.2 | <sup>(4)</sup> |
| Percentage of total debt | 99.4% | 0.6% | 100.0% |  |  |  |  |

---

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

(2)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 December 31, 2022, we had no outstanding balance on our unsecured senior line of credit.

(3)The commercial paper program provides us with the ability to issue up to $2.0 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 December 31, 2022, we had no commercial paper notes outstanding.

(4)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper, the consolidated weighted-average maturity of our debt is 13.2 years. The commercial paper notes sold during the year ended December 31, 2022 were issued at a weighted-average yield to maturity of 1.91% and had a weighted-average maturity term of 13 days.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average debt outstanding and weighted-average interest rate** | **Average Debt Outstanding** | **Average Debt Outstanding** | **Weighted-Average Interest Rate** | **Weighted-Average Interest Rate** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| | **Three Months Ended** | **Year Ended** | **Three Months Ended** | **Year Ended** |
| Long-term fixed-rate debt | $10174809 | $9999145 | 3.51% | 3.50% |
| Short-term variable-rate unsecured senior line of credit and commercial paper program debt | 341175 | 564649 | 4.10 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Blended average interest rate | 10515984 | 10563794 | 3.53 | 3.40 |
| Loan fee amortization and annual facility fee related to unsecured senior line of credit | N/A | N/A | 0.12 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total/weighted average | $10515984 | $10563794 | 3.65% | 3.51% |

---

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 54 |

---

------

---

| | |
|:---|:---|
| **Summary of Debt (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Unsecured Senior Notes Payable** | **Unsecured Senior Notes Payable** | **Unsecured Senior Line of Credit** | **Unsecured Senior Line of Credit** |
| **Debt covenants**<br>**Debt Covenant Ratios**<sup>(1)</sup> | **Requirement** | **December 31, 2022** | **Requirement** | **December 31, 2022** |
| Total Debt to Total Assets | ≤ 60% | 27% | ≤ 60.0% | 26.6% |
| Secured Debt to Total Assets | ≤ 40% | 0.2% | ≤ 45.0% | 0.1% |
| Consolidated EBITDA to Interest Expense | ≥ 1.5x | 18.2x | ≥ 1.50x | 4.34x |
| Unencumbered Total Asset Value to Unsecured Debt | ≥ 150% | 363% | N/A | N/A |
| Unsecured Interest Coverage Ratio | N/A | N/A | ≥ 1.75x | 18.87x |

---

(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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **At 100%** | **At 100%** | |
| **Unconsolidated real estate joint ventures' debt**<br>**Unconsolidated Joint Venture** |<br>**Maturity Date** |<br>**Stated Rate** | |<br>**Interest Rate**<sup>(1)</sup> | **Aggregate Commitment** | **Debt Balance**<sup>(2)</sup> |<br>**Our Share** |
| 1401/1413 Research Boulevard | &nbsp;&nbsp;12/23/24 | 2.70% |  | 3.33% | $28500 | $28146 | 65.0% |
| 1655 and 1725 Third Street | &nbsp;&nbsp;3/10/25 | 4.50% |  | 4.57% | 600000 | 599081 | 10.0% |
| 101 West Dickman Street | &nbsp;&nbsp;11/10/26 | SOFR+1.95% | <sup>(3)</sup> | 6.38% | 26750 | 11575 | 57.9% |
| 1450 Research Boulevard | &nbsp;&nbsp;12/10/26 | SOFR+1.95% | <sup>(3)</sup> | 6.44% | 13000 | 3802 | 73.2% |
|  |  |  |  |  | $668250 | $642604 |  |

---

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of December 31, 2022.

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

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 55 |

---

------

---

| | |
|:---|:---|
| **Summary of Debt (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |
| *(Dollars in thousands)* | ![footerlogov2.jpg](footerlogov2.jpg) |

---

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Debt** | **Stated <br>Rate** | **Interest** <br>**Rate**<sup>(1)</sup> | **Interest** <br>**Rate**<sup>(1)</sup> | **Maturity** <br>**Date**<sup>(2)</sup> | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | **Principal Payments Remaining for the Periods Ending December 31,** | | **Principal** | **Unamortized (Deferred Financing Cost), (Discount)/Premium** | **Total** |
| **Debt** | **Stated <br>Rate** | **Interest** <br>**Rate**<sup>(1)</sup> | **Interest** <br>**Rate**<sup>(1)</sup> | **Maturity** <br>**Date**<sup>(2)</sup> | **2023** | **2024** | **2025** | **2025** | **2026** | **2026** | **2027** | **2027** | **Thereafter** | **Thereafter** |  | **Principal** | **Unamortized (Deferred Financing Cost), (Discount)/Premium** | **Total** |
| Secured notes payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Greater Boston<sup>(3)</sup> | SOFR+2.70% | 6.75% |  | 11/19/26 | $— | $— | $|  | $| 59717 | $|  | $|  |  | $59717 | $(1321) | $58396 |
| &nbsp;&nbsp;&nbsp;San Francisco Bay Area | 6.50% | 6.50 |  | 7/1/36 | 30 | 32 | 34 | 34 | 36 | 36 | 38 | 38 | 479 | 479 |  | 649 |  | 649 |
| Secured debt weighted-average interest rate/subtotal |  | 6.75 |  |  | 30 | 32 | 34 | 34 | 59753 | 59753 | 38 | 38 | 479 | 479 |  | 60366 | (1321) | 59045 |
| Unsecured senior line of credit and commercial paper program<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> | N/A | <sup>(4)</sup> | 1/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> |  |  |  |  |  |  |  |  |  | <sup>(4)</sup> |  |  |  |
| Unsecured senior notes payable | 3.45% | 3.62 |  | 4/30/25 |  |  | 600000 | 600000 |  |  |  |  |  |  |  | 600000 | (2061) | 597939 |
| Unsecured senior notes payable | 4.30% | 4.50 |  | 1/15/26 |  |  |  |  | 300000 | 300000 |  |  |  |  |  | 300000 | (1507) | 298493 |
| Unsecured senior notes payable – green bond | 3.80% | 3.96 |  | 4/15/26 |  |  |  |  | 350000 | 350000 |  |  |  |  |  | 350000 | (1631) | 348369 |
| Unsecured senior notes payable | 3.95% | 4.13 |  | 1/15/27 |  |  |  |  |  |  | 350000 | 350000 |  |  |  | 350000 | (2074) | 347926 |
| Unsecured senior notes payable | 3.95% | 4.07 |  | 1/15/28 |  |  |  |  |  |  |  |  | 425000 | 425000 |  | 425000 | (2152) | 422848 |
| Unsecured senior notes payable | 4.50% | 4.60 |  | 7/30/29 |  |  |  |  |  |  |  |  | 300000 | 300000 |  | 300000 | (1469) | 298531 |
| Unsecured senior notes payable | 2.75% | 2.87 |  | 12/15/29 |  |  |  |  |  |  |  |  | 400000 | 400000 |  | 400000 | (2879) | 397121 |
| Unsecured senior notes payable | 4.70% | 4.81 |  | 7/1/30 |  |  |  |  |  |  |  |  | 450000 | 450000 |  | 450000 | (2796) | 447204 |
| Unsecured senior notes payable | 4.90% | 5.05 |  | 12/15/30 |  |  |  |  |  |  |  |  | 700000 | 700000 |  | 700000 | (6290) | 693710 |
| Unsecured senior notes payable | 3.375% | 3.48 |  | 8/15/31 |  |  |  |  |  |  |  |  | 750000 | 750000 |  | 750000 | (5628) | 744372 |
| Unsecured senior notes payable – green bond | 2.00% | 2.12 |  | 5/18/32 |  |  |  |  |  |  |  |  | 900000 | 900000 |  | 900000 | (8802) | 891198 |
| Unsecured senior notes payable | 1.875% | 1.97 |  | 2/1/33 |  |  |  |  |  |  |  |  | 1000000 | 1000000 |  | 1000000 | (8840) | 991160 |
| Unsecured senior notes payable – green bond | 2.95% | 3.07 |  | 3/15/34 |  |  |  |  |  |  |  |  | 800000 | 800000 |  | 800000 | (8737) | 791263 |
| Unsecured senior notes payable | 4.85% | 4.93 |  | 4/15/49 |  |  |  |  |  |  |  |  | 300000 | 300000 |  | 300000 | (3102) | 296898 |
| Unsecured senior notes payable | 4.00% | 3.91 |  | 2/1/50 |  |  |  |  |  |  |  |  | 700000 | 700000 |  | 700000 | 10222 | 710222 |
| Unsecured senior notes payable | 3.00% | 3.08 |  | 5/18/51 |  |  |  |  |  |  |  |  | 850000 | 850000 |  | 850000 | (11988) | 838012 |
| Unsecured senior notes payable | 3.55% | 3.63 |  | 3/15/52 |  |  |  |  |  |  |  |  | 1000000 | 1000000 |  | 1000000 | (14549) | 985451 |
| Unsecured debt weighted average/subtotal |  | 3.51 |  |  |  |  | 600000 | 600000 | 650000 | 650000 | 350000 | 350000 | 8575000 | 8575000 |  | 10175000 | (74283) | 10100717 |
| Weighted-average interest rate/total  |  | 3.53% |  |  | $30 | $32 | $| 600034 | $| 709753 | $| 350038 | $| 8575479 |  | $10235366 | $(75604) | $10159762 |
| Balloon payments |  |  |  |  | $— | $— | $| 600000 | $| 709717 | $| 350000 | $| 8575068 |  | $10234785 | $— | $10234785 |
| Principal amortization |  |  |  |  | 30 | 32 | 34 | 34 | 36 | 36 | 38 | 38 | 411 | 411 |  | 581 | (75604) | (75023) |
| Total debt |  |  |  |  | $30 | $32 | $| 600034 | $| 709753 | $| 350038 | $| 8575479 |  | $10235366 | $(75604) | $10159762 |
| Fixed-rate debt |  |  |  |  | $30 | $32 | $| 600034 | $| 650036 | $| 350038 | $| 8575479 |  | $10175649 | $(74283) | $10101366 |
| Variable-rate debt |  |  |  |  |  |  |  |  | 59717 | 59717 |  |  |  |  |  | 59717 | (1321) | 58396 |
| Total debt |  |  |  |  | $30 | $32 | $| 600034 | $| 709753 | $| 350038 | $| 8575479 |  | $10235366 | $(75604) | $10159762 |
| Weighted-average stated rate on maturing debt |  |  |  |  | N/A | N/A | 3.45% | 3.45% | 3.92% | 3.92% | 3.95% | 3.95% | 3.33% | 3.33% |  |  |  |  |

---

(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 December 31, 2022, this joint venture has $135.6 million available under 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 under the "Fixed-rate and variable-rate debt" header of this "Summary of Debt".

---

| | |
|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 56 |

---

------

---

| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

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** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Dollars in thousands)* | **12/31/22** | **12/31/22** | **9/30/22** | **9/30/22** | **6/30/22** | **6/30/22** | **3/31/22** | **3/31/22** | **12/31/21** | **12/31/21** |
| Net income (loss) | $| 95268 | $| 383443 | $| 309382 | $| (117392) | $| 99796 |
| Interest expense | 17522 | 17522 | 22984 | 22984 | 24257 | 24257 | 29440 | 29440 | 34862 | 34862 |
| Income taxes | 2063 | 2063 | 1950 | 1950 | 2089 | 2089 | 3571 | 3571 | 4156 | 4156 |
| Depreciation and amortization | 264480 | 264480 | 254929 | 254929 | 242078 | 242078 | 240659 | 240659 | 239254 | 239254 |
| Stock compensation expense | 11586 | 11586 | 17786 | 17786 | 14340 | 14340 | 14028 | 14028 | 14253 | 14253 |
| Loss on early extinguishment of debt |  |  |  |  | 3317 | 3317 |  |  |  |  |
| Gain on sales of real estate |  |  | (323699) | (323699) | (214219) | (214219) |  |  | (124226) | (124226) |
| Unrealized losses on non-real estate investments | 24117 | 24117 | 56515 | 56515 | 68128 | 68128 | 263433 | 263433 | 139716 | 139716 |
| Impairment of real estate | 26186 | 26186 | 38783 | 38783 |  |  |  |  |  |  |
| Impairment of non-real estate investments | 20512 | 20512 |  |  |  |  |  |  |  |  |
| Adjusted EBITDA | $| 461734 | $| 452691 | $| 449372 | $| 433739 | $| 407811 |
| Total revenues | $| 670281 | $| 659852 | $| 643764 | $| 615065 | $| 576923 |
| Adjusted EBITDA margin | 69% | 69% | 69% | 69% | 70% | 70% | 71% | 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 December 31, 2022, approximately 93% 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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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 57 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

**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 ("GMP") construction contract or other fixed contracts, and (iii) our maximum committed tenant improvement allowances under our executed leases. The general contractor's GMP 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.

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| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 58 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**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** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Dollars in thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Adjusted EBITDA | $461734 | $452691 | $449372 | $433739 | $407811 |
| Interest expense | $17522 | $22984 | $24257 | $29440 | $34862 |
| Capitalized interest | 79491 | 73189 | 68202 | 57763 | 44078 |
| Amortization of loan fees | (3975) | (3235) | (3236) | (3103) | (2911) |
| Amortization of debt (discounts) premiums | (272) | (269) | (267) | 424 | 502 |
| Cash interest and fixed charges | $92766 | $92669 | $88956 | $84524 | $76531 |
| Fixed-charge coverage ratio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;– quarter annualized | 5.0x | 4.9x | 5.1x | 5.1x | 5.3x |
| &nbsp;&nbsp;&nbsp;&nbsp;– trailing 12 months | 5.0x | 5.1x | 5.1x | 5.1x | 5.0x |

---

**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. We compute the amount that is allocable to our unvested restricted stock awards using the two-class method. Under the two-class method, we allocate net income (after amounts attributable to noncontrolling interests) to common stockholders and to unvested restricted stock awards by applying the respective weighted-average shares outstanding during each quarter-to-date and year-to-date period. This may result in a difference of the summation of the quarter-to-date and year-to-date amounts. Neither funds from operations nor funds from operations, as adjusted, should be considered as alternatives to net income (determined in accordance with GAAP) as indications of financial performance, or to cash flows from operating activities (determined in accordance with GAAP) as measures of liquidity, nor are they indicative of the availability of funds for our cash needs, including our ability to make distributions.

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** | **Noncontrolling Interest Share of Consolidated Real Estate JVs** | **Our Share of Unconsolidated <br>Real Estate JVs** | **Our Share of Unconsolidated <br>Real Estate JVs** |
| | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
| *(In thousands)* | **Three Months Ended** | **Year Ended** | **Three Months Ended** | **Year Ended** |
| Net income | $40949 | $149041 | $172 | $645 |
| Depreciation and amortization of real estate assets | 29702 | 107591 | 982 | 3666 |
| Funds from operations | $70651 | $256632 | $1154 | $4311 |

---

**Gross assets**

Gross assets are calculated as total assets plus accumulated depreciation:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(In thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** |
| Total assets | $35523399 | $34368614 | $33244053 | $32844256 | $30219373 |
| Accumulated depreciation | 4354063 | 4148230 | 4060536 | 3951666 | 3771241 |
| Gross assets | $39877462 | $38516844 | $37304589 | $36795922 | $33990614 |

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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 59 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

**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.

**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 December 31, 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.

Space Intentionally Blank

**Investments**

We hold strategic 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:

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| | | | |
|:---|:---|:---|:---|
| | | Statements of Operations | Statements of Operations |
| |<br>Balance Sheet | Gains and Losses | 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 | Difference between proceeds received upon disposition and historical cost |
| Privately held entities without readily determinable fair values that: |  |  | Difference between proceeds received upon disposition and historical cost |
| &nbsp;&nbsp;&nbsp;&nbsp;Report NAV | Fair value, using NAV as a practical expedient | Changes in NAV, as a practical expedient to fair value | Difference between proceeds received upon disposition and historical cost |
|  |  |  | Difference between proceeds received upon disposition and historical cost |
| &nbsp;&nbsp;&nbsp;&nbsp;Do not report NAV | Cost, adjusted for observable price changes and impairments<sup>(1)</sup> | Observable price changes<sup>(1)</sup> | 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 December 31, 2022:

---

| | |
|:---|:---|
| *(In thousands)* | **Investments in <br>Real Estate** |
| Gross investments in real estate – North America | $34283456 |
| Less: accumulated depreciation – North America | (4349780) |
| Net investments in real estate – North America | 29933676 |
| Net investments in real estate – Asia | 11764 |
| Investments in real estate | $29945440 |

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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 60 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

---

The square footage presented in the table below includes RSF of buildings in operation as of December 31, 2022, primarily representing lease expirations or vacant space 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/<br>Redev** | **RSF of Lease Expirations Targeted for<br>Development and Redevelopment** | **RSF of Lease Expirations Targeted for<br>Development and Redevelopment** | **RSF of Lease Expirations Targeted for<br>Development and Redevelopment** | **RSF of Lease Expirations Targeted for<br>Development and Redevelopment** |
|<br>**Property/Submarket** | **Dev/<br>Redev** | **2023** | **2024** | **Thereafter**<sup>(1)</sup> | **Total** |
| Near-term projects: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;100 Edwin H. Land Boulevard/Cambridge/Inner Suburbs | Redev |  | 104500 |  | 104500 |
| &nbsp;&nbsp;&nbsp;40 Sylvan Road/Route 128 | Redev | 312845 |  |  | 312845 |
| &nbsp;&nbsp;&nbsp;275 Grove Street/Route 128 | Redev |  |  | 160251 | 160251 |
| &nbsp;&nbsp;&nbsp;840 Winter Street/Route 128 | Redev | 10265 | 17965 |  | 28230 |
| &nbsp;&nbsp;&nbsp;3301 Monte Villa Parkway/Bothell | Redev |  | 50552 |  | 50552 |
|  |  | 323110 | 173017 | 160251 | 656378 |
| Intermediate-term projects: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;219 East 42nd Street/New York City | Dev |  | 349947 |  | 349947 |
| &nbsp;&nbsp;&nbsp;10975 and 10995 Torreyana Road/Torrey Pines | Dev |  | 84829 |  | 84829 |
|  |  |  | 434776 |  | 434776 |
| Future projects: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;311 Arsenal Street/Cambridge/Inner Suburbs | Redev |  |  | 308446 | 308446 |
| &nbsp;&nbsp;&nbsp;550 Arsenal Street/Cambridge/Inner Suburbs | Dev |  |  | 260867 | 260867 |
| &nbsp;&nbsp;&nbsp;446 and 458 Arsenal Street/Cambridge/Inner Suburbs | Dev |  |  | 38200 | 38200 |
| &nbsp;&nbsp;&nbsp;380 and 420 E Street/Seaport Innovation District | Dev |  |  | 195506 | 195506 |
| &nbsp;&nbsp;&nbsp;Other/Greater Boston | Redev |  |  | 167549 | 167549 |
| &nbsp;&nbsp;&nbsp;1122 and 1150 El Camino Real/South San Francisco | Dev |  |  | 655172 | 655172 |
| &nbsp;&nbsp;&nbsp;3875 Fabian Way/Greater Stanford | Dev |  |  | 228000 | 228000 |
| &nbsp;&nbsp;&nbsp;960 Industrial Road/Greater Stanford | Dev |  |  | 110000 | 110000 |
| &nbsp;&nbsp;&nbsp;Campus Point by Alexandria/University Town Center | Dev |  | 495192 |  | 495192 |
| &nbsp;&nbsp;&nbsp;Sequence District by Alexandria/Sorrento Mesa | Dev/Redev |  |  | 688034 | 688034 |
| &nbsp;&nbsp;&nbsp;4025 and 4045 Sorrento Valley Boulevard/Sorrento Valley | Dev |  |  | 22886 | 22886 |
| &nbsp;&nbsp;&nbsp;601 Dexter Avenue North/Lake Union | Dev | 18680 |  |  | 18680 |
| &nbsp;&nbsp;&nbsp;830 4th Avenue South/SoDo | Dev |  |  | 42380 | 42380 |
| &nbsp;&nbsp;&nbsp;Other/Seattle | Dev |  |  | 102437 | 102437 |
| &nbsp;&nbsp;&nbsp;1020 Red River Street/Austin | Redev |  | 126034 |  | 126034 |
|  |  | 18680 | 621226 | 2819477 | 3459383 |
|  |  | 341790 | 1229019 | 2979728 | 4550537 |

---

(1)Includes vacant square footage as of December 31, 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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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 61 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**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 December 31, 2022:

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| | |
|:---|:---|
| | **Operating RSF** |
| Mega campus | 28554356 |
| Non-mega campus | 13219366 |
| Total | 41773722 |
| Mega campus RSF as a percentage of total operating property RSF | 68% |

---

**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:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Dollars in thousands)* | **12/31/22** | **12/31/22** | **9/30/22** | **9/30/22** | **6/30/22** | **6/30/22** | **3/31/22** | **3/31/22** | **12/31/21** | **12/31/21** |
| Secured notes payable | $59045 |  | $40594 |  | $24986 |  | $208910 |  | $205198 |  |
| Unsecured senior notes payable | 10100717 |  | 10098588 |  | 10096462 |  | 10094337 |  | 8316678 |  |
| Unsecured senior line of credit and commercial paper |  |  | 386666 |  | 149958 |  |  |  | 269990 |  |
| Unamortized deferred financing costs | 74918 |  | 76947 |  | 78978 |  | 81175 |  | 65476 |  |
| Cash and cash equivalents | (825193) |  | (533824) |  | (420258) |  | (775060) |  | (361348) |  |
| Restricted cash | (32782) |  | (332344) |  | (97404) |  | (95106) |  | (53879) |  |
| Preferred stock |  |  |  |  |  |  |  |  |  |  |
| Net debt and preferred stock | $9376705 |  | $9736627 |  | $9832722 |  | $9514256 |  | $8442115 |  |
| Adjusted EBITDA: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– quarter annualized | $1846936 |  | $1810764 |  | $1797488 |  | $1734956 |  | $1631244 |  |
| &nbsp;&nbsp;&nbsp;– trailing 12 months | $1797536 |  | $1743613 |  | $1680335 |  | $1601857 |  | $1517838 |  |
| Net debt and preferred stock to Adjusted EBITDA: | Net debt and preferred stock to Adjusted EBITDA: | Net debt and preferred stock to Adjusted EBITDA: | Net debt and preferred stock to Adjusted EBITDA: | Net debt and preferred stock to Adjusted EBITDA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;– quarter annualized | 5.1 | x | 5.4 | x | 5.5 | x | 5.5 | x | 5.2 | x |
| &nbsp;&nbsp;&nbsp;– trailing 12 months | 5.2 | x | 5.6 | x | 5.9 | x | 5.9 | x | 5.6 | x |

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| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 62 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| *(Dollars in thousands)* | **12/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Net income | 95268 | 99796 | 670701 | 654282 |
| Equity in earnings of unconsolidated real estate joint ventures | (172) | (3018) | (645) | (12255) |
| General and administrative expenses | 42992 | 41654 | 177278 | 151461 |
| Interest expense | 17522 | 34862 | 94203 | 142165 |
| Depreciation and amortization | 264480 | 239254 | 1002146 | 821061 |
| Impairment of real estate | 26186 |  | 64969 | 52675 |
| Loss on early extinguishment of debt |  |  | 3317 | 67253 |
| Gain on sales of real estate |  | (124226) | (537918) | (126570) |
| Investment loss (income) | 19653 | 112884 | 331758 | (259477) |
| Net operating income | 465929 | 401206 | 1805809 | 1490595 |
| &nbsp;&nbsp;&nbsp;Straight-line rent revenue | (24185) | (25942) | (118003) | (115145) |
| &nbsp;&nbsp;&nbsp;Amortization of acquired below-market leases | (20125) | (15737) | (74346) | (54780) |
| Net operating income (cash basis) | 421619 | 359527 | 1613460 | 1320670 |
| Net operating income (cash basis) – annualized | 1686476 | 1438108 | 1613460 | 1320670 |
| Net operating income (from above) | 465929 | 401206 | 1805809 | 1490595 |
| Total revenues | 670281 | 576923 | 2588962 | 2114150 |
| Operating margin | 70% | 70% | 70% | 71% |

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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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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 63 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**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 year ended December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
|<br>**Development – under construction** |<br>**Properties** | **Redevelopment – placed into**<br>&nbsp;&nbsp;**service after January 1, 2021** |<br>**Properties** |
| 4 Davis Drive | 1 | 700 Quince Orchard Road | 1 |
| 201 Brookline Avenue | 1 | 3160 Porter Drive | 1 |
| 15 Necco Street | 1 | 5505 Morehouse Drive | 1 |
| 751 Gateway Boulevard | 1 | The Arsenal on the Charles | 11 |
| 325 Binney Street | 1 | 30-02 48th Avenue | 1 |
| 1150 Eastlake Avenue East | 1 | Other | 1 |
| 9810 Darnestown Road | 1 |  | 16 |
| 99 Coolidge Avenue | 1 | **Acquisitions after January 1, 2021** | **Properties** |
| 500 North Beacon Street and 4 Kingsbury Avenue | 2 | 3301, 3303, 3305, 3307, 3420, and 3440 Hillview Avenue | 6 |
| 500 North Beacon Street and 4 Kingsbury Avenue | 2 | 3301, 3303, 3305, 3307, 3420, and 3440 Hillview Avenue | 6 |
| 9808 Medical Center Drive | 1 | Sequence District by Alexandria | 5 |
| 6040 George Watts Hill Drive | 1 | Alexandria Center<sup>®</sup> for Life Science – Fenway | 1 |
| 1450 Owens Street | 1 | Alexandria Center<sup>®</sup> for Life Science – Fenway | 1 |
| 10075 Barnes Canyon Road | 1 | 550 Arsenal Street | 1 |
|  | 14 | 1501-1599 Industrial Road | 6 |
| **Development – placed into**  |  | One Investors Way | 2 |
| &nbsp;&nbsp;**service after January 1, 2021** | **Properties** | 2475 Hanover Street | 1 |
| 1165 Eastlake Avenue East | 1 | 10975 and 10995 Torreyana Road | 2 |
| 201 Haskins Way | 1 | Pacific Technology Park | 5 |
| 825 and 835 Industrial Road | 2 | 1122 and 1150 El Camino Real | 2 |
| 9950 Medical Center Drive | 1 | 12 Davis Drive | 1 |
| 3115 Merryfield Row | 1 | 8505 Costa Verde Boulevard and 4260 Nobel Drive | 2 |
| 8 and 10 Davis Drive | 2 | 8505 Costa Verde Boulevard and 4260 Nobel Drive | 2 |
| 5 and 9 Laboratory Drive | 2 | 225 and 235 Presidential Way | 2 |
| 10055 Barnes Canyon Road | 1 | 104 TW Alexander Drive | 4 |
| 10102 Hoyt Park Drive | 1 | One Hampshire Street | 1 |
|  | 12 | Intersection Campus | 12 |
| **Redevelopment – under construction** | **Properties** | 100 Edwin H. Land Boulevard | 1 |
| 2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive | 4 | 10010 and 10140 Campus Point Drive and 4275 Campus Point Court | 3 |
| 2400 Ellis Road, 40 and 41 Moore Drive, and 14 TW Alexander Drive | 4 | 10010 and 10140 Campus Point Drive and 4275 Campus Point Court | 3 |
| 840 Winter Street | 1 | 446 and 458 Arsenal Street | 2 |
| 20400 Century Boulevard | 1 | 35 Gatehouse Drive | 1 |
| 9601 and 9603 Medical Center Drive | 2 | 1001 Trinity Street and 1020 Red River Street | 2 |
| One Rogers Street | 1 | 1001 Trinity Street and 1020 Red River Street | 2 |
| 40, 50, and 60 Sylvan Road | 3 | Other | 37 |
| Alexandria Center<sup>®</sup> for Advanced Technologies – Monte Villa Parkway | 6 |  | 99 |
| Alexandria Center<sup>®</sup> for Advanced Technologies – Monte Villa Parkway | 6 | Unconsolidated real estate JVs | 4 |
| 651 Gateway Boulevard | 1 | Properties held for sale | 10 |
| 8800 Technology Forest Place | 1 | Total properties excluded from same properties | 179 |
| Canada | 2 | Total properties excluded from same properties | 179 |
| Other | 2 | Same properties | 253 |
|  | 24 | Total properties in North America as of December 31, 2022 | 432 |
|  |  | Total properties in North America as of December 31, 2022 | 432 |

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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 64 |

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|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**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 revenues in income from rentals in our consolidated statements of operations. We provide investors with a separate presentation of rental revenues and tenant recoveries in "Same Property Performance" 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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| *(In thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Income from rentals | $665674 | $656853 | $640959 | $612554 | $574656 | $2576040 | $2108249 |
| Rental revenues | (499348) | (496146) | (485067) | (469537) | (435637) | (1950098) | (1618592) |
| Tenant recoveries | $166326 | $160707 | $155892 | $143017 | $139019 | $625942 | $489657 |

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**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:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Dollars in thousands)* | **12/31/22** | **12/31/22** | **9/30/22** | **9/30/22** | **6/30/22** | **6/30/22** | **3/31/22** | **3/31/22** | **12/31/21** | **12/31/21** |
| Unencumbered net operating income | $| 464944 | $| 457656 | $| 446473 | $| 420960 | $| 390017 |
| Encumbered net operating income | 985 | 985 | 1007 | 1007 | 1007 | 1007 | 12777 | 12777 | 11189 | 11189 |
| Total net operating income | $| 465929 | $| 458663 | $| 447480 | $| 433737 | $| 401206 |
| Unencumbered net operating income as a percentage of total net operating income | 100% | 100% | 100% | 100% | 100% | 100% | 97% | 97% | 97% | 97% |

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**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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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 65 |

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| | |
|:---|:---|
| | ![footerlogov2.jpg](footerlogov2.jpg) |
| **Definitions and Reconciliations (continued)** | ![footerlogov2.jpg](footerlogov2.jpg) |
| December 31, 2022 | ![footerlogov2.jpg](footerlogov2.jpg) |

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**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 Agreements under the treasury stock method while the Forward Agreements are outstanding. As of December 31, 2022, we had Forward Agreements outstanding to sell an aggregate of 0.7 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. Also shown are the weighted-average unvested shares associated with restricted stock awards used in calculating amounts allocable to unvested stock award holders for each of the respective periods presented below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| *(In thousands)* | **12/31/22** | **9/30/22** | **6/30/22** | **3/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Basic shares for earnings per share | 165393 | 161554 | 161412 | 158198 | 153464 | 161659 | 146921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Agreements |  |  |  |  | 843 |  | 539 |
| Diluted shares for earnings per share | 165393 | 161554 | 161412 | 158198 | 154307 | 161659 | 147460 |
| Basic shares for funds from operations per share and funds from operations per share, as adjusted | 165393 | 161554 | 161412 | 158198 | 153464 | 161659 | 146921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Agreements |  |  |  | 11 | 843 |  | 539 |
| Diluted shares for funds from operations per share and funds from operations per share, as adjusted | 165393 | 161554 | 161412 | 158209 | 154307 | 161659 | 147460 |
| Unvested restricted shares used in the allocation of net income, funds from operations, and funds from operations, as adjusted | 1614 | 1648 | 1806 | 1826 | 1813 | 1723 | 1782 |

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|:---|:---|
| [Alexandria Real Estate Equities, Inc. All Rights Reserved](#i25f5ad965cbc47809551e63314f7d09f_22).© 2023 | 66 |

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