Here are 1-2 brief analogies to describe Alexandria Real Estate Equities (ARE) succinctly:

• Prologis for life science companies.
• Equinix for biotech research.

• Specialized Real Estate Leasing: ARE leases premium laboratory and office space specifically designed for life science, agtech, and technology companies.
• Campus Development and Management: They develop and manage integrated, collaborative campuses that are strategically located and purpose-built to foster innovation among their tenants.
• Tenant Amenity Services: ARE provides an array of on-campus amenities and services, including fitness centers, conference facilities, and dining options, to support tenant productivity and well-being.

Alexandria Real Estate Equities (ARE) primarily sells its specialized laboratory, office, and manufacturing space to other companies, particularly those in the life science, pharmaceutical, biotechnology, and technology sectors. Its major customers are leading organizations in these industries.

Some of Alexandria Real Estate Equities' major public company customers include:

• Bristol Myers Squibb (Symbol: BMY)
• Eli Lilly and Company (Symbol: LLY)
• Moderna, Inc. (Symbol: MRNA)
• Sanofi (Symbol: SNY)
• Amgen Inc. (Symbol: AMGN)

Major suppliers for Alexandria Real Estate Equities (ARE) include:

• AECOM (NYSE: ACM)
• Hochtief AG (FWB: HOT) - Parent company of Turner Construction Company

Peter M. Moglia Chief Executive Officer & Chief Investment Officer

Peter M. Moglia has served as Chief Executive Officer of Alexandria Real Estate Equities, Inc. since July 2022 and Chief Investment Officer since September 2023. He previously held roles as Co-Chief Executive Officer from April 2018 through July 2022, and Co-Chief Investment Officer from May 2018 through September 2023. Mr. Moglia has been with the company since April 1998, serving in various capacities including Chief Investment Officer from January 2009 through April 2018. Prior to joining Alexandria, he was an Analyst for Lennar Partners, Inc., a diversified real estate company, and began his real estate career in the Management Advisory Services group at Kenneth Leventhal & Co. Real Estate Group. Mr. Moglia is also recognized as a founding member of Alexandria Real Estate Equities, Inc. He holds a Bachelor of Arts degree in Economics from the University of California, Los Angeles.

Marc E. Binda Chief Financial Officer & Treasurer

Marc E. Binda has served as Chief Financial Officer of Alexandria Real Estate Equities, Inc. since September 2023 and as Treasurer since April 2018. He previously served as Executive Vice President – Finance and Treasurer from June 2019 to September 2023, and Senior Vice President – Finance and Treasurer from April 2018 to June 2019. Mr. Binda joined the company in January 2005. Before joining Alexandria, he was a Financial Reporting Manager at a privately held retail REIT. Prior to that, he was a manager in Ernst & Young LLP’s Real Estate Advisory Business Services group, where he served publicly traded REITs and other companies. Mr. Binda is a Certified Public Accountant and received his Bachelor of Science degree in Accounting from California Lutheran University.

Joel S. Marcus Executive Chairman & Founder

Joel S. Marcus is the Executive Chairman and Founder of Alexandria Real Estate Equities, Inc. He co-founded the company in 1994 as a "garage startup" and pioneered life science real estate. Before April 2018, Mr. Marcus served as the company's Chairman, Chief Executive Officer, and President. He holds undergraduate and Juris Doctor degrees from the University of California, Los Angeles, and is a Certified Public Accountant.

Joseph Hakman Co-Chief Operating Officer & Chief Strategic Transactions Officer

Joseph Hakman serves as Co-Chief Operating Officer since July 2020 and Chief Strategic Transactions Officer since June 2019 for Alexandria Real Estate Equities, Inc. His previous roles within the company include Senior Vice President – Strategic Transactions (January 2016 - June 2019), Vice President – Strategic Transactions (January 2013 - December 2015), Assistant Vice President – Due Diligence & Financial Analysis (June 2009 - December 2012), and Senior Director – Due Diligence & Financial Analysis (December 2006 - June 2009).

Daniel J. Ryan Co-President & Regional Market Director – San Diego

Daniel J. Ryan is Co-President and Regional Market Director – San Diego at Alexandria Real Estate Equities, Inc. Before joining Alexandria, Mr. Ryan founded Veralliance in 2002, a commercial real estate development company. Veralliance owned, managed, developed, and leased an approximately $1 billion portfolio, primarily composed of life science assets in the greater San Diego region. Some of these assets were acquired by Alexandria in June 2010. Veralliance partnered with significant institutional equity partners, including a REIT, Prudential Real Estate Investors, and UBS.

The emergence of comprehensive "Lab-as-a-Service" (LaaS) and highly flexible, on-demand lab space solutions presents a clear emerging threat. These models offer life science and technology companies fully equipped, operational lab environments with shared services, instrumentation, and often operational support, all on flexible terms, thereby reducing the need for significant capital expenditure and long-term lease commitments associated with traditional dedicated lab spaces.

Alexandria Real Estate Equities (symbol: ARE) primarily focuses on providing specialized office and laboratory spaces for tenants in the life science, technology, and agribusiness (agtech) industries. The addressable markets for these services are sized as follows:

Life Science Real Estate

• The global life sciences real estate market is projected to be USD 3.75 billion in 2024 and is expected to grow to USD 6.76 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.76%.
• North America represented 48% of the global market share in life sciences real estate in 2024.
• In the U.S., the life sciences real estate market encompasses over 65 million square feet of space. As of Q1 2025, the U.S. market experienced spiking vacancy rates of 27%, with 61 million square feet of available space.
• A component of this market, the U.S. central lab market, was valued at USD 1.85 billion in 2023 and is anticipated to reach USD 3.37 billion by 2033.

Technology Real Estate (Office and Lab Space)

• The tech industry significantly contributes to U.S. office leasing activity, accounting for 29 of the largest leases in 2024, totaling 9.3 million square feet. Furthermore, the tech industry's share of overall U.S. office leasing activity increased to 18% in the first three quarters of 2024.
• The global lab space lease market, which includes specialized facilities potentially used by technology companies for research and development, was valued at USD 7.37 billion in 2024 and is projected to reach USD 12.4 billion by 2035. North America leads this market, with an estimated value of USD 3 billion in 2024, expected to grow to USD 5 billion by 2035.

Agribusiness Real Estate (AgTech)

• Alexandria Real Estate Equities provides specialized space for agtech companies.
• The North American agtech market, which reflects the overall industry for agricultural technology products and services (and thereby implies demand for associated real estate), is valued at over USD 14 billion in 2025.
• Globally, the agtech market (industry for technology and services) was valued at USD 21.68 billion in 2024 and is projected to reach USD 50.69 billion by 2032. The global AgTech Ecosystem market size was approximately USD 26.27 billion in 2024 and is expected to grow to USD 74.03 billion by 2033.
• Specifically in the U.S., the agtech market (technology and services) is projected to grow from USD 5.57 billion in 2024 to USD 12.48 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for Alexandria Real Estate Equities (ARE) over the next 2-3 years:

1. Development and Redevelopment Pipeline: Alexandria Real Estate Equities has a robust development and redevelopment pipeline that is anticipated to be a significant contributor to future revenue growth. These projects are poised to deliver incremental net operating income (NOI) upon their completion and lease-up. For instance, development projects generated $15 million in incremental annual NOI in the second quarter of 2025, with an additional $139 million expected by the fourth quarter of 2026. The company projects an almost 8% growth in total NOI from 2024 through the first quarter of 2025 to the fourth quarter of 2026, stemming from projects that are already 85% leased. A substantial portion of this pipeline, 76% of the rentable square footage (RSF), is strategically located within the company's "Megacampus ecosystems."
2. Rental Rate Growth and Embedded Lease Structures: The company continues to benefit from solid rental rate growth on lease renewals and re-leasing efforts. In the third quarter of 2025, rental rate growth on renewed and re-leased space was strong at 15.2% and 6.1% on a cash basis. Furthermore, Alexandria's leases typically feature long average terms, recorded at 14.6 years for the third quarter of 2025, and include average rent steps approaching 3% on 97% of its leases. These contractual increases provide a stable and predictable component of revenue growth.
3. Strategic Focus on Megacampus Ecosystems and High-Quality Tenants: Alexandria Real Estate Equities emphasizes its strategy of focusing on "Megacampus ecosystems" in prime urban science and technology clusters. This approach attracts and retains a high-quality tenant base, with 53% of the company's annual rental revenue (ARR) derived from investment-grade or publicly-traded large-cap tenants. The concentration on these strategic locations and creditworthy tenants helps ensure consistent demand and long-term commitments, underpinning future revenue stability and expansion.
4. Capital Recycling and Portfolio Optimization: Alexandria actively engages in capital recycling through strategic asset dispositions to optimize its portfolio. While asset sales can impact immediate revenue from disposed properties, this strategy allows the company to divest non-core assets and reinvest capital into higher-yielding development projects and its core, high-value properties. The company aims for $1.95 billion in total dispositions for 2025, having already completed or pending $786 million. This disciplined capital allocation is expected to enhance overall portfolio quality and drive future revenue growth from more strategic assets.

Share Repurchases

• Alexandria Real Estate Equities' Board of Directors authorized a common stock repurchase program of up to $500,000,000 until December 31, 2025.
• As of January 27, 2025, cumulative repurchases under this program aggregated $200.1 million.
• As of October 27, 2025, the company had completed repurchases totaling $258.25 million under the December 9, 2024, buyback program.

Share Issuance

• The number of shares outstanding increased by 14.79% in 2021, 7.77% in 2022, and 3.32% in 2023.
• The number of shares outstanding increased by 0.68% in 2024.
• Specific dollar amounts of share issuances are not explicitly provided in the available information.

Inbound Investments

• The company has capital contribution commitments from existing real estate joint venture partners totaling $297.3 million to fund construction from Q3 2025 through 2027 and beyond, including $116.7 million from Q3 2025 to Q4 2025.

Outbound Investments

• Alexandria provides strategic capital to life science, agrifoodtech, climate innovation, and technology companies through its venture capital platform.

Capital Expenditures

• Annual capital expenditures were $6.185 billion in 2022, $3.684 billion in 2023, and $2.671 billion in 2024.
• 2026 construction spend is expected to be similar to or slightly above $1.75 billion.
• The primary focus of capital expenditures is on developing Class A/A+ properties clustered in life science, agtech, and technology campuses, and creating collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations.