ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE)

Alexandria Real Estate Equities, Inc. (NYSE: ARE) is a Maryland corporation formed in October 1994 that has elected to be taxed as a REIT. It describes itself as a life science REIT and says it pioneered the life science real estate niche. The company owns, operates and develops collaborative Megacampus ecosystems in life science innovation clusters. It also provides strategic capital to life science companies through a venture capital platform and holds non-real estate investments in publicly traded and privately held life science entities, which it conducts within REIT limits.

The business centers on Class A/A+ laboratory and office properties. Its activities include acquiring high-quality properties in its cluster markets, ground-up development of generic and reusable laboratory facilities, and redevelopment of acquired office, warehouse or shell space into laboratory space. It also carries out pre-construction work such as entitlements, permitting, design and site work. It generally does not start aboveground construction of new laboratory space without significant pre-leasing, unless market demand for high-quality space is solid. As of December 31, 2025, it had 340 properties in North America totaling about 39.4 million RSF, including 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties under construction. Of these, 47 operating properties and development projects are held by consolidated real estate joint ventures and three by unconsolidated joint ventures.

Its tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science product, service and medical device companies; digital health, advanced technology and agtech companies; academic and medical research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. The properties sit in innovation clusters including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City, near top academic and medical research institutions. Occupancy of operating properties in North America was 90.9% at year-end 2025, against a 10-year average of 95%. Investment-grade or publicly traded large cap tenants represented 53% of total annual rental revenue.

On the financial side, the company reported a total market capitalization of $20.75 billion at December 31, 2025 and is part of the S&P 500. Its funding sources include operating cash flow after dividends, leverage-neutral debt, asset recycling through property sales and partial interest sales, equity sales, and joint venture capital. Liquidity comes from an unsecured senior line of credit, a commercial paper program, secured construction loans, marketable securities, forward equity contracts and cash. Its leases generally include contractual rent escalations and pass-through provisions for operating expenses and certain capital expenditures. The text does not identify suppliers, competitors or the headquarters location.