(PRNewsfoto/Alexandria Real Estate Equities, Inc.)

PASADENA, Calif., April 22, 2024 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the first quarter ended March 31, 2024. Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024 Alexandria Real Estate Equities, Inc. All rights reserved. ©2024

Key highlights Operating results 1Q24 1Q23 Total revenues: In millions $        769.1 $        700.8 Growth 9.7 % Net income attributable to Alexandria's common stockholders – diluted: In millions $        166.9 $          75.3 Per share $          0.97 $          0.44 Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted: In millions $        403.9 $        373.7 Per share $          2.35 $          2.19

An operationally excellent, industry-leading REIT with a high-quality, diverse client base to support growing revenues, stable cash flows, and strong margins

Percentage of annual rental revenue in effect from mega campuses as of

March 31, 2024 74 % Percentage of annual rental revenue in effect from investment-grade or publicly

traded large cap tenants as of March 31, 2024 52 % Sustained strength in tenant collections: Tenant receivables as of March 31, 2024 represent 1.0% of rental revenues $     7.5 million April 2024 tenant rents and receivables collected as of April 22, 2024 99.7 % 1Q24 tenant rents and receivables collected as of April 22, 2024 99.9 % Occupancy of operating properties in North America as of March 31, 2024 94.6 % Operating margin 72 % Adjusted EBITDA margin 72 % Weighted-average remaining lease term as of March 31, 2024: Top 20 tenants 9.7 years All tenants 7.5 years

Strong leasing volume and rental rate increases

Strong rental rate increases of 33.0% and 19.0% (cash basis). Strong leasing volume aggregating 1.1 million RSF during 1Q24. 77% of our leasing activity during the last twelve months was generated from our existing tenant base.

1Q24 Total leasing activity – RSF 1,142,857 Leasing of development and redevelopment space – RSF 100,232 Lease renewals and re-leasing of space: RSF (included in total leasing activity above) 994,770 Rental rate increase 33.0 % Rental rate increase (cash basis) 19.0 %

Continued solid net operating income and internal growth



Net operating income (cash basis) of $1.9 billion for 1Q24 annualized, up $132.7 million, or 7.6%, compared to 1Q23 annualized. Same property net operating income growth of 1.0% and 4.2% (cash basis) for 1Q24 over 1Q23. 96% of our leases contain contractual annual rent escalations approximating 3%.

Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all publicly traded U.S. REITs

Net debt and preferred stock to Adjusted EBITDA of 5.2x and fixed-charge coverage ratio of 4.7x for 1Q24 annualized. Significant liquidity of $6.0 billion. 32% of our total debt matures in 2049 and beyond. 13.4 years weighted-average remaining term of debt. 98.9% of our debt has a fixed rate. Total debt and preferred stock to gross assets of 28%. $1.3 billion of expected capital contribution commitments from existing consolidated real estate joint venture partners to fund construction from 2Q24 through 2027.

Consistent dividend strategy with a focus on retaining significant net cash flows from operating activities after dividends for reinvestment

Common stock dividend declared for 1Q24 of $1.27 per common share, aggregating $5.02 per common share for the twelve months ended March 31, 2024, up 24 cents, or 5%, over the twelve months ended March 31, 2023. Dividend yield of 3.9% as of March 31, 2024. Dividend payout ratio of 54% for the three months ended March 31, 2024. Average annual dividend per-share growth of 5% from 2020 through 1Q24 annualized. Significant net cash flows from operating activities after dividends retained for reinvestment aggregating $2.1 billion for the years ended December 31, 2020 through 2023 and for the midpoint of our 2024 guidance range for net cash provided by operating activities after dividends.

Alexandria's highly leased value-creation pipeline delivered incremental annual net operating income of $26 million commencing during 1Q24 and will drive future incremental annual net operating income aggregating $480 million

During 1Q24, we placed into service development and redevelopment projects aggregating 343,445 RSF that are 100% leased across multiple submarkets and delivered incremental annual net operating income of $26 million. 1Q24 deliveries include:

100,624 RSF at 500 North Beacon Street located on The Arsenal on the Charles mega campus in our Cambridge/Inner Suburbs submarket; 115,598 RSF at the Alexandria Center® for Advanced Technologies – Monte Villa Parkway in our Bothell submarket; and 72,846 RSF at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket. Annual net operating income (cash basis) is expected to increase by $101 million upon the burn-off of initial free rent from recently delivered projects. Initial free rent has a weighted-average burn-off period of approximately seven months. 69% of the RSF in our total value-creation pipeline is within our mega campuses.

Development and Redevelopment Projects Incremental

Annual Net

Operating Income RSF Leased/

Negotiating

Percentage (dollars in millions) Placed into service in 1Q24 $                      26 343,445 100 % Expected to be placed into service(1): 2Q24 through 4Q24 $                    120 (2) 5,541,380 63 % 2025 109 (3) (4) 1Q26 through 4Q27 251 $                    480

(1) Represents expected incremental annual net operating income to be placed into service from deliveries of projects undergoing construction and one committed near-term project expected to commence construction in the next two years, including partial deliveries of projects that stabilize in future years. (2) Includes 1.2 million RSF that is expected to stabilize in 2024 and is 98% leased/negotiating. Refer to the initial and stabilized occupancy years under "New Class A/A+ development and redevelopment properties: current projects" in the Supplemental Information for additional details. (3) In addition to the projects represented, we are evaluating one priority anticipated development project that could commence active construction in 2024 and may have initial delivery in 2025. (4) 72% of the leased RSF of our value-creation projects was generated from our existing tenant base.

Strong balance sheet management Key metrics as of or for the three months ended March 31, 2024

$34.4 billion in total market capitalization. $22.2 billion in total equity capitalization, which ranks in the top 10% among all publicly traded U.S. REITs.

1Q24 Target Quarter
Annualized Trailing
12 Months 4Q24
Annualized Net debt and preferred stock to

Adjusted EBITDA 5.2x 5.6x Less than or equal to 5.1x Fixed-charge coverage ratio 4.7x 4.7x Greater than or equal to 4.5x

Key capital events

In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years. The unsecured senior notes include:

$400.0 million of 5.25% unsecured senior notes due 2036; and $600.0 million of 5.625% unsecured senior notes due 2054. In January 2024, our ATM program became inactive upon expiration of the associated shelf registration. In February 2024, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.5 billion of our common stock. As of April 22, 2024, the full amount remained available for future sales of our common stock.

Investments

As of March 31, 2024:

Our non-real estate investments aggregated $1.5 billion. Unrealized gains presented in our consolidated balance sheet were $220.2 million, comprising gross unrealized gains and losses aggregating $320.4 million and $100.2 million, respectively. Investment income of $43.3 million for 1Q24 presented in our consolidated statement of operations consisted of $28.8 million of realized gains, partially offset by impairment charges of $14.7 million, and $29.2 million of unrealized gains.

Other key highlights

Key items included in net income attributable to Alexandria's common stockholders: 1Q24 1Q23 1Q24 1Q23 (in millions, except per share amounts) Amount Per Share –

Diluted Unrealized gains (losses) on non-real estate investments $   29.2 $  (65.9) $  0.17 $ (0.39) Gain on sales of real estate 0.4 — — — Impairment of non-real estate investments (14.7) — (0.09) — Total $   14.9 $  (65.9) $  0.08 $ (0.39) Refer to "Funds from operations and funds from operations per share" in the Earnings Press Release for additional

details.

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

In March 2024, Alexandria was named one of Newsweek's Most Trustworthy Companies in America for the second consecutive year based on three touchpoints of trust: customer trust, investor trust, and employee trust. On the 2024 list, Alexandria holds the top rank among the three S&P 500 REITs recognized in the real estate and housing category. In March 2024, Alexandria's executive chairman and founder, Joel S. Marcus, was selected to receive the inaugural Bisnow Life Sciences Icon & Influencer Award. This prestigious award highlights Mr. Marcus and the company's significant contributions to and lasting impact on the life science real estate sector and broader life science industry. Mr. Marcus will accept the award on behalf of Alexandria at Bisnow's International Life Sciences & Biotech Conference in September 2024. During 1Q24, Alexandria earned several awards in recognition of operational excellence in asset management, leasing, real estate transactions, and sustainability across our regions:

In our Greater Boston market, Alexandria won two 2023 Commercial Broker Association Achievement Awards: Life Science Deal of the Year for our lease with Novo Nordisk at 60 Sylvan Road on the Alexandria Center® for Life Science – Waltham mega campus and Investment Sale of the Year – Urban for our strategic sale of partial interest in 15 Necco Street. In our San Francisco Bay Area market, the Alexandria Center® for Life Science – San Carlos mega campus won a TOBY (The Outstanding Building of the Year) Award from BOMA (Building Owners and Managers Association) in the region's new Life Science category. Alexandria also received a San Francisco Business Times' 2024 Real Estate Deal of the Year Award for our lease with CARGO Therapeutics, a clinical-stage biotechnology company, at 835 Industrial Road on this mega campus. In our Seattle market, Alexandria was an honoree in the Water Stewardship category of the Puget Sound BusinessJournal's 2024 Environmental and Sustainability Awards in recognition of our implementation of an innovative energy district at the Alexandria Center® for Life Science – South Lake Union mega campus featuring one of the largest wastewater heat recovery systems in North America. This wastewater heat recovery system, which will provide an alternative energy source to heat our buildings and enhance building resilience and operating performance, demonstrates our continued focus on reducing greenhouse gas emissions in our laboratory facilities. In our Research Triangle market, we earned the Top Life Sciences/Laboratory Lease in the Triangle Business Journal's 2024 SPACE Awards for our lease with Pairwise, a health-focused food and agriculture company, at 110 and 112 TW Alexander Drive on the Alexandria Center® for Sustainable Technologies mega campus. The annual SPACE Awards recognize the Research Triangle's top commercial real estate developments and transactions. In February 2024, Alexandria, in partnership with former congressman Patrick J. Kennedy and The Kennedy Forum, held its second Alexandria Summit® on Mental Health in Washington, DC. Alexandria convened a diverse set of key decision makers, influential life science industry thought leaders, members of Congress, regulatory agency executives, and other key policymakers to advance the development of novel, effective psychiatric therapies to address vast unmet need.

About Alexandria Real Estate Equities, Inc. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science mega 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 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.

Guidance March 31, 2024 
(Dollars in millions, except per share amounts) The following guidance for 2024 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2024. There can be no assurance that actual results will not be materially higher or lower than these expectations. Also, refer to our discussion of "forward-looking statements"

on page 7 of this Earnings Press Release for additional details. Key updates to our 2024 guidance from January 29, 2024 include updates to earnings per share, funds

from operations per share, and funds from operations per share, as adjusted, as shown in the table below. We updated our guidance range for 2024 earnings per share

and funds from operations per share. In addition, we narrowed our guidance range for 2024 funds from operations per share, as adjusted, to 12 cents from 20 cents with

the midpoint of $9.47 unchanged from our prior guidance on January 29, 2024.

Key Credit Metric Targets(1) Net debt and preferred stock to Adjusted EBITDA – 4Q24 annualized Less than or equal to 5.1x Fixed-charge coverage ratio – 4Q24 annualized Greater than or equal to 4.5x

Projected 2024 Earnings per Share and Funds From Operations per Share Attributable to

Alexandria's Common Stockholders – Diluted As of 4/22/2024 As of 1/29/2024 Earnings per share(2) $3.60 to $3.72 $3.49 to $3.69 Depreciation and amortization of real estate assets 5.95 5.95 Allocation to unvested restricted stock awards (0.06) (0.07) Funds from operations per share(1) $9.49 to $9.61 $9.37 to $9.57 Unrealized gains on non-real estate investments (0.17) — Impairment of non-real estate investments 0.09 — Funds from operations per share, as adjusted(1) $9.41 to $9.53 $9.37 to $9.57 Midpoint $9.47 $9.47

Key Sources and Uses of Capital Range Midpoint Sources of capital: Incremental debt $          900 $          900 $          900 Net cash provided by operating activities after dividends 400 500 450 Dispositions, sales of partial interests, and common

equity(3) 900 1,900 1,400 Total sources of capital $       2,200 $       3,300 $       2,750 Uses of capital: Construction $       1,950 $       2,550 $       2,250 Acquisitions 250 750 500 Total uses of capital $       2,200 $       3,300 $       2,750 Incremental debt (included above): Issuance of unsecured senior notes payable(4) $       1,000 $       1,000 $       1,000 Unsecured senior line of credit, commercial paper, and

other (100) (100) (100) Net incremental debt $          900 $          900 $          900

Key Assumptions Low High Occupancy percentage in North America as of December 31, 2024 94.6 % 95.6 % Lease renewals and re-leasing of space: Rental rate increases 11.0 % 19.0 % Rental rate increases (cash basis) 5.0 % 13.0 % Same property performance: Net operating income increases 0.5 % 2.5 % Net operating income increases (cash basis) 3.0 % 5.0 % Straight-line rent revenue $            169 $            184 General and administrative expenses $            181 $            191 Capitalization of interest $            325 $            355 Interest expense $            154 $            184 Realized gains on non-real estate investments(5) $              95 $            125

(1) Refer to "Definitions and reconciliations" in the Supplemental Information for additional details. (2) Excludes unrealized gains or losses on non-real estate investments after March 31, 2024 that are required to be recognized in earnings and are excluded from funds from operations per share, as adjusted. (3) We expect to continue pursuing our strategy to fund a significant portion of our capital requirements for the year ending December 31, 2024 with dispositions and sales of partial interests and are actively pursuing several dispositions and partial interest sale opportunities. In February 2024, we entered into a new ATM common stock offering program, which allows us to sell up to an aggregate of $1.5 billion of our common stock. As of April 22, 2024, the full amount remained available for future sales of our common stock. (4) In February 2024, we issued $1.0 billion of unsecured senior notes payable with a weighted-average interest rate of 5.48% and a weighted-average maturity of 23.1 years. The unsecured senior notes consisted of $400.0 million of 5.25% unsecured senior notes due 2036 and $600.0 million of 5.625% unsecured senior notes due 2054. Our 2024 guidance for issuance of unsecured senior notes payable assumes we issue new unsecured senior notes payable in 2025 to fund the repayment of our $600.0 million unsecured senior notes payable due on April 30, 2025. Subject to market conditions, we may seek opportunities in 2024 to fund the repayment of our 2025 debt maturity through issuance of additional unsecured senior notes payable. (5) Represents realized gains and losses included in funds from operations per share – diluted, as adjusted, and excludes significant impairments realized on non-real estate investments, if any. Refer to "Investments" in the Supplemental Information for additional details.

Acquisitions

March 31, 2024

(Dollars in thousands)  Property Submarket/Market Date of

Purchase Operating

Occupancy Future

Development

RSF(1) Purchase Price Completed in 1Q24: 285, 299, 307, and 345 Dorchester Avenue (60% interest in consolidated JV) Seaport Innovation District/Greater Boston 1/30/24 N/A 1,040,000 $ 155,321 Other 39,490 194,811 Completed in April 2024 7,000 Pending acquisitions subject to signed letters of intent or purchase and sale agreements 75,350 $ 277,161 2024 guidance range $250,000 – $750,000

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

Dispositions and Sales of Partial Interests

March 31, 2024

(Dollars in thousands)  Property Submarket/Market Date of Sale Interest Sold RSF Sales Price Value harvesting dispositions of 100% interest in properties not integral to our mega campus strategy Completed in 1Q24: 99 A Street(1) Seaport Innovation District/Greater Boston 3/8/24 100 % 235,000 $             13,350 Other 3,863 17,213 Pending transactions subject to letters of intent or purchase and sale agreement negotiations 258,095 Additional targeted dispositions and sales of partial interests TBD  $           275,308

(1)  We completed the sale during the three months ended March 31, 2024 and recognized no gain or loss.

Earnings Call Information and About the Company 
March 31, 2024

We will host a conference call on Tuesday, April 23, 2024, 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 first quarter ended March 31, 2024. 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, April 23, 2024. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 1133562.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the first quarter ended March 31, 2024 is available in the "For Investors" section of our website at www.are.com or by following this link: https://www.are.com/fs/2024q1.pdf.

For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790; or Sara M. Kabakoff, senior vice president – chief content officer.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative life science mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Alexandria has a total market capitalization of $34.4 billion and an asset base in North America of 74.1 million SF as of March 31, 2024, which includes 42.2 million RSF of operating properties, 5.3 million RSF of Class A/A+ properties undergoing construction and one committed near-term project expected to commence construction in the next two years, 2.5 million RSF of priority anticipated development and redevelopment projects, and 24.1 million SF of future development projects. Alexandria has a longstanding and proven track record of developing Class A/A+ properties clustered in life science mega 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 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.

Forward-Looking Statements

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 2024 earnings per share, 2024 funds from operations per share, 2024 funds from operations per share, as adjusted, 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.

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®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That's What's in Our DNA®, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.

Consolidated Statements of Operations

March 31, 2024

(Dollars in thousands, except per share amounts)  Three Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Revenues: Income from rentals $       755,551 $      742,637 $       707,531 $       704,339 $       687,949 Other income 13,557 14,579 6,257 9,561 12,846 Total revenues 769,108 757,216 713,788 713,900 700,795 Expenses: Rental operations 218,314 222,726 217,687 211,834 206,933 General and administrative 47,055 59,289 45,987 45,882 48,196 Interest 40,840 31,967 11,411 17,072 13,754 Depreciation and amortization 287,554 285,246 269,370 273,555 265,302 Impairment of real estate — 271,890 20,649 168,575 — Total expenses 593,763 871,118 565,104 716,918 534,185 Equity in earnings of unconsolidated real estate joint ventures 155 363 242 181 194 Investment income (loss) 43,284 8,654 (80,672) (78,268) (45,111) Gain on sales of real estate 392 62,227 — 214,810 — Net income (loss) 219,176 (42,658) 68,254 133,705 121,693 Net income attributable to noncontrolling interests (48,631) (45,771) (43,985) (43,768) (43,831) Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders 170,545 (88,429) 24,269 89,937 77,862 Net income attributable to unvested restricted stock awards (3,659) (3,498) (2,414) (2,677) (2,606) Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders $       166,886 $       (91,927) $         21,855 $         87,260 $         75,256 Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders: Basic $             0.97 $           (0.54) $             0.13 $             0.51 $             0.44 Diluted $             0.97 $           (0.54) $             0.13 $             0.51 $             0.44 Weighted-average shares of common stock outstanding: Basic 171,949 171,096 170,890 170,864 170,784 Diluted 171,949 171,096 170,890 170,864 170,784 Dividends declared per share of common stock $             1.27 $            1.27 $             1.24 $             1.24 $             1.21

Consolidated Balance Sheets

March 31, 2024

(In thousands)  3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Assets Investments in real estate $  32,323,138 $  31,633,511 $  31,712,731 $  31,178,054 $ 30,889,395 Investments in unconsolidated real estate joint ventures 40,636 37,780 37,695 37,801 38,355 Cash and cash equivalents 722,176 618,190 532,390 924,370 1,263,452 Restricted cash 9,519 42,581 35,321 35,920 34,932 Tenant receivables 7,469 8,211 6,897 6,951 8,197 Deferred rent 1,138,936 1,050,319 1,012,666 984,366 974,865 Deferred leasing costs 520,616 509,398 512,216 520,610 527,848 Investments 1,511,588 1,449,518 1,431,766 1,495,994 1,573,018 Other assets  1,424,968 1,421,894 1,501,611 1,475,191 1,602,403 Total assets $  37,699,046 $  36,771,402 $  36,783,293 $  36,659,257 $ 36,912,465 Liabilities, Noncontrolling Interests, and Equity Secured notes payable $       130,050 $       119,662 $       109,110 $         91,939 $        73,645 Unsecured senior notes payable 12,087,113 11,096,028 11,093,725 11,091,424 11,089,124 Unsecured senior line of credit and commercial paper — 99,952 — — 374,536 Accounts payable, accrued expenses, and other liabilities 2,503,831 2,610,943 2,653,126 2,494,087 2,479,047 Dividends payable 222,134 221,824 214,450 214,555 209,346 Total liabilities 14,943,128 14,148,409 14,070,411 13,892,005 14,225,698 Commitments and contingencies Redeemable noncontrolling interests 16,620 16,480 51,658 52,628 44,862 Alexandria Real Estate Equities, Inc.'s stockholders' equity: Common stock 1,720 1,719 1,710 1,709 1,709 Additional paid-in capital 18,434,690 18,485,352 18,651,185 18,812,318 18,902,821 Accumulated other comprehensive loss (23,815) (15,896) (24,984) (16,589) (20,536) Alexandria Real Estate Equities, Inc.'s stockholders' equity 18,412,595 18,471,175 18,627,911 18,797,438 18,883,994 Noncontrolling interests 4,326,703 4,135,338 4,033,313 3,917,186 3,757,911 Total equity 22,739,298 22,606,513 22,661,224 22,714,624 22,641,905 Total liabilities, noncontrolling interests, and equity $  37,699,046 $  36,771,402 $  36,783,293 $  36,659,257 $ 36,912,465

Funds From Operations and Funds From Operations per Share 
March 31, 2024 
(In thousands)  The following table presents a reconciliation of net income (loss) attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in

accordance with U.S. generally accepted accounting principles ("GAAP"), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations

attributable to Alexandria's common stockholders – diluted, and funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below:

Three Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Net income (loss) attributable to Alexandria's common stockholders $    166,886 $    (91,927) $      21,855 $      87,260 $      75,256 Depreciation and amortization of real estate assets 284,950 281,939 266,440 270,026 262,124 Noncontrolling share of depreciation and amortization from consolidated real estate JVs (30,904) (30,137) (28,814) (28,220) (28,178) Our share of depreciation and amortization from unconsolidated real estate JVs 1,034 965 910 855 859 Gain on sales of real estate (392) (62,227) — (214,810) — Impairment of real estate – rental properties — 263,982 19,844 166,602 — Allocation to unvested restricted stock awards  (3,469) (2,268) (838) (872) (1,359) Funds from operations attributable to Alexandria's common stockholders – diluted(1) 418,105 360,327 279,397 280,841 308,702 Unrealized (gains) losses on non-real estate investments (29,158) (19,479) 77,202 77,897 65,855 Impairment of non-real estate investments 14,698 (2) 23,094 28,503 22,953 — Impairment of real estate — 7,908 805 1,973 — Acceleration of stock compensation expense due to executive officer resignations — 18,436 1,859 — — Allocation to unvested restricted stock awards 247 (472) (1,330) (1,285) (867) Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted $    403,892 $    389,814 $    386,436 $    382,379 $    373,690

Refer to "Definitions and reconciliations" in the Supplemental Information for additional details. (1) Calculated in accordance with standards established by the Nareit Board of Governors. (2) Primarily related to one non-real estate investment in a privately held entity that does not report NAV.

Funds From Operations and Funds From Operations per Share (continued) 
March 31, 2024 
(In thousands, except per share amounts) The following table presents a reconciliation of net income (loss) per share attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in

accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria's common

stockholders – diluted, and funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to

rounding.

Three Months Ended 3/31/24 12/31/23 9/30/23 6/30/23 3/31/23 Net income (loss) per share attributable to Alexandria's common stockholders – diluted $         0.97 $       (0.54) $         0.13 $         0.51 $         0.44 Depreciation and amortization of real estate assets 1.48 1.48 1.40 1.42 1.38 Gain on sales of real estate — (0.36) — (1.26) — Impairment of real estate – rental properties — 1.54 0.12 0.98 — Allocation to unvested restricted stock awards (0.02) (0.01) (0.01) (0.01) (0.01) Funds from operations per share attributable to Alexandria's common stockholders – diluted 2.43 2.11 1.64 1.64 1.81 Unrealized (gains) losses on non-real estate investments (0.17) (0.11) 0.45 0.46 0.39 Impairment of non-real estate investments 0.09 0.13 0.17 0.13 — Impairment of real estate — 0.05 — 0.02 — Loss on early extinguishment of debt — — — — — Acceleration of stock compensation expense due to executive officer resignations — 0.11 0.01 — — Allocation to unvested restricted stock awards — (0.01) (0.01) (0.01) (0.01) Funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted $         2.35 $         2.28 $         2.26 $         2.24 $         2.19 Weighted-average shares of common stock outstanding – diluted 171,949 171,096 170,890 170,864 170,784

Refer to "Definitions and reconciliations" in the Supplemental Information for additional details. Cision

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SOURCE Alexandria Real Estate Equities, Inc.