Alexandria Real Estate公布二季度业绩，FFO同比下滑但全年指引中点维持不变

Alexandria Real Estate Equities, Inc. Reports
2Q26 and 1H26 Net (Loss) Income per Share – Diluted of $(0.43) and $1.68, respectively,
and 2Q26 and 1H26 FFO per Share – Diluted, as Adjusted, of $1.73 and $3.46, respectively
PASADENA, Calif. – August 3, 2026 – Alexandria Real Estate Equities, Inc. (NYSE: ARE)
announced financial and operating results for the second quarter ended June 30, 2026. Solid 2Q26 leasing volume exceeding 1.0 million RSF
KEY HIGHLIGHTS • 2Q26 total leasing volume surpassed 1.0 million RSF, increasing 60% from 1Q26 and
Operating results 2Q26 2Q25 1H26 1H25 exceeding the 2Q25–1Q26 quarterly average of 952,365 RSF by approximately 87,000 RSF.
Net (loss) income attributable to Alexandria’s common stockholders – diluted: • Includes 397,919 RSF for combined previously vacant and development and
In millions $ (73.7) $ (109.6) $ 286.7 $ (121.2)
redevelopment space; second-highest amount since 2Q24, excluding the 466,598 RSF
build-to-suit lease signed in 3Q25.
Per share $ (0.43) $ (0.64) $ 1.68 $ (0.71)
• 75% of our leasing activity during the last twelve months was generated from our existing
Funds from operations attributable to Alexandria’s common stockholders – diluted, as adjusted: tenant base.
In millions $ 296.1 $ 396.4 $ 592.0 $ 788.4
Per share $ 1.73 $ 2.33 $ 3.46 $ 4.63 Leasing Volume in RSF: 2Q26 1Q26 1H26
Leasing of development and redevelopment space 68,771 117,935 186,706
A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and Leasing of previously vacant space 329,148 148,734 477,882
long lease terms 397,919 266,669 664,588
Lease renewals and re-leasing of space 640,998 380,687 1,021,685
(As of or for the three months ended June 30, 2026, unless stated otherwise)
Total leasing volume 1,038,917 647,356 1,686,273
Occupancy of operating properties 86.9%
Lease renewals and re-leasing of space:
Occupancy of operating properties, including executed leases with future occupancy 90.9%
Rental rate changes (0.7)% (15.0)% (7.4)%
Percentage of annual rental revenue in effect from Megacampus platform 80%
Rental rate changes (cash basis) (4.3)% (15.8)% (9.6)%
Percentage of annual rental revenue in effect from investment-grade or publicly
traded large cap tenants 57%
Operating margin 69% Ongoing execution of Alexandria’s capital recycling strategy
Adjusted EBITDA margin 67% We plan to continue funding a significant portion of our capital requirements for the year ending
Percentage of leases containing annual rent escalations 97% December 31, 2026 through dispositions of land, non-core dispositions, sales of partial
Weighted-average remaining lease term: interests, and other capital sources.
Top 20 tenants 10.0 years (in millions) Sales Price %
All tenants 7.7 years
Completed as of August 3, 2026 $ 170
Strong 2Q26 tenant collections(1):
Pending transactions subject to non-refundable deposits, signed letters of
2Q26 rents and receivables collected as of August 3, 2026 99.9% intent, and/or sale agreement negotiations 1,159
(1) Refer to “Tenant collections” under “Definitions and reconciliations” in the Supplemental Information.
1,329 46%
Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking Dispositions, sales of partial interests, and other capital sources in process 1,100 38%
among all publicly traded U.S. REITs; long-duration remaining debt term (as of 6/30/26) Multiple alternatives under evaluation 471 16%
2026 guidance midpoint for dispositions, sales of partial interests, and
• $21.84 billion in total market capitalization. other capital sources $ 2,900
• $9.02 billion in total equity capitalization.
• Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of We expect to allocate this capital as follows (based on guidance midpoints):
3.3x for 2Q26 annualized; 4Q26 annualized targets: 5.6x–6.2x and 3.6x–4.1x, respectively.
2026
• We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted Guidance
EBITDA ratio in 2H26 as we complete dispositions, sales of partial interests, and other (in millions) (Midpoint)
capital sources. Construction focused on highly leased developments and lease-up of vacant space $ 1,750
• Significant liquidity of $3.60 billion and extension of our $5.0 billion unsecured senior line of Reduction of debt to meet our leverage goal 1,675
credit to 2032. Net cash provided by operating activities, as adjusted (525)
• Only 6% of our total debt matures through 2028. $ 2,900
• 9.7-year weighted-average remaining debt term, the longest among S&P 500 REITs.
• Total debt and preferred stock to gross assets of 31%.
• Intermediate-term goal for leverage: mid-5x range.
Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2026 1
Second Quarter Ended June 30, 2026 Financial and Operating Results (continued)
June 30, 2026



Occupancy and leasing progress Reduction of capital spend and funding needs (continued)

Operating occupancy as of March 31, 2026 87.7% • As of 2Q26, we executed letters of intent aggregating 108,800 RSF for advanced technology
use at our redevelopment project at 311 Arsenal Street. If we are successful in executing
Key changes to occupancy:
these potential leases, we expect to evaluate whether all or a portion of this project will be
Reclassification of space at 3000 Minuteman Road from redevelopment to operating placed back into operation without the need to further redevelop for laboratory use.
in 2Q26, fully leased with expected occupancy in 2Q27 (0.4) (1)
• Non-income-producing assets for 2Q26 are 16% of gross assets, a 4% reduction since 4Q24;
Previously disclosed 2Q26 key lease expirations with expected downtime (0.8) targeting a range of 11% to 16% by 4Q26.
Increase in occupancy, primarily due to the commencement of leases during 2Q26 0.4
Operating occupancy as of June 30, 2026 86.9 Alexandria’s development and redevelopment pipeline delivered incremental annual net
Vacant space with executed leases and future occupancy 4.0 (2) operating income of $57 million during 2Q26, with an additional $42 million anticipated to
Operating occupancy as of June 30, 2026, including executed leases with future
be delivered by 4Q26
occupancy 90.9%
• During 2Q26, we placed into service one development project aggregating 426,927 RSF that
(1) Refer to “Reduction of capital spend and funding needs” in this Earnings Press Release for additional details is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University
regarding the 159,947 RSF lease executed in 2Q26. Town Center submarket and delivered incremental annual net operating income aggregating
(2) Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of
building and/or tenant improvements. The weighted-average expected occupancy date is approximately
$57 million.
November 2026, with expected annual rental revenue of approximately $69 million. We expect 64% of the total • Annual net operating income (cash basis) from recently delivered projects is expected to
1.4 million RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater increase by $40 million upon the burn-off of initial free rent, which has a weighted-average
Boston, San Diego, and San Francisco Bay Area markets. remaining period of approximately five months.
• 79% of the RSF in our total development and redevelopment pipeline is within our
KEY OPERATING METRICS Megacampus ecosystems.
Operating metrics 2Q26 1H26 Occupied/
Same property performance: Incremental Leased/
Development and Redevelopment Annual Net Negotiating
Net operating income changes (10.6)% (1) (11.5)% (1) Projects Operating Income RSF Percentage
Net operating income changes (cash basis) (8.6)% (1) (11.2)% (1) (dollars in millions)
Occupancy – current-period average 87.1 % 88.2 % Placed into service in 1H26 $ 58 532,219 91%
Occupancy – same-period prior-year average 92.6 % 93.5 %
Expected to be placed into service:
Refer to “Same property comparisons” and “Net operating income” under “Definitions and reconciliations” in the 2H26 $ 42 (1) 174,662 (2) 84% (3)

Supplemental Information for additional details and their respective reconciliations from the most directly comparable 2027–2028 93 1,258,004 68%
financial measures presented in accordance with GAAP. $ 135
(1) The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key (1) Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including
lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years
weighted-average lease expiration dates of January 2026 and April 2026, respectively. under “New Class A/A+ development and redevelopment properties: under construction” in the Supplemental
Information for additional details.
Reduction of capital spend and funding needs (2) Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries
through 2026 from projects expected to stabilize in 2027–2028.
• In 2Q26, we executed a lease aggregating 159,947 RSF with an advanced technology tenant (3) Represents the current leased/negotiating percentage of our 174,662 RSF development project that is
at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The expected to stabilize in 4Q26.
lease enables us to pivot a portion of the redevelopment project from future laboratory and/or
biomanufacturing use to a lower-cost advanced technology use, reducing the project’s
expected aggregate construction budget by approximately $80 million. We expect to deliver
the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant
improvements.
• As a result, the leased space was reclassified from redevelopment to operating, reducing
the redevelopment project from 431,550 RSF as of 1Q26 to 271,603 RSF as of 2Q26.
• We continue to evaluate the business and financial strategy for five projects aggregating
1.4 million RSF, which may allow us to further reduce future construction funding
requirements within our active pipeline.



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