Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022 - Form 8-K

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022

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(1)Represents annual rental revenue in effect as of June 30, 2022.

(2)As of June 30, 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 our Supplemental Information for additional details.

(3)Represents annual rental revenue currently generated from space that is targeted for a future change in use. The weighted-average remaining term of these leases is 4.2 years.

(4)Our other tenants, aggregating 4.0% of our annual rental revenue, comprise 3.0% of annual rental revenue from technology, professional services, finance, telecommunications, and construction/real estate companies and only 1.0% from retail-related tenants.

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As of June 30, 2022.

(1)We may also commence additional projects in this time frame, subject to market conditions.

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(1)Represents dividend declared on June 30, 2022, annualized.

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(1)As of June 30, 2022. Refer to "Key credit metrics" of our Supplemental Information for additional details.

(2)As of June 30, 2022.

(3)As of June 30, 2022. 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.

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(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 June 30, 2022.

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(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 June 30, 2022.

(2)As of June 30, 2022. Refer to "Key credit metrics" of our Supplemental Information for additional details.

(3)Quarter annualized.

(4)As of June 30, 2022.

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(1)Source: Barron's, "10 Real Estate Companies That Are Both Greener and More Profitable," February 19, 2022.

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

(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.

(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.

(3)Progress toward 2025 goal.

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Table of Contents

June 30, 2022

EARNINGS PRESS RELEASE	Page	Page
Second Quarter Ended June 30, 2022 Financial and Operating Results	1	Earnings Call Information and About the Company	8
Acquisitions	4	Consolidated Statements of Operations	9
Dispositions and Sales of Partial Interest	5	Consolidated Balance Sheets	10
Guidance	6	Funds From Operations and Funds From Operations per Share	11
SUPPLEMENTAL INFORMATION	Page	Page
Company Profile	14	External Growth / Investments in Real Estate
Investor Information	15	Investments in Real Estate	33
Financial and Asset Base Highlights	16	New Class A Development and Redevelopment Properties:
High-Quality, Diverse, and Innovative Tenants	18	Recent Deliveries	35
Class A Properties in AAA Locations	19	Current Projects	38
Occupancy	20	Summary of Pipeline	43
Internal Growth	Construction Spending	47
Key Operating Metrics	21	Joint Venture Financial Information	48
Same Property Performance	22	Balance Sheet Management
Leasing Activity	23	Investments	50
Contractual Lease Expirations	24	Key Credit Metrics	51
Top 20 Tenants	25	Summary of Debt	52
Summary of Properties and Occupancy	26	Definitions and Reconciliations
Property Listing	27	Definitions and Reconciliations	55

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 8 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.

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Second Quarter Ended June 30, 2022 Financial and Operating Results (continued)

June 30, 2022

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Second Quarter Ended June 30, 2022 Financial and Operating Results (continued)

June 30, 2022

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Acquisitions
June 30, 2022
(Dollars in thousands)

Property	Submarket/Market	Date of Purchase	Number of Properties	Operating Occupancy	Square Footage	Purchase Price
Acquisitions With Development/Redevelopment Opportunities(1)
Future Development	Operating With Future Development/ Redevelopment	Operating(2)	Operating	Total(3)
Completed in 1Q22	29	91	%	4,617,991	2,668,494	451,760	-	7,306,305	$	1,840,717
Completed in 2Q22:
One Hampshire Street(4)	Cambridge/Inner Suburbs/ Greater Boston	6/23/22	1	100	%	-	88,591	-	-	88,591	140,000
Other	Various	Various	2	76	869,000	109,557	-	-	978,557	140,146
3	87	%	869,000	198,148	(5)	-	(5)	-	(5)	1,067,148	280,146
Completed in July 2022	9,561
2,130,424
Pending(6)	Various	3Q22	275,000
Other	244,576
2022 acquisitions (midpoint)	$	2,650,000
2022 guidance range(7)	$2,550,000 - $2,750,000

(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.

(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 a new Class A property. Square footage presented includes RSF of buildings currently in operation with future development or redevelopment opportunities. We intend to demolish and develop or to redevelop the existing properties upon expiration of the existing in-place leases. Refer to "Definitions and reconciliations" in our Supplemental Information for additional details on value-creation square feet currently included in rental properties.

(4)Represents the acquisition of a condominium in two floors of a seven-story building.

(5)We expect the acquisitions completed during the three months ended June 30, 2022 to generate initial annual net operating income of approximately $9 million for the twelve months following acquisition. These acquisitions included three operating properties with a weighted-average acquisition date of June 16, 2022 (weighted by initial annual net operating income).

(6)Represents acquisitions of land parcels to expand our mega campuses in our Cambridge and University Town Center submarkets.

(7)We reduced the upper end of our range of 2022 guidance for acquisitions by $750 million. Refer to "Guidance" on page 6 of this Earnings Press Release for additional information.

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Dispositions and Sales of Partial Interest
June 30, 2022
(Dollars in thousands)

Capitalization Rate (Cash Basis)	Sales Price per RSF	Gain or Consideration in Excess of Book Value
Property	Submarket/Market	Date of Sale	Interest Sold	RSF	Capitalization Rate	Sales Price
Completed 1H22:
100 Binney Street	Cambridge/Inner Suburbs/Greater Boston	3/30/22	70	%	432,931	3.6	%	3.5	%	$	713,228	(1)	$	2,353	$	413,615	(2)
300 Third Street	Cambridge/Inner Suburbs/Greater Boston	6/27/22	70	%	131,963	4.6	%	4.3	%	166,485	(1)	$	1,802	113,020	(2)
Alexandria Park at 128, 285 Bear Hill Road, 111 and 130 Forbes Boulevard, and 20 Walkup Drive	Route 128 and Route 495/Greater Boston	6/8/22	100	%	617,043	5.1	%	5.1	%	334,397	$	542	202,325
Other	N/A	N/A	47,800	N/A	11,895
1,261,910	$	740,855
Completed in July 2022:
1450 Owens Street	Mission Bay/San Francisco Bay Area	7/1/22	20	%	(3)	191,000	N/A	N/A	25,039	(1)	N/A	$	10,083	(2)
1,286,949
Pending	San Diego	3Q22	TBD	TBD	140,000	-	160,000	TBD
Other	TBD	TBD	TBD	588,051	TBD
2022 dispositions (midpoint)	$	2,025,000
2022 guidance range	$1,450,000 - $2,600,000

(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 land parcel. Upon completion of the transaction, the noncontrolling interest share for our joint venture partner is 20% and is anticipated to increase to 75% as our partner contributes capital for construction over time.

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Guidance
June 30, 2022
(Dollars in millions)

The following updated guidance is based on our current view of existing market conditions and assumptions for the year ending December 31, 2022. There can be no assurance that actual amounts will not be materially higher or lower than these expectations. Also, refer to our discussion of "forward-looking statements" on page 8 of this Earnings Press Release for

additional details.

Key changes to our guidance include the reduction of an aggregate $635 million to our uses of capital, comprising a $350 million reduction in acquisitions and a $285 million reduction in construction spending. This reduction was offset by construction spending from January through June 2022, which increased by $335 million to slightly above the high end of our previous guidance range, as a result of construction spending associated with the leasing of our development and redevelopment projects under construction and our near-term pipeline projects. In addition, the midpoint of our guidance for funds from operations per share, as adjusted increased by three cents driven by strong same property performance and general and administrative savings in 2H22 resulting from the retirement of Stephen A. Richardson, our Co-Chief Executive Officer.

2022 Guidance
Reduction in uses of capital	Reduction	Summary of key changes in guidance	As of 7/25/22	As of 4/25/22
Construction	$285	EPS, FFO per share, and FFO per share, as adjusted	Refer to page 7
Acquisitions	$350	Same property net operating income increase	6.0% to 8.0%	5.9% to 7.9%
Same property net operating income increase (cash basis)	6.8% to 8.8%	6.5% to 8.5%
General and administrative expenses	$172 to $180	$168 to $176

As of 7/25/22
Key Sources and Uses of Capital	Range	Midpoint	Certain Completed Items	As of 4/25/22 Midpoint	Key Changes to Midpoint
Sources of capital:
Net cash provided by operating activities after dividends	$	275	$	325	$	300	$	300
Net incremental debt	1,361	561	961	See below	950
Dispositions and sales of partial interest (refer to page 5)	1,450	2,600	2,025	$	1,287	1,950	$	75
Common equity	2,364	2,364	2,364	$	2,364	(1)	2,750	$	(386)
Total sources of capital	$	5,450	$	5,850	$	5,650	$	5,950
Uses of capital:
Construction	$	2,900	$	3,100	$	3,000	$	2,950	$	50
Acquisitions (refer to page 4)	2,550	2,750	2,650	$	2,130	3,000	$	(350)
Total uses of capital	$	5,450	$	5,850	$	5,650	$	5,950
Incremental debt (included above):
Issuance of unsecured senior notes payable	$	1,800	$	1,800	$	1,800	$	1,800	$	1,800
Repayments of secured notes payable	(195)	(195)	(195)	$	(195)	(195)
Unsecured senior line of credit, commercial paper, and other	(44)	(744)	(394)	(655)
Incremental cash expected to be held at December 31, 2022(2)	(200)	(300)	(250)	-	$	(250)
Net incremental debt	$	1,361	$	561	$	961	$	950

(1)Refer to "Key capital events" on page 3 of this Earnings Press Release for additional details. During the six months ended June 30, 2022, we entered into new forward equity sales agreements aggregating $2.4 billion to sell 12.3 million shares of our common stock. During 1Q22, we settled a portion of these forward equity sales agreements by issuing 3.2 million shares and received net proceeds of $648.2 million. We expect to issue 9.0 million shares to settle our remaining outstanding forward equity sales agreements and receive net proceeds of approximately $1.7 billion in 2022.

(2)We expect this forecasted cash at December 31, 2022 to result in a reduction of our 2023 debt capital needs.

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Guidance (continued)
June 30, 2022
(Dollars in millions, except per share amounts)

Projected 2022 Earnings per Share and Funds From Operations per Share Attributable to Alexandria's Common Stockholders - Diluted
As of 7/25/22	As of 4/25/22
Earnings per share(1)	$2.14 to $2.20	$1.08 to $1.18
Depreciation and amortization of real estate assets	5.50	5.65
Gain on sales of real estate	(1.34)	-
Allocation to unvested restricted stock awards	(0.02)	(0.02)
Funds from operations per share(2)	$6.28 to $6.34	$6.71 to $6.81
Unrealized losses on non-real estate investments	2.07	1.67
Loss on early extinguishment of debt(3)	0.02	0.02
Acceleration of stock compensation due to executive officer resignation(4)	0.04	-
Allocation to unvested restricted stock awards	(0.02)	(0.02)
Other	(0.01)	(0.05)
Funds from operations per share, as adjusted(1)	$8.38 to $8.44	$8.33 to $8.43
Midpoint	$8.41	$8.38

As of 7/25/22	As of 4/25/22
Key Assumptions	Low	High	Low	High
Occupancy percentage in North America as of December 31, 2022	95.2%	95.8%	95.2%	95.8%
Lease renewals and re-leasing of space:
Rental rate increases	30.0%	35.0%	30.0%	35.0%
Rental rate increases (cash basis)	18.0%	23.0%	18.0%	23.0%
Same property performance:
Net operating income increase	6.0%	8.0%	5.9%	7.9%
Net operating income increase (cash basis)	6.8%	8.8%	6.5%	8.5%
Straight-line rent revenue(5)	$	144	$	154	$	154	$	164
General and administrative expenses(4)	$	172	$	180	$	168	$	176
Capitalization of interest	$	269	$	279	$	269	$	279
Interest expense	$	90	$	100	$	90	$	100

Key Credit Metrics	As of 7/25/22	As of 4/25/22
Net debt and preferred stock to Adjusted EBITDA - 4Q22 annualized	Less than or equal to 5.1x	Less than or equal to 5.1x
Fixed-charge coverage ratio - 4Q22 annualized	Greater than or equal to 5.1x	Greater than or equal to 5.1x

(1)Excludes unrealized gains or losses after June 30, 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 3 of this Earnings Press Release for additional details.

(4)Relates to the resignation of an executive officer in July 2022. General & administrative expenses increased by $4 million, including $7 million related to the acceleration of stock compensation due to the resignation of Stephen A. Richardson, our Co-Chief Executive Officer, partially offset by compensation savings in 2H22. Refer to "Subsequent event" on page 3 of this Earnings Press release for additional information.

(5)The $10 million reduction in our guidance range for straight-line rent revenue includes reductions attributable to the following items:

•Changes to our capital plan for 2022 as highlighted in our updated guidance for key sources and uses of capital on the previous page, including the following:

•Lower acquisitions with operating activities in 2022 as well as the $350 million reduction in the midpoint of our guidance range for acquisitions; and

•Higher dispositions compared to sales of partial interest.

•Acceleration of $2 million contractual rental payments due under one long-term lease in our Cambridge/Inner Suburbs submarket.

•Early terminations of below-market leases:

•Includes two spaces aggregating 141,649 RSF in two markets, of which 51% has been re-leased at aggregate rental rate increases of 114% and 140% (cash basis). We expect the re-leased spaces to take occupancy by 3Q22.

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Earnings Call Information and About the Company

June 30, 2022

We will host a conference call on Tuesday, July 26, 2022, 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 second quarter ended June 30, 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, July 26, 2022. The replay number is (877) 344-7529 or (412) 317-0088, and the access code is 7939670.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 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/2022q2.pdf.

For any questions, please contact Joel S. Marcus, executive chairman and founder; Peter M. Moglia, co-chief executive officer and co-chief investment officer; Stephen A. Richardson, co-chief executive 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 - communications, at (626) 578-0777.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust ("REIT"), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, agtech, and technology campuses in AAA innovation cluster locations, with a total market capitalization of $33.7 billion and an asset base in North America of 74.1 million square feet ("SF") as of June 30, 2022. The asset base in North America includes 41.1 million RSF of operating properties and 5.9 million RSF of Class A properties undergoing construction, 9.9 million RSF of near-term and intermediate-term development and redevelopment projects, and 17.2 million SF of future development projects. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland, and Research Triangle. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban 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, agtech, 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.

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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 2022 earnings per share attributable to Alexandria's common stockholders - diluted, 2022 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®, 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.

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Consolidated Statements of Operations
June 30, 2022
(Dollars in thousands, except per share amounts)

	Three Months Ended	Six Months Ended
	6/30/22		3/31/22	12/31/21	9/30/21	6/30/21	6/30/22	6/30/21
Revenues:
Income from rentals	$	640,959	$	612,554	$	574,656	$	546,527	$	508,371	$	1,253,513	$	987,066
Other income	2,805	2,511	2,267	1,232	1,248	5,316	2,402
Total revenues	643,764	615,065	576,923	547,759	509,619	1,258,829	989,468
Expenses:
Rental operations	196,284	181,328	175,717	165,995	143,955	377,612	281,843
General and administrative	43,397	40,931	41,654	37,931	37,880	84,328	71,876
Interest	24,257	29,440	34,862	35,678	35,158	53,697	71,625
Depreciation and amortization	242,078	240,659	239,254	210,842	190,052	482,737	370,965
Impairment of real estate	-	-	-	42,620	4,926	-	10,055
Loss on early extinguishment of debt	3,317	-	-	-	-	3,317	67,253
Total expenses	509,333	492,358	491,487	493,066	411,971	1,001,691	873,617
Equity in earnings of unconsolidated real estate joint ventures	213	220	3,018	3,091	2,609	433	6,146
Investment (loss) income	(39,481)	(240,319)	(112,884)	67,084	304,263	(279,800)	305,277
Gain (loss) on sales of real estate	214,219	-	124,226	(435)	-	214,219	2,779
Net income (loss)	309,382	(117,392)	99,796	124,433	404,520	191,990	430,053
Net income attributable to noncontrolling interests	(37,168)	(32,177)	(24,901)	(21,286)	(19,436)	(69,345)	(36,848)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s stockholders	272,214	(149,569)	74,895	103,147	385,084	122,645	393,205
Net income attributable to unvested restricted stock awards	(2,934)	(2,081)	(2,098)	(1,883)	(4,521)	(4,134)	(4,663)
Net income (loss) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders	$	269,280	$	(151,650)	$	72,797	$	101,264	$	380,563	$	118,511	$	388,542
Net income (loss) per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders:
Basic	$	1.67	$	(0.96)	$	0.47	$	0.67	$	2.61	$	0.74	$	2.74
Diluted	$	1.67	$	(0.96)	$	0.47	$	0.67	$	2.61	$	0.74	$	2.74
Weighted-average shares of common stock outstanding:
Basic	161,412	158,198	153,464	150,854	145,825	159,814	141,596
Diluted	161,412	158,198	154,307	151,561	146,058	159,814	141,896
Dividends declared per share of common stock	$	1.18	$	1.15	$	1.15	$	1.12	$	1.12	$	2.33	$	2.21

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Consolidated Balance Sheets
June 30, 2022
(In thousands)

6/30/22	3/31/22	12/31/21	9/30/21	6/30/21
Assets
Investments in real estate	$	27,952,931	$	27,100,009	$	24,980,669	$	23,071,514	$	21,692,385
Investments in unconsolidated real estate joint ventures	37,587	38,456	38,483	321,737	323,622
Cash and cash equivalents	420,258	775,060	361,348	325,872	323,876
Restricted cash	97,404	95,106	53,879	42,182	33,697
Tenant receivables	7,069	7,570	7,379	7,749	6,710
Deferred rent	905,699	881,743	839,335	816,219	781,600
Deferred leasing costs	498,434	484,184	402,898	329,952	321,005
Investments	1,657,461	1,661,101	1,876,564	2,046,878	1,999,283
Other assets	1,667,210	1,801,027	1,658,818	1,596,615	1,536,672
Total assets	$	33,244,053	$	32,844,256	$	30,219,373	$	28,558,718	$	27,018,850
Liabilities, Noncontrolling Interests, and Equity
Secured notes payable	$	24,986	$	208,910	$	205,198	$	198,758	$	227,984
Unsecured senior notes payable	10,096,462	10,094,337	8,316,678	8,314,851	8,313,025
Unsecured senior line of credit and commercial paper	149,958	-	269,990	749,978	299,990
Accounts payable, accrued expenses, and other liabilities	2,317,940	2,172,692	2,210,410	2,149,450	1,825,387
Dividends payable	192,571	187,701	183,847	173,560	170,647
Total liabilities	12,781,917	12,663,640	11,186,123	11,586,597	10,837,033
Commitments and contingencies
Redeemable noncontrolling interests	9,612	9,612	9,612	11,681	11,567
Alexandria Real Estate Equities, Inc.'s stockholders' equity:
Common stock	1,615	1,614	1,580	1,532	1,507
Additional paid-in capital	17,149,571	16,934,094	16,195,256	14,727,735	14,194,023
Accumulated other comprehensive loss	(11,851)	(5,727)	(7,294)	(6,029)	(4,508)
Alexandria Real Estate Equities, Inc.'s stockholders' equity	17,139,335	16,929,981	16,189,542	14,723,238	14,191,022
Noncontrolling interests	3,313,189	3,241,023	2,834,096	2,237,202	1,979,228
Total equity	20,452,524	20,171,004	19,023,638	16,960,440	16,170,250
Total liabilities, noncontrolling interests, and equity	$	33,244,053	$	32,844,256	$	30,219,373	$	28,558,718	$	27,018,850

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	10

Funds From Operations and Funds From Operations per Share
June 30, 2022
(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	Six Months Ended
6/30/22	3/31/22	12/31/21	9/30/21	6/30/21	6/30/22	6/30/21
Net income (loss) attributable to Alexandria's common stockholders	$	269,280	$	(151,650)	$	72,797	$	101,264	$	380,563	$	118,511	$	388,542
Depreciation and amortization of real estate assets	238,565	237,160	234,979	205,436	186,498	475,725	364,218
Noncontrolling share of depreciation and amortization from consolidated real estate JVs	(26,418)	(23,681)	(21,265)	(17,871)	(16,301)	(50,099)	(31,744)
Our share of depreciation and amortization from unconsolidated real estate JVs	934	955	3,058	3,465	4,135	1,889	7,211
(Gain) loss on sales of real estate	(214,219)	-	(124,226)	435	-	(214,219)	(2,779)
Impairment of real estate - rental properties	-	-	-	18,602	1,754	-	6,883
Allocation to unvested restricted stock awards	-	-	-	(1,472)	(2,191)	-	(4,427)
Funds from operations attributable to Alexandria's common stockholders - diluted(1)	268,142	62,784	165,343	309,859	554,458	331,807	727,904
Unrealized losses (gains) on non-real estate investments	68,128	263,433	139,716	14,432	(244,031)	331,561	(197,780)
Significant realized gains on non-real estate investments	-	-	-	(52,427)	(34,773)	-	(57,692)
Impairment of real estate	-	-	-	24,018	3,172	-	3,172
Loss on early extinguishment of debt	3,317	-	-	-	-	3,317	67,253
Allocation to unvested restricted stock awards	(778)	(1,604)	(1,432)	149	3,428	(3,264)	2,382
Funds from operations attributable to Alexandria's common stockholders - diluted, as adjusted	$	338,809	$	324,613	$	303,627	$	296,031	$	282,254	$	663,421	$	545,239

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

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	11

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	Six Months Ended
6/30/22	3/31/22	12/31/21	9/30/21	6/30/21	6/30/22	6/30/21
Net income (loss) per share attributable to Alexandria's common stockholders - diluted	$	1.67	$	(0.96)	$	0.47	$	0.67	$	2.61	$	0.74	$	2.74
Depreciation and amortization of real estate assets	1.32	1.36	1.40	1.26	1.19	2.68	2.39
Gain on sales of real estate	(1.33)	-	(0.80)	-	-	(1.34)	(0.02)
Impairment of real estate - rental properties	-	-	-	0.12	0.01	-	0.05
Allocation to unvested restricted stock awards	-	-	-	(0.01)	(0.01)	-	(0.03)
Funds from operations per share attributable to Alexandria's common stockholders - diluted	1.66	0.40	1.07	2.04	3.80	2.08	5.13
Unrealized losses (gains) on non-real estate investments	0.42	1.67	0.91	0.10	(1.67)	2.07	(1.39)
Significant realized gains on non-real estate investments	-	-	-	(0.35)	(0.24)	-	(0.41)
Impairment of real estate	-	-	-	0.16	0.02	-	0.02
Loss on early extinguishment of debt	0.02	-	-	-	-	0.02	0.47
Allocation to unvested restricted stock awards	-	(0.02)	(0.01)	-	0.02	(0.02)	0.02
Funds from operations per share attributable to Alexandria's common stockholders - diluted, as adjusted	$	2.10	$	2.05	$	1.97	$	1.95	$	1.93	$	4.15	$	3.84
Weighted-average shares of common stock outstanding for calculation of:
Earnings per share - diluted	161,412	158,198	154,307	151,561	146,058	159,814	141,896
Funds from operations, diluted, per share	161,412	158,209	154,307	151,561	146,058	159,814	141,896
Funds from operations, diluted, as adjusted, per share	161,412	158,209	154,307	151,561	146,058	159,814	141,896

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	12

SUPPLEMENTAL

INFORMATION

Company Profile

June 30, 2022

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	14

Investor Information

June 30, 2022

Corporate Headquarters		New York Stock Exchange Trading Symbol		Information Requests
26 North Euclid Avenue		Common stock: ARE		Phone:	(626) 578-0777
Pasadena, California 91101			Email:	[email protected]
			Website:	www.are.com

Equity Research Coverage

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.

Bank of America Merrill Lynch	Citigroup Global Markets Inc.	JMP Securities	RBC Capital Markets
Jamie Feldman	Michael Bilerman / Michael Griffin	Aaron Hecht	Michael Carroll
(646) 855-5808	(212) 816-1383 / (212) 816-5871	(415) 835-3963	(440) 715-2649
Berenberg Capital Markets	Evercore ISI	J.P. Morgan Securities LLC	Robert W. Baird & Co. Incorporated
Connor Siversky	Sheila McGrath / Wendy Ma	Anthony Paolone / Ray Zhong	David Rodgers / Nicholas Thillman
(646) 949-9037	(212) 497-0882 / (212) 497-0870	(212) 622-6682 / (212) 622-5411	(216) 737-7341 / (414) 298-5053
BTIG, LLC	Green Street	Mizuho Securities USA LLC	SMBC Nikko Securities America, Inc.
Tom Catherwood / John Nickodemus	Daniel Ismail / Dylan Burzinski	Vikram Malhotra / Georgi Dinkov	Richard Anderson / Jay Kornreich
(212) 738-6140 / (212) 738-6050	(949) 640-8780 / (949) 640-8780	(212) 282-3827 / (617) 352-1721	(646) 521-2351 / (646) 424-3202
CFRA
Kenneth Leon
(646) 517-2552
Fixed Income Coverage	Rating Agencies
Barclays Capital Inc.	Stifel Financial Corp.	Moody's Investors Service		S&P Global Ratings
Srinjoy Banerjee	Thierry Perrein	(212) 553-0376		Fernanda Hernandez / Michael Souers
(212) 526-3521	(646) 376-5303		(212) 438-1347 / (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. © 2022	15

Financial and Asset Base Highlights
June 30, 2022
(Dollars in thousands, except per share amounts)

	Three Months Ended (unless stated otherwise)
6/30/22	3/31/22	12/31/21	9/30/21	6/30/21
Selected financial data from consolidated financial statements and related information
Rental revenues	$	485,067	$	469,537	$	435,637	$	415,918	$	396,804
Tenant recoveries	$	155,892	$	143,017	$	139,019	$	130,609	$	111,567
General and administrative expenses	$	43,397	$	40,931	$	41,654	$	37,931	$	37,880
General and administrative expenses as a percentage of net operating income - trailing 12 months	9.8%	10.0%	10.2%	10.1%	9.8%
Operating margin	70%	71%	70%	70%	72%
Adjusted EBITDA margin	70%	71%	71%	71%	73%
Adjusted EBITDA - quarter annualized	$	1,797,488	$	1,734,956	$	1,631,244	$	1,557,652	$	1,483,576
Adjusted EBITDA - trailing 12 months	$	1,680,335	$	1,601,857	$	1,517,838	$	1,442,929	$	1,371,586
Net debt at end of period	$	9,832,722	$	9,514,256	$	8,442,115	$	8,960,645	$	8,550,339
Net debt and preferred stock to Adjusted EBITDA - quarter annualized	5.5x	5.5x	5.2x	5.8x	5.8x
Net debt and preferred stock to Adjusted EBITDA - trailing 12 months	5.9x	5.9x	5.6x	6.2x	6.2x
Total debt and preferred stock at end of period	$	10,271,406	$	10,303,247	$	8,791,866	$	9,263,587	$	8,840,999
Gross assets at end of period	$	37,304,589	$	36,795,922	$	33,990,614	$	32,173,158	$	30,480,630
Total debt and preferred stock to gross assets at end of period	28%	28%	26%	29%	29%
Fixed-charge coverage ratio - quarter annualized	5.1x	5.1x	5.3x	5.1x	4.9x
Fixed-charge coverage ratio - trailing 12 months	5.1x	5.1x	5.0x	4.8x	4.6x
Unencumbered net operating income as a percentage of total net operating income	100%	97%	97%	97%	97%
Closing stock price at end of period	$	145.03	$	201.25	$	222.96	$	191.07	$	181.94
Common shares outstanding (in thousands) at end of period	161,456	161,408	158,044	153,284	150,708
Total equity capitalization at end of period	$	23,415,970	$	32,483,420	$	35,237,463	$	29,287,880	$	27,419,791
Total market capitalization at end of period	$	33,687,376	$	42,786,667	$	44,029,329	$	38,551,467	$	36,260,790
Dividend per share - quarter/annualized	$1.18/$4.72	$1.15/$4.60	$1.15/$4.60	$1.12/$4.48	$1.12/$4.48
Dividend payout ratio for the quarter	56%	57%	60%	58%	60%
Dividend yield - annualized	3.3%	2.3%	2.1%	2.3%	2.5%
Amounts related to operating leases:
Operating lease liabilities at end of period	$	412,535	$	405,818	$	434,745	$	371,538	$	371,905
Rent expense	$	7,924	$	7,718	$	7,124	$	6,228	$	6,213
Capitalized interest	$	68,202	$	57,763	$	44,078	$	43,185	$	43,492
Weighted-average interest rate for capitalization of interest during the period	3.56%	3.26%	3.22%	3.30%	3.47%

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	16

Financial and Asset Base Highlights (continued)
June 30, 2022
(Dollars in thousands, except annual rental revenue per occupied RSF amounts)

	Three Months Ended (unless stated otherwise)
6/30/22	3/31/22	12/31/21	9/30/21	6/30/21
Amounts included in funds from operations and non-revenue-enhancing capital expenditures
Straight-line rent revenue	$	27,362	$	42,025	$	25,942	$	33,918	$	27,903
Amortization of acquired below-market leases	$	16,760	$	13,915	$	15,737	$	13,664	$	13,267
Straight-line rent expense on ground leases	$	354	$	416	$	301	$	58	$	248
Stock compensation expense	$	14,340	$	14,028	$	14,253	$	9,728	$	12,242
Amortization of loan fees	$	3,236	$	3,103	$	2,911	$	2,854	$	2,859
Amortization of debt (discounts) premiums	$	(267)	$	424	$	502	$	498	$	465
Non-revenue-enhancing capital expenditures:
Building improvements	$	4,199	$	4,110	$	4,027	$	3,901	$	3,669
Tenant improvements and leasing commissions	$	24,562	$	27,791	$	109,516	$	16,409	$	47,439
Operating statistics and related information (at end of period)
Number of properties - North America	436	446	414	407	381
RSF - North America (including development and redevelopment projects under construction)	46,934,653	47,364,067	43,670,737	43,044,195	40,076,883
Total square feet - North America	74,087,636	74,185,859	66,970,705	63,858,780	58,108,390
Annual rental revenue per occupied RSF - North America	$	50.80	$	49.42	$	48.65	$	47.73	$	48.65
Occupancy of operating properties - North America	94.6%	94.7%	94.0%	94.4%	94.3%
Occupancy of operating properties - North America (excluding vacancy at recently acquired properties)	98.4%	(1)	98.6%	98.7%	98.5%	98.1%
Occupancy of operating and redevelopment properties - North America	89.0%	88.9%	88.5%	89.6%	90.1%
Weighted-average remaining lease term (in years)	7.1	7.3	7.5	7.4	7.5
Total leasing activity - RSF	2,279,758	2,463,438	4,094,174	1,810,630	1,933,838
Lease renewals and re-leasing of space - change in average new rental rates over expiring rates:
Rental rate increases	45.4%	32.2%	35.9%	35.3%	42.4%
Rental rate increases (cash basis)	33.9%	16.5%	22.9%	19.3%	25.4%
RSF (included in total leasing activity above)	1,087,082	864,077	1,947,727	671,775	1,472,713
Same property - percentage change over comparable quarter from prior year:
Net operating income increase	7.5%	7.6%	5.0%	3.0%	3.7%
Net operating income increase (cash basis)	10.2%	7.3%	7.5%	7.1%	7.8%

(1)Refer to "Occupancy" in this Supplemental Information for additional details.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	17

Long-Duration Cash Flows From High-Quality, Diverse, and

Innovative Tenants

Investment-Grade or Publicly Traded Large Cap Tenants	Industry Mix of 1,000+ Tenants
50%
of ARE's Total Annual Rental Revenue(1)
Long-Duration Lease Terms
7.1 Years
Weighted-Average Remaining Term(2)
Percentage of ARE's Annual Rental Revenue(1)

(1)Represents annual rental revenue in effect as of June 30, 2022.

(2)Based on aggregate annual rental revenue in effect as of June 30, 2022. Refer to "Annual rental revenue" in the "Definitions and reconciliations"of this Supplemental Information for additional details about our methodology on annual rental revenue from unconsolidated real estate joint ventures.

(3)Represents annual rental revenue currently generated from space that is targeted for a future change in use. The weighted-average remaining term of these leases is 4.2 years.

(4)Our other tenants, aggregating 4.0% of our annual rental revenue, comprise 3.0% of annual rental revenue from technology, professional services, finance, telecommunications, and construction/real estate companies and only 1.0% from retail-related tenants.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	18

Class A Properties in AAA Locations

June 30, 2022

High-Quality Cash Flows From High-Quality Tenants and

Class A Properties in AAA Locations

Industry-Leading Tenant Roster	AAA Locations
86%
of ARE's Top 20 Tenants
Annual Rental Revenue(1)
Is From Investment-Grade
or Publicly Traded Large Cap Tenants
Percentage of ARE's Annual Rental Revenue(2)

(1)As of June 30, 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.

(2)Represents annual rental revenue in effect as of June 30, 2022.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	19

Occupancy

June 30, 2022

Solid Historical Occupancy(1)	Occupancy Across Key Locations
96%
Over 10 Years

(1)Represents average occupancy of operating properties in North America as of each December 31 for the last 10 years and as of June 30, 2022.

(2)Excludes 1.6 million RSF, or 3.8%, of vacancy at recently acquired properties (noted below) representing lease-up opportunities that are expected to generate incremental annual rental revenue. Approximately 34% of the vacant 1.6 million RSF is currently leased/negotiating. Additionally, approximately 23% of the vacant 1.6 million RSF represents spaces, spread across multiple recently acquired properties, that are expected to be converted to laboratory/office space in the future. We expect to deliver 19% of the 1.6 million RSF over the next two quarters. Excluding recently acquired vacancies, occupancy of operating properties in North America was 98.4% as of June 30, 2022. The following table provides vacancy detail for our recent acquisitions:

As of June 30, 2022	Percentage of Vacancy Leased/Negotiating RSF
Vacant RSF	Operating Properties Occupancy Impact
Property	Market/Submarket	Region	North America
Intersection Campus	Texas/Austin	159,638	9.6	%	0.4	%	100	%
601 and 611 Gateway Boulevard	San Francisco Bay Area/South San Francisco	153,596	1.8	%	0.4	46
Alexandria Center® for Life Science - Durham	Research Triangle/Research Triangle	128,387	3.6	%	0.3	53
275 Grove Street	Greater Boston/Route 128	124,240	1.2	%	0.3	-	(3)
Alexandria Center® for Life Science - Fenway	Greater Boston/Fenway	89,458	0.8	%	0.2	20
Other acquisitions	Various	909,833	N/A	2.2	24
1,565,152	3.8	%	34	%

(3)We are evaluating options to develop or redevelop this space for laboratory space in the future.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	20

Key Operating Metrics

June 30, 2022

Historical Same Property Net Operating Income Growth	Favorable Lease Structure(1)
		Strategic Lease Structure by Owner and Operator of Collaborative Life Science, Agtech, and Technology Campuses
Increasing cash flows
Percentage of leases containing annual rent escalations	97%
Stable cash flows
Percentage of triple net leases	91%
Lower capex burden
Percentage of leases providing for the recapture of capital expenditures	94%
Historical Rental Rate Growth: Renewed/Re-Leased Space	Margins(2)
Operating	Adjusted EBITDA
70%	70%

(1)Percentages calculated based on annual rental revenue as of June 30, 2022.

(2)Represents percentages for the three months ended June 30, 2022.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	21

Same Property Performance
June 30, 2022
(Dollars in thousands)

June 30, 2022	June 30, 2022
Same Property Financial Data	Three Months Ended	Six Months Ended	Same Property Statistical Data	Three Months Ended	Six Months Ended
Percentage change over comparable period from prior year:	Number of same properties	287	266
Net operating income increase	7.5%	7.7%	Rentable square feet	28,897,189	27,008,468
Net operating income increase (cash basis)	10.2%	8.6%	Occupancy - current-period average	95.9%	95.8%
Operating margin	71%	71%	Occupancy - same-period prior-year average	94.5%	94.6%

	Three Months Ended June 30,	Six Months Ended June 30,
2022	2021	$ Change	% Change	2022	2021	$ Change	% Change
Income from rentals:
Same properties	$	378,130	$	350,577	$	27,553	7.9	%	$	708,840	$	656,182	$	52,658	8.0	%
Non-same properties	106,937	46,227	60,710	131.3	245,764	110,855	134,909	121.7
Rental revenues	485,067	396,804	88,263	22.2	954,604	767,037	187,567	24.5
Same properties	124,693	101,088	23,605	23.4	235,108	196,835	38,273	19.4
Non-same properties	31,199	10,479	20,720	197.7	63,801	23,194	40,607	175.1
Tenant recoveries	155,892	111,567	44,325	39.7	298,909	220,029	78,880	35.8
Income from rentals	640,959	508,371	132,588	26.1	1,253,513	987,066	266,447	27.0
Same properties	193	134	59	44.0	324	209	115	55.0
Non-same properties	2,612	1,114	1,498	134.5	4,992	2,193	2,799	127.6
Other income	2,805	1,248	1,557	124.8	5,316	2,402	2,914	121.3
Same properties	503,016	451,799	51,217	11.3	944,272	853,226	91,046	10.7
Non-same properties	140,748	57,820	82,928	143.4	314,557	136,242	178,315	130.9
Total revenues	643,764	509,619	134,145	26.3	1,258,829	989,468	269,361	27.2
Same properties	147,045	120,686	26,359	21.8	271,903	228,963	42,940	18.8
Non-same properties	49,239	23,269	25,970	111.6	105,709	52,880	52,829	99.9
Rental operations	196,284	143,955	52,329	36.4	377,612	281,843	95,769	34.0
Same properties	355,971	331,113	24,858	7.5	672,369	624,263	48,106	7.7
Non-same properties	91,509	34,551	56,958	164.9	208,848	83,362	125,486	150.5
Net operating income	$	447,480	$	365,664	$	81,816	22.4	%	$	881,217	$	707,625	$	173,592	24.5	%
Net operating income - same properties	$	355,971	$	331,113	$	24,858	7.5	%	$	672,369	$	624,263	$	48,106	7.7	%
Straight-line rent revenue	(15,859)	(22,214)	6,355	(28.6)	(41,101)	(41,360)	259	(0.6)
Amortization of acquired below-market leases	(9,875)	(9,338)	(537)	5.8	(14,063)	(14,365)	302	(2.1)
Net operating income - same properties (cash basis)	$	330,237	$	299,561	$	30,676	10.2	%	$	617,205	$	568,538	$	48,667	8.6	%

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. © 2022	22

Leasing Activity
June 30, 2022
(Dollars per RSF)

Three Months Ended	Six Months Ended	Year Ended
June 30, 2022	June 30, 2022	December 31, 2021
Including Straight-Line Rent	Cash Basis	Including Straight-Line Rent	Cash Basis	Including Straight-Line Rent	Cash Basis
Leasing activity:
Renewed/re-leased space(1)
Rental rate changes	45.4%	(2)	33.9%	(2)	39.0%	25.2%	37.9%	22.6%
New rates	$54.34	$52.31	$56.61	$54.47	$59.00	$55.60
Expiring rates	$37.36	$39.07	$40.73	$43.50	$42.80	$45.36
RSF	1,087,082	1,951,159	4,614,040
Tenant improvements/leasing commissions	$22.54	$26.83	$41.05
Weighted-average lease term	5.2 years	4.8 years	6.3 years
Developed/redeveloped/previously vacant space leased(3)
New rates	$76.69	$68.39	$79.72	$70.20	$78.52	$69.42
RSF	1,192,676	2,792,037	4,902,261
Weighted-average lease term	12.7 years	12.9 years	11.2 years
Leasing activity summary (totals):
New rates	$66.03	$60.72	$70.21	$63.73	$69.05	$62.72
RSF	2,279,758	4,743,196	(4)	9,516,301
Weighted-average lease term	9.1 years	9.5 years	8.8 years
Lease expirations(1)
Expiring rates	$34.82	$36.26	$38.15	$38.30	$41.53	$43.70
RSF	1,572,185	3,094,767	5,747,192

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 210,038 RSF and 110,180 RSF as of June 30, 2022 and December 31, 2021, respectively.

(2)For 2Q22, rental rate increases of 45.4% and 33.9% (cash basis) represent the second-highest and the highest quarterly increases in Company history, respectively.

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

(4)During the six months ended June 30, 2022, we granted tenant concessions/free rent averaging 2.8 months with respect to the 4,743,196 RSF leased. Approximately 58% of the leases executed during the six months ended June 30, 2022 did not include concessions for free rent.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	23

Contractual Lease Expirations

June 30, 2022

Year	RSF	Percentage of Occupied RSF	Annual Rental Revenue (per RSF)(1)	Percentage of Total Annual Rental Revenue
2022	(2)	987,720	2.6	%	$	51.62	2.6	%
2023	3,897,615	10.1	%	$	44.39	9.0	%
2024	3,444,777	8.9	%	$	45.38	8.1	%
2025	3,488,483	9.0	%	$	48.77	8.8	%
2026	2,515,497	6.5	%	$	50.94	6.6	%
2027	2,671,591	6.9	%	$	53.50	7.4	%
2028	3,782,340	9.8	%	$	49.10	9.6	%
2029	2,345,066	6.1	%	$	58.28	7.1	%
2030	2,486,008	6.4	%	$	56.28	7.3	%
2031	3,034,985	7.9	%	$	52.91	8.3	%
Thereafter	9,987,771	25.8	%	$	48.39	25.2	%

Market	2022 Contractual Lease Expirations (in RSF)	Annual Rental Revenue (per RSF)(1)	2023 Contractual Lease Expirations (in RSF)	Annual Rental Revenue (per RSF)(1)
Leased	Negotiating/ Anticipating	Targeted for Development/ Redevelopment(3)	Remaining Expiring Leases(4)	Total(2)	Leased	Negotiating/ Anticipating	Targeted for Development/ Redevelopment(3)	Remaining Expiring Leases	Total
Greater Boston	36,379	-	48,793	118,677	203,849	$	75.06	110,943		80,506	323,110		637,785	1,152,344	$	57.53
San Francisco Bay Area	-	74,992	-	60,622	135,614	44.87	15,711	160,622	250,000		338,410	764,743	59.11
New York City	-	-	-	24,303	24,303	N/A	-	-	-	85,055	85,055	N/A
San Diego	165,146	-	34,715	91,376		291,237	47.45	6,619	10,563		269,048	699,206	985,436	26.62
Seattle	-	7,566	50,552	41,087	99,205	13.67	-	-	110,885	266,752	377,637	25.19
Maryland	34,001	21,241	-	59,988	115,230	22.95	-	74,054	-		218,233	292,287	28.18
Research Triangle	-	-	-	30,855	30,855	35.48	-	81,956	-	126,941	208,897	32.40
Texas	65,188	-	-	-	65,188	24.89	-	-	-	-	-	-
Canada	-	14,590	-	-	14,590	34.66	-	13,321	-	-	13,321	29.99
Non-cluster/other markets	-	-	-	7,649	7,649	82.26	-	-	-	17,895	17,895	68.01
Total	300,714	118,389	134,060	434,557	987,720	$	51.62	133,273	421,022	953,043	2,390,277		3,897,615	$	44.39
Percentage of expiring leases	30	%	12	%	14	%	44	%	100	%	3	%	11	%	24	%	62	%	100	%

(1)Represents amounts in effect as of June 30, 2022.

(2)Excludes month-to-month leases aggregating 210,038 RSF as of June 30, 2022.

(3)Represents RSF targeted for development or redevelopment upon expiration of existing in-place leases primarily related to recently acquired properties with an average contractual lease expiration date of September 29, 2022 and January 30, 2023 for 2022 and 2023, 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 is 73,273 RSF in our Cambridge/Inner Suburbs submarket.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	24

Top 20 Tenants
June 30, 2022
(Dollars in thousands, except average market cap amounts)

86% of Top 20 Annual Rental Revenue From Investment-Grade

or Publicly Traded Large Cap Tenants(1)

Tenant	Remaining Lease Term(1) (in years)	Aggregate RSF	Annual Rental Revenue(1)	Percentage of Aggregate Annual Rental Revenue(1)	Investment-Grade Credit Ratings	Average Market Cap(1) (in billions)
Moody's	S&P
1	Bristol-Myers Squibb Company	6.4	919,292	$	67,575	3.5	%	A2	A+	$	146.4
2	Eli Lilly and Company	7.0	733,781	48,836	2.5	A2	A+	$	252.5
3	Moderna, Inc.	15.1	878,933	48,777	2.5	-	-	$	98.2
4	Sanofi	6.3	490,154	42,284	2.2	A1	AA	$	129.6
5	Takeda Pharmaceutical Company Limited	7.5	549,760	37,399	1.9	Baa2	BBB+	$	47.3
6	Illumina, Inc.	8.1	891,495	36,196	1.9	Baa3	BBB	$	57.0
7	2seventy bio, Inc.(2)	11.2	312,805	33,617	1.7	-	-	$	0.5
8	Novartis AG	6.1	447,831	30,582	1.6	A1	AA-	$	211.3
9	TIBCO Software Inc.	4.7	(3)	292,013	28,537	1.5	-	-	$	-
10	Uber Technologies, Inc.	60.2	(4)	1,009,188	27,677	1.4	-	-	$	71.9
11	Roche	7.0	416,833	26,541	1.4	Aa3	AA	$	326.1
12	Merck & Co., Inc.	10.4	339,344	21,889	1.1	A1	A+	$	204.3
13	Maxar Technologies	3.5	(5)	478,000	21,803	1.1	-	-	$	2.2
14	Massachusetts Institute of Technology	6.5	257,626	21,165	1.1	Aaa	AAA	$	-
15	The Children's Hospital Corporation	14.3	269,816	20,066	1.0	Aa2	AA	$	-
16	New York University	9.4	203,500	19,241	1.0	Aa2	AA-	$	-
17	Pfizer Inc.	3.0	416,996	17,742	0.9	A2	A+	$	276.2
18	Apple Inc.	2.9	604,382	17,512	0.9	Aaa	AA+	$	2,560.6
19	United States Government	7.6	315,908	17,491	0.9	Aaa	AA+	$	-
20	Alphabet Inc.	4.7	354,304	16,985	0.9	Aa2	AA+	$	1,775.6
Total/weighted-average	10.2	(4)	10,181,961	$	601,915	31.0	%

(1)Based on aggregate annual rental revenue in effect as of June 30, 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 on 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 5%-10% below current market. As of March 31, 2022, 2seventy bio, Inc. held $270.9 million of cash and cash equivalents.

(3)Represents the remaining lease term at four recently acquired properties with future redevelopment and development opportunities. The leases with this tenant were in place when we acquired the properties during the three months ended March 31, 2022.

(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 7.8 years as of June 30, 2022.

(5)Represents the remaining lease term at two acquired properties with future redevelopment and development opportunities. The leases with this tenant were in place when we acquired the properties in 2019.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	25

Summary of Properties and Occupancy
June 30, 2022
(Dollars in thousands, except per RSF amounts)

Summary of properties

Market	RSF	Number of Properties	Annual Rental Revenue
Operating	Development	Redevelopment	Total	% of Total	Total	% of Total	Per RSF
Greater Boston	10,654,420	1,887,038	1,300,281	13,841,739	29	%	85	$	661,389	34	%	$	65.33
San Francisco Bay Area	8,678,996	230,592	300,010	9,209,598	20	72	477,206	25	61.26
New York City	1,204,461	-	65,558	1,270,019	3	5	96,228	5	82.14
San Diego	8,000,319	229,094	-	8,229,413	18	102	331,296	17	42.98
Seattle	2,813,803	311,631	213,976	3,339,410	7	46	108,333	6	39.60
Maryland	3,427,753	282,000	122,856	3,832,609	8	50	111,204	6	33.79
Research Triangle	3,550,170	329,718	376,871	4,256,759	9	42	94,291	5	28.41
Texas	1,668,718	-	201,499	1,870,217	4	14	36,884	1	28.20
Canada	614,028	-	-	614,028	1	7	11,190	-	23.74
Non-cluster/other markets	412,128	-	-	412,128	1	12	14,415	1	45.58
Properties held for sale	58,733	-	-	58,733	-	1	428	-	N/A
North America	41,083,529	3,270,073	2,581,051	46,934,653	100	%	436	$	1,942,864	100	%	$	50.80
5,851,124

Summary of occupancy

	Operating Properties	Operating and Redevelopment Properties
Market	6/30/22	3/31/22	6/30/21	6/30/22	3/31/22	6/30/21
Greater Boston	95.0	%	(1)	95.4	%	95.5	%	84.7	%	85.0	%	91.0	%
San Francisco Bay Area	95.8	95.6	94.0	92.6	92.4	92.9
New York City	97.3	(2)	98.4	99.4	92.2	91.9	90.1
San Diego	96.3	94.2	93.8	96.3	92.7	92.3
Seattle	97.2	97.9	97.6	90.4	91.0	90.2
Maryland	97.6	(3)	100.0	98.9	94.2	96.4	90.3
Research Triangle	93.5	93.6	92.8	84.5	85.5	84.1
Texas	78.4	N/A	N/A	69.9	N/A	N/A
Subtotal	95.1	95.7	95.2	89.3	89.8	90.9
Canada	76.8	76.5	77.0	76.8	76.5	77.0
Non-cluster/other markets	76.7	80.4	46.0	76.7	75.7	46.0
North America	94.6	%	(4)	94.7	%	94.3	%	89.0	%	88.9	%	90.1	%

(1)Decline in occupancy primarily related to temporary vacancy of 40,282 RSF at one property in our Cambridge submarket.

(2)Decline in occupancy related to temporary vacancy of 13,298 RSF at 450 E. 29th Street. This space is leased with occupancy to commence in 3Q22.

(3)Decline in occupancy primarily related to temporary vacancy at one property in our Alexandria Technology Center® - Gaithersburg II campus. This space is leased with occupancy to commence in 1Q23.

(4)Refer to "Occupancy" of this Supplemental Information for additional details on vacancy at recently acquired properties.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	26

Property Listing
June 30, 2022
(Dollars in thousands)

Mega Campuses Encompass 66% of Our Operating Property RSF(1)

Market / Submarket / Address	RSF	Number of Properties	Annual Rental Revenue	Occupancy Percentage
Operating	Operating and Redevelopment
Operating	Development	Redevelopment	Total
Greater Boston
Cambridge/Inner Suburbs
Mega Campus: Alexandria Center® at Kendall Square	2,369,854	-	403,892	2,773,746	11	$	185,373	98.9	%	84.5	%
50(2), 60(2), 75/125(2), 100(2), and 225(2) Binney Street, 161 and 215 First Street, 150 Second Street, 300 Third Street(2), 11 Hurley Street, and One Rogers Street
Mega Campus: Alexandria Center® at One Kendall Square	903,777	462,100	-	1,365,877	12	83,028	97.7	97.7
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®	1,181,635	-	-	1,181,635	7	114,427	100.0	100.0
100, 200, 300, 400, 500, 600, and 700 Technology Square
Mega Campus: The Arsenal on the Charles	772,557	248,018	100,108	1,120,683	13	44,134	94.8	84.0
311, 321, and 343 Arsenal Street, 300, 400, and 500 North Beacon Street, 1, 2, 3, and 4 Kingsbury Avenue, and 100, 200, and 400 Talcott Avenue
Mega Campus: 480 Arsenal Way and 500 and 550 Arsenal Street	495,127	-	-	495,127	3	23,014	98.3	98.3
99 Coolidge Avenue(2)	-	320,809	-	320,809	1	-	N/A	N/A
640 Memorial Drive	225,504	-	-	225,504	1	15,551	82.1	82.1
780 and 790 Memorial Drive	99,658	-	-	99,658	2	9,168	100.0	100.0
167 Sidney Street and 99 Erie Street	54,549	-	-	54,549	2	4,028	100.0	100.0
79/96 13th Street (Charlestown Navy Yard)	25,309	-	-	25,309	1	797	100.0	100.0
Cambridge/Inner Suburbs	6,127,970	1,030,927	504,000	7,662,897	53	479,520	97.8	90.4
Fenway
Mega Campus: Alexandria Center® for Life Science - Fenway	927,499	510,116	-	1,437,615	2	59,172	90.4	90.4
401 Park Drive and 201 Brookline Avenue(2)
Seaport Innovation District
5 and 15(2) Necco Street	95,400	345,995	-	441,395	2	6,331	86.6	86.6
Mega Campus: 380 and 420 E Street	195,506	-	-	195,506	2	4,472	100.0	100.0
Seaport Innovation District	290,906	345,995	-	636,901	4	10,803	95.6	95.6
Route 128
Mega Campus: One Upland Road, 100 Tech Drive, and One Investors Way	706,988	-	-	706,988	4	29,059	100.0	100.0
19, 225, and 235 Presidential Way	585,022	-	-	585,022	3	13,508	99.9	99.9
Reservoir Woods	312,845	-	202,428	515,273	3	15,469	100.0	60.7
40, 50, and 60 Sylvan Road
275 Grove Street	509,702	-	-	509,702	3	17,253	75.6	75.6
225, 266, and 275 Second Avenue	329,005	-	-	329,005	3	18,461	100.0	100.0
840 Winter Street	28,230	-	139,984	168,214	1	1,239	100.0	16.8
100 Beaver Street	82,330	-	-	82,330	1	5,110	100.0	100.0
Route 128	2,554,122	-	342,412	2,896,534	18	100,099	95.1	83.9
Other	753,923	-	453,869	1,207,792	8	11,795	77.5	48.3
Greater Boston	10,654,420	1,887,038	1,300,281	13,841,739	85	$	661,389	95.0	%	84.7	%
(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. (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. © 2022	27

Property Listing (continued)
June 30, 2022
(Dollars in thousands)

Market / Submarket / Address	RSF	Number of Properties	Annual Rental Revenue	Occupancy Percentage
Operating	Operating and Redevelopment
Operating	Development	Redevelopment	Total
San Francisco Bay Area
Mission Bay
Mega Campus: Alexandria Center® for Science and Technology - Mission Bay(1)	2,015,177	-	-	2,015,177	9	$	96,014	99.9	%	99.9	%
1455(2), 1515(2), 1655, and 1725 Third Street, 409 and 499 Illinois Street, 1500 and 1700 Owens Street, and 455 Mission Bay Boulevard South
Mission Bay	2,015,177	-	-	2,015,177	9	96,014	99.9	99.9
South San Francisco
Mega Campus: Alexandria Technology Center® - Gateway(1)	1,114,890	230,592	300,010	1,645,492	12	53,869	85.0	67.0
600(2), 601, 611, 630(2), 650(2), 651, 681, 685, 701, 751, 901(2), and 951(2) Gateway Boulevard
Mega Campus: 213(1), 249, 259, 269, and 279 East Grand Avenue	919,704	-	-	919,704	5	48,951	100.0	100.0
Mega Campus: 1122 and 1150 El Camino Real	725,172	-	-	725,172	2	13,081	97.6	97.6
Alexandria Center® for Life Science - South San Francisco	504,551	-	-	504,551	3	36,750	100.0	100.0
201 Haskins Way and 400 and 450 East Jamie Court
500 Forbes Boulevard(1)	155,685	-	-	155,685	1	10,680	100.0	100.0
7000 Shoreline Court	139,709	-	-	139,709	1	8,657	100.0	100.0
341 and 343 Oyster Point Boulevard	108,208	-	-	108,208	2	6,788	100.0	100.0
849/863 Mitten Road/866 Malcolm Road	103,857	-	-	103,857	1	4,829	100.0	100.0
South San Francisco	3,771,776	230,592	300,010	4,302,378	27	183,605	95.1	88.1
Greater Stanford
Mega Campus: Alexandria Center® for Life Science - San Carlos	739,192	-	-	739,192	9	49,745	95.3	95.3
825, 835, 960, and 1501-1599 Industrial Road
Alexandria Stanford Life Science District	703,742	-	-	703,742	9	63,683	98.9	98.9
3160, 3165, 3170, and 3181 Porter Drive and 3301, 3303, 3305, 3307, and 3330 Hillview Avenue
3825 and 3875 Fabian Way	478,000	-	-	478,000	2	21,802	100.0	100.0
3412, 3420, 3440, 3450, and 3460 Hillview Avenue	338,751	-	-	338,751	5	21,133	73.8	73.8
2100, 2200, 2300, and 2400 Geng Road	194,648	-	-	194,648	4	9,302	79.2	79.2
2475 and 2625/2627/2631 Hanover Street and 1450 Page Mill Road	194,503	-	-	194,503	3	18,012	100.0	100.0
2425 Garcia Avenue/2400/2450 Bayshore Parkway	99,208	-	-	99,208	1	4,257	100.0	100.0
Shoreway Science Center	82,462	-	-	82,462	2	5,322	100.0	100.0
75 and 125 Shoreway Road
3350 West Bayshore Road	61,537	-	-	61,537	1	4,331	93.7	93.7
Greater Stanford	2,892,043	-	-	2,892,043	36	197,587	93.9	93.9
San Francisco Bay Area	8,678,996	230,592	300,010	9,209,598	72	$	477,206	95.8	%	92.6	%
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. (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. (2)We own 100% of this property.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	28

Property Listing (continued)
June 30, 2022
(Dollars in thousands)

Market / Submarket / Address	RSF	Number of Properties	Annual Rental Revenue	Occupancy Percentage
Operating	Operating and Redevelopment
Operating	Development	Redevelopment	Total
New York City
New York City
Mega Campus: Alexandria Center® for Life Science - New York City	740,972	-	-	740,972	3	$	75,933	95.5	%	95.5	%
430 and 450 East 29th Street
219 East 42nd Street	349,947	-	-	349,947	1	14,006	100.0	100.0
Alexandria Center® for Life Science - Long Island City	113,542	-	65,558	179,100	1	6,289	100.0	63.4
30-02 48th Avenue
New York City	1,204,461	-	65,558	1,270,019	5	96,228	97.3	92.2
San Diego
Torrey Pines
Mega Campus: One Alexandria Square and One Alexandria North	904,883	-	-	904,883	10	52,801	97.8	97.8
3115 and 3215 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	298,863	-	-	298,863	3	15,688	100.0	100.0
10578, 10618, and 10628 Science Center Drive
ARE Nautilus	213,900	-	-	213,900	4	12,352	88.1	88.1
3530 and 3550 John Hopkins Court and 3535 and 3565 General Atomics Court
Torrey Pines	1,417,646	-	-	1,417,646	17	80,841	96.8	96.8
University Town Center
Mega Campus: Alexandria Point(1)	1,436,198	-	-	1,436,198	8	69,937	97.3	97.3
9880(2), 10210, 10260, 10290, and 10300 Campus Point Drive and 4161, 4224, and 4242Campus Point Court
Mega Campus: 5200 Illumina Way(1)	792,687	-	-	792,687	6	29,978	100.0	100.0
Mega Campus: University District	415,462	-	-	415,462	7	18,709	100.0	100.0
9625 Towne Centre Drive(1), 4755, 4757, and 4767 Nexus Center Drive, 4796 Executive Drive, 8505 Costa Verde Boulevard, and 4260 Nobel Drive
University Town Center	2,644,347	-	-	2,644,347	21	118,624	98.5	98.5
Sorrento Mesa
Mega Campus: SD Tech by Alexandria(1)	976,842	84,981	-	1,061,823	14	37,866	93.4	93.4
9605, 9645, 9675, 9685, 9725, 9735, 9808, 9855, and 9868 Scranton Road, 5505 Morehouse Drive(2), and 10055, 10065, 10121(2), and 10151(2) Barnes Canyon Road
Mega Campus: Sequence District by Alexandria	805,223	-	-	805,223	7	34,183	100.0	100.0
6260, 6290, 6310, 6340, 6350, 6420, and 6450 Sequence Drive
Pacific Technology Park(1)	572,887	-	-	572,887	6	8,926	96.0	96.0
9389, 9393, 9401, 9444, 9455, and 9477 Waples Street
Summers Ridge Science Park	316,531	-	-	316,531	4	$	11,077	100.0	%	100.0	%
9965, 9975, 9985, and 9995 Summers Ridge Road
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. (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. (2)We own 100% of this property.

Alexandria Real Estate Equities, Inc. All Rights Reserved. © 2022	29

Property Listing (continued)
June 30, 2022
(Dollars in thousands)

Market / Submarket / Address	RSF	Number of Properties	Annual Rental Revenue	Occupancy Percentage
Operating	Operating and Redevelopment
Operating	Development	Redevelopment	Total
San Diego (continued)
Sorrento Mesa (continued)
Scripps Science Park by Alexandria	99,970	144,113	-	244,083	3	$	2,498	100.0	%	100.0	%
10102 Hoyt Park Drive and 10256 and 10260 Meanley Drive
ARE Portola	101,857	-	-	101,857	3	3,603	100.0	100.0
6175, 6225, and 6275 Nancy Ridge Drive
7330 and 7360 Carroll Road	84,442	-	-	84,442	2	3,247	100.0	100.0
5810/5820 Nancy Ridge Drive	83,354	-	-	83,354	1	3,853	100.0	100.0
9877 Waples Street	63,774	-	-	63,774	1	2,374	100.0	100.0
5871 Oberlin Drive	33,842	-	-	33,842	1	1,772	100.0	100.0
Sorrento Mesa	3,138,722	229,094	-	3,367,816	42	109,399	97.2	97.2
Sorrento Valley
3911, 3931, 3985, 4025, and 4045 Sorrento Valley Boulevard	131,698	-	-	131,698	5	5,051	84.0	84.0
11025, 11035, 11045, 11055, 11065, and 11075 Roselle Street	119,513	-	-	119,513	6	3,853	95.0	95.0
Sorrento Valley	251,211	-	-	251,211	11	8,904	89.3	89.3
Other	548,393	-	-	548,393	11	13,528	82.8	82.8
San Diego	8,000,319	229,094	-	8,229,413	102	331,296	96.3	96.3
Seattle
Lake Union
Mega Campus: The Eastlake Life Science Campus by Alexandria	937,290	311,631	-	1,248,921	9	56,410	97.8	97.8
1150, 1165, 1201(1), 1208(1), 1551, and 1616 Eastlake Avenue East, 188 and 199(1) East Blaine Street, and 1600 Fairview Avenue East
Mega Campus: Alexandria Center® for Life Science - South Lake Union
400(1) and 601 Dexter Avenue North	308,791	-	-	308,791	2	15,380	100.0	100.0
219 Terry Avenue North	30,705	-	-	30,705	1	1,855	100.0	100.0
Lake Union	1,276,786	311,631	-	1,588,417	12	73,645	98.4	98.4
SoDo
830 4th Avenue South	42,380	-	-	42,380	1	1,628	70.5	70.5
Elliott Bay
3000/3018 Western Avenue	47,746	-	-	47,746	1	3,147	100.0	100.0
410 West Harrison Street and 410 Elliott Avenue West	36,849	-	-	36,849	2	1,570	100.0	100.0
Elliott Bay	84,595	-	-	84,595	3	$	4,717	100.0	%	100.0	%
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. (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. © 2022	30

Property Listing (continued)
June 30, 2022
(Dollars in thousands)

Market / Submarket / Address	RSF	Number of Properties	Annual Rental Revenue	Occupancy Percentage
Operating	Operating and Redevelopment
Operating	Development	Redevelopment	Total
Seattle (continued)
Bothell
Mega Campus: Alexandria Center® for Advanced Technologies - Canyon Park	1,060,958	-	-	1,060,958	22	$	22,634	97.4	%	97.4	%
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® for Advanced Technologies - Monte Villa Parkway	246,647	-	213,976	460,623	6	4,645	97.3	52.1
3301, 3303, 3305, 3307, 3555, and 3755 Monte Villa Parkway
Bothell	1,307,605	-	213,976	1,521,581	28	27,279	97.4	83.7
Other	102,437	-	-	102,437	2	1,064	90.0	90.0
Seattle	2,813,803	311,631	213,976	3,339,410	46	108,333	97.2	90.4
Maryland
Rockville
Mega Campus: Alexandria Center® for Life Science - Shady Grove	1,072,891	282,000	78,533	1,433,424	19	45,645	98.3	91.6
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	131,511	-	-	131,511	1	4,021	100.0	100.0
1405 and 1450(1) Research Boulevard	114,849	-	-	114,849	2	2,497	62.8	62.8
1500 and 1550 East Gude Drive	91,359	-	-	91,359	2	1,844	100.0	100.0
5 Research Place	63,852	-	-	63,852	1	2,992	100.0	100.0
5 Research Court	51,520	-	-	51,520	1	1,788	100.0	100.0
12301 Parklawn Drive	49,185	-	-	49,185	1	1,530	100.0	100.0
Rockville	1,575,167	282,000	78,533	1,935,700	27	60,317	96.2	91.6
Gaithersburg
Alexandria Technology Center® - Gaithersburg I	613,438	-	-	613,438	9	17,844	100.0	100.0
9, 25, 35, 45, 50, and 55 West Watkins Mill Road and 910, 930, and 940 Clopper Road
Alexandria Technology Center® - Gaithersburg II	486,324	-	-	486,324	7	17,557	96.5	96.5
700, 704, and 708 Quince Orchard Road and 19, 20, 21, and 22 Firstfield Road
20400 Century Boulevard	36,227	-	44,323	80,550	1	1,400	100.0	45.0
401 Professional Drive	63,154	-	-	63,154	1	1,903	100.0	100.0
950 Wind River Lane	50,000	-	-	50,000	1	1,004	100.0	100.0
620 Professional Drive	27,950	-	-	27,950	1	1,207	100.0	100.0
Gaithersburg	1,277,093	-	44,323	1,321,416	20	40,915	98.7	95.4
Beltsville
8000/9000/10000 Virginia Manor Road	191,884	-	-	191,884	1	2,865	100.0	100.0
101 West Dickman Street(1)	135,423	-	-	135,423	1	980	96.7	96.7
Beltsville	327,307	-	-	327,307	2	$	3,845	98.6	%	98.6	%
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. (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. © 2022	31

Property Listing (continued)
June 30, 2022
(Dollars in thousands)

Market / Submarket / Address	RSF	Number of Properties	Annual Rental Revenue	Occupancy Percentage
Operating	Operating and Redevelopment
Operating	Development	Redevelopment	Total
Maryland (continued)
Northern Virginia
14225 Newbrook Drive	248,186	-	-	248,186	1	$	6,127	100.0	%	100.0	%
Maryland	3,427,753	282,000	122,856	3,832,609	50	111,204	97.6	94.2
Research Triangle
Research Triangle
Mega Campus: Alexandria Center® for Life Science - Durham	1,880,185	-	376,871	2,257,056	16	37,636	93.2	77.6
6, 8, 10, 12, 14, 40, 41, 42, and 65 Moore Drive, 21, 25, 27, 29, and 31 Alexandria Way, 2400 Ellis Road, and 14 TW Alexander Drive
Mega Campus: Alexandria Center® for Advanced Technologies	367,240	180,000	-	547,240	5	14,179	87.3	87.3
4, 6, 8, 10, and 12 Davis Drive
Alexandria Center® for AgTech	279,099	61,680	-	340,779	2	12,443	98.7	98.7
5 and 9 Laboratory Drive
104 and 108/110/112/114 TW Alexander Drive	227,902	-	-	227,902	5	7,508	96.7	96.7
Alexandria Technology Center® - Alston	186,870	-	-	186,870	3	4,227	90.8	90.8
100, 800, and 801 Capitola Drive
6040 George Watts Hill Drive	61,547	88,038	-	149,585	2	2,148	100.0	100.0
Alexandria Innovation Center® - Research Triangle	136,729	-	-	136,729	3	4,398	94.3	94.3
7010, 7020, and 7030 Kit Creek Road
7 Triangle Drive	104,531	-	-	104,531	1	3,479	100.0	100.0
2525 East NC Highway 54	82,996	-	-	82,996	1	3,651	100.0	100.0
407 Davis Drive	81,956	-	-	81,956	1	1,644	100.0	100.0
601 Keystone Park Drive	77,395	-	-	77,395	1	1,072	74.3	74.3
5 Triangle Drive	32,120	-	-	32,120	1	1,147	100.0	100.0
6101 Quadrangle Drive	31,600	-	-	31,600	1	759	100.0	100.0
Research Triangle	3,550,170	329,718	376,871	4,256,759	42	94,291	93.5	84.5
Texas
Austin
Mega Campus: Intersection Campus	1,525,613	-	-	1,525,613	12	36,884	85.7	85.7
Greater Houston
8800 Technology Forest Place	-	-	201,499	201,499	1	-	N/A	-
Other	143,105	-	-	143,105	1	-	-	-
Greater Houston	143,105	-	201,499	344,604	2	-	-	-
Texas	1,668,718	-	201,499	1,870,217	14	36,884	78.4	69.9
Canada	614,028	-	-	614,028	7	11,190	76.8	76.8
Non-cluster/other markets	412,128	-	-	412,128	12	14,415	76.7	76.7
North America, excluding properties held for sale	41,024,796	3,270,073	2,581,051	46,875,920	435	1,942,436	94.6	%	89.0	%
Properties held for sale	58,733	-	-	58,733	1	428	100.0	%	100.0	%
Total - North America	41,083,529	3,270,073	2,581,051	46,934,653	436	$	1,942,864