Alexandria Real Estate Equities(NYSE) ARE

Alexandria Real Estate Equities, Inc. rents labs to scientists. It builds campuses in cities like Boston and San Diego. These spaces help companies create new medicines and technology.

Spaces for Scientific Discovery

• Megacampus Ecosystems: Collaborative environments in major innovation hubs that represent 80% of annual rental revenue.
• Labspace Assets: Specialized laboratory and office facilities designed for medical research and technology development.
• Venture Capital Platform: Strategic funding for transformative companies through a dedicated strategic investment arm.

Recycling Capital for New Growth

• Repurchased $1.33 billion in senior notes at an average 28% discount in February 2026.
• Delivered a 426,927 square foot facility in San Diego in June 2026.
• Repaid $350 million of unsecured senior notes upon maturity in April 2026.
• Sold land and buildings in Palo Alto for $163 million in July 2026.
• Signed a 16-year build-to-suit lease with Novartis AG in July 2025.

Building Clusters of Innovation

Alexandria uses a Megacampus strategy to group facilities near top academic and medical institutions. This proximity helps tenants attract high-level talent while the company maintains stable income through triple net leases, which require tenants to pay for property taxes, insurance, and maintenance. As a real estate investment trust, or REIT, the company owns and operates properties to generate income for its stockholders.

Measuring the Money

• Net loss was $73.7 million for the three-month period ended June 30, 2026.
• Same property net operating income decreased by 10.6% for the three-month period ended June 30, 2026 compared to the same period in 2025.
• Market capitalization was $21.84 billion as of June 30, 2026.
• Liquidity stood at $3.60 billion as of June 30, 2026.
• Weighted-average remaining debt term was 9.7 years as of June 30, 2026.

The Long View

Alexandria has transitioned into a specialized owner of large-scale innovation clusters in top-tier markets. Its focus on high-quality tenants and capital recycling supports its goal of navigating shifting demand for life science space.