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. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus™ ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. As of December 31, 2025, Alexandria has a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million RSF of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants’ 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.
Key Highlights (as of December 31, 2025)
Largest, highest-quality asset base clustered in the key centers of life science innovation
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35.9 million RSF of operating properties
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Megacampus™ properties accounts for 78% of our annual rental revenue
Sector-leading client tenant base
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High-quality and diverse tenant base drives stable cash flows
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84% of top 20 tenant annual rental revenue and 53% of all annual rental revenue is from investment-grade or publicly traded large cap tenants
High-quality cash flows
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Strong operating and adjusted EBITDA margins of 69% and 70%, respectively
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Long-duration lease terms with a weighted-average remaining lease term of 9.7 years among the top 20 tenants
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Favorable triple net lease structure with annual rent escalations
Strong and flexible balance sheet with significant liquidity
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Top 15% credit rating ranking among all publicly traded U.S. REITs
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Significant liquidity of $5.3 billion
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Only 11% of total debt matures through 2027
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12.1 years weighted-average remaining debt term, longest among S&P 500 REITs
Development and redevelopment deliveries deliver incremental annual net operating income
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Delivered incremental annual net operating income of $10 million commencing during 4Q25, with an additional $97 million of incremental annual net operating income anticipated to deliver by 4Q26 primarily from projects that are 86% leased/negotiating
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77% of our total development and redevelopment pipeline RSF is within our Megacampus™ ecosystems
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Financial Information
Alexandria Real Estate Equities is a Real Estate
Investment Trust (REIT) with strong cash flow and an
investment-grade balance sheet capitalizing on the
long-term growth potential of the life science industry.
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