ALEXANDRIA REAL ESTATE EQUITIES, INC.
For the period ended Sep 30, 2025. Filed Oct 27, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 27, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-21.
0001035443-25-000179
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0001035443-25-000198
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (508)
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and private biotechnology companies; advanced technologies companies; biomedical institutions; U.S. government institutions; and
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6.0x and 3.6x to 4.1x, respectively.
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•Significant liquidity of $4.2 billion, or 4.2x our debt maturities through 2027.
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•Leasing of previously vacant space aggregating 256,633 RSF, up 40%, over the quarterly average over the last five
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quarters.
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ended September 30, 2025 and 13.6% and 6.8% (cash basis) for thenine months ended September 30, 2025.
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•$751.9 million, down 5.0%, for thethree months ended September 30, 2025, compared to$791.6 million for thethree
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have been relatively flat compared to thethree months ended September 30, 2025.
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•$2.3 billion, down 2.4%, for thenine months ended September 30, 2025, compared to$2.3 billion forthe nine months
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increased by 3.0% for thenine months ended September 30, 2025.
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•Decrease in net operating income (cash basis) includes the impact of operating properties disposed of after January
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1, 2024. Excluding these dispositions, net operating income (cash basis) – annualized for thethree months ended
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September 30, 2025, would have decreased by 1.2%, and for thenine months ended September 30, 2025 would
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have increased by 7.3%, compared to the corresponding periods in 2024.
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•(6.0)% and(3.1)% (cash basis) for thethree months ended September 30, 2025, compared to thethree months
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•91.4% same properties’ average occupancy for thethree months ended September 30, 2025, compared to
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94.8% average occupancy for thethree months ended September 30, 2024.
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•(3.1)% and 3.0% (cash basis) for thenine months ended September 30, 2025, compared to thenine months ended
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•92.6% same properties’ average occupancy for thenine months ended September 30, 2025, compared to 94.6%
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average occupancy for thenine months ended September 30, 2024.
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savings are expected to be temporary in nature, we anticipate approximately half of the cost reductions expected to
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be achieved in 2025 will continue in 2026.
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other S&P 500 REITs.
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•Common stock dividend declaredof$1.32 per share for thethree months ended September 30, 2025, aggregating $5.28
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•Dividend yield of 6.3% as of September 30, 2025 anddividend payout ratio of 60% for the three months ended
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•In addition, as described in the “Summary of key items that may impact 2026 results” section of “Results of operations” in
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this Item 2, in light of market and life science industry conditions and our continued focus on capital efficiency, our Board
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of Directors expects to carefully evaluate our 2026 dividend strategy.
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total dispositions and sales of partial interests in 2025 (dollars in millions):
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(1)Excludes an exchange of partial interests of Pacific Technology Park and 199 East Blaine Street with nominal net cash proceeds. Refer to “Dispositions and sales of
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future delivery upon completion of construction (and is included in item 2 below); (ii) 0.2% vacancy at one asset in our Greater Stanford submarket, which was recently
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acquired with the intent to redevelop office to laboratory space but for which we are now evaluating options to reposition for advanced technologies use; and (iii) 0.6% of
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other occupancy declines, primarily from space that became vacant during the three months ended September 30, 2025 which we are currently marketing. These lease
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expirations resulting in the 1.1% decline in occupancy previously generated annual rental revenue aggregating approximately$29.0 million and had a weighted-average
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lease expiration date at the end of July 2025.
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approximately May 1, 2026 and the expected annual rental revenue is approximately$46 million.
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and losses aggregating$180.4 million and$152.1 million, respectively.
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statement of operations consisted of$34.8 million of realized gains,$18.5 million of unrealized gains, and$25.1 million of
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impairment charges.
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•In August 2025, we repaid a secured construction loan aggregating$154.6 million with an interest rate of 7.18%, which
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product, service, and medical device companies; digital health, advanced technology, and agtech companies; academic and medical
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research institutions; U.S. government research agencies; non-profit organizations; and venture capital firms. Alexandria has a long-
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platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in
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higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value.
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(1)Reflects temporary vacancies aggregating 668,795 RSF, or 1.7%, which are now leased and expected to be occupied upon completion of building and/or tenant
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improvements. The weighted-average expected delivery date is January 2, 2026. Refer to “Summary of occupancy percentages in North America” in Item 2 for additional
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details.
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5.2x and 4.0x to 4.5x, respectively.
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•Significant liquidity of $4.6 billion.
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June 30, 2025, the total leased RSF would have increased to 1.2 million RSF for the three months ended June 30, 2025 from
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June 30, 2025 and 13.2% and 6.9% (cash basis) for thesix months ended June 30, 2025.
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•$762.0 million, down 0.6%, for thethree months ended June 30, 2025, compared to$766.7 million for thethree months
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5.1% for thethree months ended June 30, 2025.
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•$1.52 billion, down 1.0%, for thesix months ended June 30, 2025, compared to$1.54 billion forthesix months ended
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thesix months ended June 30, 2025.
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•(5.4)% and 2.0% (cash basis) for thethree months ended June 30, 2025, compared to thethree months ended June 30,
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768,080 RSF acrosssix properties and four submarkets, with aweighted-average lease expiration date of January 21,
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Excluding the impact of these lease expirations, same property net operating income changes for thethree months
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ended June 30, 2025 would have been(2.1)% and 6.5% (cash basis). As of June 30, 2025,153,658 RSF was leased with
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a weighted-average lease commencement date of April 30, 2026, and we expect to favorably resolve the remaining
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614,422 RSF over the next several quarters. Refer to the “Summary of occupancy percentages in North America” in Item
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2 for additional details.
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•(4.3)% and 3.4% (cash basis) for thesix months ended June 30, 2025, compared to thesix months ended June 30, 2024.
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•Common stock dividend declared for thethree months ended June 30, 2025 of $1.32 per share aggregating $5.26 per
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•By maintaining our recent dividendat $1.32 per share, over $40 million of additional liquidity and equity capital can be
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reinvested annually.
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•Dividend yield of 7.3% as of June 30, 2025.
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•Dividend payout ratio of 57% for the three months ended June 30, 2025.
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(1)Refer to “Summary of properties and occupancy” in Item 2 for additional details.
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losses aggregating$180.2 million and$172.5 million, respectively.
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operations consisted of$30.5 million of realized gains,$21.9 million of unrealized losses, and$39.2 million of impairment
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charges.
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•Upon maturity on April 30, 2025, we repaid our 3.45% unsecured senior notes payable aggregating$600.0 million, using
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proceeds from our February 2025 unsecured senior notes payable offering.
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common stock through December 31, 2025.
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$241.8 million.
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Coolidge Avenue, a development project where we have a 76.9% interest. The project is currently 76% leased/negotiating and
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is expected to deliver in 2026. We expect to repay the loan aggregating $153.5 million which matures in 2026 andbears an
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interest rate of 7.16% as of June 30, 2025. As a result, we expect to recognize a loss on early extinguishment of debt of
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$99 thousand for the write-off of unamortized deferred financing costs during the three months ending September 30, 2025.
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Research Triangle, and New York City. As of June 30, 2025, Alexandria has a total market capitalization of $25.7 billion and an asset
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Research Triangle, and New York City. As of September 30, 2025, Alexandria has a total market capitalization of $27.8 billion and an
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base in North America that includes 39.7 million RSF of operating properties and 4.4 million RSF of Class A/A+ properties undergoing
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asset base in North America that includes 39.1 million RSF of operating properties and 4.2 million RSF of Class A/A+ properties
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teamwork. Our tenants include multinational pharmaceutical companies; public and private biotechnology companies; life science
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teamwork. Our tenants include multinational pharmaceutical companies; life science product, service, and device companies; public
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standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus
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others. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and
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environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and inspire productivity, efficiency,
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collaborative Megacampus environments that enhance our tenants’ ability to successfully recruit and retain world-class talent and
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creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital
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inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science
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•84% of our leasing activity during the last twelve months was generated from our existing tenant base.
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•82% of our leasing activity during the last twelve months was generated from our existing tenant base.
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A sector-leading REIT with a high-quality, diverse tenant base and strong margins
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A sector-leading REIT with a high-quality, diverse tenant base, strong margins, and long lease terms
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Strong and flexible balance sheet with significant liquidity; top 10% credit rating ranking among all publicly traded U.S. REITs
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Strong and flexible balance sheet with significant liquidity; top 15% credit rating ranking among all publicly traded U.S. REITs
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•Net debt and preferred stock to Adjusted EBITDA of 5.9x and fixed-charge coverage ratio of 4.1x for thethree months ended
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•Net debt and preferred stock to Adjusted EBITDA of 6.1x and fixed-charge coverage ratio of 3.9x for thethree months
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June 30, 2025 annualized, with targets for the three months ended December 31, 2025 annualized ofless than or equal to
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ended September 30, 2025 annualized, with targets for the three months ended December 31, 2025 annualized of 5.5x to
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•Only 9% of our total debt matures through 2027.
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•Only 7% of our total debt matures through 2027.
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•12.0 years weighted-average remaining term of debt, longest among S&P 500 REITs.
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•11.6 years weighted-average remaining term of debt, longest among S&P 500 REITs.
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•Since 2021, ourquarter-end fixed-rate debt averaged 97.2%.
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•Since 2021, ourquarter-end fixed-rate debt has averaged 96.7%.
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•Total debt and preferred stock to gross assets of 30%.
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•Total debt and preferred stock to gross assets of 31%.
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•$297.3 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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•$166.9 million of capital contribution commitments from existing consolidated real estate joint venture partners to fund
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construction from July 1, 2025 through 2027 and beyond, including$116.7 million from July 1, 2025 to December 31, 2025.
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construction from October 1, 2025 through 2027 and beyond.
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Leasing volume and rental rate increases
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Solid leasing volume and rental rate increases
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•Leasing volume of 769,815 RSF during thethree months ended June 30, 2025.
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•Leasing volume of 1,171,344 RSF during thethree months ended September 30, 2025.
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tenant for a 16-year expansion build-to-suit lease, aggregating 466,598 RSF, located on the Campus Point by Alexandria
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a 16-year build-to-suit lease expansion aggregating 466,598 RSF on the Campus Point by Alexandria Megacampus
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Megacampus in our University Town Center submarket. If this were included in the leasing volume for the three months ended
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in our University Town Center submarket.
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•Rental rate increases on lease renewals and re-leasing of space of 5.5% and 6.1% (cash basis) for thethree months ended
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•Rental rate increases on lease renewals and re-leasing of space of 15.2% and 6.1% (cash basis) for thethree months
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•84% of our leasing activity during the last twelve monthswas generated from our existing tenant base.
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•82% of our leasing activity during the last twelve monthswas generated from our existing tenant base.
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June 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by 4.6% for
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months ended September 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would
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ended June 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have increased by
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ended September 30, 2024. Excluding dispositions completed after January 1, 2024, total revenues would have
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•Net operating income (cash basis) of$2.0 billion for thethree months ended June 30, 2025 annualized increased by
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•Net operating income (cash basis) of$1.9 billion for thethree months ended September 30, 2025 annualized decreased
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$111.4 million, or 5.8%, compared to thethree months ended June 30, 2024 annualized. Refer to “Net operating income, net
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by$118.5 million, or 5.8%, compared to thethree months ended September 30, 2024 annualized. Refer to “Net operating
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operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a reconciliation of our
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income, net operating income (cash basis), and operating margin” under “Definitions and reconciliations” in Item 2 for a
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net income to net operating income (cash basis).
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reconciliation of our net income to net operating income (cash basis).
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•$59.8 million for thesix months ended June 30, 2025, representing cost savings of $31.9 million, or 35%, compared to the
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•$89.0 million for thenine months ended September 30, 2025, representing cost reductions of $46.6 million or 34%,
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six months ended June 30, 2024, primarily the result of cost-control and efficiency initiatives on reducing personnel-
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compared to thenine months ended September 30, 2024, primarily the result of cost-control and efficiency initiatives
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related costs and streamlining business processes.
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related to reducing personnel-related costs and streamlining business processes. Given that some of these cost
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•As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended
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•As a percentage of net operating income, ourgeneral and administrative expenses for the trailing twelve months
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June 30, 2025 were 6.3%, representing the lowest level in the past ten years, compared to 9.2% for the trailing twelve
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ended September 30, 2025 were 5.7% — the lowest level in the past ten years andapproximately half the average of
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common share for thetwelve months ended June 30, 2025, up 18 cents, or 3.5%, over thetwelve months ended June 30,
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per common share for thetwelve months ended September 30, 2025, up 14 cents, or 2.7%, over thetwelve months
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•Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating$2.3 billion for
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•Significant net cash flows provided by operating activities after dividends retained for reinvestment aggregating$2.3 billion
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the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range.
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for the years ended December 31,2021 through 2024 and the midpoint of our 2025 guidance range.
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total dispositions and sales of partial interests in 2025 (in millions):
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partial interests” in Item 2 for additional details.
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Significant leasing progress on temporary vacancy
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Leasing progress on temporary vacancy
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2024, which include lease expirations that became vacant during the three months ended March 31, 2025, aggregating
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(1)Comprises the following: (i)0.3% related to lease expirations that became vacant during the three months ended September 30, 2025 and have been re-leased with a
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companies through our venture capital platform.
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•Includes the largest life science lease in company history with a long-standing multinational pharmaceutical tenant for
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within Part I in our annual report on Form 10-K for the year ended December 31,2024.
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trend will stabilize or reverse in the future.
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“Summary of significant accounting policies” to our unaudited consolidated financial statements.
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funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under
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interest expense recognized in our consolidated statement of operations.
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(2)Represents amounts in effectas of September 30, 2025.
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current projects” in Item 2 for additional details.
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“Summary of contractual lease expirations” in Item 2 for additional details.
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near-term project expected to commence
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A+ development and redevelopment properties: current projects” in Item 2 for additional details.
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report consisted of the following (dollars in thousands):
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million. Refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements for additional information.
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New Class A/A+ development and redevelopment properties: recent deliveries (continued)
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Same Property– Net Operating Income (Cash Basis)
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leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes,
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insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in
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information, refer to Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial
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September 30, 2025,91% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to pay
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substantially all real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses
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process improvements. As a percentage of net operating income, our general and administrative expenses for the trailing twelve
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policies” to our unaudited consolidated financial statements in Item 1.
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Gain on sales of real estate
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ventures,” respectively, to our unaudited consolidated financial statements in Item 1.
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funds from operations per share, as adjusted.
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(3)Refer to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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to Note 7 – “Investments” to our unaudited consolidated financial statements in Item 1 for additional details.
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to reach anticipated pre-construction milestones on April 14, 2026, on a weighted-average real estate investment basis. We will
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expenditures across our organization, including our general and administrative expenses. These initiatives are expected to
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•As of October 27, 2025, our share of pending dispositions subject to non-refundable deposits, signed letters of intent, and/or
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(2)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions
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to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements in Item 1 for additional information.
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undergoing construction andone 100% pre-leased committed near-term project expected to commence construction in the next year.
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common stock repurchases, to aggregate up to$500 million.
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dividends to $3.96 per common share paid for thenine months ended September 30, 2025 from$3.84 per common share paid for the
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unconsolidated real estate joint ventures in our consolidated statements of operations.
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(2)Refer to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements for additional information.
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(5)Refer to Note 10 – “Secured and unsecured senior debt” to our unaudited consolidated financial statements for additional information.
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•In July 2025, we executed the largest life science lease in company history with a long-standing multinational pharmaceutical
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•During the three months ended June 30, 2025, we did not repurchase any shares.
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•As of the date of this report, the approximate value of shares authorized and remaining under this program was
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(5)Includesone 100% pre-leased committed near-term project expected to commence construction in thenext year.
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10-K for the year ended December 31,2024.
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our development pipeline. Refer to “Item 1A. Risk factors” within “Part II – Other information” of this quarterly report on
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(1)Average remaining lease term based on annual rental revenue in effectas of June 30, 2025.
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leasing, to commence first-time conversion from non-laboratory space to laboratory space, or to commence future ground-up development. As of June 30, 2025, the
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real estate” under “Definitions and reconciliations” in Item 2 for additional details, including development and redevelopment square feet currently included in rental
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(4)Represents amounts in effectas of June 30, 2025.
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our ownership interest increases from 55% to 75%, after which future capital would be contributed pro-rata with our joint venture partner.
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(3)Our share of incremental annual net operating income from development and redevelopment projects expected to be placed into service primarily commencing from 2027 through 2028 is projected to be$236 million.
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(2)Image represents 10955 Alexandria Way on the One Alexandria Square Megacampus.
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(on an annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance,
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consisting of pre-acquisition costs related to two potential acquisitions in our Greater Boston market, which we decided to no longer
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proceed with these acquisitions as a result of the current macroeconomic environment that negatively impacted the financial outlooks
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properties aggregating 247,246 RSF in our Austin submarket.
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annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities,
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repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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relates to 3.0 million RSF of development and redevelopment projects placed into service subsequent to January 1, 2024 andthree
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improvements. As a percentage of net operating income, our general and administrative expenses for the trailing twelve months ended
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currency translation gains related to our operations in Canada.
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(2)Refer to Note 3 – “Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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(3)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions
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(1)Refer to “Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.’s common stockholders” under “Definitions
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Note 4 – “Consolidated and unconsolidated real estate joint ventures” to our unaudited consolidated financial statements in Item 1 for
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investments in publicly traded companies as of June 30, 2025 (in thousands):
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(1)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2025.
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expenditures related to construction activities and any common stock repurchases.
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“Investments in real estate” to our unaudited consolidated financial statements in Item 1 for additional information.
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Under our common stock repurchase program authorized in December 2024, we may repurchase up to$500.0 million of our
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investments, impairments of real estate, impairments of non-real estate investments, and changes in provision for expected credit
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losses on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be
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annual rental revenue basis) were triple net leases, which require tenants to pay substantially all real estate taxes, insurance, utilities,
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repairs and maintenance, common area expenses, and other operating expenses (including increases thereto) in addition to base rent.
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on financial instruments. Our attempt to predict these amounts may produce significant but inaccurate estimates, which would be
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The following table reconciles net income to net operating income and net operating income (cash basis) and computes