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
ARE$44.80-0.8%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-21.
0001035443-25-000179
Item 1A. RISK FACTORSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0001035443-25-000198
Item 1A. RISK FACTORSThe 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.
Compared 158 previous paragraphs and 271 current paragraphs.
38 unchanged; 101 reworded; 130 added; 19 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
The current filing states there were no material changes to risk factors.
This is the filer’s own statement, not a conclusion from the comparison. Read its qualifications and the report it references.
Current filing’s statement
There have been no material changes in our risk factors from those disclosed under the caption “Item 1A. Risk factors” in our
Added paragraphs (130)
Current report
Changes to U.S. government funding, staffing, trade, policies, and other federal actions could adversely affect
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Restructuring and workforce reductions at the CDC
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workforce reduction, including the dismissal of key scientific and policy personnel and the consolidation of several vaccine
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safety and surveillance programs. These developments have raised concerns among public health and industry stakeholders
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about the agency’s capacity to maintain vaccine oversight, coordinate immunization programs, and respond to emerging
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infectious disease threats. Reduced CDC staffing and operational realignments may disrupt the collection and dissemination of
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critical epidemiological data, delay updates to vaccination guidelines, and impair public confidence in vaccine safety. For our
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tenants and venture investment portfolio companies operating in the vaccine research, development, and manufacturing
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sectors, diminished CDC engagement could lead to uncertainty in regulatory expectations, lower vaccine uptake rates, and
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delay the adoption of new immunization technologies. Any such disruptions could undermine the commercial viability of
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vaccine-related products, reduce R&D investment in the field, and in turn negatively impact demand for our specialized life
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science facilities and the value of our venture investment portfolio.
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lowest prices paid in comparable developed countries. Although the President projected price reductions of 30%-80%, most
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reforms would require formal rulemaking and are likely to face legal obstacles. In July 2025, the White House sent letters to the
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chief executive officers of 17 major drug manufacturers, demanding compliance within 60 days and noting that noncompliance
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could result in the federal government's enforcement through "every tool in our arsenal." Most recently, the Trump
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administration and AstraZeneca and Pfizer reached public agreements under which both companies will offer many drugs at
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“most-favored-nation” (“MFN”) pricing through Medicaid and via a new direct-to-consumer platform, and in return AstraZeneca
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and Pfizer will receive a three-year tariff reprieve. While these developments signal accelerating government pressure on
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industry pricing, they also inject significant ambiguity into commercial forecasts for pharmaceutical and biotechnology firms. If
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widely adopted, MFN pricing could materially compress margins, reduce investment in R&D, and suppress expansions by our
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life science tenants, adversely impacting demand for laboratory and related technical office space and manufacturing space,
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and thereby posing downside risk to property income and investment valuations.
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•On August 21, 2025, the U.S. and the European Union reached a trade agreement establishing a 15% ceiling on
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tariffs applied to pharmaceutical products traded between the two regions. The accord preserves supply chain
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continuity for a significant share of imported active pharmaceutical ingredients and finished drug products sourced
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from Europe while signaling potential divergence in tariff treatment for manufacturers based outside allied markets
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•On September 25, 2025, President Trump announced, effective October 1, pharmaceutical manufacturers would
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be subject to a 100% tariff on all branded and patented drugs imported into the U.S. The President stated that
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manufacturers could avoid these tariffs by establishing U.S.-based production operations, with qualifying activity
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defined as either projects that have broken ground or are already under construction. The measure excludes
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generic drugs and exempts companies actively developing or constructing domestic manufacturing facilities.
Current report
If tariff uncertainty, its associated costs, and the disruption of broader financial markets continue, we may face the
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Changes to regulatory, funding, staffing, trade, and other policies and actions by the U.S. government could
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prescription drugs based on the lowest prices paid in other developed countries. While the President announced that the
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“prescription drug and pharmaceutical prices will be reduced, almost immediately, by 30% to 80%,”many of the proposed
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changes would require formal rulemaking and are expected to face legal challenges. Although the implementation timeline and
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extent of any actual price reductions remain uncertain. If enacted, these changes could materially affect our life science tenants
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by potentially diminishing their profitability and constraining future growth, which in turn can reduce their future demand for life
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In June 2025, the U.S. Health Secretary unilaterally dismissed all 17 members of the Advisory Committee on
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Immunization Practices (ACIP) at the CDC, and withdrew a recommendation for administering COVID shots to children and
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pregnant women. Shortly thereafter, the Health Secretary named eight new members to serve on the panel, including several
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If financial markets continue to be disrupted, we may face the following risks:
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adversely affect our business operations or those of our tenants and our venture investment portfolio companies.
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our business operations or those of our tenants and our venture investment portfolio companies.
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industries, academic and private institutions, government institutions that determine their research and development budgets
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industries, academic and private institutions, and government institutions that determine their R&D budgets based on several
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based on several factors, including the availability of government and other funding, and the operational efficiency and reliability
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factors, including the availability of government and other funding and the operational efficiency and reliability of public
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Since January 2025, the current U.S. administration has enacted and proposed substantial policy changes that affect
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Since January 2025, the U.S. administration has implemented and proposed substantial policy changes that affect
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In 2025, the FDA laid off approximately 3,500 employees, representing approximately 19% of its workforce at the
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In 2025 to date, the FDA laid off approximately 3,500 employees, representing approximately 19% of its workforce at
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beginning of the year. Such workforce reductions at the FDA have raised some concerns regarding the agency’s capacity to
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the beginning of the year. Such workforce reductions at the FDA have raised some concerns regarding the agency’s capacity to
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Dismissal of the Entire Independent Vaccine Advisory Panel at the U.S. Centers for Disease Control and Prevention (CDC)
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In 2025 to date, the U.S. Centers for Disease Control and Prevention (“CDC”) underwent a significant restructuring and
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The current U.S. administration has implemented significant policy changes affecting the NIH, leading to substantial
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The U.S. administration has implemented significant policy changes affecting the NIH, leading to substantial
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disruptions in biomedical research across the U.S. These actions included staff layoffs and funding cuts, as described below,
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disruptions in biomedical research across the U.S. These actions have included staff layoffs and funding cuts as described
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and resulted in the suspension of numerous research projects, posing risks to scientific advancement and introducing
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below and have resulted in the suspension of numerous research projects, posing risks to scientific advancement and
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uncertainty for some of our tenants and venture investment portfolio companies.
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introducing uncertainty for some of our tenants and venture investment portfolio companies.
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suspend NIH grant funding, freezing much of NIH’s nearly$48 billion budget for 2025. Though the suspension was
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suspend NIH grant funding, freezing much of the NIH’s nearly$48 billion budget for 2025. Though the suspension
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eventually blocked and reversed, during the first half of 2025 the NIH laid off approximately 5,000 employees and
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was eventually blocked and reversed, during the first half of 2025, the NIH laid off approximately 5,000 employees
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contractors across its approximately 20,000-person workforce.
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and contractors across its approximately 20,000-person workforce.
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In May 2025, the White House introduced a budget proposal for fiscal year 2026 that would reduce the NIH budget by
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In May 2025, the White House introduced a budget proposal for fiscal year 2026 that would reduce the NIH
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40%, from $48 billion to $27.5 billion. The proposal has been met with push back from Congress, and, until a new
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budget by 40%, from $48 billion to $27.5 billion. The proposal has been met with resistance from Congress, and,
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budget is approved by the legislature, the NIH budget will remain at 2024 levels through a continuing resolution.
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until a new budget is approved Congress, the NIH budget will remain at 2024 levels through a continuing
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Should the NIH budget be significantly reduced, it may affect funding of early research that drives the formation of new
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resolution. Should the NIH budget be significantly reduced, it may affect funding of early research that drives the
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life companies, potentially impacting the U.S.'s global life science leadership and long-term demand for life science
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formation of new life science companies, potentially impacting U.S. global life science leadership and long-term
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•Termination of NIH grants and funding commitments to major research institutions. On January 20, 2025, President
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•Termination of NIH grants and funding commitments to major research institutions. On January 20, 2025,
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Trump issued an executive order directing every U.S. agency, including the NIH, to “terminate, to the maximum extent
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President Trump issued an executive order directing every U.S. agency, including the NIH, to “terminate, to the
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allowed by law” all grants relating to diversity, equity, and inclusion. On January 29, 2025, the President issued an
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maximum extent allowed by law” all grants relating to diversity, equity, and inclusion. Further, on January 29, 2025,
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executive order to make it “the policy of the United States to combat anti-Semitism vigorously, using all available and
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the President issued an executive order to make it “the policy of the United States to combat anti-Semitism
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appropriate legal tools, to prosecute, remove, or otherwise hold to account the perpetrators of unlawful anti-Semitic
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vigorously, using all available and appropriate legal tools, to prosecute, remove, or otherwise hold to account the
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harassment and violence.” As a result of one or both executive orders, the NIH, the world’s largest funder of
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perpetrators of unlawful anti-Semitic harassment and violence.” As a result of one or both executive orders, the
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biomedical research, has withheld funding from certain U.S. research institutions.
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NIH, the world’s largest funder of biomedical research, has withheld funding from certain U.S. research
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•15% cap on indirect cost reimbursements of all NIH grants. On February 7, 2025, the NIH introduced a policy limiting
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•15% cap on indirect cost reimbursements of all NIH grants. On February 7, 2025, the NIH introduced a policy
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indirect cost reimbursements to 15% for all NIH grants, representing a significant reduction from historic levels, which
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limiting indirect cost reimbursements to 15% for all NIH grants, representing a significant reduction from historic
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were approximately double that rate on average, and in some cases significantly higher. This change threatens to
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levels, which were approximately double that rate on average, and in some cases significantly higher. This change
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substantially impact the ability of research institutions to support their infrastructure and administrative costs, including
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threatens to substantially impact the ability of research institutions to support their infrastructure and administrative
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their ability to lease life science facilities.
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costs, including their ability to lease life science facilities.
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A coalition of 22 state attorneys general, along with organizations like the Association of American Medical Colleges,
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A coalition of 22 state attorneys general, along with organizations such as the Association of American Medical
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filed lawsuits challenging the NIH’s policy changes, particularly the 15% cap on indirect costs. On April 7, 2025, a federal court
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Colleges, filed lawsuits challenging the NIH’s policy changes, particularly the 15% cap on indirect costs. On April 7, 2025, a
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issued a permanent injunction blocking the enforcement of this cap. However, the U.S. administration has signaled its intent to
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federal court issued a permanent injunction blocking the enforcement of this cap. However, the U.S. administration has signaled
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appeal and/or pursue similar funding restrictions through future legislative or administrative actions. If implemented, any such
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its intent to appeal and/or pursue similar funding restrictions through future legislative or administrative actions. If implemented,
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funding cap could negatively impact our tenants that depend on grant funding for its operations. It could also reduce the
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any such funding cap could negatively impact our tenants that depend on grant funding for its operations. It could also reduce
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financial resources available to such tenants, forcing them to scale back operations, reduce leased space, or delay their plans
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the financial resources available to such tenants, forcing them to scale back operations, reduce leased space, or delay their
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postdoctoral hiring and the closure of critical programs. Moreover, recent changes to visa rules have introduced new uncertainty
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postdoctoral hiring and the closure of critical programs. Moreover, recent changes to visa and immigration rules have introduced
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around the ability of international graduate students and postdoctoral researchers to remain in the U.S. following graduation.
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new uncertainty around the ability of international graduate students and postdoctoral researchers to remain in the U.S.
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domestic demand for life science real estate.
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income generation. Additionally, if tenants are unable to absorb higher operating costs or pass them on to customers, their