Alexandria Real Estate Equities (ARE) investor relations material

Executive summary

• Reported a Q3 2025 net loss attributable to common stockholders of $234.9 million ($1.38 per share) and YTD net loss of $356.1 million ($2.09 per share), compared to net income in 2024.

• Funds from operations (FFO), as adjusted, were $377.8 million ($2.22 per share) for Q3 2025 and $1.17 billion ($6.85 per share) YTD, both down from prior year.

• Leasing activity was solid with 1.2 million sq ft leased in Q3, including the largest lease in company history, and 82% of activity from existing tenants.

• Operating occupancy declined to 90.6% as of September 30, 2025, with 77% of annual rental revenue from the Megacampus platform.

• The company is navigating industry headwinds, including regulatory delays, high cost of capital, and oversupply in some submarkets.

Financial highlights

• Total revenues for Q3 2025 were $751.9 million, down 5% year-over-year; YTD revenues were $2.22 billion.

• FFO per share diluted as adjusted was $2.22 for Q3 2025, down due to lower occupancy and reduced rental income.

• Same Property NOI declined 6% (3.1% cash basis) year-over-year, mainly from lower occupancy.

• Adjusted EBITDA margin was 71% for Q3 2025, consistent with the five-year average.

• Impairments of $323.9 million recognized in Q3, with YTD real estate impairment charges totaling $485.6 million.

Outlook and guidance

• 2025 FFO per share diluted as adjusted guidance midpoint reduced to $9.01, reflecting lower investment gains and occupancy.

• 2025 net loss per share guidance midpoint reduced to $(2.94), reflecting potential additional impairments.

• Year-end occupancy guidance lowered to 90%-91.6%, with up to 1% benefit from asset sales.

• 2025 construction spending guidance midpoint is $1.75 billion; 2026 spend expected to be similar or slightly higher.

• 2026 guidance to be detailed at investor day, with focus on core operations, capitalized interest, investment gains, G&A, and dispositions.