Consolidated and unconsolidated real estate joint ventures (Tables)

6 Months Ended

Jun. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Consolidated and unconsolidated real estate joint venture properties

From time to time, we enter into joint venture agreements through which we own a partial interest in real estate entities that

own, develop, and operate real estate properties. As of June 30, 2025, our real estate joint ventures held the following properties:


	Property(1)	Market	Submarket	Our Ownership Interest
Consolidated real estate joint ventures:
	50 and 60 Binney Street	Greater Boston	Cambridge/Inner Suburbs		34.0%
	75/125 Binney Street	Greater Boston	Cambridge/Inner Suburbs		40.0%
	100 and 225 Binney Street and 300 Third Street	Greater Boston	Cambridge/Inner Suburbs		30.0%
	99 Coolidge Avenue	Greater Boston	Cambridge/Inner Suburbs		76.9%
	15 Necco Street	Greater Boston	Seaport Innovation District		56.7%
	285, 299, 307, and 345 Dorchester Avenue	Greater Boston	Seaport Innovation District		60.0%
	Alexandria Center® for Science and Technology – Mission Bay(2)	San Francisco Bay Area	Mission Bay		25.0%
	601, 611, 651, 681, 685, and 701 Gateway Boulevard	San Francisco Bay Area	South San Francisco		50.0%
	751 Gateway Boulevard	San Francisco Bay Area	South San Francisco		51.0%
	211 and 213 East Grand Avenue	San Francisco Bay Area	South San Francisco		30.0%
	500 Forbes Boulevard	San Francisco Bay Area	South San Francisco		10.0%
	Alexandria Center® for Life Science – Millbrae	San Francisco Bay Area	South San Francisco		48.5%
	3215 Merryfield Row	San Diego	Torrey Pines		30.0%
	Campus Point by Alexandria(3)	San Diego	University Town Center		55.0%
	5200 Illumina Way	San Diego	University Town Center		51.0%
	9625 Towne Centre Drive	San Diego	University Town Center		30.0%
	SD Tech by Alexandria(4)	San Diego	Sorrento Mesa		50.0%
	Pacific Technology Park	San Diego	Sorrento Mesa		50.0%
	Summers Ridge Science Park(5)	San Diego	Sorrento Mesa		30.0%
	1201 and 1208 Eastlake Avenue East	Seattle	Lake Union		30.0%
	199 East Blaine Street	Seattle	Lake Union		30.0%
	400 Dexter Avenue North	Seattle	Lake Union		30.0%
	800 Mercer Street	Seattle	Lake Union		60.0%

Unconsolidated real estate joint ventures(6):
	1655 and 1725 Third Street	San Francisco Bay Area	Mission Bay		10.0%
	1450 Research Boulevard	Maryland	Rockville		73.2%	(7)
	101 West Dickman Street	Maryland	Beltsville		58.4%	(7)

(1)Refer to the table on the next page that shows the categorization of our joint ventures under the consolidation framework.

(2)Includes 409 and 499 Illinois Street, 1450, 1500, and 1700 Owens Street, and 455 Mission Bay Boulevard South.

(3)Includes 10210, 10260, 10290, and 10300 Campus Point Drive and 4110, 4135, 4155, 4161, 4165, 4224, and 4242 Campus Point Court.

(4)Includes 9605, 9645, 9675, 9725, 9735, 9805, 9808, 9855, and 9868 Scranton Road and 10055, 10065, and 10075 Barnes Canyon Road.

(5)Includes 9965, 9975, 9985, and 9995 Summers Ridge Road.

(6)In addition to the real estate joint ventures listed, we hold an interest in one insignificant unconsolidated real estate joint venture.

(7)Represents a joint venture with a local real estate operator in which our joint venture partner manages the day-to-day activities that significantly affect the economic

performance of the joint venture.

Consolidated VIE's balance sheet information

The table below aggregates the balance sheet information of our consolidated VIEs (in thousands):


	June 30, 2025	December 31, 2024
Investments in real estate	$7,773,223	$8,917,718
Cash and cash equivalents	258,718	335,223
Other assets	811,124	777,033
Total assets	$8,843,065	$10,029,974

Secured note payable	$153,500	$149,321
Other liabilities	475,757	626,460
Total liabilities	629,257	775,781
Redeemable noncontrolling interests	—	10,360
Alexandria Real Estate Equities, Inc.’s share of equity	3,659,652	4,754,386
Noncontrolling interests’ share of equity	4,554,156	4,489,447
Total liabilities and equity	$8,843,065	$10,029,974

Investment in unconsolidated real estate joint ventures

Our investments in unconsolidated real estate joint ventures, accounted for

under the equity method and classified in investments in unconsolidated real estate joint ventures in our consolidated balance sheets,

consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):


Property	June 30, 2025	December 31, 2024
1655 and 1725 Third Street	$20,368	$10,574
1450 Research Boulevard	8,657	9,193
101 West Dickman Street	9,666	9,749
Other	1,543	10,357
	$40,234	$39,873

Summary of unconsolidated real estate joint ventures loans

Below are key terms of unconsolidated real estate joint ventures’ secured loans as of June 30, 2025 (dollars in thousands):


					Interest Rate(1)	At 100%		Our Share
Unconsolidated Joint Venture	Maturity Date		Stated Rate		Interest Rate(1)	Aggregate Commitment	Debt Balance(2)	Our Share
101 West Dickman Street		11/10/26	SOFR+1.95%	(3)	6.34%	$26,750	$19,081	58.4%
1450 Research Boulevard		12/10/26	SOFR+1.95%	(3)	6.40%	13,000	8,965	73.2%
1655 and 1725 Third Street(4)		2/10/35	6.37%		6.44%	500,000	496,709	10.0%
						$539,750	$524,755

(1)Includes interest expense and amortization of loan fees.

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2025.

(3)This loan is subject to a fixed SOFR floor of 0.75%.

(4)During the three months ended March 31, 2025, the unconsolidated real estate joint venture refinanced $500 million of its $600 million existing fixed-rate debt with a new

secured note payable maturing in 2035. The remaining debt balance of approximately $100 million was repaid through contributions from the unconsolidated joint

venture partners, including our share of $10.8 million.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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