
	June 30, 2026	December 31, 2025
Rental properties:
Land (related to rental properties)	$3,630,519	$3,204,479
Buildings and building improvements	20,447,338	19,738,825
Other improvements	4,605,876	4,371,720
Rental properties	28,683,733	27,315,024
Current and future development and redevelopment projects	6,446,196	6,788,464
Gross investments in real estate	35,129,929	34,103,488
Less: accumulated depreciation	(6,460,716)	(5,970,171)
Investments in real estate assets held for sale, less accumulated depreciation(1)	456,682	556,679
Investments in real estate	$29,125,895	$28,689,996

As of June 30, 2026, we had 23 operating properties aggregating 1.7 million RSF and land parcels aggregating 2.0 million SF

The disposal of the properties classified as held for sale does not represent a strategic shift that has, or will have, a major

effect on our operations or financial results, as the dispositions relate to an individual asset or a group of assets across multiple markets

and do not represent the exit from any significant market. Accordingly, these assets do not meet the criteria for classification as

The following table presents the components of net assets related to real estate investments that met the criteria for


	June 30, 2026	December 31, 2025
Investments in real estate, less accumulated depreciation	$456,682	$556,679
Other assets	73,267	37,859
Total assets	529,949	594,538

Total liabilities	(7,190)	(12,235)
Total accumulated other comprehensive loss (income)	33,027	(566)
Net assets classified as held for sale	$555,786	$581,737

For additional information, refer to “Real estate sales” in Note 2 – “Summary of significant accounting policies” to our unaudited

Our completed dispositions of real estate assets during the six months ended June 30, 2026 and in July 2026 consisted of

Square Footage

Sales Price

(Our Share)

Property

Submarket/Market

Date of

Sale

Interest

Sold

Operating

Land and

Future

Completed during six months ended June 30, 2026

$7,350

Completed in July 2026:

3825 and 3875 Fabian Way

Palo Alto/San Francisco Bay Area

7/14/26

100%

228,000

250,000

163,000

$170,350

(1)

(1)Represents the aggregate contractual sales price of our dispositions, which differs from sales proceeds disclosed in our consolidated statement of cash flows under

“Investing activities” (proceeds from sales of real estate), “Financing activities” (contributions from and sales of noncontrolling interests), and “Supplemental disclosure

and non-cash investing and financing activities" (non-cash consideration) primarily due to the timing of payment, closing costs, and other sales adjustments such as

During the six months ended June 30, 2026, we recognized impairment charges aggregating $228.0 million, classified within

•During the three months ended June 30, 2026, we recognized an additional impairment charge of $24.8 million related to one

vacant office property, aggregating 104,956 RSF, in the Cambridge submarket of our Greater Boston market, to reduce its

carrying amount to its updated estimated fair value less costs to sell of approximately $43.7 million based on recent

negotiations with a potential buyer. This asset was classified as held for sale in December 2025 following our assessment of

the project’s financial outlook, including the significant capital required to redevelop and lease the property. As a result, we

decided to sell this asset and reinvest the sales proceeds in other projects with greater value-creation opportunities, and

recognized an impairment charge of $105.7 million in December 2025. We expect to complete the sale within 12 months.

•Impairment charge of $64.2 million was recognized to reduce the carrying amount of a land parcel located outside of a

Megacampus aggregating 425,000 SF in Sorrento Mesa, to its estimated fair value less costs to sell of approximately $43.1

million. The land parcel met the criteria for classification as held for sale as of June 30, 2026, following our reevaluation of the

capital required to develop the site and its alignment with our Megacampus strategy, resulting in our decision to monetize the

asset and reallocate capital to other projects with greater value-creation opportunities. The asset is expected to be sold to a

•Impairment charge of $28.2 million was recognized to reduce the carrying amounts of five operating properties, primarily

comprising non-laboratory space, aggregating 95,814 RSF and one land parcel aggregating 144,000 SF in the Sorrento Valley

submarket of our San Diego market, to their estimated fair values less costs to sell of approximately $26.7 million. These

assets met the criteria for classification as held for sale as of June 30, 2026, following our evaluation of the significant capital

that would have been required to convert these properties through redevelopment for laboratory use and their alignment with

our Megacampus strategy, resulting in our decision to monetize these assets and reallocate capital to other projects with

•During the three months ended June 30, 2026, we recognized an additional impairment charge of $29.3 million related to one

future development project, aggregating 1.1 million SF, in the SoMa submarket of our San Francisco Bay Area market. The

additional impairment charge was recognized to reduce the carrying amount of this asset to its updated estimated fair value

less costs to sell of approximately $41.3 million based on recent negotiations with a potential buyer. The asset was classified

as held for sale in December 2025 following our commitment to dispose of it and reinvest the sales proceeds in other projects

with greater value-creation opportunities, resulting in an impairment charge of $333.4 million recognized in December 2025.

•In June 2026, we entered into a purchase and sale agreement to sell a previously impaired future development project

Francisco Bay Area market. These assets were classified as held for sale in December 2025, at which time we recognized an

impairment charge of $144.7 million. We recognized a $23.3 million partial reversal of the impairment charge to increase the

carrying values of the assets to their aggregate sales price of $163.0 million, less costs to sell. This adjustment was recorded

as a partial offset to impairment of real estate in our consolidated statements of operations and did not exceed the cumulative

impairment previously recognized on these assets. The sale was completed in July 2026, with no gain or loss recognized.

•Impairment charge of $61.6 million was recognized to reduce the carrying amount of one non-laboratory property aggregating

247,743 RSF in Canada, a non-cluster market, to its estimated fair value less costs to sell of approximately $42.4 million. The

property met the criteria for classification as held for sale as of June 30, 2026, following our decision to sell the asset and

reallocate the substantial near-term capital that redeveloping the asset would have required toward other projects with greater

In addition, we recognized an impairment charge of $27.8 million in connection with an amendment to the sales agreement for

our Montreal portfolio, reducing its carrying amount to its estimated fair value less costs to sell of approximately $134.5 million.

This portfolio has been classified as held for sale since the fourth quarter of 2025. The disposition of our Canadian portfolio

does not represent a strategic shift that has had, or will have, a major effect on our operations or financial results and,

In determining the carrying amounts of the assets for the impairment analyses, we considered their net book values, estimated

costs to sell, and the effect of approximately $33.0 million of cumulative net foreign currency translation losses recorded in

ARE‑East River Science Park, LLC (“ARE”), a subsidiary of Alexandria Real Estate Equities, Inc., holds an option granted in

2006 to incorporate a land parcel adjacent to and north of the Alexandria Center® for Life Science – New York City campus (the “Option

Parcel”) into the existing ground lease, which would allow for the future development of an additional life science building within the

campus. ARE’s investment in pre‑construction costs related to the Option Parcel aggregated $183.0 million as of June 30, 2026.

On August 6, 2024, ARE filed a lawsuit in the U.S. District Court for the Southern District of New York against New York City

Health + Hospitals Corporation (“H+H”) and the New York City Economic Development Corporation (“EDC”) relating to disputes under

the ground lease and option arrangements governing the Option Parcel. ARE filed an amended complaint on January 24, 2025,

asserting claims for fraudulent inducement, breach of contract, breach of the implied covenant of good faith and fair dealing, and

On March 27, 2026, the court granted defendants’ partial motion to dismiss the fraud in the inducement and implied covenant

of good faith and fair dealing claims. ARE intends to appeal this order at the appropriate time and to vigorously pursue its claims. The

On April 10, 2026, H+H and EDC answered the amended complaint and asserted counterclaims seeking, among other things,

declaratory relief relating to the alleged expiration of the option and entitlement to a $5.0 million security deposit, and damages of at

least $3.8 million. As a result of the foregoing matters, the timing of any development of the Option Parcel is currently indeterminate.

Excluding the potential impact of the counterclaims filed by H+H and EDC, this matter exposes us to potential losses ranging from zero

to the full amount of the investment in the project aggregating $183.0 million as of June 30, 2026, depending on the resolution of the

remaining declaratory relief proceedings, the outcome of any appeal, and/or the ability to develop the project. We performed a

probability-weighted recoverability analysis based on initial estimates of various possible outcomes and determined no impairment was

Separately from, and not as part of, the pending litigation related to the Option Parcel, EDC, on behalf of H+H as the landlord

and itself as lease administrator, delivered on April 20, 2026, a notice alleging that ARE is in default of certain information delivery

obligations under the ground lease relating to the existing operating towers at the Alexandria Center for Life Science – New York City

campus, including sublease, tax, and financial information. The notice asserts that the failure to cure the alleged defaults within the

applicable 30-day cure period would result in daily charges of $1,000 increasing thereafter up to $2,000. ARE disputes the allegations

On May 12, 2026, ARE filed a lawsuit in the Commercial Division of the New York State Supreme Court against H+H and EDC,

seeking a Yellowstone injunction, a preliminary injunction, and a temporary restraining order to toll all cure periods under the notice of

default and to enjoin EDC and H+H from issuing a notice of termination (the “NYS Action”). The court denied ARE’s request for a

temporary restraining order on May 13, 2026, and denied ARE’s request for a Yellowstone injunction and a preliminary injunction on

June 15, 2026. On June 17, 2026, ARE filed a notice of appeal from the court’s order, dated June 15, 2026. On July 1, 2026, ARE filed

an application for interim relief pending appeal. Following oral argument before a single justice, the application was denied without

On July 2, 2026, ARE filed an amended complaint in the NYS Action, adding claims for breach of contract, breach of the

implied covenant of good faith and fair dealing, tortious interference, and unfair competition, and is seeking declaratory and injunctive

relief, based on the defendants’ alleged misuse of ARE’s confidential subtenant information and diversion of an ARE subtenant to a