Consolidated and unconsolidated real estate joint ventures (Tables)

6 Months Ended

Jun. 30, 2026

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, 2026, 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%
	15 Necco Street	Greater Boston	Seaport Innovation District		56.7%
	3215 Merryfield Row	San Diego	Torrey Pines		30.0%
	Campus Point by Alexandria(2)	San Diego	University Town Center		58.2%	(3)
	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%
	Summers Ridge Science Park(5)	San Diego	Sorrento Mesa		30.0%
	Alexandria Center® for Science and Technology – Mission Bay(6)	San Francisco Bay Area	Mission Bay		25.0%
	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		48.6%
	1201 and 1208 Eastlake Avenue East	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:
	1655 and 1725 Third Street	San Francisco Bay Area	Mission Bay		10.0%
	101 West Dickman Street	Maryland	Beltsville		58.4%	(7)

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

(2)Includes 10200, 10290, and 10300 Campus Point Drive and 4135, 4155, 4165, 4224, and 4242 Campus Point Court.

(3)The noncontrolling interest share of our joint venture partner is anticipated to decrease to 25%, as we expect to fund the majority of future construction costs at the

campus until our ownership interest increases to 75%, after which future capital would be contributed pro rata with our partner.

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

(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, 2026	December 31, 2025
Investments in real estate	$6,102,291	$6,129,668
Cash and cash equivalents	200,422	258,755
Other assets	714,801	712,154
Total assets	$7,017,514	$7,100,577

Secured note payable	$—	$—
Other liabilities	578,147	324,513
Total liabilities	578,147	324,513
Redeemable noncontrolling interests	—	49,554
Alexandria Real Estate Equities, Inc.’s share of equity	2,827,104	3,098,932
Noncontrolling interests’ share of equity	3,612,263	3,627,578
Total liabilities and equity	$7,017,514	$7,100,577

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,

2026 and December 31, 2025 (in thousands):


Property	June 30, 2026	December 31, 2025
1655 and 1725 Third Street	$19,062	$19,484
101 West Dickman Street	9,848	9,669
Other	—	1,524
	$28,910	$30,677

Our maximum exposure related to our only unconsolidated VIE, 101 West Dickman Street, is limited to our investment in this

joint venture and a guarantee of up to $5.4 million of the outstanding balance related to the VIE’s secured construction loan.

Summary of unconsolidated real estate joint ventures loans

Below are key terms of unconsolidated real estate joint ventures’ secured loans as of June 30, 2026 (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		10/29/26	(3)	SOFR+1.95%	(4)	5.68%	$26,750	$19,445	58.4%
1655 and 1725 Third Street		2/10/35		6.37%		6.44%	500,000	497,052	10.0%
							$526,750	$516,497

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

(2)Represents outstanding principal, net of unamortized deferred financing costs, as of June 30, 2026.

(3)The unconsolidated real estate joint venture is in the process of working with prospective lenders to refinance this debt. As of June 30, 2026, our investment in this

unconsolidated real estate joint venture was $9.8 million.

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

- 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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