Consolidated and unconsolidated real estate joint ventures
Sep. 30, 2026
own, develop, and operate real estate properties. As of September 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 | 59.3% | (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)In October 2026, we completed a partial sale of our interest in this joint venture. Refer to “Campus Point by Alexandria Megacampus” within this Note 4 for additional
information.
(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.
Our consolidation policy is described under “Consolidation” in Note 2 – “Summary of significant accounting policies” to our
unaudited consolidated financial statements. Consolidation accounting is highly technical, but its framework is primarily based on the
controlling financial interests and benefits of the joint ventures. We generally consolidate a joint venture that is a legal entity we control
(i.e., we have the power to direct the activities of the joint venture that most significantly affect its economic performance) through
contractual rights, regardless of our ownership interest, and where we determine that we have benefits through the allocation of
earnings or losses and fees paid to us that could be significant to the joint venture (the “VIE model”).
We also generally consolidate joint ventures when we have a controlling financial interest through voting rights and where our
voting interest is greater than 50% (the “voting model”). Voting interest differs from ownership interest for some joint ventures. We
account for joint ventures that do not meet the consolidation criteria under the equity method of accounting by recognizing our share of
income and losses.
The table below shows the categorization of our real estate joint ventures under the consolidation framework:
Property | Consolidation Model | Voting Interest | Consolidation Analysis | Conclusion | |||||
50 and 60 Binney Street | VIE model | Not applicable under VIE model | Consolidated | ||||||
75/125 Binney Street | We have: | ||||||||
100 and 225 Binney Street and 300 Third Street | |||||||||
15 Necco Street | (i) | ||||||||
3215 Merryfield Row | |||||||||
Campus Point by Alexandria | |||||||||
5200 Illumina Way | |||||||||
9625 Towne Centre Drive | (ii) | Benefits that can be significant to the joint venture. | |||||||
SD Tech by Alexandria | |||||||||
Summers Ridge Science Park | |||||||||
Alexandria Center® for Science and Technology – Mission Bay | |||||||||
211 and 213 East Grand Avenue | Therefore, we are the primary beneficiary of each VIE | ||||||||
500 Forbes Boulevard | |||||||||
Alexandria Center® for Life Science – Millbrae | |||||||||
1201 and 1208 Eastlake Avenue East | |||||||||
400 Dexter Avenue North | |||||||||
800 Mercer Street | |||||||||
101 West Dickman Street | We do not control the joint venture and are therefore not the primary beneficiary. | Equity method of accounting | |||||||
1655 and 1725 Third Street | Voting model | Does not exceed 50% | Our voting interest is 50% or less. | ||||||
Consolidated real estate joint ventures
Consolidated VIEs’ balance sheet information
We, together with joint venture partners, hold interests in real estate joint ventures that we consolidate in our financial
statements. These existing joint ventures provide significant equity capital to fund a portion of our future construction spending, and our
joint venture partners may also contribute equity into these entities for financing-related activities.
The table below aggregates the balance sheet information of our consolidated VIEs (in thousands):
September 30, 2026 | December 31, 2025 | |||
Investments in real estate | $6,122,821 | $6,129,668 | ||
Cash and cash equivalents | 232,764 | 258,755 | ||
Other assets | 725,048 | 712,154 | ||
Total assets | $7,080,633 | $7,100,577 | ||
Secured notes payable | $— | $— | ||
Other liabilities | 614,837 | 324,513 | ||
Total liabilities | 614,837 | 324,513 | ||
Redeemable noncontrolling interests | — | 49,554 | ||
Alexandria Real Estate Equities, Inc.’s share of equity | 2,863,805 | 3,098,932 | ||
Noncontrolling interests’ share of equity | 3,601,991 | 3,627,578 | ||
Total liabilities and equity | $7,080,633 | $7,100,577 |
In determining whether to aggregate the balance sheet information of consolidated VIEs, we considered the similarity of each
VIE, including the primary purpose of these entities to own, manage, operate, and lease real estate properties owned by the VIEs, and
the similar nature of our involvement in each VIE as a managing member. Due to the similarity of the characteristics, we present the
balance sheet information of these entities on an aggregated basis. As of September 30, 2026, none of our consolidated VIEs’ assets
were subject to restrictions that limit their use to settle specific obligations of the VIEs, no creditors or other partners of our consolidated
VIEs had recourse to our general credit, and our maximum exposure to our consolidated VIEs was limited to our variable interests in
each VIE.
99 Coolidge Avenue
In July 2025, we amended the agreement for our consolidated real estate joint venture at 99 Coolidge Avenue in our
Cambridge/Inner Suburbs submarket. Pursuant to the amendment, the carrying amount of our partner’s noncontrolling interest was
adjusted from $42.0 million to $48.7 million, and the interest was converted into a redeemable noncontrolling interest that accrued a
fixed 4.05% annual preferred return (“distributions”). In January 2026, our partner exercised its option to require us to purchase its
entire preferred interest, and the redemption was completed in January 2026 for $49.7 million, inclusive of unpaid distributions.
Campus Point by Alexandria Megacampus
As of September 30, 2026, we held a 59.3% ownership interest in a consolidated joint venture that owns substantially all of the
Campus Point by Alexandria Megacampus, comprising seven operating properties aggregating 1.6 million RSF, located in our
University Town Center submarket of our San Diego market.
In October 2026, we completed the sale of an approximately 29% noncontrolling interest in the consolidated real estate joint
venture that owns substantially all of the Campus Point by Alexandria Megacampus for $475.0 million. We expect our new partner’s
initial share of the annual distributions to approximate 5.5% of the $475.0 million contributed capital. Upon completion of the sale, our
ownership interest in the real estate joint venture decreased to approximately 30%. We expect to fund the majority of future construction
costs at the Megacampus, which is expected to increase our ownership interest in the campus over time to over 50%, with the
ownership interests of our new joint venture partner and existing joint venture partner decreasing to below 20% and 30%, respectively.
Our new joint venture partner has the right to require us to purchase its interest after the seventh anniversary of the transaction
in exchange for shares of our common stock, subject to a contractual share issuance limit, or, at our election, in cash or a combination
of cash and shares.
We retained control and therefore continue to consolidate the properties held by the real estate joint venture. Accordingly, we
accounted for the $44.2 million difference between the consideration received and the book value of our interest sold as an increase to
additional paid-in capital, with no gain recognized in earnings.
Noncontrolling interests in consolidated real estate joint ventures
Noncontrolling interests represent the third-party interests in consolidated real estate joint ventures in which we have a
controlling interest. Noncontrolling interests are adjusted for additional contributions and distributions, the proportionate share of the net
earnings or losses, and other comprehensive income or loss. Distributions, profits, and losses related to these entities are allocated in
accordance with the respective operating agreements. During the nine months ended September 30, 2026 and 2025, we distributed
$171.2 million and $186.8 million, respectively, to our consolidated real estate joint venture partners.
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
September 30, 2026 and December 31, 2025 (in thousands):
Property | September 30, 2026 | December 31, 2025 | ||
1655 and 1725 Third Street | $18,719 | $19,484 | ||
101 West Dickman Street | 9,861 | 9,669 | ||
Other | — | 1,524 | ||
$28,580 | $30,677 |
As of September 30, 2026, 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.
Below are key terms of unconsolidated real estate joint ventures’ secured loans as of September 30, 2026 (dollars in
thousands):
Interest Rate(1) | At 100% | Our Share | ||||||||||||
Unconsolidated Joint Venture | Maturity Date | Stated Rate | Aggregate Commitment | Debt Balance(2) | ||||||||||
101 West Dickman Street | 10/29/26 | (3) | SOFR+1.95% | (4) | 5.91% | $26,750 | $19,354 | 58.4% | ||||||
1655 and 1725 Third Street | 2/10/35 | 6.37% | 6.44% | 500,000 | 497,138 | 10.0% | ||||||||
$526,750 | $516,492 | |||||||||||||
(1)Includes interest expense and amortization of loan fees.
(2)Represents outstanding principal, net of unamortized deferred financing costs, as of September 30, 2026.
(3)In October 2026, the unconsolidated real estate joint venture refinanced this debt with a new $22.5 million secured note payable bearing interest at SOFR+1.85% and
maturing in October 2030. As of September 30, 2026, our investment in this unconsolidated real estate joint venture was $9.9 million.
(4)This loan is subject to a SOFR floor of 0.75%.