ARE · Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities' first quarter 2026 update emphasizes strategic balance sheet management and operational execution. The company is advancing a substantial disposition plan, with $2.33 billion in assets in process or pending, aimed at reducing leverage and recycling capital. This aligns with management's 'Path Forward' to maintain a strong and flexible balance sheet, targeting an annualized leverage ratio of 5.6x to 6.2x by the fourth quarter of 2026. The company successfully repaid $350.0 million of unsecured senior notes in April 2026 using short-term borrowings, which it expects to retire with future disposition proceeds. The balance sheet is characterized by significant liquidity of $4.2 billion and an industry-leading weighted-average debt term of 10.0 years, providing financial flexibility. Operationally, the company leased 647,356 RSF, predominantly to existing tenants, demonstrating tenant retention strength. Furthermore, 1.1 million RSF of leased space awaiting delivery is projected to increase occupancy by 3.2% and generate approximately $68 million in annual rental revenue. Management also highlighted continued G&A efficiency, achieving an 18% reduction in expenses compared to the 2024 quarterly average.