Financial reports / Alexandria Real Estate Equities, Inc. | Tables in SEC filings

ARE Alexandria Real Estate Equities, Inc.

Annual report

The following tables set forth a summary of our new Class A/A+ development and redevelopment properties under construction as of December 31, 2024 (dollars in thousands):

Property/Market/Submarket	Square Footage	Percentage	Occupancy(1)
Dev/Redev	In Service	CIP	Total	Leased	Leased/ Negotiating	Initial	Stabilized
Under construction	2025 stabilization	500 North Beacon Street and 4 Kingsbury Avenue/Greater Boston/ Cambridge/Inner Suburbs	Dev	211,574	36,444	248,018	92%	92%	1Q24	2025
230 Harriet Tubman Way/San Francisco Bay Area/South San Francisco	Dev	—	285,346	285,346	100	100	1Q25	1Q25
Canada	Redev	111,479	139,311	250,790	73	75	3Q23	2025
323,053	461,101	784,154	89	89	2026 and beyond stabilization	One Hampshire Street/Greater Boston/Cambridge	Redev	—	104,956	104,956	—	—	2027	2028
311 Arsenal Street/Greater Boston/Cambridge/Inner Suburbs	Redev	82,216	(2)	308,446	390,662	21	21	2027	2027
99 Coolidge Avenue/Greater Boston/Cambridge/Inner Suburbs	Dev	116,414	204,395	320,809	40	62	4Q23	2026
401 Park Drive/Greater Boston/Fenway(3)	Redev	—	137,675	137,675	—	—	2026	2026
421 Park Drive/Greater Boston/Fenway	Dev	—	392,011	392,011	13	13	2026	2027
40, 50, and 60 Sylvan Road/Greater Boston/Route 128	Redev	—	596,064	596,064	31	31	2026	2027
Other/Greater Boston	Redev	—	453,869	453,869	—	—	(4)	2027	2027
1450 Owens Street/San Francisco Bay Area/Mission Bay	Dev	—	109,435	109,435	—	—	(5)	2026	2026
651 Gateway Boulevard/San Francisco Bay Area/South San Francisco	Redev	67,017	259,689	326,706	21	21	1Q24	2027
269 East Grand Avenue/San Francisco Bay Area/South San Francisco	Redev	—	107,250	107,250	—	—	2026	2027
10935, 10945, and 10955 Alexandria Way/San Diego/Torrey Pines	Dev	93,492	241,504	334,996	100	100	4Q24	2026
4135 Campus Point Court/San Diego/University Town Center	Dev	—	426,927	426,927	100	100	2026	2026
10075 Barnes Canyon Road/San Diego/Sorrento Mesa	Dev	—	253,079	253,079	70	70	2025	2026
701 Dexter Avenue North/Seattle/Lake Union	Dev	—	227,577	227,577	—	—	2026	2027
8800 Technology Forest Place/Texas/Greater Houston	Redev	50,094	73,298	123,392	41	41	2Q23	2026
409,233	3,896,175	4,305,408	35	37	732,286	4,357,276	5,089,562	43%	45%	(1)Initial occupancy dates are subject to leasing and/or market conditions. Stabilized occupancy may vary depending on single tenancy versus multi-tenancy. Multi-tenant projects may increase in occupancy over a period of time. (2)We expect to redevelop an additional 25,312 RSF of space occupied as of December 31, 2024 into laboratory space upon expiration of the existing leases through the second half of 2025. Refer to “Investments in real estate” under “Definitions and reconciliations” in Item 7 for additional information. (3)During the three months ended December 31, 2024, we shifted the strategy of our 401 Park Drive redevelopment project to focus on the largest, most significant phase of the project. This phase aggregated 137,675 RSF and is expected to initially deliver and stabilize in 2026. Accordingly, we placed the less significant portion of the project that aggregated 22,284 RSF back into operations. (4)Represents a project focused on demand from our existing tenants in our adjacent properties/campuses that will address demand from other non-Alexandria properties/campuses. (5)Represents a multi-tenant project expanding our existing Alexandria Center® for Science and Technology – Mission Bay Megacampus, where our joint venture partner will fund 100% of the construction cost until it attains an ownership interest of 75%, after which it will contribute its respective share of additional capital. During the three months ended December 31, 2024, we executed a letter of intent with a biomedical institution for the sale of a condominium interest aggregating 103,361 RSF, or approximately 49% of the development project, with the transaction expected to close in 2025. Accordingly, we adjusted the development project RSF and its related book value to reflect 109,435 RSF, with our ownership share expected to be 25% at completion of the project.

Development and Redevelopment	Future Opportunities Subject to Market Conditions and Leasing	Operating	Under Construction	Priority Anticipated	Future	Subtotal	Total	Square footage	Operating	39,165,855	—	—	—	—	39,165,855	New Class A/A+ development and redevelopment properties	—	4,357,276	2,134,948	23,696,280	30,188,504	30,188,504	Future development and redevelopment square feet currently included in rental properties(1)	—	—	(213,524)	(2,843,150)	(3,056,674)	(3,056,674)	Total square footage, excluding properties held for sale	39,165,855	4,357,276	1,921,424	20,853,130	27,131,830	66,297,685	Properties held for sale	600,870	—	—	2,390,856	2,390,856	2,991,726	Total square footage	39,766,725	4,357,276	1,921,424	23,243,986	29,522,686	69,289,411	(2)
Investments in real estate	Gross book value as of December 31, 2024(3)	$28,878,752	$3,893,557	$510,372	$4,452,537	$8,856,466	$37,735,218

Market Property/Submarket	Our Ownership Interest	Book Value	Square Footage
Development and Redevelopment	Total(1)
Future Opportunities Subject to Market Conditions and Leasing	Under Construction	Priority Anticipated	Future	New York City	Megacampus: Alexandria Center® for Life Science – New York City/New York City	100%	$168,423	—	—	550,000	(2)	550,000
168,423	—	—	550,000	550,000
Texas	Alexandria Center® for Advanced Technologies at The Woodlands/Greater Houston	100%	49,118	73,298	—	116,405	189,703
8800 Technology Forest Place	1001 Trinity Street and 1020 Red River Street/Austin	100%	10,533	—	126,034	123,976	250,010
Other development and redevelopment projects	100%	56,798	—	—	344,000	344,000
116,449	73,298	126,034	584,381	783,713
Canada	100%	51,596	139,311	—	371,743	511,054
Other development and redevelopment projects	100%	121,396	—	—	724,349	724,349
Total pipeline as of December 31, 2024, excluding properties held for sale	8,618,727	4,357,276	2,134,948	23,696,280	30,188,504
Properties held for sale	237,739	—	—	2,390,856	2,390,856
Total pipeline as of December 31, 2024	$8,856,466	(3)	4,357,276	2,134,948	26,087,136	32,579,360

Year Ended December 31,
2024	2023	2024	2023
2024	Amount			Per Share – Diluted
Unrealized losses on non-real estate investments	$(112.2)	$(201.5)	$(0.65)	$(1.18)
Gain on sales of real estate(1)	129.3	277.0	0.75	1.62
Impairment of non-real estate investments	(58.1)	(74.6)	(0.34)	(0.44)
Impairment of real estate	(223.1)	(461.1)	(1.30)	(2.70)
Acceleration of stock compensation expense due to executive officer resignations	—	(20.3)	—	(0.12)
Provision for expected credit losses on financial instruments	0.4	—	—	—
Total	$(263.7)	$(480.5)	$(1.54)	$(2.82)

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