ALEXANDRIA REAL ESTATE EQUITIES Business Summary

Alexandria Real Estate Equities, Inc. (ARE) operates as a preeminent urban office real estate investment trust (REIT) focused on the ownership, operation, and development of collaborative "Megacampus" ecosystems. The company generates the vast majority of its revenue through long-term triple-net lease agreements, providing mission-critical laboratory, office, and manufacturing space to high-quality tenants in the life science, agtech, and technology sectors. As of early 2026, approximately 75% of its annual rental revenue is derived from these integrated campuses located in AAA innovation clusters such as Greater Boston, the San Francisco Bay Area, and San Diego. Alexandria differentiates itself through a dual-track model that combines specialized real estate management with a strategic venture capital arm, Alexandria Venture Investments, which provides funding to early-stage life science entities. The company maintains a dominant market position as the world’s largest specialized life science REIT, competing directly with Healthpeak Properties, Inc., BXP (Boston Properties), Kilroy Realty Corporation, and Blackstone’s BioMed Realty, while maintaining a superior moat through its 20% share of premier cluster-based properties. Founded in 1994 by Joel S. Marcus and the late Jerry M. Sudarsky, the company is currently led by Executive Chairman Joel S. Marcus, a JD and CPA who pioneered the life science real estate asset class. The executive leadership team includes Peter M. Moglia, who serves as Chief Executive Officer and Chief Investment Officer, bringing over 25 years of tenure at the firm, and Marc E. Binda as Chief Financial Officer and Treasurer. Recent 2026 leadership updates include the appointment of Thomas Gregory Calvin as Executive Vice President and Chief Technology Officer (CTO) and John Hart Cole as Co-President. The company’s Board of Directors is bolstered by Lead Director Steven Hash, a former Goldman Sachs executive, and Maria C. Freire, former President of the Foundation for the National Institutes of Health. Alexandria is characterized by high institutional ownership, with approximately 96% of shares held by major entities such as Vanguard, BlackRock, and Aberdeen Group, reflecting its status as a core S&P 500 constituent.