Alexandria Real Estate Equities (ARE) official guidance

During 4Q26, we expect the average real estate basis capitalized to range from $3.4 billion to $4.9 billion.

We expect average real estate basis capitalized to reach a bottom for 2026 in the fourth quarter, ranging from $3.4 billion-$4.9 billion, which is a $2.8 billion reduction in basis compared to the first half of 2026.

We expect average real estate basis capitalized to decline from $6.94 billion for 1H26 to an updated range of $3.4 billion to $4.9 billion for 4Q26, primarily driven by the achievement of certain milestone dates across several projects due to deliveries of development and redevelopment projects, deliveries of leased vacant space under construction, and pauses in construction and pre-construction activities, including a potential decline related to projects for which we are evaluating business and financial strategies.

So we gave, you know, in our supplemental, we gave what we think that basis under capitalization is gonna be in the fourth quarter, which was that kinda $4.5 billion Or $4.6 billion of a basis at the midpoint of that revised range for the fourth quarter.

We expect average real estate basis capitalized to decrease from $6.86 billion for 1Q26 to a range from $3.8 billion to $5.3 billion for 4Q26, driven by potential dispositions, deliveries of development and redevelopment, and pauses in construction/pre-construction activities.

| Dispositions and sales of partial interests | 1,100 | 2,700 | 1,900 | | (3) | 2,900 |

We continue our laser focus on our sources of capital with a disciplined, multifaceted strategy, which includes dispositions, sales of partial interest, and other capital, with a focus on the substantial completion of our large-scale non-core asset sale program in 2026, with a guidance midpoint of $2.9 billion and a weighted average projected completion date in September.

| 2026 guidance range for dispositions, sales of partial interests, and other capital sources(2) | | | | | | $2,100,000 – $3,700,000 | |

We expect land to comprise 10%-25% of the $2.9 billion midpoint of our guidance for 2026 dispositions and sales of partial interest, with core, non-core, and sales of partial interest to comprise the balance of 75%-90%.

| 2026 guidance range for dispositions and sales of partial interests | $2,100,000 – $3,700,000 |

We expect non-core assets and land to comprise around 65%-75% of the $2.9 billion midpoint of our guidance for 2026 dispositions and sales of partial interest.

Dispositions and sales of partial interests (refer to page 6)(6) | 2,100 | 3,700 | 2,900

| Dispositions and sales of partial interests(2) | 2,100 | | 3,700 | | 2,900 | |

| General and administrative expenses | $134 | $154 | $134 | $154 | No Change |

We remain on track with our guidance range of $134 million-$154 million for 2026, which represents around a 14% savings at the midpoint compared to our 2024 benchmark, or about $24 million in annual savings.

| General and administrative expenses | $134 | | $154 | | $134 | $154 | No Change |

We remain on track with our guidance range of $134 million-$154 million for 2026, which represents around 14% savings at the midpoint compared to our 2024 benchmark, or about $24 million in annual savings.

| General and administrative expenses | $134 | | $154 | | $134 | $154 | No Change |

General and administrative expenses | $134 | $154

| General and administrative expenses(3) | $ | 134 | | $ | 154 | |

1,250 1,236 1,039 647 (1) | Renewals & Re-leasing | Development & Redevelopment | Previously Vacant | Projected Total Leasing |

| Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized | 5.6x to 6.2x | 5.6x to 6.2x | No Change |

We remain committed, as Joel said, to our leverage goal for 4Q 2026 of 5.6-6.2x on a net debt to annualized adjusted EBITDA basis.

Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized | 5.6x to 6.2x | 5.6x to 6.2x | No Change

We reiterated our guidance range for 4Q 2026 net debt to annualize adjusted EBITDA of 5.6x-6.2x.

Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized | 5.6x to 6.2x | 5.6x to 6.2x | No Change

We reiterated our guidance range for Q4 2026 net debt to annualized adjusted EBITDA of 5.6x-6.2x.

Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized | 5.6x to 6.2x

| Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized(1) | 5.6x to 6.2x |

| Realized gains on non-real estate investments(3) | $50 | $80 | $60 | $90 | $10 million reduction(3) |

We reiterated our guidance range for realized investment gains of $60 million-$90 million for 2026.

| Realized gains on non-real estate investments(5) | $60 | | $90 | | $60 | $90 | No Change |

For 1Q 2026, realized gains included in FFO per share diluted as adjusted from our venture investments were $18 million, and we reiterated our guidance range for realized investment gains of $60 million-$90 million for 2026.

| Realized gains on non-real estate investments(5) | $60 | | $90 | | $60 | $90 | No Change |

For 2026, we reiterated our guidance range for realized investment gains of $60 million-$90 million, or approximately $19 million per quarter at the midpoint.

Realized gains on non-real estate investments(4) | $60 | $90

| Realized gains and losses on non-real estate investments(5) | $ | 60 | | $ | 90 | |

| Capitalization of interest | $220 | | $260 | | $225 | $265 | $5 million reduction(3) |

| Capitalization of interest | $225 | | $265 | | $225 | $275 | $5 million reduction(4) |

We reiterated our guidance for capitalized interest for 2026 of $250 million, down 24% from 2025.

Capitalization of interest(3) | $225 | $275

| Capitalization of interest(4) | $ | 225 | | $ | 275 | |

We're laser focused on trying to reduce our CapEx of the $1.75 billion construction pipeline for this year, which is fortunately highly leased, and we're anxious to continue deliveries, and we're focused on the lease-up of vacant space and making good progress there.

| Construction(4)(5) | $1,500 | $2,000 | $1,750 | | | $1,750 |

| 2026 guidance range for construction spending | $1,500,000 – $2,000,000 |

Construction | $1,500 | $2,000 | $1,750

| Construction | $ | 1,500 | $ | 2,000 | | $ | 1,750 | |

We expect construction spending in 2026 to be similar or slightly higher than the $1.75 billion midpoint of our guidance range for 2025 construction in order to complete our active construction projects and significant revenue- and non-revenue-enhancing capital expenditures necessary to lease vacant space.

We estimate our 2026 construction spending to be similar to slightly higher than the midpoint of construction spending for 2025 of $1.75 billion, which includes the recently announced build-to-suit in San Diego and higher CapEx and repositioning costs necessary to lease vacant space related to our operating properties.

We expect construction spending in 2026 to be similar or slightly higher than the $1.75 billion midpoint of our guidance range for 2025 construction in order to complete our active construction projects and significant revenue- and non-revenue-enhancing capital expenditures necessary to lease vacant space.

Given the benefit in 3Q 2026 that I mentioned, there was no change to the full year results, which remain at $6.40.

Funds from operations per share, as adjusted(1) | $6.35 to $6.45 | $6.30 to $6.50 | No change to midpoint; range narrowed by 10 cents(2)

It's important to note that while our guidance for the fourth quarter of 2026 implies a $0.05 reduction in the midpoint to $1.45, the midpoint for the full year of 2026 FFO per share diluted as adjusted was unchanged at $6.40 and benefited from later timing on the projected timing of dispositions and sales of partial interest, which was moved back by about a month.

Funds from operations per share, as adjusted(1) | $6.30 to $6.50 | $6.25 to $6.55 | No change to midpoint; range narrowed by 10 cents

Funds from operations per share, as adjusted(1) | $6.25 to $6.55

Our guidance for funds from operations per share – diluted, as adjusted, for the year ending December 31, 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026 to a range of $6.25 to $6.55, with the midpoint at $6.40.

Based on our current view of market conditions and in consideration of the factors included in the "Summary of Key Items that May Impact 2026 Results" section of our most recent quarterly report on Form 10-Q, as reiterated below, we expect the midpoint of our range for funds from operations per share – diluted, as adjusted for the year ending December 31, 2026 to be within the range of $6.25 to $6.85.

Fixed-charge coverage ratio – 4Q26 annualized | 3.6x to 4.1x | 3.6x to 4.1x

Fixed-charge coverage ratio – 4Q26 annualized | 3.6x to 4.1x | 3.6x to 4.1x |

Fixed-charge coverage ratio – 4Q26 annualized | 3.6x to 4.1x

| Fixed-charge coverage ratio – 4Q26 annualized | 3.6x to 4.1x |