ARE

The repurchase reduced debt and improved leverage by approximately 0

business, (ii) a major geographic area, (iii) a major equity method investment, or (iv) other major parts of an entity, then the operations of the property, including any interest expense directly attributable to it, are classified as discontinued operations in our consolidated statements of operations, and amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. The disposal of an individual property generally will not represent a strategic shift and theref

interest ” under “ Definitions and reconciliations ” in Item 7 in this annual report on Form 10-K for additional information. 93 The table below presents gross interest expense, capitalized interest, and interest expense for the last several years (in thousands). Gross Interest Expense Capitalized Interest Interest Expense 2023 $ 438,182 $ (363,978) $ 74,204 2024 $ 516,799 $ (330,961) $ 185,838 2025 $ 557,122 $ (330,424) $ 226,698 Midpoint of 2026 guidance range $ 505,000 $ (250,000) $ 255,000 For 202

and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a wave of new development activity across the sector

and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a wave of new development activity across the sector

financing and sales-type leases Income from rentals related to direct financing and sales-type leases is recognized over the lease term using the effective interest rate method

of debt maturing in a single year

Consequently, inflation may increase our general and administrative expenses over time

of our costs, such as operating and general and administrative expenses, interest expense, and real estate acquisition and construction costs, are subject to inflation

financing and sales-type leases Income from rentals related to direct financing and sales-type leases is recognized over the lease term using the effective interest rate method

and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a wave of new development activity across the sector

and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a wave of new development activity across the sector

Consequently, inflation may increase our general and administrative expenses over time

of debt maturing in a single year

Risks related to government and global factors • Actions, policy, or key leadership changes in government agencies, or changes to laws or regulations, including those related to tax, accounting, debt, derivatives, government spending, or funding (including those related to the FDA, the NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and he

We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules and regulations of the SEC

We are monitoring considerations such as shifting market demands and regulation

• Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting standards

Regulation General Properties in our markets are subject to various laws, ordinances, and regulations, including regulations relating to common areas

through December 31, 2026 in the open market, through privately negotiated transactions, or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act

Regulation General Properties in our markets are subject to various laws, ordinances, and regulations, including regulations relating to common areas

through December 31, 2026 in the open market, through privately negotiated transactions, or otherwise, in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act

Risks related to government and global factors • Actions, policy, or key leadership changes in government agencies, or changes to laws or regulations, including those related to tax, accounting, debt, derivatives, government spending, or funding (including those related to the FDA, the NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and he

We are monitoring considerations such as shifting market demands and regulation

We have prepared the accompanying interim consolidated financial statements in accordance with GAAP and in conformity with the rules and regulations of the SEC

• Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting standards

and pre-acquisition costs related to projects that we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the provision for expected credit losses on financial instruments, significant termination fees, acceleration of stock compensation expense due to the resignations of executive officers, deal costs, the income tax effect related to such items, and the amount of such items that is allocable to our unvested restricted stock awards. We compute the amount that is allocable t

and pre-acquisition costs related to projects that we decided to no longer pursue, gains or losses on early extinguishment of debt, changes in the provision for expected credit losses on financial instruments, significant termination fees, acceleration of stock compensation expense due to the resignations of executive officers, deal costs, the income tax effect related to such items, and the amount of such items that is allocable to our unvested restricted stock awards. We compute the amount that is allocable t

is reduced over time as lease payments are received. We evaluate our net investment in direct financing and sales-type leases for impairment under the current expected credit losses accounting standard. For additional information, refer to “ Provision for expected credit losses ” in Note 2 – “Summary of significant accounting policies” to our unaudited consolidated financial statements. 17 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) As a lessor, we classify a lease with variable lease

capitalization of companies and failures of financial institutions. Although U.S. bank earnings and liquidity have rebounded, the potential of significant future bank credit losses creates uncertainty for the lending outlook. Downgrades of the U.S. federal government’s sovereign credit rating and an economic crisis in Europe could negatively impact our liquidity, financial condition, and earnings. Previous U.S. debt ceiling and budget deficit concerns, together with sovereign debt conditions in Europe, hav

which materially constrained incremental real estate demand among certain federally supported entities. Further, government actions aimed at reducing U.S. prescription drug prices have heightened uncertainty regarding future returns on pharmaceutical and biotechnology investments. This has weighed on risk appetite across the sector and constrained investment into some areas of research and development. As a result, some tenants have delayed or scaled 90 back expansion plans, reducing leasing activity and occu

materially constrained incremental real estate demand among certain federally supported entities. 52 Further, government actions aimed at reducing U.S. prescription drug prices have heightened uncertainty regarding future returns on pharmaceutical and biotechnology investments. This has weighed on risk appetite across the sector and constrained investment into some areas of research and development. As a result, some tenants have delayed or scaled back expansion plans, reducing leasing activity and occupan

which represent scheduled rental amounts due under our leases, and contingent rental payments. Nonlease components consist primarily of tenant recoveries representing reimbursements of rental operating expenses under our triple net lease structure, including recoveries for property taxes, insurance, utilities, repairs and maintenance, and common area expenses. 16 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) If the lease component is the predominant component, we account for all revenues under su

may propose potential changes to the ACA and other healthcare programs. In 2025, the administration also initiated multiple healthcare‑system policy actions affecting drug pricing, federal agency operations, and reimbursement frameworks, creating materially increased uncertainty for tenants in the life science, healthcare, and pharmaceutical sectors. It is unclear how any such healthcare reports or other policy changes, if implemented, will impact our business. It is also unknown what other changes will be i

0200 Campus Point Drive 701 Dexter Avenue North San Francisco Bay Area/ South San Francisco San Diego/ University Town Center San Diego/ University Town Center Seattle/Lake Union 84,157 RSF 426,927 RSF 466,598 RSF 227,577 RSF 40% Leased/Negotiating 100% Leased 100% Leased 23% Leased/Negotiating (1) Image represents 60 Sylvan Road on the Alexandria Center ® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket. 71 New Class A/A+ development and redevelopment

• The loss of services of any of our senior officers or key employees and increased competition for skilled personnel could adversely affect us and/or increase our labor costs. • We rely on a limited number of vendors to provide utilities and other services at our properties, and disruption in such services may have an adverse effect on our operations and financial condition. • Our insurance policies may not adequately cover all of our potential losses, or we may incur costs due to the financial condi

at www.sec.gov. 6 Human capital As of December 31, 2025 , we had 514 employees . We place a significant focus on building loyalty and trusted relationships across our workforce. We maintain a Business Integrity Policy that applies to all employees, and its receipt and review by each employee is documented and verified annually. To promote an exceptional corporate culture, Alexandria monitors employee satisfaction, actively seeks feedback, and strives to enhance our benefit offerings to meet the needs of our

Alexandria/San Diego/Sorrento Mesa (2)(6) 50.0% 969,416 Summers Ridge Science Park/San Diego/Sorrento Mesa (7) 70.0% 316,531 1201 and 1208 Eastlake Avenue East/Seattle/Lake Union 70.0% 206,134 400 Dexter Avenue North/Seattle/Lake Union 70.0% 290,754 800 Mercer Street/Seattle/Lake Union 40.0% — (2) Unconsolidated Real Estate Joint Ventures Property/Market/Submarket Our Ownership Share (8) Operating RSF at 100% 1655 and 1725 Third Street/San Francisco Bay Area/Mission Bay 10.0% 586,208 101 West Dickman Street/Mary

0.0 % SD Tech by Alexandria (5) San Diego Sorrento Mesa 50.0 % Summers Ridge Science Park (6) San Diego Sorrento Mesa 30.0 % 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

• The loss of services of any of our senior officers or key employees and increased competition for skilled personnel could adversely affect us and/or increase our labor costs. • We rely on a limited number of vendors to provide utilities and other services at our properties, and disruption in such services may have an adverse effect on our operations and financial condition. • Our insurance policies may not adequately cover all of our potential losses, or we may incur costs due to the financial condi

at www.sec.gov. 6 Human capital As of December 31, 2025 , we had 514 employees . We place a significant focus on building loyalty and trusted relationships across our workforce. We maintain a Business Integrity Policy that applies to all employees, and its receipt and review by each employee is documented and verified annually. To promote an exceptional corporate culture, Alexandria monitors employee satisfaction, actively seeks feedback, and strives to enhance our benefit offerings to meet the needs of our

Alexandria/San Diego/Sorrento Mesa (2)(6) 50.0% 969,416 Summers Ridge Science Park/San Diego/Sorrento Mesa (7) 70.0% 316,531 1201 and 1208 Eastlake Avenue East/Seattle/Lake Union 70.0% 206,134 400 Dexter Avenue North/Seattle/Lake Union 70.0% 290,754 800 Mercer Street/Seattle/Lake Union 40.0% — (2) Unconsolidated Real Estate Joint Ventures Property/Market/Submarket Our Ownership Share (8) Operating RSF at 100% 1655 and 1725 Third Street/San Francisco Bay Area/Mission Bay 10.0% 586,208 101 West Dickman Street/Mary

0200 Campus Point Drive 701 Dexter Avenue North San Francisco Bay Area/ South San Francisco San Diego/ University Town Center San Diego/ University Town Center Seattle/Lake Union 84,157 RSF 426,927 RSF 466,598 RSF 227,577 RSF 40% Leased/Negotiating 100% Leased 100% Leased 23% Leased/Negotiating (1) Image represents 60 Sylvan Road on the Alexandria Center ® for Life Science – Waltham Megacampus. The project is expected to capture demand in our Route 128 submarket. 71 New Class A/A+ development and redevelopment

0.0 % SD Tech by Alexandria (5) San Diego Sorrento Mesa 50.0 % Summers Ridge Science Park (6) San Diego Sorrento Mesa 30.0 % 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

companies through our venture capital platform. As of March 31, 2026 : • Investment-grade or publicly traded large cap tenants represented 55% o f our annual rental revenue; • Approximately 97% of our leases (on an annual rental revenue basis) contained effective annual rent escalations approximating 3% that were either fixed or indexed based on a consumer price index or other index; • Approximately 91% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to p

percentage of our operating properties as of December 31, 2025 was 95% . Investment-grade or publicly traded large cap tenants represented 53% of our total annual rental revenue in effect as of December 31, 2025 . Additional information regarding our consolidated and unconsolidated real estate joint ventures is included in “ Item 7. Management’s discussion and analysis of financial condition and results of operations ” in this annual report on Form 10-K. For information regarding risk factors that may aff

and long lease terms (As of December 31, 2025 , unless stated otherwise) Occupancy of operating properties in North America 90.9% Percentage of total annual rental revenue in effect from Megacampus platform 78% Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants 53% Adjusted EBITDA margin for the three months ended December 31, 2025 70% Percentage of leases containing annual rent escalations 97% Weighted-average remaining lease term: Top 20 tenant

and long lease terms (As of December 31, 2025 , unless stated otherwise) Occupancy of operating properties in North America 90.9% Percentage of total annual rental revenue in effect from Megacampus platform 78% Percentage of total annual rental revenue in effect from investment-grade or publicly traded large cap tenants 53% Adjusted EBITDA margin for the three months ended December 31, 2025 70% Percentage of leases containing annual rent escalations 97% Weighted-average remaining lease term: Top 20 tenant

companies through our venture capital platform. As of March 31, 2026 : • Investment-grade or publicly traded large cap tenants represented 55% o f our annual rental revenue; • Approximately 97% of our leases (on an annual rental revenue basis) contained effective annual rent escalations approximating 3% that were either fixed or indexed based on a consumer price index or other index; • Approximately 91% of our leases (on an annual rental revenue basis) were triple net leases, which require tenants to p

percentage of our operating properties as of December 31, 2025 was 95% . Investment-grade or publicly traded large cap tenants represented 53% of our total annual rental revenue in effect as of December 31, 2025 . Additional information regarding our consolidated and unconsolidated real estate joint ventures is included in “ Item 7. Management’s discussion and analysis of financial condition and results of operations ” in this annual report on Form 10-K. For information regarding risk factors that may aff

our debt service obligations, and the market price of our common stock. The acquisition or development of new properties may give rise to difficulties in predicting revenue potential. We may continue to acquire additional properties and/or land and may seek to develop our existing land holdings strategically as warranted by market conditions. These acquisitions and developments could fail to perform in accordance with expectations. If we fail to accurately estimate occupancy levels, rental rates, lease com

in Progress EPS Earnings per Share FASB Financial Accounting Standards Board FFO Funds From Operations GAAP U.S. Generally Accepted Accounting Principles IRS Internal Revenue Service JV Joint Venture Nareit National Association of Real Estate Investment Trusts NAV Net Asset Value NYSE New York Stock Exchange REIT Real Estate Investment Trust RSF Rentable Square Feet/Foot SEC Securities and Exchange Commission SF Square Feet/Foot SoDo South of Downtown submarket of Seattle SOFR Secured Overnight Financing Rat

operating income on an unencumbered basis to allow for future flexibility for accessing both unsecured and secured debt markets, although we expect traditional secured mortgage notes payable will remain a small component of our capital structure. We intend to supplement our remaining capital needs with net cash flows from operating activities after dividends as well as proceeds from real estate asset sales, partial interest sales, and equity capital. For further information, refer to “Projected results”

of one or more of our properties, possibly on disadvantageous terms, to make payments on our debt. • If we default on our secured debt obligations, the lenders or mortgagees may foreclose on our properties that secure those loans. • A foreclosure on one of our properties could create taxable income without any accompanying cash proceeds to pay the tax. • A default under a loan that has cross-default provisions may cause us to automatically default on another loan. • We may not be able to refinance

incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented. The following table summarizes unencumbered net operating income as a percentage of total net operating income for the three months ended March 31, 2026 and 2025 (dollars in thousands): Three Months Ended March 31, 2026 2025 Unencumbered n

incurred at the unencumbered property level. Unencumbered net operating income is derived from assets classified in continuing operations, which are not subject to any mortgage, deed of trust, lien, or other security interest, as of the period for which income is presented. The following table summarizes unencumbered net operating income as a percentage of total net operating income for the three months ended March 31, 2026 and 2025 (dollars in thousands): Three Months Ended March 31, 2026 2025 Unencumbered n

of one or more of our properties, possibly on disadvantageous terms, to make payments on our debt. • If we default on our secured debt obligations, the lenders or mortgagees may foreclose on our properties that secure those loans. • A foreclosure on one of our properties could create taxable income without any accompanying cash proceeds to pay the tax. • A default under a loan that has cross-default provisions may cause us to automatically default on another loan. • We may not be able to refinance

operating income on an unencumbered basis to allow for future flexibility for accessing both unsecured and secured debt markets, although we expect traditional secured mortgage notes payable will remain a small component of our capital structure. We intend to supplement our remaining capital needs with net cash flows from operating activities after dividends as well as proceeds from real estate asset sales, partial interest sales, and equity capital. For further information, refer to “Projected results”

These included consequential shifts in leadership at the Health and Human Services agency (“HHS”), tariff-related measures, operational, leadership, and staff disruptions at the NIH and the FDA, threatened reductions in NIH funding of biomedical research and proposals to limit NIH funding of indirect grant costs, heightened scrutiny of pharmaceutical pricin

These included consequential shifts in leadership at the Health and Human Services agency (“HHS”), tariff-related measures, operational, leadership, and staff disruptions at the NIH and the FDA, threatened reductions in NIH funding of biomedical research and proposals to limit NIH funding of indirect grant costs, heightened scrutiny of pharmaceutical pricin

spending, or funding (including those related to the FDA, the NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and healthcare pricing, costs, and programs could have a significant negative impact on the overall economy, our tenants and companies in which we invest, and our business

spending, or funding (including those related to the FDA, the NIH, the SEC, and other agencies), support of early stage research, FDA effectiveness, tariffs, and drug and healthcare pricing, costs, and programs could have a significant negative impact on the overall economy, our tenants and companies in which we invest, and our business

These included consequential shifts in leadership at the Health and Human Services agency (“HHS”), tariff-related measures, operational, leadership, and staff disruptions at the NIH and the FDA, threatened reductions in NIH funding of biomedical research and proposals to limit NIH funding of indirect grant costs, heightened scrutiny of pharmaceutical pricin

These included consequential shifts in leadership at the Health and Human Services agency (“HHS”), tariff-related measures, operational, leadership, and staff disruptions at the NIH and the FDA, threatened reductions in NIH funding of biomedical research and proposals to limit NIH funding of indirect grant costs, heightened scrutiny of pharmaceutical pricin

after the COVID-19 pandemic, the shift toward hybrid and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a

after the COVID-19 pandemic, the shift toward hybrid and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a

impact their value. 8 • Market disruption and volatility, poor economic conditions in the capital markets and global economy, including in connection with a widespread pandemic or outbreak of a highly infectious or contagious disease, and tight labor markets could adversely affect the value of the companies in which we hold equity investments or the ability of tenants and the companies in which we invest to continue operations, raise additional capital, or access capital from venture capital investors or fina

after the COVID-19 pandemic, the shift toward hybrid and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a

after the COVID-19 pandemic, the shift toward hybrid and remote work arrangements as well as exceptionally strong demand for life science space, driven by public health urgency and supported by historically low interest rates, prompted certain office and other real estate investors to repurpose underutilized office spaces into laboratory facilities, initiating a

has increased. The strength of this strategy is reflected in the 2025 performance metrics below, achieved despite challenging macroeconomic, regulatory, policy, and political environments: • Leasing volume aggregating 4.2 million RSF for the year ended December 31, 2025 . • Weighted-average lease term of 11.9 years for leases executed during the year ended December 31, 2025 . • In July 2025, we executed the largest life science lease in Company history with a long-standing multinational pharmaceutica

has increased. The strength of this strategy is reflected in the 2026 performance metrics below, achieved despite challenging macroeconomic, regulatory, policy, and geopolitical environments: • Occupancy of 87.7% as of March 31, 2026 : • Outperforms market occupancy levels in our top three markets: Greater Boston, San Francisco Bay Area, and San Diego. • Additional 3.2% occupancy is expected from temporary vacancies aggregating 1.1 million RSF ( 3.2% of total operating RSF) as of March 31, 2026 . These

1999, relating to the 9.50% Series A Cumulative Redeemable Preferred Stock Form 10-Q August 13, 1999 3.6* Articles Supplementary, dated February 10, 2000, relating to the election to be subject to Subtitle 8 of Title 3 of the Maryland General Corporation Law Form 8-K February 10, 2000 3.7* Articles Supplementary, dated February 10, 2000, relating to the Series A Junior Participating Preferred Stock Form 8-K February 10, 2000 3.8* Articles Supplementary, dated January 18, 2002, relating to the 9.10% Series B Cumu

in cash, in shares of our common stock, or in a combination of cash and shares of our common stock. For example, we may declare dividends payable in cash or stock at the election of each stockholder, subject to a limit on the aggregate cash that could be paid. Any such dividends would be distributed in a manner intended to count in full toward the satisfaction of our annual distribution requirements and to qualify for the dividends paid deduction. While the IRS privately has ruled that such a dividend would so

Some municipalities, including the Cities of New York and San Francisco, have also implemented legislation to eliminate the use of natural gas in new construction projects

Some municipalities, including the Cities of New York and San Francisco, have also implemented legislation to eliminate the use of natural gas in new construction projects

We may face increased risks and costs associated with volatility in commodity and labor prices or as a result of supply chain or procurement disruptions, which may adversely affect the status of and returns on our construction projects

We may face increased risks and costs associated with volatility in commodity and labor prices or as a result of supply chain or procurement disruptions, which may adversely affect the status of and returns on our construction projects

These factors, combined with volatile oil prices and fluctuating business and consumer confidence, precipitated a steep economic decline

These factors, combined with volatile oil prices and fluctuating business and consumer confidence, precipitated a steep economic decline

Future or past business transactions (such as acquisitions or integrations) could expose us to additional cybersecurity risks and vulnerabilities as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities’ systems and technologies outside of our control

Other comprehensive (loss) income Other comprehensive (loss) income primarily comprised unrealized foreign currency translation gains or losses related to our operations in Canada

Income (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Net income $ 398,377 $ 38,662 Other comprehensive (loss) income Change in foreign currency translation adjustments: Unrealized foreign currency translation (losses) gains arising during the period ( 1,518 ) 50 Reclassification of gains ( 23 ) — Unrealized (losses) gains on foreign currency translation, net ( 1,541 ) 50 Total other

9 million for the year ended December 31, 2025 , was primarily due to unrealized foreign currency translation gains of $15

• Adverse effects of changes in exchange rates for foreign currencies

Income (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Net income $ 398,377 $ 38,662 Other comprehensive (loss) income Change in foreign currency translation adjustments: Unrealized foreign currency translation (losses) gains arising during the period ( 1,518 ) 50 Reclassification of gains ( 23 ) — Unrealized (losses) gains on foreign currency translation, net ( 1,541 ) 50 Total other

Other comprehensive (loss) income Other comprehensive (loss) income primarily comprised unrealized foreign currency translation gains or losses related to our operations in Canada

• Adverse effects of changes in exchange rates for foreign currencies

9 million for the year ended December 31, 2025 , was primarily due to unrealized foreign currency translation gains of $15

factors, such as negative economic, social, political, financial, credit market, banking conditions, and/or regional armed hostilities; and • Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting standards. This list of risks and uncertainties is not exhaustive. Additional information regarding risk factors that may affect us is included under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financ

factors, such as negative economic, social, political, financial, credit market, banking conditions, and/or regional armed hostilities; and • Other factors, such as climate change, cyber intrusions, and/or changes in laws, regulations, and financial accounting standards. This list of risks and uncertainties is not exhaustive. Additional information regarding risk factors that may affect us is included under Part I; “Item 1A. Risk factors”; and “Item 7. Management’s discussion and analysis of financ

circumstances beyond our control, including circumstances related to changes in the U.S. political landscape, could adversely affect our business operations. • Seasonal weather conditions, climate change and severe weather, changes in the availability of transportation or labor, and other related factors may affect our ability to conduct business, the products and services of our tenants, or the availability of such products and services of our tenants and the companies in which we invest. • We may be unable

are located along the east and west coasts of the U.S. and some of our properties are located in close proximity to shorelines. To the extent that climate change impacts weather patterns, our markets could experience severe weather, including hurricanes, severe winter storms, wildfires, droughts, and coastal flooding due to increases in storm intensity and rising sea levels. Over time, these conditions could result in declining demand for space at our properties, delays in construction and resulting increased c

Opportunities to generate higher rent through redevelopment of existing space; • The property’s unlevered yields; • Potential impacts of climate change and extreme weather conditions; and • Our ability to increase the property’s long-term financial returns. Development, redevelopment, and pre-construction A key component of our business model is our disciplined allocation of capital to the development and redevelopment of new Class A/A+ properties, as well as property enhancements identified during th

were implemented on goods imported into the U.S., particularly from China, Canada, and Mexico. As China was and is a major global exporter of steel, solar panels, and aluminum, the tariffs on these specific imports led to a trade war between not only the U.S. and China, but also between the U.S. and the international community. Other countries, including China, Canada, and the EU, implemented retaliatory tariffs in response to these policies on U.S. goods. In early 2025, President Trump imposed additional ta

• Risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations, or disinformation

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-looking statements Certain information and statements included in this quarterly report on Form 10-Q, including, without limitation, statements containing the words “forecast,” “guidance,” “goals,” “projects,” “estimates,” “anticipates,” “believes,” “ex

Forward-looking statements involve inherent risks and uncertainties regarding events, conditions, and financial trends that may affect our future plans of operations, business strategy, results of operations, and financial position

Rapid expansion of China’s biotechnology sector and potential adverse impact on demand for U

research and proposals to limit NIH funding of indirect grant costs, heightened scrutiny of pharmaceutical pricing, and increased global competition from China, discussed below

research and proposals to limit NIH funding of indirect grant costs, heightened scrutiny of pharmaceutical pricing, and increased global competition from China, discussed below