Alexandria Real Estate Equities Inc. delivered adjusted FFO per diluted share of $2.16 for Q4 2025 and $9.01 for the full year, reflecting resilient cash flow generation in a challenging capital markets environment. During the quarter, the company executed 1.2 million square feet of new and renewal leases, a 14 percent increase over the prior four-quarter average, driven by strong demand from life sciences tenants in Boston, San Francisco and San Diego. Same-property net operating income grew 5.2 percent year-over-year, supported by escalations in expiring leases and occupancy at 96.8 percent. The development pipeline stands at 4.8 million square feet under construction, with a weighted-average expected stabilized yield of 7.1 percent and estimated total costs of $3.2 billion.

On January 27, 2026, Alexandria commenced cash tender offers to purchase up to an aggregate principal amount that will not result in aggregate purchase price exceeding $800 million of its outstanding senior notes due 2050, 2051 and 2052. The 3.000 percent notes due 2051 ($850 million outstanding) hold the highest acceptance priority, followed by the 3.550 percent due 2052 ($1 billion) and the 4.000 percent due 2050 ($700 million). Each series references the August 15, 2055 U.S. Treasury security at a fixed spread of +75 basis points for the 2051 and 2052 notes and +80 basis points for the 2050 notes, plus an early-tender premium of $50 per $1,000 principal amount. Settlement for early tenders is expected on February 12, 2026, and for late tenders on February 27, 2026. The offer is conditioned on the company raising at least $500 million from other capital markets financing. Citigroup, Barclays and J.P. Morgan serve as lead dealer managers, with Global Bondholder Services as depositary and information agent.