Alexandria Real Estate Equities reported adjusted FFO per diluted share of $2.16 for Q4 2025 and $9.01 for the full year, reflecting growth of 4.8% year-over-year on an annual basis. Leasing volume reached 1.2 million square feet in the quarter, up 14% versus the prior four-quarter period, driven by ten new lease agreements in the life science cluster markets. Same-property net operating income increased 3.2% year-over-year, supported by 97.3% portfolio occupancy at quarter end. The company deployed $420 million of development capital during Q4 and achieved a trailing twelve-month blended leasing spread of +18.5% on renewals and new leases. Debt to enterprise value remained at 28.5%, in line with the target range, and unencumbered asset value represented 67% of total assets.

On January 27, 2026, Alexandria commenced cash tender offers to purchase up to $800 million aggregate principal amount of its outstanding senior notes due 2050, 2051 and 2052. The company set acceptance priority levels for the three series, with the 3.000% notes due 2051 (aggregate outstanding $850 million) at highest priority, followed by the 3.550% notes due 2052 ($1.0 billion outstanding) and the 4.000% notes due 2050 ($700 million outstanding). Holders validly tendering by the early tender date of February 9 will receive an early tender premium of $50 per $1,000 principal, plus accrued interest, with settlement expected February 12. Subsequent tenders through the expiration date of February 25 will forgo the $50 premium but receive the same base consideration. Acceptance is subject to proration and a financing condition requiring at least $500 million of gross proceeds from new capital markets transactions.

Following year-end announcements, Alexandria maintains $1.9 billion of unrestricted liquidity, including $1.2 billion available under its revolving credit facility. The tender offer, if fully subscribed, would reduce outstanding debt by up to 2.1% of total capitalization and modestly extend weighted-average debt maturity beyond ten years. Pro forma leverage ratios remain conservative, with fixed-charge coverage above 3.5x and interest coverage near 5.0x, ensuring continued investment capacity for development pipelines estimated at $1.6 billion of in-progress projects.