Alexandria Real Estate Equities reported adjusted FFO per diluted share of $2.16 in the fourth quarter of 2025 and $9.01 for the full year, reflecting a 2.4% year-over-year increase in annual FFO. Leasing volume reached 1.2 million square feet in Q4, a 14% increase compared with the prior four-quarter average, and new rental commencements totaled 900,000 square feet. Same-property net operating income grew by 3.1% year over year, driven by renewal rate increases averaging 6.2% across its life science campus portfolio, while occupancy remained high at 95.8%. Development completions added 650,000 square feet of Class A lab space, with a 92% pre-leasing rate as of December 31, 2025.

On January 27, 2026, the company commenced cash tender offers to purchase up to $800 million aggregate principal amount of its outstanding senior notes due 2050, 2051 and 2052. Holders of 3.000% notes due 2051 (aggregate outstanding $850 million) have highest acceptance priority, followed by 3.550% notes due 2052 ($1.0 billion outstanding) and 4.000% notes due 2050 ($700 million outstanding). Early tender offers include a $50 per $1,000 principal amount premium, with fixed spreads of 75 basis points over the August 15, 2055 U.S. Treasury for the 2051 and 2052 series and 80 basis points for the 2050 series. Settlement for early tenders is expected on February 12, 2026, subject to receipt of at least $500 million in financing proceeds and proration rules under the aggregate maximum tender amount.