Alexandria Real Estate Equities, INC.: directors' dealings · United States · SEC (Form 4)

About Alexandria Real Estate Equities, INC.

Alexandria Real Estate Equities, Inc. (NYSE: ARE) is a U.S.-listed company on the NYSE in the United States and one of the best-known life science real estate investment trusts in the market. Founded in 1994 and organized as a Maryland corporation, Alexandria pioneered the life science real estate niche and has built a business model centered on owning, operating, and developing Class A/A+ laboratory and office properties tailored to biotech, pharmaceutical, medtech, research tools, and broader innovation-driven tenants. Its headquarters are in Pasadena, California, underscoring a West Coast origin while the platform now spans a national footprint. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1035443/000103544326000013/are-20251231.htm?utm_source=openai)) The company’s core strategy is to create collaborative “Megacampus™” ecosystems in leading U.S. innovation clusters, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, the Research Triangle, and New York City. This cluster-based approach is central to Alexandria’s competitive moat: the firm targets locations with dense networks of universities, hospitals, research institutions, start-ups, and large pharmaceutical companies, where demand for specialized lab-ready space is structurally higher than in conventional office real estate. Its properties are designed to meet highly technical tenant requirements, combining flexible office layouts, wet- and dry-lab infrastructure, and campus amenities that support scientific collaboration. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1035443/000103544326000014/a4q25ex991supp.htm?utm_source=openai)) From a market-position perspective, Alexandria is widely regarded as the longest-tenured and preeminent owner, operator, and developer in U.S. life science real estate. That leadership is supported by a premium asset base, irreplaceable locations, deep tenant relationships, and a development pipeline that provides visibility beyond current operating income. Public filings describe an asset base in North America that includes tens of millions of square feet of operating properties and a meaningful amount of Class A/A+ space under construction, reinforcing the company’s scale and strategic relevance. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1035443/000103544326000014/a4q25ex991supp.htm?utm_source=openai)) Recent disclosures point to a more challenging leasing environment. In its 2025 annual report, Alexandria reported operating occupancy of 90.9% at December 31, 2025, down from 94.6% a year earlier, and it projected further moderation to about 88.5% by year-end 2026, citing key lease expirations and expected downtime, particularly in Greater Boston and San Francisco. The company also noted the need for lower renewal rates and higher tenant-improvement concessions to retain or attract tenants. For investors, this suggests a normalization phase in life science real estate after a strong prior cycle, even as Alexandria retains a leading position in a niche that remains difficult to replicate. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1035443/000103544326000033/are2025.pdf?utm_source=openai))