Alexandria Real Estate Equities, Inc (NYSE: ARE) is a real estate investment trust that owns, operates, develops, and redevelops laboratory and life science properties in major U.S. innovation clusters. Revenue comes from rental income on multi-year leases with pharmaceutical, biotechnology, medical device, and government tenants. As of December 31, 2025, ARE's North American portfolio totaled 39,449,372 rentable square feet across operating, development, and redevelopment properties. The company concentrates its assets in what it calls Megacampus ecosystems within AAA life science clusters, primarily Greater Boston, the San Francisco Bay Area, and San Diego. Greater Boston alone represented 28% of total RSF and 37% of annual rental revenue as of the FY2025 10-K. No single tenant accounted for more than 6.1% of annual rental revenue as of December 31, 2025, with Bristol-Myers Squibb Company the largest at that share. The top 20 tenants collectively generated 84% of their portion of rental revenue from investment-grade or publicly traded large-cap tenants.

Revenue model

Rental income from long-term leases on Class A/A+ laboratory and life science space. ARE pre-leases the majority of development and redevelopment projects before construction begins, locking in tenants prior to capital deployment. Redevelopment of acquired office, warehouse, or shell space into laboratory space is a secondary supply mechanism, typically commanding higher rental rates than the original use.

Products and services

Class A/A+ laboratory and life science real estate, including ground-up development and redevelopment of office, warehouse, or shell space into generic, reusable laboratory facilities. Properties are concentrated in collaborative Megacampus clusters in AAA life science markets. ARE also holds interests in real estate through unconsolidated joint ventures.

Customers and end markets

Tenants are pharmaceutical, biotechnology, medical device, and government entities. As of December 31, 2025, the top tenants by annual rental revenue included Bristol-Myers Squibb (6.1%), Eli Lilly (4.5%), Moderna (3.8%), Takeda Pharmaceutical (2.5%), Eikon Therapeutics (2.1%), AstraZeneca (2.1%), Illumina (1.6%), Novartis (1.6%), the United States Government (1.5%), and Uber Technologies (1.5%). The top 20 tenants collectively represented 84% of top-20 annual rental revenue from investment-grade or publicly traded large-cap entities.

Value-chain role

Landlord and developer of specialized laboratory real estate. ARE sits between capital markets and life science tenants, acquiring land and existing structures, developing or redeveloping them into laboratory-ready space, and leasing them under multi-year agreements.

Geographic exposure

North America, concentrated in Greater Boston (28% of total RSF, 37% of annual rental revenue as of FY2025 10-K), San Francisco Bay Area (16% of total RSF, 18% of annual rental revenue), and San Diego, with additional markets including Seattle, Maryland, Research Triangle, New York City, Texas, Canada, and other non-cluster locations. Total North American portfolio: 39,449,372 RSF as of FY2025.

Source: SEC 10-K, filed 2026-01-26

Industry: Real Estate Investment Trusts Peers: BXP Inc EQC Liquidating Trust COPT Defense Properties Cousins Properties Inc Douglas Emmett Inc Highwoods Properties Inc Kilroy Realty Corp SL Green Realty Corp Vornado Realty Trust