{"schemaVersion":1,"research":true,"symbol":"are","name":"Alexandria Real Estate Equities","topic":"moat","path":"/stock/are/moat","status":"published","version":4,"updatedAt":"2026-10-18T01:14:34.506Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Alexandria demonstrates campus differentiation and repeat tenant demand, but the supplied evidence does not establish a durable economic moat. By June 2026, expanding laboratory supply had translated into falling occupancy, negative renewal pricing, greater concessions and declining same-property NOI. Long leases provide contractual protection, but realized competitive weakness outweighs the evidence for lasting pricing power.","advantages":[{"mechanism":"intangible_assets","claim":"Megacampus locations, amenities and tenant relationships provide current differentiation. Existing-tenant leasing and a major expansion support customer preference, but do not establish durable barriers to competing supply.","durability":"The 11.9-year weighted-average term of leases executed in 2025 provides contractual persistence. However, laboratory conversions and speculative development demonstrate that competing capacity can enter these markets. Campus expansion potential is not a demonstrated future advantage.","risks":"Excess supply, weaker tenant expansion demand and landlord-funded improvements have already reduced pricing and occupancy. Alexandria reports above-market occupancy in its three largest markets, but supplies no numerical market comparison in these passages.","invalidation":"The durable-pricing version of this thesis is already contradicted by negative renewal pricing and rising concessions. Any residual differentiation would be further undermined if Alexandria ceased outperforming local occupancy or could retain tenants only through persistently increasing economic concessions.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]},{"mechanism":"switching_costs","claim":"Long lease commitments and substantial repeat leasing provide some customer continuity. The passages do not establish tenant relocation costs or technological dependence sufficient to create a switching-cost moat.","durability":"Protection lasts within contracted lease terms; it weakens at expiration. Existing-tenant leasing represented 82% of 2025 activity, but that is not a renewal or retention rate.","risks":"Actual expirations produced vacancy, and retaining or attracting tenants required lower pricing and additional concessions. Generic, reusable laboratory improvements also limit claims of proprietary tenant dependence.","invalidation":"A strong lock-in thesis would require continued repeat demand without deteriorating effective lease economics. Sustained vacancy following expirations and recurring rent reductions would invalidate that thesis; both are already visible in the supplied results.","competitors":[],"evidenceIds":["e2","e3","e4","e6"],"counterEvidenceIds":["e8","e9","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: campus locations, amenities and management's tenant-demand rationale","excerpt":"Strategically located near top academic and medical research institutions and equipped with curated amenities and services, and convenient access to transit, our Megacampus ecosystems are designed to support our tenants in attracting and retaining top talent, which we believe is a key driver of tenant demand for our properties."},{"id":"e2","sourceId":"filing-1","location":"2025 leasing performance: weighted-average executed lease term","excerpt":"•Weighted-average lease term of 11.9 years for leases executed during the year ended December 31, 2025."},{"id":"e3","sourceId":"filing-1","location":"2025 leasing performance: existing pharmaceutical tenant expansion","excerpt":"•In July 2025, we executed the largest life science lease in Company history with a long-standing multinational pharmaceutical tenant for a 16-year build-to-suit lease expansion aggregating 466,598 RSF on the Campus Point by Alexandria Megacampus in our University Town Center submarket."},{"id":"e4","sourceId":"filing-3","location":"Proxy page 81: share of leasing activity from existing tenants","excerpt":"•In 2025, tenant relationships and collections remained strong: ◦82% of our leasing activity was generated from our existing tenant base."},{"id":"e5","sourceId":"filing-2","location":"2026 performance: issuer-reported occupancy outperformance","excerpt":"The strength of this strategy is reflected in the 2026 performance metrics below, achieved despite challenging macroeconomic, regulatory, policy, and geopolitical environments: •Our occupancy of 86.9% as of June 30, 2026: •Outperforms market occupancy levels in our top three markets: Greater Boston, San Diego, and San Francisco Bay Area."},{"id":"e6","sourceId":"filing-1","location":"Segment information: triple-net leases and generic, reusable improvements","excerpt":"Our properties are leased predominantly through triple-net lease agreements and share key characteristics, including generic and reusable improvements, consistent lease structures, and business strategy."},{"id":"e7","sourceId":"filing-3","location":"Compensation discussion: influx of conversions and speculative developments","excerpt":"These conversions and speculative developments led to a significant influx of new laboratory properties in our top three markets: Greater Boston, San Diego, and the San Francisco Bay Area."},{"id":"e8","sourceId":"filing-2","location":"Business conditions: realized pricing pressure and tenant concessions","excerpt":"To remain competitive, we have realized lower rental rate changes on renewed and re-leased spaces and have offered more tenant improvement allowances or additional tenant concessions, including free rent, to retain existing tenants or attract new tenants."},{"id":"e9","sourceId":"filing-2","location":"Business conditions: historical occupancy, pricing, concessions and capital expenditure table","excerpt":"The table also presents the trend, on a per RSF basis, of increasing tenant improvement allowance, leasing commissions, and free rent concessions, and of less favorable changes in rental rates related to our renewed/re-leased spaces, as well as decreases in our operating occupancy (dollars in thousands, except per RSF amounts): Revenue- and Non-Revenue- Enhancing Capital Expenditures Tenant Improvements/ Leasing Commissions per RSF Free Rent Concessions per Annum (leases executed in trailing 12 months) Rental Rate Changes (on renewed/ re-leased spaces) Operating Occupancy (as of each period end) 2024 $273,377 $46.89 0.7 months 16.9% 94.6% 2025 $324,293 $55.34 1.5 months 7.0% 90.9% Six months ended June 30, 2026 $269,067 $50.92 1.5 months (7.4)% 86.9% Midpoint of 2026 guidance range $510,000 N/A (5.0)% 87.0% Additionally, we have key lease expirations with expected downtime in 2026, primarily in the Greater Boston, San Francisco Bay Area, and Seattle markets, aggregating 451,450 RSF as of June 30, 2026 with a weighted-average lease expiration date of August 2026."},{"id":"e10","sourceId":"filing-2","location":"Six-month operating results: same-property revenues, expenses and NOI","excerpt":"Six Months Ended June 30, 2026 2025 $ Change % Change Income from rentals: Same Properties $855,554 $940,034 $(84,480) (9.0%) Non-Same Properties 105,821 165,455 (59,634) (36.0) Rental revenues 961,375 1,105,489 (144,114) (13.0) Same Properties 312,684 327,564 (14,880) (4.5) Non-Same Properties 22,164 47,401 (25,237) (53.2) Tenant recoveries 334,848 374,965 (40,117) (10.7) Income from rentals 1,296,223 1,480,454 (184,231) (12.4) Same Properties — — — — Non-Same Properties 37,583 39,744 (2,161) (5.4) Other income 37,583 39,744 (2,161) (5.4) Same Properties 1,168,238 1,267,598 (99,360) (7.8) Non-Same Properties 165,568 252,600 (87,032) (34.5) Total revenues 1,333,806 1,520,198 (186,392) (12.3) Same Properties 395,913 394,692 1,221 0.3 Non-Same Properties 35,565 56,136 (20,571) (36.6) Rental operations 431,478 450,828 (19,350) (4.3) Same Properties 772,325 872,906 (100,581) (11.5) Non-Same Properties 130,003 196,464 (66,461) (33.8) Net operating income $902,328 $1,069,370 $(167,042) (15.6%) Net operating income – Same Properties $772,325 $872,906 $(100,581) (11.5%) Straight-line rent revenue (16,624) (26,420) 9,796 (37.1) Amortization of acquired below-market leases and deferred revenue related to tenant-funded and -built landlord improvements (22,677) (20,999) (1,678) 8.0 Net operating income – Same Properties (cash basis) $733,024 $825,487 $(92,463) (11.2%) 87 Income from rentals Total income from rentals for the six months ended June 30, 2026 decreased by $184.2 million, or 12.4%, to $1.30 billion, compared to $1.48 billion for the six months ended June 30, 2025, due to a decrease in rental revenues, as discussed below."},{"id":"e11","sourceId":"filing-2","location":"Industry conditions: uneven recovery and significant excess supply","excerpt":"Although capital markets and leasing activity showed early signs of improvement in 2026, the recovery remained uneven, and laboratory demand continued to be constrained by disciplined capital allocation and significant excess supply."},{"id":"e12","sourceId":"filing-2","location":"Rental revenues: realized occupancy decline associated with lease expirations","excerpt":"This decrease primarily reflects a decrease in Same Properties’ average occupancy to 88.2% for the six months ended June 30, 2026 from 93.5% for the six months ended June 30, 2025, primarily driven by previously disclosed key lease expirations aggregating 657,492 RSF during the three months ended March 31, 2026 and 260,888 RSF during the three months ended June 30, 2026, with weighted-average lease expiration dates of January 2026 and April 2026, respectively."},{"id":"e13","sourceId":"filing-1","location":"2025 leasing performance: renewal and re-leasing rental increases","excerpt":"•Rental rates on lease renewals and re-leasing of space increased by 7.0% and 3.5% (cash basis) for the year ended December 31, 2025."},{"id":"e14","sourceId":"filing-1","location":"Financial statement schedule: real estate additions, deductions and impairments","excerpt":"Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation December 31, 2025 (Dollars in thousands) A summary of activity of consolidated investments in real estate and accumulated depreciation is as follows: December 31, Real Estate 2025 2024 2023 Balance at beginning of period $37,735,218 $36,618,530 $34,299,503 Acquisitions (including real estate, land, and joint venture consolidation) — 248,378 296,694 Additions to real estate 1,933,158 2,591,154 3,568,726 Real estate impairment (2,202,818) (223,068) (461,114) Deductions (including dispositions and direct financing and sales-type leases) (2,648,037) (1,499,776) (1,085,279) Balance at end of period $34,817,521 $37,735,218 $36,618,530 December 31, Accumulated Depreciation 2025 2024 2023 Balance at beginning of period $5,625,179 $4,985,019 $4,354,063 Depreciation expense on properties 1,167,011 996,550 841,893 Sale of properties (664,665) (356,390) (210,937) Balance at end of period $6,127,525 $5,625,179 $4,985,019"},{"id":"e15","sourceId":"filing-1","location":"Dividends: fourth-quarter 2025 dividend reduction","excerpt":"During the three months ended December 31, 2025, we cut our quarterly common stock dividend to $0.72 per share from $1.32 for the three months ended September 30, 2025, representing a 45% reduction."},{"id":"e16","sourceId":"filing-2","location":"Cash flow statement: operating cash generation and investment spending","excerpt":"Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Operating Activities: Net income (loss) $359,408 $(23,527) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 609,825 688,185 Impairment of real estate 227,969 161,760 Gain on sales of real estate — (13,165) Gain on early extinguishment of debt (366,435) — Equity in (earnings) losses of unconsolidated real estate joint ventures (266) 9,528 Distributions of earnings from unconsolidated real estate joint ventures 599 1,289 Amortization of loan fees 8,845 9,306 Amortization of debt discounts 672 684 Amortization of acquired above- and below-market leases (13,996) (25,418) Deferred rent (18,763) (40,559) Stock compensation expense 21,178 22,594 Investment (income) losses (128,645) 80,614 Changes in operating assets and liabilities: Tenant receivables (1,018) 168 Deferred leasing costs (38,593) (43,727) Other assets 423 (10,750) Accounts payable, accrued expenses, and other liabilities (127,611) (148,792) Net cash provided by operating activities 533,592 668,190 Investing Activities: Proceeds from sales of real estate 4,766 149,027 Additions to investments in real estate (949,318) (1,081,006) Sale of interests in unconsolidated real estate joint ventures 1,917 — Investments in unconsolidated real estate joint ventures (557) (11,055) Change in escrow deposits — (8,108) Return of capital from unconsolidated real estate joint ventures 113 — Additions to non-real estate investments (127,740) (120,645) Sales of and distributions from non-real estate investments 76,273 42,134 Net cash used in investing activities $(994,546) $(1,029,653) 9 Alexandria Real Estate Equities, Inc."},{"id":"e17","sourceId":"filing-2","location":"Cash flow statement: financing, distributions and cash balances","excerpt":"Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2026 2025 Financing Activities: Borrowings under secured note payable $— $4,029 Repayments of borrowings under secured notes payable (8,892) — Proceeds from issuance of unsecured senior notes payable 747,592 548,532 Repayments of unsecured senior notes payable (1,602,203) (600,000) Proceeds from issuances under commercial paper program 24,727,914 8,468,015 Repayments of borrowings under commercial paper program (23,084,555) (7,368,015) Payments of loan fees (8,813) (5,406) Taxes paid related to net settlement of equity awards (6,438) (6,271) Repurchase of common stock — (208,187) Dividends on common stock (247,594) (457,217) Contributions from and sales of noncontrolling interests 27,636 96,055 Distributions to noncontrolling interests (111,860) (123,618) Purchases and redemptions of noncontrolling interests (49,822) (17,818) Net cash provided by financing activities 382,965 330,099 Effect of foreign exchange rate changes on cash and cash equivalents (627) (535) Net decrease in cash, cash equivalents, and restricted cash (78,616) (31,899) Cash, cash equivalents, and restricted cash as of the beginning of period 553,755 559,847 Cash, cash equivalents, and restricted cash as of the end of period $475,139 $527,948 Supplemental Disclosure and Non-Cash Investing and Financing Activities: Cash paid during the period for interest, net of interest capitalized $126,481 $87,986 Accrued construction for current-period additions to real estate $216,572 $206,036 Transfer of real estate assets and/or equipment from tenants $371,746 $171,153 Acquisition of real estate and other assets in connection with the assumption of related secured notes payable of an unconsolidated real estate joint venture $8,892 $— Notes receivable issued in connection with sales of real estate $— $91,000 Derecognition of net investment in real estate from sales-type lease $— $4,677 The accompanying notes are an integral part of these consolidated financial statements."},{"id":"e18","sourceId":"filing-2","location":"Debt note: fixed-rate share, financing rates and remaining terms","excerpt":"42 10.SECURED AND UNSECURED SENIOR DEBT (continued) The following table summarizes our unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of June 30, 2026 (dollars in thousands): Fixed-Rate Debt Variable-Rate Debt Weighted-Average Interest Remaining Term (in years) Total Percentage Rate(1) Unsecured senior notes payable $10,818,366 $— $10,818,366 84.4% 4.04% 10.9 Unsecured senior line of credit and commercial paper program — 1,994,508 1,994,508 (2) 15.6 4.27 (2) 3.6 (3) Total/weighted average $10,818,366 $1,994,508 $12,812,874 100.0% 4.08% 9.7 (3) Percentage of total debt 84.4% 15.6% 100% (1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees."},{"id":"e19","sourceId":"filing-3","location":"Proxy governance summary: shareholder rights, oversight and compensation safeguards","excerpt":"2026 Proxy Statement 7 PROXY STATEMENT SUMMARY (continued) Stockholder Rights and Accountability Board Refreshment •Stockholders right to amend our Bylaws by the affirmative vote of a majority of all votes entitled to be cast on the matter •Director removal by the affirmative vote of a majority of all votes entitled to be cast on the matter •Annual election of all directors •Majority voting in uncontested elections of directors •Proxy access right for stockholders (market standard 3% ownership threshold, held continuously for 3 years; aggregation of up to 20 stockholders permitted) •Robust stockholder engagement process •No stockholder rights plan •One class of Common Stock, with each share entitled to one vote since the inception of our Company •Comprehensive, ongoing board succession planning process •Regular refreshment of the Board, with two new independent directors appointed since 2023 •Annual self-evaluations by the Board and its committees •New director orientation and continuing director education on key topics and issues Independent Oversight Policies and Practices •Seven of our eight director nominees are independent •Lead independent director has clearly delineated duties •All Audit, Compensation, and Nominating & Governance Committee members are independent •Active board oversight of corporate strategy and risk management •Robust stock ownership requirements and holding periods for directors and executive officers •Hedging prohibited •Robust clawback policy •99% attendance of directors at board and committee meetings in 2025 •Business Integrity Policy applicable to directors and all employees, with annual compliance certification •No director should serve on more than four other public company boards 2026 Proxy Statement 8 PROXY STATEMENT SUMMARY (continued) Board Nominees Our first priority in the director nomination process is ensuring that the Board as a whole has expertise in areas aligned with our unique business activities, namely owning and operating essential real estate for the broad and diverse life science industry."},{"id":"e20","sourceId":"filing-1","location":"Equity incentive plan: actual grants, vesting, forfeitures and compensation","excerpt":"The following is a summary of the stock awards activity under our equity incentive plan and related information for the years ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per share information): Number of Share Awards Weighted-Average Grant Date Fair Value per Share Outstanding at December 31, 2022 2,087,521 $ 149.96 Granted 1,522,058 $ 108.22 Vested (798,729) $ 149.41 Forfeited (56,689) $ 104.65 Outstanding at December 31, 2023 2,754,161 $ 127.34 Granted 615,192 $ 102.96 Vested (951,195) $ 136.09 Forfeited (180,253) $ 109.63 Outstanding at December 31, 2024 2,237,905 $ 118.34 Granted 1,032,861 $ 73.84 Vested (817,304) $ 131.47 Forfeited (81,412) $ 109.34 Outstanding at December 31, 2025 2,372,050 $ 94.75 Year Ended December 31, 2025 2024 2023 Total grant date fair value of stock awards vested $107,449 $129,449 $119,335 Total gross share-based compensation recognized $94,685 $118,439 $139,675 Capitalized share-based compensation $53,566 $58,805 $56,817 Certain restricted stock awards granted during 2025, 2024, and 2023 are subject to performance and market conditions."},{"id":"e21","sourceId":"filing-3","location":"Compensation discussion: post-vesting sale restriction","excerpt":"This outcome underscores our long-term pay-for- performance philosophy, which extends beyond the vesting date through an additional one-year post-vesting sale restriction."},{"id":"e22","sourceId":"filing-3","location":"Proxy page 82: historical tenant collections","excerpt":"◦Our tenant collections have remained consistently high, averaging 99.8% since the beginning of 2021 through December 31, 2025."},{"id":"e23","sourceId":"filing-2","location":"General and administrative expenses: realized reduction versus 2024","excerpt":"Notwithstanding this increase compared to the three months ended June 30, 2025, general and administrative expenses for the three months ended June 30, 2026 decreased by $7.8 million, or 17.4%, compared to $44.6 million for the three months ended June 30, 2024."},{"id":"e24","sourceId":"filing-2","location":"Stockholders' equity: no ATM issuance activity in first-half 2026","excerpt":"During the six months ended June 30, 2026, we had no activity under our ATM program."},{"id":"e25","sourceId":"filing-1","location":"Competition: generic competing investor categories","excerpt":"In addition, we compete for investment opportunities with other REITs, insurance companies, pension and investment funds, private equity entities, partnerships, developers, investment companies, owners/occupants, and foreign investors."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: January 26, April 1 and August 3, 2026; operating periods and forward guidance remain distinct.","No competing landlord is named as a competitor. Other named companies appear as tenants, advisers or biographical affiliations, so competitor arrays are empty.","Campus benefits and relative occupancy outperformance are issuer disclosures. Numerical market occupancy benchmarks and independently established rent premiums are absent.","Existing-tenant leasing activity and collections support repeat demand indirectly; neither establishes a tenant retention rate or quantified relocation costs.","The proxy supplies actual governance and incentive disclosures, but complete executive ownership, compensation outcomes and award-level performance conditions are not included.","The 2026 occupancy and rental-rate guidance is prospective. The adverse assessment relies on realized first-half results, not assumed realization of forecasts."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Campus differentiation and repeat leasing support customer preference, but competing conversions and developments demonstrate contestable supply. No exclusive location rights, cost advantage or network effect is established.","evidenceIds":["e1","e4","e5","e7"]},{"criterion":"durability","grade":1,"rationale":"Long executed lease terms support contractual persistence, but negative renewal pricing and falling occupancy demonstrate fragile protection at expiration.","evidenceIds":["e2","e9","e12"]},{"criterion":"customer_dependency","grade":2,"rationale":"The existing-tenant share of leasing and major expansion demonstrate repeat demand. Dependency is inferred indirectly and remains mixed given expiration-driven vacancies and concessions.","evidenceIds":["e3","e4","e8","e12"]},{"criterion":"erosion_resilience","grade":0,"rationale":"Realized occupancy fell from 94.6% in 2024 to 86.9% in June 2026, while renewal pricing turned negative and same-property NOI declined. These are observed erosion despite reported relative occupancy outperformance.","evidenceIds":["e5","e9","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":0,"rationale":"Positive 2025 renewal and re-leasing increases gave way to a realized 7.4% decline in first-half 2026. Additional concessions further weaken effective pricing.","evidenceIds":["e13","e8","e9"]},{"criterion":"retention","grade":2,"rationale":"Existing tenants generated 82% of 2025 leasing activity, a long-standing tenant expanded, and historical collections were high. These indirectly support repeat demand, but vacancy and concessions prevent a strong retention assessment.","evidenceIds":["e3","e4","e22","e8","e12"]},{"criterion":"margin_resilience","grade":0,"rationale":"First-half 2026 same-property revenues declined 7.8% while rental operating expenses rose 0.3%, producing an 11.5% NOI decline. Predominantly triple-net contracts did not prevent realized compression; rising leasing capital costs add pressure.","evidenceIds":["e6","e9","e10"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Long leases secure terms but constrain frequent repricing. At renewal and re-leasing, actual rent reductions and concessions demonstrate limited bargaining freedom. Specific escalation, termination and renewal-option provisions are not supplied.","evidenceIds":["e2","e8","e9"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":1,"rationale":"Spending declined and financing remained predominantly fixed-rate with long maturities; no first-half 2026 ATM issuance occurred. However, $2.20 billion of 2025 real estate impairments, the dividend cut and first-half 2026 real estate investment spending exceeding operating cash generation demonstrate weak capital outcomes and continuing financing dependence.","evidenceIds":["e14","e15","e16","e17","e18","e24"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual stock awards, vesting and forfeitures, performance-conditioned awards, post-vesting sale restrictions and disclosed clawback and hedging safeguards support alignment. Incomplete executive ownership and award-level payout evidence prevent a strong conclusion about overall pay alignment.","evidenceIds":["e19","e20","e21"]},{"criterion":"execution","grade":1,"rationale":"Repeat leasing, a major tenant expansion and realized overhead savings show operating achievements. Overall execution is weak given realized vacancy, falling same-property NOI, substantial impairments and the dividend reduction. Leasing and occupancy are indirect execution measures, not complete project-return evidence.","evidenceIds":["e3","e4","e23","e9","e10","e14","e15"]},{"criterion":"governance","grade":3,"rationale":"Disclosed existing arrangements include annual director elections, majority voting, proxy access, one-share-one-vote rights, independent key committees, a lead independent director and clawback safeguards. 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