Alexandria Real Estate Equities (NYSE: ARE) is a publicly traded life science real estate investment trust founded in 1994 by Joel S. Marcus and Jerry M. Sudarsky. It joined the S&P 500 in 2017. Headquartered in Pasadena, California, the company pioneered the life science real estate niche and operates as the owner, operator, and developer of collaborative Megacampus™ ecosystems in life science innovation cluster locations. As of December 31, 2025, Alexandria had a total market capitalization of $20.75 billion and an asset base in North America that includes 35.9 million rentable square feet of operating properties and 3.5 million RSF of Class A/A+ properties undergoing construction. The company focuses on laboratory and office space leased primarily to tenants in the life science and technology industries, with properties generally located near major research universities. Alexandria's Megacampus™ properties account for 78% of annual rental revenue, with operations concentrated in Greater Boston (36% of 2024 revenue), San Francisco Bay Area (21%), and San Diego (16%). The company also maintains a presence in Maryland (7%), Research Triangle (6%), Seattle (5%), and New York City (4%). Tenant concentration is distributed across pharmaceutical and biotechnology companies, with Eli Lilly and Moderna each representing 4.3% of 2024 revenue, and Bristol-Myers Squibb at 3.7%. Approximately 84% of top 20 tenant annual rental revenue comes from investment-grade or publicly traded large cap tenants. Alexandria also operates a venture capital platform, Alexandria Venture Investments, which provides strategic capital to life science companies.