ALEXANDRIA REAL ESTATE EQUITIES, INC.ARE
ALEXANDRIA REAL ESTATE EQUITIES, INC. Debt Disclosure
The following table summarizes our outstanding indebtedness and respective principal payments remaining as of December 31, 2025 (dollars in thousands):
Stated Rate | Interest Rate(1) | Maturity Date(2) | Principal Payments Remaining for the Periods Ending December 31, | Unamortized (Deferred Financing Cost), (Discount) Premium | ||||||||||||||||||||
Debt | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Principal | Total | ||||||||||||||||
Unsecured senior line of credit and commercial paper program(3) | (3) | 4.33% | (3) | 1/22/30 | (3) | $— | $— | $— | $— | $353,500 | $— | $353,500 | $(339) | $353,161 | ||||||||||
Unsecured senior notes payable | 4.30% | 4.50 | 1/15/26 | (4) | 300,000 | — | — | — | — | — | 300,000 | (36) | 299,964 | |||||||||||
Unsecured senior notes payable | 3.80% | 3.96 | 4/15/26 | 350,000 | — | — | — | — | — | 350,000 | (162) | 349,838 | ||||||||||||
Unsecured senior notes payable | 3.95% | 4.13 | 1/15/27 | — | 350,000 | — | — | — | — | 350,000 | (555) | 349,445 | ||||||||||||
Unsecured senior notes payable | 3.95% | 4.07 | 1/15/28 | — | — | 425,000 | — | — | — | 425,000 | (888) | 424,112 | ||||||||||||
Unsecured senior notes payable | 4.50% | 4.60 | 7/30/29 | — | — | — | 300,000 | — | — | 300,000 | (805) | 299,195 | ||||||||||||
Unsecured senior notes payable | 2.75% | 2.87 | 12/15/29 | — | — | — | 400,000 | — | — | 400,000 | (1,655) | 398,345 | ||||||||||||
Unsecured senior notes payable | 4.70% | 4.81 | 7/1/30 | — | — | — | — | 450,000 | — | 450,000 | (1,686) | 448,314 | ||||||||||||
Unsecured senior notes payable | 4.90% | 5.05 | 12/15/30 | — | — | — | — | 700,000 | — | 700,000 | (3,947) | 696,053 | ||||||||||||
Unsecured senior notes payable | 3.375% | 3.48 | 8/15/31 | — | — | — | — | — | 750,000 | 750,000 | (3,704) | 746,296 | ||||||||||||
Unsecured senior notes payable | 2.00% | 2.12 | 5/18/32 | — | — | — | — | — | 900,000 | 900,000 | (6,043) | 893,957 | ||||||||||||
Unsecured senior notes payable | 1.875% | 1.97 | 2/1/33 | — | — | — | — | — | 1,000,000 | 1,000,000 | (6,240) | 993,760 | ||||||||||||
Unsecured senior notes payable | 2.95% | 3.07 | 3/15/34 | — | — | — | — | — | 800,000 | 800,000 | (6,477) | 793,523 | ||||||||||||
Unsecured senior notes payable | 4.75% | 4.88 | 4/15/35 | — | — | — | — | — | 500,000 | 500,000 | (4,500) | 495,500 | ||||||||||||
Unsecured senior notes payable | 5.50% | 5.66 | 10/1/35 | — | — | — | — | — | 550,000 | 550,000 | (6,316) | 543,684 | ||||||||||||
Unsecured senior notes payable | 5.25% | 5.38 | 5/15/36 | — | — | — | — | — | 400,000 | 400,000 | (3,767) | 396,233 | ||||||||||||
Unsecured senior notes payable | 4.85% | 4.93 | 4/15/49 | — | — | — | — | — | 300,000 | 300,000 | (2,756) | 297,244 | ||||||||||||
Unsecured senior notes payable | 4.00% | 3.91 | 2/1/50 | — | — | — | — | — | 700,000 | 700,000 | 9,844 | 709,844 | ||||||||||||
Unsecured senior notes payable | 3.00% | 3.08 | 5/18/51 | — | — | — | — | — | 850,000 | 850,000 | (10,842) | 839,158 | ||||||||||||
Unsecured senior notes payable | 3.55% | 3.63 | 3/15/52 | — | — | — | — | — | 1,000,000 | 1,000,000 | (13,228) | 986,772 | ||||||||||||
Unsecured senior notes payable | 5.15% | 5.26 | 4/15/53 | — | — | — | — | — | 500,000 | 500,000 | (7,373) | 492,627 | ||||||||||||
Unsecured senior notes payable | 5.625% | 5.71 | 5/15/54 | — | — | — | — | — | 600,000 | 600,000 | (6,470) | 593,530 | ||||||||||||
Unsecured debt weighted-average interest rate/total | 3.91% | $700,000 | $8,850,000 | $12,478,500 | $(77,945) | $12,400,555 | ||||||||||||||||||
(1)Represents the weighted-average interest rate as of the end of the applicable period, including amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.
(2)Reflects any extension options that we control.
(3)Refer to footnote 3 on the following page.
(4)In January 2026, we repaid our 4.30% unsecured senior notes payable upon maturity. No gain or loss was incurred in connection with this repayment.
The following table summarizes our unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of December 31, 2025 (dollars in thousands):
Fixed-Rate Debt | Variable- Rate Debt | Weighted-Average | ||||||||||
Interest | Remaining Term (in years) | |||||||||||
Total | Percentage | Rate(1) | ||||||||||
Unsecured senior notes payable | $— | 97.2% | 3.90% | 12.3 | ||||||||
Unsecured senior line of credit and commercial paper program | — | 353,161 | 353,161 | (2) | 2.8 | 4.33 | (2) | 4.1 | (3) | |||
Total/weighted average | 100.0% | 3.91% | 12.1 | (3) | ||||||||
Percentage of total debt | 97.2% | 2.8% | 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.
(2)As of December 31, 2025, we had no outstanding balance on our unsecured senior line of credit and $353.2 million of commercial paper notes outstanding.
(3)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity
date of our outstanding commercial paper notes, the consolidated weighted-average maturity of our debt is 12.0 years. The commercial paper notes sold during the year
ended December 31, 2025 were issued at a weighted-average yield to maturity of 4.48% and had a weighted-average maturity term of 19 days.
nsecured senior notes payableIn February 2025, we issued $550.0 million of unsecured senior notes payable, due 2035, with an interest rate of 5.50%. In
April 2025, we repaid our 3.45% unsecured senior notes payable aggregating $600.0 million upon their maturity, using proceeds from
our February 2025 unsecured senior notes payable offering, with no gain or loss incurred.
In January 2026, we repaid $300.0 million of 4.30% unsecured senior notes payable upon maturity. No gain or loss was
incurred in connection with this repayment.
$5.0 billion unsecured senior line of creditAs of December 31, 2025, our unsecured senior line of credit, which matures in 2030, including extension options under our
control, had aggregate commitments of $5.0 billion, and bore an interest rate of SOFR plus 0.855%. In addition to the cost of borrowing,
the unsecured senior line of credit is subject to an annual facility fee of 0.145% based on the aggregate commitments outstanding.
Based on achievement of certain annual sustainability metrics, the interest rate and facility fee rate are also subject to upward or
downward adjustments of up to four basis points with respect to the interest rate and up to one basis point with respect to the facility fee
rate.
Based on certain sustainability metrics achieved in accordance with the terms of our unsecured senior line of credit
agreement, the borrowing rate was reduced by two basis points to SOFR plus 0.855%, from SOFR plus 0.875%, and the facility fee
was reduced by 0.5 basis point to 0.145% from 0.15%. As of December 31, 2025, we had no outstanding balance on our unsecured
senior line of credit.
$2.50 billion commercial paper programOur commercial paper program allows us to issue up to $2.50 billion of commercial paper notes that bear interest at short-term
fixed rates with a maturity of generally 30 days or less and a maximum maturity of 397 days from the date of issuance. This program is
back-stopped by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing
capacity under our unsecured senior line of credit equal to the amount of commercial paper notes outstanding. We use the net
proceeds from the issuances of the notes for general working capital and other general corporate purposes, which may include, but are
not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. In 2025, the notes
were issued at a weighted-average yield to maturity of 4.48% and had a weighted-average maturity term of 19 days. As of
December 31, 2025, we had $353.2 million outstanding under our commercial paper program.
Repayment of secured note payableIn August 2025, we repaid a secured construction loan aggregating $154.6 million with an interest rate of 7.18%, which was
related to our development project at 99 Coolidge Avenue in our Cambridge/Inner Suburbs submarket. In connection with the
repayment, we recognized a loss on early extinguishment of debt of $107 thousand for the write-off of unamortized deferred financing
costs during the year ended December 31, 2025.
Interest expenseThe following table summarizes interest expense for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Year Ended December 31, | ||||||
2025 | 2024 | 2023 | ||||
Interest incurred | $557,122 | $516,799 | $438,182 | |||
Capitalized interest | (330,424) | (330,961) | (363,978) | |||
Interest expense | $226,698 | $185,838 | $74,204 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Jan 26, 2026 | Showing above |
| 2024 | Jan 27, 2025 | |
| 2023 | Jan 29, 2024 | |
| 2022 | Jan 30, 2023 | |
| 2021 | Jan 31, 2022 | |
| 2020 | Feb 1, 2021 | |
| 2019 | Feb 4, 2020 | |
| 2018 | Feb 5, 2019 | |
| 2017 | Jan 30, 2018 | |
| 2016 | Jan 31, 2017 | |
| 2015 | Feb 3, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.