Risk Sleuth
ARE · 10-K filed 26 Jan 2026 · year to 31 Dec 2025

Alexandria Real Estate Equities

28 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government tenants

earns from · approximately 1.5% of our aggregate annual rental revenuenamed as a risk
As of December 31, 2025, leases with U.S. government tenants at our properties accounted for approximately 1.5% of our aggregate annual rental revenue in effect as of December 31, 2025.Risk factors (Item 1A)

Investment-grade or publicly traded large cap tenants

earns from · 53% of our total annual rental revenue
Investment-grade or publicly traded large cap tenants represented 53% of our total annual rental revenue in effect as of December 31, 2025.Business (Item 1)

Suppliers

Pacific Gas and Electric Company (PG&E)

depends onnamed as a risk
Most of our properties located in our San Francisco Bay Area market depend on PG&E for the delivery of these essential services.Risk factors (Item 1A)

Partners and platforms

Joint venture partners

approximately $1.17 billionnamed as a risk
In six consolidated real estate joint ventures with aggregate noncontrolling interests of approximately $1.17 billion, our partners currently have the ability to exercise these rights.Risk factors (Item 1A)

Also named by IRM

Places

California

concentrated in · Nearly 33% of the propertiesnamed as a risk
Nearly 33% of the properties we own and operate are located in California, where climate change has been linked to the progressively warmer and drier weather associated with ideal conditions for highly destructive wildfires.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, AVAV, AWK and 88 more

China

competes with · over one-third of in-licensed moleculesnamed as a risk
The accelerated growth of China’s biotechnology industry, fueled by state subsidies, regulatory reform, and inexpensive talent, could negatively impact demand for U.S. laboratory space.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Canada

operates in · $35,306named as a risk
We have exposure to foreign currency exchange rate risk related to our operations in Canada.Market risk (Item 7A)

Also named by AAP, AJG, ALL, AMRC, AOS, BBY, BF/B, BR and 97 more

Seattle

concentrated in · $200 million per occurrencenamed as a risk
For the Seattle region, the coverage is $200 million per occurrence and has an annual aggregate limit, subject to a 2% deductible.Risk factors (Item 1A)

Also named by ALK

San Francisco Bay Area

concentrated innamed as a risk
Most of our properties located in our San Francisco Bay Area market depend on PG&E for the delivery of these essential services.Risk factors (Item 1A)

Also named by ADBE, ANET, DASH, DOCU, QLYS, RMNI, SIRI, ZS

Greater Boston

concentrated innamed as a risk
As a result of our geographic concentration, we depend upon the local economic and real estate conditions in these markets.Risk factors (Item 1A)

Hazards

Earthquake

concentrated in · $335 million per occurrencenamed as a risk
A significant portion of our real estate portfolio is located in seismically active regions, including the San Francisco Bay Area, San Diego, and Seattle, and a damaging earthquake in any region could significantly impact multiple properties.Risk factors (Item 1A)

Also named by A, ADBE, AEE, ARES, BLK, CDNA, CRC, DOCU and 11 more

Wildfire

concentrated innamed as a risk
Our corporate headquarters and certain properties are located in areas of California that have historically been subject to earthquakes and wildfires.Risk factors (Item 1A)

Also named by A, AEP, BKH, CB, CRC, EVRG, MDU, PNW and 2 more

Commodities and inputs

Construction materials (steel, lumber, concrete)

exposed to its pricenamed as a risk
These pressures are expected to intensify in 2026 due to tariff‑driven material‑cost volatility.Risk factors (Item 1A)

Also named by JLL

Regulators

U.S. Food and Drug Administration (FDA)

approximately 3,500 employeesnamed as a risk
These reductions have created additional uncertainty and delay in drug and device approval processes, which may negatively impact our tenants’ operations and demand for our life science space.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARWR, ATR, AXGN, BAX and 112 more

National Institutes of Health (NIH)

approximately 40%, from $48 billion to $27.5 billionnamed as a risk
In May 2025, the White House introduced a budget proposal for fiscal year 2026 that would reduce the NIH budget by approximately 40%, from $48 billion to $27.5 billion.Risk factors (Item 1A)

Also named by BDX, DOC, ILMN, PVLA, VTR, WAT

Centers for Disease Control and Prevention (CDC)

named as a risk
Any such disruptions could undermine the commercial viability of vaccine-related products, reduce R&D investment in the field, and in turn negatively impact demand for our specialized life science facilities and the value of our venture investment portfolio.Risk factors (Item 1A)

Also named by DGX, PFE

Laws and programs

Medicaid

$1 trillion in cutsnamed as a risk
Such reductions in Medicaid spending could result in lower revenue for some of our life science tenants, adversely impacting their financial performance and potentially resulting in reduced life science investment and real estate requirements.Risk factors (Item 1A)

Also named by ABBV, ABT, ARWR, BAX, BMY, BSX, CHE, CNC and 39 more

U.S. pharmaceutical tariffs

subject to · 100% tariffnamed as a risk
On September 25, 2025, President Trump announced, effective October 1, 2025, pharmaceutical manufacturers would be subject to a 100% tariff on all branded and patented drugs imported into the U.S.Risk factors (Item 1A)

Also named by NBIX, OSCR, VTRS

California Proposition 13

subject to · limited to 2% of previously assessed valuesnamed as a risk
Thus, the repeal of or amendment to Proposition 13 could lead to a decrease in our income from rentals over time.Risk factors (Item 1A)

Also named by PSA

NIH 15% indirect cost cap

subject to · 15%named as a risk
This threatens to substantially impact the ability of U.S. research institutions to support their infrastructure and administrative costs, including their ability to lease life science facilities.Risk factors (Item 1A)

One Big Beautiful Bill Act (OBBB Act)

subject tonamed as a risk
There can be no assurance that the OBBB Act will not negatively impact our operating results, financial condition, and future business operations.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Inflation Reduction Act of 2022 (IRA)

subject tonamed as a risk
Negative impacts of new policies could adversely affect our tenants’ and venture investment portfolio companies’ businesses, including life science companies, which may reduce the demand for life science/laboratory space and negatively impact our operating results and our business.Risk factors (Item 1A)

Also named by ABBV, APD, BKH, DD, DHR, ELV, ENPH, ENS and 30 more

California Proposition 65

subject tonamed as a risk
We believe that we comply with Proposition 65 requirements; however, there can be no assurance that we will not be adversely affected by litigation or regulatory enforcement relating to Proposition 65.Risk factors (Item 1A)

Also named by CELH, ECL, KDP, KO, LKQ, MKC, MNST, PEP and 3 more

California SB 253 and SB 261

subject tonamed as a risk
In addition, California introduced climate-related reporting requirements under the Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB 261), which were signed into law in October 2023.Risk factors (Item 1A)

Also named by CHE, CVLG, EWBC, HTLD, M, WDFC, WTS

REIT qualification under the Internal Revenue Code

subject tonamed as a risk
If we failed to qualify as a REIT, we would be taxed at corporate rates and would not be able to take certain deductions when computing our taxable income.Risk factors (Item 1A)

Also named by DX, ELS, UDR, VICI

Most-Favored-Nation Prescription Drug Pricing Executive Order

named as a risk
If widely adopted, MFN pricing could materially compress margins, reduce investment in R&D, and suppress expansions by our life science tenants, adversely impacting demand for laboratory and related technical office space and manufacturing space and thereby posing downside risk to property income and investment valuations.Risk factors (Item 1A)

Also named by BMY, CAH, IQV

European Union tariffs

named as a risk
For example, several of our largest tenants are European companies whose U.S. business operations could be directly impacted by the tariffs on the EU due to increased costs on operations and supply chains.Risk factors (Item 1A)

Also named by WTS

Section 1031 Exchange

subject tonamed as a risk
If the laws surrounding Section 1031 Exchanges were amended or repealed, we may not be able to dispose of properties on a tax-deferred basis.Risk factors (Item 1A)