Alexandria Real Estate Equities is the dominant owner, developer, and operator of laboratory and office space for the life science industry, operating as a pure-play REIT with no comparable publicly traded competitor. Founded in 1994, Alexandria pioneered the life science real estate category and today organizes its properties around what it calls "Megacampus" ecosystems — large, amenity-rich campuses located near top research universities and medical institutions in established life science clusters including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle, and New York City. Megacampus properties represent roughly 77% of annual rental revenue. Alexandria's core product is Class A laboratory space, purpose-built for life science tenants who need specialized infrastructure — specific power systems, vibration tolerances, live load capacity, and hazardous material handling — that standard buildings cannot provide. Tenants include multinational pharma companies, biotech firms, research institutions, and government agencies, with investment-grade or large-cap tenants representing about 53% of annual rental revenue. Alexandria earns revenue primarily through long-term leases with built-in annual rent escalators averaging roughly 3%, and roughly 80-89% of new leasing activity comes from its existing tenant base of approximately 700-800 tenants. Alexandria also holds a venture capital portfolio of equity investments in life science companies, with realized gains contributing to earnings. The company funds development primarily through asset dispositions and retained cash flows, avoiding common equity issuance, and is currently shifting toward build-to-suit-only development while selling non-core assets to concentrate the portfolio in Megacampus properties.