Lee Orraparn C. 4

What Happened
Lee Orraparn, Executive Vice President – Accounting at Alexandria Real Estate Equities (ARE), had 1,120 restricted shares forfeited back to the issuer (disposition to issuer) and 95 shares withheld by the company to satisfy tax withholding. The 95 withheld shares were recorded at $59.69 per share, totaling approximately $5,671. These actions reflect forfeiture and tax-withholding on previously granted restricted stock, not an open-market sale or purchase.

Key Details

• Transaction dates: January 23, 2026 (reported on Form 4 filed January 27, 2026). Filing appears timely (filed within required business-day window).
• Dispositions: 1,120 shares disposed to issuer at $0.00 (forfeiture).
• Tax withholding: 95 shares withheld at $59.69/share, value ≈ $5,671 (used to satisfy tax obligations upon vesting).
• Post-transaction holdings: The Form 4 did not specify total shares held by the reporting person after these adjustments.
• Footnotes: F1 = forfeiture of portion of a previously reported restricted stock award. F2 = shares withheld by issuer to satisfy tax liability on vesting.
• Transaction codes: D = disposition to issuer (forfeiture); F = tax withholding.

Context
These transactions arise from restricted stock administration (forfeiture and share withholding for taxes) and are routine corporate actions, not purchases that would signal insider bullishness. Tax-withholding via share surrender is a common, administrative way to meet tax obligations on vesting events and should not be interpreted as a voluntary market sale.