ALEXANDRIA REAL ESTATE EQ IN

Ticker: ARE CUSIP: 015271109 Class: COM

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 40,718 Value ($000) $1,993 Avg Close $58.01 Range $43.46 - $84.13

Q3 2025

Shares 41,818 Value ($000) $3,485 Avg Close $77.73 Range $69.41 - $85.60

Q2 2025

Shares 41,818 Value ($000) $3,037 Avg Close $70.79 Range $64.18 - $89.10

Q1 2025

Shares 41,818 Value ($000) $3,869 Avg Close $92.02 Range $86.83 - $98.77

Q4 2024

Shares 42,218 Value ($000) $4,118 Avg Close $101.62 Range $89.38 - $114.08

Q3 2024

Shares 42,418 Value ($000) $5,037 Avg Close $109.24 Range $99.57 - $119.31

Q2 2024

Shares 43,118 Value ($000) $5,044 Avg Close $108.07 Range $102.15 - $117.68

Q1 2024

Shares 43,118 Value ($000) $5,558 Avg Close $110.60 Range $99.77 - $117.87

Q4 2023

Shares 42,818 Value ($000) $5,428 Avg Close $95.66 Range $80.61 - $120.34

Q3 2023

Shares 42,718 Value ($000) $4,276 Avg Close $101.97 Range $86.00 - $113.84

Q2 2023

Shares 43,318 Value ($000) $4,916 Avg Close $103.33 Range $94.41 - $110.01

Q1 2023

Shares 43,218 Value ($000) $5,428 Avg Close $126.26 Range $98.76 - $148.33

Q4 2022

Shares 40,618 Value ($000) $5,917 Avg Close $123.22 Range $107.97 - $134.35

Q3 2022

Shares 40,218 Value ($000) $5,638 Avg Close $129.68 Range $115.88 - $145.16

Q2 2022

Shares 40,018 Value ($000) $5,804 Avg Close $142.21 Range $108.92 - $173.31

Q1 2022

Shares 36,718 Value ($000) $7,389 Avg Close $162.61 Range $151.74 - $186.89

Q4 2021

Shares 35,535 Value ($000) $7,923 Avg Close $171.58 Range $157.04 - $187.41

Q3 2021

Shares 34,835 Value ($000) $6,656 Avg Close $164.07 Range $149.01 - $172.84

Q2 2021

Shares 34,435 Value ($000) $6,265 Avg Close $146.61 Range $134.24 - $158.87

Q1 2021

Shares 31,935 Value ($000) $5,247 Avg Close $135.65 Range $125.61 - $145.64

Q4 2020

Shares 31,135 Value ($000) $5,549 Avg Close $133.68 Range $121.36 - $145.38

Q3 2020

Shares 29,935 Value ($000) $4,790 Avg Close $134.16 Range $123.86 - $142.75

Q2 2020

Shares 32,235 Value ($000) $5,230 Avg Close $122.01 Range $101.69 - $138.46

Q1 2020

Shares 28,100 Value ($000) $3,851 Avg Close $124.09 Range $86.54 - $139.24

Q4 2019

Shares 27,800 Value ($000) $4,492 Avg Close $124.15 Range $118.62 - $128.72

Q3 2019

Shares 27,300 Value ($000) $4,205 Avg Close $115.61 Range $109.58 - $122.01

Q2 2019

Shares 27,000 Value ($000) $3,809 Avg Close $112.15 Range $105.73 - $119.21

Q1 2019

Shares 32,500 Value ($000) $4,633 Avg Close $101.57 Range $85.35 - $111.26

Q4 2018

Shares 30,800 Value ($000) $3,549 Avg Close $93.31 Range $83.39 - $98.15

Q3 2018

Shares 31,500 Value ($000) $3,962 Avg Close $95.97 Range $92.29 - $98.98

Q2 2018

Shares 30,500 Value ($000) $3,848 Avg Close $94.15 Range $90.47 - $98.32

Q1 2018

Shares 29,800 Value ($000) $3,722 Avg Close $92.80 Range $85.24 - $97.95

Q4 2017

Shares 28,100 Value ($000) $3,670 Avg Close $93.55 Range $87.94 - $99.78

Q3 2017

Shares 28,400 Value ($000) $3,379 Avg Close $88.57 Range $85.66 - $91.33

Q2 2017

Shares 29,900 Value ($000) $3,602 Avg Close $85.21 Range $80.40 - $89.60

Q1 2017

Shares 29,200 Value ($000) $3,227 Avg Close $82.08 Range $77.65 - $87.87

Q4 2016

Shares 32,000 Value ($000) $3,556 Avg Close $77.41 Range $73.18 - $82.20

Q3 2016

Shares 31,400 Value ($000) $3,415 Avg Close $77.99 Range $71.96 - $82.08

Q2 2016

Shares 29,600 Value ($000) $3,064 Avg Close $67.81 Range $63.50 - $74.16

Q1 2016

Shares 29,300 Value ($000) $2,663 Avg Close $57.33 Range $49.75 - $64.79

Q4 2015

Shares 28,700 Value ($000) $2,593 Avg Close $63.09 Range $58.56 - $67.59

Q3 2015

Shares 32,900 Value ($000) $2,786 Avg Close $62.22 Range $57.35 - $65.86

Q2 2015

Shares 32,800 Value ($000) $2,869 Avg Close $63.65 Range $60.07 - $67.47

Q1 2015

Shares 32,700 Value ($000) $3,206 Avg Close $65.65 Range $60.25 - $70.07

Q4 2014

Shares 34,300 Value ($000) $3,044 Avg Close $56.46 Range $49.57 - $61.75

Q3 2014

Shares 34,000 Value ($000) $2,508 Avg Close $52.04 Range $48.84 - $53.90

Q2 2014

Shares 33,800 Value ($000) $2,624 Avg Close $49.70 Range $46.99 - $52.10

Q1 2014

Shares 33,700 Value ($000) $2,445 Avg Close $46.07 Range $41.26 - $48.74

Q4 2013

Shares 33,500 Value ($000) $2,131 Avg Close $41.68 Range $39.62 - $44.10

Q3 2013

Shares 33,300 Value ($000) $2,126 Avg Close $42.34 Range $39.07 - $45.76

Q2 2013

Shares 32,400 Value ($000) $2,129 Avg Close $44.92 Range $38.88 - $49.83

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	40,718	$1,993	$58.01	$43.46 - $84.13
Q3 2025	41,818	$3,485	$77.73	$69.41 - $85.60
Q2 2025	41,818	$3,037	$70.79	$64.18 - $89.10
Q1 2025	41,818	$3,869	$92.02	$86.83 - $98.77
Q4 2024	42,218	$4,118	$101.62	$89.38 - $114.08
Q3 2024	42,418	$5,037	$109.24	$99.57 - $119.31
Q2 2024	43,118	$5,044	$108.07	$102.15 - $117.68
Q1 2024	43,118	$5,558	$110.60	$99.77 - $117.87
Q4 2023	42,818	$5,428	$95.66	$80.61 - $120.34
Q3 2023	42,718	$4,276	$101.97	$86.00 - $113.84
Q2 2023	43,318	$4,916	$103.33	$94.41 - $110.01
Q1 2023	43,218	$5,428	$126.26	$98.76 - $148.33
Q4 2022	40,618	$5,917	$123.22	$107.97 - $134.35
Q3 2022	40,218	$5,638	$129.68	$115.88 - $145.16
Q2 2022	40,018	$5,804	$142.21	$108.92 - $173.31
Q1 2022	36,718	$7,389	$162.61	$151.74 - $186.89
Q4 2021	35,535	$7,923	$171.58	$157.04 - $187.41
Q3 2021	34,835	$6,656	$164.07	$149.01 - $172.84
Q2 2021	34,435	$6,265	$146.61	$134.24 - $158.87
Q1 2021	31,935	$5,247	$135.65	$125.61 - $145.64
Q4 2020	31,135	$5,549	$133.68	$121.36 - $145.38
Q3 2020	29,935	$4,790	$134.16	$123.86 - $142.75
Q2 2020	32,235	$5,230	$122.01	$101.69 - $138.46
Q1 2020	28,100	$3,851	$124.09	$86.54 - $139.24
Q4 2019	27,800	$4,492	$124.15	$118.62 - $128.72
Q3 2019	27,300	$4,205	$115.61	$109.58 - $122.01
Q2 2019	27,000	$3,809	$112.15	$105.73 - $119.21
Q1 2019	32,500	$4,633	$101.57	$85.35 - $111.26
Q4 2018	30,800	$3,549	$93.31	$83.39 - $98.15
Q3 2018	31,500	$3,962	$95.97	$92.29 - $98.98
Q2 2018	30,500	$3,848	$94.15	$90.47 - $98.32
Q1 2018	29,800	$3,722	$92.80	$85.24 - $97.95
Q4 2017	28,100	$3,670	$93.55	$87.94 - $99.78
Q3 2017	28,400	$3,379	$88.57	$85.66 - $91.33
Q2 2017	29,900	$3,602	$85.21	$80.40 - $89.60
Q1 2017	29,200	$3,227	$82.08	$77.65 - $87.87
Q4 2016	32,000	$3,556	$77.41	$73.18 - $82.20
Q3 2016	31,400	$3,415	$77.99	$71.96 - $82.08
Q2 2016	29,600	$3,064	$67.81	$63.50 - $74.16
Q1 2016	29,300	$2,663	$57.33	$49.75 - $64.79
Q4 2015	28,700	$2,593	$63.09	$58.56 - $67.59
Q3 2015	32,900	$2,786	$62.22	$57.35 - $65.86
Q2 2015	32,800	$2,869	$63.65	$60.07 - $67.47
Q1 2015	32,700	$3,206	$65.65	$60.25 - $70.07
Q4 2014	34,300	$3,044	$56.46	$49.57 - $61.75
Q3 2014	34,000	$2,508	$52.04	$48.84 - $53.90
Q2 2014	33,800	$2,624	$49.70	$46.99 - $52.10
Q1 2014	33,700	$2,445	$46.07	$41.26 - $48.74
Q4 2013	33,500	$2,131	$41.68	$39.62 - $44.10
Q3 2013	33,300	$2,126	$42.34	$39.07 - $45.76
Q2 2013	32,400	$2,129	$44.92	$38.88 - $49.83