Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. is an American real estate investment trust that owns, operates, and develops laboratory and research campuses for the life science, biotechnology, and advanced technology industries, generating $3.03 billion in total revenue in fiscal 2025. Founded in 1994 and headquartered in Pasadena, California, Alexandria is the largest pure-play life science REIT in the United States, with a portfolio concentrated in Greater Boston, the San Francisco Bay Area, and San Diego — markets that together account for roughly three-quarters of its annual rental revenue.

This is a story about a franchise whose structural advantages are being tested by a cyclical downturn of unusual severity. Alexandria spent two decades assembling an irreplaceable collection of lab campuses next to the world's leading research institutions, at a time when biotech funding seemed to flow endlessly. The question now is whether that portfolio's quality and the long duration of its tenant relationships can carry it through a period of negative absorption, declining occupancy, and negative rent spreads — or whether the life science real estate market is undergoing a more fundamental repricing that even the best assets cannot escape. The file turns on a single judgement: whether the current distress is a clearing event that leaves Alexandria stronger, or the leading edge of a structural shift that permanently impairs the value of lab real estate.