Alexandria Real Estate Equities, Inc.

Alexandria has stopped building and started selling: with life science demand stalled for a fifth year, the calls show a landlord defending occupancy and shedding land while its rents fall faster than its costs. How much of the $2.9 billion of asset sales has actually closed?

• The company swapped building for selling.

  The land bank is being cut from 20% of assets toward 10-15%, and $2.9 billion of sales and joint ventures are this year's main cash source. Closings keep slipping, so the money lands after the costs it pays for. Which asset types are left to sell under the $2.9 billion plan?

• The leasing recovery is real, but the rent arrives late.

  Leasing bounced back last quarter, and space that is signed but still empty starts paying rent in November. Space expiring next year that carries $100.5 million of rent is expected to sit empty for up to two years. What does it cost to re-lease each square foot that goes vacant?

• The tenants filling the space pay less.

  Q1 FY2026 brought no public biotech leases, and Q2 stayed thin while tools makers and advanced-technology users filled the gap. Those tenants fund more of their own fit-out, so space reopens for less cash but earns less rent.