Alexandria Real Estate Equities

Recurrence is strong but not immune to cycles: North America occupancy was 90.8% as of June 30, 2025, reflecting known expirations, yet rises to roughly 92.5% including already-leased space toggling on as tenant improvements complete.

Collections remained near 100% and 84% of the last‑12‑months leasing demand came from existing tenants, supporting visibility. Weighted-average lease term of 7.4 years and a tenant mix skewed to investment-grade or large-cap public companies provide stability.

The core secular trend for life science R&D remains positive, but the near-term outlook includes choppiness in certain submarkets.