Alexandria Real Estate’s Q4 Earnings: Life Science Market Still Years From Recovery

Alexandria Real Estate Equities posted $754 million in revenue for Q4 2025, beating expectations by 21%, while completing 1.2 million square feet of leasing, its highest quarterly volume in a year. On the surface, operations look functional. Same-store occupancy even ticked up 30 basis points to 90.9%.

But dig beneath those numbers and a company in crisis-management mode emerges. Alexandria recorded $1.45 billion in impairments, and executives acknowledged on the earnings call that the life science market remains fundamentally broken and unlikely to recover for years. Executive Chairman Joel Marcus put it plainly: “2026 is all about timely execution of our plan,” with a focus on asset sales and balance sheet preservation. The industry is treading water while waiting for venture capital to return, and Alexandria’s leasing strategy shows just how strained conditions have become.

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RSK: This sector of the CRE economy just got caught in the Cross Roads. The question now is do you stay the course, or do you maybe go to a different Sector such as Multifamily. I know Velocity Station is in this conundrum.