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Alexandria Real Estate is the premier owner of life-science (lab/office) real estate, and FY2025 captures the sector's stress. The headline is alarming — a net loss of -$1.43B and diluted EPS of -$8.44 — but for a REIT this is largely non-cash: depreciation and amortization ran $1.35B (up 12.3%) and the swing from FY2024's $323M profit reflects sizable property impairments and write-downs amid soft lab-space demand, not an operating collapse. Operating cash flow remained robust at $1.41B (down only 6.0%), comfortably covering the $911M dividend, which the company actually raised 1.4%.

The balance sheet is sound for a REIT. Liabilities/equity is just 0.96x, long-term debt of $12.4B is largely fixed-rate unsecured senior notes, and the portfolio spans 340 properties. Notably, stockholders' equity of $15.5B (book) sits well above the $8.84B market cap, and the stock trades at 2.9x sales — the market is pricing in further asset-value erosion and dividend risk. Management stepped up buybacks more than fourfold to $208M, signaling it views the shares as undervalued.