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  "documentTitle": "Alexandria Real Estate Equities, Inc. (ARE)",
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      "text": "Alexandria shares could decline 30 - 40% if valued like peer coastal office REITs, in our view",
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      "text": "Secular and cyclical headwinds intensifying for life science real estate as employee attendance halved, substantial new supply and a dearth of capital",
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      "text": "Following the publication of our white paper The Work From Home Hurricane Has Hit Life Science Offices on June 16, 2023, and after receiving numerous inquiries, Land & Buildings Investment Management, LLC (“Land & Buildings”), is providing the following update, which further supports our view of deteriorating fundamentals in the lab space sector.",
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      "text": "Note: Based on total direct and sublet availability of space based on CoStar data for Alexandria's operating lab/office properties that were built or renovated prior to January 2019 to assess a same-store pool based on Company and CoStar disclosure. Total availability percentage (direct and sublet) is defined as all space that is available for lease, regardless whether it is currently vacant, on the last day of each quarter divided by existing inventory which is defined as the total square footage that have received a certificate of occupancy and able to be occupied by tenants; Source: Land & Buildings, Company reports and CoStar.",
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