Alexandria Real Estate (ARE) has cut its dividend by 45%. They are usually viewed as a stable high-yield REIT, but the life science sector is facing a structural downturn. Lab space supply has grown 7.5x since 2021 while demand has dropped 60%. Tenants are dealing with headwinds like tighter NIH funding, less VC cash for startups, and FDA delays. Management expects FFO to decline nearly 30% and made the cut to preserve the balance sheet. It is a big shift compared to the relative stability seen in retail REITs like SPG recently.