Key catalysts for the next leg in either direction include evidence that occupancy stabilizes after the Q1 dip, progress on dispositions and partial-interest sales, and confirmation that signed leases scheduled to commence in the back half of 2026 translate into measurable NOI improvement. Macro remains the swing factor: any sustained rise in long-term yields can pressure REIT multiples, while easing-rate expectations and improving leasing prints could quickly change sentiment at these depressed valuation levels. Alexandria Real Estate Equities shares fell sharply in Friday trading as rate-sensitive REITs sold off amid an elevated long-end yield backdrop, amplifying investor focus on Alexandria’s near-term fundamentals. The company is still navigating a 2026 “trough” period tied to known tenant move-outs and softer same-property net operating income expectations, which keeps the equity highly reactive to shifts in financing-cost expectations and risk appetite for office-adjacent real estate. Alexandria has been working to extend maturities and refinance nearer-term obligations, including pricing $750 million of senior notes due 2036 earlier this year as part of broader liability management. Even with these actions, the equity’s day-to-day trading is still heavily influenced by the market’s view of leverage, asset-sale execution, and whether capital recycling can offset weaker near-term cash flow while the leasing market heals. A central concern is the expected occupancy dip in early 2026, driven by scheduled expirations and move-outs that can create downtime and unrecovered operating expenses as space goes dark. S&P has also flagged expectations for occupancy to fall further into the high-80% range in 2026 alongside a high-single-digit percentage decline in same-property cash NOI, reinforcing the market narrative that earnings power may remain under pressure until backfills and lease commencements build later in the year.