Alexandria Real Estate falls after BMO cuts to 'market perform'

Shares of real estate investment trust Alexandria Real Estate Equities ARE.N down more than 1% at about $47 premarket

BMO downgrades rating to "market perform" from "outperform", lowers PT to $52 from $65

New PT implies an upside of 9.8% from the stock's last close

Brokerage says co's supply is easing as development slows, deliveries are limited and concentrated in Boston and Cambridge and nearly half of ARE's pipeline is pre-leased

Adds weak funding for early-stage drug discovery is constraining tenant demand, while higher interest and cap rates limit leasing absorption and reduce execution on development and M&A

4 of 18 brokerages rate the stock "buy" or higher, 13 "hold" and 1 "sell"; median PT is $60- data compiled by LSEG

As of last close, stock down 3.2% YTD