Life Science REIT Alexandria Sued by Investor After Guidance Cut

Alexandria Real Estate Equities Inc. hid the true leasing value of one of its life science properties, resulting in its sharpest stock drop since 2008 after lowering guidance for a key financial metric, an investor’s proposed class action said.

The real estate investment trust had misleadingly touted its Long Island City, NY, property as one of its life science megacampus destinations while downplaying its declining leasing value and occupancy stability, said the complaint filed Tuesday in the US District Court for the Central District of California.

Alexandria’s stock price plummeted 19% to close at $62.94 a share Oct. 28, the ...