** 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

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))