Alexandria Real Estate Equities (ARE)

Executive Summary

Alexandria Real Estate Equities is the largest owner and developer of life science campuses in the United States, with clusters in Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. For fifteen years it compounded funds from operations, from $4.80 a share in 2014 to $9.47 in 2024, and it traded near 29 times FFO at the 2021 peak. A wave of new lab supply, weaker biotech funding and higher rates have since cut 2026 FFO guidance to $6.35 to $6.45 and taken the stock to roughly 8 times this year’s FFO. The dividend was cut 45% in December 2025 and is now covered about twice. Against that, 96% of the debt is fixed-rate with a ten-year average term, second-quarter leasing rose 60%, and the executive chairman bought stock in the open market in September. In this report we look at where FFO is likely to bottom, what the disposition program has to deliver, and what a recovery could be worth.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM’s overall rating and the specific price levels that would change our view