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Alexandria Real Estate Equities, Inc. — Intrinsic Value & Fair Price

ARE
NYSEReal EstateREIT - OfficeCIK 0001035443are.comAbout ARE
Last close · Oct 16, 202641.62−0.72 (−1.70%)
Market cap$7.3B
Model value · P/Cash FFO · own history
101.67
Alexandria Real Estate Equities closed at $41.62 — undervalued by 59% vs model.
72.77the model's range138.16

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
6.62 – 6.62
Wall St. target
46.50 10% below
Below model, 1y
2 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $41.62 · as of Oct 17, 2026

P/Cash FFO · own history leads for a REIT. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
6.92%
#4 · Highest dividend yield
Past 2 years
low 4.07%high 11.74%
Dividends per share, a year at a time
$4.42Sep ’21$4.66Sep ’22$4.90Sep ’23$5.14Sep ’24$5.28Sep ’25$2.88TTM
Coverage
—
Raised
—
Growth, 5 yrs
-8.2% a year
Last change
−45.5% · Dec 2025
Every payment, with ex-dates · latest $0.72, paid Oct 15, 2026

Research on ARE

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How it is valued

Valued asREIT
Low/slowing growth (~2% recent)Currently unprofitableStrong dividend yieldHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
6.92%
Dividends / Cash FFO
—
Debt / assets
37.4%
Price / book
0.4×
Revenue growth
-2.9%
Full financials

Analyst actions

third-party, quoted
10-12Raymond James · target41.00
10-12RBC Capital · target41.00
10-12BMO Capital · target41.00
09-24JP Morgan · “Underweight” from “Neutral”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label

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About Alexandria Real Estate Equities

Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® real estate investment trust, stands as the pioneering and most seasoned entity in the specialized domain of urban office properties. Since its inception in 1994, Alexandria has uniquely focused on the ownership, operation, and development of integrated campuses tailored for the life science, technology, and agtech sectors, strategically positioned within premier innovation ecosystems. By December 31, 2020, the company commanded a market capitalization of $31.9 billion and managed an extensive North American asset portfolio totaling 49.7 million square feet. This substantial base encompasses 31.9 million RSF of operational properties, 3.3 million RSF of premium Class A spaces currently under construction, 7.1 million RSF designated for near-to-mid-term development and refurbishment, and an additional 7.4 million SF earmarked for future projects. Alexandria has cultivated a significant footprint across vital innovation hubs such as Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. Its established expertise lies in crafting superior Class A facilities within these urban campuses, fostering dynamic and collaborative environments. These spaces are instrumental in empowering innovative tenants to successfully attract and retain world-class professionals, thereby stimulating productivity, efficiency, creativity, and overall achievement. Furthermore, Alexandria extends its support to transformative life science, technology, and agtech companies through its dedicated venture capital platform. This distinct business model, coupled with rigorous underwriting practices, ensures a diverse and high-caliber tenant roster, ultimately driving elevated occupancy rates, extended lease durations, robust rental revenues, superior financial returns, and enhanced long-term asset appreciation.

CEO
Peter Moglia
Headquarters
Pasadena, CA
Employees
514
IPO
1997-05-28
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.