{ "run": { "id": "cmnr12fle0276p6582qe8y1p6", "region": "US", "assetId": "cmnr12fkp0272p658um9u2nw0", "ticker": "ARE", "snapshotId": "cmnr12fl50274p658flfxvdc9", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T05:19:43.728Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnr12fl50274p658flfxvdc9", "assetId": "cmnr12fkp0272p658um9u2nw0", "asOf": "2026-04-08T20:00:03.000Z", "snapshot": { "asOf": "2026-04-08T20:00:03.000Z", "quote": { "asOf": "2026-04-08T20:00:03.000Z", "open": null, "price": 44.84, "dayLow": 44.51, "volume": 1778928, "dayHigh": 45.46, "currency": "USD", "prevClose": 44.13, "week52Low": 41.44, "week52High": 88.24 }, "fundamentals": { "pe": -5.79857819905213, "beta": 0.886188829999319, "epsTTM": -8.44, "fcfTTM": 32815000, "growth": { "epsYoy": -5.688888888888889, "revenueYoy": -0.02882754876308965 }, "sector": "Real Estate Investment Trusts", "margins": { "net": -0.4723421605283365, "gross": null, "operating": 0.6497322369055785 }, "website": "https://www.are.com/", "industry": "Real estate investment trust", "pegRatio": 0.0101928132405213, "ebitdaTTM": 147606000, "forwardPe": 7.62305295950156, "marketCap": 12400000000, "totalCash": 549062000, "totalDebt": 12400555000, "debtEquity": 0.801583638600213, "quickRatio": null, "revenueTTM": 3026556000, "companyName": "ALEXANDRIA REAL ESTATE EQUITIES, INC.", "priceToBook": 0.435092653978015, "currentRatio": null, "dividendYield": 0.0970935851417763, "returnOnAssets": -0.04194521803183426, "returnOnEquity": -0.0924087609170482, "analystOpinions": null, "businessSummary": "Alexandria Real Estate Equities, Inc. is a real estate investment trust based in Pasadena, California that invests in office buildings and laboratories leased to tenants in the life science and technology industries. Properties are generally located near universities to attract tenants. The company owns several major technology/biotechnology office campuses including the 740,972 square foot Alexandria Center for Life Science in Manhattan, and the 2,365,487 square foot Alexandria Center at Kendall Square and the 1,181,635 square foot Technology Square (Cambridge, Massachusetts) in the Boston area.", "enterpriseValue": 20186317580, "analystTargetLow": null, "analystTargetHigh": null, "analystTargetMean": null, "fullTimeEmployees": 552, "sharesOutstanding": 173300361, "enterpriseToEbitda": 136.7581099684295, "analystTargetMedian": null, "enterpriseToRevenue": 6.669732058484958, "operatingCashflowTTM": 1414046000, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T05:19:43.722Z" }, "results": [ { "id": "cmnr12fli0278p65886vxmjkz", "runId": "cmnr12fle0276p6582qe8y1p6", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"ai-equity-research-v1\",\"as_of\":\"2026-04-08T20:00:03.000Z\",\"ticker\":\"ARE\",\"currency\":\"USD\",\"current_price\":44.84,\"target_price_6m\":48.5,\"target_price_12m\":52.0,\"recommendation\":\"BUY\",\"confidence\":0.55,\"thesis_bullets\":[\"Deep discount to book value at 0.44x signals potential deep value opportunity\",\"Operating cash flow of $1.41B provides strong dividend coverage despite negative GAAP EPS\",\"Forward PE of 7.6x implies significant earnings normalization ahead\",\"High 9.7% dividend yield compensates for near-term fundamental uncertainty\",\"Life science REIT franchise value persists despite cyclical oversupply headwinds\"],\"key_drivers\":[{\"driver\":\"Life science real estate supply-demand rebalancing timeline\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"$12.4B debt load and refinancing risk in elevated rate environment\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Impairment charges masking recurring FFO/AFFO earnings power\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Tenant credit quality and occupancy rate trends\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"NIH/biotech funding uncertainty affecting demand pipeline\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Dividend sustainability at current ~9.7% yield\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Development pipeline delivery and lease-up progress\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Interest rate trajectory and REIT sector sentiment\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Asset dispositions reducing leverage\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Dividend cut if FFO coverage deteriorates further, triggering additional selloff\",\"Continued life science lab space oversupply compresses rental rates and occupancy\",\"Debt maturity wall forces dilutive equity raises or asset sales at distressed prices\",\"Biotech funding winter persists, reducing tenant demand and increasing vacancies\",\"Further asset impairments erode book value, invalidating NAV-based valuation floor\",\"Macro recession widens credit spreads, increasing cost of capital materially\"],\"assumptions\":{\"revenue_cagr_3y\":0.02,\"ebit_margin_target\":0.30,\"wacc\":0.09,\"terminal_multiple\":12.0},\"scenarios\":{\"bear\":{\"target_price\":35.0,\"prob\":0.25,\"notes\":\"Dividend cut, continued impairments, life science oversupply persists through 2027.\"},\"base\":{\"target_price\":52.0,\"prob\":0.50,\"notes\":\"Earnings normalize, modest recovery toward 0.5x book as impairments subside.\"},\"bull\":{\"target_price\":70.0,\"prob\":0.25,\"notes\":\"Life science demand rebounds, occupancy rises, market re-rates to ~0.7x book.\"}},\"method_notes\":\"REIT-oriented valuation anchored on P/Book (0.44x vs est. normalized ~0.55-0.7x), operating cash flow yield (~11.4%), and forward P/FFO (~5.5x). Negative GAAP EPS driven by large impairment charges; recurring FFO estimated near $8/sh from OCF. 12M target of $52 implies ~16% upside, consistent with BUY. Confidence moderate (0.55) due to high leverage, uncertain life science demand, and impairment risk. Sell-side targets noted but not used as inputs. 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Negative GAAP EPS driven by large impairment charges; recurring FFO estimated near $8/sh from OCF. 12M target of $52 implies ~16% upside, consistent with BUY. Confidence moderate (0.55) due to high leverage, uncertain life science demand, and impairment risk. Sell-side targets noted but not used as inputs. Not investment advice.", "current_price": 44.84, "recommendation": "BUY", "thesis_bullets": [ "Deep discount to book value at 0.44x signals potential deep value opportunity", "Operating cash flow of $1.41B provides strong dividend coverage despite negative GAAP EPS", "Forward PE of 7.6x implies significant earnings normalization ahead", "High 9.7% dividend yield compensates for near-term fundamental uncertainty", "Life science REIT franchise value persists despite cyclical oversupply headwinds" ], "target_price_6m": 48.5, "target_price_12m": 52 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "anthropic", "webSearch": { "enabled": false, "maxToolCalls": 2, "disabledReason": null }, "pauseTurns": 0, "stopReason": "end_turn" }, "sanityIssues": [] }, "latencyMs": 52011, "createdAt": "2026-04-09T05:19:43.728Z", "usage": { "inputTokens": 3626, "outputTokens": 2131, "costUsd": 0.071405 } }, { "id": "cmnr12fli027bp658dxxseu44", "runId": "cmnr12fle0276p6582qe8y1p6", "modelId": "deepseek.reasoner", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"Equity Research AI Model\",\n \"as_of\": \"2026-04-08T20:00:03.000Z\",\n \"ticker\": \"ARE\",\n \"currency\": \"USD\",\n \"current_price\": 44.84,\n \"target_price_6m\": 47.0,\n \"target_price_12m\": 50.0,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.65,\n \"thesis_bullets\": [\n \"Life science real estate demand remains resilient.\",\n \"High operating margins support strong cash flow generation.\",\n \"Valuation near 52-week low presents a buying opportunity.\",\n \"Negative earnings mask underlying cash flow strength.\",\n \"Attractive dividend yield enhances total return potential.\"\n ],\n \"key_drivers\": [\n { \"driver\": \"Interest rate environment\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n { \"driver\": \"Life science sector growth trends\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Property occupancy rates\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Rental rate inflation\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Debt and leverage levels\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n { \"driver\": \"Overall economic conditions\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n { \"driver\": \"Tenant diversification and quality\", \"impact\": \"LOW\", \"direction\": \"POS\" }\n ],\n \"risks\": [\n \"Rising interest rates increasing financing costs.\",\n \"Economic downturn reducing tenant demand.\",\n \"Concentration in key geographic markets.\",\n \"High leverage amplifying financial risk.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.03,\n \"ebit_margin_target\": 0.65,\n \"wacc\": 0.065,\n \"terminal_multiple\": 15.0\n },\n \"scenarios\": {\n \"bear\": { \"target_price\": 40.0, \"prob\": 0.2, \"notes\": \"Sector downturn and higher rates pressure valuation.\" },\n \"base\": { \"target_price\": 50.0, \"prob\": 0.6, \"notes\": \"Modest recovery with stable cash flows.\" },\n \"bull\": { \"target_price\": 55.0, \"prob\": 0.2, \"notes\": \"Strong demand drives multiple expansion.\" }\n },\n \"method_notes\": \"Valuation based on DCF using operating cash flow and sector comps. Target implies ~12% upside, supporting BUY. 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Target implies ~12% upside, supporting BUY. Not investment advice.", "current_price": 44.84, "recommendation": "BUY", "thesis_bullets": [ "Life science real estate demand remains resilient.", "High operating margins support strong cash flow generation.", "Valuation near 52-week low presents a buying opportunity.", "Negative earnings mask underlying cash flow strength.", "Attractive dividend yield enhances total return potential." ], "target_price_6m": 47, "target_price_12m": 50 }, "errorsJson": { "attempts": [], "providerMeta": { "endpoint": "https://api.deepseek.com/v1/chat/completions", "provider": "deepseek", "webSearch": { "enabled": false, "supported": false }, "responseFormat": "json_object" }, "sanityIssues": [] }, "latencyMs": 328, "createdAt": "2026-04-09T05:19:43.728Z", "usage": { "inputTokens": 2136, "outputTokens": 4617, "costUsd": 0.002537 } }, { "id": "cmnr12fli0279p6584pig5h2j", "runId": "cmnr12fle0276p6582qe8y1p6", "modelId": "gemini.3-pro", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"EquityResearch_ARE_Base\",\n \"as_of\": \"2026-04-08T20:00:03.000Z\",\n \"ticker\": \"ARE\",\n \"currency\": \"USD\",\n \"current_price\": 44.84,\n \"target_price_6m\": 48.00,\n \"target_price_12m\": 52.00,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.65,\n \"thesis_bullets\": [\n \"Extreme discount to book value (0.43x) prices in overly pessimistic life science real estate scenarios.\",\n \"High-quality Class A lab portfolio in prime clusters provides downside protection against generic office weakness.\",\n \"Near-term headwinds from lab oversupply and biotech funding constraints are largely priced into shares.\",\n \"Operating cash flow of $1.4B remains robust, though high capex limits free cash flow generation.\",\n \"Potential dividend right-sizing could temporarily shock the stock but improves long-term balance sheet health.\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Biotech VC Funding Levels\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Lab Space Oversupply\",\n \"impact\": \"HIGH\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Interest Rate Environment\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Tenant Default Rates\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Asset Dispositions and Recycling\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Dividend Sustainability\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Development Yields\",\n \"impact\": \"LOW\",\n \"direction\": \"POS\"\n }\n ],\n \"risks\": [\n \"Prolonged slump in biotech venture capital funding reducing tenant demand and leasing velocity.\",\n \"Significant new lab space supply coming online in key markets like Boston and San Diego.\",\n \"High debt burden ($12.4B) in a higher-for-longer interest rate environment pressuring FFO.\",\n \"Risk of a dividend cut due to low free cash flow after heavy development capex.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.025,\n \"ebit_margin_target\": 0.65,\n \"wacc\": 0.085,\n \"terminal_multiple\": 12.0\n },\n \"scenarios\": {\n \"bear\": {\n \"target_price\": 35.00,\n \"prob\": 0.3,\n \"notes\": \"Biotech funding dries up, tenant defaults spike, and a dividend cut triggers a severe sell-off.\"\n },\n \"base\": {\n \"target_price\": 52.00,\n \"prob\": 0.5,\n \"notes\": \"Supply/demand balances gradually; AFFO stabilizes, allowing a modest re-rating from distressed P/B levels.\"\n },\n \"bull\": {\n \"target_price\": 65.00,\n \"prob\": 0.2,\n \"notes\": \"Biotech funding rebounds sharply, rate cuts lower cost of capital, and occupancy remains exceptionally high.\"\n }\n },\n \"method_notes\": \"Valuation based on a blend of historical P/B mean reversion and forward FFO multiples. The BUY rating reflects a ~16% upside to our $52 target, justified by the extreme 0.43x P/B discount, though tempered by lab oversupply risks. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:03.000Z", "model": "EquityResearch_ARE_Base", "risks": [ "Prolonged slump in biotech venture capital funding reducing tenant demand and leasing velocity.", "Significant new lab space supply coming online in key markets like Boston and San Diego.", "High debt burden ($12.4B) in a higher-for-longer interest rate environment pressuring FFO.", "Risk of a dividend cut due to low free cash flow after heavy development capex." ], "ticker": "ARE", "currency": "USD", "scenarios": { "base": { "prob": 0.5, "notes": "Supply/demand balances gradually; AFFO stabilizes, allowing a modest re-rating from distressed P/B levels.", "target_price": 52 }, "bear": { "prob": 0.3, "notes": "Biotech funding dries up, tenant defaults spike, and a dividend cut triggers a severe sell-off.", "target_price": 35 }, "bull": { "prob": 0.2, "notes": "Biotech funding rebounds sharply, rate cuts lower cost of capital, and occupancy remains exceptionally high.", "target_price": 65 } }, "confidence": 0.65, "assumptions": { "wacc": 0.085, "revenue_cagr_3y": 0.025, "terminal_multiple": 12, "ebit_margin_target": 0.65 }, "key_drivers": [ { "driver": "Biotech VC Funding Levels", "impact": "HIGH", "direction": "POS" }, { "driver": "Lab Space Oversupply", "impact": "HIGH", "direction": "NEG" }, { "driver": "Interest Rate Environment", "impact": "HIGH", "direction": "POS" }, { "driver": "Tenant Default Rates", "impact": "MED", "direction": "NEG" }, { "driver": "Asset Dispositions and Recycling", "impact": "MED", "direction": "POS" }, { "driver": "Dividend Sustainability", "impact": "MED", "direction": "NEG" }, { "driver": "Development Yields", "impact": "LOW", "direction": "POS" } ], "method_notes": "Valuation based on a blend of historical P/B mean reversion and forward FFO multiples. The BUY rating reflects a ~16% upside to our $52 target, justified by the extreme 0.43x P/B discount, though tempered by lab oversupply risks. Not investment advice.", "current_price": 44.84, "recommendation": "BUY", "thesis_bullets": [ "Extreme discount to book value (0.43x) prices in overly pessimistic life science real estate scenarios.", "High-quality Class A lab portfolio in prime clusters provides downside protection against generic office weakness.", "Near-term headwinds from lab oversupply and biotech funding constraints are largely priced into shares.", "Operating cash flow of $1.4B remains robust, though high capex limits free cash flow generation.", "Potential dividend right-sizing could temporarily shock the stock but improves long-term balance sheet health." ], "target_price_6m": 48, "target_price_12m": 52 }, "errorsJson": { "attempts": [], "providerMeta": { "model": "gemini-3-pro-preview", "provider": "gemini", "webSearch": { "used": false, "allowed": false, "enabled": false, "requested": false, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 28615, "createdAt": "2026-04-09T05:19:43.728Z", "usage": { "inputTokens": 2469, "outputTokens": 924, "costUsd": 0.016026 } }, { "id": "cmnr12fli0277p658onus86p3", "runId": "cmnr12fle0276p6582qe8y1p6", "modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"OpenAI o3\",\"as_of\":\"2026-04-08T20:00:03.000Z\",\"ticker\":\"ARE\",\"currency\":\"USD\",\"current_price\":44.84,\"target_price_6m\":47.5,\"target_price_12m\":49,\"recommendation\":\"BUY\",\"confidence\":0.6,\"thesis_bullets\":[\"Deep discount to book and replacement cost limits long-run downside.\",\"Life-science campus assets remain differentiated versus generic office supply.\",\"Dividend yield supports total return if payout remains covered by cash flow.\",\"Leasing softness, tenant funding pressure, and high rates cap near-term rerating.\",\"Balance sheet leverage is manageable but refinancing costs constrain upside.\"],\"key_drivers\":[{\"driver\":\"Lab leasing demand recovery\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Biotech funding environment\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Interest-rate path\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Refinancing cost pressure\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Occupancy and renewals\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Asset sales or JV capital\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Development pipeline pacing\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Dividend sustainability\",\"impact\":\"MED\",\"direction\":\"POS\"}],\"risks\":[\"Prolonged life-science vacancy and slower lease-up.\",\"Rate cuts fail; cap rates and financing spreads stay elevated.\",\"Tenant credit stress among early-stage biotech.\",\"Dividend cut if management prioritizes deleveraging.\",\"Asset sales or impairments below carrying values.\"],\"assumptions\":{\"revenue_cagr_3y\":0.015,\"ebit_margin_target\":0.62,\"wacc\":0.088,\"terminal_multiple\":14},\"scenarios\":{\"bear\":{\"target_price\":38,\"prob\":0.25,\"notes\":\"Leasing stays weak and refinancing costs remain elevated.\"},\"base\":{\"target_price\":49,\"prob\":0.5,\"notes\":\"Slow occupancy improvement and stable dividend support modest rerating.\"},\"bull\":{\"target_price\":60,\"prob\":0.25,\"notes\":\"Biotech demand recovers and lower rates compress cap rates.\"}},\"method_notes\":\"Blended NAV and normalized cash-flow valuation anchored to snapshot data; GAAP EPS is less useful for REITs, so discount to book, yield, leverage and operating cash flow drove targets. 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Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:00:03.000Z", "model": "REIT DCF Hybrid Model", "risks": [ "Higher-for-longer interest rates raising costs", "Biotech tenant defaults or funding cuts", "Further declines in property valuations", "Dividend cut if FFO weakens materially", "Increased competition in life science RE" ], "ticker": "ARE", "currency": "USD", "scenarios": { "base": { "prob": 0.45, "notes": "Moderate recovery in fundamentals and sector sentiment.", "target_price": 53 }, "bear": { "prob": 0.35, "notes": "Persistent high rates and weak biotech demand erode value.", "target_price": 38 }, "bull": { "prob": 0.2, "notes": "Accelerated growth from life science expansion and lower rates.", "target_price": 70 } }, "confidence": 0.58, "assumptions": { "wacc": 7.8, "revenue_cagr_3y": 2.5, "terminal_multiple": 13.5, "ebit_margin_target": 0.6 }, "key_drivers": [ { "driver": "Biotech funding levels", "impact": "HIGH", "direction": "POS" }, { "driver": "Interest rate environment", "impact": "HIGH", "direction": "NEG" }, { "driver": "Lab space occupancy", "impact": "HIGH", "direction": "POS" }, { "driver": "Rental rate growth", "impact": "MED", "direction": "POS" }, { "driver": "Debt refinancing costs", "impact": "MED", "direction": "NEG" }, { "driver": "Innovation cluster demand", "impact": "HIGH", "direction": "POS" }, { "driver": "Economic slowdown risk", "impact": "MED", "direction": "NEG" } ], "method_notes": "REIT valuation via hybrid DDM/Gordon growth on assumed 2.5% rev CAGR, 60% EBIT margin, 7.8% WACC and 13.5x terminal. 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