Alexandria Q3 2025 Update
Summary
- Alexandria Real Estate (ARE) reported a weak Q3 2025, missing FFO estimates and lowering 2025 guidance. Results reflect ongoing supply headwinds.
- Management strongly foreshadowed a significant dividend cut for 2026, despite current coverage, as part of capital allocation priorities.
- ARE's valuation remains low at under 10x 2026 AFFO, but long-term supply headwinds and ongoing development expenditures keep us focused on a slow approach to building positions.
- Targets will be adjusted lower. Expect many analyst downgrades. Recovery is likely, but will take time.
Alexandria Real Estate (ARE) reported Q3 2025 results after the market closed on 10/27/2025.
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Our Position
We have a small position in ARE. Despite the low multiple, we’ve only been looking to build the position gradually due to the long-term headwinds from excess supply.