ARE - Alexandria Real Estate: Q1 2024 Proves That The Value Is Real
2024-04-24 00:52:06 ET
Summary
- Alexandria Real Estate Equities has shown strong performance with no signs of deterioration, supporting my bullish thesis that was issued Summer last year.
- While the Stock has outperformed the market, if we adjust for the dividends and contextualize it with the Q1, 2024 data, we will notice several signs that the case has become more attractive.
- In this article, I elaborate on the key reasons why I still consider ARE a buy after the recent issuance of Q1, 2024 earnings report.
Summer last year, I wrote a bullish article on Alexandria Real Estate Equities, Inc. ( ARE ), where I upgraded the stock to buy due to the combination of the following aspects:
- Historically depressed P/FFO multiple.
- Strong like-for-like performance with no signs of deterioration going forward.
- Robust balance sheet, where the embedded structure of borrowings shields ARE from materially rising interest expense.