ARE · sample dossier
Alexandria Real Estate Equities, Inc.
31/100
Stale StatementsGenerated Oct 24, 2026 · 10:00 AM UTC · 1 hour ago
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EquityAlexandria Real Estate Equities, Inc. · XNYS
Decision context
Recommendation
A cautious picture — if you own it, consider taking some off.
AlphaDog Fair Value
Market context
Snapshot returns at report publication
1 month
-14.8%
3 months
-16.3%
6 months
-9.2%
1 year
-44.7%
At a Glance
A mid-sized company is in a pullback at unprofitable earnings.
Top Holders
As of Jun 30, 2026Financial trajectory
Financial Performance
Executive thesis & key metrics
Executive Thesis
Alexandria Real Estate Equities, Inc. (ARE) is an XNYS-listed real estate company with a $7.40B market cap trading at $43.02, a 0.47 Price/Book multiple, and a 68.2% TTM gross margin [c1, c2].
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
Score 31 · Reduce
Data through
Stale StatementsJun 30, 2026
A newer quarter has been reported and is not in these statements.
Composite 31/100 — weak across most factors.
Re-evaluate if
- Severe accounting disclosures (auditor / restatement / going concern) in SEC filings
- Net margin falls below -43.3% (was -36.1%)
- Latest-quarter YoY revenue growth improves above -12.8% while TTM gross margin remains at or above 68.2% [c2, c3].
Trim / reconsider if
- ROA falls below -9.1% (was 0.9%)
- Latest-quarter YoY revenue growth deteriorates below -12.8% or TTM gross margin falls below 68.2% [c2, c3].
Think of these dollars as a map of our value estimate for Reduce — helpful context, not a reason to override the view.
A Calmer Look · Devil's Advocate
While the consensus and scoring engine align on an 'Avoid' verdict (31/100 score), both the synthesis report and debate miss the severe structural disconnect between cash flow and accounting losses in a specialized real estate vehicle.
May be overlooked
Neither side reconciles the massive gap between the 68.2% TTM gross margin ($7.49 TTM FCF/share) and the -36.1% TTM net margin, failing to identify whether debt service, asset impairments, or operating expenses drove Q2 EPS down from $2.10 to -$0.43.
The consensus treats the 2026-08-03 SEC filing restatement flag regarding pro forma amended figures and the Chief Accounting Officer's 10,000-share sale on 2026-09-10 as isolated sentiment issues rather than potential indicators of deeper balance sheet mispricing.
Evaluating a real estate company's solvency primarily through an Altman Z-score of 1.03 without examining debt maturity schedules or interest coverage ratios overlooks how a 13.4x EV/EBITDA multiple interacts with refinancing risk.
Expectations look stretched
Bulls cite the 0.47x Price/Book ratio as a deep balance-sheet discount, ignoring that a -36.1% TTM net margin and a -12.8% YoY revenue contraction actively erode book value and inflate the stated 0.69 Debt/Equity ratio over time.
Claiming ARE is undervalued at 13.37x EV/EBITDA relative to Prologis (23.3x) and Realty Income (16.2x) ignores that VICI Properties trades lower at 12.1x EV/EBITDA with a positive 9.2x P/E compared to ARE's -7.1x P/E.
Relying on a -2.58 Beneish M-score to dismiss earnings-manipulation risk is overly complacent given the explicit restatement flag in the 2026-08-03 filing and net 3-month insider selling of 16,810 shares (-$878,573).
Latest-quarter YoY revenue growth improves above -12.8% while TTM gross margin remains at or above 68.2% [c2, c3].
Latest-quarter YoY revenue growth improves above -12.8% while TTM gross margin remains at or above 68.2% [c2, c3].
Monitor These Triggers
3 Checkpoints · Next PrintYoY revenue growth relative to the -12.8% baseline and TTM FCF/share relative to the $7.49 baseline [c2, c3].
Go deeper
For learning and research only — not investment advice. AlphaDog doesn’t hold stocks and isn’t your financial advisor.
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