A
lexandria Real Estate is a top-tier REIT with strong fundamentals, including 6% FFO growth and efficient tenant collections at 99.8%. Despite recent mixed results, the company's valuation remains attractive at less than 12.7x P/AFFO, significantly lower than its historical average of 21x P/E. This disparity justifies a "BUY" rating.

    I maintain a $150/share price target for ARE, emphasizing its qualitative strengths, conservative management, and realistic upside based on earnings growth. The company's strong cash flow, high tenant loyalty, and excellent management make it an attractive investment opportunity that is currently undervalued by the market.