S&P Equity Research Downgrades Alexandria Real Estate Equities (ARE) to Hold
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S&P Equity Research downgrades Alexandria Real Estate Equities (NYSE: ARE) from Buy to Hold.
S&P analyst, R. McMillan, says, "Q1 per share funds from operations of $1.48 (excluding impairments) vs. $1.38 matches our $1.48 estimate. We see overall results as healthy, benefiting from acquisitions and continuing demand for lab space, as sales rose 16%. During Q1, ARE was able to realize a 14% jump in rental rates on renewed/released space. Occupancy reached 94.8% vs. 93.4% last year. We expect continuing demand by companies in the life sciences business will help results. We reduce our '08 FFO forecast to $5.96 from $6.08 on impairment charges, keep '09's at $6.59 and our target price at $113."
Alexandria Real Estate Equities, Inc. is engaged in the ownership, operation, management, selective development, redevelopment and acquisition of life science properties.[SM]
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