UBS maintains a 'Neutral' on Alexandria Real Estate (ARE); Investor Day: Painting a Picture of Growth

UBS maintains a 'Neutral' on Alexandria Real Estate (NYSE: ARE) price target lowered $2 to $73.

UBS analyst says, "We spent the morning at ARE’s annual investor day where unsurprisingly the focus of the meeting was the (re)development story. With 22% of GAV currently tied up in (re)development, progress on lease-up is a key driver of future cash flow growth. Current expected yields on the pipeline in the larger markets (San Fran, San Diego and Cambridge) are running in the 7.25-7.75% range driving mid single digit cash flow growth in ’12/13, although earnings could be negatively impacted by an unsecured offering in ’12 or swapping floating debt (51% of total) to fixed."

"We remain positive on the life science industry...But valuations keep us on the sidelines."

For an analyst ratings summary and ratings history on Alexandria Real Estate click here. For more ratings news on Alexandria Real Estate click here.

Shares of Alexandria Real Estate closed at $68.35 yesterday.

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