Intrinsic value of Alexandria Real Estate Equities - ARE

Previous Close

$128.62

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$128.62

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as ARE.

We calculate the intrinsic value of ARE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  1,381
  1,666
  1,984
  2,335
  2,718
  3,133
  3,580
  4,057
  4,563
  5,099
  5,663
  6,256
  6,876
  7,524
  8,200
  8,903
  9,636
  10,397
  11,189
  12,011
  12,866
  13,754
  14,677
  15,637
  16,636
  17,676
  18,758
  19,886
  21,062
  22,287
Variable operating expenses, $m
  1,279
  1,528
  1,805
  2,111
  2,445
  2,806
  3,195
  3,611
  4,052
  4,519
  4,934
  5,451
  5,991
  6,555
  7,144
  7,757
  8,395
  9,059
  9,748
  10,465
  11,209
  11,983
  12,788
  13,624
  14,495
  15,400
  16,344
  17,326
  18,350
  19,418
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,279
  1,528
  1,805
  2,111
  2,445
  2,806
  3,195
  3,611
  4,052
  4,519
  4,934
  5,451
  5,991
  6,555
  7,144
  7,757
  8,395
  9,059
  9,748
  10,465
  11,209
  11,983
  12,788
  13,624
  14,495
  15,400
  16,344
  17,326
  18,350
  19,418
Operating income, $m
  101
  138
  179
  224
  274
  327
  384
  446
  511
  580
  729
  805
  885
  969
  1,056
  1,146
  1,240
  1,338
  1,440
  1,546
  1,656
  1,771
  1,889
  2,013
  2,142
  2,275
  2,415
  2,560
  2,711
  2,869
EBITDA, $m
  1,644
  1,983
  2,362
  2,780
  3,236
  3,730
  4,261
  4,829
  5,432
  6,070
  6,742
  7,447
  8,186
  8,957
  9,761
  10,599
  11,471
  12,377
  13,319
  14,298
  15,316
  16,373
  17,472
  18,615
  19,804
  21,042
  22,331
  23,673
  25,072
  26,531
Interest expense (income), $m
  85
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
  159
Earnings before tax, $m
  -58
  -21
  20
  65
  114
  168
  225
  287
  352
  421
  570
  646
  726
  809
  896
  987
  1,081
  1,179
  1,281
  1,387
  1,497
  1,611
  1,730
  1,854
  1,982
  2,116
  2,256
  2,401
  2,552
  2,710
Tax expense, $m
  0
  0
  5
  18
  31
  45
  61
  77
  95
  114
  154
  174
  196
  219
  242
  267
  292
  318
  346
  375
  404
  435
  467
  501
  535
  571
  609
  648
  689
  732
Net income, $m
  -58
  -21
  15
  47
  84
  123
  164
  209
  257
  307
  416
  472
  530
  591
  654
  721
  789
  861
  935
  1,013
  1,093
  1,176
  1,263
  1,353
  1,447
  1,545
  1,647
  1,753
  1,863
  1,978

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Adjusted assets (=assets-cash), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  14,659
  17,687
  21,064
  24,789
  28,859
  33,267
  38,006
  43,070
  48,449
  54,138
  60,129
  66,419
  73,004
  79,883
  87,057
  94,528
  102,303
  110,386
  118,789
  127,520
  136,594
  146,024
  155,827
  166,022
  176,627
  187,665
  199,158
  211,131
  223,610
  236,623
Working capital, $m
  -6,880
  -8,301
  -9,886
  -11,635
  -13,545
  -15,614
  -17,838
  -20,214
  -22,739
  -25,409
  -28,221
  -31,173
  -34,264
  -37,492
  -40,859
  -44,366
  -48,015
  -51,809
  -55,752
  -59,851
  -64,109
  -68,535
  -73,136
  -77,921
  -82,899
  -88,079
  -93,473
  -99,093
  -104,950
  -111,057
Total debt, $m
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
  634
Total liabilities, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total liabilities and equity, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -58
  -21
  15
  47
  84
  123
  164
  209
  257
  307
  416
  472
  530
  591
  654
  721
  789
  861
  935
  1,013
  1,093
  1,176
  1,263
  1,353
  1,447
  1,545
  1,647
  1,753
  1,863
  1,978
Depreciation, amort., depletion, $m
  1,542
  1,845
  2,183
  2,555
  2,962
  3,403
  3,877
  4,383
  4,921
  5,490
  6,013
  6,642
  7,300
  7,988
  8,706
  9,453
  10,230
  11,039
  11,879
  12,752
  13,659
  14,602
  15,583
  16,602
  17,663
  18,766
  19,916
  21,113
  22,361
  23,662
Funds from operations, $m
  1,484
  1,824
  2,197
  2,603
  3,046
  3,526
  4,042
  4,593
  5,178
  5,797
  6,429
  7,114
  7,830
  8,579
  9,360
  10,173
  11,020
  11,900
  12,814
  13,765
  14,752
  15,779
  16,846
  17,956
  19,110
  20,311
  21,562
  22,866
  24,224
  25,641
Change in working capital, $m
  -1,259
  -1,421
  -1,585
  -1,748
  -1,910
  -2,069
  -2,224
  -2,376
  -2,525
  -2,670
  -2,812
  -2,952
  -3,091
  -3,229
  -3,367
  -3,507
  -3,649
  -3,794
  -3,944
  -4,098
  -4,259
  -4,426
  -4,601
  -4,785
  -4,978
  -5,180
  -5,394
  -5,619
  -5,857
  -6,108
Cash from operations, $m
  2,744
  3,245
  3,782
  4,351
  4,956
  5,595
  6,266
  6,969
  7,703
  8,467
  9,241
  10,066
  10,921
  11,808
  12,727
  13,680
  14,668
  15,694
  16,758
  17,863
  19,011
  20,205
  21,447
  22,740
  24,087
  25,492
  26,957
  28,485
  30,081
  31,748
Maintenance CAPEX, $m
  -1,198
  -1,466
  -1,769
  -2,106
  -2,479
  -2,886
  -3,327
  -3,801
  -4,307
  -4,845
  -5,414
  -6,013
  -6,642
  -7,300
  -7,988
  -8,706
  -9,453
  -10,230
  -11,039
  -11,879
  -12,752
  -13,659
  -14,602
  -15,583
  -16,602
  -17,663
  -18,766
  -19,916
  -21,113
  -22,361
New CAPEX, $m
  -2,681
  -3,028
  -3,377
  -3,725
  -4,069
  -4,408
  -4,740
  -5,063
  -5,379
  -5,688
  -5,991
  -6,290
  -6,585
  -6,879
  -7,174
  -7,472
  -7,774
  -8,084
  -8,402
  -8,732
  -9,074
  -9,430
  -9,803
  -10,194
  -10,605
  -11,038
  -11,493
  -11,973
  -12,479
  -13,013
Cash from investing activities, $m
  -3,879
  -4,494
  -5,146
  -5,831
  -6,548
  -7,294
  -8,067
  -8,864
  -9,686
  -10,533
  -11,405
  -12,303
  -13,227
  -14,179
  -15,162
  -16,178
  -17,227
  -18,314
  -19,441
  -20,611
  -21,826
  -23,089
  -24,405
  -25,777
  -27,207
  -28,701
  -30,259
  -31,889
  -33,592
  -35,374
Free cash flow, $m
  -1,136
  -1,249
  -1,363
  -1,480
  -1,593
  -1,699
  -1,800
  -1,895
  -1,983
  -2,066
  -2,164
  -2,237
  -2,306
  -2,372
  -2,435
  -2,497
  -2,559
  -2,620
  -2,683
  -2,748
  -2,815
  -2,885
  -2,959
  -3,037
  -3,120
  -3,209
  -3,303
  -3,404
  -3,511
  -3,626
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total cash flow (excl. dividends), $m
  -1,136
  -1,249
  -1,363
  -1,480
  -1,593
  -1,699
  -1,800
  -1,895
  -1,983
  -2,066
  -2,164
  -2,237
  -2,306
  -2,372
  -2,435
  -2,497
  -2,559
  -2,620
  -2,683
  -2,748
  -2,815
  -2,885
  -2,959
  -3,037
  -3,120
  -3,209
  -3,303
  -3,404
  -3,511
  -3,626
Retained Cash Flow (-), $m
  -58
  -21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -58
  -21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  -55
  -19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Alexandria Real Estate Equities, Inc. is a real estate investment (REIT). The Company is engaged in the business of providing space for lease to the life science and technology industries. It focuses on collaborative life science and technology campuses. It develops urban cluster campuses and ecosystems. As of December 31, 2016, the Company had 199 properties in North America. As of December 31, 2016, its asset base in North America consisted of 25.2 million square feet, including 19.9 million rentable square feet/foot (RSF) of operating properties, and development and redevelopment of under construction or pre-construction, as well as 5.3 million square feet of future ground-up development projects. Its properties are located in various areas, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Its properties include Alexandria Technology Square, Alexandria Park at 128 and Alexandria Technology Center-Gateway.

FINANCIAL RATIOS  of  Alexandria Real Estate Equities (ARE)

Valuation Ratios
P/E Ratio -170.9
Price to Sales 12.2
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 28.7
Price to Free Cash Flow -9.7
Growth Rates
Sales Growth Rate 9.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 91.9%
Cap. Spend. - 3 Yr. Gr. Rate 16.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 85%
Total Debt to Equity 85%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.2%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital -0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity -1.5%
Return On Equity - 3 Yr. Avg. 1.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.7%
Gross Margin - 3 Yr. Avg. 69.6%
EBITDA Margin 37.7%
EBITDA Margin - 3 Yr. Avg. 49.9%
Operating Margin 5.9%
Oper. Margin - 3 Yr. Avg. 19.5%
Pre-Tax Margin -5.4%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin -7.2%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -398.5%

ARE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARE stock intrinsic value calculation we used $1128 million for the last fiscal year's total revenue generated by Alexandria Real Estate Equities. The default revenue input number comes from 2017 income statement of Alexandria Real Estate Equities. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARE stock valuation model: a) initial revenue growth rate of 22.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for ARE is calculated based on our internal credit rating of Alexandria Real Estate Equities, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Alexandria Real Estate Equities.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ARE stock the variable cost ratio is equal to 93.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 25.1% for Alexandria Real Estate Equities.

Corporate tax rate of 27% is the nominal tax rate for Alexandria Real Estate Equities. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ARE stock is equal to 2.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ARE are equal to 1061.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Alexandria Real Estate Equities operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ARE is equal to -498.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Alexandria Real Estate Equities - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 96 million for Alexandria Real Estate Equities is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Alexandria Real Estate Equities at the current share price and the inputted number of shares is $12.3 billion.

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COMPANY NEWS

▶ Run on renewables: Real estate trusts finally start going green   [Aug-09-18 11:45AM  American City Business Journals]
▶ Alexandria Real Estate Equities: 2Q Earnings Snapshot   [Jul-30-18 04:36PM  Associated Press]
▶ New plan could speed up huge San Francisco office projects in the next several years   [Jun-27-18 05:15PM  American City Business Journals]
▶ 4 REITs to Watch for Dividend Increases in July   [Jun-26-18 03:14PM  InvestorPlace]
▶ 4 Notable Dividend Increases From the Past Week   [Jun-11-18 01:07PM  InvestorPlace]
▶ Exclusive: GM's Cruise and biotech Nektar sign huge deals in San Francisco   [Jun-04-18 12:58PM  American City Business Journals]
▶ Why a California investor is betting big on plant science in RTP   [May-30-18 02:39PM  American City Business Journals]
▶ 3 Unknown but Amazing Dividend Stocks   [May-29-18 10:20AM  Motley Fool]
▶ Canada Blocks Chinese Takeover of Aecon   [May-24-18 03:05PM  Bloomberg Video]
▶ Fast-growing biotech finds Peninsula expansion space with a Twist   [May-02-18 10:23AM  American City Business Journals]
▶ Alexandria Real Estate Equities: 1Q Earnings Snapshot   [Apr-30-18 04:29PM  Associated Press]
▶ Take a look at Alexandria's latest apartment complex in Kendall Square   [Apr-17-18 02:49PM  American City Business Journals]
▶ Alexandria will launch its own biotech incubator in Kendall Square   [Apr-12-18 05:41AM  American City Business Journals]
▶ 5 REITs Growing Their Dividends Rapidly   [Apr-08-18 08:36AM  Forbes]
▶ Real Estate Deals of the Year: Tennis Club Land Sale   [Mar-22-18 10:00PM  American City Business Journals]
▶ Here's Why You Should Hold Alexandria (ARE) Now   [Feb-27-18 05:21PM  Zacks]
▶ Alexandria Real Estate Equities reports 4Q results   [Jan-29-18 04:43PM  Associated Press]
▶ Alexandria RE Equities Trying To Close In On Key Technical Measure   [Dec-11-17 03:00AM  Investor's Business Daily]
▶ 5 Great REITs to Buy Now   [Dec-08-17 05:20PM  Kiplinger]
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