JMP Securities lowered the firm’s price target on Alexandria Real Estate (ARE) to $130 from $140 and keeps an Outperform rating on the shares. Alexandria Real Estate beat Q3 core FFO expectations, driven by higher NOI and lower G&A, and leasing volume strengthened this quarter and was up 48% over the trailing twelve-month quarter average, the analyst tells investors in a research note. The pipeline is performing well, with 55% of projects being pre-leased for 2025-2028, which should add $510M to NOI, and JMP now expects higher disposition levels and certain lease expirations to be a headwind to out-year earnings.
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Read More on ARE:
- Alexandria Real Estate price target lowered to $130 from $137 at Baird
- Alexandria downgraded to Sector Perform from Outperform at RBC Capital
- Alexandria Real Estate price target lowered to $120 from $130 at Wedbush
- Alexandria narrows FY24 adjusted FFO view to $9.45-$9.49 from $9.41-$9.53
- Alexandria Real Estate reports Q3 adjusted FFO $2.37, consensus $2.38