Alexandria Real Estate Equities ARE posted third-quarter results that were roughly in line with our expectations, so our fair value estimate is unchanged. Total revenue for this life science property owner inched up 1.8% over the comparable quarter in 2008. Granted, part of this bump was due to property deliveries done in late 2008 and 2009. Still, we're quite impressed, as year-over-year same-property net operating income margins actually increased 0.8%, thanks to revenue increasing 1.1%. Though same-property occupancy trended down to 94.1% from 95.3% a year ago, we believe that figure is still decent and demonstrates the resiliency of Alexandria's diversified portfolio of life science real estate.

 Full Analyst Report