BNP Paribas Exane downgraded Alexandria Real Estate (ARE) to Underperform from Neutral with a price target of $82, down from $85. After adjusting the firm’s modelling assumptions to include an increase in 2026 interest expense when accounting for more capitalized interest roll-off and lower rental revenues to reflect anticipated vacancies, the firm notes its AFFO estimates for 2025-28 have moved down about 8%.
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