KBW Maintains Outperform on Alexandria Real Estate Equities (ARE)

KBW is out with its report today on Alexandria Real Estate Equities ARE, maintaining Outperform. In a note to clients, KBW writes, "Ex-$0.05 in debt charges, ARE reported Q1 FFO of $1.15, in line with our est., which incl. $0.02 of debt charges. SS NOI +5.8% (cash); $293M acquisition at Mission Bay. 2011 guidance to $4.52-$4.57 from $4.58-$4.68, factors in debt charges and large equity offering. Adjusting est. & NAV. Overall, solid quarter for ARE with positive outlook for core and external growth. Maintaining Outperform rating." KBW has an $85 PT on ARE. Shares of ARE closed Friday at $75.78, down 3.72% from Thursday's close.