ARE相对于其历史估值被低估（当前约6.3倍FFO，而历史区间为18-24倍），且拥有稳健的投资级资产负债表。
逐段跳播
今天我们要谈的最后一个名字。这是一只不受待见的股票。一只不受待见的股票。它经历了非常艰难的时期。它就是Alexandria Realty。他们拥有许多实验室。他们在全国拥有顶级的实验室以及相邻的办公空间。
他们采取的是大型综合园区的策略。如你所知，大部分生物技术产业集中在Cambridge、San Francisco、San Diego和Research Triangle。许多这类公司会去人才所在的地方，反之亦然。
因此，他们的理念就是拥有这些优质物业并将它们聚集在一起。
The last name we will talk about today. This is a disliked name. A disliked name. He went through very difficult times . It's "Alexandria Realty". They own many laboratories. They have top-quality laboratories in the country and adjacent office spaces.
They have a strategy of large complexes. As you know, most of the biotechnology industry is concentrated in Cambridge, San Francisco, San Diego, and the Research Triangle. Many of those companies go where the people are, and vice versa.
Therefore, their idea is based on owning these wonderful properties and bringing them together.
总体而言，这是一份出色的工作，尤其是在进入新冠阶段及之后，当时增长极为迅猛。租金持续上涨，但供需之间出现了失衡。大量推出的房源被释放到市场上。在消化这些过剩供应的同时，管理层发生了变动。
美国食品药品监督管理局、疾病控制与预防中心以及美国国立卫生研究院都出现了大量动荡。因此，许多生物技术公司在扩张和增长方面变得更加犹豫。这损害了该公司，因为其出租率开始下降。租金水平也开始下降。他们仍在努力解决供应增加的问题。
It was a great job overall, especially going into the COVID phase and beyond, where there was tremendous growth. Rents continued to rise, but an imbalance occurred between supply and demand.
A lot of what was offered was released to the market. While that surplus was being absorbed, a change in management occurred. There was a lot of disruption at the Food and Drug Administration, the Centers for Disease Control and Prevention, and the National Institutes of Health.
Therefore, many biotechnology companies have become more hesitant to expand and grow. This has harmed the company because their occupancy rates have started to decline. Rental rates have also started to decline.
They are still working on solving the problem of increased supply.
讽刺的是，这只房地产基金拥有该板块最好的资产负债表，或者至少是最好的之一，拥有投资级信用评级，而且至今仍保持着。啊，债务到期期限非常长，这在高利率环境下非常有利，因此他们不必像同行那样以高得多的利率进行再融资。
Ironically, this real estate fund had the best balance sheet in the sector, or at least one of the best, with an investment-grade credit rating, and it still maintains it. Ah, very long debt maturities , which is great in a high interest rate environment, so they don't have to refinance at as much higher rates as their peers.
总之，让我们继续谈这笔交易。我们不想聚焦；你不需要过于关注任何一只特定的股票。重要的是策略及其一般原则。当然，你是在构建一个投资组合。啊，但我们在《Value Options Bulletin》中所做的是，卖出了一份10月16日到期的40美元看跌期权。
所以，这是165天之后。从这份看跌期权中，我们每股收取了4.55美元，即总计455美元的信用金。盈亏平衡点是35.45美元。
Anyway, let's move on to the deal. We don't want to focus; you don't need to focus too much on any particular stock. It is the strategy and its general principles. You are building an investment portfolio, of course.
Ah, but what we did in the " Value Options Bulletin" was that we sold a $40 put option that expires on October 16. So, this is after 165 days. From this put option, we collected $4.55 per share, or $455 in total credit. The breakeven point is $35.45.
这只股票的52周低点是39.41，52周高点是88.24。几年前，它的价格远高于200美元。所以，这是165天内12.8%的回报，折合年化28.4%。
This stock's 52-week low is 39.41, and its 52- week high is 88.24. A few years ago, its price was much higher than $200 . So, that's a return of 12.8% over 165 days, and 28.4% on an annualized basis.
这是一只历史上以18到24倍净营运收入（FFO）交易的股票。啊，目前它的交易价格约为其调整后净营运收入的6.3倍。
This is a stock that has historically traded at 18 to 24 times net operating income (FFO). Ah, it's trading at around 6.3 times their adjusted net operating income right now .
啊，那么这个缩写是什么意思？营运产生的资金（FFO）。它是房地产投资信托（REITs）的一种类似利润分成的指标。啊，利润，你知道，因为你有折旧之类的东西。因此，房地产投资公司的利润其实并不太有用。
所以，想想FFO；市价与FFO的比率类似于市盈率。
Ah, so what does this abbreviation mean? Funds generated from operations (FFO). It is a type of profit-sharing equivalent for real estate investment trusts (REITs). Ah, profits, you know, because you have depreciation and things like that.
Therefore, profits for real estate investment companies are not really beneficial. So, think about the FFO; the price-to-FFO ratio is similar to a price-to- earnings ratio.
啊，所以你看，一只非常便宜的股票，啊，但你知道，另一种策略可以让你以比直接持有股票更小的风险获得有吸引力的回报。啊，所以是一家投资级公司，再说一次，我们说的不是濒临破产的公司。
我们说的不是不盈利的公司。我们愿意以折价持有这些股票，而这正是《Value Options Prospectus》与市面上许多其他期权订阅服务的真正区别所在。
Ah, so look , a really cheap stock, ah, but you know, another tactic you can use to achieve attractive returns with less risk than just owning the stock directly. Ah, so an investment-grade company, again, we're not talking about companies on the verge of bankruptcy .
We are not talking about unprofitable companies. We are willing to own these shares at the discounted price, and that is what really sets the "Value Options Prospectus " apart from many other option subscriptions out there.
这个频道对 $ARE 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。