After enjoying some good news yesterday, with IRSA (IRS) surging by 30% in a single day, we are switching to bad news today, with Alexandria Real Estate (ARE) dropping by 18% after releasing disappointing quarterly results:
I just spent some time reviewing its results, listening to the conference call, and studying the latest data coming from major brokers.
In short, we think that this is a case of more short-term pain for long-term gain, and therefore, the recovery could take longer than previously anticipated, testing investors’ patience.
For those of you who want to dig deeper, here is the good, the bad, and the ugly. Before going into this update, I recommend that you start by reading our investment thesis by clicking here.
The Good
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