| ARE |
Guide |
FFO per share (adjusted), Q2 2026 |
LOWER |
guide ~$ Company Company6. Company0 vs. cons ~$6.35 (F Y2026) |
MEDIUM |
| ARE |
Guide |
F026Y year-end occupancy guide |
LOWER |
guide midpoint ~86.5% ( maintained) vs. cons ~86.8% (FY2026) |
LOW |
| ARE |
Guide |
2026 dispositions/JV completions |
UNKNOWN |
pred ~$0.9-1.3B closed/hard vs. $2.9B target (FY2026) |
MEDIUM |
| ARE |
Return |
Day-1 residual (stock − beta × S&P 500) |
-2.5% |
— |
LOW |
| ARE |
Return |
5-day cumulative residual |
-4.0% (FADE) |
Even an in-line FFO and held $6.40 guide carry a built-in declining trajectory (Q4 midpoint ~$1.45) plus an explicitly soft Q2 occupancy print; out-period math and the looming 2027 expiration cliff (~1.5M SF, ~$97M ARR) keep estimate revisions biased down. Any disposition slippage vs. the ~August-weighted $2.9B target confirms the 'no trough for years' bear thesis. A relief pop on a held guide/dividend tends to fade absent hard, de-levering closings. |
LOW |