Blurra/E+ via Getty ImagesIn June, 2023 I revised my bearish thesis and turned bullish on Alexandria Real Estate Equities, Inc. (NYSE:ARE) due to dirt cheap valuations and strong cash flows with no signs of deterioration. The chatter back then by the bears was that ARE should suffer from structural decline for office properties by facing slow and painful increase in its vacancy rates. While this was true and applicable for many if not most office REITs, in ARE's case the combination of pure play focus o ...