EschCollection Summer last year, I wrote a bullish article on Alexandria Real Estate Equities, Inc. (NYSE:ARE), where I upgraded the stock to buy due to the combination of the following aspects: Historically depressed P/FFO multiple. Strong like-for-like performance with no signs of deterioration going forward. Robust balance sheet, where the embedded structure of borrowings shields ARE from materially rising interest expense. In a nutshell, it seemed that ARE had suffered a meaningful multiple contraction ...