ARE stock dropped 10.6% to $40.73 after reporting first‑quarter AFFO of $1.73 per share, below the prior‑year $2.30.
The $1.73 AFFO missed the $1.74 analyst estimate, indicating a slight earnings shortfall for the quarter.
Company projects annual construction spending beyond 2026 to fall by roughly $500 million, contingent on market conditions.
Year‑to‑date, ARE shares are down 16.8% versus a 4.1% gain in the S&P 500 index.