Alexandria Real Estate Equities (ARE – yield 2.6%) – This life science and research lab REIT is down almost 4% on the day as I write this. The reason is simple. The REIT announced a public offering of an additional six million shares at $155 per share. This happens with tax advantaged securities like REITs, MLPs and BDCs. Since the companies are required to pay out most of earnings in dividends, they need to raise capital by borrowing or issuing new stock. New stock is a bummer because it dilutes existing shares. That said, the dilution is minor because ARE has 115 million shares outstanding. This should only be a blip as the business is very strong. The stock returned over 40% in 2019 and has blown away the performance of its peers in every measurable period over the last ten years. HOLD