Options/ARE

AREAlexandria Real Estate Equities, Inc.

Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS

Market Cap $8.9B|NYSE

● 2026-08-31$51.57

BEARISH

Analysis: 2026-08-28 EOD data

1Y -36.3%YTD +5.3%7D -4.6%

Options Vol

257

30D

Implied Move

±10.9%

IV Rank

13%

ARE Options Overview

IV is elevated with bearish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

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ARE Gamma Walls

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ARE Hedge Radar

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Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where ARE sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.71) — downside puts carry 1.6 IV points more than at-the-money, and implied vol sits in the 16th percentile of its own past year, measured against this name's own rolling 22-trading-day realized moves (482 overlapping windows). Fragility reads fragile (6.63): it is trading 7% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.71/ 10cheap

Basis: cross_sectional

Fragility

6.63/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

5.3

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 84.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.72x — IV ≤ HV

Sector Relative≤50%

Sector percentile 96% — above sector median

Term Structure

<1.1x

Front/Back 0.90x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 41.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 95.5% (ATM 41.3% + spread 27.1% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 33.71% (spread 27.11% + slippage 6.60%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.77 (vega 7.503 / spread 27.11%) — spread drag

Sentiment

Bullish or bearish?

2.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -49%, Raw: -43%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -49% (strong bearish) — Raw: -43%

OI Skew Magnitude

≥15%

|OI skew| 4.1% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -26.8%, OI skew -4.1% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +100%, ATM: -29%, OTM: -46% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 78% — very bearish vs sector

Activity

Unusual activity?

2.9

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.1x avg — normal

Turnover Rate

≥15%

Vol/OI 0.5% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +8.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 17% — quiet vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 8% — patient

Flow Conviction

≥30

Conviction -49 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.8

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 27.1% — wide

Adequate OI

≥10,000

OI 50,824 — deep

Active Volume

≥500

Volume 257/day — thin

Reasonable Cost

≤$0.50

$1.36 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

Order Book Depth

≥100 contracts

Depth 214.5 contracts (bid:109.9 ask:104.6) — adequate

Execution Quality

<1.0%

Avg slippage 6.60% — poor

Timing

Is now a good time?

7.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -9.5% — contango

IV Percentile Clarity

<30 or >70

IV percentile 84% — seller opportunity

Event Detection

≥10pts kink

IV kink -3.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 234.48 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -49% @ 75% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls4.2

bullishIV fair, bearish flow

Long Puts7.2

bearishIV fair, bearish flow

Premium Sellers

Cash-Secured Put3.9

bullishIV fair, bearish flow

Covered Call5.9

bearishIV fair, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on ARE

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