AREAlexandria Real Estate Equities, Inc.
Options Analysis Report•REAL ESTATE INVESTMENT TRUSTS
Market Cap $8.4B|NYSE
● 2026-04-17$48.63
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y -35.8%YTD -0.7%7D +14.1%
Options Vol
1,405
30D
Implied Move
±13.2%
IV Rank
70%
ARE Options Overview
IV is elevated. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
4.1
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks5/9 checks passed
IV Rank
≤35%IV Rank 79.0% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.00x — IV ≤ HV
Sector Relative≤50%
Sector percentile 92% — above sector median
Term Structure
<1.1xFront/Back 1.09x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 46.8% — normal range
Spread-Adjusted Value
<80%Effective IV 84.9% (ATM 46.8% + spread 19.1% + bias) — expensive
Execution Efficiency
<3.0%Total drag 24.88% (spread 19.07% + slippage 5.81%) — high friction
Vega Efficiency
≥5.0Vega efficiency 6.90 (vega 13.163 / spread 19.07%) — acceptable
Sentiment
Bullish or bearish?
5.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Weak signal (Conviction: +11%, Raw: +6%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +11% (bullish) — Raw: +6%
OI Skew Magnitude
≥15%|OI skew| 2.7% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +12.3%, OI skew -2.7% — divergent (opposite)
Conviction Quality
≥2/3 conditions0-DTE 30%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +27%, ATM: -49%, OTM: +29% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 67% — bearish vs sector
Activity
Unusual activity?
2.9
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks0/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 2.5% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +3.6% (5d) — building
Sector Relative≥60%
Sector activity percentile 52% — neutral vs sector
Trade Quality
≥30%Large trade volume 0% — mostly retail
Execution Urgency
≥60%Aggressive execution 29% — patient
Flow Conviction
≥30Conviction +11 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.0
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 19.1% — wide
Adequate OI
≥10,000OI 56,508 — deep
Active Volume
≥500Volume 1,405/day — adequate
Reasonable Cost
≤$0.50$0.95 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 94% — much wider than sector
Order Book Depth
≥100 contractsDepth 186.0 contracts (bid:105.8 ask:80.2) — adequate
Execution Quality
<1.0%Avg slippage 5.81% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +8.7% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 79% — seller opportunity
Event Detection
≥10pts kinkIV kink 3.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 817.57 — favors income trades
Expiration Distribution
≥3 expirations3 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 10d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +11% @ 56% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 30 (ITM 20% + inst 0%) — retail dominated
Directional Strategy Fit
Option Buyers
Long Calls4.9
bullishIV fair, mixed flow
Long Puts4.5
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.4
bullishIV fair, mixed flow
Covered Call5.0
bearishIV fair, mixed flow
For educational purposes only. Not investment advice.