PASADENA, Calif. (AP) — PASADENA, Calif. (AP) — Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $296.1 million, or $1.73 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $73.7 million, or 43 cents per share.
The life science real estate company posted revenue of $662.8 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $649 million.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $6.35 to $6.45 per share.
The company’s shares have risen 8.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $53.10, a decline of 30% in the last 12 months.
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