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 beat Wall Street expectations.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $405.5 million, or $2.36 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.34 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 net income of $42.9 million, or 25 cents per share.
The life science real estate company posted revenue of $766.7 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $776.3 million.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $9.41 to $9.53 per share.
The company’s shares have decreased roughly 1% since the beginning of the year. In the final minutes of trading on Monday, shares hit $125.59, a climb of almost 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARE at https://www.zacks.com/ap/ARE
