PASADENA, Calif. – PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $162.5 million, or $1.62 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.59 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 $132.4 million, or $1.32 per share.
The life science real estate company posted revenue of $320.1 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $6.52 to $6.62 per share.
The company's shares have declined almost 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $124.34, a climb of 11 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ARE at https://www.zacks.com/ap/ARE