PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $230.7 million, or $1.83 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.83 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 $79.3 million, or 63 cents per share.
The life science real estate company posted revenue of $545 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $7.29 to $7.31 per share.
The company’s shares have fallen almost 3% since the beginning of the year. In the final minutes of trading on Monday, shares hit $156.83, a decrease of 1.5% in the last 12 months.
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