Please log in, or sign up for a new account and purchase a subscription to continue reading.
Please log in, or sign up for a new account to continue reading.
Thank you for reading! We hope that you continue to enjoy our free content.
Please log in, or sign up for a new account and purchase a subscription to continue reading.
Please purchase a subscription to continue reading.
Your current subscription does not provide access to this content.
PASADENA, Calif. (AP) — 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 real estate investment trust, based in Pasadena, California, said it had funds from operations of $403.9 million, or $2.35 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.31 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 $166.9 million, or 97 cents per share.
The life science real estate company posted revenue of $769.1 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $765.9 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 fallen 6.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $118.57, a decrease of 4% 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
For copyright information, check with the distributor of this item, STATS Perform dba Automated Insights.
Get up-to-the-minute news sent straight to your device.
