Alexandria Real Estate Equities: 2Q Earnings Snapshot
PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $167.9 million, or $1.64 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.64 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 $52 million, or 51 cents per share.
The life science real estate company posted revenue of $325 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $6.57 to $6.63 per share.
The company’s shares have fallen nearly 6 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $122.84, a climb of 2 percent in the last 12 months.