PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $192.7 million, or $1.73 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.72 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 $76.3 million, or 68 cents per share.
The life science real estate company posted revenue of $373.9 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $6.92 to $7 per share.
The company's shares have increased 25% since the beginning of the year. In the final minutes of trading on Monday, shares hit $144.12, a rise of 18% in the last 12 months.