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 exceeded Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $392 million, or $2.30 per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.28 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 a loss of $11.6 million, or 7 cents per share.
The life science real estate company posted revenue of $758.2 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $749.5 million.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $9.16 to $9.36 per share.
The company's shares have dropped 21% since the beginning of the year. In the final minutes of trading on Monday, shares hit $76.92, a fall of 34% in the last 12 months.
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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
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