PASADENA, Calif. (AP) — PASADENA, Calif. (AP) — Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $407.9 million, or $2.37 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $2.38 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 $164.7 million, or 96 cents per share.
The life science real estate company posted revenue of $791.6 million in the period, topping Street forecasts. Four analysts surveyed by Zacks expected $775.9 million.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $9.45 to $9.49 per share.
The company’s shares have fallen roughly 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $119.52, a climb of 26% 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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