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 missed Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $377.8 million, or $2.22 per share, in the period.
The average estimate of four 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 a loss of $234.9 million, or $1.38 per share.
The life science real estate company posted revenue of $751.9 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $756.2 million.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $8.98 to $9.04 per share.
The company’s shares have dropped 20% since the beginning of the year. In the final minutes of trading on Monday, shares hit $77.87, a decline of 31% 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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