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 $189.8 million, or $1.71 per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.68 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 $123.6 million, or $1.11 per share.
The life science real estate company posted revenue of $358.8 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $6.90 to $7 per share.
The company's shares have climbed 22% since the beginning of the year. In the final minutes of trading on Monday, shares hit $140.91, an increase of 13% in the last 12 months.
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