PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its fourth quarter. The results beat Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $353.6 million, or $2.14 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $2.13 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 $51.8 million, or 31 cents per share.
The life science real estate company posted revenue of $670.3 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations to be $8.86 to $9.06 per share.
The company's shares have climbed 8% since the beginning of the year. In the final minutes of trading on Monday, shares hit $157.38, a decline of 17% 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
