PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $246.6 million, or $1.84 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.84 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 $435.9 million, or $3.26 per share.
The life science real estate company posted revenue of $463.7 million in the period.
For the year, the company reported funds from operations of $923.8 million, or $7.30 per share. Revenue was reported as $1.89 billion.
The company's shares have declined almost 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $169.56, an increase of 3% in the last 12 months.