Candorium Free Members
Join Candorium to access the full article and more
Free Member Benefits:
✔
Comment & Reply✔
Newsletter Access✔
Follow Authors✔
Share via SMS Go Back
Alexandria Real Estate Equities: Q1 Earnings Snapshot
By AP News - Apr 24, 2023, 04:30 PM ET
Last Updated - Jun 22, 2023, 04:26 AM EDT
PASADENA, Calif. (AP) — PASADENA, Calif. (AP) — Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The Pasadena, California-based real estate investment trust said it had funds from operations of $373.7 million, or $2.19 per share, in the period.
Sponsored
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $2.15 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 $75.3 million, or 44 cents per share.
The life science real estate company posted revenue of $700.8 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $8.91 to $9.01 per share.
The company's shares have declined 15% since the beginning of the year. In the final minutes of trading on Monday, shares hit $124.05, a decline of 37% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a ARE">Zacks stock report on ARE at https://www.zacks.com/ap/ARE
Sponsored
Read More from Investing
Popular News
Latest News
