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Alexandria Real Estate Equities: Q2 Earnings Snapshot
By AP News - Jul 24, 2023, 04:36 PM ET
Last Updated - Jul 24, 2023, 04:36 PM EDT
PASADENA, Calif. (AP) — PASADENA, Calif. (AP) — Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $382.4 million, or $2.24 per share, in the period.
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The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $2.20 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 $87.3 million, or 51 cents per share.
The life science real estate company posted revenue of $713.9 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $699.2 million.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $8.93 to $8.99 per share.
The company's shares have dropped 15% since the beginning of the year. In the final minutes of trading on Monday, shares hit $123.11, a drop of 18% 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 ARE">Zacks stock report on ARE at https://www.zacks.com/ap/ARE
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