PASADENA, Calif. (AP) — PASADENA, Calif. (AP) — Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Pasadena, California, said it had funds from operations of $386.4 million, or $2.26 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.24 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 $21.9 million, or 13 cents per share.

The life science real estate company posted revenue of $713.8 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $720.9 million.

Alexandria Real Estate Equities expects full-year funds from operations in the range of $8.97 to $8.99 per share.

The company's shares have fallen 35% since the beginning of the year. In the final minutes of trading on Monday, shares hit $94.37, a drop of 29% in the last 12 months.


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