Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Pasadena, California, said it had funds from operations of $282.3 million, or $1.93 per share, in the period.
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 $380.6 million, or $2.61 per share.
The life science real estate company posted revenue of $509.6 million in the period.
Alexandria Real Estate Equities expects full-year funds from operations in the range of $7.71 to $7.79 per share.
The company’s shares have climbed 10% since the beginning of the year. In the final minutes of trading on Monday, shares hit $196.18, a climb of 16% in the last 12 months.