Alexandria Real Estate FFO Rises; Lifts FY Guidance

(RTTNews) - Alexandria Real Estate Equities Inc (ARE) Monday reported third-quarter funds from operations, or FFO, to stockholders of $86 million or $1.20 per share, up from $75 million or $1.04 per share last year.

Adjusted FFO for the quarter was $1.21 per share, up from $1.06 per share in the prior year.

On average, 10 analysts polled by Thomson Reuters expected the company to report FFO of $1.20 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter rose to $27.6 million or $0.39 per share from $24.6 million or $0.35 per share last year.

Revenues for the quarter were $185.6 million, up from $158.3 million last year. Analysts expected revenues of $183.5 million.

Looking ahead to the fiscal year 2014, the company now expects adjusted FFO of $4.79 to $4.81 per share, up from prior range of $4.74 to $4.80 per share.

Analysts expect full-year FFO of $4.78 per share.