Alexandria Real Estate reports upbeat quarterly FFO on resilient demand
July 21 (Reuters) - Alexandria Real Estate Equities ARE.N reported second-quarter funds from operations above analysts' estimates on Monday, driven by a recovery in leasing demand.
The real estate investment trust (REIT), which owns, operates and develops life science laboratories, offices and technology campuses across North America, benefited from improved leasing during the quarter, supported by increased funding in the industry.
The Pasadena, California-based company reported first-quarter FFO, a key performance measure for REITs, of $2.33 per share, compared with analysts' estimates of $2.29 per share, according to data compiled by LSEG.
Total revenue for the quarter was $762 million, down from $766.7 million a year earlier.
Alexandria reported a net loss of $109.6 million, or 64 cents per share, for the quarter ended June 30, compared with a profit of $42.9 million, or 25 cents per share, in the same period last year.
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