(Reuters) – Alexandria Real Estate Equities posted a rise in its fourth-quarter funds from operations on Monday, as the real estate investment trust benefited from steady leasing demand from biotech clients and technology-focused firms.
The Pasadena, California-based company operates and develops life science laboratories, offices and technology campuses across North America.
Its clients include Bristol Myers Squibb, Moderna and Eli Lilly, as well as agricultural tech companies and research institutions.
Occupancy of Alexandria’s operating properties held steady at 94.6% as of Dec. 31, compared with the year earlier.
FFO, a key performance measure for REITs, came in at $411.8 million, or $2.39 per share, for the quarter, compared with $389.8 million, or $2.28 per share, a year ago.
Its total revenue for the quarter rose 4.2% to $788.9 million.
(Reporting by Aatreyee Dasgupta and Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)
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