Alexandria Posts Strong 4Q, Shares Dip

0

Shares of Alexandria Real Estate Equities Inc. fell Friday despite the life sciences real estate investment trust reporting quarterly earnings and future guidance that met or exceeded Wall Street’s expectations.


After Thursday’s market close Pasadena-based Alexandria reported fourth-quarter net income rose 26 percent to $20.5 million (57 cents per share), compared to $16.2 million (54 cents) for the same period a year ago. Revenue rose 45 percent to $93.4 million.


The REIT’s funds from operations rose 42 percent to $39.1 million ($1.34). Expectations were $1.34 a share, according to the consensus of analysts surveyed by Thomson Financial. The company forecast 2007 earnings of $2.35 a share, and funds from operations of $5.71 a share. Wall Street was expecting funds of $5.68 a share.


Shares closed down $1.23, or 1 percent, to $112.16 on Friday after dropping as low as $107.99 earlier in the day.


Alexandria, which owns 159 properties in the U.S. and Canada, is considered the largest owner of office and laboratory space for the pharmaceutical, biotechnology and life science product industries.

No posts to display