Real estate investment trust Alexandria Real Estate Equities Inc. on Thursday reported third quarter net income that was in line with expectations and with better-than-expected revenue, but slightly lowered its full year forecast.

The Pasadena REIT, which caters to biotech and other life science tenants, reported net income of $21.5 million (67 cents per share) after payment of dividends on preferred stock, compared with $20.2 million (68 cents) a year ago. Revenue rose 13 percent to $115 million.

The company said it has executed leases for 1.7 million rentable square feet this year, a 43 percent increase from a year ago.

Funds from operations, a key industry metric providing a more accurate picture of cash performance, rose 14 percent to $48.8 million ($1.53). The company updated its full-year 2008 FFO outlook to $5.85 per share, down from guidance given in August of $5.86. Analysts surveyed by Thomson Reuters on average expect FFO of $5.87.

J.P. Morgan analyst Anthony Paolone on Wednesday reduced his rating on shares to “neutral” from “overweight,” citing deteriorating fundamentals in the lab space business.

Shares closed down 30 cents, or less than 1 percent, to $66.85 on the New York Stock Exchange.