(RTTNews.com) - Alexandria Real Estate Equities Inc. (ARE) Tuesday reported an increase in funds from operations for the fourth quarter, as revenues grew.
Funds from operations, FFO, attributable to common stockholders for the quarter was $67.8 million or $1.10 per share, compared to $58.5 million or $1.07 per share last year. On average, 13 analysts polled by Thomson Reuters expected FFO of $1.10 per share for the quarter. Analysts' estimates typically exclude one-time items.
Real estate investment trusts report their profit in terms of FFO, which excludes items such as depreciation and other overheads that normally reduce net earnings.
Adjusted FFO attributable to common stockholders for quarter was $58.9 million or $0.96 per share, compared to $56.3 million or $1.03 per share last year.
Net income attributable to common stockholders for the quarter was $27.0 million or $0.44 per share, compared to $83.2 million or $1.52 per share last year.
Total revenues for the quarter grew to $145.8 million from $131.8 million last year. Wall Street analysts on a consensus estimated revenues of $143.24 million for the quarter.
For the full year 2012, the company continues to expect FFO in a range of $4.50 to $4.54 per share. The company lowered its full year earnings guidance to a range of $1.73 - $1.77 per share from prior estimate of $1.85 per share. Analysts currently estimate FFO of $4.52 per share for the full year.