PASADENA, Calif. (AP) _ Alexandria Real Estate Equities Inc. (ARE) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The Pasadena, California-based real estate investment trust said it had funds from operations of $162.5 million, or $1.62 per share, in the period.

The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of $1.59 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $132.4 million, or $1.32 per share.

The life science real estate company posted revenue of $320.1 million in the period.

Alexandria Real Estate Equities expects full-year funds from operations in the range of $6.52 to $6.62 per share.

The company's shares have declined almost 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $124.34, a climb of 11 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ARE at https://www.zacks.com/ap/ARE