Alexandria Real Estate lifts annual FFO forecast on higher occupancy
Oct 21 (Reuters) -Real estate investment trust Alexandria Real Estate Equities ARE.N beat Wall Street estimates for third-quarter funds from operations (FFO) on Monday, driven by higher occupancy.
Alexandria's occupancy of operating properties in North America as of Sept. 30 stood at 94.7%, compared with 93.7% a year earlier.
The Pasadena, California-based company operates and develops life science laboratories, offices and technology campuses across North America.
Its clients include Bristol-Myers Squibb BMY.N, Moderna MRNA.O and Eli Lilly LLY.N, as well as agricultural tech companies and research institutions.
Third-quarter adjusted FFO came in at $2.37 per share, above analysts' estimates of $2.33 per share, according to data compiled by LSEG.
Following an increase in healthcare research funding towards the end of the quarter — spurred by federal rate cuts — leasing demand for life sciences real estate is set to improve.
The life science REIT narrowed its full-year adjusted FFO to be in the range of $9.45 to $9.49 per share from an earlier forecast of $9.41 to $9.53 per share, maintaining a mid-point of $9.47, which is above analysts' average estimate of $9.31.
Alexandria's total revenue for the quarter rose nearly 11% to $791.6 million, compared with estimates of $766.7 million.
Reporting by Aatreyee Dasgupta in Bengaluru; editing by Alan Barona
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