PASADENA, Calif. (AP) — 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 real estate investment trust, based in Pasadena, California, said it had funds from operations of $403.9 million, or $2.35 per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of $2.31 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 $166.9 million, or 97 cents per share.

The life science real estate company posted revenue of $769.1 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $765.9 million.

Alexandria Real Estate Equities expects full-year funds from operations in the range of $9.41 to $9.53 per share.

The company’s shares have fallen 6.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $118.57, a decrease of 4% in the last 12 months.

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