Alexandria Real Estate’s first quarter FFO increases due to stronger occupancy

(Reuters) – Life science real estate investment trust (REIT) Alexandria Real Estate Equities on Monday posted a rise in funds from operations (FFO) for the first quarter, helped by better occupancy rates.

The Pasadena, California-based company operates and develops life science laboratories, offices and technology campuses throughout North America with clients including Bristol-Myers Squibb, Moderna and Eli Lilly.

Alexandria’s quarterly FFO, a key measure of a REIT’s performance, came in at $2.35 per share, up from $2.19 per share a year earlier.

The occupancy rate of operational properties in North America was 94.6% as of March 31, compared to 93.6% a year ago.

The company also raised its annual FFO forecast to $9.49 to $9.61 per share, up from the previous range of $9.37 to $9.57 per share.

Total revenue for the quarter ended March 31 rose nearly 10% to approximately $769 million.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shilpi Majumdar)