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lexandria Real Estate Equities Inc. (ARE) reported a key measure of profitability in its second quarter, exceeding Wall Street expectations. The real estate investment trust, based in Pasadena, California, generated funds from operations of $396.4 million, or $2.33 per share.

    This figure surpassed the average estimate of four analysts surveyed by Zacks Investment Research, who predicted funds from operations of $2.29 per share. Funds from operations is a closely watched metric in the REIT industry, which takes net income and adds back items such as depreciation and amortization.

    The company reported a loss of $109.6 million, or 64 cents per share, but its revenue of $762 million exceeded forecasts. Three analysts surveyed by Zacks had predicted $750.6 million in revenue.

    Alexandria Real Estate Equities expects full-year funds from operations to range between $9.16 and $9.36 per share. Despite the positive earnings report, the company's shares have fallen 20% since the beginning of the year, closing at $78.29 on Monday after a 37% decline over the past 12 months.