UPDATE 1-Alexandria Q3 FFO in line with market view
* Q3 FFO/shr $1.13 vs est $1.13
* Cuts 2009 FFO/shr view
* Shares up 3 pct
Nov 5 (Reuters) - Real estate investment trust Alexandria Real Estate Equities Inc (ARE.N) reported quarterly funds from operations (FFO) in line with market estimates, but cut its 2009 FFO outlook, citing current market conditions. For the third quarter, funds from operations attributable to common stockholders was $50.6 million, or $1.13 per share, compared with $46.3 million, or $1.45 a share, a year ago.
Analysts were expecting the REIT to report FFO of $1.13 a share, according to Thomson Reuters I/B/E/S.
The weighted average number of diluted common stock outstanding for calculating FFO per share attributable to common stockholders totaled 44.9 million compared with 31.8 a year ago.
FFO is a key performance measure for REITs, because it excludes the profit-reducing effect of depreciation.
The REIT, which provides real estate to the life sciences industry, expects 2009 FFO of $5.52 a share, down from its prior view of $5.60 a share. Alexandria said the outlook includes a $7.2 million gain for a cash payment related to real estate acquired in November 2007, and also a $11.3 million gain from early repayment of debt.
Analysts on average expect the company to report FFO of $5.57 a share.
Shares of the Pasadena, California-based REIT were up $1.66 at $56.96 in morning trade on the New York Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Pradeep Kurup)
