(Reuters) - Alexandria Real Estate Equities (NYSE: ARE ) posted a rise in its fourth-quarter funds from operations on Monday, as the real estate investment trust benefited from steady leasing demand from biotech clients and technology-focused firms.
The Pasadena, California-based company operates and develops life science laboratories, offices and technology campuses across North America.
Its clients include Bristol Myers (NYSE: BMY ) Squibb, Moderna (NASDAQ: MRNA ) and Eli Lilly (NYSE: LLY ), as well as agricultural tech companies and research institutions.
Occupancy of Alexandria's operating properties held steady at 94.6% as of Dec. 31, compared with the year earlier.
FFO, a key performance measure for REITs, came in at $411.8 million, or $2.39 per share, for the quarter, compared with $389.8 million, or $2.28 per share, a year ago.
Its total revenue for the quarter rose 4.2% to $788.9 million.