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(RTTNews) - Alexandria Real Estate Equities, Inc. (ARE) Monday reported results for the second quarter, with net income dropping from last year, while funds from operations increased.

Net income for the quarter was $42.9 million or $0.25 per share, compared to $87.3 million or $0.51 per share last year.

Funds from operations were $405.5 million or $2.36 per share, compared to $382.4 million or $2.24 per share last year.

Total revenues for the quarter rose 7.4% to $766.7 million from $713.9 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.80 per share on revenues of 780.1 million for the quarter.

Looking forward to the full year 2024, the company expects earnings per share of $2.98 to $3.10 and FFO per share of $8.89 to $9.01. Previously, the company expected $3.60 to $3.72 per share and FFO per share of $9.49 to $9.61.

Analysts currently estimate earnings of $3.38 per share for the full year.

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