February 12, 2010
Alexandria Real Estate Reports Earnings Uptick
By Brandon Butler
California-based real estate investment trust Alexandria Real Estate Equities Inc., which owns 1 Innovation Dr. in Worcester, reported an almost 18 percent increase in profit last year.
Profits for the company grew from $27.5 million to $29 million in the final quarter of 2009 compared to a year earlier. Revenues fell from $124.5 million to $114.4 million for the quarter, but expenses also dropped from $97.5 million to $85.6 million.
For the year, the trust executed 140 leases on almost 2 million square feet of space.
Profit jumped for the year from $120 million in 2008 to $141.7 million last year.
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