November 3, 2010
Alexandria Properties Earnings Drop
By Brandon Butler
Year-to-date profits for Alexandria Real Estate Equities, which owns lab space in Worcester and Westborough, are down by more than 50 percent compared to 2009.
The California-based commercial real estate company owns 1 Innovation Dr. in Worcester and 20 Walkup Dr. in Westborough. It reported a 5 percent increase in revenues for the third quarter, up from $115.8 million last year to $121.6 million. Profits also rose about 15 percent to $30.4 million.
Through the first nine months of the year, however, company revenues are down 3.5 percent to $355 million. Profits have fallen from $111 million to $47 million. Year-to-date rental revenues are contributing to the decrease and are down 4 percent to $268.7 million.
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