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Alexandria continues to post strong earnings

Pasadena-based Alexandria Real Estate Equities, which owns more than 2.6 million square feet of life science space in San Diego County, posted a good quarter and a strong first three quarters of the year.

For the quarter ended September, the real estate investment trust posted $18.3 million in net income on $145.45 million in revenues, compared to $25.64 million in net income on $148.01 million in revenues for the comparable period last year.

Alexandria posted $76.72 million in net income on $431.9 million in revenues for the nine months ended Sept. 30, compared to $99.93 million in net income on $408.98 million for the comparable period a year earlier.

From November 2011 to September 2012, Alexandria completed redevelopment of 10300 Campus Point Drive in the University Towne Centre area. That is a 96 percent leased project with 279,138 rentable square feet, including the completion of 189,562 rentable square feet in September 2012. Alexandria currently owns more than 400,000 square feet at Campus Point.

In September 2012, Alexandria completed development of 4755 Nexus Center Drive in San Diego. It is a 100 percent leased property with 45,255 rentable square feet.

Alexandria also owns the 360,000-square-foot Nobel Research Center in the University City market. Illumina Inc. (Nasdaq: ILMN) signed a $335 million, 20-year lease for that property and plans to expand into even more space.

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