Boston Properties: 4Q Earnings Snapshot
BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its fourth quarter. The results exceeded Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $289.9 million, or $1.87 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.85 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $140.8 million, or 91 cents per share.
The real estate investment trust posted revenue of $757.5 million in the period. Its adjusted revenue was $706.3 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $697.2 million.
For the year, the company reported funds from operations of $1.09 billion, or $7.01 per share. Revenue was reported as $2.76 billion.
Boston Properties expects full-year funds from operations to be $7.47 to $7.65 per share.
The company’s shares have increased slightly more than 2% since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 1%. In the final minutes of trading on Tuesday, shares hit $141.20, a climb of 13% in the last 12 months.