AP NEWS

Boston Properties: 4Q Earnings Snapshot

January 29, 2020 GMT

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.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BXP at https://www.zacks.com/ap/BXP