BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $271.3 million, or $1.73 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.73 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 $79.9 million, or 51 cents per share.
The real estate investment trust posted revenue of $839.4 million in the period. Its adjusted revenue was $788.6 million, which beat Street forecasts. Six analysts surveyed by Zacks expected $768.9 million.
Boston Properties expects full-year funds from operations to be $6.98 to $7.10 per share.
The company’s shares have decreased 12% since the beginning of the year, while the S&P’s 500 index has climbed nearly 6%. In the final minutes of trading on Tuesday, shares hit $61.89, an increase of 17% 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
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
