BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $271.7 million, or $1.71 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.67 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 $89 million, or 56 cents per share.
The real estate investment trust posted revenue of $868.5 million in the period. Its adjusted revenue was $805.9 million, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $800.9 million.
Boston Properties expects full-year funds from operations to be $6.84 to $6.92 per share.
The company’s shares have fallen slightly more than 5% since the beginning of the year, while the S&P’s 500 index has climbed slightly more than 8%. In the final minutes of trading on Tuesday, shares hit $70.43, a drop of slightly more than 1% in the last 12 months.
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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
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