BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $280.2 million, or $1.76 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.80 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 $248.5 million, or $1.56 per share.
The real estate investment trust posted revenue of $877.1 million in the period. Its adjusted revenue was $809.2 million, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $814.7 million.
For the year, the company reported funds from operations of $1.09 billion, or $6.85 per share. Revenue was reported as $3.48 billion.
Boston Properties expects full-year funds from operations to be $6.88 to $7.04 per share.
The company’s shares have decreased slightly more than 3% since the beginning of the year, while the S&P’s 500 index has risen roughly 2%. In the final minutes of trading on Tuesday, shares hit $65.22, a decline of 13% 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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