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 did not meet Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $245.7 million, or $1.59 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.68 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 $148.5 million, or 96 cents per share.
The real estate investment trust posted revenue of $705.2 million in the period. Its adjusted revenue was $651.2 million, topping Street forecasts. Four analysts surveyed by Zacks expected $634.1 million.
For the year, the company reported funds from operations of $974.5 million, or $6.30 per share. Revenue was reported as $2.72 billion.
Boston Properties expects full-year funds from operations to be $6.88 to $7 per share.
The company’s shares have risen 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 5 percent. In the final minutes of trading on Tuesday, shares hit $126.36, a rise of 4 percent in the last 12 months.