BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $272 million, or $1.73 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.70 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 $77.9 million, or 50 cents per share.
The real estate investment trust posted revenue of $803.2 million in the period. Its adjusted revenue was $756.9 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $750.8 million.
Boston Properties expects full-year funds from operations to be $7.14 to $7.20 per share.
The company's shares have decreased 26% since the beginning of the year, while the S&P's 500 index has risen 6%. In the final minutes of trading on Tuesday, shares hit $50.30, a decline of 60% 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
