BOSTON – 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 real estate investment trust, based in Boston, said it had funds from operations of $230.6 million, or $1.49 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.49 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 $176 million, or $1.14 per share.
The real estate investment trust posted revenue of $661.2 million in the period. Its adjusted revenue was $614.6 million, beating Street forecasts. Three analysts surveyed by Zacks expected $604.5 million.
Boston Properties expects full-year funds from operations to be $6.27 to $6.36 per share.
The company's shares have decreased nearly 9 percent since the beginning of the year, while the Standard & Poor's 500 index has fallen 1.5 percent. In the final minutes of trading on Tuesday, shares hit $118.48, a decrease of 11 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on BXP at https://www.zacks.com/ap/BXP