BOSTON – BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $244.4 million, or $1.58 per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1.56 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 $128.7 million, or 83 cents per share.
The real estate investment trust posted revenue of $664.5 million in the period. Its adjusted revenue was $611.7 million, missing Street forecasts. Three analysts surveyed by Zacks expected $614.4 million.
Boston Properties expects full-year funds from operations to be $6.36 to $6.41 per share.
The company's shares have dropped 3.5 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 $125.52, an increase of roughly 4 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