BOSTON – BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $253.8 million, or $1.64 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $1.63 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 $119.1 million, or 77 cents per share.
The real estate investment trust posted revenue of $686.3 million in the period. Its adjusted revenue was $628.3 million, also topping Street forecasts. Four analysts surveyed by Zacks expected $627.9 million.
Boston Properties expects full-year funds from operations to be $6.39 to $6.41 per share.
The company's shares have dropped almost 10 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $117.20, a decline of slightly more than 3 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