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Boston Properties: Q2 Earnings Snapshot
By AP News - Jul 31, 2024, 03:46 AM ET
Last Updated - Jul 31, 2024, 03:46 AM EDT
BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $278.4 million, or $1.77 per share, in the period.
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The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.72 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 $79.6 million, or 51 cents per share.
The real estate investment trust posted revenue of $850.5 million in the period. Its adjusted revenue was $790.6 million, also beating Street forecasts. Six analysts surveyed by Zacks expected $781.3 million.
Boston Properties expects full-year funds from operations to be $7.09 to $7.15 per share.
The company's shares have climbed 3.5% since the beginning of the year, while the S&P's 500 index has risen 14%. In the final minutes of trading on Tuesday, shares hit $72.63, a climb of 9% 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
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