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Boston Properties: Q3 Earnings Snapshot
By AP News - Oct 29, 2024, 04:23 PM ET
Last Updated - Dec 16, 2024, 05:52 PM EST
BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $286.9 million, or $1.81 per share, in the period.
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The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.81 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 $83.6 million, or 53 cents per share.
The real estate investment trust posted revenue of $859.2 million in the period. Its adjusted revenue was $799.5 million, falling short of Street forecasts. Five analysts surveyed by Zacks expected $803.8 million.
Boston Properties expects full-year funds from operations to be $7.09 to $7.11 per share.
The company's shares have climbed 23% since the beginning of the year, while the S&P's 500 index has risen 22%. In the final minutes of trading on Tuesday, shares hit $86.29, a rise of 62% 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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