BOSTON (AP) 鈥� BOSTON (AP) 鈥� Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $283.4 million, or $1.78 per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.71 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 $68.6 million, or 43 cents per share.
The real estate investment trust posted revenue of $895.7 million in the period. Its adjusted revenue was $831.7 million, which also topped Street forecasts. Three analysts surveyed by Zacks expected $812.5 million.
Boston Properties expects full-year funds from operations to be $6.99 to $7.05 per share.
The company’s shares have increased 4% since the beginning of the year, while the S&P’s 500 index has climbed almost 9%. In the final minutes of trading on Tuesday, shares hit $70.22, an increase of roughly 1% in the last 12 months.
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