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Boston Properties Swings To 4Q Loss; FFO Slides On Charge

DOW JONES NEWSWIRES Boston Properties Inc. (BXP) swung to a fourth-quarter loss, and the office-property owner saw a key measure of profitability decline because of one-time charges. The company also forecast current-quarter funds from operations ranging from $1.06 to $1.08 a share and earnings of 26 cents to 28 cents. Analysts surveyed by Thomson Reuters expect FFO of $1.08. The real-estate investment trust, which also manages and develops hotel and industrial properties, has assets in places like Midtown Manhattan, Boston and Washington, D.C. Boston Properties has seen stable leasing rates and rents of late. In December, Standard & Poors Ratings Services boosted its outlook on the company, saying it thought U.S. office rents and occupancies were nearing their worst and that Boston Properties's results are likely to gradually improve. Boston Properties reported a fourth-quarter loss of $12.9 million, or 9 cents a share, from a profit of $53.3 million, or 38 cents, a year earlier. FFO--a key gauge of profitability among REITs--fell to 64 cents from $1.04. FFO in the most recent quarter included 50 cents of charges related to items such as early debt extinguishment, while the year-earlier quarter's FFO included 4 cents of write-downs. The company had projected earnings of 34 cents to 37 cents and FFO of $1.09 to $1.12, better than analysts' expectations at the time. Revenue rose 4.3% to $392.5 million. Analysts polled by Thomson Reuters had most recently forecast $377 million in revenue. Shares closed at $91.26 and were inactive after hours. As of the close, the stock had risen 40% the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Boston Properties (BXP)
DateTimeHeadline
09/16/201423:10:33Boston Properties to Sell Stakes in 3 Buildings
09/16/201419:46:31Boston Properties to Sell Stakes in 3 Buildings to Norway Fund
07/29/201421:26:53Boston Properties FFO Slightly Exceeds Guidance
12/02/201315:08:37Boston Properties Declares Special Dividend of $2.25 a Share
11/15/201307:04:51Bridgewater Associates LP 3Q 13F: Largest Eliminations
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30 -2-
11/14/201307:19:20The Vanguard Group 3Q 13F: Holdings As Of Sep 30
10/30/201309:30:41U.S. Hot Stocks Futures: Hot Stocks to Watch
10/29/201318:55:31Boston Properties 3rd-Quarter Net Soars on Rising Base Rents
09/09/201310:22:33Boston Properties to Sell 45% Interest in Times Square Tower...
07/30/201320:25:40Boston Properties 2nd-Quarter Net Soars on Gain Tied to Joint...
05/01/201308:57:32U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
04/30/201319:27:20Boston Properties 1st-Quarter Profit Down 0.9%; Revenue Growth...
03/11/201308:58:15Boston Properties Names Owen Thomas as CEO
03/07/201315:00:45China Group May Buy Stake in GM Building in Manhattan
01/29/201319:18:12Boston Properties 4th-Quarter Net Down 36% on Higher Expenses
10/23/201218:34:16Boston Properties 3rd-Quarter Profit Down 18% on Higher Interest...
08/06/201218:29:27Boston Properties 2nd-Quarter Net Surges on One-Time Gain, Higher...
05/31/201216:56:10Corporate Bond Volume Tops May Forecasts Despite Volatility
05/15/201212:13:10Boston Properties Abandons Pursuit Of London Tower

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