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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
08/18/201615:44:05Statement of Changes in Beneficial Ownership (4)
08/18/201610:40:11Statement of Changes in Beneficial Ownership (4)
08/17/201616:59:05Current Report Filing (8-k)
08/11/201611:39:04Statement of Changes in Beneficial Ownership (4)
08/08/201617:37:00Boston Properties Prices $1.0 Billion Offering of Senior Unsecured...
08/04/201617:28:55Quarterly Report (10-q)
08/04/201615:16:25Statement of Changes in Beneficial Ownership (4)
08/02/201612:12:17Statement of Changes in Beneficial Ownership (4)
08/02/201609:55:39Statement of Changes in Beneficial Ownership (4)
08/01/201611:02:18Statement of Changes in Beneficial Ownership (4)
08/01/201611:01:52Statement of Changes in Beneficial Ownership (4)
08/01/201611:00:59Statement of Changes in Beneficial Ownership (4)
08/01/201611:00:59Statement of Changes in Beneficial Ownership (4)
08/01/201611:00:30Statement of Changes in Beneficial Ownership (4)
08/01/201611:00:03Statement of Changes in Beneficial Ownership (4)
08/01/201610:59:34Statement of Changes in Beneficial Ownership (4)
07/27/201606:04:25Current Report Filing (8-k)
07/27/201603:04:00Under Armour Makes the Leap To Fifth Avenue -- WSJ
07/26/201621:20:00Under Armour Takes Former FAO Schwarz Store on Fifth Avenue
07/26/201620:36:00Boston Properties Posts Higher FFO, Boosts Guidance

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