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Boston Properties Posts 4Q Profit On Higher Rents

DOW JONES NEWSWIRES Boston Properties Inc. (BXP) swung to a fourth-quarter profit as the office-property owner booked higher rental revenue despite a lower percentage of its portfolio being leased. The company also forecast funds from operations in the current quarter ranging between $1.12 and $1.14 a share, just touching the average estimate of $1.14 from analysts polled by Thomson Reuters. For the full year, it predicted FFO of $4.65 to $4.78 a share, bracketing the consensus estimate for $4.76. Office landlords like Boston Properties have generally reported stronger results over the past year as higher occupancy and rental rates boost their bottom lines. REITs with properties in major cities have been doing particularly well as urban commercial real-estate markets rebound the fastest. Boston Properties' assets are concentrated in Boston, Midtown Manhattan and Washington. The company's results were still hurt a year ago by heavy debt-extinguishment costs and write-downs. Boston Properties reported a fourth-quarter profit of $101.6 million, or 69 cents a share, compared with a year-earlier loss of $12.9 million, or 9 cents a share. FFO--a key gauge of profitability among REITs--rose to $1.21 a share from 64 cents. FFO in the year-earlier quarter included 50 cents of charges. Revenue rose 15% to $452.8 million, topping analysts' $426 million estimate. Rental revenue also rose 15%, but its portfolio was 91.3% leased by the end of the year versus 93.2% a year earlier. Shares closed Tuesday at $104.05 and weren't active after hours. -By Drew FitzGerald and Joan E. Solsman, Dow Jones Newswires; 212-416-2291; Andrew.FitzGerald@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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