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Boston Properties 1Q Profit Jumps 58%; FFO Flat

DOW JONES NEWSWIRES Boston Properties Inc.'s (BXP) first-quarter profit jumped 58% though a key profitability metric remained flat despite higher rental revenue. The real estate investment trust, which also manages and develops hotel and industrial properties, projected current-quarter funds from operations between $1.23 and $1.25 a share, above analysts' average estimate of $1.22 a share, according to Thomson Reuters. Boston Properties has posted stronger earnings in recent quarters as its existing assets generate more revenue. The company's properties -- found in places like midtown Manhattan, Boston and Washington, D.C. -- didn't suffer as much housing downturn as other those in other areas and have been among the quickest to recover. The REIT in February revealed its chief operating officer would resign at the end of the month, allowing the office landlord's president to fill his post. The change lead to a charge in the first quarter, though other one-time items helped offset the negative accounting impact of the departure. Boston Properties posted a profit of $64.6 million, or 43 cents a share, up from $40.8 million, or 29 cents a share, a year earlier. FFO -- a key profitability metric among REITs -- were flat at $1.12 a share. In January, the company projected FFO between $1.12 and $1.14 a share. Total revenue rose 7.3% to $447.7 million, while rental revenue increased 7.2% to $432.7 million. Analysts surveyed by Thomson Reuters most recently expected $419 million of revenue from rent. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Boston Properties (BXP)
DateTimeHeadline
03/24/201506:45:00The Dream Team REITs: March Madness Continues
03/18/201516:01:00Boston Properties Declares Regular Quarterly Dividends
03/16/201513:43:23Statement of Changes in Beneficial Ownership (4)
03/16/201509:56:45Rates fall; REITs big winners early
03/11/201514:15:28Statement of Changes in Beneficial Ownership (4)
03/09/201515:45:20Statement of Changes in Beneficial Ownership (4)
03/09/201503:46:00REITs Fell. Here's What To Do Now
02/27/201507:23:20Consider Gladstone Over Boston Properties
02/24/201516:18:00Boston Properties to Participate at Citiâs 2015 Global Property C...
02/24/201516:07:53Current Report Filing (8-k)
02/23/201514:23:30Statement of Changes in Beneficial Ownership (4)
02/18/201517:15:58Statement of Changes in Beneficial Ownership (4)
02/18/201517:15:35Statement of Changes in Beneficial Ownership (4)
02/18/201517:15:06Statement of Changes in Beneficial Ownership (4)
02/18/201517:14:37Statement of Changes in Beneficial Ownership (4)
02/18/201517:14:37Statement of Changes in Beneficial Ownership (4)
02/18/201517:14:13Statement of Changes in Beneficial Ownership (4)
02/18/201517:13:51Statement of Changes in Beneficial Ownership (4)
02/18/201517:06:54Statement of Changes in Beneficial Ownership (4)
02/17/201513:58:26Statement of Changes in Beneficial Ownership (4)

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