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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
05/05/201509:16:32Boston Properties Receives Buy Rating from Deutsche Bank (BXP)
05/04/201515:23:56Statement of Changes in Beneficial Ownership (4)
05/04/201515:23:56Statement of Changes in Beneficial Ownership (4)
05/04/201515:23:32Statement of Changes in Beneficial Ownership (4)
05/04/201515:23:04Statement of Changes in Beneficial Ownership (4)
05/04/201515:23:04Statement of Changes in Beneficial Ownership (4)
05/04/201515:22:39Statement of Changes in Beneficial Ownership (4)
05/04/201515:22:11Statement of Changes in Beneficial Ownership (4)
04/28/201506:04:43Current Report Filing (8-k)
04/27/201518:43:32Boston Properties Profit More Than Triples on Real-Estate Sales...
04/27/201517:49:00Boston Properties Announces First Quarter 2015 Results
04/21/201513:10:033 REITs That Can Make Your Grandkids Rich
04/12/201500:24:38REITs, Rates And Reality - A Further Study
04/02/201512:12:26Statement of Changes in Beneficial Ownership (4)
04/02/201512:11:59Statement of Changes in Beneficial Ownership (4)
04/02/201512:11:59Statement of Changes in Beneficial Ownership (4)
04/02/201512:11:31Statement of Changes in Beneficial Ownership (4)
04/02/201512:11:05Statement of Changes in Beneficial Ownership (4)
04/02/201512:10:38Statement of Changes in Beneficial Ownership (4)
04/02/201506:03:27Additional Proxy Soliciting Materials (definitive) (defa14a)

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