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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
07/01/201516:23:27Statement of Changes in Beneficial Ownership (4)
07/01/201516:23:00Statement of Changes in Beneficial Ownership (4)
07/01/201516:23:00Statement of Changes in Beneficial Ownership (4)
07/01/201516:22:36Statement of Changes in Beneficial Ownership (4)
07/01/201516:22:10Statement of Changes in Beneficial Ownership (4)
07/01/201516:21:43Statement of Changes in Beneficial Ownership (4)
06/24/201522:47:33Correction to WeWork Valuation Soars to $10 Billion Articles
06/24/201520:16:56WeWork Valuation Soars to $10 Billion -- Update
06/17/201516:01:00Boston Properties Declares Regular Quarterly Dividends
06/15/201501:28:16What's The Deal
06/08/201514:24:53Statement of Changes in Beneficial Ownership (4)
06/04/201516:02:00Boston Properties to Present at NAREIT’s REITWeek Investor F...
06/03/201516:23:00Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
06/03/201515:28:19Statement of Changes in Beneficial Ownership (4)
06/02/201512:46:50Statement of Changes in Beneficial Ownership (4)
06/02/201512:46:09Statement of Changes in Beneficial Ownership (4)
05/28/201515:03:46Statement of Changes in Beneficial Ownership (4)
05/28/201515:03:19Statement of Changes in Beneficial Ownership (4)
05/28/201515:03:19Statement of Changes in Beneficial Ownership (4)
05/28/201515:02:01Statement of Changes in Beneficial Ownership (4)

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