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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
04/27/201606:08:23Current Report Filing (8-k)
04/26/201618:52:00Boston Properties Raises Annual Guidance After Strong First Quarter
04/26/201618:01:00Boston Properties Announces First Quarter 2016 Results
04/15/201616:01:00Boston Properties to Release First Quarter 2016 Financial Results...
04/04/201614:08:37Statement of Changes in Beneficial Ownership (4)
04/04/201614:08:37Statement of Changes in Beneficial Ownership (4)
04/04/201614:07:43Statement of Changes in Beneficial Ownership (4)
04/04/201614:07:43Statement of Changes in Beneficial Ownership (4)
04/04/201614:07:17Statement of Changes in Beneficial Ownership (4)
04/04/201614:07:17Statement of Changes in Beneficial Ownership (4)
04/01/201606:06:35Additional Proxy Soliciting Materials (definitive) (defa14a)
04/01/201606:06:34Proxy Statement (definitive) (def 14a)
03/10/201616:01:00Boston Properties to Participate at Citi’s 2016 Global Property C...
03/09/201617:10:00WeWork Raises New Financing
03/09/201616:01:00Boston Properties Declares Regular Quarterly Dividends
02/23/201613:01:15Statement of Changes in Beneficial Ownership (4)
02/23/201613:00:46Statement of Changes in Beneficial Ownership (4)
02/23/201613:00:21Statement of Changes in Beneficial Ownership (4)
02/23/201612:59:57Statement of Changes in Beneficial Ownership (4)
02/23/201612:59:29Statement of Changes in Beneficial Ownership (4)

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