By Josh Beckerman
Boston Properties Inc. (BXP) said second-quarter funds from
operations a share were slightly above its guidance due to cost
savings and higher-than-expected development and management
services income.
The office-focused real-estate investment trust said Tuesday
that funds from operations were $1.35 a share, compared with
guidance of $1.32 to $1.34 a share.
Boston Properties said it expects third-quarter FFO of $1.36 to
$1.38 a share, and it revised its full-year forecast to $5.24 to
$5.29 a share, from a previous range of $5.25 to $5.33.
Net income in the latest quarter was $79.1 million, or 50 cents
a share. In the 2013 quarter, which included a $387.8 million gain
on the consolidation of joint ventures, net income was $455
million, or $2.94 a share.
Revenue rose to $589.8 million from $510 million.
Boston Properties also listed several recent transactions,
including the Tuesday sale of its Mountain View Technology Park
properties and Mountain View Research Park Building Sixteen
property in Mountain View, Calif., for about $92.1 million.
Last week, Fitch Ratings upgraded Boston Properties to BBB+ from
BBB, citing its "large, high quality pool of unencumbered assets
with above-average financeability and salability
characteristics."
Write to Josh Beckerman at josh.beckerman@wsj.com
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