BXP Boston Properties Inc

   By Maria Armental 
 

Boston Properties Inc. (BXP) on Tuesday again raised its projections for 2016 as results for the first three months of the year beat Wall Street projections.

The real-estate investment trust now projects $3 to $3.10 a share in profit and $5.85 to $5.95 a share in funds from operations, compared with its earlier view of $2.68 to $2.83 in profit and $5.78 to $5.93 a share in funds from operations.

Meanwhile for the current quarter, it expects funds from operations of $1.36 to $1.38 a share, compared with analysts' projected $1.40 a share, according to Thomson Reuters.

Boston Properties defines funds from operations as net income less real-estate-related depreciation and amortization along with impairment losses or gains or losses from sales.

The Boston-based company, which focuses on office space, has benefited from the expansion of the life sciences and technology industry in the Boston area along with a tech boom in San Francisco, adding pressure to that city's cap on office-space development under Proposition M.

Over all, Boston Properties reported a profit of $184.4 million, or $1.18 a share, compared with $173.8 million, or $1.11 a share, a year earlier. FFO were $1.63 a share, compared with $1.30 a share a year earlier.

The results were above the company's projections.

Revenue rose 8% to $666 million, compared with analysts' projected $650.9 million.

The percentage of leased properties in its portfolio was 91%, compared with 91.4% in the previous quarter and 90.3% a year earlier.

The percentage of leased property in Boston improved to 90.9%, from 90.6% in the previous quarter and 88.5% a year earlier. In San Francisco, 90.2% of properties were under lease in the latest period, compared with 93.8% in the previous quarter and 88.3% a year earlier.

Shares, inactive in after-hours trading, closed Tuesday at $130.55, down 5% over the past 12 months.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

April 26, 2016 18:37 ET (22:37 GMT)

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