BXP Boston Properties Inc

   By Josh Beckerman 
 

Boston Properties Inc. (BXP) said funds from operations for the second quarter increased 5.7% as the real-estate investment trust raised its full-year guidance.

Boston Properties, whose holdings comprised about 46.5 million square feet on June 30, owns several high-profile sites like the Prudential Center in Boston and San Francisco's Embarcadero Center.

The company expects full-year FFO of $5.92 to $5.99 a share, up from its previous view of $5.85 to $5.95.

At the midpoint, this reflects an increase of about 5 cents a share due to a recent Santa Monica, Calif., acquisition and about 1 cent a share due to higher portfolio performance.

On June 30, 90.8% of the company's portfolio was leased.

Athletic-wear company Under Armour Inc. announced Tuesday that it will take over the former FAO Schwarz flagship toy store on Manhattan's Fifth Avenue, in Boston Properties' General Motors Building.

Last week Moody's Investors Service affirmed the REIT's ratings and changed its outlook to positive from stable, citing factors including lower secured leverage and a strong pre-leasing percentage for its projects.

For the quarter ended June 30, Boston Properties posted net income of $96.6 million, or 63 cents a share, up from $79.5 million, or 52 cents a share, a year earlier. Revenue rose 0.9% to $623.5 million.

Funds from operations rose to $220.6 million, or $1.43 a share, from $208.7 million, or $1.36 a share. The company exceeded its guidance of $1.36 to $1.38 a share, which reflected 4 cents a share from earlier-than-expected termination income and 2 cents a share from strong portfolio operations.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

July 26, 2016 20:21 ET (00:21 GMT)

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