Boston Properties Revises 2016 Guidance, Gives Disappointing 2017 Projections
October 25 2016 - 7:59PM
Dow Jones News
By Maria Armental
Boston Properties Inc. (BXP) on Tuesday revised projections for
the year and gave disappointing guidance for 2017.
The real-estate investment trust, which focuses on office space,
cut its 2016 profit projection to $2.98 to $3 a share, largely tied
to the redevelopment of the low-rise portion of the 59-story 601
Lexington Ave., and said it expects to make $5.97 to $5.99 a share
in funds from operations. Before, it expected $3.04 to $3.11 in
profit and $5.92 to $5.99 a share in FFO.
Next year, it expects to make $2.58 to $2.76 a share and $6.05
to $6.23 in FFO, compared with analysts' projected $3.12 a share
and $6.39 a share in FFO, 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.
Over all, quarterly profit dropped 58% to $79.3 million, or 50
cents a share. FFO were $1.42 a share, up from $1.41 a year
earlier.
The company had projected profit of 57 cents to 59 cents and FFO
of $1.40 to $1.42.
Revenue edged down to $625.2 million, above analysts' projected
$621.7 million.
As of Sept. 30, 89.6% of its portfolio was leased.
Shares, inactive in after-hours trading, closed Tuesday at
$125.33, down 2% this year.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
October 25, 2016 19:44 ET (23:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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