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BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $260.6 million, or $1.64 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.65 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $61.2 million, or 39 cents per share.
The real estate investment trust posted revenue of $865.2 million in the period. Its adjusted revenue was $811.1 million, beating Street forecasts. Three analysts surveyed by Zacks expected $790.9 million.
For the current quarter ending in June, Boston Properties expects its per-share funds from operations to range from $1.65 to $1.67.
The company expects full-year funds from operations in the range of $6.80 to $6.92 per share.
The company's shares have fallen 12% since the beginning of the year, while the S&P's 500 index has declined 5.5%. In the final minutes of trading on Tuesday, shares hit $65.12, a climb of roughly 4% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BXP at https://www.zacks.com/ap/BXP