Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Boston Properties, Inc.    BXP

News SummaryMost relevantAll newsSector news 

Boston Properties, Inc. : Boston Properties Posts 4Q Profit On Higher Rents

01/31/2012 | 06:22pm US/Eastern

Boston Properties Inc. (BXP) swung to a fourth-quarter profit as the office-property owner booked higher rental revenue despite a lower percentage of its portfolio being leased.

The company also forecast funds from operations in the current quarter ranging between $1.12 and $1.14 a share, just touching the average estimate of $1.14 from analysts polled by Thomson Reuters. For the full year, it predicted FFO of $4.65 to $4.78 a share, bracketing the consensus estimate for $4.76.

Office landlords like Boston Properties have generally reported stronger results over the past year as higher occupancy and rental rates boost their bottom lines.

REITs with properties in major cities have been doing particularly well as urban commercial real-estate markets rebound the fastest. Boston Properties' assets are concentrated in Boston, Midtown Manhattan and Washington.

The company's results were still hurt a year ago by heavy debt-extinguishment costs and write-downs.

Boston Properties reported a fourth-quarter profit of $101.6 million, or 69 cents a share, compared with a year-earlier loss of $12.9 million, or 9 cents a share.

FFO--a key gauge of profitability among REITs--rose to $1.21 a share from 64 cents. FFO in the year-earlier quarter included 50 cents of charges.

Revenue rose 15% to $452.8 million, topping analysts' $426 million estimate.

Rental revenue also rose 15%, but its portfolio was 91.3% leased by the end of the year versus 93.2% a year earlier.

Shares closed Tuesday at $104.05 and weren't active after hours.

-By Drew FitzGerald and Joan E. Solsman, Dow Jones Newswires; 212-416-2291; Andrew.FitzGerald@dowjones.com

React to this article
11/25 BOSTON PROPERTIES : Awarded NAREIT's 2015 Office Leader in the Light Award
11/19 BOSTON PROPERTIES : Awarded NAREIT’s 2015 Office Leader in the Light Award
11/12 BOSTON PROPERTIES : to Participate in the NAREIT REITWorld 2015 Conference
11/06 BOSTON PROPERTIES : Management's Discussion and Analysis of Financial Condition ..
11/05 BOSTON PROPERTIES : Appoints Kenyetta Price as Senior Property Manager
10/30 BOSTON PROPERTIES : Results of Operations and Financial Condition, Financial Sta..
10/29DJBoston Properties Reports Higher Profit on Sales Gains, Raises FFO Projection..
10/29 BOSTON PROPERTIES : reports 3Q results
10/29 BOSTON PROPERTIES : Announces Third Quarter 2015 Results
10/26DJSam Zell Reduces His Holdings Of Apartment Buildings
News chart
Full-screen chart
Income Statement Evolution
More Financials