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

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02/01/2012 | 12:22am CEST

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; [email protected]

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Financials ($)
Sales 2018 2 680 M
EBIT 2018 914 M
Net income 2018 495 M
Debt 2018 11 100 M
Yield 2018 2,72%
P/E ratio 2018 38,99
P/E ratio 2019 38,48
EV / Sales 2018 11,0x
EV / Sales 2019 10,5x
Capitalization 18 460 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 132 $
Spread / Average Target 10%
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Managers
NameTitle
Owen D. Thomas Chief Executive Officer & Director
Douglas T. Linde President & Director
Michael E. LaBelle Chief Financial Officer, Treasurer & Executive VP
James J. Whalen Chief Information Officer & Senior Vice President
Mortimer Benjamin Zuckerman Chairman-Emeritus
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