Boston Properties Profit Rises, Reaches Deal for Santa Monica Business Park -- Earnings Review
25 April 2018 - 9:08AM
Dow Jones News
By Maria Armental
Boston Properties Inc. (BXP) reported first-quarter results on
Tuesday. Here's what you need to know:
EARNINGS: Profit surged 81% to $176 million, or $1.14 a share,
boosted by a sale of real estate. Analysts surveyed by Thomson
Reuters projected 66 cents a share.
FFO: Funds from operations, a key performance measure for
real-estate investment trusts, edged up to $1.49 a share from $1.48
a year earlier. Analysts forecast $1.50 a share.
REVENUE: Revenue rose 4.6% to $661.2 million, beating analysts'
projected $641.4 million.
OUTLOOK: Boston Properties raised the low-end of its forecast
for the year, saying it now expects earnings of $3.28 to $3.37 a
share and FFO of $6.27 to $6.36 a share. It previously guided for
$3.24 to $3.37 a share in profit and $6.23 to $6.36 a share in
FFO.
DEAL: Boston Properties has reached a roughly $616 million
agreement to buy Santa Monica Business Park, a 47-acre office park
whose tenants include messaging app Snapchat parent company Snap
Inc.
STOCK: Shares, which lag the market with a 9% decline this year,
closed down Tuesday at $118.44.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 24, 2018 18:53 ET (22:53 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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