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Boston Properties: 4Q Earnings Snapshot

·1 min read

BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.

The Boston-based real estate investment trust said it had funds from operations of $213.1 million, or $1.37 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.60 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 $7.3 million, or 5 cents per share.

The real estate investment trust posted revenue of $665.1 million in the period. Its adjusted revenue was $639.4 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $667.4 million.

For the year, the company reported funds from operations of $978.2 million, or $6.29 per share. Revenue was reported as $2.65 billion.

The company's shares have decreased almost 2% since the beginning of the year, while the Standard & Poor's 500 index has risen 2.5%. In the final minutes of trading on Tuesday, shares hit $92.72, a decrease of 34% 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