BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $266 million, or $1.72 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.66 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 $98.1 million, or 63 cents per share.
The real estate investment trust posted revenue of $725.8 million in the period. Its adjusted revenue was $679.3 million, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $661.5 million.
Boston Properties expects full-year funds from operations to be $6.95 to $7.02 per share.
The company's shares have risen 22% since the beginning of the year, while the Standard & Poor's 500 index has risen 18%. In the final minutes of trading on Tuesday, shares hit $137.62, a climb of 13% in the last 12 months.
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