BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $276.3 million, or $1.79 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.74 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 $164.3 million, or $1.06 per share.
The real estate investment trust posted revenue of $733.7 million in the period. Its adjusted revenue was $680.2 million.
Boston Properties expects full-year funds from operations to be $7.02 to $7.08 per share.
The company's shares have increased 18% since the beginning of the year, while the Standard & Poor's 500 index has climbed 20%. In the final minutes of trading on Tuesday, shares hit $133.01, a climb of 9% in the last 12 months.