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Boston Properties: 3Q Earnings Snapshot

·1 min read

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

The real estate investment trust, based in Boston, said it had funds from operations of $244 million, or $1.57 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.64 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 $89.9 million, or 58 cents per share.

The real estate investment trust posted revenue of $693.3 million in the period. Its adjusted revenue was $666.7 million, topping Street forecasts. Three analysts surveyed by Zacks expected $661.5 million.

The company's shares have fallen 47% since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 5%. In the final minutes of trading on Tuesday, shares hit $73.74, a drop of 44% 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