BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $253.6 million, or $1.64 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.62 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 $107.8 million, or 70 cents per share.
The real estate investment trust posted revenue of $743.6 million in the period. Its adjusted revenue was $692.2 million.
Boston Properties expects full-year funds from operations to be $6.98 to $7 per share.
The company's shares have increased 18% since the beginning of the year, while the Standard & Poor's 500 index has risen 21%. In the final minutes of trading on Tuesday, shares hit $133.32, a rise of 14% in the last 12 months.