U.S. Markets closed

Boston Properties: 3Q Earnings Snapshot

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.

_____

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