Boston Properties: Q2 Earnings Snapshot

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

The real estate investment trust, based in Boston, said it had funds from operations of $292.8 million, or $1.86 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $1.80 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 $104.3 million, or 66 cents per share.

The real estate investment trust posted revenue of $817.2 million in the period. Its adjusted revenue was $761.7 million, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $752.8 million.

Boston Properties expects full-year funds from operations to be $7.24 to $7.29 per share.

The company's shares have declined 4% since the beginning of the year, while the S&P's 500 index has risen 19%. In the final minutes of trading on Tuesday, shares hit $64.71, a drop of 28% 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