BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Boston-based real estate investment trust said it had funds from operations of $228.4 million, or $1.48 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.50 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 $97.1 million, or 63 cents per share.
The real estate investment trust posted revenue of $632.2 million in the period, beating Street forecasts. Six analysts surveyed by Zacks expected $618.4 million.
Boston Properties expects full-year funds from operations to be $6.15 to $6.23 per share.
The company's shares have risen 6.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 7 percent. In the final minutes of trading on Tuesday, shares hit $133.97, a climb of 3 percent 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
Keywords: Boston Properties, Earnings Report