Stock Monitor: CoreSite Realty Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 09, 2018 / Active-Investors.com has just released a free earnings report on Boston Properties, Inc. (NYSE: BXP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BXP. The Company posted its financial results on January 30, 2018, for the fourth quarter fiscal 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Boston, Massachusetts-based Company's funds from operations (FFO) grew on a y-o-y basis. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for CoreSite Realty Corporation (NYSE: COR), which also belongs to the Financial sector as the Company Boston Properties. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Boston Properties most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q4 FY17, Boston Properties' total revenues increased to $655.23 million from $636.06 million in Q4 FY16. The total revenue numbers outshone market expectations of $641.4 million.
The real estate investment trust reported a net income applicable to common stockholders of $103.83 million, or $0.67 per diluted share, in Q4 FY17 compared to $147.21 million, or $0.96 per diluted share, in Q4 FY16. The Company's FFO applicable to common shareholders stood at $230.13 million, or $1.49 per diluted share, during Q4 FY17 compared to $236.90 million, or $1.54 per diluted share, in Q4 FY16. Meanwhile, Wall Street had expected FFO of $1.53 per share.
For the full year FY17, the Company posted total revenues of $2.05 billion, rising from $2.02 billion in FY16. The Company's net income applicable to common stockholders came in at $451.94 million, or $2.93 per diluted share, for FY17 versus $502.29 million, or $3.26 per diluted share, in the last year. Furthermore, FFO applicable to common shareholders increased to $959.41 million, or $6.22 per diluted share, during FY17 from $927.75 million, or $6.03 per diluted share, in FY16.
Boston Properties' generated $512.00 million of revenues from base rents in Q4 FY17 compared to $498.94 million in the year ago same period. The Company's recoveries from tenants were $94.70 million during Q4 FY17 versus $91.12 million in Q4 FY16. In Q4 FY17, the Company's parking and other revenues came in at $26.84 million compared to $25.33 million in Q4 FY16. Hotel revenues were $11.74 million for the reported quarter compared to $10.97 million in Q4 FY16. Furthermore, development and management services revenues were $9.96 million for Q4 FY17 compared to $9.70 million in Q4 FY16.
Boston Properties' total operating expenses fell to $425.76 million in Q4 FY17 from $436.36 million in Q4 FY16. For Q4 FY17, the Company's operating income was $229.47 million, up from $199.70 million in Q4 FY16. The Company's income before gains on sales of real estate was $131.33 million for the reported quarter versus $164.89 million in the previous year's comparable quarter.
As on December 31, 2017, a total of 90.7% of the Company's properties were leased, up from 90.2% as on December 31, 2016. In Boston, 94.1% of the Company's properties were leased out as on December 31, 2017, compared to 90.7% as on December 31, 2016. At the end of the reported quarter, New York properties leased out ratio was 86.9% versus 90.2% as on December 31, 2016. The Company's San Francisco and Los Angeles properties leased out was 89.3% as on December 31, 2017, compared to 89.8% as on December 31, 2016. Additionally, Washington, DC portfolio leased out ratio was 91.3% as on December 31, 2017, up from 89.9% as on December 31, 2016.
In its outlook for Q1 FY18, the Company projects diluted EPS to be between $1.15 and $1.17, while diluted FFO per share is anticipated to be in the range of $1.47 to $1.49. Furthermore, for the full year FY18, the Company forecasts diluted EPS in the band of $3.24 to $3.37, whereas diluted FFO per share is expected to be between $6.23 and $6.36.
Stock Performance Snapshot
February 08, 2018 - At Thursday's closing bell, Boston Properties' stock fell 2.82%, ending the trading session at $112.09.
Volume traded for the day: 1.13 million shares, which was above the 3-month average volume of 819.01 thousand shares.
After yesterday's close, Boston Properties' market cap was at $17.28 billion.
Price to Earnings (P/E) ratio was at 36.39.
The stock has a dividend yield of 2.85%.
The stock is part of the Financial sector, categorized under the REIT - Office industry.
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