Boston Properties Beats on FFO, Revenue, Impairment Charge Weighs on Profit

By Maria Armental

Boston Properties Inc. revised financial targets for the year, cutting its profit forecast but raising another key metric, following mixed first-quarter results.

The real-estate investment trust, which focuses on office space, reported profit fell to $100.7 million, or 63 cents a share, from $178.6 million, or $1.14 a share, a year earlier. The most recent results included a roughly $24 million impairment loss tied to a property in New Jersey that lowered profit but didn't affect funds from operations, a key industry metric.

FFO rose to $1.72 a share from $1.49 a share a year earlier.

The company had projected 66 cents to 68 cents and FFO of $1.66 to $1.68 a share.

Revenue rose to $725.8 million from $661.2 million a year earlier, ahead of analysts' projected $693 million.

The company now expects profit this year to range from $2.95 to $3.02 a share and FFO to range from $6.95 to $7.02 a share, compared with its earlier view of $3.05 to $3.17 a share in profit and $6.88 to $7 a share in FFO.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

April 30, 2019 18:13 ET (22:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.