Boston Properties' Profit Nearly Doubles on Real-Estate Sales Gains

   By Maria Armental 
 

Boston Properties Inc.'s (BXP) fourth-quarter profit nearly doubled, as the real-estate investment trust recorded a roughly $126-million gain from sales of real estate.

The Boston-based company, which focuses on office space, said it expects funds from operations in the current quarter of $1.22-$1.24 a share and $5.28-$5.43 for the year, compared with the consensus of $1.28 and $5.38, respectively, according to analysts surveyed by Thomson Reuters.

Funds from operations is a key figure to measure REITs' performance based on the ratio of depreciation and amortization expenses to earnings.

For the most recent period, the company reported a profit of $177.2 million, or $1.14 a share, compared with $91.4 million, or 58 cents a share, a year earlier. FFO were $1.26 a share, down from $1.29 a share a year earlier, but topping the company's projection of $1.23 to $1.25 a share.

Revenue rose 6.5% to $613.7 million, compared with the consensus of $587.1 million.

The percentage of leased properties in its portfolio fell to 91.7% from 93.4% a year earlier.

Shares, largely inactive in recent after-hours trading, set a 52-week-low on Thursday trading at $104.19 before closing at $143.44. Through the closing, the company's stock had risen 36% over the past 12 months.

The company was scheduled to report earnings on Tuesday, but delayed its results due to the blizzard.

Write to Maria Armental at [e-mail]

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