UPDATE 1-Boston Properties posts higher-than-forecast FFO
NEW YORK Jan 29 (Reuters) - Boston Properties Inc, which owns skyscrapers in major U.S. cities, posted better-than-expected funds from operations, a key earnings measure, as operations, interest income and management services revenue exceeded forecasts.
The company, whose chairman and chief executive is publisher Mortimer Zuckerman, reported fourth-quarter funds from operations (FFO) of $192.5 million, or $1.27 per share, up from $179.3 million, or $1.21 per share, a year earlier.
The results beat the company's forecast of FFO of $1.22 to $1.24 and the average analyst estimate of $1.23 according to Thomson Reuters I/B/E/S.
FFO removes depreciation, a noncash item which reduces profits.
Boston Properties estimated FFO of $1.19 to $1.21 per share for the first quarter and $5.06 to $5.18 per share for 2013. Analysts forecasts are $1.22 and $5.17, respectively.
The company owns buildings in Boston, New York, San Francisco and Washington, D.C.
Shares of Boston Properties closed up 2 cents at $108.85 on the New York Stock Exchange and were unchanged after hours.
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video