UPDATE 1-Boston Properties 2nd-quarter FFO falls, but beats Wall St. outlook
NEW YORK, July 30 (Reuters) - Boston Properties Inc, owners of high-quality office space, reported second-quarter profit Tuesday that was slightly ahead of Wall Street estimates, helped by lower operating expenses and higher leasing income.
The company, whose chairman is publisher Mortimer Zuckerman, reported second-quarter funds from operations (FFO) of $195.4 million, or $1.28 per share, compared with $206.5 million, or $1.36 per share, in the year-earlier quarter.
Analysts had expected FFO of $1.27 per share, according to Thomson Reuters I/B/E/S. The company had forecast $1.25 per share to $1.27 per share.
Funds from operations is a real estate investment trust performance measure that usually excludes gains or losses from property sales and removes the effect depreciation has on earnings.
Boston Properties, whose 179 properties include the General Motors Building on Fifth Avenue in Manhattan, and Embarcadero Center in San Francisco, said it saw third-quarter FFO in the range of $1.27 to $1.29 per share. The company lowered its forecast for the year to FFO in the range of $4.89 to $4.94 per share from a previously lowered $4.97 to $5.07 per share.
For the full year, the firm lowered its forecast in part because of interest expense related to the issuance of $700 million of senior unsecured notes in June and the anticipated sale of 1301 New York Avenue, NW in Washington, DC.
Analysts had forecast $1.31 per share for third-quarter FFO and $4.98 per share for the year, according to Thomson Reuters I/B/E/S.
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