NEW YORK Jan 29 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
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.