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.