UPDATE 2-Boston Properties FFO beats Street; ups outlook

miércoles 27 de enero de 2010 04:23 CET
 

* Q4 adj-FFO $1.15/shr vs Street view $1.06/shr

* Q4 total revenue $377.9 mln vs year-ago $390.3 mln

* Sees 2010 FFO/share $4.10-$4.25; prior view $4-$4.20 (Adds analyst estimates, background, details of results)

NEW YORK, Jan 26 (Reuters) - Boston Properties Inc (BXP.N: Cotización) beat analysts' expectations for adjusted quarterly funds from operations and raised its full-year outlook, after having leased a large office space in New Jersey and raising $700 million in a debt offering.

The company, which owns office buildings in New York, San Francisco, Boston and the Washington, D.C., area, said FFO was $146.1 million, or $1.04 per share, compared with a loss of $642 million, or 1 cent per share, a year earlier, when results were weighed down by large impairment charges.

Excluding non-cash impairment charges and non-cash interest expenses, quarterly FFO was $1.15 per share, ahead of the $1.06 per share expected by analysts polled by Thomson Reuters I/B/E/S and the company's forecast of $1.04 to $1.06 per share.

FFO, a measure of performance, removes the profit-reducing effect of depreciation, a noncash accounting item.

Quarterly revenue fell 3.2 percent to $377.9 million.

During the quarter, total occupancy fell to 92.4 percent from 94.5 percent a year ago. Occupancy in Boston Properties' Midtown Manhattan buildings, which command the highest rents, fell to 95.4 percent from 98.4 percent.   Continuación...