LONDON, UK / ACCESSWIRE / December 11, 2017 / Active-Investors free earnings report on Boston Properties, Inc. (NYSE: BXP) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=BXP. The Company reported its third quarter fiscal 2017 operating results on November 01, 2017. The Boston-based real estate investment outperformed top- and bottom-line expectations, and raised its earnings guidance and the lower end of its FFO forecasts for FY17. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Boston Properties most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
For the third quarter of 2017, Boston Properties reported total revenues of $657.71 million, up 5% compared to $625.23 million for Q3 2016, ahead of analysts' expectations of $631.5 million. The Company's rental revenue totaled $633.84 million for the reported quarter compared to $606.51 million in the year-ago same period.
Boston Properties' net income attributable to common shareholders was $117.3 million for Q3 2017 compared to $76.8 million for the quarter ended September 30, 2016. The Company's earnings per share (EPS) was $0.76 on a diluted basis versus $0.50 on a diluted basis for the year-ago comparable period.
For Q3 2017, Boston Properties' funds from operations (FFO) were $243.0 million, or $1.57 per diluted share, compared to $219.6 million, or $1.43 per basic share and $1.42 per diluted share, for Q3 2016. The Company's FFO numbers beat Wall Street's estimates of $1.54 per share.
Development Activities
On August 07, 2017, Boston Properties entered into a joint venture with The Bernstein Cos. to develop an approximately 722,000 net rentable square foot build-to-suit Class A office building and below-grade parking garage at 7750 Wisconsin Avenue in Bethesda, Maryland. The joint venture entered into a lease agreement with an affiliate of Marriott International, Inc. ("Marriott"), under which Marriott will lease 100% of the office building and garage for a term of 20 years, and the building will serve as Marriott's new worldwide headquarters. Marriott has agreed to fund 100% of the related tenant improvement costs and leasing commissions for the office building. The Company will serve as co-development manager for the venture and expects to commence construction in 2018.
On August 24, 2017, Boston Properties entered into a 15-year lease with the General Services Administration, under which the Company will develop the new headquarters for the Transportation Security Administration (TSA). The TSA will occupy 100% of the approximately 623,000 net rentable square feet of Class A office space and a parking garage at 6595 Springfield Center Drive located in Springfield, Virginia. The Company has commenced development of the project and is expecting the building to be available for occupancy by Q4 2020.
On September 16, 2017, Boston Properties completed and fully placed in-service 888 Boylston Street, a Class A office and retail project with approximately 417,000 net rentable square feet located in Boston, Massachusetts. The property is 93% leased.
Acquisition and Disposition Activities
On August 30, 2017, Boston Properties completed the sale of its Reston Eastgate property located in Reston, Virginia, for a gross sale price of $14.0 million. The net cash proceeds totaled approximately $13.2 million, resulting in a gain on sale of real estate totaling approximately $2.8 million.
Outlook
Boston Properties updated its projected EPS forecasts to be in the range of $2.80 - $2.81 per share for FY17 from $2.72 - $2.77 per share. Furthermore, the Company revised its projected guidance for FFO per share to $6.24 - $6.25 per share for FY17 from $6.20 - $6.25 per share.
Stock Performance Snapshot
December 08, 2017 - At Friday's closing bell, Boston Properties' stock marginally advanced 0.57%, ending the trading session at $124.66.
Volume traded for the day: 518.51 thousand shares.
Stock performance in the last three-month period – up 3.27%
After last Friday's close, Boston Properties' market cap was at $19.46 billion.
Price to Earnings (P/E) ratio was at 38.82.
The stock has a dividend yield of 2.41%.
The stock is part of the Financial sector, categorized under the REIT - Office industry. This sector was up 0.6% at the end of the session.
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