WASHINGTON (dpa-AFX) - Boston Properties, Inc. (BXP), Tuesday reported a decline in its Funds From Operations or FFO in the fourth quarter.
For the fourth quarter, FFO totaled $286.2 million, or $1.82 per diluted share, compared to FFO of $292.9 million, or $1.86 per diluted share, for the year-ago quarter.
Profit declined to $119.9 million or $0.76 per diluted share from $121.7 million or $0.78 per diluted share last year, mainly due to an increase in transaction costs and depreciation.
On average, analysts polled by Thomson Reuters estimated a profit of $0.64 per share for the quarter.
Revenue increased 5 percent, to $828.9 million, from last year's $789.8 million reflecting an increase in lease income which jumped to $768.8 million from last year's $739.1 million.
Looking forward, the company expects earnings per share to be $0.66 to $0.68 for the first quarter and $2.26 to $2.46 for the full year 2024.
The company anticipates FFO to stand at $1.72 to $1.74 for the first quarter and $7 to $7.20 for the fiscal year 2024.
Currently, BXP's stock is trading at $71.24, up 1.77 percent on the New York Stock Exchange.
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