Boston Properties Reports Third-Quarter Results; New Development Impact Should Materialize in 2018
Boston Properties released third-quarter earnings, posting funds from operations per diluted share of $1.42, up from $1.41 a year ago. The company finished the quarter with occupancy on its in-service properties of 89.6%, which was a drop from last year’s third-quarter finish of 91.3%. Contributing to lower occupancy were the inclusion of the Colorado Center in Los Angeles and a lackluster New York portfolio that continues to be affected by supply. Management tightened 2016 FFO guidance to $5.97...Boston Properties is a real estate investment trust that develops, owns and manages primarily office properties. The company's properties are concentrated in five markets: Boston, Los Angeles, New York, San Francisco and Washington, DC. The company is a real estate company, with in-house knowledge and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services. The company manages Boston Properties Limited Partnership, which is the entity through which the company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets.
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