Boston Properties (BXP) Tops Q3 EPS by 7c, Beats on Revenues; Offers FY17 EPS Outlook

Boston Properties (NYSE: BXP) reported Q3 EPS of $0.76, $0.07 better than the analyst estimate of $0.69. Revenue for the quarter came in at $657.71 million versus the consensus estimate of $645.11 million.

• Net income attributable to common shareholders was $117.3 million compared to $76.8 million for the quarter ended September 30, 2016.
• Net income attributable to common shareholders per share (EPS) was $0.76 basic and $0.76 on a diluted basis, compared to $0.50 basic and $0.50 on a diluted basis for the quarter ended September 30, 2016.
• Funds from Operations (FFO) were $243.0 million, or $1.57 per share basic and $1.57 per share diluted. This compares to FFO of $219.6 million, or $1.43 per share basic and $1.42 per share diluted, for the quarter ended September 30, 2016.
• FFO of $1.57 per share diluted was greater than the mid-point of the Company’s guidance previously provided of $1.52 - $1.54 per share diluted primarily due to:
• $0.02 per share of additional development and management services revenue;
• $0.01 per share due to better than expected portfolio operations; and
• $0.01 per share of less than projected general and administrative expenses.
• The Company provided its guidance for full year 2018 EPS and FFO per share as follows:
• Projected EPS (diluted) for 2018 of $2.55 - $2.71 per share; and
• Projected FFO per share (diluted) for 2018 of $6.20 - $6.36 per share.

GUIDANCE:

Boston Properties sees FY2018 EPS of $2.55-$2.71, versus the consensus of $2.87.

For earnings history and earnings-related data on Boston Properties (BXP) click here.

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