Boston Properties beats fourth-quarter FFO expectations on office space demand

BXP

30/01/2024 22:09

Jan 30 (Reuters) - Real estate investment trust (REIT)
Boston Properties  BXP.N  beat estimates for funds from
operations (FFO) in the fourth quarter on Tuesday, helped by
healthy demand for office spaces as more companies asked
employees to return to workplaces.
    The work-from-office mandate has led to an uptick in demand
for the commercial real estate market, which has been recovering
from a pandemic-induced slump.
    Boston Properties reported FFO, a key measure of performance
of a REIT, at $1.82 per share for the quarter ended Dec. 31,
compared with LSEG estimates of $1.8 per share.
    Revenue for the company, which is the largest
publicly-traded developer of premier workplaces in the United
States, rose to about $829 million in the quarter, beating
analysts' average estimate of about $810 million.
    Net income attributable to common shareholders fell to
$119.9 million, or 76 cents per share, compared with $121.8
million, or 78 cents per share, a year earlier.

 (Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru;
Editing by Shilpi Majumdar)
 ((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192;))