Boston Properties beats quarterly revenue estimates on better leasing

BXP

29/10/2024 22:45

(Repeats to a wider audience, with no changes to text)
       Oct 29 (Reuters) - Real estate investment trust (REIT)
Boston Properties  BXP.N  beat Wall Street estimates for
third-quarter revenue on Tuesday, as revenue from leases
improved. 
     In the first three quarters of 2024, the REIT executed 3.3
million square feet of leasing, representing a 25% increase
compared to the same period in 2023.
    Quarterly revenue from leases rose 4% to $799.5 million. 
    Total revenue for quarter ended Sept. 30 came in at $859.2
million, higher than analysts' expectations of $834.6 million. 
     The company, however, lowered the top end of its annual
funds from operation (FFO) outlook on account of greater
projected depreciation and amortization expense. 
    It now expects an FFO between $7.09 per share and $7.11 per
share, compared to a range of $7.09 per share and $7.15 per
share forecast earlier. 
    The company reported an FFO of $1.81 per share for the
July-to-September quarter, in line with Wall Street estimates,
as per data compiled by LSEG. 

(Reporting by Aishwarya Jain in Bengaluru; Editing by Shailesh
Kuber)
((mailto:Aishwarya.Jain@thomsonreuters.com;))