Boston Properties 2nd-quarter results beat Street

BOSTON - Real estate investment trust Boston Properties Inc. said late Tuesday said second-quarter results improved, helped by the acquisition of the GM Building in New York, and offered third-quarter guidance above analyst expectations. The Boston-based company said second-quarter funds from operations rose 1 percent to $169.6 million, or $1.19 per share, from $167.4 million, or $1.18 per share last year. Analysts polled by Thomson Financial, on average, predicted funds from operations of $1.17 per share. FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of REIT strength because it gives a more accurate picture of cash performance. Quarterly net income fell 22 percent to $79.5 million, or 66 cents per share, while revenue fell 1 percent to $368.5 million. For the... [read full story]