BOSTON (AP) _ Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Boston, said it had funds from operations of $236.9 million, or $1.52 per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.74 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $266.5 million, or $1.71 per share.
The real estate investment trust posted revenue of $654.8 million in the period. Its adjusted revenue was $630.1 million, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $701.3 million.
The company's shares have declined 34% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $91.13, a drop of 31% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BXP at https://www.zacks.com/ap/BXP
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