Boston Properties, Inc. (BXP) recently revealed a drop in its Funds From Operations (FFO) for the fourth quarter.
The FFO for this quarter reached a total of $286.2 million, or $1.82 per diluted share. This is in contrast to the previous year's fourth quarter FFO, which amounted to $292.9 million or $1.86 per diluted share.
A decrease in profit was also observed. It fell to $119.9 million or $0.76 per diluted share from last year's $121.7 million or $0.78 per diluted share. This dip is primarily attributable to a surge in transaction costs and depreciation.
Yet, analysts who were surveyed by Thomson Reuters had anticipated a lower profit of $0.64 per share for the quarter.
On a positive note, revenue saw an increase of 5 percent, hitting $828.9 million, up from last year's $789.8 million. This growth is largely credited to a rise in lease income that surged to $768.8 million from the previous year's $739.1 million.
Future expectations for the company predict earnings per share to range between $0.66 and $0.68 for the first quarter and between $2.26 and $2.46 for the entire year of 2024.
Meanwhile, the company predicts that the FFO for the first quarter will come in at $1.72 to $1.74 and for fiscal year 2024, it would be between $7 and $7.20.
Currently, BXP shares are trading at $71.24, representing a 1.77 percent increase on the New York Stock Exchange.
