By Maria Armental

 

Boston Properties Inc. revised financial targets for the year, cutting its profit forecast but raising another key metric, following mixed first-quarter results.

The real-estate investment trust, which focuses on office space, reported profit fell to $100.7 million, or 63 cents a share, from $178.6 million, or $1.14 a share, a year earlier. The most recent results included a roughly $24 million impairment loss tied to a property in New Jersey that lowered profit but didn't affect funds from operations, a key industry metric.

FFO rose to $1.72 a share from $1.49 a share a year earlier.

The company had projected 66 cents to 68 cents and FFO of $1.66 to $1.68 a share.

Revenue rose to $725.8 million from $661.2 million a year earlier, ahead of analysts' projected $693 million.

The company now expects profit this year to range from $2.95 to $3.02 a share and FFO to range from $6.95 to $7.02 a share, compared with its earlier view of $3.05 to $3.17 a share in profit and $6.88 to $7 a share in FFO.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

April 30, 2019 18:13 ET (22:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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