Boston Properties Ltd Partnership (BXP) has reported a 5.22 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $140.50 million, or $0.90 a share in the quarter, compared with $148.23 million, or $0.94 a share for the same period last year. Revenue during the quarter went down marginally by 1.86 percent to $624.24 million from $636.06 million in the previous year period.
Cost of revenue dropped 3.15 percent or $7.30 million during the quarter to $224.53 million. Gross margin for the quarter expanded 48 basis points over the previous year period to 64.03 percent.
Total expenses were $413.76 million for the quarter, down 5.58 percent or $24.48 million from year-ago period. Operating margin for the quarter expanded 262 basis points over the previous year period to 33.72 percent.
Operating income for the quarter was $210.48 million, compared with $197.83 million in the previous year period.
Revenue from real estate activities during the quarter went down marginally by 1.39 percent or $8.55 million to $606.85 million.
Income from operating leases during the quarter went down marginally by 1.16 percent or $5.80 million to $493.14 million. Revenue from tenant reimbursements was $88.58 million for the quarter, down 2.80 percent or $2.55 million from year-ago period.
Revenue from other real estate activities during the quarter was $25.13 million, down 0.80 percent or $0.20 million from year-ago period.
Boston Properties’ senior management team is among the most respected and accomplished in the REIT industry. Our deep and talented team of 35 individuals averages 30 years of real estate experience and 19 years with Boston Properties. We believe that our size, management depth, financial strength, reputation, and relationships of key personnel provide a competitive advantage to realize growth through property development and acquisitions. Boston Properties benefits from the reputation and relationships of key personnel, including Owen D. Thomas, chief executive officer; Douglas T. Linde, President; Raymond A. Ritchey, Senior Executive Vice President; and Michael E. LaBelle, Executive Vice President, Chief Financial Officer and Treasurer. Our senior management team’s national reputation helps us attract business and investment opportunities. In addition, our other executive officers that serve as Regional Managers have strong reputations that assist in identifying and closing on new opportunities, having opportunities brought to us, and in negotiating with tenants and build-to-suit prospects. Additionally, Boston Properties’ Board of Directors consists of 11 distinguished members, the majority of whom are Independent Directors.
Net receivables were at $92.55 million as on Dec. 31, 2016, down 5.43 percent or $5.32 million from year-ago.
Investments stood at $23.81 million as on Dec. 31, 2016, up 16.85 percent or $3.43 million from year-ago.
Total assets stood at $18,849.77million as on Dec. 31, 2016. On the other hand, total liabilities were at $10,919.72 million as on Dec. 31, 2016.
Return on assets was at 1.02 percent in the quarter. At the same time, return on equity was at 1.74 percent in the quarter.
Debt moves up
Total debt was at $9,796.13 million as on Dec. 31, 2016, up 6.61 percent or $607.59 million from year-ago. Shareholders equity was at $7,930.05 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 1.24 percent in the quarter.
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