Boston Properties Inc (BXP) has reported a 5.51 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $148.23 million, or $0.94 a share in the quarter, compared with $140.50 million, or $0.90 a share for the same period last year.
Revenue during the quarter went up marginally by 1.89 percent to $636.06 million from $624.24 million in the previous year period.
Cost of revenue rose 3.25 percent or $7.30 million during the quarter to $231.83 million. Gross margin for the quarter contracted 48 basis points over the previous year period to 63.55 percent.
Total expenses were $438.24 million for the quarter, up 5.92 percent or $24.48 million from year-ago period. Operating margin for the quarter contracted 262 basis points over the previous year period to 31.10 percent.
Operating income for the quarter was $197.83 million, compared with $210.48 million in the previous year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $2.56 to $2.66.
Revenue from real estate activities during the quarter went up marginally by 1.41 percent or $8.55 million to $615.40 million.
Income from operating leases during the quarter went up marginally by 1.18 percent or $5.80 million to $498.94 million. Revenue from tenant reimbursements was $91.12 million for the quarter, up 2.88 percent or $2.55 million from year-ago period.
Revenue from other real estate activities during the quarter was $25.33 million, up 0.80 percent or $0.20 million from year-ago period.
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 went up marginally by 2.56 percent or $470.31 million to $18,849.77 million on Dec. 31, 2016. On the other hand, total liabilities were at $10,919.72 million as on Dec. 31, 2016, up 4.07 percent or $427.19 million from year-ago.
Return on assets moved down 10 basis points to 1.38 percent in the quarter. At the same time, return on equity moved up 9 basis points to 1.84 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 stood at $7,930.05 million as on Dec. 31, 2016, up 0.55 percent or $43.12 million from year-ago. As a result, debt to equity ratio went up 7 basis points to 1.24 percent in the quarter.
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