Hot stock to watch: Boston Properties, Inc. (NYSE: BXP)

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Boston Properties, Inc. (NYSE: BXP) stock rose over 1.1% on 29th January, 2020 (As of 12:31 pm GMT-5; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. BXP in the fourth quarter of FY 19 has reported the adjusted funds from operations (FFO) of $1.87 per share, beating the analysts’ estimates for the funds from operations (FFO) of $1.85 per share. The company had reported the adjusted revenue of $706.35 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by 1.32%.

BXP has raised its fiscal year 2020 earnings per share outlook to be in a range of $5.91 – $6.09 per share from the previous range of $3.45 – $3.65 per share, mainly due to an projected $2.37 per share in gains from sales of real estate. The sale is anticipated to close in the first quarter of 2020. The analysts polled by Thomson Reuters expect the company to report earnings of $3.59 per share for fiscal year 2020. Further, the company also increased its annual funds from operations per share outlook to be in a range of $7.47 – $7.65 per share from the previous outlook of $7.45- $7.65 per share, mainly due to lower than projected net interest expense.

The company expects earnings per share to be in the range of $3.22 – $3.24 and funds from operations to be in a range of $1.80 – $1.82 per share for the first quarter 2020. The analysts expect the first-quarter earnings to be of $0.80 per share.

On the other hand, the company has formed a joint venture with Alexandria Real Estate Equities, Inc., who  is the first and longest-tenured owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations, for the development, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco, California. As per the agreement, BXP has contributed 601, 611 and 651 Gateway Boulevard, three existing office properties that total about 768,000 square feet, and developable land. Alexandria contributed about 313,000 square feet of existing properties including lab, office and amenity buildings, and developable land. After the completion of the master development plan, the joint venture anticipates to own a 1.7 million square foot life science campus, including a mix of office and lab buildings. Boston Properties and Alexandria will each have an about 50% ownership in the joint venture once complete.

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