Boston Properties Inc. a real estate developer and owner of office properties reported late Tuesday a steep decline of 90 percent in net income for the first quarter.
Shares of Boston Properties dropped 2.27 percent to $100.56 at the end of composite trading on the New York stock Exchange Tuesday. Later in electronic trading shares climbed 1.43 percent to $102.
The Boston, Massachusetts-based company's net income was of $88.5 million or 73 cents a share in the first quarter compared to a net income of $854.3 million or $6.99 a share in the same period last year.
The total net income includes a gain of $20 million on sales of real estate while previous year net income included $781.1 million towards gain on sale of 5 Times Square and the Long Wharf Marriott hotel, the company reported in a statement.
In the quarter ended March 31, Funds from Operations or FFO were $134.7 million or $1.11 a share higher than FFO in the same period in 2007 of $133 million or $1.10 per share. Analysts surveyed by Thomson financiall expected the company to report earnings of $1.11 per share for the third quarter.
Boston Properties projected FFO ranging from $1.14 to $1.15 per share in the second quarter. Specialists expect FFO earnings of $1.14 per share.
The group increased its funds from operations guidance in 2008 in a range of $4.57 to $4.65 per share while analysts speculate FOO of $4.61 per share for the year.