Boston Properties Inc. reported a year-over-year gain in funds from operations during the fourth quarter of 2016, thanks to better-than-expected portfolio operations and fee income from tenant services, leasing commissions and development services.
Fourth-quarter FFO attributable to common shareholders hit about $236.9 million, or $1.54 per share, up from roughly $197.3 million, or $1.28 per share, in the same period in 2015. The company said its FFO per share for the quarter was higher than the midpoint of its prior guidance range of $1.49 to $1.51 per share, driven in large part by portfolio operations of 2 cents per share and fee income from tenant services, leasing commissions and development services of 2 cents per share.
For the full year 2016, FFO attributable to common shareholders rose to about $927.7 million, or $6.03 per share from roughly $823.7 million, or $5.36 per share, in 2015.
The S&P Capital IQ consensus FFO-per-share estimate for the 2016 fourth quarter and full year were $1.49 and $5.98, respectively.
Looking ahead, Boston Properties offered FFO-per-share guidance of $1.47 to $1.49 per share for the first quarter and updated its full-year 2017 guidance to $6.13 to $6.23 per share from a prior range of $6.05 to $6.23.
The S&P Capital IQ consensus FFO-per-share estimates for the first quarter and full year 2017 are $1.49 and $6.19, respectively.