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Boston Properties updates FY'16 outlook, offers Q2 estimates with higher Q1 results

Boston PropertiesInc. updated its full-year 2016 guidance and offered second-quarterestimates while reporting year-over-year increases in FFO during the first quarter.

During the quarter, FFO attributable to the company's commonshareholders came to about $250.7 million, or $1.63 per share, compared to roughly$200.4 million, or $1.30 per share, in the year-ago period.

FFO for the quarter includes lease termination income of about$45.0 million, or 26 cents per share, from a tenant occupying a roughly 85,000-square-footspace at the company's property at 250 West 55th St. in New York City. The leasewas supposed to expire Feb. 28, 2035.

The S&P Capital IQ consensus FFO-per-share estimate for thefirst quarter was $1.58.

Looking ahead, Boston Properties provided its projected FFO pershare for the second quarter in the range of $1.36 to $1.38.

It updated its FFO-per-share guidance for the 2016 full yearto a range of $5.85 to $5.95 from a priorrange of $5.78 to $5.93. The updated guidance represents an approximately 5-cent-per-shareincrease at the midpoint, comprising 2 cents per share from better-than-expectedportfolio operations; 2 cents per share from the purchase of Peterson Way in SantaClara, Calif.; and 1 cent per share from better-than-expected development and managementservices income.

The S&P Capital IQ consensus FFO-per-share estimates forthe second quarter and full year 2016 are $1.40 and $5.88, respectively.