Research Desk Line-up: Camping World Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 16, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Boston Properties, Inc. (NYSE: BXP), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BXP, following the Company's announcement of its second quarter fiscal 2017 results on August 01, 2017. The real estate investment trust based in Boston, outperformed revenue and FFO estimates and also raised earnings and FFO forecasts for fiscal 2017. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Office industry. Pro-TD has currently selected Camping World Holdings, Inc. (NYSE: CWH) for due-diligence and potential coverage as the Company reported on August 10, 2017, its financial results for Q2 FY17 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Camping World when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BXP; also brushing on CWH. With the links below you can directly download the report of your stock of interest free of charge at:
For the quarter ended June 30, 2017, Boston Properties reported revenue of $656.91 million compared to revenue of $623.55 million for Q2 2016. The Company's rental revenue during the reported quarter totaled $636.17 million compared to $605.21 million in the prior year's same quarter. Boston Properties' revenue numbers surpassed Wall Street's expectations of $630.9 million.
Boston Properties' net income attributable to common shareholders was $133.7 million, or $0.87 per diluted share, compared with net income of $96.6 million, or $0.63 per diluted share, for the quarter ended June 30, 2016.
The Company's Funds from Operations (FFO) were $257.9 million, or $1.67 per basic and diluted share, compared to FFO of $220.6 million, or $1.44 per share basic and $1.43 per share diluted, for Q2 2016. Boston Properties' FFO of $1.67 per share diluted was greater than the mid-point of the Company's guidance of $1.61 - $1.63, primarily due to increase in portfolio revenue, deferral of certain expenses from Q2 2017 to H2 2017 and additional development and management services revenue. Boston Properties' FFO numbers exceeded analysts' forecasts of $1.62 per share.
On April 06, 2017, Boston Properties commenced the development of 145 Broadway, a build-to-suit Class A office project with approximately 485,000 net rentable square feet located in Cambridge, Massachusetts. The property is 98% leased. On May 27, 2017, the Company completed and fully placed in-service Reservoir Place North, a Class A office redevelopment project with approximately 73,000 net rentable square feet located in Waltham, Massachusetts.
On June 29, 2017, Boston Properties executed a 99-year ground lease, with the right to purchase prior to 10 years after stabilization, land adjacent to the MacArthur BART station located in Oakland, California. The Company has commenced development of a 402-unit residential building and supporting retail space on the site.
Acquisition and Disposition activities
On April 19, 2017, Boston Properties completed the sale of an approximately 9.5-acre parcel of land at 30 Shattuck Road located in Andover, Massachusetts for a gross sale price of $5.0 million. Net cash proceeds totaled approximately $5.0 million, resulting in a gain on sale of real estate totaling approximately $3.7 million.
On May 15, 2017, the Company acquired 103 Carnegie Center located in Princeton, New Jersey for a purchase price of approximately $15.8 million in cash. 103 Carnegie Center is an approximately 96,000 net rentable square foot Class A office property. The property is 83% leased.
On June 13, 2017, Boston Properties' completed the sale of 40 Shattuck Road located in Andover, Massachusetts for a gross sale price of $12.0 million. Net cash proceeds totaled approximately $11.9 million, resulting in a gain on sale of real estate totaling approximately $28,000.
At June 30, 2017, Boston Properties' portfolio consisted of 175 properties aggregating approximately 48.4 million square feet, including nine properties under construction/redevelopment totaling approximately 4.7 million square feet. The overall percentage of leased space for the 163 properties in service as of June 30, 2017, was 90.8%.
EPS and FFO per Share Guidance
Boston Properties updated its projected EPS (diluted) for FY17 to $2.72 - $2.77 per share from $2.60 - $2.68 per share. This is an increase of $0.11 per share at the mid-point consisting primarily of lower projected depreciation and amortization expense of $0.07 per share; $0.04 per share improvement in same property net operating income (NOI); a $0.01 per share increase in development and management services revenue, offset by a $0.01 decrease from the Company's recent financing activities. Additionally, the Company updated its projected FFO per share (diluted) for FY17 to $6.20 - $6.25 per share from $6.15 - $6.23 per share.
On Tuesday, August 15, 2017, the stock closed the trading session at $122.43, slightly down 0.07% from its previous closing price of $122.51. A total volume of 749.78 thousand shares have exchanged hands, which was higher than the 3-month average volume of 632.56 thousand shares. Boston Properties' stock price advanced 0.72% in the last one month and 1.27% in the past three months. The stock is trading at a PE ratio of 41.50 and has a dividend yield of 2.45%. The stock currently has a market cap of $19.09 billion.
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