Boston Properties Inc.’s BXP third-quarter 2021 funds from operations (FFO) per share of $1.73 beat the Zacks Consensus Estimate of $1.70.

The quarterly figure also exceeded the mid-point of the company’s third-quarter guidance by 4 cents, reflecting better-than-projected results from the in-service portfolio and improved parking revenues.

Quarterly revenues from lease came in at $692.3 million, exceeding the consensus mark of $688 million.

The quarterly FFO per share increased 10.2% from the year-ago quarter’s $1.57. Revenues from lease climbed 3.7% year on year.

Concurrent with the earnings release, Boston Properties, together with Rudin Development, announced the relocation of Food52’s New York City offices to Dock 72 at the Brooklyn Navy Yard. Food52 will occupy roughly 42,000 square feet of space spread across the entire 13th floor.

Inside the Headline Numbers

During the third quarter, the company signed 1.4 million square feet of leases with a weighted-average lease term of 9.3 years.

As of Sep 30, 2021, Boston Properties’ portfolio comprised 202 properties, covering 52.5 million square feet of space. This included nine under-construction/redevelopment properties.

Liquidity

Boston Properties exited third-quarter 2021 with $1 billion of cash and cash equivalents, down from $1.67 billion at the end of 2020.

Outlook

The company projects full-year 2021 FFO per share of $6.50-$6.52. The guided range lies below the Zacks Consensus Estimate of $6.61.

The company projects 2022 FFO per share of $7.25-$7.45. The guided range is in line with the Zacks Consensus Estimate of $7.26.

Boston Properties currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Boston Properties, Inc. Price, Consensus and EPS Surprise

Boston Properties, Inc. price-consensus-eps-surprise-chart | Boston Properties, Inc. Quote

We now look forward to the earnings releases of other REITs like CyrusOne Inc. CONE scheduled for Oct 28, and Apple Hospitality REIT APLE and CubeSmart CUBE slated for Nov 4.

Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Boston Properties, Inc. (BXP) : Free Stock Analysis Report

CubeSmart (CUBE) : Free Stock Analysis Report

CyrusOne Inc (CONE) : Free Stock Analysis Report

Apple Hospitality REIT, Inc. (APLE) : Free Stock Analysis Report

To read this article on Zacks.com click here.