Oct 29 (Reuters) - Real estate investment trust $(REIT)$ Boston Properties beat Wall Street estimates for third-quarter revenue on Tuesday, as revenue from leases improved.
In the first three quarters of 2024, the REIT executed 3.3 million square feet of leasing, representing a 25% increase compared to the same period in 2023.
Quarterly revenue from leases rose 4% to $799.5 million.
Total revenue for quarter ended Sept. 30 came in at $859.2 million, higher than analysts' expectations of $834.6 million.
The company, however, lowered the top end of its annual funds from operation (FFO) outlook on account of greater projected depreciation and amortization expense.
It now expects an FFO between $7.09 per share and $7.11 per share, compared to a range of $7.09 per share and $7.15 per share forecast earlier.
The company reported an FFO of $1.81 per share for the July-to-September quarter, in line with Wall Street estimates, as per data compiled by LSEG.
(Reporting by Aishwarya Jain in Bengaluru; Editing by Shailesh Kuber)
((Aishwarya.Jain@thomsonreuters.com;))
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