July 29 (Reuters) - Real estate investment trust BXP BXP.N, formerly known as Boston Properties, on Tuesday raised its full-year outlook after reporting better-than-expected second-quarter results, driven by strong leasing activity and gains from asset sales.
Shares of the company, which operates in six major U.S. markets, including New York and San Francisco, rose 1.5% in after-market trading.
The largest publicly traded developer of premier workplaces in the United States is seeing steady demand for high-quality office space in major urban markets, helped by a growing trend of companies requiring employees to return to the office.
BXP now expects full-year profit of $1.74 to $1.82 per share, up from its prior forecast of $1.60 to $1.72.
The company reported funds from operations (FFO) — a key measure of a REIT's performance — at $1.71 per share for the quarter ended June 30, beating analysts’ average estimate of $1.67, according to LSEG data.
It also raised its FFO outlook to $6.84 to $6.94 per share, slightly above its earlier range of $6.80 to $6.92.
The company's revenue rose 2.1% to $865.8 million in the quarter, beating analysts' average estimate of $857.8 million.
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Tasim Zahid)
((Anandita.Mehrotra@thomsonreuters.com;))
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