Real Estate Made East Coast Company Boston Properties Earns Double
Tuesday, January 31 2006 @ 04:18 pm UTC
Contributed by: jron
It has been a good year for real estate firm, Boston Properties which is founded by Mortimer Zuckerman, he confesses that his fourth quarter earnings were more than double on gains from it's real estate side
It has been reported that their net income climbs up form $62.3 million or 56 cents per share to stunning $158.3 million that is about $1.35 per share, in just one year. Its revenue climbed up from $359.3million to $366.3 million that is about 2 percent increase.
Although the company has been involve of selling properties which isn't their main purpose of managing office buildings in Boston, San Francisco, New York and Washington, the company manages to sold the known Residence Inn by Marriott, a large hotel in Cambridge for a sum of about $68 million in addition they also sold an Industrial site in Westwood for about $7.8 million, all of that in the fourth quarter alone.
The surprising ups form real estate really boost Boston Properties confidence in real estate marketing, surely it helped their business a lot, allowing them to move more flexible on the marketing world. It would no doubt be a strong start for them.