BOSTON (AP) — BOSTON (AP) — Boston Properties Inc. (BXP) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Boston, said it had funds from operations of $252.2 million, or $1.59 per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of $1.58 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $101.6 million, or 64 cents per share.

The real estate investment trust posted revenue of $872.1 million in the period. Its adjusted revenue was $818.2 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $801.4 million.

Boston Properties expects full-year funds from operations to be $6.90 to $7.04 per share.

The company’s shares have dropped 12% since the beginning of the year, while the S&P’s 500 index has increased slightly more than 4%. In the final minutes of trading on Tuesday, shares hit $59.16, a drop of 11% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BXP at https://www.zacks.com/ap/BXP