Boston Properties Reports Decent First-Quarter Results; We Maintain Our $125 FVE

No-moat-rated Boston Properties reported decent first-quarter results with the firm reporting funds from operations, or FFO, of $1.82 per share, 16.6% higher than the $1.56 in FFO during the first quarter of 2021. The company exceeded first-quarter guidance for both EPS and FFO due to better-than-expected portfolio performance and slightly increased its full-year 2022 FFO guidance to a range of $7.40 to $7.50 per diluted share. After incorporating the first-quarter results, we are maintaining our $125 fair value estimate for Boston Properties.