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Boston Properties Announces First Quarter 2012 Results

Stocks in this article: BXP

Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the first quarter ended March 31, 2012.

Funds from Operations (FFO) for the quarter ended March 31, 2012 were $166.9 million, or $1.13 per share basic and $1.12 per share diluted. This compares to FFO for the quarter ended March 31, 2011 of $160.0 million, or $1.13 per share basic and $1.12 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 148,343,382 and 150,140,431, respectively, for the quarter ended March 31, 2012 and 142,094,867 and 143,965,007, respectively, for the quarter ended March 31, 2011.

The Company’s reported FFO of $1.12 per share diluted was within the guidance previously provided of $1.12-$1.14 per share. The Company’s reported FFO included the following items, among others, that were not contemplated at the time the previous guidance was issued: compensation expense of ($0.03) per share associated with the resignation of the Company’s Chief Operating Officer, transaction costs of ($0.01) per share and an adjustment to ground rent expense of ($0.02) per share, as well as the acquisition of 100 Federal Street adding $0.01 per share, operating expense savings of $0.03 per share and $0.02 per share from better than expected performance from the Company’s hotel, unconsolidated joint ventures and third-party fee income.

Net income available to common shareholders was $64.6 million for the quarter ended March 31, 2012, compared to $40.8 million for the quarter ended March 31, 2011. Net income available to common shareholders per share (EPS) for the quarter ended March 31, 2012 was $0.44 basic and $0.43 on a diluted basis. This compares to EPS for the first quarter of 2011 of $0.29 basic and $0.29 on a diluted basis.

The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter ended March 31, 2012. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

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