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Boston Properties Announces Second Quarter 2012 Results

Stocks in this article: BXP

Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the second quarter ended June 30, 2012.

Funds from Operations (FFO) for the quarter ended June 30, 2012 were $206.8 million, or $1.38 per share basic and $1.37 per share diluted. This compares to FFO for the quarter ended June 30, 2011 of $181.6 million, or $1.24 per share basic and $1.23 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 150,312,215 and 152,047,213, respectively, for the quarter ended June 30, 2012 and 145,864,277 and 148,156,158, respectively, for the quarter ended June 30, 2011.

The Company’s reported FFO of $1.37 per share diluted exceeded the guidance previously provided of $1.23-$1.25 per share. The Company’s reported FFO included the following items, among others, that were not included in the previous guidance: $0.07 per share of termination income from a tenant at the General Motors Building, $0.02 per share from the settlement of a bankruptcy claim against a former tenant, $0.03 per share of improvement in portfolio operations, $0.02 per share from better than expected third-party fee and other income, offset by ($0.01) per share of interest expense associated with the June 11, 2012 offering of $1.0 billion of unsecured senior notes.

Net income available to common shareholders was $119.1 million for the quarter ended June 30, 2012, compared to $60.2 million for the quarter ended June 30, 2011. Net income available to common shareholders per share (EPS) for the quarter ended June 30, 2012 was $0.79 basic and $0.79 on a diluted basis. This compares to EPS for the second quarter of 2011 of $0.41 basic and $0.41 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 June 30, 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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