Boston Properties Announces Fourth Quarter 2012 Results

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

Results for the quarter ended December 31, 2012

Funds from Operations (FFO) for the quarter ended December 31, 2012 were $192.5 million, or $1.27 per share basic and $1.27 per share diluted. This compares to FFO for the quarter ended December 31, 2011 of $179.3 million, or $1.21 per share basic and $1.21 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 151,005,547 and 152,708,254, respectively, for the quarter ended December 31, 2012 and 147,732,138 and 149,435,490, respectively, for the quarter ended December 31, 2011.

The Company’s reported FFO of $1.27 per share diluted exceeded the guidance previously provided of $1.22-$1.24 per share. The Company’s reported FFO included the following items, among others, that were not reflected in the guidance: $0.02 per share of improvements in portfolio operations, $0.01 per share of greater than expected interest and other income and development and management services revenue, and $0.01 per share of less than expected general and administrative expenses.

Net income available to common shareholders was $65.4 million for the quarter ended December 31, 2012, compared to $101.6 million for the quarter ended December 31, 2011. Net income available to common shareholders per share (EPS) for the quarter ended December 31, 2012 was $0.43 basic and $0.43 on a diluted basis. This compares to EPS for the fourth quarter of 2011 of $0.69 basic and $0.69 on a diluted basis.

Results for the year ended December 31, 2012

FFO for the year ended December 31, 2012 was $741.4 million, or $4.94 per share basic and $4.90 per share diluted. This compares to FFO for the year ended December 31, 2011 of $711.0 million, or $4.88 per share basic and $4.84 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 150,119,947 and 152,055,620, respectively, for the year ended December 31, 2012 and 145,693,488 and 147,679,439, respectively, for the year ended December 31, 2011.

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