Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, reported results today for the fourth quarter ended December 31, 2013.
Results for the quarter ended December 31, 2013
Funds from Operations (FFO) for the quarter ended December 31, 2013 were $197.6 million, or $1.29 per share basic and $1.29 per share diluted. This compares to FFO for the quarter ended December 31, 2012 of $192.5 million, or $1.27 per share basic and $1.27 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 152,798,258 and 153,900,104, respectively, for the quarter ended December 31, 2013 and 151,005,547 and 152,708,254, respectively, for the quarter ended December 31, 2012.
The Company’s reported FFO of $1.29 per share diluted was greater than the guidance previously provided of $1.23-$1.25 per share. The Company’s reported FFO includes the following items, among others, that were not reflected in the prior guidance: $0.02 per share of improvement in portfolio operations, $0.02 per share of better than expected development and management services fees and $0.01 per share of less than expected general and administrative expenses.
Net income available to common shareholders was $88.7 million for the quarter ended December 31, 2013, compared to $65.4 million for the quarter ended December 31, 2012. Net income available to common shareholders per share (EPS) for the quarter ended December 31, 2013 was $0.58 basic and $0.58 on a diluted basis. This compares to EPS for the fourth quarter of 2012 of $0.43 basic and $0.43 on a diluted basis.
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