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Boston Properties Announces Second Quarter 2014 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, 2014.

Funds from Operations (FFO) for the quarter ended June 30, 2014 were $207.0 million, or $1.35 per share basic and $1.35 per share diluted. This compares to FFO for the quarter ended June 30, 2013 of $195.4 million, or $1.29 per share basic and $1.28 per share diluted. The weighted average number of basic and diluted shares outstanding totaled 153,078,002 and 153,622,761, respectively, for the quarter ended June 30, 2014 and 151,938,203 and 153,796,959, respectively, for the quarter ended June 30, 2013.

The Company’s reported FFO of $1.35 per share diluted was greater than the guidance previously provided of $1.32-$1.34 per share primarily due to property-related expense savings and greater than projected development and management services income. The Company’s rental revenue was in line with management’s expectations used in establishing the guidance range.

Net income available to common shareholders was $76.5 million for the quarter ended June 30, 2014, compared to $452.4 million for the quarter ended June 30, 2013. Net income available to common shareholders per share (EPS) for the quarter ended June 30, 2014 was $0.50 basic and $0.50 on a diluted basis. This compares to EPS for the second quarter of 2013 of $2.95 basic and $2.94 on a diluted basis. Net income available to common shareholders for the quarter ended June 30, 2013, includes gains on consolidation of joint ventures and gains on sales of real estate included within income from unconsolidated joint ventures aggregating approximately $387.8 million, or $2.52 per share basic and $2.52 per share 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, 2014. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.

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