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Boston Properties Preps Secondary Offering

BOSTON-As it plans to sell some 15 million shares, the REIT posts Q3 FFO hikes from $50.2 million to $61.5 million.

By John Salustri | Updated on October 18, 2000

BOSTON-Reflecting a continued upsurge shared by the REIT market in general, locally based Boston Properties has posted a very good third quarter. The REIT reports that Q3 FFO was $61.5 million, or $0.90 per share basic and $0.85 per share diluted. This compares to Q3 ’99′s FFO of $50.2 million, or $0.74 per share basic and $0.72 per share diluted–in all, an 18.1% year-to-year increase. The weighted average number of basic and diluted shares outstanding totaled 68,751,768 and 83,657,357, respectively, for the quarter ended September 30, 2000 and 67,900,734 and 81,485,166, respectively, for the same quarter last year.

Q3 YTD FFO was $175.5 million, or $2.56 per share basic and $2.46 per share diluted, compared to FFO of $144.6 million, or $2.20 per share basic and $2.15 per share diluted for the same nine-month period a year earlier. The weighted average number of basic and diluted shares outstanding totaled 68,568,410 and 82,599,673, respectively, for the nine months ended September 30, 2000 and 65,672,095 and 76,674,436, respectively, for the same period last year.

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