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Boston Properties' Funds From Operations Down Slightly in Q4

BOSTON-Boston Properties Inc., the locally based REIT, releases its fourth quarter report which indicates that funds from operations were down slightly from the same period last year at $106.9 million.

By Naomi Grossman | Updated on February 05, 2004

BOSTON-In its recently released fourth quarter report, Boston Properties Inc., a locally based real estate investment trust, indicated that funds from operations were $106.9 million, or $1.09 per share basic and $1.05 per share diluted. This compares to funds from operations for the same period last year of $113.5 million, or $1.19 per share basic and $1.14 per share diluted.

The company says that diluted funds from operations for the fourth quarter of 2003 included approximately $0.05 per share of higher interest costs compared to the fourth quarter of 2002 primarily as a result of the interest on $1.475 billion of floating-rate debt being refinanced during 2003 and after taking into account the interest expense associated with some properties that were sold. The company emphasizes that after eliminating the contribution to funds from operations from the sold properties and excluding the effects of the refinancing of its floating-rate debt, diluted funds from operations per share would have increased by 6.8% between the two periods.

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