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Q3 Numbers Are Up for Boston Properties

BOSTON-The net income and funds from operations both rose for Boston Properties, Inc. in its third quarter which ended on Sept. 30. The company recently acquired Fan Pier for $125 million in a joint venture with New England Development and the Related Cos.

By Naomi Grossman | Updated on October 28, 2004

BOSTON-The net income and funds from operations both rose for Boston Properties, Inc. in its third quarter which ended on Sept. 30.

Funds from Operations for the quarter were $119.9 million, or $1.11 per share compared with the FFO for the same period last year of $99.1 million, or $1.02 per share. Net income was $68.5 million for the quarter compared to $57 million for the same quarter last year. Net income per share for the quarter was $.63 as compared with the same period last year when the figure was $.59.

As of the end of the third quarter, the company’s portfolio consisted of 126 properties comprising approximately 44.1 million sf, including three properties under construction and one expansion project totaling 1.3 million sf. During the third quarter, Times Square Tower, a 1.2-million-sf class A office tower was added to the in-service portfolio. The overall percentage of leased space for the 120 properties in service as of Sept. 30 was nearly 92%.

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