BOSTON-The Mort Zuckerman-run Boston Properties, by positioning itself with higher-end properties, properly leveraged, seems to be maintining itself positively, despite lower YOY numbers, as of end of 10Q2. As of quarter ended June 30, 2010, FFO was $156.9 million, down a little over $10 million year over year. This FFO includes $0.08 per share ona diluted basis related to the recognition of non-cash deferred managmenet fees associated with the termination of a third-party property management and leasing agreement at 280 Park Ave. in New York City. Despite the lower FFO, analysts generally predicted a $1.00 per share, which officially came in at $1.13, beating predictions.

Net income available to common shareholders clocked in at $61.4 million at the end of Q2, down $5.8 million from 09Q2. Boston Properties portfolio was comprised of 114 properties weighted heavily in class A office and infilled with one hotel, two residential and three retail properties. Currently four properties in the portfolio are under construction for 1.6 million square feet. The 139 leasable properties in service were 93% occupied as of end of Q2.

During the quarter, the REIT obtained 30% interest in a 500 North Capitol St. NW-owning joint venture. The secured property is located in Washington, DC, boasting 176,000 square feet of fully leased office. Boston Properties also collateralized two loans from separate unconsolidated JVs, one for Two Grand Central Tower in New York City for 60% and the other for Metropolitan Square in Washington, DC for 51%. Respectively, the new loans are $180 million with a 6% fixed-rate with an April 10, 2015 maturity and a $175-million loan with a 5.75% fixed-rate maturing on May 5, 2020.