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Boston Properties Has Solid Mid-Year Position

BOSTON-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.

By Ryan Clark | Updated on July 28, 2010

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.

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