Boston Properties reports Q1 2011 FFO of US$160M compared with US$149.6M a year ago as revenue climbed to $417.9M from $378.1M; analysts were predicting revenue of US$387.7M

Michelle Rivera

Michelle Rivera

BOSTON , May 2, 2011 () – Boston Properties Inc. said Monday that its first-quarter funds from operations grew 7 percent, aided by higher rental revenue.

The company posted funds from operations, or FFO, of $160 million, or $1.12 a share, for the three months ended March 31. That compares with FFO of $149.6 million, or $1.07 a share, in the same period last year.

The results included a gain of 5 cents a share related to the termination of a lease in a project in New York.

Analysts surveyed by FactSet were expecting FFO of $1.09 a share. Analysts typically exclude one-time items from their estimates.

FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of strength for real estate investment trusts because it provides a more accurate picture of cash performance.

Boston Properties also saw its net income slide to $40.8 million, or 29 cents a share, during the quarter. That compares with net income of $52.7 million, or 38 cents a share.

Revenue climbed to $417.9 million, up from $378.1 million. Analysts were predicting revenue of $387.7 million.

Rental revenue rose to $404.5 million, up from $363.2 million, but expenses grew to $279.9 million, up from $233 million.

As of March 31, Boston's portfolio consisted of 150 properties.

The real estate investment trust anticipates second-quarter FFO per share will range from $1.18 to $1.20, on net income of $1.11 a share to $1.13 a share.

Analysts are expecting second-quarter FFO of $1.15 a share and net income of 45 cents a share, according to FactSet.

For all of 2011, Boston expects FFO per share will range from $4.45 to $4.55. Its forecast calls for net income per share between $1.96 and $2.06.

Analysts are expecting 2011 FFO per share of $4.55 and earnings per share of $1.52.

Boston Properties shares ended the regular session down 43 cents to $104.10.

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