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Funds from Operations or FFO were $158.5 million or $1.13 per share for the third quarter, up from $132.5 million or $1.09 per share in the prior year quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report FFO of $1.10 per share for the third quarter. Analysts' estimates typically exclude special items.
Result for the latest quarter included non-cash charges of $0.15 per share, related to the establishment of reserves for the accrued straight-line rent balances associated with the company's leases with Lehman Brothers Inc. and the law firm of Heller Ehrman LLP.
The Boston, Massachusetts-based company's net income available to common shareholders rose to $65.8 million or $0.47 per share from $43.1 million or $0.35 per share in the previous year quarter.
Third quarter total revenue increased 5% to $377.30 million from $358.00 million in the same quarter last year. Four analysts had a consensus revenue estimate of $353.47 million for the third quarter.
Total rental revenue rose 6% to $359.4 million, revenue from Development and management services grew 2% to $9.8 million, and interest and other revenue totaled $1.5 million, up 31% over a year ago. However, Hotel revenue fell 21.5% to $6.7 million for the third quarter of 2009.
Total expenses for the third quarter eased to $308.4 million from $310.0 million in the prior year quarter.
As of September 30, 2009, the company's portfolio consisted of 146 properties, comprising approximately 49.6 million square feet, including six properties under construction totaling 2.1 million square feet and one hotel. The overall percentage of leased space for the 139 properties in service was 92.1% as of September 30, 2009.
For the nine-month period of 2009, Boston Properties posted FFO of $460.0 million or $3.56 per share, compared to $404.2 million or $3.33 per share in the previous year period.
Net income available to common shareholders fell to $177.6 million or $1.38 per share from $203.0 million or $1.67 per share in the year-ago period.
Total revenue for the period increased to $1.14 billion from $1.10 billion in the prior year period.
For the fourth quarter, Boston Properties anticipates FFO of $1.04 to $1.06 per share, and earnings of $0.40 to $0.42 per share. The Street currently estimates FFO of $1.09 per share for the fourth quarter.
For fiscal year 2010, the company estimates FFO of $4.00 to $4.20 per share, and earnings of $1.26 to $1.46 per share. Analysts currently project FFO of $4.29 per share for the year.
Boston Properties closed Tuesday's regular trading session at $60.91, down $1.43 or 2.29%, on a volume of 2.11 million shares. In the after-hours, the company's shares further lost 41 cents.
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