Real estate investment trust Boston Properties Inc. has reported $89.9 million in funds from operations (FFO) for the quarter ended Dec. 31, 2010, compared to $146.1 million in FFO for the same period in 2009.
FFO for the quarter ended Dec. 31, 2010 includes a loss of 50-cents per share on a diluted basis related to the losses from early extinguishments of debt totaling approximately $81.7 million primarily associated with the company’s operating partnership’s redemption of $700 million in aggregate principal amount of its 6.25 percent senior notes due 2013 and the repurchase of $50 million aggregate principal amount of its 2.875 percent exchangeable senior notes due 2037.
FFO for the quarter ended Dec. 31, 2009 includes a 4-cent loss per share on a diluted basis related to non-cash impairment charges on the company’s investment in its value-added fund.
Net loss available to common shareholders was $12.9 million for the quarter ended Dec. 31, 2010, compared to $53.3 million for the quarter ended Dec. 31, 2009.
FFO for the year ended Dec. 31, 2010 were $547.4 million, compared to $606.3 million in FFO in 2009.
Net income available to common shareholders was $159.1 million for the year ended Dec. 31, 2010, compared to $231 million for the same period in 2009.
As of December 31, 2010, the company’s portfolio consisted of 146 properties, comprised primarily of Class A office space, one hotel, two residential properties and three retail properties, aggregating approximately 39.9 million square feet, including five properties under construction totaling 2 million square feet, according to a statement.
On Oct. 1, the company modified its construction loan facility collateralized by its Atlantic Wharf development project in Boston. Later that month, the company closed a transaction with a financial institution (the HTC investor) related to the historic rehabilitation of the residential component of the development. The residential project is expected to result in the development of approximately 86 units of residential rental apartments and approximately 10,000 square feet of retail space.
Earlier this month, the company placed in-service approximately 57 percent of the office component of its Atlantic Wharf development project. The office component, which is comprised of approximately 790,000 net rentable square feet, is currently 79 percent leased.
On Nov. 1, the company used available cash to repay the mortgage loan collateralized by its 10 and 20 Burlington Mall Road property located in Burlington and 91 Hartwell Ave. property located in Lexington totaling approximately $32.8 million.
In December, the company completed the acquisition of the John Hancock Tower and Garage in Boston for an aggregate purchase price of approximately $930 million.
