April 30, 2009 / 2:29 AM / 9 years ago

UPDATE 1-Boston Properties Q1 FFO rises 3 percent

NEW YORK, April 29 (Reuters) - Boston Properties Inc (BXP.N), which owns signature office buildings in key U.S. cities, reported first-quarter funds from operations rose 3 percent, chiefly on higher rent.

The real estate investment trust (REIT) reported first-quarter funds from operations (FFO), a performance measure, of $134.8 million, or $1.11 per share, compared with $130.7 million or $1.08 per share in the year-earlier quarter.

The first-quarter results include a charge of 19 cents per share for the suspension of construction of a Manhattan skyscraper and a non-cash charge of 6 cents per share related to an accounting change.

The company, whose chairman is publisher Mortimer Zuckerman, cut its forecast for 2009 to FFO of $4.65 to $4.80 from a prior outlook of $4.75 to $4.95 per share.

For the second quarter, Boston Properties expects FFO of $1.26 to $1.28 per share.

Boston Properties owns high quality office buildings, such as the Prudential Tower in Boston, the General Motors Building in New York, Embarcadero Center in San Francisco and Metropolitan Square in Washington D.C.

At the end of the quarter, the company had 147 properties comprising approximately 49.8 million square feet, including 10 properties under construction totalling 3.8 million square feet.

Among Boston Properties’ 1,200 tenants are some of the large financial players such as Citigroup Inc (C.N), Lehman Brothers Holdings Inc LEHMQ.PK and a host of hedge funds and law firms.

Boston Properties shares closed up $1.78, or 3.8 percent at $48.49 on Wednesday on the New York Stock Exchange. (Reporting by Ilaina Jonas; Editing by Dhara Ranasinghe)

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