GlobeSt.com looked at Boston Properties Inc., Alexandria RealEstate Equities Inc. and Douglas Emmett, all among the largestoffice REITs in the country. The common thread is the uncertaincapital markets hasn't kept the trio from buying, selling anddeveloping.

At Boston Properties, which owns 139 properties totaling about43.9 million sf, Q1 FFO crept up only one penny per share to $1.11in comparison with FFO of $1.10 for first quarter 2007. Total FFOrose $1.7 million to $134.7 million on a year-to-year basis. TheREIT's net income for the latest quarter showed a dramatic declinefrom the net income of last year's first quarter--down to $88.5million from last year's $854.3 million--but that was because lastyear's net income jumped on the basis of one-time gains on sales of5 Times Square for $1.2 billion and the Long Wharf Marriott hotelfor $231 million, respectively.

Pasadena, CA-based Alexandria, which specializes in office andlab space for the life sciences industry reported first-quarter FFOof $46.9 million and $1.48 per share compared to FFO of $40.3million for the same quarter last year. Like Boston Properties,Alexandria reported one-time gains that boosted net income. TheREIT's net income more than doubled to $34.7 million and $1.09 pershare in comparison to net income of $15.1 million and 52 cents pershare in 2007. But, this year's results showed gains of more than$20 million on the sales of six properties. Alexandria owns 159properties totaling 13.3 million sf, of which 11.7 million sf isexisting and 1.6 million sf is under development.