Boston Properties' Reports Strong Q1 FFO

FFO for the same period last year were $79.2 million or $0.89 per basic share and $0.85 per diluted share for the quarter. This represents a 9.4% quarter to quarter increase in diluted FFO per share

As of March 31, 2002, the company's portfolio consisted of 144 properties comprising more than 41.2 million sf, including 10 properties under development totaling 4.3 million sf. The overall occupancy rate for the properties in service as of this date was 95.1%.

Among the highlights Boston Properties notes in its release are the completion of the One Discovery Square development project, a 180,052 square foot office building in Reston, VA, which is 100% leased; the completion of the 5 Times Square development project, a 1,099,154-sf office building in New York City that is approximately 98% leased; the completion of the ITT Educational Services development project, a 32,000 sf building in Springfield, VA, which is 100% leased; the closing of construction financing totaling $24.0 million collateralized by the Shaw's Supermarket development project at the Prudential Center in Boston; and the disposition of Fullerton Square, 7600 Boston Boulevard, 7700 Boston Boulevard and 7702 Boston Boulevard, comprising five office/technical properties totaling 374,680 sf in Springfield, Virginia.