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BOSTON-Reflecting a continued upsurge shared by the REIT market in general, locally based Boston Properties has posted a very good third quarter. The REIT reports that Q3 FFO was $61.5 million, or $0.90 per share basic and $0.85 per share diluted. This compares to Q3 ’99′s FFO of $50.2 million, or $0.74 per share basic and $0.72 per share diluted–in all, an 18.1% year-to-year increase. The weighted average number of basic and diluted shares outstanding totaled 68,751,768 and 83,657,357, respectively, for the quarter ended September 30, 2000 and 67,900,734 and 81,485,166, respectively, for the same quarter last year.

Q3 YTD FFO was $175.5 million, or $2.56 per share basic and $2.46 per share diluted, compared to FFO of $144.6 million, or $2.20 per share basic and $2.15 per share diluted for the same nine-month period a year earlier. The weighted average number of basic and diluted shares outstanding totaled 68,568,410 and 82,599,673, respectively, for the nine months ended September 30, 2000 and 65,672,095 and 76,674,436, respectively, for the same period last year.

Revenues were $223.3 million for the quarter and $650.8 million for the nine months ended September 30, 2000, compared to revenues of $202.1 million and $581.4 million for the same periods in 1999.

All of this takes place as the REIT prepares for a second public offering of some 15 million shares, which could turn around some $600 million. New developments and more acquisitions are targeted for the capital.

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