BOSTON-The net income and funds from operations both rose for Boston Properties, Inc. in its third quarter which ended on Sept. 30.

Funds from Operations for the quarter were $119.9 million, or $1.11 per share compared with the FFO for the same period last year of $99.1 million, or $1.02 per share. Net income was $68.5 million for the quarter compared to $57 million for the same quarter last year. Net income per share for the quarter was $.63 as compared with the same period last year when the figure was $.59.

As of the end of the third quarter, the company’s portfolio consisted of 126 properties comprising approximately 44.1 million sf, including three properties under construction and one expansion project totaling 1.3 million sf. During the third quarter, Times Square Tower, a 1.2-million-sf class A office tower was added to the in-service portfolio. The overall percentage of leased space for the 120 properties in service as of Sept. 30 was nearly 92%.

One of the significant events for Boston Properties, a locally based real estate investment trust, this past quarter was the start of construction of Seven Cambridge Center, a fully-leased, build-to-suit project with approximately 231,000 sf of office, research laboratory and retail space plus parking for approximately 800 cars, located in Cambridge. The Massachusetts Institute of Technology signed a lease for 100% of the space with for its affiliate, the Eli and Edythe L. Broad Institute.

The other significant event consists of Boston Properties’ agreement with a joint venture of New England Development and the Related Cos. to acquire Fan Pier, a 21-acre site supporting approximately three million sf of development located on the city’s waterfront, for approximately $125 million. The company has a 33% interest in the joint venture.

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