Boston Properties Inc. reported second-quarter funds from operations attributable to common shareholders of $257.9 million, or $1.67 per share, up from $220.6 million, or $1.43 per share, in the 2016 second quarter.
The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was $1.61.
Looking ahead, the company increased its FFO-per-share guidance for the full year in the range of $6.20 to $6.25 from a prior guidance range of $6.15 to $6.23.
The company also expects FFO per share for the third quarter between $1.52 and $1.54.
On July 28, a joint venture in which Boston Properties owns a 50% stake obtained $550.0 million in mortgage financing due Aug. 9, 2027, and bears a fixed annual interest rate of 3.56%. The financing is collateralized by the venture's six-building Colorado Center office complex in Santa Monica, Calif., that spans about 1,184,000 net rentable square feet on a 15-acre site and offers underground parking garage for 3,100 vehicles.
On June 2, the company renewed its at-the-market offering program under which it may sell up to $600.0 million of common shares from time to time. The three-year program supersedes its prior $600.0 million offering program that was set to end June 3. Boston Properties said it aims to use any net proceeds for investment opportunities and debt reduction, among other general business purposes.
The S&P Capital IQ consensus FFO-per-share estimates for the third quarter and full year are $1.55 and $6.19, respectively.