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Boston bxp Properties Boston Properties Announces First Quarter 2021 Results ; Reports EPS of $ 0.59 and FFO Per Share Of $ 1.56 April 27 , 2021 Sees Recent Uptick in Leasing Activity and Signs Long - Term Leases with Media , Technology and Consulting Companies ; Commences New Life Sciences Development Projects in Waltham , MA and South San Francisco CA to Meet Growing Tenant Demand BOSTON -- ( BUSINESS WIRE ) -- Apr . 27 , 2021-- Boston Properties , Inc. ( NYSE : BXP ) , the largest publicly - traded developer , owner and manager of Class A office properties in the United States , reported results today for the first quarter ended March 31 , 2021 . Financial highlights for the first quarter include : • Net income attributable to common shareholders of $ 91.6 million , or $ 0.59 per diluted share ( EPS ) , compared to $ 497.5 million , or $ 3.20 per diluted share , for the quarter ended March 31 , 2020. The decrease in EPS in the first quarter of 2021 was primarily due to a $ 2.37 per diluted share gain on asset sales in the first quarter of 2020 that did not reoccur in the first quarter of 2021. EPS in the first quarter of 2021 also included a $ 0.04 per diluted share write - off related to the redemption of the 5.25 % Series B Cumulative Redeemable Preferred Stock ( Series B Preferred Stock ) . • Funds from Operations ( FFO ) of $ 243.8 million , or $ 1.56 per diluted share , compared to FFO of $ 284.1 million , or $ 1.83 per diluted share , for the quarter ended March 31 , 2020 . • FFO of $ 1.56 per diluted share was $ 0.01 greater than the mid - point of the Company's first quarter guidance provided on January 26 , 2021 , due to $ 0.04 per diluted share better - than - projected portfolio performance and $ 0.01 per diluted share of higher fee income , partially offset by a $ 0.04 per diluted share non - cash write - off related to the redemption of the Series B Preferred Stock . The Company provided guidance for the second quarter 2021 with projected EPS of $ 0.54 - $ 0.56 and projected FFO of $ 1.59 - $ 1.61 per diluted share . See " EPS and FFO per Share Guidance " below . First quarter and recent business highlights include : • Signed approximately 592,000 square feet of leases in the quarter with a weighted - average lease term of 7.6 years . This reflects leasing volume of 84 % of the total square feet of leases executed in First Quarter 2020. Notable leases signed this quarter include : o a 72,000 square foot , 10 - year lease with Roku , a new tenant at Colorado Center in Los Angeles , California . Please see separate press release issued today . o a 63,500 square foot , 16 - year new lease with a healthcare company at 195 West Street in Waltham , Massachusetts . o a 60,000 square foot lease extension with a technology manufacturing company at 200 West Street in Waltham , Massachusetts . o a 25,000 square foot , 14 - year expansion with a multinational asset management company at 399 Park Avenue in New York , New York , bringing the total space leased by the tenant to 100,000 square feet . • In addition , in April the Company signed a 98,000 square foot lease with a new tenant at Metropolitan Square in Washington , DC , and a 72,000 square foot expansion with an existing tenant in Reston , Virginia . • Completed and fully placed in - service One Five Nine East 53rd Street in New York City . The property includes 195,000 square feet of office space that is 100 % leased to NYU for a 30 - year term . • Commenced development and redevelopment of three properties focused on meeting the ongoing demand from tenants in the life sciences sector : 。 180 CityPoint , a 329,000 square foot lab development in Waltham , Massachusetts . • 880 Winter Street , a 224,000 square foot office property in Waltham , Massachusetts that will be redeveloped and converted into lab space . 。 751 Gateway , a 229,000 square foot lab development in South San Francisco , California . 751 Gateway is the first phase of a multi - phase life sciences campus development . The Company will own 49 % of 751 Gateway and future development projects at Gateway Commons upon completion . • Commenced redevelopment of the top floors of the Prudential Tower in Boston , Massachusetts into a 59,000 square foot , world - class observatory attraction . This will be Boston's only observatory and will feature a dramatic , 360 - degree outdoor viewing deck , 11,000 square feet of outdoor space and two floors of exhibits and public spaces , marking a transformative addition to the City of Boston . • Fully redeemed $ 850.0 million of 4.125 % unsecured senior notes scheduled to mature in May 2021 and recognized a loss from early extinguishment of debt related to unamortized origination costs of approximately $ 0.4 million during the first