| [FRB LOGO] | Boston Properties, Inc. 111 Huntington Avenue Boston, MA 02199 (NYSE: BXP) |
AT THE COMPANY Kathleen DiChiara Investor Relations (617) 236-3300 | AT FRB/WEBER SHANDWICK Marilynn Meek—General Info. (212) 445-8431 Suzie Pileggi—Media (212) 445-8170 | |
FOR IMMEDIATE RELEASE: October 21, 2003 |
BOSTON PROPERTIES, INC. ANNOUNCES
THIRD QUARTER 2003 RESULTS
| Reports diluted FFO per share of $0.98 | Reports diluted EPS of $0.48 |
BOSTON, MA, October 21, 2003—Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, today reported results for the third quarter ended September 30, 2003.
Funds from Operations (FFO) for the quarter ended September 30, 2003 were $99.1 million, or $1.02 per share basic and $0.98 per share diluted before the application of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended. This compares to FFO of $99.0 million, or $1.04 per share basic and $1.00 per share diluted for the quarter ended September 30, 2002. The weighted average number of basic and diluted shares outstanding totaled 97,360,498 and 107,231,333, respectively, for the quarter ended September 30, 2003 and 94,903,894 and 105,724,729, respectively, for the same quarter last year.
Net income available to common shareholders per share (EPS) for the quarter ended September 30, 2003 was $0.48 basic and $0.48 on a diluted basis. This compares to EPS for the third quarter of 2002 of $0.75 basic and $0.74 on a diluted basis. EPS for the third quarter of 2003 includes a charge of ($0.10) for the cumulative effect of a change in accounting principle related to the adoption of SFAS No. 150, "Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity" and $0.02 related to a gain on sale of real estate and other assets. EPS for the third quarter of 2002 included $0.19 related to gains on sales of real estate and discontinued operations. Excluding the impact of these items, diluted EPS was $0.56 for the quarter ended September 30, 2003 compared to $0.55 for the third quarter of 2002.
The reported results are unaudited and there can be no assurance that the results will not vary from the final information for the quarter ended September 30, 2003. In the opinion of management, all adjustments considered necessary for a fair presentation of these reported results have been made.
As of September 30, 2003, the Company's portfolio consisted of 139 properties comprising more than 43.5 million square feet, including three properties under construction totaling 2.0 million square feet. The overall percentage of leased space for the properties in service as of September 30, 2003 was 92.2%.
Significant events of the third quarter include:
properties' combined Unleveraged FFO Return to be 10.8% and Unleveraged Cash Return to be 9.8%. The calculation of these returns and related disclosures are presented on the accompanying table entitled "Projected 2004 Returns on Acquisitions." There can be no assurances that actual returns will not differ materially from these projections. Also on August 5, 2003, the Company acquired a 5.2-acre parcel of land in Reston, Virginia for $13.5 million of cash. The site will support approximately 507,000 square feet of commercial development.
Effective July 1, 2003, the Company adopted SFAS No. 150 "Accounting for Certain Instruments with Characteristics of Both Liabilities and Equity," which establishes a new standard for reclassifying certain financial instruments (e.g., minority interest in equity of consolidated joint ventures) from either equity or mezzanine presentation to liabilities. The liability is initially measured at fair value with subsequent changes in fair value of the instruments recognized through earnings. SFAS No. 150 requires the minority interest in equity of one of the Company's consolidated joint ventures to be reflected at fair value. Accordingly upon adoption of SFAS No. 150, the Company recognized a non-cash charge of $9.8 million (net of minority interest in Operating Partnership's share of $2.2 million) to account for the cumulative effect of adjusting the venture partner's outside minority interest to fair value. Under SFAS No. 150, the Company is not permitted to recognize its share of appreciation in the venture's net assets until later realized through sale or liquidation.
Transactions completed subsequent to September 30, 2003:
EPS and FFO Per Share Guidance:
The Company's guidance for the fourth quarter of 2003 and the full year of 2004 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. The reconciliation of Projected EPS to Projected FFO per share, as provided below, is consistent with the Company's historical computations.
| | Fourth Quarter 2003 | Full Year 2004 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Low | – | High | Low | – | High | ||||||||||
| | ||||||||||||||||
| Projected EPS (diluted) | $ | 0.59 | – | $ | 0.61 | $ | 2.23 | – | $ | 2.41 | ||||||
| Add: | ||||||||||||||||
| Projected Company Share of Real Estate Depreciation and Amortization | $ | 0.45 | – | $ | 0.44 | $ | 1.85 | – | $ | 1.85 | ||||||
| Projected Company Share of Net Derivatives | $ | 0.00 | – | $ | 0.00 | $ | 0.00 | – | $ | 0.00 | ||||||
| Less: | ||||||||||||||||
| Dilutive Impact of Preferred Securities | $ | 0.04 | – | $ | 0.04 | $ | 0.15 | – | $ | 0.15 | ||||||
| Projected FFO per Share (diluted) before net derivatives | $ | 1.00 | – | $ | 1.01 | $ | 3.93 | – | $ | 4.11 | ||||||
The foregoing estimates reflect management's view of current and future market conditions, including certain assumptions with respect to rental rates, occupancy levels and earnings impact of the events referenced in this release. There can be no assurance that the Company's actual results will not differ materially from the estimates set forth above.
Boston Properties will host a conference call tomorrow, October 22, 2003 at 11:00 AM (Eastern Time), open to the general public, to discuss the results of this year's third quarter. The number to call for this interactive teleconference is (800) 240-5318. A replay of the conference call will be available through October 29, 2003 by dialing (800) 405-2236 and entering the passcode 547315. An audio-webcast will also be archived and may be accessed atwww.bostonproperties.com in the Investors section under the headingAudio Archive.
Additionally, a copy of Boston Properties' third quarter 2003 "Supplemental Operating and Financial Data" and this press release are available in the Investors section of the Company's website atwww.bostonproperties.com. These materials are also available by contacting Investor Relations at (617) 236-3322 or by written request to:
Investor Relations
Boston Properties, Inc.
111 Huntington Avenue, Suite 300
Boston, MA 02199-7610
Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class A office, industrial and hotel properties. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in four core markets—Boston, Midtown Manhattan, Washington, D.C. and San Francisco.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words "expects," "plans," "estimates," "projects," "intends," "believes" and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties' control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, the impact of newly adopted accounting principles on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not undertake a duty to update forward-looking statements, including its expected operating results for the fourth quarter of 2003 and the full year of 2004.
Financial tables follow.
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | ||||||||||||
| | (in thousands, except for per share amounts) (unaudited) | |||||||||||||||
| Revenue | ||||||||||||||||
| Rental: | ||||||||||||||||
| Base rent | $ | 253,594 | $ | 229,453 | $ | 749,795 | $ | 678,766 | ||||||||
| Recoveries from tenants | 42,079 | 34,884 | 119,222 | 103,409 | ||||||||||||
| Parking and other | 13,249 | 13,056 | 41,399 | 37,610 | ||||||||||||
| Total rental revenue | 308,922 | 277,393 | 910,416 | 819,785 | ||||||||||||
| Hotel revenue | 17,542 | 20,007 | 48,001 | 20,007 | ||||||||||||
| Development and management services | 3,616 | 2,571 | 13,635 | 7,979 | ||||||||||||
| Interest and other | 1,089 | 1,222 | 2,167 | 4,804 | ||||||||||||
| Total revenue | 331,169 | 301,193 | 974,219 | 852,575 | ||||||||||||
| Expenses | ||||||||||||||||
| Operating: | ||||||||||||||||
| Rental | 107,404 | 95,118 | 302,195 | 269,940 | ||||||||||||
| Hotel | 12,829 | 13,524 | 36,258 | 13,524 | ||||||||||||
| General and administrative | 11,183 | 9,956 | 33,610 | 34,589 | ||||||||||||
| Interest | 75,343 | 65,476 | 224,435 | 190,657 | ||||||||||||
| Depreciation and amortization | 53,455 | 43,933 | 154,021 | 127,819 | ||||||||||||
| Net derivative (gains)/losses | (885 | ) | 5,284 | 1,038 | 10,413 | |||||||||||
| Loss from early extinguishment of debt | — | — | 1,474 | — | ||||||||||||
| Loss on investments in securities | — | — | — | 4,297 | ||||||||||||
| Total expenses | 259,329 | 233,291 | 753,031 | 651,239 | ||||||||||||
| Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend | 71,840 | 67,902 | 221,188 | 201,336 | ||||||||||||
| Minority interests in property partnerships | 563 | 720 | 1,205 | 1,903 | ||||||||||||
| Income from unconsolidated joint ventures | 1,343 | 2,530 | 5,354 | 5,871 | ||||||||||||
| Income before minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend | 73,746 | 71,152 | 227,747 | 209,110 | ||||||||||||
| Minority interest in Operating Partnership | (18,117 | ) | (18,071 | ) | (55,783 | ) | (54,761 | ) | ||||||||
| Income before gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend | 55,629 | 53,081 | 171,964 | 154,349 | ||||||||||||
| Gains on sales of real estate and other assets, net of minority interest | 1,341 | 3,644 | 57,729 | 3,644 | ||||||||||||
| Income before discontinued operations, cumulative effect of a change in accounting principle and preferred dividend | 56,970 | 56,725 | 229,693 | 157,993 | ||||||||||||
| Discontinued Operations: | ||||||||||||||||
| Income from discontinued operations, net of minority interest | — | 3,032 | 1,938 | 9,350 | ||||||||||||
| Gains on sales of real estate from discontinued operations, net of minority interest | — | 11,910 | 73,436 | 17,750 | ||||||||||||
| Income before cumulative effect of a change in accounting principle and preferred dividend | 56,970 | 71,667 | 305,067 | 185,093 | ||||||||||||
| Cumulative effect of a change in accounting principle, net of minority interest | (9,846 | ) | — | (9,889 | ) | — | ||||||||||
| Income before preferred dividend | 47,124 | 71,667 | 295,178 | 185,093 | ||||||||||||
| Preferred dividend | — | (126 | ) | — | (3,412 | ) | ||||||||||
| Net income available to common shareholders | $ | 47,124 | $ | 71,541 | $ | 295,178 | $ | 181,681 | ||||||||
| Basic earnings per share: | ||||||||||||||||
| Income available to common shareholders before discontinued operations and cumulative effect of a change in accounting principle | $ | 0.58 | $ | 0.59 | $ | 2.38 | $ | 1.68 | ||||||||
| Discontinued operations, net of minority interest | — | 0.16 | 0.78 | 0.29 | ||||||||||||
| Cumulative effect of a change in accounting principle, net of minority interest | (0.10 | ) | — | (0.10 | ) | — | ||||||||||
| Net income available to common shareholders | $ | 0.48 | $ | 0.75 | $ | 3.06 | $ | 1.97 | ||||||||
| Weighted average number of common shares outstanding | 97,360 | 94,904 | 96,547 | 92,413 | ||||||||||||
| Diluted earnings per share: | ||||||||||||||||
| Income available to common shareholders before discontinued operations and cumulative effect of a change in accounting principle | $ | 0.58 | $ | 0.59 | $ | 2.34 | $ | 1.64 | ||||||||
| Discontinued operations, net of minority interest | — | 0.15 | 0.77 | 0.29 | ||||||||||||
| Cumulative effect of a change in accounting principle, net of minority interest | (0.10 | ) | — | (0.10 | ) | — | ||||||||||
| Net income available to common shareholders | $ | 0.48 | $ | 0.74 | $ | 3.01 | $ | 1.93 | ||||||||
| Weighted average number of common and common equivalent shares outstanding | 99,183 | 96,181 | 98,029 | 94,026 | ||||||||||||
BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
| | September 30, 2003 | December 31, 2002 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| | (in thousands, except for share amounts) (unaudited) | ||||||||||
| ASSETS | |||||||||||
| Real estate | $ | 8,060,525 | $ | 7,781,684 | |||||||
| Development in progress | 481,571 | 448,576 | |||||||||
| Land held for future development | 232,361 | 215,866 | |||||||||
| Real estate held for sale, net | — | 224,585 | |||||||||
| Less: accumulated depreciation | (952,754 | ) | (822,933 | ) | |||||||
| Total real estate | 7,821,703 | 7,847,778 | |||||||||
| Cash and cash equivalents | 37,621 | 55,275 | |||||||||
| Cash held in escrows | 27,992 | 41,906 | |||||||||
| Tenant and other receivables, net | 21,813 | 20,458 | |||||||||
| Accrued rental income, net | 175,063 | 165,321 | |||||||||
| Deferred charges, net | 178,819 | 176,545 | |||||||||
| Prepaid expenses and other assets | 57,012 | 18,015 | |||||||||
| Investments in unconsolidated joint ventures | 88,632 | 101,905 | |||||||||
| Total assets | $ | 8,408,655 | $ | 8,427,203 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Mortgage notes payable | $ | 3,450,112 | $ | 4,267,119 | |||||||
| Unsecured senior notes, net of discount | 1,470,231 | 747,375 | |||||||||
| Unsecured bridge loan | — | 105,683 | |||||||||
| Unsecured line of credit | — | 27,043 | |||||||||
| Accounts payable and accrued expenses | 69,940 | 73,846 | |||||||||
| Dividends and distributions payable | 83,972 | 81,226 | |||||||||
| Interest rate contracts | 9,875 | 14,514 | |||||||||
| Accrued interest payable | 44,010 | 25,141 | |||||||||
| Minority interest in property partnership | 12,019 | — | |||||||||
| Other liabilities | 69,242 | 81,085 | |||||||||
| Total liabilities | 5,209,401 | 5,423,032 | |||||||||
| Commitments and contingencies | — | ||||||||||
| Minority interests | 827,537 | 844,581 | |||||||||
| Stockholders' equity: | |||||||||||
| Excess stock, $.01 par value, 150,000,000 shares authorized, none issued or outstanding | — | — | |||||||||
| Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued or outstanding | — | — | |||||||||
| Common stock, $.01 par value, 250,000,000 shares authorized, 97,656,565 and 95,441,890 shares issued and 97,577,665 and 95,362,990 shares outstanding in 2003 and 2002, respectively | 976 | 954 | |||||||||
| Additional paid-in capital | 2,084,375 | 1,982,689 | |||||||||
| Earnings in excess of dividends | 312,868 | 198,586 | |||||||||
| Treasury common stock, at cost | (2,722 | ) | (2,722 | ) | |||||||
| Unearned compensation | (7,271 | ) | (2,899 | ) | |||||||
| Accumulated other comprehensive loss | (16,509 | ) | (17,018 | ) | |||||||
| Total stockholders' equity | 2,371,717 | 2,159,590 | |||||||||
| Total liabilities and stockholders' equity | $ | 8,408,655 | $ | 8,427,203 | |||||||
BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
| | Three months ended September 30, | Nine months ended September 30, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2003 | 2002 | 2003 | 2002 | ||||||||||
| | (in thousands, except for per share amounts) (unaudited) | |||||||||||||
| Net income available to common shareholders | $ | 47,124 | $ | 71,541 | $ | 295,178 | $ | 181,681 | ||||||
| Add: | ||||||||||||||
| Preferred dividend | — | 126 | — | 3,412 | ||||||||||
| Minority interest in Operating Partnership | 18,117 | 18,071 | 55,783 | 54,761 | ||||||||||
| Cumulative effect of a change in accounting principle, net of minority interest | 9,846 | — | 9,889 | — | ||||||||||
| Less: | ||||||||||||||
| Minority interests in property partnerships | 563 | 720 | 1,205 | 1,903 | ||||||||||
| Income from unconsolidated joint ventures | 1,343 | 2,530 | 5,354 | 5,871 | ||||||||||
| Gains on sales of real estate and other assets, net of minority interest | 1,341 | 3,644 | 57,729 | 3,644 | ||||||||||
| Income from discontinued operations, net of minority interest | — | 3,032 | 1,938 | 9,350 | ||||||||||
| Gains on sales of real estate from discontinued operations, net of minority interest | — | 11,910 | 73,436 | 17,750 | ||||||||||
| Income before minority interests in property partnerships, income from unconsolidated joint ventures, minority interest in Operating Partnership, gains on sales of real estate and other assets, discontinued operations, cumulative effect of a change in accounting principle and preferred dividend | $ | 71,840 | $ | 67,902 | $ | 221,188 | $ | 201,336 | ||||||
Add: | ||||||||||||||
| Real estate depreciation and amortization | 54,606 | 46,971 | 158,735 | 136,502 | ||||||||||
| Income from discontinued operations | — | 3,687 | 2,355 | 11,417 | ||||||||||
| Income from unconsolidated joint ventures | 1,343 | 2,530 | 5,354 | 5,871 | ||||||||||
| Loss from early extinguishment of debt associated with the sale of real estate | — | — | 1,474 | — | ||||||||||
| Less: | ||||||||||||||
| Minority interests in property partnerships' share of funds from operations | (805 | ) | (521 | ) | (2,513 | ) | (1,833 | ) | ||||||
| Preferred dividends and distributions | (5,183 | ) | (6,162 | ) | (16,806 | ) | (22,785 | ) | ||||||
| Funds from operations | 121,801 | 114,407 | 369,787 | 330,508 | ||||||||||
Add (subtract): | ||||||||||||||
| Net derivative (gains)/losses (SFAS No. 133) | (885 | ) | 5,284 | 1,038 | 10,413 | |||||||||
| Early surrender lease adjustment (2) | — | 667 | — | 8,520 | ||||||||||
| Funds from operations before net derivative losses (SFAS No. 133) and after early surrender lease adjustment | $ | 120,916 | $ | 120,358 | $ | 370,825 | $ | 349,441 | ||||||
| Funds from operations available to common shareholders before net derivative losses (SFAS No. 133) and after early surrender lease adjustment | $ | 99,057 | $ | 98,980 | $ | 305,122 | $ | 286,080 | ||||||
| Weighted average shares outstanding—basic | 97,360 | 94,904 | 96,547 | 92,413 | ||||||||||
| FFO per share basic before net derivative losses (SFAS No. 133) and after early surrender adjustment | $ | 1.02 | $ | 1.04 | $ | 3.16 | $ | 3.10 | ||||||
| FFO per share basic after net derivative losses (SFAS No. 133) and before early surrender lease adjustment | $ | 1.02 | $ | 0.99 | $ | 3.15 | $ | 2.93 | ||||||
| Weighted average shares outstanding—diluted | 107,231 | 105,725 | 106,839 | 105,870 | ||||||||||
| FFO per share diluted before net derivative losses (SFAS No. 133) and after early surrender lease adjustment | $ | 0.98 | $ | 1.00 | $ | 3.04 | $ | 2.95 | ||||||
| FFO per share diluted after net derivative losses (SFAS No. 133) and before early surrender lease adjustment | $ | 0.99 | $ | 0.95 | $ | 3.03 | $ | 2.80 | ||||||
Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. In addition to presenting FFO in accordance with the NAREIT definition, we also disclose FFO after specific supplemental adjustments, including net derivative losses and early surrender lease adjustments. Although our FFO as adjusted clearly differs from NAREIT's definition of FFO, as well as that of other REITs and real estate companies, we believe it provides a meaningful supplemental measure of our operating performance. FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of our performance. FFO does not represent cash generated from operating activities determined in accordance with GAAP and is not a measure of liquidity or an indicator of our ability to make cash distributions. We believe that to further understand our performance, FFO and FFO as adjusted should be compared with our reported net income and considered in addition to cash flows in accordance with GAAP, as presented in our consolidated financial statements.
BOSTON PROPERTIES, INC.
PROJECTED 2004 RETURNS ON ACQUISITIONS
| | 1333 New Hampshire Avenue | One and Two Freedom Square | |||||
|---|---|---|---|---|---|---|---|
| | (dollars in thousands) | ||||||
| Base rent and recoveries from tenants | $ | 12,600 | $ | 27,663 | |||
| Straight-line rent | 800 | 3,467 | |||||
| Fair value lease revenue | 2,000 | (1,393 | ) | ||||
| Total rental revenue | 15,400 | 29,737 | |||||
| Operating Expenses | 3,300 | 6,922 | |||||
| Revenue less Operating Expenses | 12,100 | 22,815 | |||||
| Interest expense | — | (5,178 | ) | ||||
| Depreciation and amortization | (3,100 | ) | (5,330 | ) | |||
| Net income | $ | 9,000 | $ | 12,307 | |||
| Add: | |||||||
| Interest expense | — | 5,178 | |||||
| Depreciation and amortization | 3,100 | 5,330 | |||||
| Unleveraged FFO | $ | 12,100 | $ | 22,815 | |||
| Less: | |||||||
| Straight-line rent | (800 | ) | (3,467 | ) | |||
| Fair value lease revenue | (2,000 | ) | 1,393 | ||||
| Unleveraged Cash | $ | 9,300 | $ | 20,741 | (3) | ||
Cash | $ | 113,800 | $ | 36,000 | |||
| Total debt | — | 151,500 | |||||
| Existing equity | — | 6,100 | |||||
| Costs to complete | — | 18,300 | |||||
| Total Investment | $ | 113,800 | $ | 211,900 | |||
Unleveraged FFO Return (1) | 10.6 | % | 10.8 | % | |||
| Unleveraged Cash Return (2) | 8.2 | % | 9.8 | % | |||
Management is presenting these projected returns and related calculations to assist investors in analyzing the Company's recent acquisitions. Management does not intend to present this data for any other purpose, for any other period or for its other properties, and is not intending for these measures to otherwise provide information to investors about the Company's financial condition or results of operations. The Company does not undertake a duty to update any of these projections.
BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
| | % Leased by Location | ||||
|---|---|---|---|---|---|
| | September 30, 2003 | December 31, 2002 | |||
| Greater Boston | 87.5% | 91.8% | |||
| Greater Washington, D.C. | 95.1% | 95.9% | |||
| Midtown Manhattan | 98.9% | 98.4% | |||
| Baltimore, MD | 98.5% | 97.6% | |||
| Richmond, VA | 88.9% | 91.8% | |||
| Princeton/East Brunswick, NJ | 95.0% | 93.3% | |||
| Greater San Francisco | 85.5% | 87.4% | |||
| Bucks County, PA | 100.0% | 100.0% | |||
| Total Portfolio | 92.2% | 93.9% | |||
| | % Leased by Type | ||||
|---|---|---|---|---|---|
| | September 30, 2003 | December 31, 2002 | |||
| Class A Office Portfolio | 93.0% | 94.1% | |||
| Office/Technical Portfolio | 86.1% | 89.7% | |||
| Industrial Portfolio | 56.6% | 100.0% | |||
| Total Portfolio | 92.2% | 93.9% | |||
