Boston Properties (BXP) reported strong third quarter results with FFO (funds from operations) of $158.5 million or $1.13 per share compared to $132.5 million or $1.09 per share in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

During the quarter, Boston Properties placed in service a 235,000 net rentable square feet Class A office property in Reston, Virginia. Subsequent to the end of the quarter, the company placed in service a 120,000 net rentable square feet Class A office property in Princeton, New Jersey. Both the properties are currently 100% leased. Also during the quarter, Boston Properties obtained mortgage financing of $50 million collateralized by its Reservoir Place property in Waltham, Massachusetts.