Boston Properties Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. Funds from Operations (FFO) for the quarter ended December 31, 2014 were $193.2 million, or $1.26 per share basic and $1.26 per share diluted. This compares to FFO for the quarter ended December 31, 2013 of $197.6 million, or $1.29 per share basic and $1.29 per share diluted. The Company's reported FFO of $1.26 per share diluted was greater than the guidance previously provided of $1.23-$1.25 per share diluted primarily due to greater than projected portfolio operations of $0.01 per share and fee income of $0.01 per share. Net income available to common shareholders was $174.5 million for the quarter ended December 31, 2014, compared to $88.7 million for the quarter ended December 31, 2013. Net income available to common shareholders per share (EPS) for the quarter ended December 31, 2014 was $1.14 basic and $1.14 on a diluted basis. This compares to EPS for the fourth quarter of 2013 of $0.58 basic and $0.58 on a diluted basis. Total revenue was $613.707 million against $576.199 million a year ago. Operating income was $208.849 million against $194.992 million a year ago. Income from continuing operations was $85.323 million or $1.14 per diluted share against $79.395 million or $0.42 per diluted share a year ago.

FFO for the year ended December 31, 2014 was $807.5 million, or $5.27 per share basic and $5.26 per share diluted. This compares to FFO for the year ended December 31, 2013 of $751.5 million, or $4.94 per share basic and $4.91 per share diluted. Net income available to common shareholders was $433.1 million for the year ended December 31, 2014, compared to $741.8 million for the year ended December 31, 2013. Net income available to common shareholders per share (EPS) for the year ended December 31, 2014 was $2.83 basic and $2.83 on a diluted basis. This compares to EPS for the year ended December 31, 2013 of $4.87 basic and $4.86 on a diluted basis. Total revenue was $2,396.998 million against $2,135.539 million a year ago. Operating income was $801.822 million against $678.120 million a year ago. Income from continuing operations was $358.018 million or $2.83 per diluted share against $703.648 million or $4.05 per diluted share a year ago.

The company has updated its guidance for FFO per share (diluted) for full year 2015 to $5.28 - $5.43 per share from $5.22 - $5.42 per share. The updated guidance reflects, when compared to the Company's prior guidance, an increase in revenue from development projects of $0.02 per share, an increase in development and management services income of $0.01 per share, a decrease in general and administrative expenses of $0.02 per share and a decrease in FFO of $0.03 per share due to the expected sale in the first quarter of 2015 of the Company's Residences on The Avenue property. The company expects diluted EPS in the range of $2.34 to $2.49. The company's net interest expense projections are unchanged from last quarter at $415 million to $425 million for the full year.

For the first quarter 2015, the company expects diluted EPS in the range of $0.90 to $0.92 and diluted FFO in the range of $1.22 to $1.24 per share.