Boston Properties Inc. (NYSE:BXP.PRB) Q2 2016 Earnings Conference Call - Preliminary Transcript
Jul 27, 2016 • 10:00 am ET
Good morning and welcome to the Boston Property Second Quarter Earnings Call. This call is being recorded. All lines are currently in a listen only mode. Our speakers will address your questions at the end of the presentation during the question-and-answer session.At this time, I like to turn the conference over to Ms. Arista Joyner, Investor Relations Manager for Boston Properties. Please go ahead.
Good morning and welcome to Boston Properties second quarter earnings conference call. The press releases supplemental package submitted last night as well as Form 10-K, in the supplemental package, the company has reconciled all non-GAAP asset management to the most directly comparable GAAP measure in accordance with Company. If you did not receive a copy of these documents are available in the Investor Relations section of our website at www.bostonproperties.com. And audio webcast of this call will be available for 12 months in the Investor Relations section of our website.
At this time, we would like to inform you that certain statements made during this conference call, which are not historical may constitute forward-looking statements within the meaning of the private securities litigation reform act of 1995. Although Boston Properties believes the expectations reflected in any forward-looking statements are based on a reasonable assumption, it can give no assurance that this expectations will be attained. Factors in respect to cause actual results to differ materially, from those expressed or implied by forward-looking statements were detailed in today's press release, and from time-to-time in the company's filings with the SEC. The company does not undertake a duty to update any forward looking statements.Having said that, I'd like to welcome Owen Thomas, Chief Executive Officer; Doug Linde, President; and Michael LaBelle, Chief Financial Officer. During the question answer portion of our poll our regional management teams will be available to address any questions.
And I would now like to turn the call over to Owen Thomas for his former remarks.
Okay, thank you Arista. Good morning everyone. As usual, I'll cover our quarterly results. The macro market conditions as we see them as well as our current capital strategy and investment activity. On current results, we produce another strong quarter with FFO per share $0.04 above consensus, primarily due to accelerated lease termination income. We've also increased the midpoint of our full year 2016 FFO per share guidance by $0.06. In the quarter We leased 925,000 square feet, nearly half of that in the New York Region. And this quarterly volume is above historical averages by number of leases, but below on total square feet.
Our portfolio occupancy is now 90.8% down 20 basis points from the end of the first quarter. We had another quarter of strong rent roll ups in our leasing activity with rental rates on leases that commenced in the second quarter of 18% on a gross basis, and 28% on a net basis compared to primarily.
As we anticipated, our leasing spreads continue to be strongest in San Francisco and Boston and positive in