Boston Properties Inc
) - a real estate investment trust (REIT) - announced that Owen
D. Thomas will take the post of the company's Chief Executive
Officer (CEO), effective Apr 2, 2013. Current CEO Mortimer B.
Zuckerman has decided to step down from his post.
In 1970, Zuckerman, in partnership with Ed Linde, co-founded
Boston Properties. After the death of his partner and then CEO in
2010, Zuckerman took over the reins and has been serving the
company as the CEO. During his tenure, the company achieved great
heights, benefitting from his vast knowledge of the real estate
Also, under his leadership, Boston Properties gained much
success in strengthening its office portfolio in a few selected
high-rent, high barrier-to-entry geographic markets such as
Washington D.C. and San Francisco. Post transition, the
75-year-old Zuckerman will return to his original role and remain
the Executive Chairman of Boston Properties.
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Owen D. Thomas, 51, is currently serving Lehman Brothers Holdings
Inc. - the successor company to Lehman Brothers - as Chairman of
the Board of Directors. Notably, Thomas watched over the
disposition of former Lehman Brothers assets, which include the
sale of Archstone Enterprise LP to
AvalonBay Communities, Inc.
). Prior to that, Thomas held several senior executives positions
) and served the company for more than 20 years.
With his vast knowledge of the real estate industry, Thomas can
easily be regarded as a veteran of the sector. We expect the
company's successful track record to get an upside potential
benefitting from his coherent and strategic proficiency.
In Jan 2013, Boston Properties reported strong fourth quarter
2012 results with FFO (funds from operations) per share of $1.27,
beating the Zacks Consensus Estimate by 3 cents. The impressive
results were consistent with its strong leasing activity and
joint venture deals.
Boston Properties currently carries a Zacks Rank #3 (Hold).
Note: Fund 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.