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With a stinging dismissal of its plea of six months' time to hold the BBMP elections, the Karnataka HC division Bench headed by Justice V Gopala Gowda on Thursday issued a March 30 deadline to hold the jinxed poll.
During the quarter, total occupancy of Boston Properties'portfolio of properties fell to 92 percent, down from 94.5percent at the end of December. The company, whose chairman ispublisher Mortimer Zuckerman, owns or has interest in 146properties totaling 49.1 million square feet. Boston Properties also is navigating deteriorating markets,especially in Manhattan. GM, which recently emergedfrom bankruptcy, was expected to contribute $6.6 million peryear to Boston Properties' revenue. Boston Properties is facing the remainder of the yearwithout most of Lehman, which had contributed $44.9 million ayear, or General Motors Corp, which in June rejected a leasefor 120,000 square feet at the former Citigroup Center GM'slease was to last until May 2019.
Transactions haveplummeted more than 80 percent and valuations are hard todetermine because of the lack of comparable trades. Financing for newbuildings and to replace maturing mortgages has dried up, whilerent and occupancy levels have tumbled. FFO removes the profit-reducing effect of depreciation, anoncash accounting item The credit crisis and ensuing U.S recession have dealtU.S commercial real estate a double punch. The average forecast of analysts polled by ReutersEstimates was for $1.22 a share, while the company expected$1.26 to $1.28 per share. It alsocontributed to rent in June for space it still occupied.
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