Q2 FFO of $1.12, trails $1.32 last year, but beats our $0.98 estimate. Leasing activity was steady and results benefit from higher than expected management fees. BXP is holding rental revenues level in a challenging market and is having good success in leasing new development projects. Moreover, scheduled lease expirations are modest through 2011. We raise our 2010 FFO estimate by $0.18 to $4.28. We increase our 2011 FFO estimate by $0.20 to $4.20. As a result, we hike our target price by $10 to $90, on updated 21.0X our 2010 FFO and a premium to office REIT peers.