Two Office REITs Post Higher Earnings

Boston Properties Inc. and SL Green Realty Corp. reported stronger-than-expected quarterly earnings, a sign that the nation's largest office landlords have been able to boost revenue despite tepid job growth.

Boston Properties, which owns office buildings in New York, San Francisco and Boston, reported late Tuesday that fourth-quarter funds from operations, a key profit metric, was $1.21 a share, two cents higher than analysts projected.

Meantime, SL Green, Manhattan's largest office-building owner, reported late Monday that funds from operations rose to $1.02 a share in the fourth quarter, up from 97 cents in the same period last year and $1.01 in the third quarter. Analysts had projected per-share funds from operations of $1 for the fourth quarter.

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North Valley Bancorp posts 4Q profit

REDDING, Calif. (AP) — Bank holding company North Valley Bancorp said Tuesday it posted a fourth-quarter profit because it did not have to set aside millions for loan losses and impairment charges.

The company reported net income of $2.3 million, or 33 cents per share, compared with a loss of $19.3 million, or $12.90 per share a year ago.

Analysts surveyed by FactSet expected a loss of 20 cents per share.

The Redding-based parent company for North Valley Bank did not record a provision for loan and lease losses in the fourth quarter ended Dec. 31. A year ago, the provision was $9 million.

It also had a $15.2 million impairment of goodwill charge in the year-ago quarter, but none in the current quarter.

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