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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BXP Inc | NYSE:BXP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.59 | 3.81% | 70.50 | 70.56 | 68.50 | 68.72 | 913,882 | 21:00:55 |
Exceeded Q2 Guidance for EPS and FFO; Executed Approximately 938,000 SF of Leases in Q2; and Opened the Highly Anticipated View Boston Observation Deck Experience
BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the second quarter ended June 30, 2023.
Financial highlights for the second quarter include:
BXP also provided updated guidance for third quarter 2023 EPS of $0.63 - $0.65 and FFO of $1.83 - $1.85 per diluted share, and full year 2023 EPS of $2.42 - $2.47 and FFO of $7.24 - $7.29 per diluted share.
See “EPS and FFO per Share Guidance” below.
Second quarter and recent business highlights include:
The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2023. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.
EPS and FFO per Share Guidance:
BXP’s guidance for the third quarter 2023 and full year 2023 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
Third Quarter 2023
Full Year 2023
Low
High
Low
High
Projected EPS (diluted)
$
0.63
$
0.65
$
2.42
$
2.47
Add:
Projected Company share of real estate depreciation and amortization
1.20
1.20
4.82
4.82
Projected FFO per share (diluted)
$
1.83
$
1.85
$
7.24
$
7.29
BXP will host a conference call on Wednesday, August 2, 2023 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2023 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register.vevent.com/register/BIac804611f1af4449a41bec3ca33cb641 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.
Additionally, a copy of BXP’s second quarter 2023 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.
BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 54.1 million square feet and 191 properties, including 13 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, increasing interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, including the ongoing war in Ukraine, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease, on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including potential costs to comply with the Securities and Exchange Commission’s proposed rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.
Financial tables follow.
BOSTON PROPERTIES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, 2023
December 31, 2022
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost
$
24,642,681
$
24,261,588
Construction in progress
482,850
406,574
Land held for future development
637,191
721,501
Right of use assets - finance leases
237,526
237,510
Right of use assets - operating leases
166,421
167,351
Less: accumulated depreciation
(6,568,568
)
(6,298,082
)
Total real estate
19,598,101
19,496,442
Cash and cash equivalents
1,581,575
690,333
Cash held in escrows
46,915
46,479
Investments in securities
33,481
32,277
Tenant and other receivables, net
91,968
81,389
Related party note receivable, net
88,834
78,576
Sales-type lease receivable, net
13,250
12,811
Accrued rental income, net
1,318,320
1,276,580
Deferred charges, net
710,820
733,282
Prepaid expenses and other assets
77,457
43,589
Investments in unconsolidated joint ventures
1,780,959
1,715,911
Total assets
$
25,341,680
$
24,207,669
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$
3,274,764
$
3,272,368
Unsecured senior notes, net
10,985,395
10,237,968
Unsecured line of credit
—
—
Unsecured term loan, net
1,196,046
730,000
Lease liabilities - finance leases
251,874
249,335
Lease liabilities - operating leases
204,826
204,686
Accounts payable and accrued expenses
434,574
417,545
Dividends and distributions payable
171,465
170,643
Accrued interest payable
111,088
103,774
Other liabilities
418,813
450,918
Total liabilities
17,048,845
15,837,237
Commitments and contingencies
—
—
Redeemable deferred stock units
6,292
6,613
Equity:
Stockholders’ equity attributable to Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding
—
—
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding
—
—
Common stock, $0.01 par value, 250,000,000 shares authorized, 156,932,300 and 156,836,767 issued and 156,853,400 and 156,757,867 outstanding at June 30, 2023 and December 31, 2022, respectively
1,569
1,568
Additional paid-in capital
6,561,161
6,539,147
Dividends in excess of earnings
(516,550
)
(391,356
)
Treasury common stock at cost, 78,900 shares at June 30, 2023 and December 31, 2022
(2,722
)
(2,722
)
Accumulated other comprehensive loss
(3,406
)
(13,718
)
Total stockholders’ equity attributable to Boston Properties, Inc.
6,040,052
6,132,919
Noncontrolling interests:
Common units of the Operating Partnership
689,123
683,583
Property partnerships
1,557,368
1,547,317
Total equity
8,286,543
8,363,819
Total liabilities and equity
$
25,341,680
$
24,207,669
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three months ended June 30,
Six months ended June 30,
2023
2022
2023
2022
(in thousands, except for per share amounts)
Revenue
Lease
$
761,733
$
721,899
$
1,518,608
$
1,440,019
Parking and other
26,984
30,346
50,993
52,080
Hotel
13,969
12,089
22,070
16,646
Development and management services
9,858
6,354
18,838
12,185
Direct reimbursements of payroll and related costs from management services contracts
4,609
3,239
9,844
7,304
Total revenue
817,153
773,927
1,620,353
1,528,234
Expenses
Operating
Rental
291,036
273,848
582,344
544,103
Hotel
8,161
6,444
14,832
11,284
General and administrative
44,175
34,665
99,977
77,859
Payroll and related costs from management services contracts
4,609
3,239
9,844
7,304
Transaction costs
308
496
1,219
496
Depreciation and amortization
202,577
183,146
411,311
360,770
Total expenses
550,866
501,838
1,119,527
1,001,816
Other income (expense)
Income (loss) from unconsolidated joint ventures
(6,668
)
(54
)
(14,237
)
2,135
Gains on sales of real estate
—
96,247
—
118,948
Interest and other income (loss)
17,343
1,195
28,284
2,423
Other income - assignment fee
—
6,624
—
6,624
Gains (losses) from investments in securities
1,571
(4,716
)
3,236
(6,978
)
Unrealized gain on non-real estate investment
124
—
383
—
Interest expense
(142,473
)
(104,142
)
(276,680
)
(205,370
)
Net income
136,184
267,243
241,812
444,200
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships
(19,768
)
(18,546
)
(38,428
)
(36,095
)
Noncontrolling interest—common units of the Operating Partnership
(12,117
)
(25,708
)
(21,169
)
(42,061
)
Net income attributable to Boston Properties, Inc.
$
104,299
$
222,989
$
182,215
$
366,044
Basic earnings per common share attributable to Boston Properties, Inc.
Net income
$
0.67
$
1.42
$
1.16
$
2.33
Weighted average number of common shares outstanding
156,826
156,720
156,815
156,685
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income
$
0.66
$
1.42
$
1.16
$
2.33
Weighted average number of common and common equivalent shares outstanding
157,218
157,192
157,131
157,098
BOSTON PROPERTIES, INC. FUNDS FROM OPERATIONS (1) (Unaudited)
Three months ended June 30,
Six months ended June 30,
2023
2022
2023
2022
(in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc.
$
104,299
$
222,989
$
182,215
$
366,044
Add:
Noncontrolling interest - common units of the Operating Partnership
12,117
25,708
21,169
42,061
Noncontrolling interests in property partnerships
19,768
18,546
38,428
36,095
Net income
136,184
267,243
241,812
444,200
Add:
Depreciation and amortization expense
202,577
183,146
411,311
360,770
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(17,858
)
(17,414
)
(35,569
)
(35,067
)
Company’s share of depreciation and amortization from unconsolidated joint ventures
25,756
21,120
51,401
43,164
Corporate-related depreciation and amortization
(442
)
(413
)
(911
)
(817
)
Less:
Gains on sales of real estate
—
96,247
—
118,948
Unrealized gain on non-real estate investment
124
—
383
—
Noncontrolling interests in property partnerships
19,768
18,546
38,428
36,095
Funds from operations (FFO) attributable to the Operating Partnership (including Boston Properties, Inc.)
326,325
338,889
629,233
657,207
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
33,481
34,329
64,371
66,509
Funds from operations attributable to Boston Properties, Inc.
$
292,844
$
304,560
$
564,862
$
590,698
Boston Properties, Inc.’s percentage share of funds from operations - basic
89.74
%
89.87
%
89.77
%
89.88
%
Weighted average shares outstanding - basic
156,826
156,720
156,815
156,685
FFO per share basic
$
1.87
$
1.94
$
3.60
$
3.77
Weighted average shares outstanding - diluted
157,218
157,192
157,131
157,098
FFO per share diluted
$
1.86
$
1.94
$
3.59
$
3.76
(1)
Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to Boston Properties, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies. Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.
BOSTON PROPERTIES, INC. PORTFOLIO LEASING PERCENTAGES
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2023
December 31, 2022
June 30, 2023
December 31, 2022
Boston
90.7 %
90.2 %
92.1 %
92.7 %
Los Angeles
86.0 %
88.3 %
86.2 %
88.6 %
New York
88.5 %
86.8 %
90.6 %
90.9 %
San Francisco
88.2 %
88.5 %
89.1 %
88.8 %
Seattle
87.9 %
88.3 %
90.5 %
90.9 %
Washington, DC
84.9 %
88.7 %
89.2 %
93.0 %
Total Portfolio
88.3 %
88.6 %
90.4 %
91.5 %
(1)
Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
(2)
Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230801323245/en/
AT BXP Michael LaBelle Executive Vice President, Chief Financial Officer and Treasurer mlabelle@bxp.com
Helen Han Vice President, Investor Relations hhan@bxp.com
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