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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 | |
---|---|---|---|---|---|---|---|---|
1.28 | 1.79% | 72.63 | 72.85 | 70.04 | 71.88 | 1,752,613 | 00:41:00 |
Exceeded Q2 Guidance for EPS and FFO, Executed More Than 1.3 Million Square Feet of Leases in Q2, and Named One of the World’s Most Sustainable Companies by TIME Magazine
BXP, Inc. (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, 2024.
Financial Highlights
Guidance
BXP provided guidance for third quarter 2024 EPS of $0.54 - $0.56 and FFO of $1.80 - $1.82 per diluted share, and full year 2024 EPS of $2.08 - $2.14 and FFO of $7.09 - $7.15 per diluted share. This represents an increase of approximately $0.08 per share at the midpoint of our guidance provided last quarter for both EPS and FFO per share primarily due to:
See “EPS and FFO per Share Guidance” below.
Leasing & Occupancy
Development
Balance Sheet & Liquidity
Sustainability & Impact
BXP Update
EPS and FFO per Share Guidance:
BXP’s guidance for the third quarter 2024 and full year 2024 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 fluctuate 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 2024
Full Year 2024
Low
High
Low
High
Projected EPS (diluted)
$
0.54
$
0.56
$
2.08
$
2.14
Add:
Projected Company share of real estate depreciation and amortization
1.26
1.26
5.06
5.06
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments
—
—
(0.05
)
(0.05
)
Projected FFO per share (diluted)
$
1.80
$
1.82
$
7.09
$
7.15
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, 2024. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.
BXP will host a conference call on Wednesday, July 31, 2024 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2024 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/BIe81a422c2d9e4b3faf2a7adc19cce05a 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 2024 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.
BXP, Inc. (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 53.5 million square feet and 186 properties, including 10 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.
This press release includes references to “BXP’s Share of annualized rental obligations.” We define rental obligations as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Further, "annualized rental obligations" is defined as monthly rental obligations, as of the last day of the reporting period, multiplied by twelve (12). "BXP's Share" is based on rental obligations for our consolidated portfolio, plus our share of rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies.
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, high 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, 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 costs to comply with the Securities and Exchange Commission’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. 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.
BXP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2024
December 31, 2023
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost
$
25,840,947
$
25,504,868
Construction in progress
757,356
547,280
Land held for future development
675,191
697,061
Right of use assets - finance leases
372,896
401,680
Right of use assets - operating leases
344,292
324,298
Less: accumulated depreciation
(7,198,566
)
(6,881,728
)
Total real estate
20,792,116
20,593,459
Cash and cash equivalents
685,376
1,531,477
Cash held in escrows
52,125
81,090
Investments in securities
36,844
36,337
Tenant and other receivables, net
82,145
122,407
Note receivable, net
3,155
1,714
Related party note receivables, net
88,779
88,779
Sales-type lease receivable, net
14,182
13,704
Accrued rental income, net
1,414,622
1,355,212
Deferred charges, net
800,099
760,421
Prepaid expenses and other assets
86,188
64,230
Investments in unconsolidated joint ventures
1,418,817
1,377,319
Total assets
$
25,474,448
$
26,026,149
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$
4,371,478
$
4,166,379
Unsecured senior notes, net
9,797,220
10,491,617
Unsecured line of credit
—
—
Unsecured term loan, net
698,776
1,198,301
Unsecured commercial paper
500,000
—
Lease liabilities - finance leases
375,601
417,961
Lease liabilities - operating leases
385,842
350,391
Accounts payable and accrued expenses
372,484
458,329
Dividends and distributions payable
172,172
171,176
Accrued interest payable
112,107
133,684
Other liabilities
398,525
445,947
Total liabilities
17,184,205
17,833,785
Commitments and contingencies
—
—
Redeemable deferred stock units
7,916
8,383
Equity:
Stockholders’ equity attributable to BXP, 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, 157,176,741 and 157,019,766 issued and 157,097,841 and 156,940,866 outstanding at June 30, 2024 and December 31, 2023, respectively
1,571
1,569
Additional paid-in capital
6,768,686
6,715,149
Dividends in excess of earnings
(964,518
)
(816,152
)
Treasury common stock at cost, 78,900 shares at June 30, 2024 and December 31, 2023
(2,722
)
(2,722
)
Accumulated other comprehensive loss
(155
)
(21,147
)
Total stockholders’ equity attributable to BXP, Inc.
5,802,862
5,876,697
Noncontrolling interests:
Common units of the Operating Partnership
677,789
666,580
Property partnerships
1,801,676
1,640,704
Total equity
8,282,327
8,183,981
Total liabilities and equity
$
25,474,448
$
26,026,149
BXP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
(in thousands, except for per share amounts)
Revenue
Lease
$
790,555
$
761,733
$
1,579,145
$
1,518,608
Parking and other
34,615
26,984
66,831
50,993
Hotel
14,812
13,969
22,998
22,070
Development and management services
6,352
9,858
12,506
18,838
Direct reimbursements of payroll and related costs from management services contracts
4,148
4,609
8,441
9,844
Total revenue
850,482
817,153
1,689,921
1,620,353
Expenses
Operating
Rental
321,426
291,036
635,583
582,344
Hotel
9,839
8,161
15,854
14,832
General and administrative
44,109
44,175
94,127
99,977
Payroll and related costs from management services contracts
4,148
4,609
8,441
9,844
Transaction costs
189
308
702
1,219
Depreciation and amortization
219,542
202,577
438,258
411,311
Total expenses
599,253
550,866
1,192,965
1,119,527
Other income (expense)
Income (loss) from unconsolidated joint ventures
(5,799
)
(6,668
)
13,387
(14,237
)
Interest and other income (loss)
10,788
17,343
25,317
28,284
Gains from investments in securities
315
1,571
2,587
3,236
Unrealized gain on non-real estate investment
58
124
454
383
Impairment loss
—
—
(13,615
)
—
Interest expense
(149,642
)
(142,473
)
(311,533
)
(276,680
)
Net income
106,949
136,184
213,553
241,812
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships
(17,825
)
(19,768
)
(35,046
)
(38,428
)
Noncontrolling interest—common units of the Operating Partnership
(9,509
)
(12,117
)
(19,009
)
(21,169
)
Net income attributable to BXP, Inc.
$
79,615
$
104,299
$
159,498
$
182,215
Basic earnings per common share attributable to BXP, Inc.
Net income
$
0.51
$
0.67
$
1.02
$
1.16
Weighted average number of common shares outstanding
157,039
156,826
157,011
156,815
Diluted earnings per common share attributable to BXP, Inc.
Net income
$
0.51
$
0.66
$
1.01
$
1.16
Weighted average number of common and common equivalent shares outstanding
157,291
157,218
157,210
157,131
BXP, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
(in thousands, except for per share amounts)
Net income attributable to BXP, Inc.
$
79,615
$
104,299
$
159,498
$
182,215
Add:
Noncontrolling interest - common units of the Operating Partnership
9,509
12,117
19,009
21,169
Noncontrolling interests in property partnerships
17,825
19,768
35,046
38,428
Net income
106,949
136,184
213,553
241,812
Add:
Depreciation and amortization expense
219,542
202,577
438,258
411,311
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(19,203
)
(17,858
)
(37,898
)
(35,569
)
Company’s share of depreciation and amortization from unconsolidated joint ventures
19,827
25,756
40,050
51,401
Corporate-related depreciation and amortization
(406
)
(442
)
(825
)
(911
)
Non-real estate related amortization
2,130
—
4,260
—
Impairment losses
—
—
13,615
—
Less:
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures
—
—
21,696
—
Unrealized gain on non-real estate investment
58
124
454
383
Noncontrolling interests in property partnerships
17,825
19,768
35,046
38,428
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)
310,956
326,325
613,817
629,233
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
32,557
33,481
64,144
64,371
Funds from operations attributable to BXP, Inc.
$
278,399
$
292,844
$
549,673
$
564,862
BXP, Inc.’s percentage share of funds from operations - basic
89.53
%
89.74
%
89.55
%
89.77
%
Weighted average shares outstanding - basic
157,039
156,826
157,011
156,815
FFO per share basic
$
1.77
$
1.87
$
3.50
$
3.60
Weighted average shares outstanding - diluted
157,291
157,218
157,210
157,131
FFO per share diluted
$
1.77
$
1.86
$
3.50
$
3.59
(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 BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, 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 or a change in control 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 BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, 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.
BXP, INC.
PORTFOLIO LEASING PERCENTAGES
CBD Portfolio
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2024
December 31, 2023
June 30, 2024
December 31, 2023
Boston
95.3 %
95.9 %
96.3 %
96.4 %
Los Angeles
85.0 %
85.9 %
86.0 %
88.1 %
New York
90.8 %
91.8 %
94.6 %
94.4 %
San Francisco
84.0 %
87.4 %
84.4 %
88.0 %
Seattle
80.2 %
81.8 %
83.0 %
83.1 %
Washington, DC (3)
90.9 %
89.2 %
92.6 %
92.3 %
CBD Portfolio
90.4 %
91.0 %
92.2 %
92.7 %
Total Portfolio
% Occupied by Location (1)
% Leased by Location (2)
June 30, 2024
December 31, 2023
June 30, 2024
December 31, 2023
Boston
89.8 %
89.9 %
91.2 %
90.3 %
Los Angeles
85.0 %
85.9 %
86.0 %
88.1 %
New York
87.0 %
90.1 %
91.2 %
92.4 %
San Francisco
80.5 %
84.9 %
80.8 %
85.5 %
Seattle
80.2 %
81.8 %
83.0 %
83.1 %
Washington, DC
89.8 %
88.0 %
91.4 %
91.0 %
Total Portfolio
87.1 %
88.4 %
89.1 %
89.9 %
(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.
(3)
During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD. Comparative period has been updated to reflect the same presentation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730434711/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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