We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
1.50 | 2.21% | 69.41 | 69.58 | 68.50 | 68.72 | 83,188 | 15:14:22 |
Executed More Than 1.0 Million Square Feet of Leases in Q3 and Delivered Two Development Properties
BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the third quarter ended September 30, 2023.
Financial highlights for the third quarter include:
BXP also provided updated guidance for full year 2023 EPS of $1.05 - $1.07 and FFO of $7.25 - $7.27 per diluted share. Changes to our prior guidance includes higher projected portfolio NOI offset by higher net interest expense from recent financing activities.
See “EPS and FFO per Share Guidance” below.
Third 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 September 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 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.
Full Year 2023
Low
High
Projected EPS (diluted)
$ 1.05
$ 1.07
Add:
Projected Company share of real estate depreciation and amortization
4.85
4.85
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments
1.35
1.35
Projected FFO per share (diluted)
$ 7.25
$ 7.27
BXP will host a conference call on Thursday, November 2, 2023 at 10:00 AM Eastern Time, open to the general public, to discuss the third 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/BI258f07a8cd3f4d07bee856df6e1462c2 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 third 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 53.5 million square feet and 190 properties, including 11 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, 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)
September 30, 2023
December 31, 2022
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost
$
24,809,369
$
24,261,588
Construction in progress
551,330
406,574
Land held for future development
670,691
721,501
Right of use assets - finance leases
237,532
237,510
Right of use assets - operating leases
322,790
167,351
Less: accumulated depreciation
(6,723,616
)
(6,298,082
)
Total real estate
19,868,096
19,496,442
Cash and cash equivalents
882,647
690,333
Cash held in escrows
47,741
46,479
Investments in securities
32,809
32,277
Tenant and other receivables, net
123,138
81,389
Related party note receivable, net
88,807
78,576
Sales-type lease receivable, net
13,475
12,811
Accrued rental income, net
1,331,796
1,276,580
Deferred charges, net
692,386
733,282
Prepaid expenses and other assets
121,431
43,589
Investments in unconsolidated joint ventures
1,536,822
1,715,911
Total assets
$
24,739,148
$
24,207,669
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$
3,275,974
$
3,272,368
Unsecured senior notes, net
10,488,568
10,237,968
Unsecured line of credit
—
—
Unsecured term loan, net
1,197,173
730,000
Lease liabilities - finance leases
253,178
249,335
Lease liabilities - operating leases
341,299
204,686
Accounts payable and accrued expenses
462,240
417,545
Dividends and distributions payable
171,916
170,643
Accrued interest payable
128,422
103,774
Other liabilities
380,014
450,918
Total liabilities
16,698,784
15,837,237
Commitments and contingencies
—
—
Redeemable deferred stock units
6,788
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, 157,018,080 and 156,836,767 issued and 156,939,180 and 156,757,867 outstanding at September 30, 2023 and December 31, 2022, respectively
1,569
1,568
Additional paid-in capital
6,568,645
6,539,147
Dividends in excess of earnings
(782,275
)
(391,356
)
Treasury common stock at cost, 78,900 shares at September 30, 2023 and December 31, 2022
(2,722
)
(2,722
)
Accumulated other comprehensive income (loss)
2,866
(13,718
)
Total stockholders’ equity attributable to Boston Properties, Inc.
5,788,083
6,132,919
Noncontrolling interests:
Common units of the Operating Partnership
656,587
683,583
Property partnerships
1,588,906
1,547,317
Total equity
8,033,576
8,363,819
Total liabilities and equity
$
24,739,148
$
24,207,669
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2023
2022
2023
2022
(in thousands, except for per share amounts)
Revenue
Lease
$
767,181
$
739,255
$
2,285,789
$
2,179,274
Parking and other
30,428
28,154
81,421
80,234
Hotel
13,484
11,749
35,554
28,395
Development and management services
9,284
7,465
28,122
19,650
Direct reimbursements of payroll and related costs from management services contracts
3,906
3,900
13,750
11,204
Total revenue
824,283
790,523
2,444,636
2,318,757
Expenses
Operating
Rental
300,192
281,702
882,536
825,805
Hotel
9,020
8,548
23,852
19,832
General and administrative
31,410
32,519
131,387
110,378
Payroll and related costs from management services contracts
3,906
3,900
13,750
11,204
Transaction costs
751
1,650
1,970
2,146
Depreciation and amortization
207,435
190,675
618,746
551,445
Total expenses
552,714
518,994
1,672,241
1,520,810
Other income (expense)
Loss from unconsolidated joint ventures
(247,556
)
(3,524
)
(261,793
)
(1,389
)
Gains on sales of real estate
517
262,345
517
381,293
Interest and other income (loss)
20,715
3,728
48,999
6,151
Other income - assignment fee
—
—
—
6,624
Gains (losses) from investments in securities
(925
)
(1,571
)
2,311
(8,549
)
Unrealized gain (loss) on non-real estate investment
(51
)
—
332
—
Interest expense
(147,812
)
(111,846
)
(424,492
)
(317,216
)
Net income (loss)
(103,543
)
420,661
138,269
864,861
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships
(20,909
)
(18,801
)
(59,337
)
(54,896
)
Noncontrolling interest—common units of the Operating Partnership
12,626
(40,883
)
(8,642
)
(82,821
)
Net income (loss) attributable to Boston Properties, Inc.
$
(111,826
)
$
360,977
$
70,290
$
727,144
Basic earnings per common share attributable to Boston Properties, Inc.
Net income (loss)
$
(0.71
)
$
2.30
$
0.45
$
4.63
Weighted average number of common shares outstanding
156,880
156,754
156,837
156,708
Diluted earnings per common share attributable to Boston Properties, Inc.
Net income (loss)
$
(0.71
)
$
2.29
$
0.45
$
4.62
Weighted average number of common and common equivalent shares outstanding
156,880
157,133
157,177
157,144
BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2023
2022
2023
2022
(in thousands, except for per share amounts)
Net income (loss) attributable to Boston Properties, Inc.
$
(111,826
)
$
360,977
$
70,290
$
727,144
Add:
Noncontrolling interest - common units of the Operating Partnership
(12,626
)
40,883
8,642
82,821
Noncontrolling interests in property partnerships
20,909
18,801
59,337
54,896
Net income (loss)
(103,543
)
420,661
138,269
864,861
Add:
Depreciation and amortization expense
207,435
190,675
618,746
551,445
Noncontrolling interests in property partnerships’ share of depreciation and amortization
(18,174
)
(17,706
)
(53,743
)
(52,773
)
Company’s share of depreciation and amortization from unconsolidated joint ventures
25,666
21,485
77,067
64,649
Corporate-related depreciation and amortization
(446
)
(431
)
(1,357
)
(1,248
)
Impairment losses included within loss from unconsolidated joint ventures
272,603
—
272,603
—
Less:
Gains on sales of real estate
517
262,345
517
381,293
Gain on investment included within loss from unconsolidated joint ventures
35,756
—
35,756
—
Unrealized gain (loss) on non-real estate investment
(51
)
—
332
—
Noncontrolling interests in property partnerships
20,909
18,801
59,337
54,896
Funds from operations (FFO) attributable to the Operating Partnership (including Boston Properties, Inc.)
326,410
333,538
955,643
990,745
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations
33,588
33,787
98,049
100,164
Funds from operations attributable to Boston Properties, Inc.
$
292,822
$
299,751
$
857,594
$
890,581
Boston Properties, Inc.’s percentage share of funds from operations - basic
89.71
%
89.87
%
89.74
%
89.89
%
Weighted average shares outstanding - basic
156,880
156,754
156,837
156,708
FFO per share basic
$
1.87
$
1.91
$
5.47
$
5.68
Weighted average shares outstanding - diluted
157,269
157,133
157,177
157,144
FFO per share diluted
$
1.86
$
1.91
$
5.46
$
5.67
(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, 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 (loss) 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 (loss) 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)
September 30, 2023
December 31, 2022
September 30, 2023
December 31, 2022
Boston
90.8 %
90.2 %
91.5 %
92.7 %
Los Angeles
85.9 %
88.3 %
87.6 %
88.6 %
New York
90.2 %
86.8 %
90.9 %
90.9 %
San Francisco
87.1 %
88.5 %
87.9 %
88.8 %
Seattle
84.7 %
88.3 %
87.6 %
90.9 %
Washington, DC
86.5 %
88.7 %
90.9 %
93.0 %
Total Portfolio
88.8 %
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/20231101070632/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
1 Year BXP Chart |
1 Month BXP Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions