Boston Properties Inc

NYSE:BXPUnited States

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• Boston Properties Q1 Funds From Operations Flat, Revenue Rises, from 4 hours ago by MT Newswires

  4 hours ago by MT Newswires
  Companies Mentioned: BXP
  05:37 PM EDT, 04/30/2024 (MT Newswires) -- Boston Properties (BXP) reported Q1 funds from operations late Tuesday of $1.73 per diluted share, flat from a year earlier. Analysts surveyed by Capital IQ expected $1.72. Revenue for the quarter ended Mar...

• -- Earnings Flash (BXP) BXP Posts Q1 Revenue $839.4M, from 4 hours ago by MT Newswires

  4 hours ago by MT Newswires
  Companies Mentioned: BXP
  05:16 PM EDT, 04/30/2024 (MT Newswires) -- ...

• BXP Announces First Quarter 2024 Results, from 4 hours ago by Business Wire

  4 hours ago by Business Wire
  Companies Mentioned: BXP

  BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2024.

  Financial Highlights

• BXP Announces First Quarter 2024 Results, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: BXP
  === ================ ==== =============== ==== FFO per share basic $ 1.73 $ 1.73 === ================ ==== =============== ==== Weighted average shares outstanding - diluted 157,132 157,043 === ================ ==== =============== ==== FFO per share diluted $ 1.73 $ 1.73 === ================ ==== =============== ==== (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 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 CBD Portfolio % Occupied by Location (1) % Leased by Location (2) --------------------------- ----------------------------- March 31, December 31, March 31, December 31, 2024 2023 2024 2023 ------------- ------------ ------------- -------------- Boston 95.3% 95.9% 96.2% 96.4% Los Angeles 86.1% 85.9% 87.2% 88.1% New York 91.5% 91.8% 95.0% 94.4% San Francisco 86.6% 87.4% 87.4% 88.0% Seattle 81.8% 81.8% 83.1% 83.1% Washington, DC (3) 90.8% 89.2% 92.7% 92.3% ------ ---- ------ --- ------ ---- ------- ---- CBD Portfolio 91.0% 91.0% 92.8% 92.7% ------ ---- ------ --- ------ ---- ------- ---- Total Portfolio % Occupied by Location (1) % Leased by Location (2) --------------------------- ----------------------------- March 31, December 31, March 31, December 31, 2024 2023 2024 2023 ------------- ------------ ------------- -------------- Boston 90.4% 89.9% 91.1% 90.3% Los Angeles 86.1% 85.9% 87.2% 88.1% New York 88.0% 90.1% 91.6% 92.4% San Francisco 83.9% 84.9% 84.5% 85.5% Seattle 81.8% 81.8% 83.1% 83.1% Washington, DC 89.7% 88.0% 91.5% 91.0% ------ ---- ------ --- ------ ---- ------- ---- Total Portfolio 88.2% 88.4% 89.9% 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, 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 now classified as CBD. Comparative period has been updated to reflect the same presentation.
  

• *DJ Boston Properties Sees 2Q EPS 45c-EPS 47c >BXP, from 4 hours ago by Dow Jones

  4 hours ago by Dow Jones
  Companies Mentioned: BXP
  === ================ ==== =============== ==== FFO per share basic $ 1.73 $ 1.73 === ================ ==== =============== ==== Weighted average shares outstanding - diluted 157,132 157,043 === ================ ==== =============== ==== FFO per share diluted $ 1.73 $ 1.73 === ================ ==== =============== ==== (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 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 CBD Portfolio % Occupied by Location (1) % Leased by Location (2) --------------------------- ----------------------------- March 31, December 31, March 31, December 31, 2024 2023 2024 2023 ------------- ------------ ------------- -------------- Boston 95.3% 95.9% 96.2% 96.4% Los Angeles 86.1% 85.9% 87.2% 88.1% New York 91.5% 91.8% 95.0% 94.4% San Francisco 86.6% 87.4% 87.4% 88.0% Seattle 81.8% 81.8% 83.1% 83.1% Washington, DC (3) 90.8% 89.2% 92.7% 92.3% ------ ---- ------ --- ------ ---- ------- ---- CBD Portfolio 91.0% 91.0% 92.8% 92.7% ------ ---- ------ --- ------ ---- ------- ---- Total Portfolio % Occupied by Location (1) % Leased by Location (2) --------------------------- ----------------------------- March 31, December 31, March 31, December 31, 2024 2023 2024 2023 ------------- ------------ ------------- -------------- Boston 90.4% 89.9% 91.1% 90.3% Los Angeles 86.1% 85.9% 87.2% 88.1% New York 88.0% 90.1% 91.6% 92.4% San Francisco 83.9% 84.9% 84.5% 85.5% Seattle 81.8% 81.8% 83.1% 83.1% Washington, DC 89.7% 88.0% 91.5% 91.0% ------ ---- ------ --- ------ ---- ------- ---- Total Portfolio 88.2% 88.4% 89.9% 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, 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 now classified as CBD. Comparative period has been updated to reflect the same presentation.