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Jun 30, 2022
Boston Properties Q2 2022 Earnings Report
Boston Properties' financial performance reflected growth in net income and FFO, driven by strong leasing activity and same-store NOI growth.
Key Takeaways
Boston Properties reported a net income attributable to Boston Properties, Inc. of $222.99 million, or $1.42 per diluted share, and FFO of $304.56 million, or $1.94 per diluted share for the quarter ended June 30, 2022. The increase in net income and FFO was primarily driven by strong leasing activity and same-store NOI growth.
Net income attributable to Boston Properties, Inc. was $222.99 million, or $1.42 per diluted share.
FFO attributable to Boston Properties, Inc. was $304.56 million, or $1.94 per diluted share.
Same-property NOI increased by 6.1% (excluding termination income).
The company acquired Madison Centre in Seattle, WA for $730 million.
Boston Properties
Boston Properties
Boston Properties Revenue by Segment
Revenue by Segment
Lease Revenue
CapyFin.comParking and other Revenue
CapyFin.comHotel Revenue
CapyFin.comDevelopment & Mgmt Revenue
CapyFin.com Forward Guidance
BXP’s guidance for the third quarter and full year 2022 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.
Positive Outlook
- Projected EPS (diluted) for Third Quarter 2022: $0.74 - $0.76
- Projected EPS (diluted) for Full Year 2022: $5.40 - $5.45
- Projected FFO per share (diluted) for Third Quarter 2022: $1.86 - $1.88
- Projected FFO per share (diluted) for Full Year 2022: $7.48 - $7.53
- Expected increase in BXP’s Share of Same Property net operating income (excluding termination income) : 3.50 % - 4.50 %
Challenges Ahead
- BXP’s Share of incremental net operating income related to asset sales over prior year: $(30,000) - $(25,000)
- General and administrative expense: $(155,000) - $(150,000)
- Net interest expense: $(425,000) - $(415,000)
- Noncontrolling interest in property partnerships’ share of FFO: $(146,000) - $(142,000)
- There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
Revenue & Expenses
Visualization of income flow from segment revenue to net income