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Boston Properties
🇺🇸 NYSE:BXP
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Jun 30, 2023

Boston Properties Q2 2023 Earnings Report

Boston Properties' performance was solid, marked by increased revenue and FFO.

Key Takeaways

Boston Properties reported a net income attributable to Boston Properties, Inc. of $104.3 million, or $0.66 per diluted share, and FFO attributable to Boston Properties, Inc. of $292.8 million, or $1.86 per diluted share for the quarter ended June 30, 2023.

Total revenue increased to $817.2 million.

Net income attributable to Boston Properties, Inc. was $104.3 million.

FFO attributable to Boston Properties, Inc. reached $292.8 million.

Diluted FFO per share was $1.86.

Total Revenue
$817M
Previous year: $774M
+5.6%
EPS
$1.86
Previous year: $1.94
-4.1%
Total Square Feet
54.1M
Previous year: 53.7M
+0.7%
Total Properties
191
Previous year: 193
-1.0%
Gross Profit
$515M
Previous year: $490M
+5.1%
Cash and Equivalents
$1.58B
Previous year: $456M
+246.5%
Total Assets
$25.3B
Previous year: $23.3B
+8.9%

Boston Properties

Boston Properties

Boston Properties Revenue by Segment

Boston Properties Revenue by Geographic Location

Forward Guidance

BXP’s guidance for the third quarter 2023 and full year 2023 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

  • EPS (diluted) is projected to be between $0.63 and $0.65 for the third quarter of 2023.
  • EPS (diluted) is projected to be between $2.42 and $2.47 for the full year 2023.
  • FFO per share (diluted) is projected to be between $1.83 and $1.85 for the third quarter of 2023.
  • FFO per share (diluted) is projected to be between $7.24 and $7.29 for the full year 2023.
  • Average In-service portfolio occupancy is expected to be between 88.00% and 89.50% for the full year 2023.

Challenges Ahead

  • BXP’s Share of incremental net operating income related to asset sales over prior year for full year 2023 is projected to be between $(30,000) and $(28,000).
  • General and administrative expense for full year 2023 is projected to be between $(164,000) and $(157,000).
  • Consolidated net interest expense for full year 2023 is projected to be between $(515,000) and $(505,000).
  • Noncontrolling interest in property partnerships’ share of FFO for full year 2023 is projected to be between $(154,000) and $(151,000).
  • 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.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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