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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.
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 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