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Sep 30, 2021
Boston Properties Q3 2021 Earnings Report
Boston Properties' performance reflected growth in revenue and FFO, driven by strong leasing activity and occupancy rates.
Key Takeaways
Boston Properties reported a net income of $108.3 million, or $0.69 per diluted share. FFO reached $270.5 million, or $1.73 per diluted share. The company's in-service properties maintained a strong occupancy rate of 88.4%.
Net income attributable to Boston Properties, Inc. was $108.3 million, or $0.69 per diluted share.
FFO attributable to Boston Properties, Inc. was $270.5 million, or $1.73 per diluted share.
Revenue reached $730.1 million.
In-service properties maintained an occupancy rate of 88.4%.
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
The Company’s guidance for the full year 2021 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
- Average In-service portfolio occupancy for 2021: 88.00% - 89.00%
- Increase in BXP’s Share of Same Property net operating income (excluding termination income) for 2021: 5.00% - 6.00%
- Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income) for 2021: 4.00% - 5.00%
- BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) for 2021: $26,000 - $28,000
- Development and management services revenue for 2021: $25,000 - $26,000
Challenges Ahead
- BXP’s Share of incremental net operating income related to asset sales over prior year for 2021: $(15,000) - $(13,000)
- BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) for 2021: $115,000 - $120,000
- Termination income for 2021: $12,000 - $13,000
- General and administrative expense for 2021: $(148,000) - $(147,000)
- Net interest expense for 2021: $(469,000) - $(466,000)
Revenue & Expenses
Visualization of income flow from segment revenue to net income