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Boston Properties
🇺🇸 NYSE:BXP
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Sep 30, 2022

Boston Properties Q3 2022 Earnings Report

Boston Properties' performance remained strong, driven by robust leasing activity and property sales.

Key Takeaways

Boston Properties reported a strong Q3 2022, with a net income of $360.977 million and revenue of $790.523 million. The company benefited from gains on sales of real estate and solid performance across its key markets.

Net income attributable to Boston Properties, Inc. was $360.977 million, or $2.29 per diluted share.

FFO attributable to Boston Properties, Inc. was $299.751 million, or $1.91 per diluted share.

Revenue reached $790.523 million, driven by lease income.

Same Property NOI increased by 3.2% (excluding termination income).

Total Revenue
$791M
Previous year: $730M
+8.3%
EPS
$1.91
Previous year: $1.73
+10.4%
Total Square Feet
53.5M
Previous year: 52.5M
+1.9%
Total Properties
193
Previous year: 202
-4.5%
Gross Profit
$496M
Previous year: $465M
+6.8%
Cash and Equivalents
$376M
Previous year: $1B
-62.5%
Total Assets
$23.7B
Previous year: $22.8B
+3.8%

Boston Properties

Boston Properties

Boston Properties Revenue by Segment

Boston Properties Revenue by Geographic Location

Forward Guidance

BXP provides guidance for full year 2022 and 2023 for EPS and FFO per share.

Positive Outlook

  • Average In-service portfolio occupancy for 2022 is expected to be between 88.50% and 89.50%.
  • Average In-service portfolio occupancy for 2023 is expected to be between 88.00% and 89.50%.
  • Increase in BXP’s Share of Same Property net operating income (excluding termination income) for 2022 is expected to be between 3.50% and 4.00%.
  • Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income) for 2022 is expected to be between 5.75% and 6.25%.
  • Development, management services and other revenue for 2022 is expected to be between $33 million and $36 million.

Challenges Ahead

  • Projected EPS (diluted) for 2023 is expected to be between $2.27 and $2.42, lower than 2022.
  • Projected FFO per share (diluted) for 2023 is expected to be between $7.15 and $7.30, lower than 2022.
  • Increase in BXP’s Share of Same Property net operating income (excluding termination income) for 2023 is expected to be between -0.50% and 0.50%.
  • Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income) for 2023 is expected to be between 1.00% and 2.50%.
  • General and administrative expense for 2023 is expected to be between $(164) million and $(157) million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Boston Properties