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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).
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 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