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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%
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

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