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Sep 30, 2023
Boston Properties Q3 2023 Earnings Report
Boston Properties' performance reflected a net loss, offset by FFO, influenced by property impairments and unconsolidated joint venture results.
Key Takeaways
Boston Properties reported a net loss attributable to Boston Properties, Inc. of $(111.8) million, or $(0.71) per share, for the quarter ended September 30, 2023, compared to a net income of $104.3 million, or $0.66 per share, for the previous quarter. FFO attributable to Boston Properties, Inc. remained relatively stable at $292.8 million, or $1.86 per share. The results were impacted by a significant loss from unconsolidated joint ventures due to impairment charges.
Net loss attributable to Boston Properties, Inc. was $(111.8) million, or $(0.71) per share.
FFO attributable to Boston Properties, Inc. was $292.8 million, or $1.86 per share.
Loss from unconsolidated joint ventures included a $272.6 million impairment charge.
Occupancy of in-service properties was 88.8%.
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 full year 2023 projects EPS (diluted) to be between $1.05 and $1.07, and FFO per share (diluted) to be between $7.25 and $7.27.
Positive Outlook
- Average In-service portfolio occupancy between 88.00% and 89.00%.
- Increase in BXP’s Share of Same Property net operating income (excluding termination income) between 0% and 0.50%.
- Increase in BXP’s Share of Same Property net operating income - cash (excluding termination income) between 1.50% and 2.50%.
- BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) between $100,000 and $105,000.
- Termination income between $9,000 and $11,000.
Challenges Ahead
- BXP’s Share of incremental net operating income related to asset sales over prior year between $(30,000) and $(28,000).
- BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) between $115,000 and $125,000.
- General and administrative expense between $(164,000) and $(157,000).
- Consolidated net interest expense between $(520,000) and $(510,000).
- Noncontrolling interest in property partnerships’ share of FFO between $(154,000) and $(151,000).
Revenue & Expenses
Visualization of income flow from segment revenue to net income