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Boston Properties
🇺🇸 NYSE:BXP
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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%.

Total Revenue
$824M
Previous year: $791M
+4.3%
EPS
$1.86
Previous year: $1.91
-2.6%
Total Square Feet
53.5M
Previous year: 53.5M
+0.0%
Total Properties
190
Previous year: 193
-1.6%
Gross Profit
$512M
Previous year: $496M
+3.1%
Cash and Equivalents
$930M
Previous year: $376M
+147.6%
Total Assets
$24.7B
Previous year: $23.7B
+4.3%

Boston Properties

Boston Properties

Boston Properties Revenue by Segment

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

Company Overview

Full financial data and analysis

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