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Sep 30, 2024
Boston Properties Q3 2024 Earnings Report
Boston Properties' financial performance reflected a net income of $83.6 million and FFO of $286.9 million.
Key Takeaways
Boston Properties reported a net income attributable to BXP, Inc. of $83.6 million, or $0.53 per diluted share, and FFO attributable to BXP, Inc. of $286.9 million, or $1.81 per diluted share for the quarter ended September 30, 2024.
Total revenue was $859.2 million.
Net income attributable to BXP, Inc. was $83.6 million, or $0.53 per diluted share.
FFO attributable to BXP, Inc. was $286.9 million, or $1.81 per diluted share.
The Company completed the acquisition of its joint venture partner’s 50% economic ownership interest in 901 New York Avenue.
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 2024 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below.
Positive Outlook
- Average In-service portfolio occupancy between 87.00% and 88.20%
- BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) between $75,000 and $82,000
- BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) between $110,000 and $120,000
- Termination income between $15,000 and $16,000
- Development, management services and other revenue between $25,000 and $27,000
Challenges Ahead
- Projected EPS (diluted) between $2.05 and $2.07
- Projected FFO per share (diluted) between $7.09 and $7.11
- Decrease in BXP’s Share of Same Property net operating income (excluding termination income) between (3.00)% and (1.50)%
- Decrease in BXP’s Share of Same Property net operating income - cash (excluding termination income) between (3.00)% and (1.50)%
- BXP’s Share of incremental net operating income related to asset sales over prior year $(6,000)