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Boston Properties
🇺🇸 NYSE:BXP
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Dec 31, 2020

Boston Properties Q4 2020 Earnings Report

Boston Properties' Q4 2020 earnings were impacted by COVID-19, with revenue decreasing and a non-cash impairment charge recorded.

Key Takeaways

Boston Properties reported a decrease in revenue and net income for Q4 2020 compared to Q4 2019, largely due to the impact of the COVID-19 pandemic. The company experienced write-offs associated with accrued rent and accounts receivable, along with decreases in parking and hotel revenue. A non-cash impairment charge related to an unconsolidated joint venture property in Brooklyn, New York also affected net income.

Revenue for Q4 2020 was $665.1 million, while net income attributable to Boston Properties, Inc. common shareholders was $7.3 million.

The company recorded a $60.5 million non-cash impairment charge related to its investment in Dock 72, an unconsolidated joint venture property.

BXP’s Share of Same Property NOI (excluding termination income) decreased by $63.7 million compared to Q4 2019, with COVID-19 related decreases impacting the results.

Funds Available for Distribution (FAD) was $161.3 million for Q4 2020, a decrease of $24.6 million from Q4 2019.

Total Revenue
$665M
Previous year: $758M
-12.2%
EPS
$1.37
Previous year: $1.87
-26.7%
Total Square Feet
51.2M
Previous year: 51.97M
-1.5%
Total Properties
196
Previous year: 196
+0.0%
Occupancy of In-Service Prop.
90.1%
Gross Profit
$405M
Previous year: $478M
-15.4%
Cash and Equivalents
$1.67B
Previous year: $645M
+158.7%
Total Assets
$22.9B
Previous year: $21.3B
+7.4%

Boston Properties

Boston Properties

Boston Properties Revenue by Segment

Forward Guidance

The Company’s guidance for the first quarter 2021 for diluted earnings per common share attributable to Boston Properties, Inc. common shareholders (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. common shareholders is set forth and reconciled below.

Positive Outlook

  • Rental rates
  • Occupancy levels
  • The timing of the lease-up of available space
  • The earnings impact of the events referenced in the Company’s earnings release issued on January 26, 2021
  • The earnings impact of the events otherwise referenced during the Company’s conference call scheduled for January 27, 2021

Challenges Ahead

  • Possible future gains or losses
  • The impact on operating results from other possible future property acquisitions or dispositions
  • Other possible capital markets activity
  • Possible future write-offs of accounts receivable and accrued rent balances
  • Possible future impairment charges

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Boston Properties