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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.
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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