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Dec 31, 2023
Boston Properties Q4 2023 Earnings Report
Boston Properties' financial performance remained robust, driven by strong leasing activity and strategic acquisitions.
Key Takeaways
Boston Properties reported a net income of $119.9 million, or $0.76 per diluted share, and FFO of $286.2 million, or $1.82 per diluted share. The company continued to execute its strategy of focusing on premier workplaces in dynamic gateway markets.
Net income attributable to Boston Properties, Inc. was $119.9 million, or $0.76 per diluted share.
FFO attributable to Boston Properties, Inc. was $286.2 million, or $1.82 per diluted share.
The company acquired its joint venture partner’s 45% ownership interest in Santa Monica Business Park.
Occupancy of in-service properties was 88.4%.
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 first quarter 2024 and full year 2024 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.
Positive Outlook
- Average In-service portfolio occupancy between 87.20% and 88.60%
- 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 $125,000
- Termination income between $5,000 and $8,000
- Development, management services and other revenue between $25,000 and $28,000
Challenges Ahead
- Decrease in BXP’s Share of Same Property net operating income (excluding termination income) between (3.00)% and (1.00)%
- Decrease in BXP’s Share of Same Property net operating income - cash (excluding termination income) between (3.00)% and (1.00)%
- BXP’s Share of incremental net operating income related to asset sales over prior year between $(6,000) and $(6,000)
- General and administrative expense between $(163,000) and $(159,000)
- Consolidated net interest expense between $(590,000) and $(570,000)