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Dec 31, 2024
Boston Properties Q4 2024 Earnings Report
Reported a net loss due to impairment charges related to unconsolidated joint ventures.
Key Takeaways
Boston Properties reported a net loss attributable to BXP, Inc. of $(230.0) million, or $(1.45) per diluted share, primarily due to impairment charges totaling approximately $341.3 million related to the Company’s investments in three unconsolidated joint ventures. Diluted FFO per share was $1.79.
Net loss attributable to BXP, Inc. was $(230.0) million, or $(1.45) per diluted share.
Diluted FFO per share was $1.79.
Revenue was $858.6 million.
Occupancy % of In-Service Properties was 87.5%.
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 and full year 2025 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
- Projected EPS (diluted) for First Quarter 2025: $0.33 - $0.35
- Projected FFO per share (diluted) for First Quarter 2025: $1.63 - $1.65
- Projected EPS (diluted) for Full Year 2025: $1.57 - $1.75
- Projected FFO per share (diluted) for Full Year 2025: $6.77 - $6.95
- Average In-service portfolio occupancy for Full Year 2025: 86.50% - 88.00%
Challenges Ahead
- Change in BXP’s Share of Same Property net operating income (excluding termination income) for Full Year 2025: (1.00)% - 0.50%
- Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) for Full Year 2025: 0% - 1.50%
- Taking Buildings Out-of-Service for Full Year 2025: $(11,300)
- Consolidated net interest expense for Full Year 2025: $(625,000) - $(610,000)
- Unconsolidated joint venture interest expense for Full Year 2025: $(80,000) - $(75,000)