BXP Announces 3rd Quarter 2022 Results; Reports Q3 EPS of $2.29 and FFO Per Share Of $1.91
BXP (NYSE: BXP) reported strong Q3 2022 results, with a revenue increase of 8.3% to $790.5 million and a net income of $361.0 million or $2.29 per diluted share, outperforming guidance by $1.54 for EPS. Funds from Operations (FFO) reached $299.8 million or $1.91 per diluted share, exceeding guidance by $0.04. The company executed 1.4 million square feet of leases, including a significant life sciences lease in Cambridge, and expanded its portfolio with the acquisition of 125 Broadway for approximately $592.4 million.
- Revenue up 8.3% to $790.5 million.
- Net income increased to $361.0 million, or $2.29 per diluted share.
- Q3 EPS exceeded guidance by $1.54.
- FFO reached $299.8 million, exceeding guidance by $0.04.
- Executed 1.4 million square feet of leases, a record since 2019.
- Acquired 125 Broadway for about $592.4 million, expanding life sciences portfolio.
- 2023 EPS guidance projected lower than 2022 due to anticipated gains reduction.
- Increased interest expense expected to negatively impact 2023 results.
Exceeds Guidance for EPS and FFO for Q3; Executes 1.4 Million SF of Leases in Q3; and Expands Life Sciences Portfolio in
Financial highlights for the third quarter include:
-
Revenue increased
8.3% to for the quarter ended$790.5 million September 30, 2022 , as compared to for the quarter ended$730.1 million September 30, 2021 . -
Net income attributable to common shareholders of
, or$361.0 million per diluted share (EPS) for the quarter ended$2.29 September 30, 2022 , compared to , or$108.3 million per diluted share, for the quarter ended$0.69 September 30, 2021 . -
Funds from Operations (FFO) of
, or$299.8 million per diluted share for the quarter ended$1.91 September 30, 2022 , compared to FFO of , or$270.5 million per diluted share, for the quarter ended$1.73 September 30, 2021 . -
EPS and FFO per share exceeded the mid-points of BXP’s guidance by
and$1.54 per share, respectively. EPS included a gain on sale of real estate of$0.04 per share, and each of EPS and FFO included$1.50 per share of better-than-projected portfolio performance.$0.04
BXP provided guidance for (1) full year 2022 EPS of
-
for 2023 EPS, lower anticipated gains on sale of
per diluted share; and$2.43 -
for each of 2023 EPS and FFO per diluted share, a decline of
per diluted share (at the midpoint of our 2023 guidance range) from:$0.30 -
per diluted share of higher projected interest expense, including$0.69 per diluted share of interest expense related to our new investment activity outlined in this release,$0.30 -
per diluted share of dilution resulting from our 2022 disposition activity, and$0.16 -
per diluted share of reduced fee income and increased G&A expense.$0.07
-
The foregoing are offset by
See “EPS and FFO per Share Guidance” below.
Third quarter and recent business highlights include:
-
Executed approximately 1.4 million square feet of leases, which was the strongest third quarter leasing volume since 2019. Notable leases include:
-
A 15-year lease for approximately 225,000 square feet with a prominent life sciences organization for the planned office-to-lab conversion at
300 Binney Street located inCambridge, Massachusetts . -
An 11-year lease for approximately 118,000 square feet with a retail client at the
Prudential Center inBoston, Massachusetts .
-
A 15-year lease for approximately 225,000 square feet with a prominent life sciences organization for the planned office-to-lab conversion at
-
Further expanded BXP’s life sciences portfolio in
Kendall Square inCambridge, Massachusetts by completing the acquisition of125 Broadway for a purchase price, including transaction costs, of approximately .$592.4 million 125 Broadway is a six-story, 271,000 square foot laboratory/life sciences property adjacent to BXP’s existing 2.2 million square foot portfolio in the heart ofKendall Square .Kendall Square is considered to be the largest and most important cluster of life sciences companies and research space inthe United States . This property is100% leased. -
BXP and Biogen Inc. terminated Biogen’s lease at300 Binney Street inKendall Square to facilitate the conversion and expansion of the property.300 Binney Street is currently a 195,000 square foot property that will be redeveloped into an approximately 240,000 square foot laboratory/life sciences space for the new client that has signed a lease for100% of the laboratory/life sciences space. -
Partially placed in-service
880 Winter Street , an approximately 244,000 square foot laboratory/life sciences project located inWaltham, Massachusetts . The project is currently97% leased. -
Commenced the redevelopment of:
-
A property located at
140 Kendrick Street inNeedham, Massachusetts . When completed, the property will consist of approximately 104,000 square feet and will be the first Net Zero, Carbon Neutral office repositioning of this scale in Massachusetts. The repositioning will include a deep energy retrofit, full electrification of gas-fired systems, HVAC modernization, including advanced heat recovery, and onsite renewable energy generation from a solar photovoltaic system that is designed to exceed annual consumption. This property is100% leased. -
760 Boylston Street at thePrudential Center located inBoston, Massachusetts . The redevelopment is a modernization of the space consisting of approximately 118,000 rentable square feet. This property is100% leased to a single client.
-
A property located at
-
Completed the disposition of:
-
601 Massachusetts Avenue located inWashington, DC for a gross sale price of . Net cash proceeds totaled approximately$531.0 million resulting in a gain on sale of real estate totaling approximately$514.5 million .$237.4 million 601 Massachusetts Avenue is an 11-story, approximately 479,000 square foot premier workplace originally developed by BXP in 2013 and currently98% leased. BXP will continue to provide property management services to the new owner. -
Land parcels located in
Loudoun County, Virginia for a gross sale price of . Net cash proceeds totaled approximately$27.0 million resulting in a gain on sale of real estate totaling approximately$26.9 million .$24.4 million
-
-
In
October 2022 , entered into an agreement to acquire an approximate27% interest in the joint venture that owns200 Fifth Avenue , a 14-story, approximately 870,000 square-foot, LEED Gold certified, premier workplace located inManhattan, New York that is approximately93% leased. The acquisition of the joint venture interest will be BXP’s second investment in the vibrant Midtown South neighborhood in the past twelve months. BXP will serve as the managing member and provide customary leasing and property management services for the joint venture. BXP expects to close the acquisition in the fourth quarter of 2022 for a gross purchase price of approximately , which includes$280.2 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of$120.1 million . The mortgage loan bears interest at$160.1 million 4.34% per annum and matures inNovember 2028 . There can be no assurance that BXP will complete the acquisition on the terms currently contemplated or at all. -
In
October 2022 , entered into an agreement to sell the residential component of The Avant located inReston, Virginia . The Avant is a 15-story, approximately 329,000 square foot, 359-unit, luxury multifamily building that is currently96% occupied. BXP will retain ownership of the 26,000 square foot ground-level retail space. BXP expects to close the transaction in the fourth quarter of 2022 for a gross sale price of approximately . There can be no assurance that BXP will complete the sale on the terms currently contemplated or at all.$141 million - BXP maintained its leadership and ongoing commitment to ESG and sustainability performance and earned a top ESG rating in the 2022 GRESB® assessment. BXP earned its 11th consecutive “Green Star” recognition and the highest GRESB 5-star rating, as well as an “A” disclosure score. BXP also achieved the highest scores in several categories, including Data Monitoring & Review, Targets, Policies, Reporting, and Leadership.
The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended
EPS and FFO per Share Guidance:
BXP’s guidance for the full year 2022 and full year 2023 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
|
|
|
|
Full Year 2022 |
|
Full Year 2023 |
||||||||||
|
|
|
|
Low |
|
High |
|
Low |
|
High |
||||||
Projected EPS (diluted) |
|
$ |
5.55 |
|
|
$ |
5.57 |
|
|
$ |
2.27 |
|
$ |
2.42 |
||
|
Add: |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
4.39 |
|
|
|
4.39 |
|
|
|
4.88 |
|
|
4.88 |
|
|
|
|
|
(2.43 |
) |
|
|
(2.43 |
) |
|
|
— |
|
|
— |
Projected FFO per share (diluted) |
|
$ |
7.51 |
|
|
$ |
7.53 |
|
|
$ |
7.15 |
|
$ |
7.30 |
BXP will host a conference call on
Additionally, a copy of BXP’s third quarter 2022 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.
BXP (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of the COVID-19 global pandemic, including the emergence of additional variants, the effectiveness, availability and distribution of vaccines, including their efficacy against new variant strains and the willingness of individuals to be vaccinated, the impact of geopolitical conflicts, including the ongoing war in
Financial tables follow.
CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
2022 |
|
2021 |
|||||
|
(in thousands, except for share and par value amounts) |
|||||||
ASSETS |
|
|
|
|||||
Real estate, at cost |
$ |
23,920,533 |
|
|
$ |
22,298,103 |
|
|
Construction in progress |
|
670,167 |
|
|
|
894,172 |
|
|
Land held for future development |
|
601,676 |
|
|
|
560,355 |
|
|
Right of use assets - finance leases |
|
237,505 |
|
|
|
237,507 |
|
|
Right of use assets - operating leases |
|
167,935 |
|
|
|
169,778 |
|
|
Less: accumulated depreciation |
|
(6,170,472 |
) |
|
|
(5,883,961 |
) |
|
Total real estate |
|
19,427,344 |
|
|
|
18,275,954 |
|
|
Cash and cash equivalents |
|
375,774 |
|
|
|
452,692 |
|
|
Cash held in escrows |
|
73,112 |
|
|
|
48,466 |
|
|
Investments in securities |
|
30,040 |
|
|
|
43,632 |
|
|
Tenant and other receivables, net |
|
69,633 |
|
|
|
70,186 |
|
|
Related party note receivable, net |
|
78,592 |
|
|
|
78,336 |
|
|
Note receivables, net |
|
— |
|
|
|
9,641 |
|
|
Accrued rental income, net |
|
1,250,176 |
|
|
|
1,226,745 |
|
|
Deferred charges, net |
|
720,648 |
|
|
|
618,798 |
|
|
Prepaid expenses and other assets |
|
107,538 |
|
|
|
57,811 |
|
|
Investments in unconsolidated joint ventures |
|
1,593,834 |
|
|
|
1,482,997 |
|
|
Total assets |
$ |
23,726,691 |
|
|
$ |
22,365,258 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|||||
Liabilities: |
|
|
|
|||||
Mortgage notes payable, net |
$ |
3,271,157 |
|
|
$ |
3,267,914 |
|
|
Unsecured senior notes, net |
|
9,491,714 |
|
|
|
9,483,695 |
|
|
Unsecured line of credit |
|
340,000 |
|
|
|
145,000 |
|
|
Unsecured term loan, net |
|
730,000 |
|
|
|
— |
|
|
Lease liabilities - finance leases |
|
248,092 |
|
|
|
244,421 |
|
|
Lease liabilities - operating leases |
|
205,008 |
|
|
|
204,561 |
|
|
Accounts payable and accrued expenses |
|
360,572 |
|
|
|
320,775 |
|
|
Dividends and distributions payable |
|
170,952 |
|
|
|
169,859 |
|
|
Accrued interest payable |
|
91,885 |
|
|
|
94,796 |
|
|
Other liabilities |
|
417,255 |
|
|
|
391,441 |
|
|
Total liabilities |
|
15,326,635 |
|
|
|
14,322,462 |
|
|
|
|
|
|
|||||
Commitments and contingencies |
|
— |
|
|
|
— |
|
|
Redeemable deferred stock units |
|
6,985 |
|
|
|
9,568 |
|
|
Equity: |
|
|
|
|||||
Stockholders’ equity attributable to |
|
|
|
|||||
Excess stock, |
|
— |
|
|
|
— |
|
|
Preferred stock, |
|
— |
|
|
|
— |
|
|
Common stock, |
|
1,568 |
|
|
|
1,565 |
|
|
Additional paid-in capital |
|
6,532,299 |
|
|
|
6,497,730 |
|
|
Dividends in excess of earnings |
|
(359,536 |
) |
|
|
(625,891 |
) |
|
|
|
(2,722 |
) |
|
|
(2,722 |
) |
|
Accumulated other comprehensive loss |
|
(15,991 |
) |
|
|
(36,662 |
) |
|
Total stockholders’ equity attributable to |
|
6,155,618 |
|
|
|
5,834,020 |
|
|
Noncontrolling interests: |
|
|
|
|||||
Common units of the |
|
685,952 |
|
|
|
642,655 |
|
|
Property partnerships |
|
1,551,501 |
|
|
|
1,556,553 |
|
|
Total equity |
|
8,393,071 |
|
|
|
8,033,228 |
|
|
Total liabilities and equity |
$ |
23,726,691 |
|
|
$ |
22,365,258 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
(in thousands, except for per share amounts) |
||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Lease |
|
$ |
739,255 |
|
|
$ |
692,260 |
|
|
$ |
2,179,274 |
|
|
$ |
2,062,102 |
|
Parking and other |
|
|
28,154 |
|
|
|
23,507 |
|
|
|
80,234 |
|
|
|
58,727 |
|
Hotel revenue |
|
|
11,749 |
|
|
|
5,189 |
|
|
|
28,395 |
|
|
|
7,382 |
|
Development and management services |
|
|
7,465 |
|
|
|
6,094 |
|
|
|
19,650 |
|
|
|
20,181 |
|
Direct reimbursements of payroll and related costs from management services contracts |
|
|
3,900 |
|
|
|
3,006 |
|
|
|
11,204 |
|
|
|
9,166 |
|
Total revenue |
|
|
790,523 |
|
|
|
730,056 |
|
|
|
2,318,757 |
|
|
|
2,157,558 |
|
Expenses |
|
|
|
|
|
|
|
|
||||||||
Operating |
|
|
|
|
|
|
|
|
||||||||
Rental |
|
|
281,702 |
|
|
|
258,281 |
|
|
|
825,805 |
|
|
|
764,373 |
|
Hotel |
|
|
8,548 |
|
|
|
3,946 |
|
|
|
19,832 |
|
|
|
7,993 |
|
General and administrative |
|
|
32,519 |
|
|
|
34,560 |
|
|
|
110,378 |
|
|
|
117,924 |
|
Payroll and related costs from management services contracts |
|
|
3,900 |
|
|
|
3,006 |
|
|
|
11,204 |
|
|
|
9,166 |
|
Transaction costs |
|
|
1,650 |
|
|
|
1,888 |
|
|
|
2,146 |
|
|
|
2,970 |
|
Depreciation and amortization |
|
|
190,675 |
|
|
|
179,412 |
|
|
|
551,445 |
|
|
|
539,815 |
|
Total expenses |
|
|
518,994 |
|
|
|
481,093 |
|
|
|
1,520,810 |
|
|
|
1,442,241 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Loss from unconsolidated joint ventures |
|
|
(3,524 |
) |
|
|
(5,597 |
) |
|
|
(1,389 |
) |
|
|
(1,745 |
) |
Gains on sales of real estate |
|
|
262,345 |
|
|
|
348 |
|
|
|
381,293 |
|
|
|
8,104 |
|
Interest and other income (loss) |
|
|
3,728 |
|
|
|
1,520 |
|
|
|
6,151 |
|
|
|
4,140 |
|
Other income - assignment fee |
|
|
— |
|
|
|
— |
|
|
|
6,624 |
|
|
|
— |
|
Gains (losses) from investments in securities |
|
|
(1,571 |
) |
|
|
(190 |
) |
|
|
(8,549 |
) |
|
|
3,744 |
|
Losses from early extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(898 |
) |
Interest expense |
|
|
(111,846 |
) |
|
|
(105,794 |
) |
|
|
(317,216 |
) |
|
|
(320,015 |
) |
Net income |
|
|
420,661 |
|
|
|
139,250 |
|
|
|
864,861 |
|
|
|
408,647 |
|
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
||||||||
Noncontrolling interests in property partnerships |
|
|
(18,801 |
) |
|
|
(18,971 |
) |
|
|
(54,896 |
) |
|
|
(52,602 |
) |
Noncontrolling interest—common units of the |
|
|
(40,883 |
) |
|
|
(11,982 |
) |
|
|
(82,821 |
) |
|
|
(35,393 |
) |
Net income attributable to |
|
|
360,977 |
|
|
|
108,297 |
|
|
|
727,144 |
|
|
|
320,652 |
|
Preferred dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,560 |
) |
Preferred stock redemption charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,412 |
) |
Net income attributable to |
|
$ |
360,977 |
|
|
$ |
108,297 |
|
|
$ |
727,144 |
|
|
$ |
311,680 |
|
Basic earnings per common share attributable to |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
2.30 |
|
|
$ |
0.69 |
|
|
$ |
4.63 |
|
|
$ |
2.00 |
|
Weighted average number of common shares outstanding |
|
|
156,754 |
|
|
|
156,183 |
|
|
|
156,708 |
|
|
|
156,062 |
|
Diluted earnings per common share attributable to |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
2.29 |
|
|
$ |
0.69 |
|
|
$ |
4.62 |
|
|
$ |
1.99 |
|
Weighted average number of common and common equivalent shares outstanding |
|
|
157,133 |
|
|
|
156,598 |
|
|
|
157,144 |
|
|
|
156,394 |
|
FUNDS FROM OPERATIONS (1) (Unaudited) |
||||||||||||||||
|
Three months ended
|
|
Nine months ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
(in thousands, except for per share amounts) |
|||||||||||||||
Net income attributable to |
$ |
360,977 |
|
|
$ |
108,297 |
|
|
$ |
727,144 |
|
|
$ |
311,680 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||
Preferred stock redemption charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,412 |
|
|
Preferred dividends |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,560 |
|
|
Noncontrolling interest - common units of the |
|
40,883 |
|
|
|
11,982 |
|
|
|
82,821 |
|
|
|
35,393 |
|
|
Noncontrolling interests in property partnerships |
|
18,801 |
|
|
|
18,971 |
|
|
|
54,896 |
|
|
|
52,602 |
|
|
Net income |
|
420,661 |
|
|
|
139,250 |
|
|
|
864,861 |
|
|
|
408,647 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization expense |
|
190,675 |
|
|
|
179,412 |
|
|
|
551,445 |
|
|
|
539,815 |
|
|
Noncontrolling interests in property partnerships’ share of depreciation and amortization |
|
(17,706 |
) |
|
|
(16,773 |
) |
|
|
(52,773 |
) |
|
|
(50,343 |
) |
|
Company’s share of depreciation and amortization from unconsolidated joint ventures |
|
21,485 |
|
|
|
17,803 |
|
|
|
64,649 |
|
|
|
51,565 |
|
|
Corporate-related depreciation and amortization |
|
(431 |
) |
|
|
(443 |
) |
|
|
(1,248 |
) |
|
|
(1,327 |
) |
|
Less: |
|
|
|
|
|
|
|
|||||||||
Gains on sale of investment included within loss from unconsolidated joint ventures |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,257 |
|
|
Gains on sales of real estate |
|
262,345 |
|
|
|
348 |
|
|
|
381,293 |
|
|
|
8,104 |
|
|
Noncontrolling interests in property partnerships |
|
18,801 |
|
|
|
18,971 |
|
|
|
54,896 |
|
|
|
52,602 |
|
|
Preferred dividends |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,560 |
|
|
Preferred stock redemption charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,412 |
|
|
Funds from operations (FFO) attributable to the |
|
333,538 |
|
|
|
299,930 |
|
|
|
990,745 |
|
|
|
868,422 |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations |
|
33,787 |
|
|
|
29,453 |
|
|
|
100,164 |
|
|
|
85,366 |
|
|
Funds from operations attributable to |
$ |
299,751 |
|
|
$ |
270,477 |
|
|
$ |
890,581 |
|
|
$ |
783,056 |
|
|
|
|
89.87 |
% |
|
|
90.18 |
% |
|
|
89.89 |
% |
|
|
90.17 |
% |
|
Weighted average shares outstanding - basic |
|
156,754 |
|
|
|
156,183 |
|
|
|
156,708 |
|
|
|
156,062 |
|
|
FFO per share basic |
$ |
1.91 |
|
|
$ |
1.73 |
|
|
$ |
5.68 |
|
|
$ |
5.02 |
|
|
Weighted average shares outstanding - diluted |
|
157,133 |
|
|
|
156,598 |
|
|
|
157,144 |
|
|
|
156,394 |
|
|
FFO per share diluted |
$ |
1.91 |
|
|
$ |
1.73 |
|
|
$ |
5.67 |
|
|
$ |
5.01 |
(1) |
Pursuant to the revised definition of Funds from Operations adopted by the |
|
Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. |
||
In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to |
PORTFOLIO LEASING PERCENTAGES |
||||
|
|
|
|
|
|
% Leased by Location |
|||
|
|
|
|
|
|
91.4 % |
|
91.4 % |
|
|
90.0 % |
|
88.8 % |
|
|
86.9 % |
|
87.6 % |
|
|
87.3 % |
|
87.3 % |
|
|
89.1 % |
|
90.9 % |
|
|
88.1 % |
|
87.2 % |
|
Total Portfolio |
88.9 % |
|
88.8 % |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221025006124/en/
AT BXP
Executive Vice President,
Chief Financial Officer and Treasurer
mlabelle@bxp.com
Vice President, Investor Relations
hhan@bxp.com
Source: BXP
FAQ
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