BXP Announces 4th Quarter and Full Year 2022 Results; Reports Q4 EPS of $0.78 and FFO Per Share of $1.86
BXP (NYSE: BXP) reported Q4 2022 results showing revenue growth of 8.0% to $789.8 million compared to Q4 2021. Net income declined to $121.8 million ($0.78 EPS) due to a $0.29 impairment charge on Dock 72, while funds from operations (FFO) rose to $292.9 million ($1.86 per diluted share). The company executed 1.1 million square feet of leases in Q4 2022 and updated guidance for 2023 projecting EPS between $2.36 and $2.46. Significant acquisitions include a 27% interest in 200 Fifth Avenue for $280.1 million. Annual highlights include leasing 5.7 million square feet and total net income of $848.9 million for 2022.
- Revenue increased by 8.0% to $789.8 million in Q4 2022.
- Funds from Operations (FFO) rose to $292.9 million in Q4 2022, exceeding guidance by $0.01.
- Executed 1.1 million square feet of leases in Q4 2022 with a weighted average lease term of 7.8 years.
- Updated 2023 guidance includes EPS of $2.36 - $2.46, higher than previous estimates.
- Acquired a 27% interest in 200 Fifth Avenue for approximately $280.1 million.
- Net income fell to $121.8 million ($0.78 per diluted share) in Q4 2022, down from $184.5 million ($1.18 per diluted share) in Q4 2021.
- EPS for Q4 2022 was $0.16 below the midpoint of guidance due to impairment charges.
- Occupancy decreased by 30 basis points to 88.6%, impacted by new properties not yet generating revenue.
Executes 1.1 Million SF of Leases in Q4 for a Total of 5.7 Million SF Leased in 2022
Financial highlights for the fourth quarter include:
-
Revenue increased
8.0% to for the quarter ended$789.8 million December 31, 2022 , as compared to for the quarter ended$731.1 million December 31, 2021 . -
Net income attributable to common shareholders of
, or$121.8 million per diluted share (EPS), for the quarter ended$0.78 December 31, 2022 , compared to , or$184.5 million per diluted share, for the quarter ended$1.18 December 31, 2021 . -
Funds from Operations (FFO) of
, or$292.9 million per diluted share, for the quarter ended$1.86 December 31, 2022 , compared to FFO of , or$243.0 million per diluted share, for the quarter ended$1.55 December 31, 2021 . -
EPS for the fourth quarter fell short of the mid-point of BXP’s guidance by
primarily due to a$0.16 per diluted share non-cash impairment charge related to BXP’s investment in$0.29 Dock 72 inBrooklyn, New York , in which BXP has a50% interest. -
FFO per diluted share exceeded the mid-point of BXP’s guidance by
due to portfolio outperformance.$0.01
BXP also provided updated guidance for first quarter 2023 EPS of
The mid-point of the updated guidance for full year 2023 EPS is projected to be
The items that positively impact BXP’s updated 2023 guidance range include:
- Greater projected contributions from acquisitions and development activities;
- Lower net interest expense from greater earnings on cash balances and greater capitalized interest; and
- Additional projected development and management services income.
These three items aggregate
This is offset by
-
the closure and demolition of a 1,132 space parking facility to allow for the commencement of development of
290 Binney Street inCambridge, Massachusetts , which is100% pre-leased to AstraZeneca and -
the incremental net interest expense associated with BXP’s operating partnership’s -
Boston Properties Limited Partnership (“BPLP”) senior unsecured notes offering, which closed on$750 million November 7, 2022 .
See “EPS and FFO per Share Guidance” below.
Fourth quarter and recent business highlights include:
- Executed approximately 1.1 million square feet of leases having a weighted-average lease term of 7.8 years.
-
Fully placed in-service two projects:
-
Reston Next, a premier workplace project consisting of two buildings totaling approximately 1.1 million square feet, located in
Reston, Virginia . Including leases that have not yet commenced, this project is90% leased. -
880 Winter Street , an approximately 244,000 square foot laboratory/life sciences project located inWaltham, Massachusetts . Including leases that have not yet commenced, this project is currently97% leased.
-
Reston Next, a premier workplace project consisting of two buildings totaling approximately 1.1 million square feet, located in
BXP’s occupancy declined by 30 basis points in the fourth quarter of 2022 to
-
Commenced the redevelopment of 105 Carnegie Center, located in
Princeton, New Jersey . 105 Carnegie Center is currently a 70,000 square foot property that will be redeveloped into an approximately 73,000 square foot laboratory/life sciences space. -
Completed the acquisition of an approximate
27% interest in the joint venture that owns200 Fifth Avenue for a gross purchase price of approximately , which includes$280.1 million of cash and BXP’s pro rata share of the outstanding loan secured by the property of$120.1 million .$160.0 million 200 Fifth Avenue is a 14-story, approximately 855,000 square-foot, LEED Gold certified, premier workplace located in the Midtown South submarket ofManhattan, New York that is approximately93% leased. BXP serves as the managing member and provides customary leasing and property management services for the joint venture. -
Completed the disposition of the residential component of The Avant at
Reston Town Center , located inReston, Virginia , for a gross sale price of . Net cash proceeds totaled approximately$141.0 million , resulting in a gain on sale of real estate of approximately$139.6 million . The Avant is a 15-story, approximately 329,000 square foot, 359-unit, luxury multifamily building. BXP retained ownership of the approximately 26,000 square foot ground-level retail space.$55.6 million -
BPLP completed a green bond offering of
of$750.0 million 6.750% unsecured senior notes dueDecember 2027 . The aggregate net proceeds from the offering were approximately after deducting underwriting discounts and transaction expenses.$743.5 million -
On
January 4, 2023 , BPLP closed on a unsecured term loan facility that matures in$1.2 billion May 2024 , with one, twelve-month extension option subject to the satisfaction of customary conditions. As ofJanuary 4, 2023 , the term loan bore interest at a variable rate equal to adjusted Term SOFR plus0.85% per annum. A portion of the proceeds were used to repay in full BPLP’s term loan that was scheduled to mature in$730.0 million May 2023 , resulting in incremental proceeds of approximately .$466.0 million -
In
January 2023 , BXP commenced the development of290 Binney Street , an approximately 570,000 net rentable square foot laboratory/life sciences project inCambridge, Massachusetts . Concurrently with the commencement of this project, BXP removed from service and began demolition of the existingKendall Center Blue Parking Garage to support the development of this project.290 Binney Street is100% pre-leased to AstraZeneca. -
Earned national recognition as an industry leader and furthered BXP’s commitments to ESG and sustainability performance:
- Awarded Nareit’s 2022 Leader in the Light Award in the office property sector. This award is the highest achievement for Office REITs and acknowledges BXP’s leadership in demonstrating outstanding sustainability practices throughout the year.
-
Named to Newsweek’s list of America’s Most Responsible Companies for 2023. BXP ranked first in the
Real Estate & Housing industry with an increased ranking of 29th overall out of the 500 companies included and had the third highest environmental score. -
Named to the
Dow Jones Sustainability Index (DJSI) North America for 2022, its second consecutive year in the highly selective index. BXP was one of eight real estate companies that qualified.
Financial highlights for the year ended
-
Net income attributable to common shareholders of
, or$848.9 million per diluted share (EPS) for the year ended$5.40 December 31, 2022 , compared to , or$496.2 million per diluted share, for the year ended$3.17 December 31, 2021 . -
Funds from Operations (FFO) of
, or$1.2 billion per diluted share for the year ended$7.53 December 31, 2022 , compared to FFO of , or$1.0 billion per diluted share, for the year ended$6.56 December 31, 2021 .
Full year 2022 business highlights include:
-
Executed a total of approximately 5.7 million square feet of leases. Notables leases include:
-
An approximately 570,000 rentable square foot lease with AstraZeneca to lease the first phase of a life sciences development at
290 Binney Street inCambridge, Massachusetts . -
An approximately 330,000 square foot renewal and expansion with a financial services firm at
601 Lexington Avenue inNew York City , NY. -
An approximately 225,000 square foot lease with the
Broad Institute for the planned office-to-lab conversion at300 Binney Street located inCambridge, Massachusetts .
-
An approximately 570,000 rentable square foot lease with AstraZeneca to lease the first phase of a life sciences development at
-
Fully placed in-service three development projects and commenced development and redevelopment of seven projects. In addition to the projects highlighted for the fourth quarter above, these projects include:
-
Completed and fully placed in-service
325 Main Street , a premier workplace with approximately 414,000 square feet of office and retail space located inCambridge, Massachusetts . The office component, comprising approximately 380,000 square feet, is100% leased. -
Commenced redevelopment of 651
Gateway inSouth San Francisco, California . 651Gateway is an office building that is being converted to an approximately 327,000 net rentable square foot life sciences space. This property is owned by a joint venture in which BXP has a50% interest. -
Commenced development of the first phase of Platform 16 in
San Jose, California . Platform 16 is a premier workplace project that, after completion of all phases, is expected to be approximately 1.1 million square feet. The first phase is approximately 390,000 net rentable square feet. This property is owned by a joint venture in which BXP has a55% interest. -
Commenced two development projects within
Reston Town Center inReston, Virginia :-
A luxury residential property that is expected to consist of 508 units across a five-story low-rise building and an iconic 39-story tower, which will be one of the tallest buildings in
Northern Virginia . The residential property is owned by a newly formed joint venture with an institutional partner in which BXP has a20% interest. The joint venture obtained a construction loan that bears interest at a variable rate equal to SOFR plus$140.0 million 2.00% per annum and matures onMay 13, 2026 , with two, one-year extension options, subject to certain conditions. - Adjacent to the residential property, a premier workplace and retail project that, when completed, will consist of approximately 90,000 square feet of boutique commercial space with highly efficient floor plates.
-
A luxury residential property that is expected to consist of 508 units across a five-story low-rise building and an iconic 39-story tower, which will be one of the tallest buildings in
-
Commenced redevelopment of
140 Kendrick Street - Building A 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. This property is100% pre-leased. -
Commenced redevelopment of
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% pre-leased.
-
Completed and fully placed in-service
-
Including the sale of the residential component of The Avant at
Reston Town Center highlighted in the fourth quarter above, completed the disposition of 15 properties, for a gross aggregate sale price of . The other dispositions included:$864.2 million -
195 West Street , an approximately 63,500 square foot office building inWaltham, Massachusetts for a gross sales price of and net proceeds of$37.7 million . BXP recognized a gain on sale of approximately$35.4 million .$22.7 million -
A portfolio of eleven suburban office properties aggregating approximately 733,000 square feet, located in
Springfield, Virginia , for an aggregate gross sales price of . Net cash proceeds totaled approximately$127.5 million , and BXP recognized a gain on sale of real estate totaling approximately$121.9 million .$96.2 million -
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$512.3 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 continues 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$25.6 million .$24.4 million
-
-
Including the purchase of a
27% interest in200 Fifth Avenue highlighted in the fourth quarter above, completed the acquisition of three premier workplaces for a gross aggregate purchase price of . The other acquisitions include:$1.6 billion -
125 Broadway , a six-story, 271,000 square foot laboratory/life sciences premier workplace that is100% leased in the heart ofKendall Square inCambridge, Massachusetts , further expanding BXP’s life sciences portfolio in what is considered to be the largest and most important cluster of life sciences companies and research space inthe United States . This property was acquired for a purchase price, including transaction costs, of approximately .$592.4 million -
Madison Centre, an approximately 755,000 square foot, 37-story, LEED-Platinum certified, premier workplace in
Seattle, Washington that is93% leased. The property was acquired for a gross purchase price of approximately .$730.0 million
-
-
In
June 2022 , celebrated the 25th Anniversary of BXP’s listing on theNew York Stock Exchange . Representatives from BXP across theU.S. rang the closing bell onJune 24th in recognition of this milestone. - 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 and year ended
EPS and FFO per Share Guidance:
BXP’s guidance for the first quarter 2023 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.
|
|
|
|
First Quarter 2023 |
|
Full Year 2023 |
||||||||
|
|
|
|
Low |
|
High |
|
Low |
|
High |
||||
Projected EPS (diluted) |
|
$ |
0.52 |
|
$ |
0.54 |
|
$ |
2.36 |
|
$ |
2.46 |
||
|
Add: |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
1.14 |
|
|
1.14 |
|
|
4.72 |
|
|
4.72 |
Projected FFO per share (diluted) |
|
$ |
1.66 |
|
$ |
1.68 |
|
$ |
7.08 |
|
$ |
7.18 |
BXP will host a conference call on
Additionally, a copy of BXP’s fourth 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 changes in general economic and capital market conditions, including continued inflation, increasing interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, job losses and potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the
Financial tables follow.
CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||
|
2022 |
|
2021 |
|||||
|
(in thousands, except for share and par value amounts) |
|||||||
ASSETS |
|
|
|
|||||
Real estate, at cost |
$ |
24,261,588 |
|
|
$ |
22,298,103 |
|
|
Construction in progress |
|
406,574 |
|
|
|
894,172 |
|
|
Land held for future development |
|
721,501 |
|
|
|
560,355 |
|
|
Right of use assets - finance leases |
|
237,510 |
|
|
|
237,507 |
|
|
Right of use assets - operating leases |
|
167,351 |
|
|
|
169,778 |
|
|
Less: accumulated depreciation |
|
(6,298,082 |
) |
|
|
(5,883,961 |
) |
|
Total real estate |
|
19,496,442 |
|
|
|
18,275,954 |
|
|
Cash and cash equivalents |
|
690,333 |
|
|
|
452,692 |
|
|
Cash held in escrows |
|
46,479 |
|
|
|
48,466 |
|
|
Investments in securities |
|
32,277 |
|
|
|
43,632 |
|
|
Tenant and other receivables, net |
|
81,389 |
|
|
|
70,186 |
|
|
Related party note receivable, net |
|
78,576 |
|
|
|
78,336 |
|
|
Note receivables, net |
|
— |
|
|
|
9,641 |
|
|
Sales-type lease receivable, net |
|
12,811 |
|
|
|
— |
|
|
Accrued rental income, net |
|
1,276,580 |
|
|
|
1,226,745 |
|
|
Deferred charges, net |
|
733,282 |
|
|
|
618,798 |
|
|
Prepaid expenses and other assets |
|
43,589 |
|
|
|
57,811 |
|
|
Investments in unconsolidated joint ventures |
|
1,715,911 |
|
|
|
1,482,997 |
|
|
Total assets |
$ |
24,207,669 |
|
|
$ |
22,365,258 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|||||
Liabilities: |
|
|
|
|||||
Mortgage notes payable, net |
$ |
3,272,368 |
|
|
$ |
3,267,914 |
|
|
Unsecured senior notes, net |
|
10,237,968 |
|
|
|
9,483,695 |
|
|
Unsecured line of credit |
|
— |
|
|
|
145,000 |
|
|
Unsecured term loan, net |
|
730,000 |
|
|
|
— |
|
|
Lease liabilities - finance leases |
|
249,335 |
|
|
|
244,421 |
|
|
Lease liabilities - operating leases |
|
204,686 |
|
|
|
204,561 |
|
|
Accounts payable and accrued expenses |
|
417,545 |
|
|
|
320,775 |
|
|
Dividends and distributions payable |
|
170,643 |
|
|
|
169,859 |
|
|
Accrued interest payable |
|
103,774 |
|
|
|
94,796 |
|
|
Other liabilities |
|
450,918 |
|
|
|
391,441 |
|
|
Total liabilities |
|
15,837,237 |
|
|
|
14,322,462 |
|
|
|
|
|
|
|||||
Commitments and contingencies |
|
— |
|
|
|
— |
|
|
Redeemable deferred stock units |
|
6,613 |
|
|
|
9,568 |
|
|
Equity: |
|
|
|
|||||
Stockholders’ equity attributable to |
|
|
|
|||||
Excess stock, |
|
— |
|
|
|
— |
|
|
Preferred stock, |
|
— |
|
|
|
— |
|
|
Common stock, |
|
1,568 |
|
|
|
1,565 |
|
|
Additional paid-in capital |
|
6,539,147 |
|
|
|
6,497,730 |
|
|
Dividends in excess of earnings |
|
(391,356 |
) |
|
|
(625,891 |
) |
|
|
|
(2,722 |
) |
|
|
(2,722 |
) |
|
Accumulated other comprehensive loss |
|
(13,718 |
) |
|
|
(36,662 |
) |
|
Total stockholders’ equity attributable to |
|
6,132,919 |
|
|
|
5,834,020 |
|
|
Noncontrolling interests: |
|
|
|
|||||
Common units of the |
|
683,583 |
|
|
|
642,655 |
|
|
Property partnerships |
|
1,547,317 |
|
|
|
1,556,553 |
|
|
Total equity |
|
8,363,819 |
|
|
|
8,033,228 |
|
|
Total liabilities and equity |
$ |
24,207,669 |
|
|
$ |
22,365,258 |
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||||||||||
|
|
Three months ended
|
|
Year ended |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
(in thousands, except for per share amounts) |
||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Lease |
|
$ |
739,094 |
|
|
$ |
690,912 |
|
|
$ |
2,918,368 |
|
|
$ |
2,753,014 |
|
Parking and other |
|
|
26,991 |
|
|
|
23,087 |
|
|
|
107,225 |
|
|
|
81,814 |
|
Hotel revenue |
|
|
11,087 |
|
|
|
6,227 |
|
|
|
39,482 |
|
|
|
13,609 |
|
Development and management services |
|
|
8,406 |
|
|
|
7,516 |
|
|
|
28,056 |
|
|
|
27,697 |
|
Direct reimbursements of payroll and related costs from management services contracts |
|
|
4,246 |
|
|
|
3,321 |
|
|
|
15,450 |
|
|
|
12,487 |
|
Total revenue |
|
|
789,824 |
|
|
|
731,063 |
|
|
|
3,108,581 |
|
|
|
2,888,621 |
|
Expenses |
|
|
|
|
|
|
|
|
||||||||
Operating |
|
|
|
|
|
|
|
|
||||||||
Rental |
|
|
282,265 |
|
|
|
256,778 |
|
|
|
1,108,070 |
|
|
|
1,021,151 |
|
Hotel |
|
|
7,646 |
|
|
|
5,005 |
|
|
|
27,478 |
|
|
|
12,998 |
|
General and administrative |
|
|
36,000 |
|
|
|
33,649 |
|
|
|
146,378 |
|
|
|
151,573 |
|
Payroll and related costs from management services contracts |
|
|
4,246 |
|
|
|
3,321 |
|
|
|
15,450 |
|
|
|
12,487 |
|
Transaction costs |
|
|
759 |
|
|
|
2,066 |
|
|
|
2,905 |
|
|
|
5,036 |
|
Depreciation and amortization |
|
|
198,330 |
|
|
|
177,521 |
|
|
|
749,775 |
|
|
|
717,336 |
|
Total expenses |
|
|
529,246 |
|
|
|
478,340 |
|
|
|
2,050,056 |
|
|
|
1,920,581 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Loss from unconsolidated joint ventures |
|
|
(58,451 |
) |
|
|
(825 |
) |
|
|
(59,840 |
) |
|
|
(2,570 |
) |
Gains on sales of real estate |
|
|
55,726 |
|
|
|
115,556 |
|
|
|
437,019 |
|
|
|
123,660 |
|
Gain on sales-type lease |
|
|
10,058 |
|
|
|
— |
|
|
|
10,058 |
|
|
|
— |
|
Interest and other income (loss) |
|
|
5,789 |
|
|
|
1,564 |
|
|
|
11,940 |
|
|
|
5,704 |
|
Other income - assignment fee |
|
|
— |
|
|
|
— |
|
|
|
6,624 |
|
|
|
— |
|
Gains (losses) from investments in securities |
|
|
2,096 |
|
|
|
1,882 |
|
|
|
(6,453 |
) |
|
|
5,626 |
|
Unrealized loss on non-real estate investment |
|
|
(150 |
) |
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
Losses from early extinguishment of debt |
|
|
— |
|
|
|
(44,284 |
) |
|
|
— |
|
|
|
(45,182 |
) |
Interest expense |
|
|
(119,923 |
) |
|
|
(103,331 |
) |
|
|
(437,139 |
) |
|
|
(423,346 |
) |
Net income |
|
|
155,723 |
|
|
|
223,285 |
|
|
|
1,020,584 |
|
|
|
631,932 |
|
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
||||||||
Noncontrolling interests in property partnerships |
|
|
(19,961 |
) |
|
|
(18,204 |
) |
|
|
(74,857 |
) |
|
|
(70,806 |
) |
Noncontrolling interest—common units of the |
|
|
(13,972 |
) |
|
|
(20,544 |
) |
|
|
(96,780 |
) |
|
|
(55,931 |
) |
Net income attributable to |
|
|
121,790 |
|
|
|
184,537 |
|
|
|
848,947 |
|
|
|
505,195 |
|
Preferred dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,560 |
) |
Preferred stock redemption charge |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,412 |
) |
Net income attributable to |
|
$ |
121,790 |
|
|
$ |
184,537 |
|
|
$ |
848,947 |
|
|
$ |
496,223 |
|
Basic earnings per common share attributable to |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
0.78 |
|
|
$ |
1.18 |
|
|
$ |
5.41 |
|
|
$ |
3.18 |
|
Weighted average number of common shares outstanding |
|
|
156,773 |
|
|
|
156,297 |
|
|
|
156,726 |
|
|
|
156,116 |
|
Diluted earnings per common share attributable to |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
0.78 |
|
|
$ |
1.18 |
|
|
$ |
5.40 |
|
|
$ |
3.17 |
|
Weighted average number of common and common equivalent shares outstanding |
|
|
157,112 |
|
|
|
156,654 |
|
|
|
157,137 |
|
|
|
156,376 |
|
FUNDS FROM OPERATIONS (1) (Unaudited) |
||||||||||||||||
|
Three months ended
|
|
Year ended |
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
(in thousands, except for per share amounts) |
|||||||||||||||
Net income attributable to |
$ |
121,790 |
|
|
$ |
184,537 |
|
|
$ |
848,947 |
|
|
$ |
496,223 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||
Preferred stock redemption charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,412 |
|
|
Preferred dividends |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,560 |
|
|
Noncontrolling interest - common units of the |
|
13,972 |
|
|
|
20,544 |
|
|
|
96,780 |
|
|
|
55,931 |
|
|
Noncontrolling interests in property partnerships |
|
19,961 |
|
|
|
18,204 |
|
|
|
74,857 |
|
|
|
70,806 |
|
|
Net income |
|
155,723 |
|
|
|
223,285 |
|
|
|
1,020,584 |
|
|
|
631,932 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization expense |
|
198,330 |
|
|
|
177,521 |
|
|
|
749,775 |
|
|
|
717,336 |
|
|
Noncontrolling interests in property partnerships’ share of depreciation and amortization |
|
(17,435 |
) |
|
|
(17,482 |
) |
|
|
(70,208 |
) |
|
|
(67,825 |
) |
|
Company’s share of depreciation and amortization from unconsolidated joint ventures |
|
24,626 |
|
|
|
20,401 |
|
|
|
89,275 |
|
|
|
71,966 |
|
|
Corporate-related depreciation and amortization |
|
(431 |
) |
|
|
(426 |
) |
|
|
(1,679 |
) |
|
|
(1,753 |
) |
|
Impairment loss included within loss from unconsolidated joint ventures |
|
50,705 |
|
|
|
— |
|
|
|
50,705 |
|
|
|
— |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||
Gains on sale of investment included within loss from unconsolidated joint ventures |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,257 |
|
|
Gains on sales of real estate |
|
55,726 |
|
|
|
115,556 |
|
|
|
437,019 |
|
|
|
123,660 |
|
|
Gain on sales-type lease |
|
10,058 |
|
|
|
— |
|
|
|
10,058 |
|
|
|
— |
|
|
Unrealized loss on non-real estate investment |
|
(150 |
) |
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
|
Noncontrolling interests in property partnerships |
|
19,961 |
|
|
|
18,204 |
|
|
|
74,857 |
|
|
|
70,806 |
|
|
Preferred dividends |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,560 |
|
|
Preferred stock redemption charge |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,412 |
|
|
Funds from operations (FFO) attributable to the |
|
325,923 |
|
|
|
269,539 |
|
|
|
1,316,668 |
|
|
|
1,137,961 |
|
|
Less: |
|
|
|
|
|
|
|
|||||||||
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations |
|
32,983 |
|
|
|
26,576 |
|
|
|
133,115 |
|
|
|
111,975 |
|
|
Funds from operations attributable to |
$ |
292,940 |
|
|
$ |
242,963 |
|
|
$ |
1,183,553 |
|
|
$ |
1,025,986 |
|
|
|
|
89.88 |
% |
|
|
90.14 |
% |
|
|
89.89 |
% |
|
|
90.16 |
% |
|
Weighted average shares outstanding - basic |
|
156,773 |
|
|
|
156,297 |
|
|
|
156,726 |
|
|
|
156,116 |
|
|
FFO per share basic |
$ |
1.87 |
|
|
$ |
1.55 |
|
|
$ |
7.55 |
|
|
$ |
6.57 |
|
|
Weighted average shares outstanding - diluted |
|
157,112 |
|
|
|
156,654 |
|
|
|
157,137 |
|
|
|
156,376 |
|
|
FFO per share diluted |
$ |
1.86 |
|
|
$ |
1.55 |
|
|
$ |
7.53 |
|
|
$ |
6.56 |
|
|
(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 |
|||
|
|
|
|
|
|
90.2 % |
|
91.4 % |
|
|
88.3 % |
|
88.8 % |
|
|
86.8 % |
|
87.6 % |
|
|
88.5 % |
|
87.3 % |
|
|
88.3 % |
|
90.9 % |
|
|
88.7 % |
|
87.2 % |
|
Total Portfolio |
88.6 % |
|
88.8 % |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230131006159/en/
AT BXP
Executive Vice President,
Chief Financial Officer and Treasurer
mlabelle@bxp.com
Vice President, Investor Relations
hhan@bxp.com
Source: BXP
FAQ
What were BXP's financial results for Q4 2022?
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