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Boston Properties, Inc. (BXP), established in 1970 by Mortimer B. Zuckerman and Edward H. Linde, is a self-administered and self-managed real estate investment trust (REIT). The company is renowned as one of the largest owners, managers, and developers of premium office properties in the United States. With its headquarters in Boston, the company maintains significant operational presence in key markets including Boston, New York, San Francisco, and Washington, D.C.
Listed as a public company since June 1997, Boston Properties has built an impressive portfolio of over 190 properties, encompassing approximately 53 million rentable square feet. The company's properties are primarily first-class office spaces, but also include a hotel, two residential properties, and five retail properties. These assets are strategically located in central business districts (CBDs) and suburban office centers across major cities such as New York, Boston, San Francisco, Los Angeles, Seattle, and the Washington, D.C. region.
Boston Properties is distinguished by its in-house building management expertise and a strong reputation for responsiveness to tenants' needs. The company’s full-service regional offices play a vital role in acquiring, developing, and managing properties, ensuring high-quality service and maintenance. The company's development track record includes premium CBD office buildings and suburban office centers, contributing to its high standing in the real estate market.
Recent achievements and current projects highlight Boston Properties' commitment to sustainability and innovative design. The company continuously seeks opportunities to enhance its property portfolio and further strengthen its market position through strategic partnerships and developments.
Financially, Boston Properties maintains a robust balance sheet and a disciplined approach to capital allocation. This financial stability supports its ongoing growth initiatives and provides a strong foundation for future opportunities.
Stay informed with the latest updates and relevant information about Boston Properties’ performance, events, and developments by visiting StockTitan regularly.
Boston Properties (NYSE: BXP) announced the resumption of construction on the first phase of the Platform 16 development in San Jose. This phase includes a 390,000 square foot Class A office building, expected to be ready by late 2024, alongside a below-grade parking garage. BXP holds a 55% stake in the joint venture, with the Canada Pension Plan Investment Board owning the remaining 45%. The completed urban campus will total 1.1 million square feet, featuring modern amenities and direct access to Guadalupe River Park.
Boston Properties (NYSE: BXP) has executed 1.8 million square feet of leases in Q4 2021, with an average lease term of 8.6 years, contributing to a total of 5.1 million square feet for the year. Key leases include 231,000 square feet in South San Francisco and significant leases in Waltham and New York City. This leasing activity marks a 55% increase from Q4 2020 and showcases a strong demand for office spaces, particularly among life sciences clients, with over 25% of leases in this sector.
Boston Properties (BXP) reported strong Q4 and full-year 2021 results, surpassing EPS and FFO guidance. Q4 revenue increased 10% year-over-year to $731.1 million, with net income reaching $184.5 million ($1.18 per diluted share). Full-year EPS was $3.17, down from $5.54 in 2020, due to higher asset sale gains in the prior year. The company executed 1.8 million square feet of leases in Q4 and 5.1 million for 2021, primarily in life sciences. Significant initiatives include multiple new developments, completions, and a major acquisition in Seattle.
Boston Properties (NYSE: BXP) has partnered with Senseware to implement a state-of-the-art indoor air quality (IAQ) monitoring system across its office portfolio. This initiative aims to enhance BXP's healthy building strategy by integrating real-time monitoring capabilities. The system will utilize duct-mounted sensors to track air quality metrics, including carbon dioxide and fine particulates. BXP continues to prioritize sustainability and health, having been recognized for its efforts in ESG practices, especially amid the COVID-19 pandemic.
Boston Properties (NYSE: BXP) announced the 2021 tax treatment for distributions on its common stock and 5.25% Series B Cumulative Redeemable Preferred Stock. Shareholders should consult tax advisors regarding the specifics. Key distributions include a total of $0.980000 per share for common stocks, with allocations for different tax categories detailed. The company redeemed all outstanding shares of its Series B Preferred Stock on April 1, 2021. Boston Properties remains a significant player in the Class A office property market across major U.S. cities.
Boston Properties (NYSE: BXP), the largest publicly traded developer and manager of Class A office properties in the U.S., will release its financial results for Q4 and full year 2021 on January 25, 2022, post-market close. A conference call is scheduled for January 26, 2022, at 10:00 A.M. ET, to discuss these results and provide updates. The call can be accessed domestically at (877) 796-3880, and internationally at (443) 961-9013. Further details, including a webcast, will be available on its Investor Relations page.
Boston Properties (NYSE: BXP) announced a long-term 106,000 square foot Net Zero lease with Wellington Management at 140 Kendrick Street, Needham, Massachusetts. This lease represents a significant commitment to sustainability, marking it as the first Net Zero, Carbon Neutral office repositioning of its scale in Massachusetts. The move includes extensive renovations, such as advanced HVAC systems and solar energy generation. Wellington Management aims for carbon neutrality in its operations by the end of 2022, further strengthening their partnership with BXP.
Boston Properties (NYSE: BXP) announced a quarterly cash dividend of
Boston Properties (NYSE: BXP) announced the acquisition of 360 Park Avenue South for approximately $300 million. The transaction involves assuming $200.3 million in mortgage debt and issuing 866,503 common units. The property will undergo redevelopment to cater to tech and creative sectors, enhancing its appeal in the Midtown South submarket of Manhattan. BXP now holds a 42% interest in a joint venture for the property, aiming to strengthen its market position.
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