Boston Properties, Inc. (NYSE: BXP), a real estate
investment trust, reported results today for the fourth quarter
ended December 31, 2016.
Results for the quarter ended December 31, 2016
Net income attributable to common shareholders was $145.5
million for the quarter ended December 31, 2016, compared to
$137.9 million for the quarter ended December 31, 2015. Net
income attributable to common shareholders per share (EPS) for the
quarter ended December 31, 2016 was $0.95 basic and $0.94 on a
diluted basis. This compares to EPS for the quarter ended
December 31, 2015 of $0.90 basic and $0.90 on a diluted basis.
Net income attributable to common shareholders for the quarter
ended December 31, 2016 includes a gain on sale of investment in
unconsolidated joint venture of approximately $59.4 million, or
$0.35 per share basic and $0.34 per share on a diluted basis. Net
income attributable to common shareholders for the quarter ended
December 31, 2015 includes gains on sales of real estate
aggregating approximately $81.3 million, or $0.48 per share basic
and $0.48 per share on a diluted basis. In addition, net income
attributable to common shareholders for the quarter ended December
31, 2015 includes a loss from early extinguishment of debt totaling
approximately $(22.0) million, or $(0.13) per share basic and
$(0.13) per share on a diluted basis, related to the defeasance of
the mortgage loan collateralized by the Company's 100 & 200
Clarendon Street property. The weighted-average number of basic and
diluted shares outstanding totaled approximately 153,814,000 and
153,991,000, respectively, for the quarter ended December 31,
2016 and 153,602,000 and 153,897,000, respectively, for the quarter
ended December 31, 2015.
Funds from Operations (FFO) for the quarter ended
December 31, 2016 were $236.9 million, or $1.54 per share
basic and $1.54 per share diluted. This compares to FFO for the
quarter ended December 31, 2015 of $197.3 million, or $1.28
per share basic and $1.28 per share diluted. The Company’s reported
FFO of $1.54 per share diluted was greater than the mid-point of
the guidance previously provided of $1.49-$1.51 per share diluted
primarily due to better than expected portfolio operations of $0.02
per share and fee income from tenant services, leasing commissions
and development services of $0.02 per share.
Results for the year ended December 31, 2016
Net income attributable to common shareholders was $500.6
million for the year ended December 31, 2016, compared to
$572.6 million for the year ended December 31, 2015. EPS for
the year ended December 31, 2016 was $3.25 basic and $3.25 on
a diluted basis. This compares to EPS for the year ended
December 31, 2015 of $3.73 basic and $3.72 on a diluted basis.
The weighted-average number of basic and diluted shares outstanding
totaled approximately 153,715,000 and 153,977,000, respectively,
for the year ended December 31, 2016 and 153,471,000 and
153,844,000, respectively, for the year ended December 31,
2015.
FFO for the year ended December 31, 2016 was $927.7
million, or $6.04 per share basic and $6.03 per share diluted. This
compares to FFO for the year ended December 31, 2015 of $823.7
million, or $5.37 per share basic and $5.36 per share diluted.
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 December 31, 2016.
In the opinion of management, all adjustments considered necessary
for a fair presentation of these reported results have been
made.
As of December 31, 2016, the Company’s portfolio consisted
of 174 properties aggregating approximately 47.7 million square
feet, including eight properties under construction/redevelopment
totaling approximately 4.0 million square feet. The overall
percentage of leased space for the 163 properties in service
(excluding the Company’s two residential properties and hotel) as
of December 31, 2016 was 90.2%.
Significant events during the fourth quarter included:
- On October 1, 2016, a joint venture in
which the Company has a 50% interest completed and fully placed
in-service 1265 Main Street, a Class A office project with
approximately 115,000 net rentable square feet located in Waltham,
Massachusetts. The property is 100% leased. On December 8, 2016,
the joint venture obtained mortgage financing totaling $40.4
million collateralized by the property. The mortgage loan bears
interest at a fixed rate of 3.77% per annum and matures on January
1, 2032.
- On October 20, 2016, the Company and
its partner in the unconsolidated joint venture that owns
Metropolitan Square located in Washington, DC, completed the sale
of an 80% interest in the joint venture for a gross sale price of
approximately $282.4 million, including the assumption by the buyer
of its pro rata share of the mortgage loan collateralized by the
property totaling approximately $133.4 million and certain unfunded
leasing costs totaling approximately $14.2 million. Net cash
proceeds to the Company totaled approximately $58.2 million,
resulting in a gain on sale of investment totaling approximately
$59.4 million. Prior to the sale, the Company owned a 51% interest
and its partner owned a 49% interest in the joint venture.
Following the sale, the Company continues to own a 20% interest in
the joint venture with the buyer owning the remaining 80%.
Metropolitan Square is an approximately 607,000 net rentable square
foot Class A office property.
- On October 24, 2016, the Company
entered into an option agreement that will allow it to ground
lease, with the future right to purchase, real property adjacent to
the MacArthur BART station located in Oakland, California, that
could support the development of a 400-unit residential building
and supporting retail space.
- On November 7, 2016, the Company
entered into a 15-year lease with a tenant for approximately
476,500 net rentable square feet of Class A office space in a
build-to-suit development project to be located at the Company's
145 Broadway property at Kendall Center in Cambridge,
Massachusetts. 145 Broadway currently consists of an approximately
80,000 net rentable square foot Class A office property that will
be demolished and developed into an approximately 486,000 net
rentable square foot Class A office property, including
approximately 9,500 net rentable square feet of retail space. The
commencement of the redevelopment project is subject to the receipt
of the remaining necessary approvals, and the Company currently
expects to begin the project in the second quarter of 2017 with the
relocation of an existing tenant to another property within the
Company's portfolio. The Company expects the building will be
available for occupancy by the new tenant during the fourth quarter
of 2019. There can be no assurance that the project will commence
or that the building will be available for occupancy on the
anticipated schedule or at all.
- On November 15, 2016, a joint venture
in which the Company has a 50% interest extended the loan
collateralized by its Annapolis Junction Building Six property. The
extended loan has a total commitment amount of approximately $15.4
million, bears interest at a variable rate equal to LIBOR plus
2.25% per annum and matures on November 17, 2018. Annapolis
Junction Building Six is a Class A office property with
approximately 119,000 net rentable square feet located in
Annapolis, Maryland.
- On November 28, 2016, the Company
entered into a joint venture with the partner at its North Station
development to acquire the air rights for the future development of
a hotel property at the site. The joint venture partner contributed
an air rights parcel and improvements, with a fair value of
approximately $7.4 million, for its initial 50% interest in the
joint venture. The Company contributed improvements totaling
approximately $0.7 million and will contribute cash totaling
approximately $6.7 million for its initial 50% interest. On
November 28, 2016, the joint venture entered into a 99-year air
rights lease with a third-party hotel developer/operator. In
addition, on November 28, 2016, the Company and its partner entered
into a joint venture to acquire the air rights for the future
development of a residential tower at the site, consisting of an
approximately 40-story residential tower totaling approximately
320,000 rentable square feet comprised of 440 apartment units. The
joint venture partner contributed an air rights parcel, with a fair
value of approximately $24.2 million, for its initial 50% interest
in the joint venture. The Company contributed improvements totaling
approximately $17.7 million and will contribute cash totaling
approximately $6.5 million for its initial 50% interest.
- On December 6, 2016, the Company
entered into a development agreement with George Washington
University to pursue the development of a Class A office property
with approximately 482,000 net rentable square feet on land parcels
located in Washington, DC. The development agreement provides for
the execution of a 75-year ground lease for the property upon
completion of the entitlement process and relocation of existing
tenants anticipated to occur in 2019. The Company has made a
deposit of $15.0 million that will be credited against ground rent
under the ground lease.
- On December 7, 2016, joint ventures in
each of which the Company has a 50% interest combined and extended
mortgage loans collateralized by Annapolis Junction Building Seven
and Building Eight. The new mortgage loan has a total commitment
amount of approximately $42.0 million, with an initial balance
totaling approximately $36.7 million, bears interest at a variable
rate equal to LIBOR plus 2.35% per annum and matures on December 7,
2019, with three, one-year extension options, subject to certain
conditions. Annapolis Junction Building Seven and Building Eight
are Class A office properties with approximately 127,000 and
126,000 net rentable square feet, respectively, located in
Annapolis, Maryland.
- On December 19, 2016, a joint venture
in which the Company has a 50% interest obtained construction
financing with a total commitment of $250.0 million collateralized
by its Dock 72 development project. The construction financing
bears interest at a variable rate equal to LIBOR plus 2.25% per
annum and matures on December 18, 2020, with two, one-year
extension options, subject to certain conditions. There have been
no loan draws to date. Dock 72 is a Class A office project with
approximately 670,000 net rentable square feet located in Brooklyn,
New York.
- On December 19, 2016, the Company
declared a regular quarterly cash dividend of $0.75 per share of
common stock for the period from October 1, 2016 to December 31,
2016, payable on January 30, 2017 to shareholders of record as of
the close of business on December 30, 2016. This represents an
increase of approximately 15.4%, or $0.10 per share, over the most
recent quarterly cash dividend of $0.65 per share.
- On December 29, 2016, the Company
commenced the redevelopment of 191 Spring Street, a Class A office
project with approximately 160,000 net rentable square feet located
in Lexington, Massachusetts.
Transactions completed subsequent to December 31, 2016:
- On January 25, 2017, the Company’s
Compensation Committee approved the 2017 Multi-Year, Long-Term
Incentive Program (the “2017 MYLTIP”) as a performance-based
component of the Company’s overall compensation program. Under the
Financial Accounting Standards Board’s Accounting Standards
Codification 718 “Compensation - Stock Compensation,” the 2017
MYLTIP has an aggregate value of approximately $17.7 million, which
will generally be amortized into earnings over the four-year plan
period under the graded vesting method.
EPS and FFO per Share Guidance:
The Company’s guidance for the first quarter and full year 2017
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 and the earnings impact of the events referenced in this
release and otherwise referenced during the conference call
referred to below. The estimates do not include possible
future gains or losses or the impact on operating results from
other possible future property acquisitions or dispositions, other
possible capital markets activity or possible 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 and any gains or losses
associated with disposition activity. The Company 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 the
Company’s actual results will not differ materially from the
estimates set forth below.
EPS Guidance:
As shown below, the Company has updated its projected guidance
for EPS (diluted) for the full year 2017 to $2.56 - $2.66 per share
from $2.58 - $2.76 per share. This is a decrease of
approximately ($0.06) per share at the mid-point of the Company’s
guidance primarily consisting of a ($0.10) per share increase in
depreciation and amortization expense, a ($0.02) per share increase
in demolition costs and ($0.01) per share increase in G & A
expense. These items are partially offset by (1) the net
impact from the early termination of a tenant at one of our
consolidated joint ventures of $0.03 per share, (2) $0.02 per share
of improved portfolio performance and (3) $0.02 per share of
additional fee income.
FFO per Share Guidance:
As shown below, the Company has updated its projected guidance
for FFO per share (diluted) for the full year 2017 to $6.13 - $6.23
per share from $6.05 - $6.23 per share. This is an increase
of approximately $0.04 per share at the mid-point of the Company’s
guidance primarily consisting of (1) the net impact from the early
termination of a tenant at one of our consolidated joint ventures
of $0.03 per share, (2) $0.02 per share of improved portfolio
performance and (3) $0.02 per share of additional fee income.
These items are partially offset by a ($0.02) per share increase in
demolition costs and ($0.01) per share increase in G & A
expense.
First Quarter 2017 Full Year 2017 Low
- High Low - High Projected EPS
(diluted) $ 0.55 - $ 0.57 $ 2.56 - $ 2.66 Add: Projected Company
Share of Real Estate Depreciation and Amortization 0.92 - 0.92 3.57
- 3.57 Less: Projected Company Share of Gains on Sales of Real
Estate — - — — - — Projected FFO per Share
(diluted) $ 1.47 - $ 1.49 $ 6.13 - $ 6.23
Boston Properties will host a conference call on Wednesday,
February 1, 2017 at 10:00 AM Eastern Time, open to the general
public, to discuss the fourth quarter and full year 2016 results,
the 2017 projections and related assumptions, and other related
matters that may be of interest to investors. The number to
call for this interactive teleconference is (877) 706-4503
(Domestic) or (281) 913-8731 (International) and entering the
passcode 23631735. A replay of the conference call will be
available through February 17, 2017, by dialing (855) 859-2056
(Domestic) or (404) 537-3406 (International) and entering the
passcode 23631735. There will also be a live audio webcast of
the call which may be accessed on the Company’s website at
www.bostonproperties.com in the Investor Relations section.
Shortly after the call, a replay of the webcast will be available
in the Investor Relations section of the Company’s website and
archived for up to twelve months following the call.
Additionally, a copy of Boston Properties’ fourth quarter 2016
“Supplemental Operating and Financial Data” and this press release
are available in the Investor Relations section of the Company’s
website at www.bostonproperties.com.
Boston Properties is a fully integrated real estate investment
trust that develops, redevelops, acquires, manages, operates and
owns a diverse portfolio of primarily Class A office space totaling
47.7 million square feet and consisting of 164 office properties
(including six properties under construction), five retail
properties, four residential properties (including two properties
under construction) and one hotel. The Company is one of the
largest owners and developers of Class A office properties in the
United States, concentrated in five markets - Boston, Los Angeles,
New York, San Francisco and Washington, DC.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify
these statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects”
and similar expressions that do not relate to historical
matters. 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 Boston Properties’ control and could materially
affect actual results, performance or achievements. These
factors include, without limitation, the Company’s ability to
satisfy the closing conditions to the pending transactions
described above, the Company’s ability to enter into new leases or
renew leases on favorable terms, dependence on tenants’ financial
condition, the uncertainties of real estate development,
acquisition and disposition activity, the ability to effectively
integrate acquisitions, the uncertainties of investing in new
markets, the costs and availability of financing, the effectiveness
of our interest rate hedging contracts, the ability of our joint
venture partners to satisfy their obligations, the effects of
local, national and international economic and market conditions,
the effects of acquisitions, dispositions and possible impairment
charges on our operating results, the impact of newly adopted
accounting principles on the Company’s accounting policies and on
period-to-period comparisons of financial results, regulatory
changes and other risks and uncertainties detailed from time to
time in the Company’s filings with the Securities and Exchange
Commission. Boston Properties does not undertake a duty to
update or revise any forward-looking statement, including its
guidance for the first quarter and full fiscal year 2017, whether
as a result of new information, future events or otherwise.
Financial tables follow.
BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, 2016
December 31, 2015
(in thousands, except for share and par
value amounts)
ASSETS Real estate, at cost $ 18,862,648 $ 18,465,405
Construction in progress 1,037,959 763,935 Land held for future
development 246,656 252,195 Less: accumulated depreciation
(4,223,743 ) (3,925,894 ) Total real estate 15,923,520 15,555,641
Cash and cash equivalents 356,914 723,718 Cash held in escrows
63,174 73,790 Investments in securities 23,814 20,380 Tenant and
other receivables, net 92,548 97,865 Accrued rental income, net
799,138 754,883 Deferred charges, net 685,795 704,867 Prepaid
expenses and other assets 129,666 185,118 Investments in
unconsolidated joint ventures 775,198 235,224 Total
assets $ 18,849,767 $ 18,351,486
LIABILITIES AND
EQUITY Liabilities: Mortgage notes payable, net $ 2,063,087 $
3,435,242 Unsecured senior notes, net 7,245,953 5,264,819 Unsecured
line of credit — — Mezzanine notes payable 307,093 308,482 Outside
members’ notes payable 180,000 180,000 Accounts payable and accrued
expenses 298,524 274,709 Dividends and distributions payable
130,308 327,320 Accrued interest payable 243,933 190,386 Other
liabilities 450,821 483,601 Total liabilities
10,919,719 10,464,559 Commitments and
contingencies — — Equity:
Stockholders’ equity attributable to
Boston Properties, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none
issued or outstanding — —
Preferred stock, $0.01 par value,
50,000,000 shares authorized; 5.25% Series B cumulative redeemable
preferred stock, $0.01 par value, liquidation preference $2,500 per
share, 92,000 shares authorized, 80,000 shares issued and
outstanding at December 31, 2016 and December 31, 2015
200,000 200,000
Common stock, $0.01 par value, 250,000,000
shares authorized, 153,869,075 and 153,658,866 issued and
153,790,175 and 153,579,966 outstanding at December 31, 2016 and
December 31, 2015, respectively
1,538 1,536 Additional paid-in capital 6,333,427 6,305,687
Dividends in excess of earnings (695,377 ) (780,952 ) Treasury
common stock at cost, 78,900 shares at December 31, 2016 and
December 31, 2015 (2,722 ) (2,722 ) Accumulated other comprehensive
loss (52,251 ) (14,114 ) Total stockholders’ equity attributable to
Boston Properties, Inc. 5,784,615 5,709,435 Noncontrolling
interests: Common units of the Operating Partnership 614,786
603,092 Property partnerships 1,530,647 1,574,400
Total equity 7,930,048 7,886,927 Total liabilities
and equity $ 18,849,767 $ 18,351,486
BOSTON PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three months ended December
31,
Year ended December 31,
2016 2015 2016
2015 (in thousands, except for per share
amounts) Revenue Rental Base rent $ 498,941 $ 493,141 $
2,017,767 $ 1,964,732 Recoveries from tenants 91,123 88,576 358,975
355,508 Parking and other 25,334 25,132 100,910
101,981 Total rental revenue 615,398 606,849
2,477,652 2,422,221 Hotel revenue 10,965 10,939 44,884 46,046
Development and management services 9,698 6,452
28,284 22,554 Total revenue 636,061 624,240
2,550,820 2,490,821 Expenses Operating Rental
224,098 216,642 889,768 872,252 Hotel 7,736 7,888 31,466 32,084
General and administrative 25,293 24,300 105,229 96,319 Transaction
costs 1,200 470 2,387 1,259 Impairment loss — — 1,783 —
Depreciation and amortization 179,908 164,460 696,279
639,542 Total expenses 438,235 413,760
1,726,912 1,641,456 Operating income 197,826 210,480
823,908 849,365 Other income (expense) Income from unconsolidated
joint ventures 2,585 2,211 8,074 22,770 Gain on sale of investment
in unconsolidated joint venture 59,370 — 59,370 — Interest and
other income 573 440 7,230 6,777 Gains (losses) from investments in
securities 560 493 2,273 (653 ) Interest expense (97,896 ) (106,178
) (412,849 ) (432,196 ) Losses from early extinguishments of debt —
(22,040 ) (371 ) (22,040 ) Losses from interest rate contracts —
— (140 ) — Income before gains on sales of
real estate 163,018 85,406 487,495 424,023 Gains on sales of real
estate — 81,332 80,606 375,895 Net
income 163,018 166,738 568,101 799,918 Net income attributable to
noncontrolling interests Noncontrolling interests in property
partnerships 2,121 (10,143 ) 2,068 (149,855 )
Noncontrolling interest—redeemable
preferred units of the Operating Partnership
— — — (6 ) Noncontrolling interest—common units of the Operating
Partnership (16,905 ) (16,098 ) (59,067 ) (66,951 ) Net income
attributable to Boston Properties, Inc. 148,234 140,497 511,102
583,106 Preferred dividends (2,704 ) (2,646 ) (10,500 ) (10,500 )
Net income attributable to Boston
Properties, Inc. common shareholders
$ 145,530 $ 137,851 $ 500,602 $ 572,606
Basic earnings per common share
attributable to Boston Properties, Inc. common shareholders:
Net income $ 0.95 $ 0.90 $ 3.25 $ 3.73
Weighted average number of common shares outstanding 153,814
153,602 153,715 153,471
Diluted earnings per common share
attributable to Boston Properties, Inc. common shareholders:
Net income $ 0.94 $ 0.90 $ 3.25 $ 3.72
Weighted average number of common and
common equivalent shares outstanding
153,991 153,897 153,977 153,844
BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1)
(Unaudited)
Three months ended December
31,
Year ended December 31,
2016 2015 2016
2015 (in thousands, except for per share
amounts)
Net income attributable to Boston
Properties, Inc. common shareholders
$ 145,530 $ 137,851 $ 500,602 $ 572,606 Add: Preferred dividends
2,704 2,646 10,500 10,500
Noncontrolling interest - common units of
the Operating Partnership
16,905 16,098 59,067 66,951
Noncontrolling interest - redeemable
preferred units of the Operating Partnership
— — — 6 Noncontrolling interests in property partnerships (2,121 )
10,143 (2,068 ) 149,855 Less: Gains on sales of real estate —
81,332 80,606 375,895 Income before
gains on sales of real estate 163,018 85,406 487,495 424,023 Add:
Depreciation and amortization 179,908 164,460 696,279 639,542
Noncontrolling interests in property
partnerships' share of depreciation and amortization
(27,256 ) (20,685 ) (107,087 ) (90,832 )
Company's share of depreciation and
amortization from unconsolidated joint ventures
8,692 3,994 26,934 6,556 Corporate-related depreciation and
amortization (449 ) (486 ) (1,568 ) (1,503 ) Less: Gain on sale of
investment in unconsolidated joint venture 59,370 — 59,370 —
Noncontrolling interests in property
partnerships (2)
(2,121 ) 10,143 (2,068 ) 48,737
Noncontrolling interest - redeemable
preferred units of the Operating Partnership
— — — 6 Preferred dividends 2,704 2,646 10,500
10,500
Funds from operations (FFO) attributable
to the Operating Partnership common unitholders (including Boston
Properties, Inc.)
263,960 219,900 1,034,251 918,543 Less:
Noncontrolling interest - common units of
the Operating Partnership’s share of funds from operations
27,062 22,561 106,504 94,828
Funds from operations attributable to
Boston Properties, Inc. common shareholders
$ 236,898 $ 197,339 $ 927,747 $ 823,715
Boston Properties, Inc.’s percentage share
of funds from operations - basic
89.75 % 89.74 % 89.70 % 89.68 % Weighted average shares outstanding
- basic 153,814 153,602 153,715 153,471
FFO per share basic $ 1.54 $ 1.28 $ 6.04 $
5.37 Weighted average shares outstanding - diluted 153,991
153,897 153,977 153,844 FFO per share
diluted $ 1.54 $ 1.28 $ 6.03 $ 5.36
(1) Pursuant to the revised definition of Funds from Operations
adopted by the Board of Governors of the National Association of
Real Estate Investment Trusts (“NAREIT”), we calculate Funds from
Operations, or “FFO,” by adjusting net income (loss) attributable
to Boston Properties, Inc. common shareholders (computed in
accordance with GAAP) for gains (or losses) from sales of
properties, impairment losses on depreciable real estate
consolidated on our balance sheet, impairment losses on our
investments in unconsolidated joint ventures driven by a measurable
decrease in the fair value of depreciable real estate held by the
unconsolidated joint ventures, real estate-related depreciation and
amortization, and our share of income (loss) from unconsolidated
partnerships and joint ventures. FFO is a non-GAAP financial
measure, but we believe the presentation of FFO, combined with the
presentation of required GAAP financial measures, has improved the
understanding of operating results of REITs among the investing
public and has helped make comparisons of REIT operating results
more meaningful. Management generally considers FFO and FFO per
share to be useful measures for understanding and comparing our
operating results because, by excluding gains and losses related to
sales of previously depreciated operating real estate assets,
impairment losses and real estate asset depreciation and
amortization (which can differ across owners of similar assets in
similar condition based on historical cost accounting and useful
life estimates), FFO and FFO per share can help investors compare
the operating performance of a company’s real estate across
reporting periods and to the operating performance of other
companies.
Our computation 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 Boston Properties, Inc. common shareholders
as presented in the Company's consolidated financial statements.
FFO should not be considered as a substitute for net income
attributable to Boston Properties, Inc. common shareholders
(determined in accordance with GAAP) or any other GAAP financial
measures and should only be considered together with and as a
supplement to the Company's financial information prepared in
accordance with GAAP.
(2) For the year ended December 31, 2015, excludes the
noncontrolling interests in property partnerships' share of a gain
on sale of real estate totaling approximately $101.1 million.
BOSTON PROPERTIES, INC.
PORTFOLIO LEASING PERCENTAGES
% Leased
by Location December 31, 2016 December 31, 2015
Boston 90.7 % 90.6 % New York 90.2 % 91.5 % San Francisco and Los
Angeles 89.8 % 93.8 % Washington, DC 89.9 % 91.0 % Total Portfolio
90.2 % 91.4 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170131006460/en/
Boston Properties, Inc.Michael LaBelle, 617-236-3352Executive
Vice PresidentChief Financial OfficerorArista Joyner,
617-236-3343Investor Relations Manager
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