Exceeds Full-Year 2021 Guidance for EPS and
FFO; Executes 1.8 Million Square Feet of Leases in Q4, and a Total
of 5.1 Million Square Feet in 2021
Boston Properties, Inc. (NYSE:
BXP), the largest publicly traded developer, owner, and manager
of Class A office properties in the United States, reported results
today for the fourth quarter and full year ended December 31,
2021.
Financial highlights for the fourth quarter include:
- Revenue grew approximately 10% to $731.1 million for the
quarter ended December 31, 2021 as compared to $665.1 million for
the quarter ended December 31, 2020.
- Net income attributable to common shareholders of $184.5
million, or $1.18 per diluted share (EPS), compared to $7.3
million, or $0.05 per diluted share, for the quarter ended December
31, 2020.
- Funds from Operations (FFO) of $243.0 million, or $1.55 per
diluted share, compared to FFO of $213.1 million, or $1.37 per
diluted share, for the quarter ended December 31, 2020.
- The Company exceeded the mid-point of its EPS and FFO guidance
for the fourth quarter of 2021 by $0.05 per diluted share,
primarily due to improvement in portfolio performance.
The Company provided guidance for the first quarter of 2022 for
EPS of $0.67 - $0.69 and FFO of $1.72 - $1.74 per diluted share and
full-year 2022 EPS of $3.00 - $3.15 and FFO of $7.30 - $7.45 per
diluted share. See “EPS and FFO per Share Guidance” below.
Fourth quarter and recent business highlights include:
- Executed approximately 1.8 million square feet of leases having
a weighted-average lease term of 8.6 years.
- Delivered four development projects:
- Completed and fully placed in-service 100 Causeway Street in
Boston, Massachusetts, an approximately 634,000 net rentable square
foot Class A office building in which the Company has a 50%
ownership interest. Including leases that have not yet commenced,
this project is 95% leased.
- Completed and fully placed in-service 7750 Wisconsin Avenue in
Bethesda, Maryland, an approximately 733,000 net rentable square
foot Class A office building in which the Company has a 50%
ownership interest. This project is 100% leased.
- Completed and fully placed in-service 200 West Street in
Waltham, Massachusetts, an approximately 138,000 net rentable
square foot redevelopment to convert a portion of the building to
laboratory space. Including leases that have not yet commenced,
this project is 100% leased.
- Partially placed in-service Reston Next in Reston, Virginia, a
Class A office project with approximately 1.1 million net rentable
square feet. Including leases that have not yet commenced, this
project is 85% leased.
- Commenced three development projects:
- Commenced the development of 103 CityPoint in Waltham,
Massachusetts. When completed, the project will consist of
approximately 113,000 net rentable square feet of life sciences
space.
- Acquired and subsequently commenced the redevelopment of 360
Park Avenue South, in New York City, an approximately 450,000 net
rentable square foot office building in which the Company has a 42%
interest through a joint venture formed under its Strategic Capital
Program (“SCP”). The property is financed with a $220 million,
three-year mortgage loan (with two, one-year extension options),
which bears interest at a variable rate equal to the Adjusted Term
SOFR plus 2.40%.
- In January 2022, commenced the redevelopment of 651 Gateway in
South San Francisco. 651 Gateway is an approximately 300,000 net
rentable square foot office building that will be converted to life
sciences space. This property is owned by a joint venture in which
the Company has a 50% interest.
- Completed the sale of 181,191 and 201 Spring Street, in
Lexington, Massachusetts on October 25, 2021 for an aggregate gross
sale price of $191.5 million and net cash proceeds of approximately
$179.9 million. The Company recognized a gain on sale of
approximately $115.6 million. 181,191 and 201 Spring Street is a
three-building, 333,000 aggregate square-foot complex that is 100%
leased.
- On October 15, 2021, redeemed $1.0 billion of 3.85% unsecured
senior notes that were scheduled to mature in February 2023. The
Company recognized a loss from early extinguishment of debt of
approximately $0.25 per diluted share, which related primarily to
the redemption premium.
- On December 10, 2021, the consolidated entity in which the
Company has a 55% interest refinanced the mortgage loan
collateralized by its 601 Lexington Avenue property located in New
York City. The mortgage loan, totaling $1.0 billion, requires
interest-only payments at a fixed interest rate of 2.79% per annum
until maturity on January 9, 2032. The previous mortgage loan had
an outstanding balance of approximately $616.1 million, bore
interest at a fixed rate of 4.75% per annum and was scheduled to
mature on April 10, 2022.
- Earned national recognition as an industry leader and furthered
BXP’s commitments to ESG and sustainability performance:
- Named to Newsweek’s America’s Most Responsible Companies 2022
list. Boston Properties, Inc. ranked #1 in its industry and
increased its overall rank to #31 out of the 500 companies included
on this year’s list.
- Named to the inaugural Forbes Green Growth 50 list. Boston
Properties, Inc. ranked #4 among the top 50 companies that are
reducing greenhouse gas emissions while growing profits.
- Committed to reposition 140 Kendrick Street in Needham,
Massachusetts, as Net Zero, Carbon Neutral, which is further
defined by the LEED Zero Carbon Certification, in partnership with
our tenant Wellington Management.
Financial results for the year ended December 31, 2021
include:
- Net income attributable to common shareholders of $496.2
million, or $3.17 per diluted share (EPS), compared to $862.2
million, or $5.54 per diluted share, for the year ended December
31, 2020 due primarily to $495.3 million of higher gains on asset
sales in 2020.
- Funds from Operations (FFO) of $1.0 billion, or $6.56 per
diluted share, compared to FFO of $978.2 million, or $6.29 per
diluted share, for the year ended December 31, 2020.
Full year 2021 business highlights include:
- Executed a total of approximately 5.1 million square feet of
leases in 2021 compared to 3.7 million square feet in 2020.
- Placed in-service five development projects and commenced
development and redevelopment of seven projects, focused primarily
on meeting the ongoing demand from tenants in the life sciences
sector. In addition to the projects highlighted in the fourth
quarter above, these projects include:
- Completed and fully placed in-service One Five Nine East 53rd
Street in New York City, a Class A office and retail redevelopment
of the low-rise portion of 601 Lexington Avenue with approximately
220,000 net rentable square feet located in New York City. The
property includes The Hugh, a culinary collective featuring 18
restaurants, including a wine bar and craft beer tap room, and
enriched with a collection of art, murals, and greenery, and serves
as Midtown East’s newest food destination.
- Commenced development of 180 CityPoint, a 329,000 square foot
lab project in Waltham, Massachusetts.
- Commenced redevelopment of 880 Winter Street, a 224,000 square
foot office property in Waltham, Massachusetts that will be
converted into lab space. This project is 74% leased.
- Commenced development of 751 Gateway, a 229,000 square foot lab
project in South San Francisco, California. 751 Gateway is the
first phase of a multi-phase life sciences campus development. The
Company will own 49% of 751 Gateway and future development projects
at Gateway Commons upon completion. This project is 100%
leased.
- Commenced redevelopment of the top floors of the Prudential
Tower in Boston, Massachusetts into a 59,000 square foot,
world-class observatory attraction. View Boston will be Boston’s
only observatory and will feature a dramatic, 360-degree outdoor
viewing deck, 11,000 square feet of outdoor space and two floors of
exhibits and public spaces, marking a transformative addition to
the City of Boston.
- Grew the Company’s life sciences portfolio through the
following two acquisitions:
- 153 & 211 Second Avenue, two lab properties comprising
approximately 137,000 square-feet in Waltham, Massachusetts, a
highly desirable location for leading and emerging companies in the
life sciences and biotechnology sector.
- Shady Grove Bio+Tech Campus, consisting of seven buildings
totaling approximately 435,000 square feet in the Shady Grove area
of Rockville, Maryland, a region that is home to more than 400
companies in the biotechnology and life sciences sector. The
Company plans to convert the office buildings on the campus to lab
to meet current and growing demand in the region from biotechnology
companies for new, Class A lab space.
- As part of our broader Strategic Capital Program, established a
co-investment program with Canada Pension Plan Investment Board
(“CPP Investments”) and GIC for future acquisitions of select
office properties in the United States. The partners have targeted
an aggregate of $1.0 billion of equity to the program, with BXP and
CPP Investments each allocating $250 million and GIC allocating
$500 million. The partnership expects to employ leverage allowing
for an initial investment capacity of approximately $2.0 billion.
With these capital commitments, BXP expects to be able to
accelerate the pace at which it can pursue acquisition
opportunities and extend its investment capacity.
- Acquired Safeco Plaza, an approximately 800,000 square-foot
Class A office building in Seattle, Washington. This acquisition
marks BXP’s initial entry into the Seattle market, one of the most
vibrant markets in the U.S. for companies in the technology, life
sciences, manufacturing, and financial services sectors. Safeco
Plaza is approximately 90% leased. The Company closed the
acquisition on September 1, 2021, under a joint venture in which
the Company has a 33.67% interest.
- Completed two green bond offerings totaling $1.7 billion,
including $850 million of 2.55% unsecured senior notes due 2032 and
$850 million of 2.45% unsecured senior notes due 2033.
- Earned a top ESG rating in the 2021 Global Real Estate
Sustainability Benchmark (GRESB®) assessment. The Company earned
its tenth consecutive “Green Star” recognition and the highest
GRESB 5-star Rating, as well as an “A” disclosure score. The
Company 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 December 31, 2021. In
the opinion of management, the Company has made all adjustments
considered necessary for a fair statement of these reported
results.
EPS and FFO per Share Guidance:
The Company’s guidance for the first quarter and full year 2022
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, the timing of the lease-up of available space, and the
earnings impact of the events referenced in this release and those
referenced during the related conference call. Except as otherwise
publicly disclosed, the estimates do not include any material (1)
possible future gains or losses or the impact on operating results
from other possible future property acquisitions or dispositions,
(2) possible gains or losses from capital markets activity
(including, without limitation, due to the early extinguishment of
and/or refinancing of debt or resulting from hedging activity and
derivatives), (3) possible future write-offs or reinstatements of
accounts receivable and accrued rent balances, or (4) 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,
impairment losses on depreciable real estate, 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.
First Quarter 2022
Full Year 2022
Low
High
Low
High
Projected EPS (diluted)
$ 0.67
$ 0.69
$ 3.00
$ 3.15
Add:
Projected Company share of real estate
depreciation and amortization
1.05
1.05
4.30
4.30
Projected FFO per share (diluted)
$ 1.72
$ 1.74
$ 7.30
$ 7.45
Boston Properties will host a conference call on Wednesday,
January 26, 2022 at 10:00 AM Eastern Time, open to the general
public, to discuss the fourth quarter and full year 2021 results,
provide a business update and discuss other business matters that
may be of interest to investors. The number to call for this
interactive teleconference is (877) 796-3880 (Domestic) or (443)
961-9013 (International) and entering the passcode 8157421. A
replay of the conference call will be available by dialing (855)
859-2056 (Domestic) or (404) 537-3406 (International) and entering
the passcode 8157421. There will also be a live audio webcast of
the call, which may be accessed in the Investor Relations section
of the Company’s website at investors.bxp.com. 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 2021
“Supplemental Operating and Financial Data” and this press release
are available in the Investor Relations section of the Company’s
website at investors.bxp.com.
Boston Properties (NYSE: BXP) is the largest publicly traded
developer, owner, and manager of Class A office properties in the
United States, concentrated in six markets - Boston, Los Angeles,
New York, San Francisco, Seattle, and Washington, DC. The Company
is a fully integrated real estate company, organized as a real
estate investment trust (REIT), that develops, manages, operates,
acquires, and owns a diverse portfolio of primarily Class A office
space. Including properties owned by unconsolidated joint ventures,
the Company’s portfolio totals 52.8 million square feet and 201
properties, including nine properties under
construction/redevelopment. For more information about Boston
Properties, please visit our website at www.bxp.com or follow us on
LinkedIn or Instagram.
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 Boston Properties’ 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 statement.
These factors include, without limitation, uncertainties and risks
related to the impact of the COVID-19 global pandemic, including
the duration, scope and severity of the pandemic domestically and
internationally; federal, state and local government actions and
restrictive measures implemented in response to COVID-19, the
effectiveness of such measures and the effect of any relaxation or
reimplementation of restrictions, and the direct and indirect
impact of such measures on the U.S. and international economy and
economic activity generally, the demand for office space, and our
and our tenants' businesses, financial condition, results of
operation, cash flows and liquidity; the emergence and
characteristics of new variants, the speed, effectiveness and
distribution of vaccines(including effectiveness against variant
strains), whether new or existing actions or measures continue to
impact the ability of our residential tenants to generate
sufficient income to pay, or make them unwilling to pay rent in a
timely manner, in full or at all; the health, continued service and
availability of our personnel, including our key personnel and
property management teams; and the effectiveness or lack of
effectiveness of government relief in providing assistance to
individuals and large and small businesses, including our tenants,
that have suffered significant adverse effects from COVID-19. In
addition to the risks specific to COVID-19, other factors include,
without limitation, 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. These forward-looking statements speak only as of the
date of issuance of this report and are not guarantees of future
results, performance, or achievements. Boston Properties does not
undertake a duty to update or revise any forward-looking statement
whether as a result of new information, future events or otherwise,
except as may be required by law.
Financial tables follow.
BOSTON PROPERTIES,
INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
December 31, 2021
December 31, 2020
(in thousands, except for
share and par value amounts)
ASSETS
Real estate, at cost
$ 22,298,103
$ 21,649,383
Construction in progress
894,172
868,773
Land held for future development
560,355
450,954
Right of use assets - finance leases
237,507
237,393
Right of use assets - operating leases
169,778
146,406
Less: accumulated depreciation
(5,883,961)
(5,534,102)
Total real estate
18,275,954
17,818,807
Cash and cash equivalents
452,692
1,668,742
Cash held in escrows
48,466
50,587
Investments in securities
43,632
39,457
Tenant and other receivables, net
60,513
77,411
Related party note receivable, net
78,336
77,552
Note receivables, net
9,641
18,729
Accrued rental income, net
1,226,745
1,122,502
Deferred charges, net
618,798
640,085
Prepaid expenses and other assets
57,811
33,840
Investments in unconsolidated joint
ventures
1,482,997
1,310,478
Total assets
$ 22,355,585
$ 22,858,190
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$ 3,267,914
$ 2,909,081
Unsecured senior notes, net
9,483,695
9,639,287
Unsecured line of credit
145,000
—
Unsecured term loan, net
—
499,390
Lease liabilities - finance leases
244,421
236,492
Lease liabilities - operating leases
204,561
201,713
Accounts payable and accrued expenses
312,125
336,264
Dividends and distributions payable
169,859
171,082
Accrued interest payable
94,796
106,288
Other liabilities
390,418
412,084
Total liabilities
14,312,789
14,511,681
Commitments and contingencies
—
—
Redeemable deferred stock units
9,568
6,897
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, 2020
—
200,000
Common stock, $0.01 par value, 250,000,000
shares authorized, 156,623,749 and 155,797,725 issued and
156,544,849 and 155,718,825 outstanding at December 31, 2021 and
December 31, 2020, respectively
1,565
1,557
Additional paid-in capital
6,497,750
6,356,791
Dividends in excess of earnings
(625,911)
(509,653)
Treasury common stock at cost, 78,900
shares at December 31, 2021 and December 31, 2020
(2,722)
(2,722)
Accumulated other comprehensive loss
(36,662)
(49,890)
Total stockholders’ equity attributable to
Boston Properties, Inc.
5,834,020
5,996,083
Noncontrolling interests:
Common units of the Operating
Partnership
642,655
616,596
Property partnerships
1,556,553
1,726,933
Total equity
8,033,228
8,339,612
Total liabilities and equity
$ 22,355,585
$ 22,858,190
BOSTON PROPERTIES,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands, except for per
share amounts)
Revenue
Lease
$ 690,912
$ 639,357
$ 2,753,014
$ 2,646,261
Parking and other
23,087
15,903
81,814
70,680
Hotel revenue
6,227
464
13,609
7,478
Development and management services
7,516
6,356
27,697
29,641
Direct reimbursements of payroll and
related costs from management services contracts
3,321
3,009
12,487
11,626
Total revenue
731,063
665,089
2,888,621
2,765,686
Expenses
Operating
Rental
256,778
256,194
1,021,151
1,017,208
Hotel
5,005
1,178
12,998
13,136
General and administrative
33,649
31,053
151,573
133,112
Payroll and related costs from management
services contracts
3,321
3,009
12,487
11,626
Transaction costs
2,066
277
5,036
1,531
Depreciation and amortization
177,521
168,013
717,336
683,751
Total expenses
478,340
459,724
1,920,581
1,860,364
Other income (expense)
Loss from unconsolidated joint
ventures
(825)
(79,700)
(2,570)
(85,110)
Gains on sales of real estate
115,556
5,259
123,660
618,982
Interest and other income (loss)
1,564
1,676
5,704
5,953
Gains (losses) from investments in
securities
1,882
4,296
5,626
5,261
Losses from early extinguishment of
debt
(44,284)
—
(45,182)
—
Interest expense
(103,331)
(111,991)
(423,346)
(431,717)
Net income
223,285
24,905
631,932
1,018,691
Net income attributable to noncontrolling
interests
Noncontrolling interests in property
partnerships
(18,204)
(13,980)
(70,806)
(48,260)
Noncontrolling interest—common units of
the Operating Partnership
(20,544)
(990)
(55,931)
(97,704)
Net income attributable to Boston
Properties, Inc.
184,537
9,935
505,195
872,727
Preferred dividends
—
(2,625)
(2,560)
(10,500)
Preferred stock redemption charge
—
—
(6,412)
—
Net income attributable to Boston
Properties, Inc. common shareholders
$ 184,537
$ 7,310
$ 496,223
$ 862,227
Basic earnings per common share
attributable to Boston Properties, Inc. common shareholders:
Net income
$ 1.18
$ 0.05
$ 3.18
$ 5.54
Weighted average number of common shares
outstanding
156,297
155,682
156,116
155,432
Diluted earnings per common share
attributable to Boston Properties, Inc. common shareholders:
Net income
$ 1.18
$ 0.05
$ 3.17
$ 5.54
Weighted average number of common and
common equivalent shares outstanding
156,654
155,731
156,376
155,517
BOSTON PROPERTIES,
INC.
FUNDS FROM OPERATIONS
(1)
(Unaudited)
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
(in thousands, except for per
share amounts)
Net income attributable to Boston
Properties, Inc. common shareholders
$ 184,537
$ 7,310
$ 496,223
$ 862,227
Add:
Preferred stock redemption charge
—
—
6,412
—
Preferred dividends
—
2,625
2,560
10,500
Noncontrolling interest - common units of
the Operating Partnership
20,544
990
55,931
97,704
Noncontrolling interests in property
partnerships
18,204
13,980
70,806
48,260
Net income
223,285
24,905
631,932
1,018,691
Add:
Depreciation and amortization expense
177,521
168,013
717,336
683,751
Noncontrolling interests in property
partnerships’ share of depreciation and amortization
(17,482)
(15,910)
(67,825)
(71,850)
Company’s share of depreciation and
amortization from unconsolidated joint ventures
20,401
21,168
71,966
80,925
Corporate-related depreciation and
amortization
(426)
(441)
(1,753)
(1,840)
Impairment loss on investment in
unconsolidated joint venture
—
60,524
—
60,524
Less:
Gains on sale of investment included
within loss from unconsolidated joint ventures
—
12
10,257
5,958
Gains on sales of real estate
115,556
5,259
123,660
618,982
Noncontrolling interests in property
partnerships
18,204
13,980
70,806
48,260
Preferred dividends
—
2,625
2,560
10,500
Preferred stock redemption charge
—
—
6,412
—
Funds from operations (FFO) attributable
to the Operating Partnership common unitholders (including Boston
Properties, Inc.)
269,539
236,383
1,137,961
1,086,501
Less:
Noncontrolling interest - common units of
the Operating Partnership’s share of funds from operations
26,576
23,275
111,975
108,310
Funds from operations attributable to
Boston Properties, Inc. common shareholders
$ 242,963
$ 213,108
$ 1,025,986
$ 978,191
Boston Properties, Inc.’s percentage share
of funds from operations - basic
90.14%
90.15%
90.16%
90.03%
Weighted average shares outstanding -
basic
156,297
155,682
156,116
155,432
FFO per share basic
$ 1.55
$ 1.37
$ 6.57
$ 6.29
Weighted average shares outstanding -
diluted
156,654
155,731
156,376
155,517
FFO per share diluted
$ 1.55
$ 1.37
$ 6.56
$ 6.29
(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 and real estate-related depreciation
and amortization. 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.
BOSTON PROPERTIES,
INC.
PORTFOLIO LEASING
PERCENTAGES
% Leased by Location
December 31, 2021
December 31, 2020
Boston
91.4 %
94.8 %
Los Angeles
88.8 %
93.5 %
New York
87.6 %
87.4 %
San Francisco
87.3 %
91.0 %
Seattle 1
90.9 %
N/A
Washington, DC
87.2 %
84.4 %
Total Portfolio
88.8 %
90.1 %
_____________
The Company entered the Seattle market on September 1, 2021.
Therefore, there is no occupancy information provided for December
31, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220125006177/en/
AT THE COMPANY Michael
LaBelle Executive Vice President, Chief Financial Officer and
Treasurer (617) 236-3352
Helen Han Vice President, Investor Relations hhan@bxp.com
BXP (NYSE:BXP)
Historical Stock Chart
From Aug 2024 to Sep 2024
BXP (NYSE:BXP)
Historical Stock Chart
From Sep 2023 to Sep 2024