Executed More Than 1.0 Million Square Feet
of Leases in Q3 and Delivered Two Development
Properties
BXP (NYSE: BXP), the largest publicly traded
developer, owner, and manager of premier workplaces in the United
States, reported results today for the third quarter ended
September 30, 2023.
Financial highlights for the third quarter include:
- Revenue increased 4.3% to $824.3 million for the quarter ended
September 30, 2023, compared to $790.5 million for the quarter
ended September 30, 2022.
- Net income (loss) attributable to Boston Properties, Inc. of
$(111.8) million, or $(0.71) per diluted share (EPS), for the
quarter ended September 30, 2023, compared to $361.0 million, or
$2.29 per diluted share, for the quarter ended September 30, 2022.
The decrease compared to Q3 2022 is primarily due to:
- recognition of $262.3 million in gains on sales of real estate
that occurred in Q3 2022, that did not recur in Q3 2023;
- recording non-cash net losses from investments in
unconsolidated joint ventures of $236.8 million in Q3 2023, due to
an impairment charge totaling approximately $272.6 million,
partially offset by a gain of $35.8 million;
- greater depreciation and amortization expense of $16.8 million
in Q3 2023 primarily due to asset acquisitions in Q2 and Q3 of
2022; and
- greater interest expenses, net of an increase in interest
income, of $19.0 million;
- offset by (1) a lower allocation of noncontrolling
interest-common units in Boston Properties Limited Partnership, the
operating partnership (“BPLP”), of $53.5 million and (2) greater
contributions from portfolio operations of approximately $13.0
million in Q3 2023.
- EPS for the third quarter fell short of the mid-point of BXP’s
guidance by $1.35 per diluted share primarily due to a $1.56 per
diluted share non-cash impairment charge related to BXP’s
investments in the unconsolidated joint ventures that own Platform
16, Safeco Plaza, 200 Fifth Avenue and 360 Park Avenue South,
partially offset by $0.20 per share gain on the restructuring of
BXP’s interest in its Metropolitan Square investment.
- Funds from Operations (FFO) of $292.8 million, or $1.86 per
diluted share, for the quarter ended September 30, 2023, compared
to FFO of $299.8 million, or $1.91 per diluted share, for the
quarter ended September 30, 2022. The decrease compared to Q3 2022
is primarily due to greater interest expenses, net of an increase
in interest income, of $19.0 million, partially offset by greater
contributions from portfolio operations of approximately $13.0
million.
- FFO per diluted share exceeded the mid-points of BXP’s guidance
by $0.02 per share, as a result of better-than-projected portfolio
performance.
BXP also provided updated guidance for full year 2023 EPS of
$1.05 - $1.07 and FFO of $7.25 - $7.27 per diluted share. Changes
to our prior guidance includes higher projected portfolio NOI
offset by higher net interest expense from recent financing
activities.
See “EPS and FFO per Share Guidance” below.
Third quarter and recent business highlights include:
- Executed approximately 1.06 million square feet of leases with
a weighted-average lease term of 8.2 years.
- Delivered two development projects:
- Completed and fully placed in-service the redevelopment of 140
Kendrick Street - Building A, a 104,000 square foot property in
Needham, Massachusetts. 140 Kendrick is the first Net Zero, Carbon
Neutral office repositioning of this scale in Massachusetts. The
property is 100% leased.
- Completed and fully placed in-service 751 Gateway, a 231,000
square foot laboratory/life sciences property in South San
Francisco, California in which BXP has a 49% interest. The property
is 100% leased.
- Further strengthened BXP’s balance sheet by addressing the
remaining 2023 debt maturities, and sourcing additional liquidity
in the bank market. Notable transactions include:
- A joint venture in which BXP has a 50% interest exercised an
option to extend by one year the maturity date of its loan
collateralized by 100 Causeway in Boston, Massachusetts. The
634,000 square foot premier workplace is 95% leased. After making
an approximately $4.0 million principal repayment, the modified and
extended loan has an outstanding balance of $336.6 million and the
interest rate was reduced from Term SOFR plus 1.60% to Term SOFR
plus 1.48% per annum. The loan now matures on September 5, 2024,
with a one-year extension option, subject to certain
conditions.
- A joint venture in which BXP has a 50% interest modified the
loan collateralized by its Hub on Causeway - Podium property
located in Boston, Massachusetts. The modified loan now matures on
September 8, 2025, with a one-year extension option, subject to
certain conditions. After making an approximately $20.0 million
repayment, the modified and extended loan has an outstanding
balance of $154.3 million. The interest rate changed from Term SOFR
plus 2.35% per annum to Daily Simple SOFR plus 2.50% per annum. The
joint venture entered into interest rate swap contracts resulting
in a weighted-average fixed rate of approximately 7.35% per annum
through September 8, 2025.
- A joint venture in which BXP has a 25% interest, exercised its
second extension option with the lender, an affiliate of BXP, of
the land loan collateralized by its land and improvements at its 3
Hudson Boulevard property located in New York, New York. The land
loan now matures on February 9, 2024.
- BPLP completed the repayment of $500.0 million in aggregate
principal amount of its 3.125% senior notes due September 1, 2023
using available cash. The repayment price was approximately $507.8
million, which included the entire principal amount plus
approximately $7.8 million of accrued and unpaid interest.
- BPLP increased the current maximum borrowing amount of its 2021
Revolving Credit Facility from $1.5 billion to $1.815 billion by
adding three new lenders to the Facility. All other terms of the
2021 Credit Facility, including its expiration date of June 15,
2026, remain unchanged. BPLP has no current borrowings under the
Facility.
- A joint venture in which BXP owned a 20% equity interest (with
an institutional investor owning the remaining 80%) completed a
restructuring of the ownership in Metropolitan Square, which
resulted in (i) an affiliate of the existing mezzanine lender
purchasing the property, and (ii) BXP becoming a co-lender of up to
$20.0 million under a new $100.0 million mezzanine loan. The
transaction also resulted in, among other things, (i) the cessation
of BXP’s obligation to fund future investments through its then 20%
equity interest, which caused BXP to recognize a third quarter gain
on investment of approximately $35.8 million related to its deficit
investment balance, and (ii) the removal of the property from BXP’s
in-service portfolio. Prior to the restructuring, the property was
encumbered by an aggregate of $420.0 million of debt, consisting of
a senior loan with an outstanding principal balance of $305.0
million (“Senior Loan”) and the existing $115.0 million mezzanine
loan. The new mezzanine loan, which is subordinate only to the
Senior Loan, may be drawn upon for future lease-up, operating and
other costs on an as needed basis, and amounts borrowed will bear
interest at a per annum rate of 12%, compounded monthly. In
addition, BXP will continue to provide property management and
leasing services to the property with the potential to earn
additional incentive fees. Metropolitan Square is a 654,000 square
foot premier workplace located at 655 15th Street, NW in the heart
of downtown Washington, DC.
- On October 26, 2023, BXP closed on a mortgage loan
collateralized by its 325 Main Street, 355 Main Street, and 90
Broadway properties located in Cambridge, Massachusetts. The
mortgage loan, totaling $600 million, requires interest-only
payments at Daily Simple SOFR plus a 2.25% per annum until maturity
on October 26, 2028. BXP intends to use the net proceeds from this
financing and available cash to repay the $700 million senior
unsecured notes due February 1, 2024.
- BXP entered into a joint venture agreement with an
institutional investor for the future development of 343 Madison
Avenue located on Madison Avenue between 44th and 45th Streets in
New York City, New York adjacent to Grand Central Station. BXP owns
a 55% interest in the venture and its partner owns a 45% interest,
and BXP will provide customary development, property management,
and leasing services. The 343 Madison Avenue project contemplates
the construction of (1) a direct entrance to the Long Island
Railroad’s new east side access project (“Grand Central Madison”)
(“Phase 1”) and (2) an approximately 900,000 square foot premier
workplace building with ground floor retail (“Phase 2”). The joint
venture executed a 99-year ground lease with the Metropolitan
Transportation Authority for the approximately 25,000 square foot
site. The ground lease requires the joint venture to construct
Phase 1 of the development project. The joint venture has the
option until July 31, 2025 to terminate the ground lease prior to
construction of the new building and receive reimbursement for the
cost of the construction of the east side access to Grand Central
Station. There can be no assurance that Phase 1 will be completed
on the terms currently contemplated or that Phase 2 of the
development project will commence on the terms currently
contemplated or at all.
- Continued BXP’s leadership and ongoing commitment to
sustainability and impact and earned a top ESG rating in the 2023
GRESB® assessment. BXP earned its 12th consecutive “Green Star”
recognition and the highest GRESB 5-star rating, as well as an “A”
level disclosure score. BXP also achieved the highest scores in
several categories, including Data Monitoring & Review,
Targets, Policies, Reporting, and Stakeholder Engagement. BXP
achieved second place within its Development Peer Group, third
place in its Standing Investments Peer Group, and fourth overall
among U.S. listed participants.
The reported results are unaudited and there can be no assurance
that these reported results will not vary from the final
information for the quarter ended September 30, 2023. In the
opinion of management, BXP has made all adjustments considered
necessary for a fair statement of these reported results.
EPS and FFO per Share Guidance:
BXP’s guidance for the full year 2023 for EPS (diluted) and FFO
per share (diluted) is set forth and reconciled below. Except as
described below, the estimates reflect management’s view of current
and future market conditions, including assumptions with respect to
rental rates, occupancy levels, interest rates, the timing of the
lease-up of available space, the timing of development cost outlays
and development deliveries, and the earnings impact of the events
referenced in this release and those referenced during the related
conference call. The estimates do not include (1) possible future
gains or losses or the impact on operating results from other
possible future property acquisitions or dispositions, (2) the
impacts of any other capital markets activity, (3) future
write-offs or reinstatements of accounts receivable and accrued
rent balances, or (4) future impairment charges. EPS estimates may
be subject to fluctuations as a result of several factors,
including changes in the recognition of depreciation and
amortization expense, impairment losses on depreciable real estate,
and any gains or losses associated with disposition activity. BXP
is not able to assess at this time the potential impact of these
factors on projected EPS. By definition, FFO does not include real
estate-related depreciation and amortization, impairment losses on
depreciable real estate, or gains or losses associated with
disposition activities. There can be no assurance that BXP’s actual
results will not differ materially from the estimates set forth
below.
Full Year 2023
Low
High
Projected EPS (diluted)
$ 1.05
$ 1.07
Add:
Projected Company share of real estate
depreciation and amortization
4.85
4.85
Projected Company share of (gains)/losses
on sales of real estate, gain on investment from unconsolidated
joint venture and impairments
1.35
1.35
Projected FFO per share (diluted)
$ 7.25
$ 7.27
BXP will host a conference call on Thursday, November 2, 2023 at
10:00 AM Eastern Time, open to the general public, to discuss the
third quarter 2023 results, provide a business update, and discuss
other business matters that may be of interest to investors.
Participants who would like to join the call and ask a question may
register at
https://register.vevent.com/register/BI258f07a8cd3f4d07bee856df6e1462c2
to receive the dial-in numbers and unique PIN to access the call.
There will also be a live audio, listen-only webcast of the call,
which may be accessed in the Investors section of BXP’s website at
https://investors.bxp.com/events-webcasts. Shortly after the call,
a replay of the call will be available on BXP’s website at
https://investors.bxp.com/events-webcasts for up to twelve months
following the call.
Additionally, a copy of BXP’s third quarter 2023 “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 the United States,
concentrated in six dynamic gateway markets - Boston, Los Angeles,
New York, San Francisco, Seattle, and Washington, DC. BXP has
delivered places that power progress for our clients and
communities for more than 50 years. BXP is a fully integrated real
estate company, organized as a real estate investment trust (REIT).
Including properties owned by unconsolidated joint ventures, BXP’s
portfolio totals 53.5 million square feet and 190 properties,
including 11 properties under construction/redevelopment. For more
information about BXP, please visit our website 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 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, potential
longer-term changes in consumer and client behavior resulting from
the severity and duration of any downturn in the U.S. or global
economy, general risks affecting the real estate industry
(including, without limitation, the inability to enter into or
renew leases on favorable terms, changes in client preferences and
space utilization, dependence on clients’ financial condition, and
competition from other developers, owners and operators of real
estate), the impact of geopolitical conflicts, the immediate and
long-term impact of the outbreak of a highly infectious or
contagious disease, on our and our clients’ financial condition,
results of operations and cash flows (including the impact of
actions taken to contain the outbreak or mitigate its impact, the
direct and indirect economic effects of the outbreak and
containment measures on our clients, and the ability of our clients
to successfully operate their businesses), 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 BXP’s accounting policies
and on period-to-period comparisons of financial results, the
uncertainties of costs to comply with regulatory changes (including
potential costs to comply with the Securities and Exchange
Commission’s proposed rules to standardize climate-related
disclosures) and other risks and uncertainties detailed from time
to time in BXP’s filings with the SEC. 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.
BXP 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 otherwise required by
law.
Financial tables follow.
BOSTON PROPERTIES,
INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
September 30, 2023
December 31, 2022
(in thousands, except for
share and par value amounts)
ASSETS
Real estate, at cost
$
24,809,369
$
24,261,588
Construction in progress
551,330
406,574
Land held for future development
670,691
721,501
Right of use assets - finance leases
237,532
237,510
Right of use assets - operating leases
322,790
167,351
Less: accumulated depreciation
(6,723,616
)
(6,298,082
)
Total real estate
19,868,096
19,496,442
Cash and cash equivalents
882,647
690,333
Cash held in escrows
47,741
46,479
Investments in securities
32,809
32,277
Tenant and other receivables, net
123,138
81,389
Related party note receivable, net
88,807
78,576
Sales-type lease receivable, net
13,475
12,811
Accrued rental income, net
1,331,796
1,276,580
Deferred charges, net
692,386
733,282
Prepaid expenses and other assets
121,431
43,589
Investments in unconsolidated joint
ventures
1,536,822
1,715,911
Total assets
$
24,739,148
$
24,207,669
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net
$
3,275,974
$
3,272,368
Unsecured senior notes, net
10,488,568
10,237,968
Unsecured line of credit
—
—
Unsecured term loan, net
1,197,173
730,000
Lease liabilities - finance leases
253,178
249,335
Lease liabilities - operating leases
341,299
204,686
Accounts payable and accrued expenses
462,240
417,545
Dividends and distributions payable
171,916
170,643
Accrued interest payable
128,422
103,774
Other liabilities
380,014
450,918
Total liabilities
16,698,784
15,837,237
Commitments and contingencies
—
—
Redeemable deferred stock units
6,788
6,613
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; none issued or outstanding
—
—
Common stock, $0.01 par value, 250,000,000
shares authorized, 157,018,080 and 156,836,767 issued and
156,939,180 and 156,757,867 outstanding at September 30, 2023 and
December 31, 2022, respectively
1,569
1,568
Additional paid-in capital
6,568,645
6,539,147
Dividends in excess of earnings
(782,275
)
(391,356
)
Treasury common stock at cost, 78,900
shares at September 30, 2023 and December 31, 2022
(2,722
)
(2,722
)
Accumulated other comprehensive income
(loss)
2,866
(13,718
)
Total stockholders’ equity attributable to
Boston Properties, Inc.
5,788,083
6,132,919
Noncontrolling interests:
Common units of the Operating
Partnership
656,587
683,583
Property partnerships
1,588,906
1,547,317
Total equity
8,033,576
8,363,819
Total liabilities and equity
$
24,739,148
$
24,207,669
BOSTON PROPERTIES,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
(in thousands, except for per
share amounts)
Revenue
Lease
$
767,181
$
739,255
$
2,285,789
$
2,179,274
Parking and other
30,428
28,154
81,421
80,234
Hotel
13,484
11,749
35,554
28,395
Development and management services
9,284
7,465
28,122
19,650
Direct reimbursements of payroll and
related costs from management services contracts
3,906
3,900
13,750
11,204
Total revenue
824,283
790,523
2,444,636
2,318,757
Expenses
Operating
Rental
300,192
281,702
882,536
825,805
Hotel
9,020
8,548
23,852
19,832
General and administrative
31,410
32,519
131,387
110,378
Payroll and related costs from management
services contracts
3,906
3,900
13,750
11,204
Transaction costs
751
1,650
1,970
2,146
Depreciation and amortization
207,435
190,675
618,746
551,445
Total expenses
552,714
518,994
1,672,241
1,520,810
Other income (expense)
Loss from unconsolidated joint
ventures
(247,556
)
(3,524
)
(261,793
)
(1,389
)
Gains on sales of real estate
517
262,345
517
381,293
Interest and other income (loss)
20,715
3,728
48,999
6,151
Other income - assignment fee
—
—
—
6,624
Gains (losses) from investments in
securities
(925
)
(1,571
)
2,311
(8,549
)
Unrealized gain (loss) on non-real estate
investment
(51
)
—
332
—
Interest expense
(147,812
)
(111,846
)
(424,492
)
(317,216
)
Net income (loss)
(103,543
)
420,661
138,269
864,861
Net (income) loss attributable to
noncontrolling interests
Noncontrolling interests in property
partnerships
(20,909
)
(18,801
)
(59,337
)
(54,896
)
Noncontrolling interest—common units of
the Operating Partnership
12,626
(40,883
)
(8,642
)
(82,821
)
Net income (loss) attributable to Boston
Properties, Inc.
$
(111,826
)
$
360,977
$
70,290
$
727,144
Basic earnings per common share
attributable to Boston Properties, Inc.
Net income (loss)
$
(0.71
)
$
2.30
$
0.45
$
4.63
Weighted average number of common shares
outstanding
156,880
156,754
156,837
156,708
Diluted earnings per common share
attributable to Boston Properties, Inc.
Net income (loss)
$
(0.71
)
$
2.29
$
0.45
$
4.62
Weighted average number of common and
common equivalent shares outstanding
156,880
157,133
157,177
157,144
BOSTON PROPERTIES,
INC.
FUNDS FROM OPERATIONS
(1)
(Unaudited)
Three months ended September
30,
Nine months ended September
30,
2023
2022
2023
2022
(in thousands, except for per
share amounts)
Net income (loss) attributable to Boston
Properties, Inc.
$
(111,826
)
$
360,977
$
70,290
$
727,144
Add:
Noncontrolling interest - common units of
the Operating Partnership
(12,626
)
40,883
8,642
82,821
Noncontrolling interests in property
partnerships
20,909
18,801
59,337
54,896
Net income (loss)
(103,543
)
420,661
138,269
864,861
Add:
Depreciation and amortization expense
207,435
190,675
618,746
551,445
Noncontrolling interests in property
partnerships’ share of depreciation and amortization
(18,174
)
(17,706
)
(53,743
)
(52,773
)
Company’s share of depreciation and
amortization from unconsolidated joint ventures
25,666
21,485
77,067
64,649
Corporate-related depreciation and
amortization
(446
)
(431
)
(1,357
)
(1,248
)
Impairment losses included within loss
from unconsolidated joint ventures
272,603
—
272,603
—
Less:
Gains on sales of real estate
517
262,345
517
381,293
Gain on investment included within loss
from unconsolidated joint ventures
35,756
—
35,756
—
Unrealized gain (loss) on non-real estate
investment
(51
)
—
332
—
Noncontrolling interests in property
partnerships
20,909
18,801
59,337
54,896
Funds from operations (FFO) attributable
to the Operating Partnership (including Boston Properties,
Inc.)
326,410
333,538
955,643
990,745
Less:
Noncontrolling interest - common units of
the Operating Partnership’s share of funds from operations
33,588
33,787
98,049
100,164
Funds from operations attributable to
Boston Properties, Inc.
$
292,822
$
299,751
$
857,594
$
890,581
Boston Properties, Inc.’s percentage share
of funds from operations - basic
89.71
%
89.87
%
89.74
%
89.89
%
Weighted average shares outstanding -
basic
156,880
156,754
156,837
156,708
FFO per share basic
$
1.87
$
1.91
$
5.47
$
5.68
Weighted average shares outstanding -
diluted
157,269
157,133
157,177
157,144
FFO per share diluted
$
1.86
$
1.91
$
5.46
$
5.67
(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. (computed in accordance with GAAP) for
gains (or losses) from sales of properties, including a change in
control, 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 or a change
in control 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 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 (loss) attributable to
Boston Properties, Inc. as presented in the Company’s consolidated
financial statements. FFO should not be considered as a substitute
for net income (loss) attributable to Boston Properties, Inc.
(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
% Occupied by Location
(1)
% Leased by Location
(2)
September 30, 2023
December 31, 2022
September 30, 2023
December 31, 2022
Boston
90.8 %
90.2 %
91.5 %
92.7 %
Los Angeles
85.9 %
88.3 %
87.6 %
88.6 %
New York
90.2 %
86.8 %
90.9 %
90.9 %
San Francisco
87.1 %
88.5 %
87.9 %
88.8 %
Seattle
84.7 %
88.3 %
87.6 %
90.9 %
Washington, DC
86.5 %
88.7 %
90.9 %
93.0 %
Total Portfolio
88.8 %
88.6 %
90.4 %
91.5 %
(1)
Represents signed leases for
which revenue recognition has commenced in accordance with
GAAP.
(2)
Represents signed leases for which revenue recognition has
commenced in accordance with GAAP and signed leases for vacant
space with future commencement dates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101070632/en/
AT BXP Michael LaBelle
Executive Vice President, Chief Financial Officer and Treasurer
mlabelle@bxp.com
Helen Han Vice President, Investor Relations hhan@bxp.com
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