We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Boston Properties (BXP) Surpasses Q3 FFO and Revenue Estimates
Read MoreHide Full Article
Boston Properties Inc.’s (BXP - Free Report) third-quarter 2021 funds from operations (FFO) per share of $1.73 beat the Zacks Consensus Estimate of $1.70.
The quarterly figure also exceeded the mid-point of the company’s third-quarter guidance by 4 cents, reflecting better-than-projected results from the in-service portfolio and improved parking revenues.
Quarterly revenues from lease came in at $692.3 million, exceeding the consensus mark of $688 million.
The quarterly FFO per share increased 10.2% from the year-ago quarter’s $1.57. Revenues from lease climbed 3.7% year on year.
Concurrent with the earnings release, Boston Properties, together with Rudin Development, announced the relocation of Food52’s New York City offices to Dock 72 at the Brooklyn Navy Yard. Food52 will occupy roughly 42,000 square feet of space spread across the entire 13th floor.
Inside the Headline Numbers
During the third quarter, the company signed 1.4 million square feet of leases with a weighted-average lease term of 9.3 years.
As of Sep 30, 2021, Boston Properties’ portfolio comprised 202 properties, covering 52.5 million square feet of space. This included nine under-construction/redevelopment properties.
Liquidity
Boston Properties exited third-quarter 2021 with $1 billion of cash and cash equivalents, down from $1.67 billion at the end of 2020.
Outlook
The company projects full-year 2021 FFO per share of $6.50-$6.52. The guided range lies below the Zacks Consensus Estimate of $6.61.
The company projects 2022 FFO per share of $7.25-$7.45. The guided range is in line with the Zacks Consensus Estimate of $7.26.
We now look forward to the earnings releases of other REITs like CyrusOne Inc. scheduled for Oct 28, and Apple Hospitality REIT (APLE - Free Report) and CubeSmart (CUBE - Free Report) slated for Nov 4.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Boston Properties (BXP) Surpasses Q3 FFO and Revenue Estimates
Boston Properties Inc.’s (BXP - Free Report) third-quarter 2021 funds from operations (FFO) per share of $1.73 beat the Zacks Consensus Estimate of $1.70.
The quarterly figure also exceeded the mid-point of the company’s third-quarter guidance by 4 cents, reflecting better-than-projected results from the in-service portfolio and improved parking revenues.
Quarterly revenues from lease came in at $692.3 million, exceeding the consensus mark of $688 million.
The quarterly FFO per share increased 10.2% from the year-ago quarter’s $1.57. Revenues from lease climbed 3.7% year on year.
Concurrent with the earnings release, Boston Properties, together with Rudin Development, announced the relocation of Food52’s New York City offices to Dock 72 at the Brooklyn Navy Yard. Food52 will occupy roughly 42,000 square feet of space spread across the entire 13th floor.
Inside the Headline Numbers
During the third quarter, the company signed 1.4 million square feet of leases with a weighted-average lease term of 9.3 years.
As of Sep 30, 2021, Boston Properties’ portfolio comprised 202 properties, covering 52.5 million square feet of space. This included nine under-construction/redevelopment properties.
Liquidity
Boston Properties exited third-quarter 2021 with $1 billion of cash and cash equivalents, down from $1.67 billion at the end of 2020.
Outlook
The company projects full-year 2021 FFO per share of $6.50-$6.52. The guided range lies below the Zacks Consensus Estimate of $6.61.
The company projects 2022 FFO per share of $7.25-$7.45. The guided range is in line with the Zacks Consensus Estimate of $7.26.
Boston Properties currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Properties, Inc. Price, Consensus and EPS Surprise
Boston Properties, Inc. price-consensus-eps-surprise-chart | Boston Properties, Inc. Quote
We now look forward to the earnings releases of other REITs like CyrusOne Inc. scheduled for Oct 28, and Apple Hospitality REIT (APLE - Free Report) and CubeSmart (CUBE - Free Report) slated for Nov 4.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.