Boston Properties (BXP) came out with quarterly funds from operations (FFO) of $1.81 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $1.86 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $1.72 per share when it actually produced FFO of $1.77, delivering a surprise of 2.91%.Over the last four quarters, the company has surpassed consensus FFO estimates two times.Boston ...

Exhibit 99.1 Supplemental Operating and Financial Data for the Quarter Ended September 30, 2024 THE COMPANY BXP, Inc. (NYSE: BXP) (formerly known as Boston Properties, Inc.) ("BXP" or the "Company") 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 t ...

BXP, Inc. (BXP) is slated to report third-quarter 2024 results on Oct. 29, after market close. Its quarterly results are likely to reflect a year-over-year decrease in revenues and funds from operations (FFO) per share. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. In the last reported quarter, this office real-estate investment trust (REIT) outpaced the Zacks Consensus Estimate of $1.77 in terms of FFO per share. The quarterly results reflected better-than-anticipated revenues o ...

BXP, Inc.(BXP) boasts a portfolio of Class A office assets in a few select markets of the United States. The healthy tenant demand for premier office assets and the company's ability to offer such spaces are likely to drive decent leasing activity. A healthy balance sheet and strategic capital allocation bodes well for future growth. However, the elevated supply of office properties in some markets is likely to fuel competition. Analysts seem bullish on this office REIT carrying a Zacks Rank #3 (Hold), with ...

BXP, Inc. (NYSE: BXP ) is an office REIT with properties in the largest metropolitan areas of the United States. As with many REITs, we look at the 50-BPS Fed rate cut two weeks ago (with signs of more to come), and My articles are written with a mind to owning a stock for years, not trying to predict price movements in a few months. I don't do target prices; I do valuations.I first entered investing in 2020 as an individual value investor, keen to understand the fundamentals of businesses and buy their sha ...

David Ksir has extensive private equity experience in finance and European real estate. He manages a small 8- figure family office focused on generating reliable dividend income through value investing. David also contributes to the High Yield Landlord which is led by Jussi Askola and has a team of 5 other top Seeking Alpha REIT and income analysts. They help investors become passive landlords with their 8% yielding real estate portfolio. Service features include: three portfolios (core, retirement, interna ...

Shares of BXP Inc. (BXP) have rallied 30.4% in the past three months, outperforming the industry's 18.5% growth. BXP's recent lease renewals and expansion activities showcase the rising demand for its highly amenitized premium offices. In August 2024, it inked a 378,000-square-foot lease renewal and expansion lease with Bain Capital at 200 Clarendon Street in Boston, MA. In July 2024, Bechtel inked a renewal and expansion lease with BXP for about 289,000 square feet at Reston, VA. Analysts seem bullish abou ...

Shares of BXP Inc. (BXP) have rallied 19.5% in the past three months, outperforming the industry's growth of 15.6%. Last month, BXP reported second-quarter 2024 funds from operations (FFO) per share of $1.77, which beat the Zacks Consensus Estimate of $1.72. Results reflected better-than-anticipated revenues on healthy leasing activity. The company, currently carrying a Zacks Rank #3 (Hold), also raised its guidance for 2024. It now expects FFO per share in the range of $7.09-$7.15, up from the $6.98-$7.10 ...

Table of Contents (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered BXP, Inc. Common Stock, par value $0.01 per share BXP New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 or ☐ ...

Financial Data and Key Metrics - FFO per share for Q2 2024 was $0.06 above the forecast and $0.05 above market consensus, with the midpoint of 2024 FFO per share guidance raised by $0.08 [5] - The company completed 1.3 million square feet of leasing in Q2 2024, a 41% increase compared to Q2 2023, close to the 10-year average leasing volume for the second quarter [5] - Weighted average lease term for leases signed in Q2 2024 remained long at nine years [5] - Portfolio NOI for Q2 2024 was $0.01 ahead of the midpoint of guidance, primarily due to lower operating expenses [31] - Full-year 2024 FFO guidance increased to $7.09 to $7.15 per share, an $0.08 increase from the prior guidance midpoint [33] Business Line Data and Key Metrics - Leasing activity in Q2 2024 included 73 transactions: 37 lease renewals for 830,000 square feet and 36 new leases for 500,000 square feet [15] - 45% of absorption came from growth in the existing client pool [15] - East Coast markets dominated leasing activity, with 445,000 square feet in New York, 343,000 square feet in Boston, and 351,000 square feet in Northern Virginia, accounting for 86% of total activity [16] - West Coast activity was primarily in San Francisco, with 146,000 square feet leased [16] - Starting rents on leases signed in Q2 2024 increased by 8% in Boston, remained flat in New York, decreased by 6% in D.C., and decreased by 7% on the West Coast [17] Market Data and Key Metrics - Premier workplaces, representing the highest quality 6.5% of buildings, continue to outperform the broader market, with direct vacancy at 13% compared to 18.5% for the broader market [8] - Net absorption for premier workplaces was positive 6.9 million square feet over the last three years, compared to negative 22.8 million square feet for the broader market [8] - Asking rents for premier workplaces are 51% higher than the broader market [8] - Office sales volume in Q2 2024 remained muted at $6.9 billion, well below pre-2022 levels [9] Company Strategy and Industry Competition - The company is focused on premier workplaces, leveraging its strong balance sheet and high-quality portfolio to gain market share during a period of market dislocation in the office sector [11] - BXP is actively pursuing acquisitions but has seen limited opportunities in the premier workplace segment [10] - The company is advancing a significant development pipeline, including 10 office, lab, retail, and residential projects totaling 3.1 million square feet and $2.3 billion of investment [11] Management Commentary on Operating Environment and Future Outlook - Management highlighted the positive impact of lower interest rates and stronger corporate earnings growth on BXP's performance [7] - The company expects occupancy to increase over time as leasing volumes continue to exceed current lease expirations [5] - Management noted that corporate earnings growth is driving leasing activity, with S&P 500 earnings growth expected to be around 9% for Q2 2024 [7] Other Important Information - The company released its 2023 Sustainability & Impact Report and was recognized by Time Magazine as one of the world's most sustainable companies, ranking number one in the U.S. among property owners [6] - BXP is in active negotiations for the disposition of four land positions, which could generate approximately $150 million in proceeds, with half potentially realized in 2024 [10] Q&A Session Summary Question: Impact of leasing pace on occupancy growth in 2025 [40] - Management expects occupancy to increase, with potential growth to 88% in 2025, driven by signed leases that have not yet commenced [41][42] Question: Yields and funding for new apartment developments [43] - The company is targeting mid-6% yields for new residential projects and plans to bring in JV partners, similar to the Skymark project in Reston [44][45] Question: Correlation between corporate earnings growth and leasing demand [47] - Management emphasized the strong correlation between S&P 500 earnings growth and BXP's leasing activity, with tech and life science sectors still lagging behind pre-pandemic levels [47][48] Question: Stabilization dates and capitalization interest policy for development projects [50] - Stabilization dates assume 85% occupancy, with leasing expected 12-18 months prior. Capitalization of interest stops 12 months after base building completion [51][52] Question: Potential impact of the upcoming election on the business [55] - Management believes state and local elections have a larger impact on day-to-day operations than federal elections, particularly regarding real estate taxes, entitlements, and local infrastructure [55] Question: CapEx spend and expectations for higher lease commencement [57] - Maintenance CapEx is expected to be $80-100 million for 2024, with repositioning CapEx focused on tenant retention and higher rents, particularly at 200 Clarendon Street [57][58] Question: Timing for tech and life science leasing to return to normal [67] - Management noted that tech companies are no longer downsizing but are cautious about high-value real estate investments. Life science demand is expected to grow, but the timing remains uncertain [67][68][69] Question: Divergence between premium and general market leasing [72] - Premium buildings continue to outperform, with asking rents 51% higher than the broader market. Renewals account for around 60% of leasing activity, with the majority focused on 2025 and 2026 expirations [73][74] Question: Transaction activity in the office market and bid-ask spread [75] - Limited foreclosure activity in premier assets, but increased market testing is occurring. The second half of 2024 will be critical for potential deals as owners seek to transact [75][76] Question: Prospects for net effective rent growth in premier assets [78] - Net effective rents have increased in strong submarkets like Park Avenue in Manhattan and Back Bay in Boston, driven by low vacancy rates and stable concessions [78][79][80] Question: Operating expense growth in the same-store portfolio [82] - Operating expenses were lower than expected, with seasonal increases in utilities and repair/maintenance costs in Q2 and Q3 [82] Question: Leverage trajectory and credit rating concerns [84] - Leverage is temporarily elevated due to development pipeline funding but is expected to moderate as projects stabilize, bringing leverage back to the 6.5x-7.5x range [84][85] Question: Details on lease terminations and timing [87] - Terminations involve tenants downsizing or relocating, with new tenants expected to take over the space in 2025. These transactions are expected to improve long-term occupancy and rents [88][89][90] Question: Same-store NOI headwinds and tailwinds for 2025 [93] - Same-store NOI is expected to improve in 2025 as occupancy growth offsets the impact of lease expirations and rollovers [94]