BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the fourth quarter ended December 31, 2023.
Financial highlights for the fourth quarter include:
BXP also provided guidance for first quarter 2024 EPS of $0.66 - $0.68 and FFO of $1.72 - $1.74 per diluted share, and full year 2024 EPS of $2.26 - $2.46 and FFO of $7.00 - $7.20 per diluted share.
The mid-point of guidance for 2024 EPS is projected to be 95% higher than full year 2023 EPS primarily due to:
The mid-point of guidance for 2024 FFO per diluted share is projected to be 2.5% lower than full year 2023 FFO per diluted share primarily due to:
See “EPS and FFO per Share Guidance” below.
Fourth quarter and recent business highlights include:
Financial highlights for the year ended December 31, 2023 include:
Full year 2023 business highlights include:
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, 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 first quarter 2024 and full year 2024 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.
|
|
First Quarter 2024 |
|
Full Year 2024 |
||||||||||||
|
|
Low |
|
High |
|
Low |
|
High |
||||||||
Projected EPS (diluted) |
|
$ |
0.66 |
|
|
$ |
0.68 |
|
|
$ |
2.26 |
|
|
$ |
2.46 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Projected Company share of real estate depreciation and amortization1 |
|
|
1.20 |
|
|
|
1.20 |
|
|
|
4.88 |
|
|
|
4.88 |
|
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments |
|
|
(0.14 |
) |
|
|
(0.14 |
) |
|
|
(0.14 |
) |
|
|
(0.14 |
) |
Projected FFO per share (diluted) |
|
$ |
1.72 |
|
|
$ |
1.74 |
|
|
$ |
7.00 |
|
|
$ |
7.20 |
|
1 Excludes estimated non-real estate related amortization of $0.01 and $0.05 per share for First Quarter 2024 and Full Year 2024 respectively. |
BXP will host a conference call on Wednesday, January 31, 2024 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 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/BI5e085f4df712444fa9623bfc3ed2c866 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 fourth 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 53.3 million square feet and 188 properties, including 10 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, increased 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. Except as otherwise required by law, 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.
Financial tables follow.
BOSTON PROPERTIES, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
December 31,
|
|
December 31,
|
||||
|
(in thousands, except for share and par value amounts) |
||||||
ASSETS |
|
|
|
||||
Real estate, at cost |
$ |
25,504,868 |
|
|
$ |
24,261,588 |
|
Construction in progress |
|
547,280 |
|
|
|
406,574 |
|
Land held for future development |
|
697,061 |
|
|
|
721,501 |
|
Right of use assets - finance leases |
|
401,680 |
|
|
|
237,510 |
|
Right of use assets - operating leases |
|
324,298 |
|
|
|
167,351 |
|
Less: accumulated depreciation |
|
(6,881,728 |
) |
|
|
(6,298,082 |
) |
Total real estate |
|
20,593,459 |
|
|
|
19,496,442 |
|
Cash and cash equivalents |
|
1,531,477 |
|
|
|
690,333 |
|
Cash held in escrows |
|
81,090 |
|
|
|
46,479 |
|
Investments in securities |
|
36,337 |
|
|
|
32,277 |
|
Tenant and other receivables, net |
|
122,407 |
|
|
|
81,389 |
|
Note receivable, net |
|
1,714 |
|
|
|
— |
|
Related party note receivable, net |
|
88,779 |
|
|
|
78,576 |
|
Sales-type lease receivable, net |
|
13,704 |
|
|
|
12,811 |
|
Accrued rental income, net |
|
1,355,212 |
|
|
|
1,276,580 |
|
Deferred charges, net |
|
760,421 |
|
|
|
733,282 |
|
Prepaid expenses and other assets |
|
64,230 |
|
|
|
43,589 |
|
Investments in unconsolidated joint ventures |
|
1,377,319 |
|
|
|
1,715,911 |
|
Total assets |
$ |
26,026,149 |
|
|
$ |
24,207,669 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Liabilities: |
|
|
|
||||
Mortgage notes payable, net |
$ |
4,166,379 |
|
|
$ |
3,272,368 |
|
Unsecured senior notes, net |
|
10,491,617 |
|
|
|
10,237,968 |
|
Unsecured line of credit |
|
— |
|
|
|
— |
|
Unsecured term loan, net |
|
1,198,301 |
|
|
|
730,000 |
|
Lease liabilities - finance leases |
|
417,961 |
|
|
|
249,335 |
|
Lease liabilities - operating leases |
|
350,391 |
|
|
|
204,686 |
|
Accounts payable and accrued expenses |
|
458,329 |
|
|
|
417,545 |
|
Dividends and distributions payable |
|
171,176 |
|
|
|
170,643 |
|
Accrued interest payable |
|
133,684 |
|
|
|
103,774 |
|
Other liabilities |
|
445,947 |
|
|
|
450,918 |
|
Total liabilities |
|
17,833,785 |
|
|
|
15,837,237 |
|
|
|
|
|
||||
Commitments and contingencies |
|
— |
|
|
|
— |
|
Redeemable deferred stock units |
|
8,383 |
|
|
|
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, 157,019,766 and 156,836,767 issued and 156,940,866 and 156,757,867 outstanding at December 31, 2023 and December 31, 2022, respectively |
|
1,569 |
|
|
|
1,568 |
|
Additional paid-in capital |
|
6,715,149 |
|
|
|
6,539,147 |
|
Dividends in excess of earnings |
|
(816,152 |
) |
|
|
(391,356 |
) |
Treasury common stock at cost, 78,900 shares at December 31, 2023 and December 31, 2022 |
|
(2,722 |
) |
|
|
(2,722 |
) |
Accumulated other comprehensive income (loss) |
|
(21,147 |
) |
|
|
(13,718 |
) |
Total stockholders’ equity attributable to Boston Properties, Inc. |
|
5,876,697 |
|
|
|
6,132,919 |
|
Noncontrolling interests: |
|
|
|
||||
Common units of the Operating Partnership |
|
666,580 |
|
|
|
683,583 |
|
Property partnerships |
|
1,640,704 |
|
|
|
1,547,317 |
|
Total equity |
|
8,183,981 |
|
|
|
8,363,819 |
|
Total liabilities and equity |
$ |
26,026,149 |
|
|
$ |
24,207,669 |
|
BOSTON PROPERTIES, INC. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
|
(in thousands, except for per share amounts) |
||||||||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Lease |
|
$ |
768,884 |
|
|
$ |
739,094 |
|
|
$ |
3,054,673 |
|
|
$ |
2,918,368 |
|
Parking and other |
|
|
31,497 |
|
|
|
26,991 |
|
|
|
112,918 |
|
|
|
107,225 |
|
Hotel |
|
|
11,803 |
|
|
|
11,087 |
|
|
|
47,357 |
|
|
|
39,482 |
|
Development and management services |
|
|
12,728 |
|
|
|
8,406 |
|
|
|
40,850 |
|
|
|
28,056 |
|
Direct reimbursements of payroll and related costs from management services contracts |
|
|
4,021 |
|
|
|
4,246 |
|
|
|
17,771 |
|
|
|
15,450 |
|
Total revenue |
|
|
828,933 |
|
|
|
789,824 |
|
|
|
3,273,569 |
|
|
|
3,108,581 |
|
Expenses |
|
|
|
|
|
|
|
|
||||||||
Operating |
|
|
|
|
|
|
|
|
||||||||
Rental |
|
|
301,411 |
|
|
|
282,265 |
|
|
|
1,183,947 |
|
|
|
1,108,070 |
|
Hotel |
|
|
8,373 |
|
|
|
7,646 |
|
|
|
32,225 |
|
|
|
27,478 |
|
General and administrative |
|
|
38,771 |
|
|
|
36,000 |
|
|
|
170,158 |
|
|
|
146,378 |
|
Payroll and related costs from management services contracts |
|
|
4,021 |
|
|
|
4,246 |
|
|
|
17,771 |
|
|
|
15,450 |
|
Transaction costs |
|
|
2,343 |
|
|
|
759 |
|
|
|
4,313 |
|
|
|
2,905 |
|
Depreciation and amortization |
|
|
212,067 |
|
|
|
198,330 |
|
|
|
830,813 |
|
|
|
749,775 |
|
Total expenses |
|
|
566,986 |
|
|
|
529,246 |
|
|
|
2,239,227 |
|
|
|
2,050,056 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
||||||||
Income (loss) from unconsolidated joint ventures |
|
|
22,250 |
|
|
|
(58,451 |
) |
|
|
(239,543 |
) |
|
|
(59,840 |
) |
Gains on sales of real estate |
|
|
— |
|
|
|
55,726 |
|
|
|
517 |
|
|
|
437,019 |
|
Gain on sales-type lease |
|
|
— |
|
|
|
10,058 |
|
|
|
— |
|
|
|
10,058 |
|
Interest and other income (loss) |
|
|
20,965 |
|
|
|
5,789 |
|
|
|
69,964 |
|
|
|
11,940 |
|
Other income - assignment fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,624 |
|
Gains (losses) from investments in securities |
|
|
3,245 |
|
|
|
2,096 |
|
|
|
5,556 |
|
|
|
(6,453 |
) |
Losses from interest rate contracts |
|
|
(79 |
) |
|
|
— |
|
|
|
(79 |
) |
|
|
— |
|
Unrealized gain (loss) on non-real estate investment |
|
|
(93 |
) |
|
|
(150 |
) |
|
|
239 |
|
|
|
(150 |
) |
Interest expense |
|
|
(155,080 |
) |
|
|
(119,923 |
) |
|
|
(579,572 |
) |
|
|
(437,139 |
) |
Net income |
|
|
153,155 |
|
|
|
155,723 |
|
|
|
291,424 |
|
|
|
1,020,584 |
|
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
||||||||
Noncontrolling interests in property partnerships |
|
|
(19,324 |
) |
|
|
(19,961 |
) |
|
|
(78,661 |
) |
|
|
(74,857 |
) |
Noncontrolling interest—common units of the Operating Partnership |
|
|
(13,906 |
) |
|
|
(13,972 |
) |
|
|
(22,548 |
) |
|
|
(96,780 |
) |
Net income attributable to Boston Properties, Inc. |
|
$ |
119,925 |
|
|
$ |
121,790 |
|
|
$ |
190,215 |
|
|
$ |
848,947 |
|
Basic earnings per common share attributable to Boston Properties, Inc. |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
0.76 |
|
|
$ |
0.78 |
|
|
$ |
1.21 |
|
|
$ |
5.41 |
|
Weighted average number of common shares outstanding |
|
|
156,945 |
|
|
|
156,773 |
|
|
|
156,863 |
|
|
|
156,726 |
|
Diluted earnings per common share attributable to Boston Properties, Inc. |
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
0.76 |
|
|
$ |
0.78 |
|
|
$ |
1.21 |
|
|
$ |
5.40 |
|
Weighted average number of common and common equivalent shares outstanding |
|
|
157,276 |
|
|
|
157,112 |
|
|
|
157,201 |
|
|
|
157,137 |
|
BOSTON PROPERTIES, INC. |
|||||||||||||||
FUNDS FROM OPERATIONS (1) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three months ended
|
|
Year ended
|
||||||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
(in thousands, except for per share amounts) |
||||||||||||||
Net income attributable to Boston Properties, Inc. |
$ |
119,925 |
|
|
$ |
121,790 |
|
|
$ |
190,215 |
|
|
$ |
848,947 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Noncontrolling interest - common units of the Operating Partnership |
|
13,906 |
|
|
|
13,972 |
|
|
|
22,548 |
|
|
|
96,780 |
|
Noncontrolling interests in property partnerships |
|
19,324 |
|
|
|
19,961 |
|
|
|
78,661 |
|
|
|
74,857 |
|
Net income |
|
153,155 |
|
|
|
155,723 |
|
|
|
291,424 |
|
|
|
1,020,584 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization expense |
|
212,067 |
|
|
|
198,330 |
|
|
|
830,813 |
|
|
|
749,775 |
|
Noncontrolling interests in property partnerships’ share of depreciation and amortization |
|
(19,284 |
) |
|
|
(17,435 |
) |
|
|
(73,027 |
) |
|
|
(70,208 |
) |
Company’s share of depreciation and amortization from unconsolidated joint ventures |
|
24,132 |
|
|
|
24,626 |
|
|
|
101,199 |
|
|
|
89,275 |
|
Corporate-related depreciation and amortization |
|
(453 |
) |
|
|
(431 |
) |
|
|
(1,810 |
) |
|
|
(1,679 |
) |
Non-real estate related amortization |
|
(1,681 |
) |
|
|
— |
|
|
|
(1,681 |
) |
|
|
— |
|
Impairment losses included within loss from unconsolidated joint ventures |
|
— |
|
|
|
50,705 |
|
|
|
272,603 |
|
|
|
50,705 |
|
Less: |
|
|
|
|
|
|
|
||||||||
Gains on sales of real estate |
|
— |
|
|
|
55,726 |
|
|
|
517 |
|
|
|
437,019 |
|
Gain on sales-type lease |
|
— |
|
|
|
10,058 |
|
|
|
— |
|
|
|
10,058 |
|
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures |
|
28,412 |
|
|
|
— |
|
|
|
28,412 |
|
|
|
— |
|
Gain on investment included within income (loss) from unconsolidated joint ventures |
|
— |
|
|
|
— |
|
|
|
35,756 |
|
|
|
— |
|
Gain on sales-type lease included within Income (loss) from unconsolidated joint ventures |
|
1,368 |
|
|
|
— |
|
|
|
1,368 |
|
|
|
— |
|
Unrealized gain (loss) on non-real estate investment |
|
(93 |
) |
|
|
(150 |
) |
|
|
239 |
|
|
|
(150 |
) |
Noncontrolling interests in property partnerships |
|
19,324 |
|
|
|
19,961 |
|
|
|
78,661 |
|
|
|
74,857 |
|
Funds from operations (FFO) attributable to the Operating Partnership (including Boston Properties, Inc.) |
|
318,925 |
|
|
|
325,923 |
|
|
|
1,274,568 |
|
|
|
1,316,668 |
|
Less: |
|
|
|
|
|
|
|
||||||||
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations |
|
32,722 |
|
|
|
32,983 |
|
|
|
130,771 |
|
|
|
133,115 |
|
Funds from operations attributable to Boston Properties, Inc. |
$ |
286,203 |
|
|
$ |
292,940 |
|
|
$ |
1,143,797 |
|
|
$ |
1,183,553 |
|
Boston Properties, Inc.’s percentage share of funds from operations - basic |
|
89.74 |
% |
|
|
89.88 |
% |
|
|
89.74 |
% |
|
|
89.89 |
% |
Weighted average shares outstanding - basic |
|
156,945 |
|
|
|
156,773 |
|
|
|
156,863 |
|
|
|
156,726 |
|
FFO per share basic |
$ |
1.82 |
|
|
$ |
1.87 |
|
|
$ |
7.29 |
|
|
$ |
7.55 |
|
Weighted average shares outstanding - diluted |
|
157,276 |
|
|
|
157,112 |
|
|
|
157,201 |
|
|
|
157,137 |
|
FFO per share diluted |
$ |
1.82 |
|
|
$ |
1.86 |
|
|
$ |
7.28 |
|
|
$ |
7.53 |
(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 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 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) |
||||
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
Boston |
89.9 % |
|
90.2 % |
|
90.3 % |
|
92.7 % |
Los Angeles |
85.9 % |
|
88.3 % |
|
88.1 % |
|
88.6 % |
New York |
90.1 % |
|
86.8 % |
|
92.4 % |
|
90.9 % |
San Francisco |
84.9 % |
|
88.5 % |
|
85.5 % |
|
88.8 % |
Seattle |
81.8 % |
|
88.3 % |
|
83.1 % |
|
90.9 % |
Washington, DC |
88.0 % |
|
88.7 % |
|
91.0 % |
|
93.0 % |
Total Portfolio |
88.4 % |
|
88.6 % |
|
89.9 % |
|
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/20240130403667/en/
AT BXP
Michael LaBelle
Executive Vice President,
Chief Financial Officer and Treasurer
[email protected]
Helen Han
Vice President, Investor Relations
[email protected]