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Industrials : Industrial Conglomerates | Large Cap Value
Company profile

General Electric Company is an industrial company. The Company operates through its industrial segments, Power, Renewable Energy, Aviation and Healthcare, and its financial services segment, Capital. Its segments include Power, which serves power generation, industrial, government and other customers with products and services related to energy production; Renewable Energy, which provides solutions for renewable energy; Aviation, which includes commercial and military aircraft engines, and integrated digital components, electric power and mechanical aircraft systems; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, and Capital, which is a financial services division. Its products include commercial and military aircraft engines and systems; healthcare systems and pharmaceutical diagnostics; wind and other renewable energy generation equipment; nuclear and other power generation equipment.

Closing Price
$64.46
Day's Change
-0.01 (-0.02%)
Bid
--
Ask
--
B/A Size
--
Day's High
65.06
Day's Low
64.19
Volume
(Below Average)
Volume:
6,657,732

10-day average volume:
7,473,533
6,657,732

BXP Announces 2nd Quarter 2022 Results; Reports Q2 EPS of $1.42 and FFO Per Share of $1.94

5:07 pm ET July 26, 2022 (BusinessWire) Print

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 second quarter ended June 30, 2022.

Financial highlights for the second quarter include:

Revenue grew more than 8% to $773.9 million for the quarter ended June 30, 2022, as compared to $713.8 million for the quarter ended June 30, 2021. Net income attributable to common shareholders of $223.0 million, or $1.42 per diluted share (EPS) for the quarter ended June 30, 2022, compared to $111.7 million, or $0.71 per diluted share, for the quarter ended June 30, 2021. Funds from Operations (FFO) of $304.6 million, or $1.94 per diluted share for the quarter ended June 30, 2022, compared to FFO of $268.6 million, or $1.72 per diluted share, for the quarter ended June 30, 2021. EPS and FFO per share exceeded the mid-points of BXP's guidance by $0.62 and $0.09 per share, respectively. EPS included a gain on sale of $0.55 per share, and each of EPS and FFO included $0.09 per share of better-than-projected portfolio performance. The portfolio outperformance was partially due to lower-than-projected operating expenses of $0.05 per share resulting from the deferral of certain maintenance expenses. We expect to recognize a majority of those Q2 expense savings in the second half of 2022.

BXP provided guidance for (1) third quarter 2022 EPS of $0.74 - $0.76 and FFO of $1.86 - $1.88 per diluted share, and (2) full year 2022 EPS of $5.40 - $5.45 and FFO of $7.48 - $7.53 per diluted share. See "EPS and FFO per Share Guidance" below.

Second quarter and recent business highlights include:

Executed approximately 1.9 million square feet of leases, the strongest leasing quarter since Q3 2019 and approximately 140% of our historical 10-year average for the quarter. Notable leases include: A 570,000 square foot lease for the first phase of a future life sciences development at 290 Binney Street in Cambridge, MA. The lease and the commencement of development are subject to various conditions, some of which are not within BXP's control A 125,000 square foot lease at 767 Fifth Avenue (The GM Building) in New York City, New York A 112,000 square foot lease with a life sciences client at 180 CityPoint in Waltham, Massachusetts A 104,000 square foot lease at 140 Kendrick Street in Needham, Massachusetts Completed the acquisition of Madison Centre in Seattle, Washington, for a gross purchase price of approximately $730.0 million. Madison Centre is an approximately 755,000 square foot, 37-story, LEED-Platinum certified, Class A office property. Madison Centre was constructed in 2017, is approximately 93% leased, and is considered one of the highest quality buildings in Seattle. The acquisition was completed with a $730.0 million unsecured term loan that matures on May 16, 2023. As of June 30, 2022, the term loan bears interest at a variable rate equal to Term SOFR plus 0.95% per annum. Commenced two development projects within Reston Town Center in Reston, Virginia: A residential property that is expected to consist of 508 units across a five-story low-rise building and an iconic 39-story tower, which will be one of the tallest buildings in Northern Virginia. The fifth floor of the tower will serve as a full-floor amenity level with a large co-working space, fitness center, sports bar/game area, communal kitchen, and numerous seating areas. A pool and a collection of fire pit areas will sit above a structured garage. The property is owned by a newly formed joint venture with an institutional partner in which BXP has a 20% interest. The joint venture obtained a $140.0 million construction loan that bears interest at a variable rate equal to SOFR plus 2.00% per annum and matures on May 13, 2026, with two, one-year extension options, subject to certain conditions. Adjacent to the residential property, a Class A office and retail project that, when completed, will consist of approximately 90,000 square feet of boutique commercial space with highly efficient floor plates. Premium amenities will include a large rooftop terrace and indoor amenity space with a catering kitchen. In June 2022, completed and fully placed in-service 325 Main Street, a Class A office building with approximately 414,000 square feet of office and retail space located in Cambridge, Massachusetts. The office component, comprising approximately 380,000 square feet, is 100% leased. In June 2022, completed the sale of a portfolio of eleven suburban office properties aggregating approximately 733,000 net rentable square feet, located in Springfield, Virginia, for an aggregate gross sales price of $127.0 million. Net cash proceeds totaled approximately $121.9 million, and BXP recognized a gain on sale of real estate totaling approximately $96.2 million. In June 2022, refinanced the mortgage loan collateralized by Hub50House located in Boston, Massachusetts. The new mortgage loan has a principal balance of $185.0 million, bears interest at a variable rate equal to SOFR plus 1.35% per annum and matures on June 17, 2032. The property is owned by a joint venture in which BXP has a 50% interest. At closing, the joint venture entered into interest rate swap contracts with notional amounts aggregating $185.0 million effective through April 10, 2032, resulting in a fixed rate of approximately 4.432% per annum through the expiration of the interest rate swap contracts. The previous construction loan had an outstanding balance of approximately $176.7 million and matured in June 2022. Continued leadership and ongoing commitment to ESG and sustainability performance: In April 2022, released BXP's 2021 ESG Report, which highlights that BXP remains on track to achieve carbon-neutral operations by 2025. Following the report's release, BXP hosted its first ESG Investor Webcast in June 2022. In May 2022, received the 2022 ENERGY STAR(R) Partner of the Year - Sustained Excellence Award from the U.S. Environmental Protection Agency and the U.S. Department of Energy for the second consecutive year. In May 2022, BXP's ESG rating was upgraded from 'A' to 'AA' by MSCI ESG Research. MSCI is a leading provider of in-depth research, ratings and analysis of environmental, social and governance-related business activities for the global investment community. In June 2022, celebrated the 25th Anniversary of BXP's listing on the New York Stock Exchange. Representatives from BXP across the U.S. rang the closing bell on June 24th in recognition of this milestone.

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 June 30, 2022. 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 third 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 the impacts of any potential (1) capital markets activity, (2) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (3) 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.

                                                                                                  Third Quarter 2022                                                                                            Full Year 2022
                                                                                                   ----------------------------------------------------------------------------------------                          ----------------------------------------------------------------------------------------------------------------
                                                                              Low                                  High                                         Low                                               High
                                                                                                   ----------------------------------                       ----------------------------------                       ----------------------------------------------                        ----------------------------------------------
Projected EPS (diluted)                                                                            $           0.74                      $           0.76                      $   5.40                        $   5.45  
                                                                                                                                                       
    Add:
                                                                                            1.12               1.12       4.37         4.37  
         Projected Company share of real estate depreciation and amortization
                                                                                  --     --      (2.29 )                         (2.29 )
         Projected Company share of (gains)/losses on sales of real estate
                                                                                                   -------------------- --------------                      -------------------- --------------                      -------------------- ------ --------------------                      -------------------- ------ --------------------

BXP will host a conference call on Wednesday, July 27, 2022 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter 2022 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 here 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. Shortly after the call, a replay of the call will be available on BXP's website for up to twelve months following the call.

Additionally, a copy of BXP's second quarter 2022 "Supplemental Operating and Financial Data" and this press release are available in the Investors section of BXP'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. BXP 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, BXP's portfolio totals 53.7 million square feet and 193 properties, including twelve properties under construction/redevelopment. For more information about BXP, 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 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 statement. These factors include, without limitation, the risks and uncertainties related to the impact of the COVID-19 global pandemic, including the emergence of additional variants, the effectiveness, availability and distribution of vaccines, including their efficacy against new variant strains and the willingness of individuals to be vaccinated, the impact of geopolitical conflicts, including the ongoing war in Ukraine, and the severity and duration of the indirect economic impacts of the foregoing, such as recession, supply chain disruptions, labor market disruptions, rising inflation, increasing interest rates, dislocation and volatility in capital markets, job losses, potential longer-term changes in consumer and client behavior, as well as possible future governmental responses, risks related to volatile or adverse global economic and geopolitical conditions, health crises and dislocations in the credit markets, risks associated with downturns in the national and local economies, increasing interest rates, and volatility in the securities markets, BXP's ability to enter into new leases or renew leases on favorable terms, dependence on clients' 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 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 may be required by law.

Financial tables follow.

                                                                                                                                                           BOSTON PROPERTIES, INC.
                                                                                                                                                         CONSOLIDATED BALANCE SHEETS
                                                                                                                                                       (Unaudited) 
                                                                                                                                                                                                                            
                                                                                                                                                                                                         June 30, 2022                                              December 31,
                                                                                                                                                                                                                                                                                                              2021
                                                                                                                                                                                                      ------------------------------------------------------                        ------------------------------------------------------
                                                                                                                                                                                                                                       (in thousands, except for share
                                                                                                                                                                                                                                                              and par value amounts)
                                                                                                ASSETS                                                                                                                                         
Real estate, at cost                                                                                                                                                                                                     $     23,522,913                        $     22,298,103  
Construction in progress                                                                                                                                                                                       593,958              894,172  
Land held for future development                                                                                                                                                                               583,700              560,355  
Right of use assets - finance leases                                                                                                                                                                           237,488              237,507  
Right of use assets - operating leases                                                                                                                                                                         168,370              169,778  
                                                                                                                                                                                                            (6,077,270 )                            (5,883,961 )
    Less: accumulated depreciation
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                            19,029,159           18,275,954  
        Total real estate
Cash and cash equivalents                                                                                                                                                                                      456,491              452,692  
Cash held in escrows                                                                                                                                                                                            46,359               48,466  
Investments in securities                                                                                                                                                                                       31,457               43,632  
Tenant and other receivables, net                                                                                                                                                                               64,607               70,186  
Related party note receivable, net                                                                                                                                                                              78,576               78,336  
Note receivables, net                                                                                                                                                                                   --                9,641  
Accrued rental income, net                                                                                                                                                                                   1,265,480            1,226,745  
Deferred charges, net                                                                                                                                                                                          684,078              618,798  
Prepaid expenses and other assets                                                                                                                                                                               55,232               57,811  
Investments in unconsolidated joint ventures                                                                                                                                                                 1,554,994            1,482,997  
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                         $     23,266,433                        $     22,365,258  
        Total assets
                                                                                                                                                                                                      ==================== ============== ====================                      ==================== ============== ====================
                                                                                        LIABILITIES AND EQUITY                                                                                                                                 
Liabilities:                                                                                                                                                                                                                                   
                                                                                                                                                                                                                         $      3,269,948                        $      3,267,914  
    Mortgage notes payable, net
                                                                                                                                                                                                             9,489,030            9,483,695  
    Unsecured senior notes, net
                                                                                                                                                                                                               165,000              145,000  
    Unsecured line of credit
                                                                                                                                                                                                               728,795       --  
    Unsecured term loan, net
                                                                                                                                                                                                               246,832              244,421  
    Lease liabilities - finance leases
                                                                                                                                                                                                               204,643              204,561  
    Lease liabilities - operating leases
                                                                                                                                                                                                               342,467              320,775  
    Accounts payable and accrued expenses
                                                                                                                                                                                                               170,937              169,859  
    Dividends and distributions payable
                                                                                                                                                                                                                96,821               94,796  
    Accrued interest payable
                                                                                                                                                                                                               401,360              391,441  
    Other liabilities
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                            15,115,833           14,322,462  
        Total liabilities
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                                            
Commitments and contingencies                                                                                                                                                                           --       --  
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Redeemable deferred stock units                                                                                                                                                                                  7,931                9,568  
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
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                                                                                                              --       --  
                                                                                                                                                                                                                 1,567                1,565  
    Common stock, $0.01 par value, 250,000,000 shares authorized, 156,805,330 and 156,623,749 issued and 156,726,430 and 156,544,849 outstanding at June 30, 2022 and December 31, 2021, respectively
                                                                                                                                                                                                             6,524,997            6,497,730  
    Additional paid-in capital
                                                                                                                                                                                                              (567,016 )                              (625,891 )
    Dividends in excess of earnings
                                                                                                                                                                                                                (2,722 )                                (2,722 )
    Treasury common stock at cost, 78,900 shares at June 30, 2022 and December 31, 2021
                                                                                                                                                                                                               (27,077 )                               (36,662 )
    Accumulated other comprehensive loss
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                             5,929,749            5,834,020  
        Total stockholders' equity attributable to Boston Properties, Inc.
Noncontrolling interests:                                                                                                                                                                                                                      
                                                                                                                                                                                                               660,214              642,655  
    Common units of the Operating Partnership
                                                                                                                                                                                                             1,552,706            1,556,553  
    Property partnerships
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                             8,142,669            8,033,228  
        Total equity
                                                                                                                                                                                                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                BOSTON PROPERTIES, INC.
                                                                                                                                                                                         CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                                                                                      (Unaudited)
                                                                                                                                                                                                     
                                                                                                                                        Three months ended                                                                                                                        Six months ended
                                                                                                                                                                                   June 30,                                                                                                                                                    June 30,
                                                                                                                    --------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------
                                                                                                        2022                                                       2021                                                       2022                                                       2021
                                                                                                                    ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------
                                                                                                                                                                                                         (in thousands, except for per share amounts)
Revenue                                                                                                                                                                                                                   
                                                                                                                    $        721,899                        $        684,025                        $      1,440,019                        $      1,369,842  
    Lease
                                                                                                           30,346               18,282               52,080               35,220  
    Parking and other
                                                                                                           12,089                1,561               16,646                2,193  
    Hotel revenue
                                                                                                            6,354                7,284               12,185               14,087  
    Development and management services
                                                                                                            3,239                2,655                7,304                6,160  
    Direct reimbursements of payroll and related costs from management services contracts
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                          773,927              713,807            1,528,234            1,427,502  
        Total revenue
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Expenses                                                                                                                                                                                                                  
                                                                                                                                                                                                                          
    Operating
                                                                                                          273,848              248,703              544,103              506,092  
        Rental
                                                                                                            6,444                1,996               11,284                4,047  
        Hotel
                                                                                                           34,665               38,405               77,859               83,364  
    General and administrative
                                                                                                            3,239                2,655                7,304                6,160  
    Payroll and related costs from management services contracts
                                                                                                              496                  751                  496                1,082  
    Transaction costs
                                                                                                          183,146              183,838              360,770              360,403  
    Depreciation and amortization
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                          501,838              476,348            1,001,816              961,148  
              Total expenses
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Other income (expense)                                                                                                                                                                                                    
                                                                                                              (54 )                                (1,373 )                                 2,135                3,852  
    Income (loss) from unconsolidated joint ventures
                                                                                                           96,247                7,756              118,948                7,756  
    Gains on sales of real estate
                                                                                                            1,195                1,452                2,423                2,620  
    Interest and other income (loss)
                                                                                                            6,624       --                6,624       --  
    Other income - assignment fee
                                                                                                           (4,716 )                                 2,275               (6,978 )                                 3,934  
    Gains (losses) from investments in securities
                                                                                                   --       --       --                 (898 )
    Losses from early extinguishment of debt
                                                                                                         (104,142 )                              (106,319 )                              (205,370 )                              (214,221 )
    Interest expense
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income                                                                                                267,243              141,250              444,200              269,397  
Net income attributable to noncontrolling interests                                                                                                                                                                       
                                                                                                          (18,546 )                               (17,164 )                               (36,095 )                               (33,631 )
    Noncontrolling interests in property partnerships
                                                                                                          (25,708 )                               (12,383 )                               (42,061 )                               (23,422 )
    Noncontrolling interest--common units of the Operating Partnership
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income attributable to Boston Properties, Inc.                                                        222,989              111,703              366,044              212,344  
                                                                                                   --       --       --               (2,560 )
    Preferred dividends
                                                                                                   --       --       --               (6,412 )
    Preferred stock redemption charge
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Net income attributable to Boston Properties, Inc. common shareholders                                              $        222,989                        $        111,703                        $        366,044                        $        203,372  
                                                                                                                    ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================
Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:                                                                                                                              
                                                                                                                    $           1.42                        $           0.72                        $           2.33                        $           1.30  
    Net income
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                          156,720              156,107              156,685              156,016  
    Weighted average number of common shares outstanding
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:                                                                                                                            
                                                                                                                    $           1.42                        $           0.71                        $           2.33                        $           1.30  
    Net income
                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                                     BOSTON PROPERTIES, INC.
                                                                                                                                                                                                    FUNDS FROM OPERATIONS (1)
                                                                                                                                                                                                           (Unaudited)
                                                                                                                                                                                                                                        
                                                                                                                                                                           Three months ended                                                                                                                     Six months ended
                                                                                                                                                                                                   June 30,                                                                                                                                                 June 30,
                                                                                                                                    --------------------------------------------------------------------------------------------------------------------------------                            -------------------------------------------------------------------------------------------------------------------------
                                                                                                                                           2022                                                       2021                                                       2022                                                    2021
                                                                                                                                    ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        -----------------------------------------------
                                                                                                                                                                                                                                         (in thousands, except for per share amounts)
Net income attributable to Boston Properties, Inc. common shareholders                                                                                 $        222,989                        $        111,703                        $        366,044                        $ 203,372  
Add:                                                                                                                                                                                                                                                         
                                                                                                                                      --       --       --         6,412  
    Preferred stock redemption charge
                                                                                                                                      --       --       --         2,560  
    Preferred dividends
                                                                                                                                              25,708               12,383               42,061        23,422  
    Noncontrolling interest - common units of the Operating Partnership
                                                                                                                                              18,546               17,164               36,095        33,631  
    Noncontrolling interests in property partnerships
                                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net income                                                                                                                                   267,243              141,250              444,200       269,397  
Add:                                                                                                                                                                                                                                                         
                                                                                                                                             183,146              183,838              360,770       360,403  
    Depreciation and amortization expense
                                                                                                                                             (17,414 )                               (17,113 )                               (35,067 )                        (33,570 )
    Noncontrolling interests in property partnerships' share of depreciation and amortization
                                                                                                                                              21,120               15,350               43,164        33,762  
    Company's share of depreciation and amortization from unconsolidated joint ventures
                                                                                                                                                (413 )                                  (444 )                                  (817 )                           (884 )
    Corporate-related depreciation and amortization
Less:                                                                                                                                                                                                                                                        
                                                                                                                                      --       --       --        10,257  
    Gains on sale of investment included within income from unconsolidated joint ventures
                                                                                                                                              96,247                7,756              118,948         7,756  
    Gains on sales of real estate
                                                                                                                                              18,546               17,164               36,095        33,631  
    Noncontrolling interests in property partnerships
                                                                                                                                      --       --       --         2,560  
    Preferred dividends
                                                                                                                                      --       --       --         6,412  
    Preferred stock redemption charge
                                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)                 338,889              297,961              657,207       568,492  
Less:                                                                                                                                                                                                                                                        
                                                                                                                                              34,329               29,319               66,509        55,940  
    Noncontrolling interest - common units of the Operating Partnership's share of funds from operations
                                                                                                                                    -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Funds from operations attributable to Boston Properties, Inc. common shareholders                                                                      $        304,560                        $        268,642                        $        590,698                        $ 512,552  
                                                                                                                                    ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
Boston Properties, Inc.'s percentage share of funds from operations - basic                                         89.87 %                                 90.16 %                                 89.88 %                          90.16 %
                                                                                                                                    ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
Weighted average shares outstanding - basic                                                                                                  156,720              156,107              156,685       156,016  
                                                                                                                                    ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
                                                                                                                                                       $           1.94                        $           1.72                        $           3.77                        $    3.29  
    FFO per share basic
                                                                                                                                    ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
Weighted average shares outstanding - diluted                                                                                                157,192              156,519              157,098       156,307  
                                                                                                                                    ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
(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. 
      
                               BOSTON PROPERTIES, INC.
                            PORTFOLIO LEASING PERCENTAGES
       
                       % Leased by Location
                     ------------------------------------------------------------
      June 30, 2022        December 31, 2021
                     --------------------                      --------------------
Boston                             91.5 %                 91.4 %
Los Angeles                        93.4 %                 88.8 %
New York                           87.8 %                 87.6 %
San Francisco                      86.9 %                 87.3 %
Seattle                            89.1 %                 90.9 %
Washington, DC                     89.4 %                 87.2 %
                     --------------------                      --------------------

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726006099/en/

SOURCE: Boston Properties, Inc.

AT BXP 
Michael LaBelle
Executive Vice President,
Chief Financial Officer and Treasurer
mlabelle@bxp.com 

Helen Han
Vice President, Investor Relations
hhan@bxp.com
comtex tracking

COMTEX_411018053/1006/2022-07-26T17:07:00

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