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Boston Properties Inc BXP Stock Quote

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Morningstar‘s Stock Analysis BXP

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Boston Properties' Q3 Results Were in Line With Our Expectations, but 2023 FFO Guidance Disappoints

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated Boston Properties reported third-quarter results that were in line with our expectations as share prices of office REITs have declined significantly in the past few months. The firm reported funds from operations, or FFO, of $1.91 per share, 10.4% higher than the $1.73 in FFO during the third quarter of 2021. The company also provided 2023 FFO full-year guidance of $7.15 to $7.30 per diluted share, which was slightly below our expectations. The midpoint of the FFO 2023 guidance is around $0.30 per share lower than the guidance for full-year 2022 FFO. The difference between the two years is on account of $0.69 per share of higher interest expenses and $0.23 per share impact from dispositions and lower fee income that was partially offset by $0.62 per share of higher FFO contributions from acquisitions and developments. We have reduced our fair value estimate for Boston Properties to $107 per share from $112 per share after moderating our long-term rent growth, occupancy, and interest expense expectations for the company.

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Key Statistics BXP

Company Profile BXP

Business Description

Boston Properties owns over 200 properties consisting of approximately 53 million rentable square feet of space. The portfolio is dominated by office buildings and is spread across major cities such as New York, Boston, San Francisco, Los Angeles, Seattle, and the Washington, D.C., region. The real estate investment trust also owns limited retail, hotel, and residential properties.

800 Boylston Street, Suite 1900, Prudential Center
Boston, MA, 02199-8103
T +1 617 236-3300
Industry REIT - Office
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 743

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