NYSE$BXP
Boston Properties Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Boston Properties' financial performance reflected growth in net income and FFO, driven by strong leasing activity and same-store NOI growth.
Boston Properties reported a net income attributable to Boston Properties, Inc. of $222.99 million, or $1.42 per diluted share, and FFO of $304.56 million, or $1.94 per diluted share for the quarter ended June 30, 2022. The increase in net income and FFO was primarily driven by strong leasing activity and same-store NOI growth.
- Net income attributable to Boston Properties, Inc. was $222.99 million, or $1.42 per diluted share.
- FFO attributable to Boston Properties, Inc. was $304.56 million, or $1.94 per diluted share.
- Same-property NOI increased by 6.1% (excluding termination income).
- The company acquired Madison Centre in Seattle, WA for $730 million.
Headline financials
Revenue & EPS history
Boston Properties · Revenue · Quarterly
$774M
Revenue by segment
Boston Properties · $767M total across 4 segments · Q2 2022
- Lease$722M+5.5%94.1%
- Parking and Other$26.5M+48.2%3.5%
- Hotel$12.1M+674.4%1.6%
- Dev & Mgmt Services$6.35M-12.8%0.8%
Forward guidance
BXP’s guidance for the third quarter and full year 2022 for diluted earnings per common share attributable to Boston Properties, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to Boston Properties, Inc. is set forth and reconciled below.
Tailwinds
- Projected EPS (diluted) for Third Quarter 2022: $0.74 - $0.76
- Projected EPS (diluted) for Full Year 2022: $5.40 - $5.45
- Projected FFO per share (diluted) for Third Quarter 2022: $1.86 - $1.88
- Projected FFO per share (diluted) for Full Year 2022: $7.48 - $7.53
- Expected increase in BXP’s Share of Same Property net operating income (excluding termination income) : 3.50 % - 4.50 %
Headwinds
- BXP’s Share of incremental net operating income related to asset sales over prior year: $(30,000) - $(25,000)
- General and administrative expense: $(155,000) - $(150,000)
- Net interest expense: $(425,000) - $(415,000)
- Noncontrolling interest in property partnerships’ share of FFO: $(146,000) - $(142,000)
- There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
-0.1%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+0.7%
Avg return
30 days after
50%
36 / 72 earnings
Positive
+6.4%
Q2 2018
Best reaction
-7.9%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.0% | +1.6% | +4.4% | |
| Q4 2025 | -2.5% | -1.0% | +1.6% | |
| Q3 2025 | -5.0% | -4.7% | -2.3% | |
| Q1 2025 | -2.1% | -0.6% | +3.4% | |
| Q4 2024 | -5.9% | -2.0% | -3.1% | |
| Q3 2024 | -5.3% | -9.4% | -5.2% | |
| Q2 2024 | -0.1% | -6.2% | +4.3% | |
| Q1 2024 | -5.7% | -3.3% | -7.4% | |
| Q4 2023 | -7.9% | -11.8% | -10.4% | |
| Q3 2023 | +4.2% | +7.1% | +18.1% | |
| Q2 2023 | +0.6% | +2.9% | +0.2% | |
| Q1 2023 | -1.6% | +2.6% | -8.5% | |
| Q4 2022 | +3.0% | +4.6% | -9.8% | |
| Q3 2022 | +0.1% | -0.0% | -3.7% | |
| Q2 2022 | +0.9% | +2.2% | -5.7% | |
| Q1 2022 | +3.2% | +1.3% | -8.0% | |
| Q4 2021 | -0.3% | -1.5% | +4.3% | |
| Q3 2021 | -1.7% | -3.1% | +0.7% | |
| Q2 2021 | +2.3% | +1.7% | -3.0% | |
| Q1 2021 | +0.2% | +1.9% | +8.7% | |
| Q4 2020 | -1.7% | -0.0% | +12.5% | |
| Q3 2020 | -5.6% | -4.0% | +35.7% | |
| Q2 2020 | +1.0% | -0.7% | -1.4% | |
| Q1 2020 | +4.4% | -1.3% | -6.8% | |
| Q4 2019 | +1.3% | +1.6% | -9.1% | |
| Q3 2019 | +4.7% | +3.6% | +4.8% | |
| Q2 2019 | +0.5% | -1.6% | -3.2% | |
| Q1 2019 | +1.9% | -0.5% | -3.4% | |
| Q4 2018 | +4.5% | +5.1% | +6.3% | |
| Q3 2018 | +3.2% | +1.7% | +10.9% | |
| Q2 2018 | +6.4% | +5.8% | +6.7% | |
| Q1 2018 | -0.2% | +3.3% | +0.8% | |
| Q4 2017 | +2.0% | -1.6% | -2.8% | |
| Q3 2017 | +1.3% | +1.9% | +4.9% | |
| Q2 2017 | +0.8% | +2.7% | -0.3% | |
| Q1 2017 | -4.1% | -4.7% | -8.1% | |
| Q4 2016 | -0.8% | +0.3% | +4.1% | |
| Q3 2016 | -2.6% | -5.7% | -3.0% | |
| Q2 2016 | -0.3% | +2.2% | +1.0% | |
| Q1 2016 | +0.5% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | +3.0% | — | — | |
| Q2 2015 | -1.2% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | -2.9% | — | — | |
| Q3 2014 | +1.5% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | -1.0% | — | — | |
| Q4 2013 | +1.4% | — | — | |
| Q3 2013 | -2.2% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | -0.4% | — | — | |
| Q4 2012 | -2.1% | — | — | |
| Q3 2012 | -1.4% | — | — | |
| Q2 2012 | -0.4% | — | — | |
| Q1 2012 | -1.7% | — | — | |
| Q4 2011 | -0.8% | — | — | |
| Q3 2011 | -3.1% | — | — | |
| Q2 2011 | +0.2% | — | — | |
| Q1 2011 | +2.8% | — | — | |
| Q4 2010 | +3.8% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q2 2010 | +1.2% | — | — | |
| Q1 2009 | -5.7% | — | — | |
| Q1 2010 | -1.0% | — | — | |
| Q4 2009 | +1.8% | — | — | |
| Q4 2007 | +1.8% | — | — | |
| Q3 2008 | -0.4% | — | — | |
| Q3 2009 | -0.4% | — | — | |
| Q2 2008 | +3.2% | — | — | |
| Q2 2009 | +3.2% | — | — | |
| Q4 2008 | +3.2% | — | — |
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