Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q3 2024 was $1.81, which is $0.01 above the forecast and in line with market consensus [10][83] - Leasing volume for the first three quarters of 2024 was 25% higher than the same period in 2023, totaling 3.3 million square feet signed [10][39] - The company narrowed its full-year 2024 FFO guidance to a range of $7.09 to $7.11 per share, adjusting for a $0.02 dilution from a recent bond deal [85] Business Line Data and Key Metrics Changes - The weighted average term for office leases signed in Q3 remained long at 7.2 years [10] - The company completed 74 transactions in Q3, with 32 lease renewals for 681,000 square feet and 42 new client leases encompassing 427,000 square feet [51] - The mark-to-market of leases that commenced in Q3 was down about 4.5%, while starting cash rents on new leases were up 9% compared to previous in-place rents [53][54] Market Data and Key Metrics Changes - Direct vacancy for premier workplaces was 13.2%, compared to 18.7% for the broader market, indicating a strong demand for high-quality office spaces [20] - Asking rents for premier workplaces are 50% higher than the broader market, with BXP's portfolio showing 90.1% occupancy and 92.1% leased as of the end of Q3 [21] - Office sales volume in Q3 was $8.2 billion, 15% greater than Q2 2024 and 32% above Q3 2023, driven by lower short-term interest rates and increased leasing activity [24] Company Strategy and Development Direction - BXP is focusing on premier workplaces and has a significant development pipeline with nine projects underway, expected to contribute to external FFO per share growth over time [36] - The company is actively pursuing acquisitions and has a growing pipeline of potential opportunities, including residential developments [29] - BXP aims to leverage its strengths in a constructive environment of lower interest rates and higher corporate earnings growth to gain market share [37] Management's Comments on Operating Environment and Future Outlook - Management noted that interest rates, corporate earnings, and return-to-office behaviors are currently favorable for BXP's performance [12] - The company does not foresee a looming recession affecting client decision-making, with S&P 500 earnings expected to grow by 9.9% in 2024 [15] - Management expressed optimism about leasing activity and the potential for further improvements in occupancy rates in 2025 [106] Other Important Information - The company has broken ground on the Grand Central Madison Concourse Access phase, a significant project in Midtown [34] - BXP's capital allocation activities include active negotiations for the disposition of non-income-producing sites, expected to generate over $70 million in proceeds [30] - The company is also exploring alternative uses for its suburban land portfolio, including multifamily developments [47] Q&A Session Summary Question: What needs to change for the leasing dynamics to improve in San Francisco and Boston suburbs? - Management indicated that a return of technology and life science demand is essential, along with a reduction in sublease availability in San Francisco [92][95] Question: How is the company thinking about pre-leasing and risks at 343 Madison? - Management highlighted the strong demand in Midtown, particularly from financial services, and noted that matching demand with the right product is crucial [100][102] Question: What is the occupancy trajectory going forward? - Management expressed optimism about signing over 2 million square feet of leases with revenue commencing in 2024 and 2025 to maintain flat occupancy [105][106] Question: Are there lessons learned from New York City regarding the return to office mandates? - Management acknowledged cultural differences between the West Coast and East Coast but emphasized that companies are increasingly recognizing the need for in-person work [110][112]

Boston Properties (BXP) reported third-quarter 2024 funds from operations (FFO) per share of $1.81, in line with the Zacks Consensus Estimate. However, the reported figure declined 2.7% year over year. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. BXP's quarterly results reflect better-than-anticipated revenues due to healthy leasing activity. However, higher interest expenses during the quarter acted as a dampener. The company revised its guidance for 2024 FFO per share. Quarter ...

Financial Performance - Boston Properties reported revenue of $799.47 million for the quarter ended September 2024, a decrease of 3% year-over-year [1] - The earnings per share (EPS) was $1.81, a significant improvement from -$0.71 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $803.79 million, resulting in a surprise of -0.54% [1] - The company did not deliver an EPS surprise, as the consensus EPS estimate was also $1.81 [1] Key Metrics - The occupancy ratio for in-service properties was 87%, slightly below the three-analyst average estimate of 87.1% [3] - Revenue from parking and other sources was $34.26 million, compared to the average estimate of $34.52 million, reflecting a year-over-year increase of 15.5% [3] - Hotel revenue reached $15.08 million, exceeding the estimated $14.50 million, marking an 11.9% increase from the previous year [3] - Revenue from development and management services was $6.77 million, above the average estimate of $6.50 million, but showed a year-over-year decline of 27.1% [3] - Lease revenue was reported at $799.47 million, surpassing the estimated $790.53 million, with a year-over-year increase of 4.2% [3] - Net earnings per share (diluted) were $0.53, slightly below the average estimate of $0.54 [3] Stock Performance - Boston Properties' shares have returned +8.6% over the past month, outperforming the Zacks S&P 500 composite's +1.7% change [4] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [4]

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

Exhibit 99.1 Supplemental Operating and Financial Data for the Quarter Ended September 30, 2024 THE COMPANY BXP, Inc. (NYSE: BXP) (formerly known as Boston Properties, Inc.) ("BXP" or the "Company") is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more t ...

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

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

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

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