Boston Properties (BXP) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

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]