Boston Properties Announces Fourth Quarter 2020 Results; Reports EPS of $0.05 and FFO Per Share of $1.37

January 26, 2021

Signs 1.2 Million Square Feet of Leases in Q4 With an Average Lease Term of Eight Years

BOSTON--(BUSINESS WIRE)--Jan. 26, 2021-- 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 fourth quarter and full year ended December 31, 2020.

Financial highlights for the fourth quarter include:

  • Net income attributable to common shareholders of $7.3 million, or $0.05 per diluted share (EPS), compared to $140.8 million, or $0.91 per diluted share, for the quarter ended December 31, 2019.
    • Net income in the fourth quarter of 2020 included a $0.35 per share non-cash impairment charge related to the Company’s investment in Dock 72, a 670,000 square-foot Class A office property in Brooklyn, New York in which the Company has a 50% interest. The property is 33% leased. The charge is the result of an increase in costs and an extension of the projected period to fully lease the property due to the COVID-19 pandemic, resulting in a lower current fair value.
    • Net income in the fourth quarter also included a $0.22 per share non-cash charge to lease revenue related to the write-off of accrued rent of all tenants in the co-working sector. The Company will recognize lease revenue from tenants in the co-working sector on a cash basis commencing in Q1 2021.
  • Funds from Operations (FFO) of $213.1 million, or $1.37 per diluted share, compared to FFO of $289.9 million, or $1.87 per diluted share, for the quarter ended December 31, 2019.
    • FFO in the fourth quarter of 2020 included a $0.22 per share non-cash charge to lease revenue related to the write-off of accrued rent for all tenants in the co-working sector.

The Company provided guidance for the first quarter 2021 with projected EPS of $0.53 - $0.57 per diluted share and projected FFO of $1.53 - $1.57 per diluted share. See “EPS and FFO per Share Guidance” below.

Fourth quarter and recent business highlights include:

  • Completed 1.2 million square feet of new leases and renewals in the fourth quarter with a weighted-average lease term of approximately eight years, marking the strongest leasing quarter since the beginning of the COVID-19 pandemic in the U.S. Notable leases signed in the quarter include:
    • A 75,000 square-foot, seven-year new lease with a leading healthcare technology company, at 20 CityPoint in Waltham, Massachusetts. With this lease, the property is 100% leased.
    • A 138,000 square-foot, 10-year lease with Translate Bio, a clinical-stage messenger RNA (mRNA) therapeutics company at 200 West Street in Waltham, Massachusetts, a property that the Company is currently redeveloping into lab space.
    • A 20-year, 196,000 square foot lease with the Volkswagen Group of America at the Company’s 1.1 million square foot development in the new phase of Reston Town Center in Reston, Virginia.
  • Collected 99.6% of total rent payments from office tenants in the fourth quarter. Rent collections from all commercial tenants, including base rent from retail tenants, were 99.0% in total in Q4.
  • Recognized as the highest ranked office REIT on Newsweek’s America’s Most Responsible Companies 2021 list. BXP ranked second among all property companies, and 56th overall out of the 400 companies included on this year’s list.
  • Earned a top ESG rating in the 2020 Global Real Estate Sustainability Benchmark (GRESB®) assessment. BXP earned a ninth consecutive “Green Star” recognition and the highest GRESB 5-star Rating, as well as an “A” disclosure score. The Company also achieved the highest scores in several categories, including: Data Monitoring & Review, Targets, Policies, Reporting and Leadership.
  • During the quarter, the Company extended three mortgages including:
    • A $250.0 million mortgage loan collateralized by Dock 72, a 670,000 square-foot Class A office property in Brooklyn, New York in which the Company has a 50% interest. The new loan matures on December 18, 2023.
    • A $125.0 million mortgage loan collateralized by Market Square North, a 418,000 square foot Class A office property in Washington, DC, in which the Company has a 50% interest. The new loan matures on November 10, 2025.
    • A $13.2 million mortgage loan collateralized by Annapolis Junction Building Six, a 119,000 square foot Class A office property in Annapolis, Maryland, in which the Company has a 50% interest. The loan matures on November 16, 2021.

Financial results for the year ended December 31, 2020 include:

  • Net income attributable to common shareholders of $862.2 million, or $5.54 per diluted share (EPS), compared to $511.0 million, or $3.30 per diluted share, for FY 2019, primarily due to gains on asset sales in 2020.
  • FFO of $978.2 million, or $6.29 per diluted share, compared to FFO of $1.1 billion, or $7.01 per diluted share, for the year ended December 31, 2019, primarily due to declines in retail, hotel and parking revenue related to COVID-19 and $0.53 per share related to the write-off of tenant accrued rent and accounts receivable balances.

Full year 2020 business highlights include:

  • Signed 3.7 million square feet of leases during the year. In addition to leases highlighted in the fourth quarter, notable signed leases and expansions during the year include:
    • Approximately 586,000 square feet of leases with Microsoft Corporation at Reston Town Center in Reston, Virginia.
    • A new, 14-year, 82,000 square foot lease with Columbia Threadneedle Investments at Atlantic Wharf in Boston, Massachusetts.
    • An expansion of an existing tenant in the social media sector by 80,000 square feet at Santa Monica Business Park in Santa Monica California, bringing the tenant's total to more than 400,000 square feet at the property.
  • Completed and fully placed in-service 17Fifty Presidents Street in Reston, Virginia, a 276,000 square foot, build-to-suit, Class A office project that is 100% leased to an affiliate of Leidos Holdings, Inc.
  • Completed and placed in-service 20 CityPoint, a 211,000 square foot, Class A office development in Waltham, Massachusetts that is 100% leased.
  • Entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and life science lab properties in South San Francisco, California, with the opportunity for approximately 640,000 square feet of additional future development.
  • Completed the acquisition of property at 759 Harrison Street and 777 Harrison Street in San Francisco, California for an aggregate purchase price of approximately $144.6 million. 759 Harrison Street and 777 Harrison Street, known as Fourth + Harrison, is a fully-entitled site that can support the development of approximately 850,000 square feet of primarily office space.
  • Acquired a 50% interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in the El Segundo submarket of Los Angeles, California. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space.
  • Completed the sale of several properties and land parcels during the year for aggregate net proceeds of $537.7 million, including New Dominion Technology Park in Herndon, Virginia; approximately 455,000 square feet of Capital Gallery, in Washington, DC; Annapolis Junction Building Eight and two parcels of land at Annapolis Junction Business Park in Annapolis, Maryland and a land parcel in Marlborough, Massachusetts.
  • Completed a $1.25 billion bond offering of 3.250% unsecured senior notes due 2031 on May 5, 2020.

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 and year ended December 31, 2020. In the opinion of management, the Company has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:
The Company’s guidance for the first quarter 2021 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 otherwise referenced during the conference call and in the Company’s Supplemental Operating and Financial Data for the quarter ended December 31, 2020. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, other possible capital markets activity, future write-offs of accounts receivable and accrued rent or possible 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. The Company 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 the Company’s actual results will not differ materially from the estimates set forth below.

 

 

First Quarter 2021

 

 

Low

 

High

Projected EPS (diluted)

 

$

0.53

 

$

0.57

Add:

 

 

 

 

Projected Company share of real estate depreciation and amortization

 

1.00

 

1.00

Projected FFO per share (diluted)

 

$

1.53

 

$

1.57

Boston Properties will host a conference call on Wednesday, January 27, 2021 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2020 results, provide a business update pertaining to the current COVID-19 pandemic and discuss other business matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 796-3880 (Domestic) or (443) 961-9013 (International) and entering the passcode 2954797. A replay of the conference call will be available by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 2954797. There will also be a live audio webcast of the call, which may be accessed in the Investor Relations section of the Company’s website at investors.bxp.com. Shortly after the call, a replay of the webcast will be available in the Investor Relations section of the Company’s website and archived for up to twelve months following the call.

Additionally, a copy of Boston Properties’ fourth quarter 2020 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at investors.bxp.com.

Boston Properties (NYSE:BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company 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. The Company’s portfolio totals 51.2 million square feet and 196 properties, including six properties under construction/redevelopment. For more information about Boston Properties, 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 “believes,” “budgeted,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. These statements are based on our current expectations of 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 Boston Properties’ 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, uncertainties and risks related to the impact of the COVID-19 global pandemic, including the duration, scope and severity of the pandemic domestically and internationally; federal, state and local government actions or restrictive measures implemented in response to COVID-19, the effectiveness of such measures and the direct and indirect impact of such measures on our and our tenants' businesses, financial condition, results of operation, cash flows, liquidity and performance, and the U.S. and international economy and economic activity generally; whether new or existing actions/or measures result in increasing unemployment that impacts the ability of our residential tenants to generate sufficient income to pay, or makes them unwilling to pay, rent in full or at all in a timely manner; the health, continued service and availability of our personnel, including our key personnel and property management teams; and the effectiveness or lack of effectiveness of governmental relief in providing assistance to individuals and large and small businesses, including our tenants, that have suffered significant adverse effects from COVID-19. In addition to the risks specific to COVID-19, other factors include, without limitation, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ 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 the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties 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)

 

 

December 31,
2020

 

December 31,
2019

 

 

(in thousands, except for share and par value amounts)

ASSETS

 

 

 

 

Real estate, at cost

 

$

21,649,383

 

 

$

21,458,412

 

Construction in progress

 

868,773

 

 

789,736

 

Land held for future development

 

450,954

 

 

254,828

 

Right of use assets - finance leases

 

237,393

 

 

237,394

 

Right of use assets - operating leases

 

146,406

 

 

148,640

 

Less: accumulated depreciation

 

(5,534,102

)

 

(5,266,798

)

Total real estate

 

17,818,807

 

 

17,622,212

 

Cash and cash equivalents

 

1,668,742

 

 

644,950

 

Cash held in escrows

 

50,587

 

 

46,936

 

Investments in securities

 

39,457

 

 

36,747

 

Tenant and other receivables, net

 

77,411

 

 

112,807

 

Related party note receivable, net

 

77,552

 

 

80,000

 

Note receivables, net

 

18,729

 

 

15,920

 

Accrued rental income, net

 

1,122,502

 

 

1,038,788

 

Deferred charges, net

 

640,085

 

 

689,213

 

Prepaid expenses and other assets

 

33,840

 

 

41,685

 

Investments in unconsolidated joint ventures

 

1,310,478

 

 

955,647

 

Total assets

 

$

22,858,190

 

 

$

21,284,905

 

LIABILITIES AND EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Mortgage notes payable, net

 

$

2,909,081

 

 

$

2,922,408

 

Unsecured senior notes, net

 

9,639,287

 

 

8,390,459

 

Unsecured line of credit

 

 

 

 

Unsecured term loan, net

 

499,390

 

 

498,939

 

Lease liabilities - finance leases

 

236,492

 

 

224,042

 

Lease liabilities - operating leases

 

201,713

 

 

200,180

 

Accounts payable and accrued expenses

 

336,264

 

 

377,553

 

Dividends and distributions payable

 

171,082

 

 

170,713

 

Accrued interest payable

 

106,288

 

 

90,016

 

Other liabilities

 

412,084

 

 

387,994

 

Total liabilities

 

14,511,681

 

 

13,262,304

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

Redeemable deferred stock units

 

6,897

 

 

8,365

 

 

 

 

 

 

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; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at December 31, 2020 and December 31, 2019

 

200,000

 

 

200,000

 

Common stock, $0.01 par value, 250,000,000 shares authorized, 155,797,725 and 154,869,198 issued and 155,718,825 and 154,790,298 outstanding at December 31, 2020 and December 31, 2019, respectively

 

1,557

 

 

1,548

 

Additional paid-in capital

 

6,356,791

 

 

6,294,719

 

Dividends in excess of earnings

 

(509,653

)

 

(760,523

)

Treasury common stock at cost, 78,900 shares at December 31, 2020 and December 31, 2019

 

(2,722

)

 

(2,722

)

Accumulated other comprehensive loss

 

(49,890

)

 

(48,335

)

Total stockholders’ equity attributable to Boston Properties, Inc.

 

5,996,083

 

 

5,684,687

 

Noncontrolling interests:

 

 

 

 

Common units of the Operating Partnership

 

616,596

 

 

600,860

 

Property partnerships

 

1,726,933

 

 

1,728,689

 

Total equity

 

8,339,612

 

 

8,014,236

 

Total liabilities and equity

 

$

22,858,190

 

 

$

21,284,905

 

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three months ended
December 31,

 

Year ended December 31,

 

 

2020

 

2019

 

2020

 

2019

 

 

(in thousands, except for per share amounts)

Revenue

 

 

 

 

 

 

 

 

Lease

 

$

639,357

 

 

$

706,349

 

 

$

2,646,261

 

 

$

2,758,014

 

Parking and other

 

15,903

 

 

26,727

 

 

70,680

 

 

103,534

 

Hotel revenue

 

464

 

 

11,793

 

 

7,478

 

 

48,589

 

Development and management services

 

6,356

 

 

10,473

 

 

29,641

 

 

40,039

 

Direct reimbursements of payroll and related costs from management services contracts

 

3,009

 

 

2,159

 

 

11,626

 

 

10,386

 

Total revenue

 

665,089

 

 

757,501

 

 

2,765,686

 

 

2,960,562

 

Expenses

 

 

 

 

 

 

 

 

Operating

 

 

 

 

 

 

 

 

Rental

 

256,194

 

 

268,919

 

 

1,017,208

 

 

1,050,010

 

Hotel

 

1,178

 

 

8,318

 

 

13,136

 

 

34,004

 

General and administrative

 

31,053

 

 

32,797

 

 

133,112

 

 

140,777

 

Payroll and related costs from management services contracts

 

3,009

 

 

2,159

 

 

11,626

 

 

10,386

 

Transaction costs

 

277

 

 

569

 

 

1,531

 

 

1,984

 

Depreciation and amortization

 

168,013

 

 

169,897

 

 

683,751

 

 

677,764

 

Total expenses

 

459,724

 

 

482,659

 

 

1,860,364

 

 

1,914,925

 

Other income (expense)

 

 

 

 

 

 

 

 

(Loss) income from unconsolidated joint ventures

 

(79,700

)

 

(936

)

 

(85,110

)

 

46,592

 

Gains (losses) on sales of real estate

 

5,259

 

 

(57

)

 

618,982

 

 

709

 

Interest and other income (loss)

 

1,676

 

 

4,393

 

 

5,953

 

 

18,939

 

Gains from investments in securities

 

4,296

 

 

2,177

 

 

5,261

 

 

6,417

 

Loss from early extinguishment of debt

 

 

 

(1,530

)

 

 

 

(29,540

)

Impairment loss

 

 

 

 

 

 

 

(24,038

)

Interest expense

 

(111,991

)

 

(102,880

)

 

(431,717

)

 

(412,717

)

Net income

 

24,905

 

 

176,009

 

 

1,018,691

 

 

651,999

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

Noncontrolling interests in property partnerships

 

(13,980

)

 

(16,338

)

 

(48,260

)

 

(71,120

)

Noncontrolling interest—common units of the Operating Partnership

 

(990

)

 

(16,222

)

 

(97,704

)

 

(59,345

)

Net income attributable to Boston Properties, Inc.

 

9,935

 

 

143,449

 

 

872,727

 

 

521,534

 

Preferred dividends

 

(2,625

)

 

(2,625

)

 

(10,500

)

 

(10,500

)

Net income attributable to Boston Properties, Inc. common shareholders

 

$

7,310

 

 

$

140,824

 

 

$

862,227

 

 

$

511,034

 

Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:

 

 

 

 

 

 

 

 

Net income

 

$

0.05

 

 

$

0.91

 

 

$

5.54

 

 

$

3.31

 

Weighted average number of common shares outstanding

 

155,682

 

 

154,667

 

 

155,432

 

 

154,582

 

Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:

 

 

 

 

 

 

 

 

Net income

 

$

0.05

 

 

$

0.91

 

 

$

5.54

 

 

$

3.30

 

Weighted average number of common and common equivalent shares outstanding

 

155,731

 

 

154,992

 

 

155,517

 

 

154,883

 

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

 

 

Three months ended
December 31,

 

Year ended December 31,

 

 

2020

 

2019

 

2020

 

2019

 

 

(in thousands, except for per share amounts)

Net income attributable to Boston Properties, Inc. common shareholders

 

$

7,310

 

 

$

140,824

 

 

$

862,227

 

 

$

511,034

 

Add:

 

 

 

 

 

 

 

 

Preferred dividends

 

2,625

 

 

2,625

 

 

10,500

 

 

10,500

 

Noncontrolling interest - common units of the Operating Partnership

 

990

 

 

16,222

 

 

97,704

 

 

59,345

 

Noncontrolling interests in property partnerships

 

13,980

 

 

16,338

 

 

48,260

 

 

71,120

 

Net income

 

24,905

 

 

176,009

 

 

1,018,691

 

 

651,999

 

Add:

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

168,013

 

 

169,897

 

 

683,751

 

 

677,764

 

Noncontrolling interests in property partnerships’ share of depreciation and amortization

 

(15,910

)

 

(18,116

)

 

(71,850

)

 

(71,389

)

Company’s share of depreciation and amortization from unconsolidated joint ventures

 

21,168

 

 

14,458

 

 

80,925

 

 

58,451

 

Corporate-related depreciation and amortization

 

(441

)

 

(477

)

 

(1,840

)

 

(1,695

)

Impairment loss on investment in unconsolidated joint venture

 

60,524

 

 

 

 

60,524

 

 

 

Impairment loss

 

 

 

 

 

 

 

24,038

 

Less:

 

 

 

 

 

 

 

 

Gains on sales of real estate included within (loss) income from unconsolidated joint ventures

 

12

 

 

(32

)

 

5,958

 

 

47,238

 

Gains (losses) on sales of real estate

 

5,259

 

 

(57

)

 

618,982

 

 

709

 

Noncontrolling interests in property partnerships

 

13,980

 

 

16,338

 

 

48,260

 

 

71,120

 

Preferred dividends

 

2,625

 

 

2,625

 

 

10,500

 

 

10,500

 

Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)

 

236,383

 

 

322,897

 

 

1,086,501

 

 

1,209,601

 

Less:

 

 

 

 

 

 

 

 

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

 

23,275

 

 

32,960

 

 

108,310

 

 

123,757

 

Funds from operations attributable to Boston Properties, Inc. common shareholders

 

$

213,108

 

 

$

289,937

 

 

$

978,191

 

 

$

1,085,844

 

Boston Properties, Inc.’s percentage share of funds from operations - basic

 

90.15

%

 

89.79

%

 

90.03

%

 

89.77

%

Weighted average shares outstanding - basic

 

155,682

 

 

154,667

 

 

155,432

 

 

154,582

 

FFO per share basic

 

$

1.37

 

 

$

1.87

 

 

$

6.29

 

 

$

7.02

 

Weighted average shares outstanding - diluted

 

155,731

 

 

154,992

 

 

155,517

 

 

154,883

 

FFO per share diluted

 

$

1.37

 

 

$

1.87

 

 

$

6.29

 

 

$

7.01

 

 (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.

 

 

 

 

 

In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to Boston Properties, Inc. common shareholders as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to Boston Properties, Inc. common shareholders (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BOSTON PROPERTIES, INC.

PORTFOLIO LEASING PERCENTAGES

 

 

 

% Leased by Location

 

 

December 31, 2020

 

December 31, 2019

Boston

 

94.8

%

 

95.9

%

Los Angeles

 

93.5

%

 

96.7

%

New York

 

87.4

%

 

92.9

%

San Francisco

 

91.0

%

 

93.7

%

Washington, DC

 

84.4

%

 

87.6

%

Total Portfolio

 

90.1

%

 

93.0

%

 

Michael LaBelle
Executive Vice President, Chief Financial Officer and Treasurer
(617) 236-3352

Sara Buda
Vice President, Investor Relations
(617) 236-3429
sbuda@bxp.com

Source: Boston Properties, Inc.