Reports diluted FFO per share of
$1.41Reports diluted EPS of $1.20
Boston Properties, Inc. (NYSE: BXP), a real estate
investment trust, reported results today for the third quarter
ended September 30, 2015.
Funds from Operations (FFO) for the quarter ended September 30,
2015 were $217.3 million, or $1.41 per share basic and $1.41 per
share diluted. This compares to FFO for the quarter ended September
30, 2014 of $223.4 million, or $1.46 per share basic and $1.46 per
share diluted. The weighted average number of basic and diluted
shares outstanding totaled approximately 153,595,000 and
153,786,000, respectively, for the quarter ended September 30, 2015
and 153,120,000 and 153,273,000, respectively, for the quarter
ended September 30, 2014.
The Company’s reported FFO of $1.41 per share diluted was
greater than the guidance previously provided of $1.34-$1.36 per
share diluted primarily due to better than expected portfolio
operations of $0.02 per share, lease termination income of $0.03
per share and development and management services income of $0.01
per share.
Net income available to common shareholders was $184.1 million
for the quarter ended September 30, 2015, compared to $127.7
million for the quarter ended September 30, 2014. Net income
available to common shareholders per share (EPS) for the quarter
ended September 30, 2015 was $1.20 basic and $1.20 on a diluted
basis. This compares to EPS for the quarter ended September 30,
2014 of $0.83 basic and $0.83 on a diluted basis.
The reported results are unaudited and there can be no assurance
that the results will not vary from the final unaudited information
for the quarter ended September 30, 2015. In the opinion of
management, all adjustments considered necessary for a fair
presentation of these reported results have been made.
As of September 30, 2015, the Company’s portfolio consisted of
171 properties aggregating approximately 46.6 million square feet,
including 14 properties under construction/redevelopment totaling
approximately 4.7 million square feet. The overall percentage of
leased space for the 154 properties in service (excluding the
Company’s two residential properties and hotel) as of September 30,
2015 was 91.3%.
Significant events during the third quarter included:
- The Company entered into
forward-starting interest rate swap contracts, including one
contract entered into subsequent to September 30, 2015, which fix
the 10-year swap rate on notional amounts aggregating $225.0
million. The Company has now entered into forward-starting interest
rate swap contracts which fix the 10-year swap rate at a
weighted-average rate of approximately 2.423% per annum on notional
amounts aggregating $550.0 million. The interest rate swap
contracts were entered into in advance of a financing with a target
commencement date in September 2016 and maturity in September
2026.
- The Company’s 767 Fifth Partners LLC
consolidated entity (the entity in which the Company has a 60%
interest and that owns 767 Fifth Avenue (the General Motors
Building) in New York City) entered into forward-starting interest
rate swap contracts, including one contract entered into subsequent
to September 30, 2015, which fix the 10-year swap rate on notional
amounts aggregating $125.0 million. 767 Fifth Partners LLC has now
entered into forward-starting interest rate swap contracts which
fix the 10-year swap rate at a weighted-average rate of
approximately 2.762% per annum on notional amounts aggregating
$275.0 million. These interest rate swap contracts were entered
into in advance of a financing with a target commencement date in
June 2017 and maturity in June 2027.
- On July 23, 2015, the Company commenced
construction of its Cambridge Residential project, a residential
project aggregating approximately 164,000 square feet comprised of
274 apartment units and approximately 9,000 square feet of retail
space located in Cambridge, Massachusetts. On August 13, 2015, the
Company acquired an approximately 8,700 square foot parcel of land
necessary for the development for a purchase price of approximately
$2.0 million.
- On July 23, 2015, the Company commenced
construction of its Reston Signature Site project, a residential
project aggregating approximately 514,000 square feet comprised of
508 apartment units and approximately 24,000 square feet of retail
space located in Reston Town Center in Reston, Virginia.
- On July 31, 2015, the Company entered
into a 99-year ground and air rights lease (the “Lease”) with the
Massachusetts Department of Transportation (“MDOT”) with respect to
the parking garage located at 100 Clarendon Street (the “Clarendon
Garage”) and the concourse level of the Massachusetts Bay
Transportation Authority’s Back Bay Station (the “Station”). The
Lease amends and restates the air rights lease which the Company
had assumed in 2010 at the time it acquired its interests in both
the Clarendon Garage and the office tower located at 200 Clarendon
Street (formerly known as the John Hancock Tower). The Lease
requires the Company to pay a total of approximately $37.0 million
and provides the Company with options to acquire certain air rights
above both the Clarendon Garage and the Station with the amount of
developable square footage associated with the air rights to be
determined at a later date. The previous lease had 45 years
remaining in its term. Upon execution of the Lease, the Company
made a $5.0 million payment and the Lease requires the Company’s
remaining obligation to be used to fund improvements to the
Station.
- On August 14, 2015, the Company
partially placed in-service 601 Massachusetts Avenue, a Class A
office project with approximately 478,000 net rentable square feet
located in Washington, DC. The property is 87% leased.
- On September 9, 2015, the Company
received a third interim distribution from its unsecured creditor
claim against Lehman Brothers, Inc. totaling approximately $3.6
million, leaving a remaining claim of approximately $29.4 million
that the Company believes has a market value of approximately $2.5
million. There can be no assurance as to the timing or amount of
additional proceeds, if any, that the Company may ultimately
realize on the claim.
- On September 10, 2015, the Company
partially placed in-service The Point, a retail project with
approximately 17,000 net rentable square feet of retail space
located in Waltham, Massachusetts. The property is 84% leased.
- On September 15, 2015, the Company
acquired its partner’s 50% interest in the consolidated entity that
owns Fountain Square located in Reston Town Center in Reston,
Virginia for cash of approximately $100.9 million and the partner’s
share of assumed mortgage indebtedness totaling approximately
$105.6 million. Fountain Square is an office and retail complex
aggregating approximately 759,000 net rentable square feet,
comprised of approximately 522,000 net rentable square feet of
Class A office space and approximately 237,000 net rentable square
feet of retail space.
- On September 18, 2015, a consolidated
entity in which the Company has a 50% interest completed the sale
of its 505 9th Street, N.W. property located in Washington, DC for
approximately $318.0 million, including the assumption by the buyer
of approximately $117.0 million of mortgage indebtedness. Net cash
proceeds totaled approximately $194.6 million, of which the
Company’s share was approximately $97.3 million. The Company
recognized a gain on sale of real estate totaling approximately
$199.5 million, of which approximately $101.1 million was allocated
to the outside partners and is included within noncontrolling
interests in property partnerships in the Company’s consolidated
statements of operations. 505 9th Street, N.W. is an approximately
322,000 net rentable square foot Class A office building.
- On September 22, 2015, a joint venture
in which the Company has a 50% interest completed and fully placed
in-service Annapolis Junction Building Seven, a Class A office
project with approximately 127,000 net rentable square feet located
in Annapolis, Maryland. The property is 100% leased.
- On September 30, 2015, a joint venture
in which the Company has a 50% interest extended the loan
collateralized by its Annapolis Junction Building Six property. At
the time of the extension, the outstanding balance of the
construction loan totaled approximately $13.4 million and was
scheduled to mature on November 17, 2015. The extended loan has a
total commitment amount of $15.9 million, bears interest at a
variable rate equal to LIBOR plus 2.25% per annum and matures on
November 17, 2016. Annapolis Junction Building Six is a Class A
office property with approximately 119,000 net rentable square feet
located in Annapolis, Maryland.
Transactions completed subsequent to September 30, 2015
included:
- On October 1, 2015, the Company
completed the sale of a parcel of land within its Washingtonian
North property located in Gaithersburg, Maryland for a gross sale
price of approximately $13.3 million. The parcel contains
approximately 5.8 acres of the Company’s approximately 19.3 acre
property.
- On October 1, 2015, the Company used
available cash to repay the mortgage loan collateralized by its
Kingstowne Two and Kingstowne Retail properties located in
Alexandria, Virginia totaling approximately $29.8 million. The
mortgage loan bore interest at a fixed rate of 5.99% per annum and
was scheduled to mature on January 1, 2016. There was no prepayment
penalty.
- On October 7, 2015, the Company entered
into an agreement to sell its Innovation Place property for a gross
sale price of $207.0 million. Innovation Place, located in San
Jose, California, is a 26-acre site with one occupied and three
vacant existing office buildings and a total of approximately
574,000 square feet (approximately 463,000 square feet of which are
vacant) located at 3100-3130 Zanker Road. Currently, the remainder
of the site is used for 1,699 surface parking spaces but the land
supports an additional 537,000 square feet of office/R&D
development and two parking structures with a total of
approximately 3,000 parking spaces. The Company expects that the
sale will close in the fourth quarter of 2015. However, the sale is
subject to the satisfaction of closing conditions and there can be
no assurance that the sale will be consummated on the terms
currently contemplated or at all.
EPS and FFO per Share Guidance:
The Company’s guidance for the fourth quarter 2015, full year
2015 and full year 2016 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 and the earnings impact of the
events referenced in this release and otherwise referenced during
the conference call referred to below. 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 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 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 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.
As shown below the Company has updated its guidance for FFO per
share (diluted) for the full year 2015 to $5.46 - $5.48 per share.
The updated guidance reflects, among other items, an increase of
$0.06 per share from the results of the 3rd quarter that exceeded
the Company’s prior guidance. For the fourth quarter 2015, the
Company projects its results to be in line with its prior guidance
with a projected increase in FFO from acquisition activity of $0.01
per share offset by a decrease of $0.01 per share resulting from
the deferment of anticipated operating expenses from the 3rd
quarter to the 4th quarter. The increase in the Company’s projected
share of Gains on Sales of Real Estate of $0.44 per share primarily
reflects the projected gain on sale related to the anticipated sale
of the Company’s Innovation Place property located in San Jose,
California.
Fourth Quarter 2015 Full Year 2015 Low
- High Low - High Projected EPS
(diluted) $ 1.09 - $ 1.11 $ 3.92 -
$ 3.94 Add: Projected Company Share of Real
Estate Depreciation and Amortization
0.78
-
0.78
3.15
-
3.15
Less: Projected Company Share of Gains on Sales of Real Estate
0.48
-
0.48
1.61
-
1.61
Projected FFO per Share (diluted)
$
1.39
-
$
1.41
$
5.46
-
$
5.48
The Company’s guidance for the full year 2016 for EPS (diluted)
and FFO per share (diluted) is set forth and reconciled below. In
addition, the estimates for the full year 2016 when compared to the
full year 2015 include, among other things, (1) a range of
year-over-year performance in the Company’s same property GAAP NOI
of (0.75%) to 1.25% contributing ($0.07) - $0.11 per share, (2) the
placing in service of development properties during 2015 and 2016,
which the Company expects to add $0.20 - $0.23 per share, (3) a
decrease in net interest expense of $0.04 to $0.10 per share and
(4) a decrease in the deduction for same property NOI for
noncontrolling interests of $0.06 to $0.11 per share. These items
are offset by (1) the elimination of income from completed and
projected asset sales during 2015 and 2016 of $0.09 per share, (2)
an increase in general and administrative expenses of $0.03 to
$0.05 per share and a decline in the Company’s share of termination
income of $0.13 - $0.15 per share. The Company’s projected share of
Gains on Sales of Real Estate in 2016 relate to the anticipated
sale of the Company’s 415 Main Street property located in
Cambridge, Massachusetts.
Full Year 2016 Low -
High Projected EPS (diluted) $ 2.50 -
$ 2.70 Add: Projected Company Share of Real Estate
Depreciation and Amortization
3.34
-
3.34
Less: Projected Company Share of Gains on Sales of Real Estate
0.34
-
0.34
Projected FFO per Share (diluted)
$
5.50
-
$
5.70
Boston Properties will host a conference call on Friday, October
30, 2015 at 10:00 AM Eastern Time, open to the general public, to
discuss the third quarter 2015 results, the fourth quarter 2015,
full fiscal year 2015 and full fiscal year 2016 projections and
related assumptions, and other related matters that may be of
interest to investors. The number to call for this interactive
teleconference is (877) 796-3880 (Domestic) or (281) 913-8731
(International) and the passcode is 57659626. A replay of the
conference call will be available through November 13, 2015, by
dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International)
and the passcode is 57659626. There will also be a live audio
webcast of the call which may be accessed on the Company’s website
at www.bostonproperties.com in the Investor Relations section.
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’ third quarter 2015
“Supplemental Operating and Financial Data” and this press release
are available in the Investor Relations section of the Company’s
website at www.bostonproperties.com.
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops,
redevelops, acquires, manages, operates and owns a diverse
portfolio of Class A office space, one hotel, four residential
properties and five retail properties. The Company is one of the
largest owners and developers of Class A office properties in the
United States, concentrated in four markets – Boston, New York, San
Francisco and Washington, DC.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects”
and similar expressions that do not relate to historical matters.
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 and could materially affect
actual results, performance or achievements. These factors include,
without limitation, the Company’s ability to satisfy the closing
conditions to the pending transactions described above, 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, including its guidance for
the fourth quarter 2015, full fiscal year 2015 and full fiscal year
2016, whether as a result of new information, future events or
otherwise.
BOSTON PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
September 30, December 31, 2015
2014 (in thousands, except for share
amounts) (unaudited)
ASSETS
Real estate $ 18,412,086 $ 18,231,978 Construction in
progress 725,601 736,311 Land held for future development 264,598
268,114 Less: accumulated depreciation (3,833,277 )
(3,547,659 ) Total real estate 15,569,008 15,688,744 Cash
and cash equivalents 1,387,007 1,763,079 Cash held in escrows
90,379 487,321 Investments in securities 19,645 19,459 Tenant and
other receivables, net of allowance for doubtful accounts of $1,164
and $1,142, respectively 66,446 46,595 Accrued rental income, net
of allowance of $1,558 and $1,499, respectively 737,145 691,999
Deferred charges, net 749,628 831,744 Prepaid expenses and other
assets 143,476 164,432 Investments in unconsolidated joint ventures
217,529 193,394 Total assets $
18,980,263 $ 19,886,767
LIABILITIES AND
EQUITY
Liabilities: Mortgage notes payable $ 4,132,071 $ 4,309,484
Unsecured senior notes, net of discount 5,288,908 5,287,704
Unsecured exchangeable senior notes, net of discount - - Unsecured
line of credit - - Mezzanine notes payable 308,817 309,796 Outside
members' notes payable 180,000 180,000 Accounts payable and accrued
expenses 245,200 243,263 Dividends and distributions payable
112,912 882,472 Accrued interest payable 200,916 163,532 Other
liabilities 448,680 502,255 Total
liabilities 10,917,504 11,878,506
Commitments and contingencies - -
Noncontrolling interest: Redeemable preferred units
of the Operating Partnership - 633
Redeemable interest in property partnership -
104,692 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 September 30,
2015 and December 31, 2014, respectively 200,000 200,000 Common
stock, $0.01 par value, 250,000,000 shares authorized, 153,653,500
and 153,192,845 shares issued and
153,574,600 and 153,113,945 shares
outstanding at September 30, 2015 and December 31, 2014,
respectively
1,536 1,531 Additional paid-in capital 6,300,780 6,270,257
Dividends in excess of earnings (627,054 ) (762,464 ) Treasury
common stock, at cost (2,722 ) (2,722 ) Accumulated other
comprehensive income (loss) (20,625 ) (9,304 ) Total
stockholders' equity attributable to Boston Properties, Inc.
5,851,915 5,697,298 Noncontrolling interests: Common units
of the Operating Partnership 620,036 603,171 Property partnerships
1,590,808 1,602,467 Total equity 8,062,759
7,902,936 Total liabilities and
equity $ 18,980,263 $ 19,886,767
BOSTON PROPERTIES, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)
Three months ended Nine months
ended September 30, September 30,
2015 2014 2015
2014 (in thousands, except
for per share amounts) Revenue Rental Base rent $ 494,300 $
484,071 $ 1,471,591 $ 1,402,328 Recoveries from tenants 91,544
90,103 266,932 253,419 Parking and other 25,509
26,236 76,849 76,869
Total rental revenue 611,353 600,410 1,815,372 1,732,616 Hotel
revenue 12,619 11,918 35,107 32,478 Development and management
services 5,912 6,475 16,102
18,197 Total revenue 629,884
618,803 1,866,581 1,783,291
Expenses Operating Rental 219,796 215,179 655,610
624,213 Hotel 8,125 7,585 24,196 21,697 General and administrative
20,944 22,589 72,019 75,765 Transaction costs 254 1,402 789 2,500
Depreciation and amortization 153,015 157,245
475,082 466,143 Total expenses
402,134 404,000 1,227,696
1,190,318 Operating income 227,750 214,803
638,885 592,973 Other income (expense) Income from unconsolidated
joint ventures 2,647 4,419 20,559 10,069 Interest and other income
3,637 3,421 6,337 6,841 Gains (losses) from investments in
securities (1,515 ) (297 ) (1,146 ) 651 Interest expense
(108,727 ) (113,308 ) (326,018 ) (337,839 )
Income before gains on sales of real estate 123,792 109,038 338,617
272,695 Gains on sales of real estate 199,479
41,937 294,563 41,937 Net income
323,271 150,975 633,180 314,632 Net income attributable to
noncontrolling interests Noncontrolling interests in property
partnerships (115,240 ) (5,566 ) (139,712 ) (17,473 )
Noncontrolling interest - redeemable
preferred units of the Operating Partnership
- (75 ) (6 ) (1,014 )
Noncontrolling interest - common units of
the Operating Partnership
(21,302 ) (14,963 ) (50,906 ) (29,819 )
Net income attributable to Boston Properties, Inc. 186,729 130,371
442,556 266,326 Preferred dividends (2,647 ) (2,647 )
(7,854 ) (7,854 )
Net income attributable to Boston
Properties, Inc. common shareholders
$ 184,082 $ 127,724 $ 434,702 $ 258,472
Basic earnings per common share
attributable to Boston Properties, Inc. common shareholders:
Net income $ 1.20 $ 0.83 $ 2.83 $ 1.69
Weighted average number of common shares outstanding
153,595 153,120 153,426
153,077
Diluted earnings per common share
attributable to Boston Properties, Inc. common shareholders:
Net income $ 1.20 $ 0.83 $ 2.82 $ 1.69
Weighted average number of common and
common equivalent shares outstanding
153,786 153,273 153,825
153,228
BOSTON PROPERTIES, INC.
FUNDS FROM OPERATIONS (1) (Unaudited)
Three months ended Nine
months ended September 30, September 30,
2015 2014 2015
2014 (in thousands, except
for per share amounts)
Net income attributable to Boston
Properties, Inc. common shareholders
$ 184,082 $ 127,724 $ 434,702 $ 258,472 Add: Preferred
dividends 2,647 2,647 7,854 7,854
Noncontrolling interest - common units of
the Operating Partnership
21,302 14,963 50,906 29,819
Noncontrolling interest - redeemable
preferred units of the Operating Partnership
- 75 6 1,014 Noncontrolling interests in property partnerships
115,240 5,566 139,712 17,473 Less: Gains on sales of real estate
199,479 41,937 294,563
41,937 Income before gains on sales of real
estate 123,792 109,038 338,617 272,695 Add: Real estate
depreciation and amortization (2) 156,489 162,012 476,627 479,798
Less:
Noncontrolling interests in property
partnerships' share of funds from operations
35,527 19,150 108,741 59,998
Noncontrolling interest - redeemable
preferred units of the Operating Partnership
- 75 6 1,014 Preferred dividends 2,647 2,647
7,854 7,854
Funds from operations (FFO) attributable
to the Operating Partnership common unitholders (including Boston
Properties, Inc.)
242,107 249,178 698,643 683,627 Less:
Noncontrolling interest - common units of
the Operating Partnership's share of funds from operations
24,846 25,775 72,278
69,283
Funds from operations attributable to
Boston Properties, Inc. common shareholders
$
217,261
$ 223,403 $ 626,365 $ 614,344
Boston Properties, Inc.'s percentage share
of funds from operations - basic
89.74 % 89.66 % 89.65 % 89.87 %
Weighted average shares outstanding - basic 153,595
153,120 153,426 153,077
FFO per share basic $ 1.41 $ 1.46 $ 4.08
$ 4.01 Weighted average shares outstanding -
diluted 153,786 153,273 153,825
153,644 FFO per share diluted $ 1.41
$ 1.46 $ 4.07 $ 4.00
(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, including non-recurring items) for gains (or
losses) from sales of properties, impairment losses on depreciable
real estate of consolidated real estate, impairment losses on
investments in unconsolidated joint ventures driven by a measurable
decrease in the fair value of depreciable real estate held by the
unconsolidated joint ventures, real estate related depreciation and
amortization, and after adjustment for unconsolidated partnerships
and joint ventures. FFO is a non-GAAP financial measure. The use of
FFO, combined with the required primary GAAP presentations, has
been fundamentally beneficial in improving the understanding of
operating results of REITs among the investing public and making
comparisons of REIT operating results more meaningful. Management
generally considers FFO to be a useful measure for reviewing our
comparative operating and financial performance 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 vary
among owners of identical assets in similar condition based on
historical cost accounting and useful life estimates), FFO can help
one compare the operating performance of a company's real estate
between periods or as compared to different 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.
FFO should not be considered as an alternative to net income
attributable to Boston Properties, Inc. common shareholders
(determined in accordance with GAAP) as an indication of our
performance. FFO does not represent cash generated from operating
activities determined in accordance with GAAP, and is not a measure
of liquidity or an indicator of our ability to make cash
distributions. We believe that to further understand our
performance, FFO should be compared with our reported net income
attributable to Boston Properties, Inc. and considered in addition
to cash flows in accordance with GAAP, as presented in our
consolidated financial statements.
(2) Real estate depreciation and amortization consists of
depreciation and amortization from the Consolidated Statements of
Operations of $153,015, $157,245, $475,082 and $466,143 and our
share of unconsolidated joint venture real estate depreciation and
amortization of $3,808, $5,099, $2,562 and $14,669, less
corporate-related depreciation and amortization of $334, $332,
$1,017 and $1,014 for the three and nine months ended September 30,
2015 and 2014, respectively.
BOSTON PROPERTIES, INC. PORTFOLIO LEASING
PERCENTAGES % Leased by
Location September 30, 2015 December 31, 2014
Boston 91.1% 91.4% New York 91.5% 90.9% San Francisco 88.6% 88.3%
Washington, DC 92.9% 94.8% Total Portfolio 91.3% 91.7%
% Leased by Type September 30,
2015 December 31, 2014 Class A Office Portfolio 91.5%
91.8% Office/Technical Portfolio 84.7% 87.7% Total Portfolio 91.3%
91.7%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151029006807/en/
Boston Properties, Inc.Michael LaBelle,
617-236-3352Senior Vice President, Chief Financial OfficerorArista
Joyner, 617-236-3343Investor Relations Manager
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