Boston Properties reports Q2 2021 EPS $0.71, FFO $1.72; expands into Seattle, life sciences, NYC Midtown South

BXP, Inc.

2021-Q2 EPS reported $1.30 revenue$1,427,502,000

Net income $111.7M ($0.71 EPS) vs $266.5M ($1.71) YoY; FFO $1.72/share beat mid-point guidance by $0.12.
Signed ~1.2M sq ft of leases in Q2 (more than double Q1) with 7.5-year weighted-average term.
Acquired Safeco Plaza (Seattle) for $465M (51% JV), 360 Park Ave South (NYC) for $300M, lab assets in Rockville ($116.5M) and Waltham ($100M).
Sold Lexington, MA complex for $191.5M; launched $1B equity co-investment program with CPP Investments and GIC for future acquisitions.
Q3 2021 guidance: EPS $1.28-$1.30, FFO $1.68-$1.70 per diluted share.

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