BXP Q1 EPS $0.51 misses guidance midpoint by $0.16; cuts FY2024 guidance

BXP, Inc.

2024-Q1 EPS reported $0.51 revenue$839,439,000

Revenue $839.4M (+4.5% YoY); EPS $0.51 vs $0.50 YoY, but $0.16 below midpoint due to $0.08 impairment on Shady Grove and $0.06 higher depreciation.
FFO per share $1.73, flat YoY and in line with guidance midpoint.
Full-year 2024 EPS guidance cut to $1.97-$2.09 (midpoint down $0.33); FFO cut to $6.98-$7.10 (midpoint down $0.06).
Leased ~900K sq ft in Q1; CBD portfolio 91.0% occupied, 92.8% leased.
Completed acquisition of 901 New York Ave for $10M; sold 45% of 290 Binney St to NBIM for $533.5M reduction in development spend.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BXP, Inc. reported the first quarter ended March 31, 2024 results: revenue $839.4 million, net income $79.9 million, EPS $0.51 per diluted share. Guidance lowered.

Period: the first quarter ended March 31, 2024
Revenue: $839.4 million
Net income: $79.9 million
EPS: $0.51 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Revenue increased 4.5% to $839.4 million for the quarter ended March 31, 2024, compared to $803.2 million for the quarter ended March 31, 2023. • Net income attributable to Boston Properties, Inc. of $79.9 million, or $0.51 per diluted share (EPS), for the quarter ended March 31, 2024, compared to $77.9 million, or $0.50 per diluted share, for the quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001656423-24-000024

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