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Boston Properties (BXP) Tops Q1 FFO Estimates, Withdraws View
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Boston Properties Inc.’s (BXP - Free Report) first-quarter 2020 funds from operations (FFO) per share of $1.83 surpassed the Zacks Consensus Estimate of $1.80. The reported figure also increased 6.4% from the year-ago quarter’s $1.72.
In addition, it came in 2 cents higher than the mid-point of the company’s first-quarter guidance issued in January .This was backed by better than expected performance of its portfolio.
Quarterly revenues from lease came in at $710.11 million, outpacing the Zacks Consensus Estimate of $707.1 million. Moreover, the reported figure came in 4.5% higher than the prior-year’s $679.3 million.
In light of the coronavirus pandemic and related setbacks, the company withdrew its FFO guidance for 2020. It also apprised of its rental receipts for April, announcing the collection of 90% of its total commercial rents due from retail and office tenants. This figure increases to 95% if the retail tenants are excluded.
Inside the Headline Numbers
During the first quarter, the company completed and fully placed in service the 17 Fifty Presidents Street located in Reston, VA on Mar 26. This is a build-to-suit project with 276,000 net rentable square feet of Class A office space that is fully leased to an affiliate of Leidos Holdings, Inc.
As of Mar 31, 2020, Boston Properties’ portfolio comprised 196 properties, covering a total of 52 million square feet of space. This included 10 under-construction properties. Portfolio occupancy of 92.9% in the company’s in-service office properties marks a contraction of 10 basis points from fourth-quarter 2019.
Liquidity
Boston Properties exited first-quarter 2020 with total liquidity of $2.1 billion comprising $661 million of cash balance, $151 million of cash held in 1031 exchange escrow and $1.25 billion available under its unsecured revolving credit facility.
Outlook
Boston Properties had earlier projected the 2020 FFO per share at $7.47-$7.65 per share, suggesting 8% year-over-year growth at the mid-point. The Zacks Consensus Estimate for the same is currently pegged at $7.26.
We, now, look forward to the earnings releases of other REITs like SITE Centers Corp. (SITC - Free Report) , Public Storage (PSA - Free Report) and Cousins Properties Incorporated (CUZ - Free Report) . All three companies are scheduled to release their quarterly numbers on Apr 30.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Boston Properties (BXP) Tops Q1 FFO Estimates, Withdraws View
Boston Properties Inc.’s (BXP - Free Report) first-quarter 2020 funds from operations (FFO) per share of $1.83 surpassed the Zacks Consensus Estimate of $1.80. The reported figure also increased 6.4% from the year-ago quarter’s $1.72.
In addition, it came in 2 cents higher than the mid-point of the company’s first-quarter guidance issued in January .This was backed by better than expected performance of its portfolio.
Quarterly revenues from lease came in at $710.11 million, outpacing the Zacks Consensus Estimate of $707.1 million. Moreover, the reported figure came in 4.5% higher than the prior-year’s $679.3 million.
In light of the coronavirus pandemic and related setbacks, the company withdrew its FFO guidance for 2020. It also apprised of its rental receipts for April, announcing the collection of 90% of its total commercial rents due from retail and office tenants. This figure increases to 95% if the retail tenants are excluded.
Inside the Headline Numbers
During the first quarter, the company completed and fully placed in service the 17 Fifty Presidents Street located in Reston, VA on Mar 26. This is a build-to-suit project with 276,000 net rentable square feet of Class A office space that is fully leased to an affiliate of Leidos Holdings, Inc.
As of Mar 31, 2020, Boston Properties’ portfolio comprised 196 properties, covering a total of 52 million square feet of space. This included 10 under-construction properties. Portfolio occupancy of 92.9% in the company’s in-service office properties marks a contraction of 10 basis points from fourth-quarter 2019.
Liquidity
Boston Properties exited first-quarter 2020 with total liquidity of $2.1 billion comprising $661 million of cash balance, $151 million of cash held in 1031 exchange escrow and $1.25 billion available under its unsecured revolving credit facility.
Outlook
Boston Properties had earlier projected the 2020 FFO per share at $7.47-$7.65 per share, suggesting 8% year-over-year growth at the mid-point. The Zacks Consensus Estimate for the same is currently pegged at $7.26.
Boston Properties currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Properties, Inc. Price, Consensus and EPS Surprise
Boston Properties, Inc. price-consensus-eps-surprise-chart | Boston Properties, Inc. Quote
We, now, look forward to the earnings releases of other REITs like SITE Centers Corp. (SITC - Free Report) , Public Storage (PSA - Free Report) and Cousins Properties Incorporated (CUZ - Free Report) . All three companies are scheduled to release their quarterly numbers on Apr 30.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Zacks Top 10 Stocks for 2020
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2020 today >>