Boston Properties (BXP) Misses Q4 EPS by 54c, Revenues Miss; Offers 1Q EPS Guidance Below Consensus

Boston Properties (NYSE: BXP) reported Q4 EPS of $0.05, $0.54 worse than the analyst estimate of $0.59. Revenue for the quarter came in at $665.09 million versus the consensus estimate of $687.24 million.

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.

GUIDANCE:

Boston Properties sees Q1 2021 EPS of $0.53-$0.57, versus the consensus of $0.64.

For earnings history and earnings-related data on Boston Properties (BXP) click here.

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