Boston Properties (BXP) Misses Q1 EPS by 2c, Revenues Beat; Lowers FY19 EPS Guidance, Raises FY19 FFO Outlook

Boston Properties (NYSE: BXP) reported Q1 EPS of $0.63, $0.02 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $725.8 million versus the consensus estimate of $701.34 million.

• Total revenue increased 10% to $725.8 million as compared to total revenue of $661.2 million for the quarter ended March 31, 2018.
• Net income attributable to common shareholders of $98.1 million, or $0.63 per diluted share (EPS), decreased 45% compared to $176.0 million, or $1.14 per diluted share, for the quarter ended March 31, 2018, primarily due to gains on asset sales during the first quarter of 2018.
• Total revenue increased 10% to $725.8 million as compared to total revenue of $661.2 million for the quarter ended March 31, 2018.
• Net income attributable to common shareholders of $98.1 million, or $0.63 per diluted share (EPS), decreased 45% compared to $176.0 million, or $1.14 per diluted share, for the quarter ended March 31, 2018, primarily due to gains on asset sales during the first quarter of 2018.
• Total revenue increased 10% to $725.8 million as compared to total revenue of $661.2 million for the quarter ended March 31, 2018.
• Net income attributable to common shareholders of $98.1 million, or $0.63 per diluted share (EPS), decreased 45% compared to $176.0 million, or $1.14 per diluted share, for the quarter ended March 31, 2018, primarily due to gains on asset sales during the first quarter of 2018.

GUIDANCE:

Boston Properties sees Q2 2019 EPS of $0.72-$0.74, versus the consensus of $0.73.

Boston Properties sees FY2019 EPS of $2.95-$3.03, versus the consensus of $2.94.

As set forth below, the Company has updated its projected EPS (diluted) for the full year 2019 to $2.95 - $3.02 per share from $3.05 - $3.17 per share. This is a decrease of approximately $0.12 per share at the mid-point of the Company’s guidance provided on January 29, 2019 primarily due to a $0.14 per share impairment loss recognized as a result of the expected sale of One Tower Center, $0.02 per share of increased depreciation expense, $0.01 per share of projected company share of losses on sales of real estate, partially offset by $0.02 per share of greater-than-expected portfolio performance and $0.03 per share of lower-than-expected interest expense.

In addition, the Company has updated its projected guidance range for FFO per diluted share for the full year 2019 to $6.95 - $7.02 per share from $6.88 - $7.00 per share. This is an increase of approximately $0.05 per share at the mid-point of the Company’s guidanceprovided on January 29, 2019 primarily due to $0.02 per share of greater than expected portfolio performance and $0.03 per share of lower than expected interest expense.

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

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