- Boston Properties (NYSE:BXP) sees Q1 FFO of $1.53-$1.57, less than the average analyst estimate of $1.62.
- The REIT's properties are concentrated in the major coastal cities of Los Angeles, New York, Boston, San Francisco, and Washington, DC, areas that were hit hard by the pandemic and where many companies switched to work-from-home formats.
- Q4 FFO per share of $1.37 includes a 22-cent charge to lease revenue related to the write-off of accrued rent for all tenants in the co-working sector. Excluding that charge would bring FFO per share to $1.59, matching the average analyst estimate is $1.59; compares with $1.87 in the year-ago quarter.
- Collected 99.6% of total rent payments from office tenants in Q4 vs. 99% in Q3; rent collections from all commercial tenants, including base rent from retail tenants, were 99.0% for the quarter vs. 97% in Q3.
- Q4 total revenue of $664.1M trails the consensus of $687.4M; compares with $893.3M in Q3 and $757.5M a year ago.
- Total portfolio was 90.1% leased at Dec. 31, 2020 vs. 91.1% at Sept. 30, 2020.
- Q4 same-property cash net operating income (excluding termination income) was $M, up/down % from Q4 2019.
- Q4 operating margin was % vs. 62.2% in Q3 and % a year ago.
- Conference call on Jan. 27 at 10:00 AM ET.
- Previously (Jan. 26): Boston Properties FFO misses by $0.22, misses on revenue