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$BXP's BoD declared a regular quarterly cash dividend of $0.80 per share of common stock. The dividend is payable on Jan. 30, 2018 to shareholders of record as of the close of business on Dec. 29, 2017. This represents an increase of 6.7%, or $0.05 per share, over the most recent quarterly cash dividend of $0.75 per share.
$BXP announced the redemption price for the $850MM of 3.7% Senior Notes due 2018 issued by its operating partnership, Boston Properties Limited Partnership, which will be redeemed in full on Dec. 17, 2017. The redemption price for the Notes will be about $865.5MM.
As of 1Q17 end, $BXP’s portfolio consisted of 174 properties aggregating approximately 47.7MM square feet. Boston Properties sees diluted EPS of $0.77-0.79 for 2Q17 and $2.60-2.68 for FY17. Diluted FFO per share is projected at $1.61-1.63 for 2Q17 and $6.15-6.23 for FY17.
$BXP's net attributable income almost halved to $97.1MM for 1Q17 from $181.7MM a year ago, as total revenue dropped 5% to $632.2MM. Diluted EPS fell to $0.63 from $1.18 a year ago. Funds from Operations (FFO) for the quarter were $228.4MM, or $1.48 per share diluted.
$BXP BoD declared 1Q17 cash dividend of $0.75 per share, payable on April 28, 2017 to shareholders of record as of March 31, 2017. The Board also declared a regular quarterly cash dividend for 5.25% series B preferred stock. The cash dividend of $0.328125 per depositary share is payable on May 15, 2017 to shareholders of record as of May 5, 2017.
$BXP had no new transactions in 4Q16 for dispositions. For all of 2016, the company completed three deals for total gross proceeds of $235MM in line with projections provided at the beginning of the year. For 2017, $BXP anticipated continuing the selective disposition of non-core assets with projected total gross proceeds in excess of $200MM.
Real estate investment trust $BXP reported an increase in 4Q16 earnings. Net income was $145.5MM or $0.94 per share compared to $137.9MM or $0.90 per share in 4Q15. Total revenue was $636MM. Funds from Operations (FFO) were $236.9MM or $1.54 per diluted share.
$AKAM released plans for building of its new global headquarters in Cambridge, Massachusetts. $AKAM agreed with $BXP to lease a newly-constructed building at 145 Broadway, in the heart of Cambridge's Kendall Square neighborhood. The about 486,000 square foot building is scheduled to open at end of 2019.
$BXP has updated its projected diluted EPS for the full year 2016 to $2.98-3.00 per share from $3.04-3.11 per share. The company has also updated its projected guidance for diluted FFO per share for the full year 2016 to $5.97-5.99 per share from $5.92-5.99 per share.
$BXP posted lower 3Q16 earnings, hurt by lower gains on sales of real estate, compared to 3Q15. Net income attributable to common shareholders was $76.7MM or $0.50 per diluted share compared to $184.1MM or $1.20 per diluted share last year. Total revenue fell slightly from last year to $625.23MM.
Deutsche Bank analyst Vincent Chao questions $BXP whether there are any discussions in line with WeWork for potentially retrading that. CEO Owen Thomas says that there are no discussions with regards to retrading. The company says that it is actively engaged with WeWork at the Navy Yard and it is successful with its own facilities.
Wells Fargo analyst Blaine Heck follows up by asking $BXP whether it is looking for same-store occupancy drag for the rest of 2016. CFO Michael LaBelle says that there will be some degradation in occupancy during 3Q16. The company hopes it to come back in 4Q16 and late in 4Q16.
BofA Merrill Lynch analyst Jamie Feldman probes that based on the leasing done, when does $BXP see the inflection point for same store to turn positive. CFO Michael LaBelle says that the company expects it to positive, about 2-4% in 2016. It has been higher than the first two quarters, so it is just going to come down a little bit.
Citigroup analyst Michael Bilerman questions $BXP whether it needs outside commitment to get tenants into the Colorado Center project. President Douglas Linde says that $BXP has discussed with its partners that common areas need to be refreshed in a more significant way than simply painting & carpeting, and so it has hired design professionals.