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BXP Beats Earnings Estimates, Focuses on Uncertainties

Boston Properties (BXP) beat analysts’ estimates on funds from operations and revenues in the first quarter, with FFO of $1.83 per share and revenues of $710 million. The Boston-based office REIT has beat the Zacks Consensus Estimate on FFO for the past four quarters, and has come in ahead of the consensus estimate on revenues in three of the past four quarters.

However, on Wednesday’s earnings call, BXP CEO Owen Thomas focused on the market uncertainties posed by the COVID-19 pandemic. “Our economy cannot truly return to normal until individuals feel safe,” Thomas said.

Until that normalcy is achieved, Thomas said, “Boston Properties has the scale, market diversity, revenue stability, credit and access to liquidity to navigate the turbulence of the current market storm.”

As an illustration, he noted that the company had collected 95% of April rents in its office portfolio, which runs to 48.4 million square feet.

Pictured: Boston Properties headquarters at the Prudential Center.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).