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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