BXP said lease revenue from the Same Property Portfolio, excluding termination income, rose about $39.1 million in 2023 compared with 2022. The company cited an increase in average revenue per square foot of about $70.3 million as a factor, partly offset by a decline in average occupancy from 91.2% to 90.2%, which reduced revenue by about $31.2 million.

1. 01

   BXP said lease revenue from the Same Property Portfolio, excluding termination income, rose about $39.1 million in 2023 compared with 2022. The company cited an increase in average revenue per square foot of about $70.3 million as a factor, partly offset by a decline in average occupancy from 91.2% to 90.2%, which reduced revenue by about $31.2 million.

2. 02

   The company said loss from unconsolidated joint ventures increased by about $179.7 million in 2023 compared with 2022, mainly due to a non-cash impairment charge of about $272.6 million. The company said the increase was partly offset by a net gain of about $34.3 million on the disposition of its interest in Metropolitan Square, among other items.

3. 03

   BXP said it entered into agreements on November 13, 2023 to sell 290 Binney Street and 300 Binney Street interests of 45% each to an institutional investor, for a total value of about $1.66 billion. The company said about $212.9 million was paid at closing for the 300 Binney Street transaction, and that closing of the 290 Binney Street transaction will reduce future development spending by about $533.5 million.

4. 04

   BXP said its major debt maturities include the $1.2 billion 2023 Unsecured Term Loan due May 16, 2024 and $850 million of 3.200% senior unsecured notes due January 15, 2025. The company said it had about $533.1 million of available cash as of February 20, 2024, and about $1.8 billion available under its Revolving Facility.

Key figures

Fiscal year ended December 31, 2023

Revenue

$3.3B

Net income

$190M

EPS

$1.21

Gross profit

$2.0B

Operating cash flow

$1.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.