The company said lease revenue from the Same Property Portfolio, excluding termination income, decreased by about $24.1 million for the 9 months ended September 30, 2024. It cited a decline in average occupancy from 90.9% to 89.0%, which reduced revenue by about $45.8 million, partly offset by an increase of about $0.82 in revenue per square foot that contributed about $21.7 million.

1. 01

   The company said lease revenue from the Same Property Portfolio, excluding termination income, decreased by about $24.1 million for the 9 months ended September 30, 2024. It cited a decline in average occupancy from 90.9% to 89.0%, which reduced revenue by about $45.8 million, partly offset by an increase of about $0.82 in revenue per square foot that contributed about $21.7 million.

2. 02

   The company said BPLP priced an underwritten public offering of $850.0 million in senior unsecured notes due August 26, 2024 5.750% 2035, with net proceeds of about $841.9 million. It said it plans to use the proceeds to repay $850.0 million of 3.200% senior unsecured notes due January 15, 2025.

3. 03

   The company said income from unconsolidated joint ventures increased by about $268.2 million for the nine months ended September 2024 compared with the same period in 2023. It explained that non-cash impairment charges of about $272.6 million on its investments in 360 Park Avenue South and 4 other investments were recognized in 2023, together with an investment gain of about $35.8 million, and did not recur in 2024.

4. 04

   The company said it had available cash of about $1.2 billion as of October 31, 2024, including about $121.2 million attributable to consolidated joint venture partners, and about $2.0 billion available under BPLP's 2021 Credit Facility. It said $500.0 million of that capacity supports its unsecured commercial paper program.

Key figures

Quarter ended September 30, 2024

Revenue

$859M

Net income

$84M

EPS

$0.53

Gross profit

$511M

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.