Boston Properties Reports Excellent Q3 Results, Offers Guidance

Massachusetts-based real estate investment trust Boston Properties, Inc. (BXP) has reported excellent financial results for the third quarter of 2021. The company owns, develops, redevelops, manages and acquires Class A office properties in Boston, New York, San Francisco, Washington, DC, Los Angeles and Seattle.

Funds from Operations (FFO) totaled $1.73 per share, beating the Street’s estimate of $1.70 per share. The company had reported FFO of $1.57 per share in the third quarter of 2020. (See Insiders’ Hot Stocks on TipRanks)

Revenue grew more than 5% year-over-year to $730.1 million, exceeding analysts’ expectations of $708.74 million. Lease revenue increased to $692.3 million from $666.7 million in the year-ago quarter. Parking and other revenue amounted to $23.5 million, up from $16.3 million reported in the previous year.

For 2021, the company expects FFO in the range of $6.50 per share to $6.52 per share while the consensus estimate for the same stands at $6.61 per share. Furthermore, it projects FFO of $7.25 per share to $7.45 per share for 2022, with the Street expecting $7.26.

Meanwhile, Boston Properties’ shares gained 1.2% on Tuesday to close at $118.69.

Two months ago, Piper Sandler (PIPR) analyst Alexander Goldfarb maintained a Buy rating on the stock and raised the price target to $140 from $135 (18% upside potential).

Bullish on shopping centers, the analyst said, “Tenant demand remains unabashed and credit plentiful and cheap.”

Overall, the stock has a Moderate Buy consensus rating based on 4 Buys, 4 Holds and 1 Sell. The average Boston Properties price target of $125.78 implies nearly 6% upside potential. Shares have gained around 61% over the past year.

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