Q2 2024 BXP Inc Earnings Call Transcript
Key Points
- BXP Inc (BXP) reported FFO per share of $1.77, exceeding the midpoint of their guidance by $0.06.
- The company raised the midpoint of its FFO per share guidance for 2024 by $0.08.
- BXP Inc (BXP) completed over 1.3 million square feet of leasing, a 41% increase from the second quarter of 2023.
- The company was recognized by Time Magazine as one of the world's most sustainable companies, ranking number one in the US among property owners.
- BXP Inc (BXP) has a strong balance sheet with ready access to capital in both secured and unsecured debt and private equity markets.
- The overall office sales volume in the second quarter remained muted at $6.9 billion, well below pre-2022 levels.
- BXP Inc (BXP) experienced a reduction in occupancy due to large known expirations and vacated non-revenue-producing spaces.
- The company reported a decline in same-property NOI growth, adjusting its guidance to a range of negative 1.5% to negative 3% for 2024.
- The life science lab demand in Greater Boston and South San Francisco remains lackluster, with tenants displaying little urgency around new requirements or relocations.
- BXP Inc (BXP) faces challenges in the broader office asset class, with limited opportunities in the premier workplace segment.
Good day, and thank you for standing by. Welcome to BXP's Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference call is being recorded.
I would now like to hand the conference call over to your first speaker, Helen Han, Vice President of Investor Relations. Please go ahead.
Good morning, and welcome to BXP's second quarter 2024 earnings conference call. The press release and supplemental package were distributed last night and furnished on Form 8-K. In the supplemental package, BXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you did not receive a copy, these documents are available in the Investors section of our website at investors.bxp.com. A webcast of this call will be available for 12 months.
At this time, we would like to
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