Q3 2024 BXP Inc Earnings Call Transcript
Key Points
- BXP Inc (BXP) reported FFO per share $0.01 above forecast, aligning with market consensus.
- Leasing volume increased by 25% in the first three quarters of 2024 compared to the same period in 2023.
- BXP Inc (BXP) received recognition for sustainability efforts, including awards from TIME Magazine and Nareit.
- The Federal Reserve's interest rate cuts are expected to positively impact real estate valuations and corporate earnings.
- BXP Inc (BXP) has a strong development pipeline with nine projects underway, expected to contribute to FFO growth.
- Long-term interest rates have been rising, posing challenges for some corporations.
- Leasing activity in development properties is lagging, particularly in the life sciences sector.
- The sublease market, especially on the West Coast, remains a significant challenge.
- Occupancy rates in some markets, like San Francisco, are still below pre-pandemic levels.
- The private market for office sales is still catching up to public market valuations, limiting transaction opportunities.
Good day and thank you for standing by. Welcome to BXP's third quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded and I'd like to hand the conference over to your first speaker, Helen Han, Vice President, Investor Relations. Please go ahead.
Good morning, and welcome to BXP third 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 inform you that certain statements made during this conference call which are non-historical may constitute forward-looking statements within the meaning of the Private Securities
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