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Boston Properties LTD Partnership (BXP)

BXP, a Delaware corporation organized in 1997, is a fully integrated, self-administered and self-managed real estate investment trust, or “REIT,” and the largest publicly-traded office REIT (based on total market capitalization) as of December 31, 2019 in the United States that develops, owns and manages primarily Class A office properties. Our properties are concentrated in five markets—Boston, Los Angeles, New York, San Francisco and Washington, DC. At December 31, 2019, we owned or had interests in 196 commercial real estate properties, aggregating approximately 52.0 million net rentable square feet of primarily Class A office properties including 11 properties under construction/redevelopment totaling approximately 5.5 million net rentable square feet. As of December 31, 2019 our properties consisted of:

Company profile

Ticker
BXP
Website
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
100 Federal JV LLC • 100 Federal TRS LLC • 1265 Main Office JV LLC • 1330 Connecticut Fitness Center TRS LLC • 206 Associates Limited Partnership • 210 Associates Limited Partnership • 211 Associates Limited Partnership • 3HBXP LLC • 30 Shattuck Road LLC • 347 Madison Avenue Venture, LLC ...

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
19 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 502.85M 502.85M 502.85M 502.85M 502.85M 502.85M
Cash burn (monthly) (no burn) 11.2M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 18.84M n/a n/a n/a n/a
Cash remaining n/a 484.01M n/a n/a n/a n/a
Runway (months of cash) n/a 43.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
12 Aug 22 Raymond A Ritchey Common OP Units Conversion Dispose C No No 0 22,472 0 88,805
12 Aug 22 Raymond A Ritchey Common OP Units Conversion Acquire C No No 0 22,472 0 111,277
12 Aug 22 Raymond A Ritchey LTIP Units Common OP Units Conversion Dispose C No No 0.25 22,472 5.62K 170,094
26 May 22 Kelly Ayotte LTIP Units Common OP Units Grant Acquire A No No 0.25 1,504 376 6,685
26 May 22 Einiger Carol B. LTIP Units Common OP Units Grant Acquire A No No 0.25 1,504 376 11,758
26 May 22 Mary E Kipp LTIP Units Common OP Units Grant Acquire A No No 0.25 1,504 376 1,504

Financial report summary

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Risks
  • Our performance depends upon the economic conditions, particularly the supply and demand characteristics, of our markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.
  • Our properties face significant competition.
  • We face potential difficulties or delays renewing leases or re-leasing space.
  • Changes in rent control or rent stabilization and eviction laws and regulations in our markets could have a material adverse effect on our residential portfolio’s results of operations and residential property values.
  • We face potential adverse effects from major tenants’ bankruptcies or insolvencies.
  • Our actual costs to develop properties may exceed our budgeted costs.
  • We face risks associated with the development of mixed-use commercial properties.
  • Our use of joint ventures and participation in the Strategic Capital Program may limit our control over and flexibility with jointly owned investments and other assets we may wish to acquire.
  • We face the risk that third parties will not be able to service or repay loans we make to them.
  • Potential liability for environmental contamination could result in substantial costs.
  • Covenants in our debt agreements could adversely affect our financial condition.
  • We may be subject to adverse legislative or regulatory tax changes that could negatively impact our financial condition.
  • We face possible adverse state and local tax audits and changes in state and local tax laws.
  • Our involvement in legal proceedings and other claims may result in substantial monetary and other costs that have a material adverse effect on our results of operations.
  • We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
Management Discussion
  • This section of this Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between 2021 and 2020. Discussions of 2019 items and year-to-year comparisons between 2020 and 2019 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 26, 2021.
  • Net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders decreased approximately $366.0 million and $418.0 million for the year ended December 31, 2021 compared to 2020, respectively, as set forth in the following tables and for the reasons discussed below under the heading “Comparison of the year ended December 31, 2021 to the year ended December 31, 2020” within “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
  • Boston Properties, Inc.

Content analysis

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Proxies
No filings