2024-01-31 15:45:25 ET
Start Time: 10:00
End Time: 11:23
Boston Properties, Inc. (BXP)
Q4 2023 Earnings Conference Call
January 31, 2024, 10:00 AM ET
Company Participants
Owen Thomas - Chairman and CEO
Douglas Linde - President and Director
Michael LaBelle - EVP, CFO and Treasurer
Hilary Spann - EVP, New York Region
Bryan Koop - EVP, Boston Region
Rodney Diehl - EVP, West Coast Regions
Jake Stroman - EVP, Co-Head of the Washington, DC Region
Helen Han - VP, IR
Conference Call Participants
Steve Sakwa - Evercore ISI
John Kim - BMO Capital Markets
Alexander Goldfarb - Piper Sandler
Nicholas Yulico - Scotiabank
Anthony Paolone - JPMorgan
Michael Goldsmith - UBS
Nick Joseph - Citi
Ronald Kamdem - Morgan Stanley
Caitlin Burrows - Goldman Sachs
Camille Bonnel - Bank of America
Blaine Heck - Wells Fargo.
Upal Rana - KeyBanc
Peter Abramowitz – Jefferies
Dylan Burzinski - Green Street
Floris Van Dijkum - Compass Point LLC
Presentation
Operator
Good day, and thank you for standing by. Welcome to BXP Fourth Quarter and Full Year 2023 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 is being recorded.
I would now like to hand the conference over to your first speaker today, to Helen Han, Vice President of Investor Relations. Please go ahead.
Helen Han
Good morning, and welcome to BXP's fourth quarter and full year 2023 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. The 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 not historical, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Although BXP believes that expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors and risks that could cause actual results to differ materially from those expressed or implied by forward-looking statements were detailed in yesterday's press release and from time to time in BXP's filings with the SEC. BXP does not undertake a duty to update any forward-looking statements.
I'd like to welcome Owen Thomas, Chairman and Chief Executive Officer; Doug Linde, President; and Mike LaBelle, Chief Financial Officer. During the Q&A portion of our call, Ray Ritchey, Senior Executive Vice President, and our regional management teams will be available to address any questions. We ask that those of you participating in the Q&A portion of the call to please limit yourself to only one question. If you have an additional query or follow-up, please feel free to rejoin the queue.
I would now like to turn the call over to Owen Thomas for his formal remarks.
Owen Thomas
Thank you, Helen, and good morning, everyone. After a brief review of our quarterly and annual performance, I intend to focus my remarks this morning on BXP's significant capital allocation activity over the last quarter, related real estate capital market conditions and key areas of focus for us in 2024.
The operating trends I've described in prior quarters, specifically the steady return of workers to their offices, the importance of corporate earnings growth to leasing activity and the outperformance of premier workplaces, all remain important and substantially unchanged.
BXP continued to perform in the fourth quarter as we did throughout 2023, despite withering negative market sentiment for the commercial real estate sector. Our FFO per share was $0.01 above market consensus for the fourth quarter and for all of 2023, was $0.15 above the midpoint of the guidance range we provided one year ago....
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Boston Properties, Inc. (BXP) Q4 2023 Earnings Call Transcript