Boston Properties, Inc. (BXP) reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $859.2 million, up from $824.3 million, while revenue for the nine months increased to $2.55 billion from $2.44 billion. This growth was driven by a rise in lease revenue, which totaled $799.5 million for the third quarter, compared to $767.2 million in 2023.

The company achieved a net income of $110.2 million for the third quarter, a substantial turnaround from a net loss of $101.8 million in the prior year. For the nine-month period, net income rose to $327.1 million from $143.6 million. Notably, net income attributable to BXP, Inc. for the third quarter was $83.6 million, compared to a loss of $111.8 million in 2023, reflecting a significant recovery in profitability.

BXP's total assets increased to $26.41 billion as of September 30, 2024, from $26.03 billion at the end of 2023. The company’s total liabilities also rose to $18.12 billion from $17.83 billion, primarily due to increased mortgage notes payable and unsecured senior notes. The redeemable deferred stock units at redemption value increased to $10.7 billion, up from $8.4 billion.

Strategically, BXP made notable acquisitions, including a 50% economic ownership interest in the joint venture for 901 New York Avenue, Washington, DC, for $10 million. This acquisition was part of a broader strategy to enhance its portfolio, which now includes 184 commercial properties totaling approximately 53 million net rentable square feet. The company also reported gains on sales of real estate amounting to $517,000 for the third quarter.

BXP's development pipeline remains robust, with nine properties under construction or redevelopment, totaling approximately $2.2 billion in estimated costs. The company is focused on maintaining liquidity and managing leverage, with cash and cash equivalents at $1.42 billion as of September 30, 2024, down from $1.53 billion at the end of 2023.

Overall, BXP's financial results reflect a strong recovery in profitability and strategic growth through acquisitions and development, positioning the company favorably in the competitive real estate market.

About BOSTON PROPERTIES INC

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