Boston Properties, Inc. – Company Information

Company Boston Properties Inc.
Headquarters Prudential Center, 800 Boylston Street, Suite 1900 Boston, MA 02199-8103, USA
CEO  Owen D. Thomas
CFO Michael E. LaBelle
Industry Property
Founder Mortimer Zuckerman
Founded 1970
Type Public
NYSE stock symbol BXP
Revenue $2.396 billion (2014)
Net income $526.057 million (2014)
Earnings per share $2.83 USD (2014)
Employees 750 (2014)
Corporate  contact number: (617) 236-3300

Boston Properties, Inc. is an American real estate investment trust (REIT), based in Boston, Massachusetts.

A REIT is a company that owns and operates income-producing real estate, including: apartments, offices, shopping centers, warehouses, and hotels.

In order to be considered a REIT, the company has to distribute a minimum of 90 percent of its taxable income to its shareholders every year.

Boston Properties is one of the country’s leading developers, managers, and owners of office properties.

Its four main markets are in New York, San Francisco, Washington, DC., and Boston.

Its property portfolio mainly consists of Class A office properties, in addition to three residential properties, four retail properties, and hotels.

One of the most notable office buildings that Boston Properties has a majority ownership share in is the General Motors Building in New York City – valued at around US$2.8 billion.

Boston Properties operates as a full-service real estate company, with in-house expertise and resources in acquisitions, financing, development, construction management, financing, marketing, capital markets, property management, accounting, leasing, tax and legal services.

Boston Properties Inc. was founded in 1970 by Edward H. Linde and Mortimer Zuckerman. In 1997 the company was publicly listed on the New York Stock Exchange (NYSE) under the stock ticker symbol ‘BXP’.

Income statement data (in $ thousands) 2014* 2013*
Total rental revenue $2,328,297 $2,065,514
Total revenue $2,396,998 $2,135,539
Total expenses $1,595,176 $1,457,419
Operating income $801,822 $678,120
Income from continuing operations $358,018 $703,648
Income from discontinued operations $      – $8,022
Net income $526,057 $841,440
Net income attributable to Boston Properties, Inc $443,611 $749,811
Net income attributable to Boston Properties, Inc. common shareholders $433,111 $741,754
Balance sheet data (in $ thousands)
Total assets $19,886,767 $20,176,264
Total liabilities $11,878,506 $12,981,725
Total equity $7,902,936 $7,043,618
Common share data (in $)
Earnings per Common Share – Basic $2.83 $4.87
Earnings per Common Share – Diluted $2.83 $4.86
Cash flow data (in $ thousands)
Net cash provided by operating activities $695,553 $777,926
Net cash used in investing activities $(665,124) $(532,640)
Net cash provided by (used in) financing activities $(632,487) $1,007,873
Cash and cash equivalents balance at beginning of year $2,365,137 $1,041,978
Cash and cash equivalents balance at end of year $1,763,079 $2,365,137

*Years Ended December 31

Source: “Boston Properties Inc. Form 10-K 2014”