Boston Properties Announces Fourth Quarter 2019 Results; Reports EPS of $0.91 and FFO Per Share Of $1.87

Exceeds the Midpoint of EPS and FFO Guidance for Q4; Delivers 9% Year-over-Year Revenue Growth for FY 2019; Increases FY 2020 Guidance with Continued Growth Momentum

BOSTON–(BUSINESS WIRE)–Boston Properties, Inc. (NYSE: BXP), the largest publicly-traded developer, owner and manager of Class A office properties in the United States, reported results today for the fourth quarter and full year ended December 31, 2019.

Financial highlights for the fourth quarter include:

  • Revenue grew more than 7% to $757.5 million as compared to revenue of $705.2 million for the fourth quarter ended December 31, 2018.
  • Net income was $140.8 million, or $0.91 per diluted share (EPS), compared to $148.5 million, or $0.96 per diluted share, for the quarter ended December 31, 2018, primarily due to gains on asset sales in 2018 that did not reoccur in 2019.
  • Funds from Operations (FFO) was $289.9 million, or $1.87 per diluted share, reflecting growth of 18% compared to FFO of $245.7 million, or $1.59 per diluted share, for the fourth quarter ended December 31, 2018.

    • FFO in the fourth quarter of $1.87 per diluted share was $0.02 per share greater than the midpoint of the Company’s fourth quarter guidance provided on October 29, 2019 primarily due to $0.02 per share of greater-than-projected portfolio performance.

The Company provided guidance for the first quarter 2020 with projected EPS of $3.22 – $3.24 per diluted share and projected FFO of $1.80 – $1.82 per diluted share.

The Company also increased its full year 2020 EPS guidance by $2.45 at the midpoint and increased its full year 2020 FFO per diluted share guidance by $0.01 at the midpoint compared to guidance provided on October 29, 2019. The Company’s updated guidance for 2020 is:

  • Projected EPS for 2020 of $5.91 – $6.09 per diluted share inclusive of $2.37 in expected gains on asset sales that are currently under agreement;
  • Projected FFO for 2020 of $7.47 – $7.65 per diluted share, reflecting 8% year-over-year growth at the midpoint.

See “EPS and FFO per Share Guidance” below.

Financial results for the year ended December 31, 2019 include:

  • Net income attributable to common shareholders of $511.0 million, or $3.30 per diluted share (EPS), compared to $572.3 million, or $3.70 per diluted share, for FY 2018, primarily due to $1.06 of gains on asset sales in 2018 that did not reoccur at the same level in 2019, offset primarily by improved portfolio performance in 2019.
  • FFO of $1.1 billion, or $7.01 per diluted share, reflecting 11% growth compared to FFO of $974.5 million, or $6.30 per diluted share, for the year ended December 31, 2018, primarily due to increases in same property performance and the benefit of developments delivered in 2019.

Fourth quarter and recent business highlights include:

  • Entered into a joint venture with Alexandria Real Estate Equities to develop, own and operate approximately 1.1 million square feet of existing office and lab properties in South San Francisco, California, with the opportunity for approximately 640,000 square feet of additional future development. Upon completion, the joint venture is expected to own an approximately 1.7 million square foot life science campus including a mix of office and lab buildings. Boston Properties will have a 50% ownership interest in the joint venture once complete. Details of the transaction can be found in a separate press release issued today, which can be found on the newsroom page of the Company’s website at www.bxp.com or here http://investors.bxp.com/latest-news.
  • Secured approval from the City of San Francisco Planning Commission for the 4th and Harrison development project located in San Francisco’s Central SoMa District. The approval includes the Large Project Authorization for the design and massing of an 820,000 square foot project, as well as an initial allocation of 505,000 square feet under the San Francisco Office Development Annual Limitation Program (Prop M) for the first phase of the project.
  • Completed and fully placed in-service the following development projects in Q4 2019:

    • 145 Broadway, a 483,000 square foot property located in Cambridge, Massachusetts. The property is 98% leased to Akamai Technologies, Inc.
    • The Hub on Causeway – Podium, a 382,000 square foot project containing retail and office space located in Boston, Massachusetts. The project is 99% leased. The Hub on Causeway – Podium is part of a 1.3 million square foot mixed-use development project adjacent to the North Station transit center. The Company has a 50% ownership interest in the development.
  • Signed 1.7 million square feet of leases including:

    • Approximately 130,000 square feet of leases at 399 Park Avenue in New York, NY including approximately 49,000 square feet of leases with a new tenant.
    • Approximately 150,000 square feet of office leasing at 767 Fifth Avenue in New York, NY including a 41,000 square foot lease with a new tenant.
    • Approximately 440,000 square feet of office leasing in Reston, Virginia, including a 310,000 square foot renewal and a 75,000 square foot lease with a new tenant.
    • Approximately 270,000 square feet of renewals and expansions in the Company’s Los Angeles assets.
  • Increased portfolio occupancy to 93% in the Company’s in-service office properties, an increase of 160 bps from the fourth quarter of 2018.
  • Entered into an agreement for the sale of New Dominion Technology Park, a 493,000 square foot office park located in Herndon, Virginia for a gross sale price of $256.0 million, subject to standard closing conditions. The transaction is expected to close during the first quarter of 2020.
  • Repaid the bond financing collateralized by New Dominion Technology Park, Building One in Herndon, Virginia, totaling approximately $26.5 million in the fourth quarter of 2019. The bond financing bore interest at a weighted-average fixed rate of approximately 7.69% per annum and was scheduled to mature on January 15, 2021. The early repayment of the debt resulted in a charge of $1.5 million or $0.01 per diluted share in the fourth quarter of 2019.
  • Increased the regular quarterly dividend by 3.2% to $0.98 per share of common stock. The aggregate common stock dividend for full year 2019 of $3.83 per common share represents an annual increase of $0.33 per share, or 9%, over the aggregate common stock dividend for full year 2018 and a total of 42% over the past three years.

Full year 2019 Business Highlights include:

  • Commenced development of approximately 1.0 million square feet including:

    • 325 Main Street at Kendall Center in Cambridge, Massachusetts, a 420,000 square foot (including retail) build-to-suit development project for Google.
    • A portion of 200 West Street, a 261,000 square foot Class A office property in Waltham, Massachusetts. The 126,000 square foot redevelopment is a conversion to laboratory space.
    • 2100 Pennsylvania Avenue, a 470,000 square foot property in the Foggy Bottom neighborhood of Washington, DC that will include approximately 440,000 square feet of Class A office space and 30,000 square feet of retail space. 66% of the office space is pre-leased to a large law firm.
  • Signed 7.6 million square feet of leases during the year. In addition to the fourth quarter leases, notable signed leases during the year include:

    • 850,000 square feet of leases with Google in Cambridge, Massachusetts for a term of 15 years.
    • A 545,000 square foot, 15-year lease with Bank of America at 100 Federal Street in Boston, Massachusetts.
    • 493,000 square feet of lease renewals with the U.S. government at New Dominion Technology Park in Herndon, Virginia for a term of 15 years.
    • A 338,000 square foot, 20-year lease with Shearman & Sterling, a global law firm at 599 Lexington Avenue in New York, NY.
  • Entered into a joint venture to develop Platform 16 in San Jose, California. Platform 16 consists of approximately 5.6 acres that will support the development of a 1.1 million square foot, Class A urban office campus near Diridon Station in downtown San Jose, California.
  • Acquired 880 and 890 Winter Street in Waltham, Massachusetts, two Class A office properties aggregating approximately 392,000 square feet.
  • Completed several dispositions with gross sales totaling approximately $406 million, and net cash proceeds of approximately $200 million.
  • Completed two bond offerings totaling $1.6 billion, including a $850 million green bond offering of 3.4% unsecured senior notes due 2029 and a $700 million bond offering of 2.9% unsecured senior notes due 2030.
  • Ranked in the top quadrant of the 2019 Global Real Estate Sustainability Benchmark (GRESB®) assessment, earning an eighth consecutive “Green Star” recognition and the highest GRESB 5-star Rating. Overall, the Company ranked among the top 4% of 964 worldwide participants. Also during the year, Boston Properties was selected as a 2019 ENERGY STAR® Partner of the Year. The Company was recognized by the U.S. Environmental Protection Agency (EPA) in Washington, DC. Earning an ENERGY STAR® Partner of the Year Award distinguishes corporate energy management programs, and is the highest level of EPA recognition.

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter and year ended December 31, 2019. In the opinion of management, the Company has made all adjustments considered necessary for a fair statement of these reported results.

EPS and FFO per Share Guidance:

The Company’s guidance for the first quarter and full year 2020 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels and the earnings impact of the events referenced in this release and otherwise referenced during the conference call and in the Company’s Supplemental Operating and Financial Data for the quarter ended December 31, 2019. The estimates do not include possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, other possible capital markets activity or possible future impairment charges. EPS estimates may be subject to fluctuations as a result of several factors, including changes in the recognition of depreciation and amortization expense and any gains or losses associated with disposition activity. The Company is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate or gains or losses associated with disposition activities. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth below. For details of the Company’s assumptions related to guidance for the first quarter and full year 2020 for EPS (diluted) and FFO per share (diluted), please see the Fourth Quarter 2019 Supplemental Operating and Financial Data located on the Investor Relations section of the Company’s website at investors.bxp.com.

As set forth below, the Company has updated its projected EPS (diluted) for the full year 2020 to $5.91 – $6.09 per share from $3.45 – $3.65 per share. This is an increase of approximately $2.45 per share at the midpoint of the Company’s guidance provided on October 29, 2019 primarily due to an estimated $2.37 per share in gains from sales of real estate that are expected to close in the first quarter of 2020.

In addition, the Company has updated its projected guidance range for FFO per diluted share for the full year 2020 to $7.47 – $7.65 per share from $7.45- $7.65 per share. This is an increase of approximately $0.01 per share at the midpoint of the Company’s guidance provided on October 29, 2019 primarily due to lower than projected net interest expense.

 

 

First Quarter 2020

 

Full Year 2020

 

Low

 

High

 

Low

High

Projected EPS (diluted)

$

3.22

 

$

3.24

 

 

$

5.91

 

$

6.09

 

Add:

 

 

 

 

 

 

 

Projected Company Share of Real Estate Depreciation and Amortization

0.95

 

0.95

 

 

3.93

 

3.93

 

Projected Company Share of Gains on Sales of Real Estate

(2.37

)

(2.37

)

 

(2.37

)

(2.37

)

Projected FFO per Share (diluted)

$

1.80

 

$

1.82

 

 

$

7.47

 

$

7.65

 

% Growth in FFO as compared to 2019

 

 

 

 

6.6

%

9.1

%

 

Boston Properties will host a conference call on Wednesday, January 29, 2020 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2019 results, the 2020 projections and related assumptions, and other matters that may be of interest to investors. The number to call for this interactive teleconference is (877) 706-4503 (Domestic) or (281) 913-8731 (International) and entering the passcode 3928659. A replay of the conference call will be available through February 12, 2020, by dialing (855) 859-2056 (Domestic) or (404) 537-3406 (International) and entering the passcode 3928659. There will also be a live audio webcast of the call, which may be accessed in the Investor Relations section of the Company’s website at investors.bxp.com. Shortly after the call, a replay of the webcast will be available in the Investor Relations section of the Company’s website and archived for up to twelve months following the call.

Additionally, a copy of Boston Properties’ fourth quarter 2019 “Supplemental Operating and Financial Data” and this press release are available in the Investor Relations section of the Company’s website at investors.bxp.com.

Boston Properties (NYSE: BXP) is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets – Boston, Los Angeles, New York, San Francisco and Washington, DC. The Company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The Company’s portfolio totals 52.0 million square feet and 196 properties, including 11 properties under construction. For more information about Boston Properties, please visit our website at www.bxp.com or follow us on LinkedIn or Instagram.

This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “budgeted,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond Boston Properties’ control and could materially affect actual results, performance or achievements. These factors include, without limitation, the Company’s ability to satisfy the closing conditions to the pending transactions described above, the Company’s ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development, acquisition and disposition activity, the ability to effectively integrate acquisitions, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Boston Properties does not undertake a duty to update or revise any forward-looking statement, including its guidance for the first quarter and full fiscal year 2020, whether as a result of new information, future events or otherwise.

Financial tables follow.

 

BOSTON PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

December 31,

2019

 

December 31,

2018

 

(in thousands, except for share

and par value amounts)

ASSETS

 

 

 

Real estate, at cost

$

21,458,412

 

 

$

20,870,602

 

Construction in progress

789,736

 

 

578,796

 

Land held for future development

254,828

 

 

200,498

 

Right of use assets – finance leases

237,394

 

 

 

Right of use assets – operating leases

148,640

 

 

 

Less: accumulated depreciation

(5,266,798

)

 

(4,897,777

)

Total real estate

17,622,212

 

 

16,752,119

 

Cash and cash equivalents

644,950

 

 

543,359

 

Cash held in escrows

46,936

 

 

95,832

 

Investments in securities

36,747

 

 

28,198

 

Tenant and other receivables, net

112,807

 

 

86,629

 

Related party note receivable

80,000

 

 

80,000

 

Note receivable

15,920

 

 

19,468

 

Accrued rental income, net

1,038,788

 

 

934,896

 

Deferred charges, net

689,213

 

 

678,724

 

Prepaid expenses and other assets

41,685

 

 

80,943

 

Investments in unconsolidated joint ventures

955,647

 

 

956,309

 

Total assets

$

21,284,905

 

 

$

20,256,477

 

LIABILITIES AND EQUITY

 

 

 

Liabilities:

 

 

 

Mortgage notes payable, net

$

2,922,408

 

 

$

2,964,572

 

Unsecured senior notes, net

8,390,459

 

 

7,544,697

 

Unsecured line of credit

 

 

 

Unsecured term loan, net

498,939

 

 

498,488

 

Lease liabilities – finance leases

224,042

 

 

 

Lease liabilities – operating leases

200,180

 

 

 

Accounts payable and accrued expenses

377,553

 

 

276,645

 

Dividends and distributions payable

170,713

 

 

165,114

 

Accrued interest payable

90,016

 

 

89,267

 

Other liabilities

387,994

 

 

503,726

 

Total liabilities

13,262,304

 

 

12,042,509

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Redeemable deferred stock units

8,365

 

 

 

 

 

 

 

Equity:

 

 

 

Stockholders’ equity attributable to Boston Properties, Inc.:

 

 

 

Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding

 

 

 

Preferred stock, $0.01 par value, 50,000,000 shares authorized; 5.25% Series B cumulative redeemable preferred stock, $0.01 par value, liquidation preference $2,500 per share, 92,000 shares authorized, 80,000 shares issued and outstanding at December 31, 2019 and December 31, 2018

200,000

 

 

200,000

 

Common stock, $0.01 par value, 250,000,000 shares authorized, 154,869,198 and 154,537,378 issued and 154,790,298 and 154,458,478 outstanding at December 31, 2019 and December 31, 2018, respectively

1,548

 

 

1,545

 

Additional paid-in capital

6,294,719

 

 

6,407,623

 

Dividends in excess of earnings

(760,523

)

 

(675,534

)

Treasury common stock at cost, 78,900 shares at December 31, 2019 and December 31, 2018

(2,722

)

 

(2,722

)

Accumulated other comprehensive loss

(48,335

)

 

(47,741

)

Total stockholders’ equity attributable to Boston Properties, Inc.

5,684,687

 

 

5,883,171

 

Noncontrolling interests:

 

 

 

Common units of the Operating Partnership

600,860

 

 

619,352

 

Property partnerships

1,728,689

 

 

1,711,445

 

Total equity

8,014,236

 

 

8,213,968

 

Total liabilities and equity

$

21,284,905

 

 

$

20,256,477

 

BOSTON PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three months ended

December 31,

 

Year ended December 31,

 

2019

 

2018

 

2019

 

2018

 

(in thousands, except for per share amounts)

Revenue

 

 

 

 

 

 

 

Lease

$

706,349

 

 

$

 

 

$

2,758,014

 

 

$

 

Base rent

 

 

541,902

 

 

 

 

2,103,723

 

Recoveries from tenants

 

 

109,265

 

 

 

 

402,066

 

Parking and other

26,727

 

 

27,831

 

 

103,534

 

 

107,421

 

Hotel revenue

11,793

 

 

11,745

 

 

48,589

 

 

49,118

 

Development and management services

10,473

 

 

12,195

 

 

40,039

 

 

45,158

 

Direct reimbursements of payroll and related costs from management services contracts

2,159

 

 

2,219

 

 

10,386

 

 

9,590

 

Total revenue

757,501

 

 

705,157

 

 

2,960,562

 

 

2,717,076

 

Expenses

 

 

 

 

 

 

 

Operating

 

 

 

 

 

 

 

Rental

268,919

 

 

253,043

 

 

1,050,010

 

 

979,151

 

Hotel

8,318

 

 

8,221

 

 

34,004

 

 

33,863

 

General and administrative

32,797

 

 

27,683

 

 

140,777

 

 

121,722

 

Payroll and related costs from management services contracts

2,159

 

 

2,219

 

 

10,386

 

 

9,590

 

Transaction costs

569

 

 

195

 

 

1,984

 

 

1,604

 

Depreciation and amortization

169,897

 

 

165,439

 

 

677,764

 

 

645,649

 

Total expenses

482,659

 

 

456,800

 

 

1,914,925

 

 

1,791,579

 

Other income (expense)

 

 

 

 

 

 

 

Income (loss) from unconsolidated joint ventures

(936

)

 

5,305

 

 

46,592

 

 

2,222

 

Gains (losses) on sales of real estate

(57

)

 

59,804

 

 

709

 

 

182,356

 

Interest and other income

4,393

 

 

3,774

 

 

18,939

 

 

10,823

 

Gains (losses) from investments in securities

2,177

 

 

(3,319

)

 

6,417

 

 

(1,865

)

Impairment losses

 

 

(11,812

)

 

(24,038

)

 

(11,812

)

Losses from early extinguishments of debt

(1,530

)

 

(16,490

)

 

(29,540

)

 

(16,490

)

Interest expense

(102,880

)

 

(100,378

)

 

(412,717

)

 

(378,168

)

Net income

176,009

 

 

185,241

 

 

651,999

 

 

712,563

 

Net income attributable to noncontrolling interests

 

 

 

 

 

 

 

Noncontrolling interests in property partnerships

(16,338

)

 

(16,425

)

 

(71,120

)

 

(62,909

)

Noncontrolling interest—common units of the Operating Partnership

(16,222

)

 

(17,662

)

 

(59,345

)

 

(66,807

)

Net income attributable to Boston Properties, Inc.

143,449

 

 

151,154

 

 

521,534

 

 

582,847

 

Preferred dividends

(2,625

)

 

(2,625

)

 

(10,500

)

 

(10,500

)

Net income attributable to Boston Properties, Inc. common shareholders

$

140,824

 

 

$

148,529

 

 

$

511,034

 

 

$

572,347

 

Basic earnings per common share attributable to Boston Properties, Inc. common shareholders:

 

 

 

 

 

 

 

Net income

$

0.91

 

 

$

0.96

 

 

$

3.31

 

 

$

3.71

 

Weighted average number of common shares outstanding

154,667

 

 

154,467

 

 

154,582

 

 

154,427

 

Diluted earnings per common share attributable to Boston Properties, Inc. common shareholders:

 

 

 

 

 

 

 

Net income

$

0.91

 

 

$

0.96

 

 

$

3.30

 

 

$

3.70

 

Weighted average number of common and common equivalent shares outstanding

154,992

 

 

154,773

 

 

154,883

 

 

154,682

 

 

BOSTON PROPERTIES, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

 

Three months ended

December 31,

 

Year ended December 31,

 

2019

 

2018

 

2019

 

2018

 

(in thousands, except for per share amounts)

 

 

 

 

 

 

 

 

Net income attributable to Boston Properties, Inc. common shareholders

$

140,824

 

 

$

148,529

 

 

$

511,034

 

 

$

572,347

 

Add:

 

 

 

 

 

 

 

Preferred dividends

2,625

 

 

2,625

 

 

10,500

 

 

10,500

 

Noncontrolling interest – common units of the Operating Partnership

16,222

 

 

17,662

 

 

59,345

 

 

66,807

 

Noncontrolling interests in property partnerships

16,338

 

 

16,425

 

 

71,120

 

 

62,909

 

Net income

176,009

 

 

185,241

 

 

651,999

 

 

712,563

 

Add:

 

 

 

 

 

 

 

Depreciation and amortization expense

169,897

 

 

165,439

 

 

677,764

 

 

645,649

 

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(18,116

)

 

(19,067

)

 

(71,389

)

 

(73,880

)

Company’s share of depreciation and amortization from unconsolidated joint ventures

14,458

 

 

17,576

 

 

58,451

 

 

54,352

 

Corporate-related depreciation and amortization

(477

)

 

(398

)

 

(1,695

)

 

(1,634

)

Impairment losses

 

 

11,812

 

 

24,038

 

 

11,812

 

Less:

 

 

 

 

 

 

 

Gains on sales of real estate included within income (loss) from unconsolidated joint ventures

(32

)

 

8,270

 

 

47,238

 

 

8,270

 

Gains (losses) on sales of real estate

(57

)

 

59,804

 

 

709

 

 

182,356

 

Noncontrolling interests in property partnerships

16,338

 

 

16,425

 

 

71,120

 

 

62,909

 

Preferred dividends

2,625

 

 

2,625

 

 

10,500

 

 

10,500

 

Funds from operations (FFO) attributable to the Operating Partnership common unitholders (including Boston Properties, Inc.)

322,897

 

 

273,479

 

 

1,209,601

 

 

1,084,827

 

Less:

 

 

 

 

 

 

 

Noncontrolling interest – common units of the Operating Partnership’s share of funds from operations

32,960

 

 

27,789

 

 

123,757

 

 

110,338

 

Funds from operations attributable to Boston Properties, Inc. common shareholders

$

289,937

 

 

$

245,690

 

 

$

1,085,844

 

 

$

974,489

 

Boston Properties, Inc.’s percentage share of funds from operations – basic

89.79

%

 

89.84

%

 

89.77

%

 

89.83

%

Weighted average shares outstanding – basic

154,667

 

 

154,467

 

 

154,582

 

 

154,427

 

FFO per share basic

$

1.87

 

 

$

1.59

 

 

$

7.02

 

 

$

6.31

 

Weighted average shares outstanding – diluted

154,992

 

 

154,773

 

 

154,883

 

 

154,682

 

FFO per share diluted

$

1.87

 

 

$

1.59

 

 

$

7.01

 

 

$

6.30

 

 

Contacts

AT THE COMPANY
Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

(617) 236-3352

Sara Buda

Vice President, Investor Relations

(617) 236-3429

sbuda@bxp.com

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