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Boston Properties - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Boston Properties (ISIN: US1011211018, WKN: 907550) Kursdatum: 21.07.2017 Kurs: 118,910 USD
Beschreibung Daten
Symbol BXP
Marktkapitalisierung 18.312.140.800,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Konsumgüter
Rohdaten nach US GAAP in Millionen USD
Aktiensplits
Internet
Letztes Bilanz Update 28.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
210,80 17,66 2,27% 2,66 30,69 36,48 7,18 3,17

Firmenbeschreibung

19. Selected Interim Financial Information (unaudited)  Boston Properties, Inc.The tables below reflect Boston Properties, Inc.’s selected quarterly information for the years ended December 31, 2015 and 2014.   2015 Quarter Ended  March 31, June 30, September 30, December 31,  (in thousands, except for per share amounts)Total revenue $618,476 $618,221 $629,884 $624,240Income before gains on sales of real estate $114,086 $100,739 $123,792 $85,406Net income attributable to Boston Properties, Inc. common shareholders $171,182 $79,460 $184,082 $137,851Income attributable to Boston Properties, Inc. per share—basic $1.12 $0.52 $1.20 $0.90Income attributable to Boston Properties, Inc. per share—diluted $1.11 $0.52 $1.20 $0.90   2014 Quarter Ended  March 31, June 30, September 30, December 31,  (in thousands, except for per share amounts)Total revenue $574,694 $589,794 $618,803 $613,707Income before gains on sales of real estate $67,756 $95,901 $109,038 $85,323Net income attributable to Boston Properties, Inc. common shareholders $54,034 $76,527 $127,724 $174,510Income attributable to Boston Properties, Inc. per share—basic $0.35 $0.50 $0.83 $1.14Income attributable to Boston Properties, Inc. per share—diluted $0.35 $0.50 $0.83 $1.14Boston Properties Limited PartnershipThe tables below reflect Boston Properties Limited Partnership’s selected quarterly information for the years ended December 31, 2015 and 2014.   2015 Quarter Ended  March 31, June 30, September 30, December 31,  (in thousands, except for per unit amounts)Total revenue $618,476 $618,221 $629,884 $624,240Income before gains on sales of real estate $116,085 $102,737 $

Firmenstrategie

Principles of ConsolidationThe Companies’ consolidated financial statements include the accounts of their respective majority-owned subsidiaries, and variable interest entities (see Note Q), as required. All intercompany balances and transactions have been eliminated.

RevenueRecognitionPolicyTextBlock

Revenue Recognition

In general, the Company commences rental revenue recognition when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. Contractual rental revenue is reported on a straight-line basis over the terms of the respective leases. The impact of the straight-line rent adjustment increased revenue by approximately $80.0 million, $63.1 million and $65.8 million for the years ended December 31, 2015, 2014 and 2013, respectively, as the revenue recorded exceeded amounts billed. Accrued rental income, as reported on the Consolidated Balance Sheets, represents cumulative rental income earned in excess of rent payments received pursuant to the terms of the individual lease agreements. The Company maintains an allowance against accrued rental income for future potential tenant credit losses. The credit assessment is based on the estimated accrued rental income that is recoverable over the term of the lease. The Company also maintains an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required rent payments. The computation of this allowance is based on the tenants’ payment history and current credit status, as well as certain industry or geographic specific credit considerations. If the Company’s estimates of collectability differ from the cash received, then the timing and amount of the Company’s reported revenue could be impacted. The credit risk is mitigated by the high quality of the Company’s existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of the Company’s portfolio to identify potential problem tenants.

In accordance with ASC 805, the Company recognizes acquired in-place “above-” and “below-market” leases at their fair values as rental revenue over the original term of the respective leases. The impact of the acquired in-place “above-” and “below-market” leases increased revenue by approximately $35.9 million, $48.3 million and $28.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. The following table summarizes the scheduled amortization of the Company’s acquired “above-” and “below-market” lease intangibles for each of the five succeeding years (in thousands). Accrued rental income as reported on the Consolidated Balance Sheets represents rental income recognized in excess of rent payments actually received pursuant to the terms of the individual lease agreements.

 
 
Acquired Above-Market Lease Intangibles
 
Acquired Below-Market Lease Intangibles
2016
 
$
14,210

 
$
43,809

2017
 
11,756

 
33,112

2018
 
8,637

 
31,272

2019
 
7,106

 
26,434

2020
 
5,400

 
9,852


Recoveries from tenants, consisting of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, are recognized as revenue in the period during which the expenses are incurred. Tenant reimbursements are recognized and presented in accordance with guidance in ASC 605-45 “Principal Agent Considerations” (“ASC 605-45”). ASC 605-45 requires that these reimbursements be recorded on a gross basis, as the Company is generally the primary obligor with respect to purchasing goods and services from third-party suppliers, has discretion in selecting the supplier and has credit risk. The Company also receives reimbursement of payroll and payroll related costs from third parties which the Company reflects on a net basis. 

The Company’s parking revenues are derived from leases, monthly parking and transient parking. The Company recognizes parking revenue as earned.

The Company’s hotel revenues are derived from room rentals and other sources such as charges to guests for telephone service, movie and vending commissions, meeting and banquet room revenue and laundry services. Hotel revenues are recognized as earned. 

The Company receives management and development fees from third parties. Property management fees are recorded and earned based on a percentage of collected rents at the properties under management, and not on a straight-line basis, because such fees are contingent upon the collection of rents. The Company records development fees as earned depending on the risk associated with each project. Profit on development fees earned from joint venture projects is recognized as revenue to the extent of the third party partners’ ownership interest. 

Gains on sales of real estate are recognized pursuant to the provisions included in ASC 360-20 “Real Estate Sales” (“ASC 360-20”). The specific timing of the sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, profit sharing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met.

SegmentReportingDisclosureTextBlock

14. Segment Information

The Company’s segments are based on the Company’s method of internal reporting which classifies its operations by both geographic area and property type. The Company’s segments by geographic area are Boston, New York, San Francisco and Washington, DC. Segments by property type include: Class A Office, Office/Technical, Residential and Hotel.

Asset information by segment is not reported because the Company does not use this measure to assess performance. Therefore, depreciation and amortization expense is not allocated among segments. Interest and other income, development and management services income, general and administrative expenses, transaction costs, impairment loss, interest expense, depreciation and amortization expense, gains (losses) from investments in securities, gains (losses) from early extinguishments of debt, income from unconsolidated joint ventures, gains on consolidation of joint ventures, discontinued operations, gains on sales of real estate, noncontrolling interests and preferred dividends/distributions are not included in Net Operating Income as internal reporting addresses these items on a corporate level.

Net Operating Income is not a measure of operating results or cash flows from operating activities as measured by accounting principles generally accepted in the United States of America, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. All companies may not calculate Net Operating Income in the same manner. The Company considers Net Operating Income to be an appropriate supplemental measure to net income because it helps both investors and management to understand the core operations of the Company’s properties. The Company’s management also uses Net Operating Income to evaluate regional property level performance and to make decisions about resource allocations. Further, the Company believes Net Operating Income is useful to investors as a performance measure because, when compared across periods, Net Operating Income reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspectives not immediately apparent from net income attributable to Boston Properties, Inc. common shareholders and net income attributable to Boston Properties Limited Partnership common unitholders.

On May 31, 2013, the Company’s two joint venture partners in 767 Venture, LLC (the entity that owns 767 Fifth Avenue (the General Motors Building) located in New York City) transferred all of their interests in the joint venture to third parties (See Note 3). Effective as of May 31, 2013, the Company accounts for the assets, liabilities and operations of 767 Venture, LLC on a consolidated basis in its financial statements instead of under the equity method of accounting. Upon consolidation, the operations for this building are included in the New York region.

Information by geographic area and property type (dollars in thousands):

For the year ended December 31, 2015:

EarningsPerSharePolicyTextBlock

Earnings Per Share 

Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of shares of Common Stock outstanding during the year. Diluted EPS reflects the potential dilution that could occur from shares issuable in connection with awards under stock-based compensation plans, including upon the exercise of stock options, and securities of Boston Properties Limited Partnership that are exchangeable for Common Stock.

Earnings Per Common Unit

Basic earnings per common unit is computed by dividing net income available to common unitholders, as adjusted for undistributed earnings (if any) of certain securities issued by Boston Properties Limited Partnership, by the weighted average number of common units outstanding during the year. Diluted earnings per common unit reflects the potential dilution that could occur from units issuable in connection with awards under Boston Properties, Inc.’s stock-based compensation plans, including upon the exercise of stock options, and conversion of preferred units of Boston Properties Limited Partnership.

 
Boston
 
New York
 
San
Francisco
 
Washington,
DC
 
Total
Rental Revenue:
 
 
 
 
 
 
 
 
 
Class A Office
$
692,419

 
$
1,000,030

 
$
280,005

 
$
372,721

 
$
2,345,175

Office/Technical
23,827

 

 
22,429

 
11,907

 
58,163

Residential
4,801

 

 

 
14,082

 
18,883

Hotel
46,046

 

 

 

 
46,046

Total
767,093

 
1,000,030

 
302,434

 
398,710

 
2,468,267

% of Grand Totals
31.08
%
 
40.52
%
 
12.25
%
 
16.15
%
 
100.00
%
Rental Expenses:
 
 
 
 
 
 
 
 
 
Class A Office
280,307

 
346,897

 
94,268

 
127,291

 
848,763

Office/Technical
7,034

 

 
3,938

 
4,290

 
15,262

Residential
2,006

 

 

 
6,221

 
8,227

Hotel
32,084

 

 

 

 
32,084

Total
321,431

 
346,897

 
98,206

 
137,802

 
904,336

% of Grand Totals
35.54
%
 
38.36
%
 
10.86
%
 
15.24
%
 
100.00
%
Net operating income
$
445,662

 
$
653,133

 
$
204,228

 
$
260,908

 
$
1,563,931

% of Grand Totals