BXP
Bxp, INC
NYSE
8-K: Boston Properties Rebrands as BXP, Inc. Effective July 1st
Sentiment:
Corporate Action
20 June 2024 4:05 PM
Boston Properties, Inc. will officially change its name to BXP, Inc. on July 1, 2024, with no impact on security holder rights.
Summary
- Boston Properties, Inc. has filed a Certificate of Amendment to change its name to BXP, Inc.
- The name change will be effective as of 12:00 a.m. EDT on July 1, 2024.
- The company's common stock will continue to trade on the New York Stock Exchange under the ticker symbol BXP.
- The change in name will not affect the rights of security holders.
- Outstanding stock certificates will remain valid.
- The company's bylaws have been restated to reflect the name change and incorporate a previous amendment from May 20, 2020.
- Boston Properties Limited Partnership's partnership agreement has also been amended to reflect the name change of its general partner.
Sentiment
Score: 7
Explanation: The document is neutral in tone, detailing a routine corporate name change. There are no indications of positive or negative financial implications.
Positives
- The name change is a simple rebranding effort and does not affect the underlying business or security holder rights.
- The company is ensuring a smooth transition by updating all relevant documents and agreements.
Future Outlook
The company will operate under the new name BXP, Inc. from July 1, 2024, onwards.
Industry Context
This is a straightforward corporate rebranding exercise and does not indicate any significant shift in the company's business strategy or market position.
Comparison to Industry Standards
- Name changes are common in the corporate world, often reflecting a strategic shift or a desire for a more modern brand identity.
- This change is similar to other companies that have rebranded to a shorter, more modern name while maintaining their core business.
Stakeholder Impact
- Shareholders will see the company's name change to BXP, Inc. but their rights and stock certificates will remain valid.
- Employees will see the company's name change to BXP, Inc.
Next Steps
- The company will begin operating under the name BXP, Inc. on July 1, 2024.
- The company will continue to trade on the NYSE under the ticker symbol BXP.
Key Dates
- May 20, 2020: Date of a previous amendment to the company's bylaws that is incorporated into the restated bylaws.
- June 20, 2024: Date of filing the Certificate of Amendment to change the company's name and the date of the partnership agreement amendment.
- July 1, 2024: Effective date of the name change to BXP, Inc. at 12:00 a.m. EDT.
Keywords
BXP, Boston Properties, name change, rebranding, corporate name, ticker symbol, NYSE, bylaws, partnership agreement
BXP
Bxp, INC
NYSE
Sector: Real Estate
Filings with Classifications
Better than expected
29 May 2025 12:31 PM
Insider Transaction Report
- The scheduled acquisition of additional shares and LTIP Units by a director signals confidence in the company's future prospects and aligns management's interests with shareholders.
Worse than expected
6 May 2025 3:19 PM
Quarterly Report (Form 10-Q)
- Net income attributable to BXP, Inc. decreased by $18.7 million year-over-year.
- Net income attributable to Boston Properties Limited Partnership decreased by $21.221 million year-over-year.
Worse than expected
29 April 2025 4:18 PM
Quarterly Report
- Net income attributable to BXP, Inc. decreased compared to the same quarter last year.
- FFO decreased compared to the same quarter last year.
Worse than expected
28 January 2025 4:38 PM
Quarterly Report
- The company reported a net loss for the quarter and a decrease in FFO per share for the year, primarily due to non-cash impairment charges.
- The midpoint of guidance for 2025 FFO per diluted share is projected to be lower than full year 2024 FFO per diluted share primarily due to higher net interest expense.
Better than expected
5 November 2024 1:23 PM
Quarterly Report
- The company's leasing activity increased by 25% compared to the same period in 2023.
- The company's CBD portfolio was 90.1% occupied and 92.1% leased as of September 30, 2024.
- The company completed the acquisition of its joint venture partners 50% economic ownership interest in the joint venture that owns 901 New York Avenue, located in Washington, DC.
Capital raise
29 October 2024 4:21 PM
Quarterly Report
- Boston Properties Limited Partnership (BPLP) completed a public offering of $850.0 million in aggregate principal amount of its 5.750% unsecured senior notes due 2035.
- BPLP entered into a new $100.0 million unsecured term loan that bears interest at a variable rate of SOFR plus 1.05% and matures on September 26, 2025 with three one-year extension options.
Better than expected
29 October 2024 4:21 PM
Quarterly Report
- FFO per diluted share for the third quarter was greater than the mid-point of BXP's updated guidance by $0.01 per diluted share.
Capital raise
26 August 2024 4:19 PM
Debt Issuance Announcement
- Boston Properties Limited Partnership completed the issuance and sale of $850 million aggregate principal amount of 5.750% Senior Notes due 2035.
- The net proceeds to the Partnership from the sale of the Notes, after deducting underwriting discounts and estimated transaction expenses, are estimated to be approximately $841.9 million.
Worse than expected
5 August 2024 4:49 PM
Quarterly Report
- Net income attributable to BXP, Inc. and Boston Properties Limited Partnership decreased compared to the same period last year.
Capital raise
5 August 2024 4:49 PM
Quarterly Report
- The company has established an unsecured commercial paper program, allowing for borrowings up to $500 million.
- The company has a $2.0 billion unsecured revolving credit facility, with no outstanding balance as of June 30, 2024.
- The company may seek to enhance its liquidity to fund its current and future development activity, pursue additional attractive investment opportunities and refinance or repay indebtedness.
Capital raise
30 July 2024 4:53 PM
Quarterly Report
- Boston Properties Limited Partnership (BPLP) established an unsecured commercial paper program, allowing it to issue up to $500.0 million in unsecured commercial paper notes.
- BPLP exercised its remaining accordion option under its unsecured revolving credit facility to increase the current maximum borrowing amount under the credit facility from $1.815 billion to $2.0 billion.
Better than expected
30 July 2024 4:53 PM
Quarterly Report
- EPS and FFO per share exceeded the mid-points of BXP's guidance by $0.05 and $0.06 per share, respectively, primarily due to lower non-cash interest expense and greater contributions from portfolio operations.
Capital raise
10 May 2024 10:48 AM
Quarterly Report
- BXP may sell shares of its common stock under its at-the-market (ATM) stock offering program.
- BPLP may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $500 million.
- BXP may seek to enhance its liquidity to fund its current and future development activity, pursue additional attractive investment opportunities and refinance or repay indebtedness.
Capital raise
30 April 2024 5:22 PM
Quarterly Report
- BPLP established an unsecured commercial paper program with a maximum aggregate amount outstanding of $500 million.
- BPLP increased the maximum borrowing amount under its unsecured revolving credit facility from $1.815 billion to $2.0 billion.
Worse than expected
30 April 2024 5:22 PM
Quarterly Report
- The company's EPS fell short of its guidance midpoint by $0.16 per diluted share.
- Full-year 2024 EPS guidance was reduced by approximately $0.33 per share at the midpoint.
- Full-year 2024 FFO guidance was reduced by approximately $0.06 per share at the midpoint.
Better than expected
30 January 2024 4:54 PM
Quarterly Report
- The company's EPS exceeded the mid-point of its guidance by $0.15 per diluted share, primarily due to better-than-projected income from unconsolidated joint ventures and interest income.
- The company's FFO per diluted share exceeded the mid-point of its guidance by $0.02 per diluted share, primarily due to better-than-projected interest income and development and management services income.
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