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Text: In the supplemental package, the company has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure in accordance with Reg G. If you did not receive a copy, these documents are available in the Investor Relations section of our website at investors.
During the Q&A portion of our call, Ray Ritchey, Senior Executive Vice President, and our regional management teams will be available to address any questions.
The U.S. economy continues to exhibit strong growth as we emerge from the COVID pandemic.
U.S. GDP grew 6.7% in the second quarter but is expected to slow in the third quarter due to the surge in infections caused by the Delta variant.
However, daily COVID infection levels have dropped over 50% from highs in September, which bodes well for strong economic growth in future quarters.
The relatively low unemployment rate at 4.8% is being driven by both new job creation, which recently has been tepid and workers withdrawing from the workforce.
There are over 10 million job openings across the U.S. and virtually every employer, including BXP, is experiencing a highly competitive labor market.
Annual inflation remains high at 5.4% in September, driven largely by energy prices, which are up 25% versus one year ago.
Supply chain challenges are a primary topic this earnings season for many companies, and Doug will cover BXP's experiences in his remarks.
Lastly, the 10-year U.S. treasury rate has increased approximately 40 basis points to 1.6% since our last earnings call.
Given the prospect of further interest rate increases, we've been very active refinancing our corporate and specific asset level debt.
Interest rates remain extremely low relative to office cap rates and the yields we are achieving on our developments, creating the potential for lower cap rates and higher value creation in the quarters ahead.
DXP's financial results for the third quarter continue to reflect the impact of this recovery and an increasingly favorable economic environment.
Our FFO per share this quarter was $0.03 above market consensus and $0.04 above the midpoint of our guidance, which Mike will detail shortly.
We completed over 1.4 million square feet of leasing, significantly more than double the volume achieved in the first quarter, well above the leasing achieved in the second quarter and just under our long-term third quarter average.
Our clients continue to make even longer-term commitments as the leases signed in the third quarter had a weighted average term of 9.3 years versus 7.5 years in the second quarter.
Year-to-date, we have completed 3.3 million square feet of leasing with an average lease term of 8.3 years.
This success can be attributed to not only our execution but also the enhanced velocity and economics achieved in the current marketplace for premium quality, well-amenitized assets, which are the hallmark of BXP's strategy and portfolio.
In addition to our leasing activity, which included a 524,000 square foot long-term renewal with Wellington at Atlantic Wharf, Google purchased a 1.3 million square foot building in New York for its use.
In the Silicon Valley alone, Apple completed a 720,000 square foot new requirement.
Facebook is looking for 700,000 additional square feet.
And ByteDance is searching for approximately 250,000 to 300,000 square feet.
In the Seattle region, Facebook is pursuing a 0.5 million square foot requirement in South Lake Union and Amazon has executed on enormous growth in Bellevue.
I could go on.
These examples support our repeatedly stated position that tenants are committed to the office as their location of choice to collaborate, innovate and train, all critical for their long-term success.
Measurable census in our portfolio also continues to improve.
Our leading region is New York City, which hit 52% occupied last week.
Our lagging region is San Francisco, which is increasing, but currently at 18%, and the remaining regions are in between.
From watching on television, stadiums packed with unmasked people, to trying to park at busy shopping centers to experiencing difficulties in making restaurant reservations in our core markets, it appears to us, people are undoubtedly more comfortable with in-person activities.
Liquidity fueled strong business performance, and a tight labor market are clearly factoring into remote work decisions by businesses.
However, as time progresses and the shortcomings of remote work become more apparent, we increasingly hear concerns from business leaders about the decaying cultures of their companies, inadequate training and difficulties in onboarding new professionals as well as the potential for deterioration in innovation and competitiveness.
We believe it's only a matter of time before employers more strongly encourage their teams to return to in-person work.
Record levels of commercial real estate sold in the third quarter, and private capital market activity for office assets is also recovering rapidly.
$26 billion of significant office assets were sold in the third quarter, up 38% from last quarter and up 165% from the third quarter a year ago.
Cap rates are arguably declining for assets with limited lease rollover in anything life science related given low interest rates, and activity is increasing for assets facing near-term lease expirations.
Of note, this past quarter in all of our markets, One Canal Park, an empty 112,000 square foot office building in Cambridge sold to a REIT for $131 million or $11.70 a square foot.
As mentioned, Google exercised its option to purchase St. John's Terminal in New York City, which is a 1.3 million square foot office building that fully occupies and the price was $2.1 billion or $1,620 a foot.
Coleman Highline, which is a 660,000 square foot office complex under construction in North San Jose and fully leased to Verizon, sold for $775 million, which is $1,180 a square foot and a 4.2% initial cap rate to a non-U.S. buyer.
153 Townsend Street, which is 179,000 square foot office building in San Francisco sold for $231 million or $1,290 a square foot to a local operator and fund manager.
This asset is fully leased to a single user, which has put the entire building on the sublease market.
West 8th is a 540,000 square foot office building in the Denny Triangle, Seattle, sold for $490 million or $910 a square foot to a REIT.
The building is fully leased, but faces significant rollover through 2023.
49% interest in 655 New York Avenue in Washington, D.C. sold for a gross price of $805 million or $1,060 a square foot and a 4.7% cap rate.
The building comprises over 760,000 square feet, is 93% leased and sold to a non-U.S. investor with a domestic advisor.
And lastly, The Post, which is 100,000 square foot fully leased office building in Beverly Hills, sold for $153 million, which is $1,530 a square foot and a 4.8% initial cap rate to a domestic fund manager.
Now moving to BXP's capital market activity.
We closed on the acquisition of Safeco Plaza and entered the Seattle market.
BXP will own a one third interest in the asset along with two partners in our strategic capital program.
We also closed the Shady Grove Bio+Tech Campus acquisition and entered the Montgomery County, Maryland life science market.
We're also on track to close the 360 Park Avenue South acquisition with Strategic Capital Program Partners on December 1, thereby entering the Midtown South market in New York City.
I described the economics for all these acquisitions last quarter.
Regarding dispositions, we completed the sale of our Spring Street Office Park in Lexington Mass this week, bringing our share of gross sale proceeds from dispositions year-to-date to $225 million.
We're also marketing for sale two additional buildings, which, if completed, are projected to yield approximately $200 million in gross proceeds.
On development activities, this quarter, we delivered 0.5 million square feet of Verizon and other tenant space at 100 Causeway and 285,000 square feet of Fannie Mae space at Reston Next.
In the aggregate, we have 4.3 million square feet of development underway that is 72% pre-leased.
These future deliveries plus the stabilization of recently delivered projects are projected to add approximately $190 million to our NOI and 3.8% to our annual NOI growth over the next few years.
So in summary, we had another active and successful quarter with strong leasing and financial results and entered several new geographic markets.
We believe BXP is about to experience a strong growth ramp, which we project to be approximately 13% in FFO per share in 2022, driven by improving economic conditions and leasing activity, recovery of variable revenue streams, delivery of a well-leased development pipeline, completion of four new acquisitions, a strong balance sheet combined with capital allocated from large-scale private equity partners to pursue additional new investment opportunities as the pandemic recedes, a rapidly expanding life science portfolio in the nation's hottest life science markets and low interest rates and decreasing capital costs.
Hilary joined BXP right after Labor Day and will become our Regional Head in New York when John Powers retires in January.
Let me turn our remarks over to Doug.
So the impacts of the supply chain are both in time and money.
Schedule is one of the criteria we use when we bid our jobs.
And to-date, we've been able to award bids while maintaining the schedules necessary to get our tenants in their spaces as required.
The supply chain challenges have made the process much harder, but we are still able to deliver the current development pipeline on time and within budget.
And as you all know, we have contingencies that are in our budget and at some point, we are using those contingencies.
However, in the near term, as we look at new jobs, there are fewer material choices, and we are working closely with our consultants and our contractors to make sure that they are not specifying critical path items that could impact schedules.
Our construction teams are working a lot harder at figuring out exactly how the key and the parts are put together.
We are intentionally minimizing oversea items and we're releasing our material packages as early as possible.
Trucking issues are real.
And at times, we are being forced to air freight as well as stockpile materials offsite, hence the use of some of our contingencies.
There's no single answer to how much more is it going to cost.
But when we're budgeting jobs that will start eight to 12 months from now, we're using a 5% to 6% escalation in our total construction costs.
We are in the process of rebidding our Platform 16 base building project, which was previously budgeted in late 2019 with an eye toward our 2022 restart.
And we will have a real-time perspective in mid-November.
But as today, we just don't know what that's going to be.
Supply shortages are also impacting our operating budgets.
Energy is a material input into our operating expenses.
While our largest utility cost is electricity, we are mostly hedged for 2022, and we have been successfully increasing our procurement from Green Power.
We are still exposed to the marginal cost of electrical generation in the Boston region where we expect double-digit increases from last year.
Cost for security, cleaning and engineering, labor continues to increase due to labor shortages across all those trades.
However, our lease contracts take two forms.
We have net leases, under which 100% of the operating expense and real estate taxes are paid by the tenant, and we have gross leases with a base year that is set upon the lease commencement with increases in expenses over that base year added to the rental obligation of the tenant.
In other words, our exposure is on our vacant space and for new or renewal leases, where we are setting a base.
This is a pretty small percentage of the total, so it really doesn't have a material impact on our actual operating results as we look at 2022.
As you saw in our supplemental, our second-generation leasing statistics were weak this quarter, and they need some finer explanation.
The universe of square footage that is encompassed in the statistics is about 500,000 square feet and it includes 105,000 square feet of short-term transactions, 18 to 24 months, that we signed in the heart of the pandemic with tenants that were not in a position to make a long-term commitment but they were prepared to extend for a negotiated discounted as-is deal.
One of those tenants has since agreed to lease space for 13 years, where the interim rent was $60 a square foot and they'll be paying $103 a square foot, and this is in a New York asset.
If you eliminate that 105,000 square feet, the statistics that we would have shown you changed dramatically, going from down 14% to effectively flat.
You should also note that our transaction costs were also significantly below our run rate since there were no TIs involved in any of these short-term deals.
Our life science and office portfolio make up 91% of our revenues.
As we look toward 2022, we currently have more than 800,000 square feet of signed leases that have not commenced.
In 2022, lease expirations for the whole portfolio, not just our share, totaled about 2.9 million square feet, and we already have renewal conversations underway on over 25% of that space.
Historically, we have leased well over 1 million square feet a quarter each and every year.
The question will be when those new expected leases will commence?
Occupancy should slowly edge up in 2022.
The changes in the quarter occupancy this quarter are due to the addition of the Shady Grove and Seattle acquisitions, not a degradation in our occupancy in our existing portfolio.
Now let me give you a sense of what's going on in our portfolio today.
New York is a good place to start.
Tour activity, proposals and ultimately, leases continue to be very consistent with the commentary we've been providing during the last few quarters.
The high-end buildings are seeing good activity.
Brokers that advise the small and midsized financial firms and professional services firms are very busy and their clients are taking action.
Many of those users are incrementally increasing their space requirements as they continue to acquire people and AUM.
Sublease space continues to gradually melt from the statistics.
You may remember that we were asked about a 200,000 square foot sublet at 399 Park Avenue during various conference calls in 2020.
That space has been taken off the market as the user reoccupies.
Now there still is significant supply of direct and sublease space in New York City and our view is that net effective rents remain down 10% to 15% from pre-pandemic levels.
During the quarter, we completed eight deals totaling 113,000 square feet in the CBD portfolio.
Many of these spaces were vacant, but the two largest had a roll up of 8% in one case and a roll down of 4% in another.
About 70,000 square feet of leases are in the category of leases that will not have a revenue commencement until sometime in mid '22.
Last week, we signed a lease at Dock 72 for 42,000 square feet.
We don't anticipate this tenant completing their buildout until the latter half of '22.
We have an additional 340,000 square feet of leases under negotiation in New York right now, including almost 200,000 square feet at Dock 72.
We don't anticipate revenue commencement on 65% of that space until 2023.
One of the themes for next year is going to be a pickup and sign leases with contribution to occupancy or revenue flow-through occurring when tenants complete their installations in late '22 or '23, and we don't necessarily control those times.
At Carnegie Center, down in Princeton, we did eight leases for 38,000 square feet and have another 106,000 square feet in active lease documentation.
One final note on New York before I turn to the other markets.
Our culinary collective, The Hugh, has opened at our 53rd Street campus in 601 Lex.
This is as good an example of placemaking as we can point to in our portfolio.
As users who want to encourage their employees to come back to work, this type of experience will dramatically enhance their physical space offering.
It's why we do what we do.
In Northern Virginia, our leasing team is seeing a consistent flow of inquiries, tours, lease proposals and -- ultimately -- completed transactions.
During the quarter, we completed seven leases totaling 70,000 square feet in Reston, and we're in lease negotiation on another seven deals totaling 125,000 square feet.
The tech tenants that have identified the DC metro market as a fertile area for workforce expansion are continuing to grow, and their growth is going to be in Northern Virginia.
In addition, the contractors that service the Defense and the Homeland Security are also expanding.
There are significant vacancy in northern Virginia.
But the urban market core Reston is under 10% vacant, and it continues to dramatically outperform with starting rents in the high 40s to low 50s gross.
And with our Reston Next project opening up this week, the rents are starting to hit the low 60s.
The Reston Next development is welcoming Fannie Mae into the building this month, and we are actively marketing and leasing the remaining 160,000 square feet of available space.
Our Reston Town Center retail placemaking is also very active.
During the quarter, we completed a lease with a new theater operator for 50,000 square feet.
Last week, we signed a 20,000 square foot lease with a local restaurant distillery and yesterday, a new 20,000 square foot fitness operator.
We have three more restaurants totaling 22,000 square feet that are close to execution.
This 115,000 square feet of leased retail is not expected to have any revenue contribution until 2023.
In the District of Columbia, we continue to chip away at our current availability at Net Square 901 New York Avenue and Market Square North.
We completed seven leases for 49,000 square feet during the third quarter and have signed another 32,000 square feet during October.
Just as an aside, we completed a major repositioning of Net Square this year.
And year-to-date, we've signed 162,000 square feet over eight transactions.
When we do our work, our buildings lease.
The urban downtown recovery in San Francisco continues to lag our other markets.
Very few businesses have commenced their return to work, downtown streets remain quiet, much of the ground plane remains closed, and the city has had a very restrictive mass mandate.
As Owen pointed out, daily consensus continues to be significantly below all our other urban markets.
There's been a reduction of sublease space in the market stemming from active lease commitments and reoccupancy plans, but overall availability continues to be elevated.
This description while accurate overlooked important subtleties in the market.
Pre-pandemic, there was very little available space in high-quality, multi-tenanted buildings, particularly those with views.
Broadly speaking, those conditions still exist for that segment of the market.
The bulk of the demand in the last 18 months has come from traditional financial asset management and professional services firms that have focused on the best space in the best buildings.
This has resulted in very little change to leasing economics in the best buildings, particularly in spaces we've used.
We've discussed this on recent calls, and it continues today.
This quarter, we've completed over 100,000 square feet of leases, including full floor transactions in Embarcadero.
The average starting rent was just over $100 a square foot on those full floor deals, a 21% increase over expiring rents.
We are negotiating leases on another 106,000 square feet right now.
And from what we've seen, these experiences are being repeated in a competitive set north of market.
In contrast, sublet transactions are being closed at significant concessions to pre-pandemic economics, but with no capital.
Life science activity at our Gateway development continues to be healthy.
The BXP ARE joint venture has signed an LOI with a full building user for 751 Gateway, 230,000 square feet and we're actively responding to proposals for our anticipated redevelopment of 651 Gateway, about 300,000 square feet, which won't commence until the third quarter of next year.
Further down the Peninsula and Mountain View, activity has picked up in the last 30 days.
This quarter, we completed two full building deals totaling 58,000 square feet.
We're seeing less information gathering exercises and a lot more active tours with RFPs and the need for immediate occupancy or early 2022 occupancy.
There are, as Owen said, large tech requirements active in the Silicon Valley.
For those of you who saw that the Tesla announcement that they're moving their headquarters to Texas, you may have missed that they leased 325,000 square feet in Palo Alto contemporaneously with that announcement.
High-quality new construction availability is very limited in the valley, and we're actively considering when we should restart the construction of Platform 16 next to Diridon Station and the future of Google development in San Jose.
Finally, let's touch on Boston.
In the high-end market in the Boston CBD, particularly in the Back Bay, there is currently limited availability, particularly with used space.
Rents have remained at pre-pandemic levels and concessions are only marginally higher.
As we move closer to 2023, there will be additional new construction supply entering the market in the CBD, but not the Back Bay.
As Owen mentioned, the big lease for the quarter was the early renewal with Wellington.
They agreed to expand by 70,000 square feet at Atlantic Wharf, and we're going to terminate 156,000 square feet at 100 Federal Street in 2023.
The space we're getting back is leased at a rate that's below market, so we're optimistic that we can create additional value through this relet.
We completed an additional 73,000 square feet of leases in our Back Bay portfolio, and we have about 50,000 square feet of leases under negotiation today in that same group of properties.
The Boston retail portfolio is also very active.
We have signed an LOI for the 118,000 square feet formerly occupied by Lord & Taylor, as well as 40,000 square feet of in-line space that's currently vacant or in default.
This 158,000 square feet will likely commence paying rent in early '23.
As we move to the suburbs, life science is dominating our activities.
Last week, we signed our first lease at 880 Winter Street, our lab conversion that we started four months ago, 37,000 square foot deal, which we'll deliver in the middle of next year, and we are in the final stages of negotiation on another 128,000 square feet, which will bring that 224,000 square foot building to 74% leased, and we have active dialogue on the rest of the space.
And during the quarter, we signed over 105,000 square feet of leases with life science tenants at 1,000 Winner, 1,100 Winner and Reservoir Place traditional office buildings.
As we move into '22, we're developing plans to convert additional available office space in Waltham into lab space.
So to summarize, we've seen a recovery in employment, as Owen discussed.
Employers are aggressively looking to hire, capital raising in the venture world is breaking through levels never seen and IBO takeouts are at a historically high levels.
Conditions are right for recovery in office absorption.
Employers are going to want to use their physical space to encourage their teams to be together.
Our mantra has been to create great places and spaces to allow our customers to use space as a way to attract and retain their talent.
If you believe that employees may be spending less time in their offices, it's even more important to have the right space in place when they're present.
And I'll stop there and give it over to Mike.
Before I jump into the details of our third quarter earnings as well as our 2021 and 2022 guidance, I want to touch on our recent financing activities.
This quarter, we took advantage of the low interest rate environment and very attractive credit spreads to issue $850 million of 12-year unsecured green bonds when the underlying 10-year treasury rate was 1.3%.
We achieved a coupon of 2.45%, the lowest in the company's history.
We utilized the proceeds to redeem $1 billion of 3.85% unsecured notes on October 15.
Those notes were scheduled to expire in early 2023 and represented our largest debt maturity through 2025.
The early prepayment will result in a redemption charge of $0.25 per share in the fourth quarter of 2021.
We will benefit from the 140-basis point drop in the relative debt cost, and we are thrilled to issue such attractive long-term financing.
The only other significant debt maturity we have in the next 18 months is our $620 million mortgage on 601 Lexington Avenue in New York City that expires in April of next year.
Similar to the bond we redeemed, this loan also carries an above-market interest rate of 4.75%.
Given the increase in the cash flows from the building, owing partially to the redevelopment we completed earlier this year, we anticipate that we will be able to increase the size of the financing and reduce the interest rate substantially.
We're working on this now, and our assumptions include closing before the end of 2021.
The impact of these financing activities will be accretive to our 2022 earnings through a meaningful drop in our interest expense from 2021 that I will touch on in a minute.
First, I'd like to describe our third quarter 2021 results.
For the third quarter, we announced FFO of $1.73 per share, that's $0.04 per share higher than the midpoint of our guidance and $0.03 ahead of consensus estimates.
Our outperformance came from better portfolio NOI with $0.02 of higher rental and parking revenue and approximately $0.02 of lower-than-projected operating expenses.
Looking at our parking revenues, they've started to accelerate sequentially as clients and visitors increase driving days into our properties.
As Owen described, we're seeing building census grow and the results are evident in our parking.
Our share of this quarter's parking revenue totaled $22 million.
This compares to a comparable pre-COVID quarterly result from the third quarter 2019 of $28 million.
At the bottom, in the second quarter of 2020, our share of parking revenue was $14 million, so we are over 50% of the way back.
On an annualized basis, using the third quarter run rate, we have about $25 million of revenue or $0.14 per share to recover before we are back to pre-COVID annual parking levels of $113 million.
Our Kendall Square hotel was profitable for the first time in six quarters contributing about $1 million of positive NOI.
Given the hotel's location in the heart of Cambridge and adjacent to MIT, we expect that it will ultimately restabilize at or above the $15 million annual NOI generated in 2019, though certainly not in 2022.
The third leg of our ancillary income is our retail income.
Other than in San Francisco, nearly all of our retailers have returned to paying previous contract rents.
This quarter, our share of retail rental revenue was $43.6 million.
On an annualized basis, this is $16 million less than our share of 2019 retail revenue, which totaled $190 million.
And as Doug mentioned, we have some vacancy in our retail due to the pandemic, but we're negotiating leases now on significant portions of that space.
If you combine and annualize our third quarter hotel NOI and our share of parking and retail revenues, we have the opportunity to gain approximately $52 million or $0.30 per share to return to 2019 full-year levels.
We believe that all three of these income streams will fully recover and ultimately exceed prior peaks over time.
Looking at the rest of this year, we released fourth quarter 2021 guidance of $1.50 to $1.52 per share and full-year 2021 guidance of $6.50 to $6.52 per share.
Our fourth quarter guidance includes the $0.25 share redemption charge related to our bond refinancing.
Excluding the charge, our fourth quarter guidance would be sequentially higher than third quarter results by $0.03 per share at the midpoint.
The improvement is primarily from Verizon taking occupancy of its 440,000 square foot lease at the Hub on Causeway office development this quarter and lower interest expense after our refinancing.
And while we expect our same property portfolio NOI will also grow sequentially, the growth is partially offset by the FFO dilution from the sale of our Spring Street office campus in suburban Boston that closed for $192 million this week.
Turning to our assumptions for 2022.
Last night, we released our 2022 FFO guidance.
We have three major drivers that are all headed in the right direction, that provide for very strong FFO growth of 13% at the midpoint over 2021.
The drivers include delivering a significant volume of leased new developments and acquisitions, growth in our same property portfolio, and our refinancing activities that lower our interest expense.
The first growth driver is developments and acquisitions.
We're delivering five of our development properties over the next four quarters totaling $1.6 billion of investment.
These projects totaled 3 million square feet of additions to our portfolio and are 92% leased.
They include the Hub on Causeway in Boston that is leased to Verizon, 325 Main Street in Cambridge that is leased to Google, the 200 West Street Life Science development in Waltham that is leased to Translate Bio; Marriott's new headquarters facility in Bethesda, Maryland; and Reston Next that is leased to Fannie Mae and Volkswagen in Reston.
It is also possible that our Life Science conversion at 880 Winter Street in Waltham will begin to contribute in late 2022.
In total, we expect our development deliveries to contribute an incremental $65 million to $70 million to our FFO in 2022.
Additionally, we've layered in several acquisitions that we completed this year, most notably Safeco Plaza in Seattle and our Life Science project we acquired in Waltham.
We expect these acquisitions will add $7 million to $10 million to our share of NOI next year.
The second growth driver for 2022 is the projected growth in our same property portfolio NOI.
Our guidance assumes that our share of same-property NOI will grow between 2% and 3.5% next year.
The growth is expected to come from higher parking revenues, improvement in occupancy and pricing in our residential portfolio, higher NOI from our hotel and increased occupancy in our office portfolio.
Our leasing velocity has picked up in the last two quarters where we've leased 2.7 million square feet of signed leases.
Given the length of the typical leasing cycle, many of these leases we've signed or are negotiating will take occupancy either in late '22 or '23.
We expect the improvement in our headline office occupancy to be gradual.
As Doug described, we have several larger leases in the works for vacant space where we anticipate occupancy will occur in 2023.
On a cash basis, we expect our share of 2022 same-property NOI growth to be much stronger at between 5.5% and 6.5% over 2021.
This equates to between $90 million and $100 million of incremental cash NOI to 2022.
Much of our cash NOI growth is coming from approximately $50 million of free rent that is burning off in contractual leases.
Our third FFO growth driver is coming from lower interest expense.
As I mentioned earlier, we will incur a debt redemption charge of $0.25 per share in the fourth quarter of '21.
We do not expect that this will recur.
Also, we are aggressively refinancing loans that were placed five to 10 years ago in a higher interest rate environment with low-cost current market financing.
Partially offsetting this, we do expect to see higher interest expense in our joint venture portfolio.
This is because we will cease capitalization of interest on the Marriott and Hub on Causeway projects when they are delivered into service.
In aggregate, we expect that 2022 interest expense will be $52 million to $60 million less than in 2021.
That equates to $0.30 to $0.34 of incremental positive impact on our 2022 FFO.
So to summarize, our guidance for 2022 FFO was $7.25 to $7.45 per share.
The midpoint of our range is $7.35, which is 13% or $0.84 a share higher than the midpoint of our 2021 guidance.
At the midpoint, the incremental growth is coming from $0.43 from development and acquisitions, $0.25 from our same property portfolio and $0.32 from lower interest expense.
This will be offset by $0.06 of dilution from our 2021 disposition activity, $0.06 of lower termination income and $0.04 of higher G&A.
The past 18 months have brought challenges and uncertainty to so many, including our team at BXP.
These past few months, it's been heartening to see our cities reopen, our colleagues and our clients starting to return to their offices and office leasing volumes picking up.
As I spelled out, we anticipate very strong FFO growth in 2022 and beyond 2022, we have more developments underway that will deliver additional FFO.
Plus, we have the highest quality portfolio of office buildings that we believe will generate higher occupancy rates and earnings in the future.
Operator, that completes our remarks.

user
compname reports earnings per share of $0.69 and ffo per share of $1.73.
q3 ffo per share $1.73.
sees fy ffo per share $6.50 to $6.52.
full year 2021 projected earnings per share and ffo includes an expected charge of $0.25 in q4 of 2021.
revenue grew more than 5% to $730.1 million for quarter ended september 30, 2021.

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