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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 the call, Ray Ritchey, Senior Executive Vice President and our regional management teams will be available to address any questions.
The BXP team is joining you today from our offices all over the country where we're beginning to see renewed signs of life as our cities reopen with increasing activity on the street, in shop and restaurants, on public transportation, and yes, even in office buildings, where building census is picking up and tour activity is accelerating.
U.S. GDP is growing at 4.3%, over 1.6 million jobs were created in the first quarter.
Weekly jobless claims are in decline and unemployment has dropped to 6%, only 2.5 percentage points above pre-pandemic levels of February last year.
Professional service employment has remained healthy, which is important given our tenancy.
U.S. retail sales surged 9.8% in March and air travel, as measured by TSA checkpoints, is up 10 times over a year ago, but still only 50% of pre-pandemic level.
The U.S. and global economic recoveries continue to follow the course of the virus and vaccination rollout.
While new COVID-19 cases have remained sticky at around 60,000 per day since late February, all data, including three million daily vaccinations, 43% of Americans having received at least one shot and the J&J vaccine reinstatement suggest the trajectory for a highly vaccinated population and fewer new COVID infections remains positive.
The U.S. economy will likely continue to surge, given the financial health of most industry sectors, the significant federal fiscal stimulus provided to individuals and small business, accommodative monetary policy and pent-up consumption sparked by the pandemic reopening.
This recovery is starting to bring positive momentum to the office markets and BXP's result.
For the buildings we can track, our census last week was, depending on the city, at or above the post-pandemic peak established last October.
In the first quarter, we completed 592,000 square feet of leasing, 84% of the leasing volume we achieved in the first quarter of last year and 46% of our longer-term first quarter average.
These leases had a weighted average term of 7.6 years.
Our leases that commenced this quarter demonstrated a 15% roll-up of net rent for second-generation space.
We exceeded our FFO per share forecast for the first quarter and the tenant charges we experienced in 2020 largely disappeared.
More broadly, tenant requirements in our target markets in March, based on data provided by VTS, were up 33% versus the prior month and 51% versus the prior year, though we're only down -- though are still down 40% from pre-pandemic levels.
Office markets are lagging other asset classes because very few employers are currently mandating in-person work.
That is now changing rapidly as many large employers, such as Google, Goldman Sachs, JPMorgan, Ernst & Young, Facebook, Amazon, Apple and others have announced return-to-work plans for this summer.
We continue to see Labor Day as a key tipping point for employees returning to the office, with forecast low COVID infection rates, high vaccination levels, the end of summer and schools reopening.
We hear repeatedly from our clients as well as in interviews we have completed with large occupiers that the key to future success and competitiveness is to successfully reintroduce in-person work.
Unlike most recessions, most of our clients are thriving and have not reduced headcount.
In our leasing activity and renewal conversations with clients, we have not seen material reduction in space requirements.
Now moving to private equity market conditions, there were $15 billion of significant office assets sold in the first quarter, though volumes were down 37% from the first quarter of last year.
Assets with limited lease rollover and anything life science related currently receive the best pricing, often better than before the pandemic.
There were again several deals of note completed in our markets, including in San Francisco The Exchange on 16th located in the Mission Bay district sold for $1.1 billion or $1,440 per square foot, a record price per square foot in San Francisco and it represented a 4.9% cap rate.
This 750,000 square foot recently developed building is 100% leased to a tenant trying to sublease the entire building.
The asset was sold to a fund manager, which may attempt a life science conversion.
In Seattle, 300 Pine, the Macy's building sold for $600 million or $779 per square foot and a 4.4% cap rate.
The majority of this 770,000 square foot asset was recently converted to office space, which is 100% leased by Amazon, and the remainder is undergoing further renovation.
The building was purchased by joint venture between a fund manager and a real estate operator.
And in the Washington, D.C. CBD, a 49% interest in Midtown Center was sold to an offshore buyer.
The building comprises 870,000 square feet and is substantially leased to Fannie Mae as its headquarters.
The gross sale price was $980 million, $1,129 a square foot and a 4.7% cap rate.
Moving to BXP investment activities.
Let's start with our growing life science business.
BXP currently has over three million square feet leased to life science clients, approximately two million square feet of current and future office to lab conversion projects, and sites for approximately four million square feet of life science ground-up development, primarily located in among the strongest life science markets in the U.S., namely Cambridge, Waltham and South San Francisco.
We recently received one million square feet of new entitlements at Kendall Center in Cambridge, and our joint venture at Gateway Commons is in discussions with local authorities in San Francisco to increase entitlements by 1.5 million square feet.
We had a very active first quarter launching three new lab developments and redevelopment projects.
180 CityPoint, a 330,000 square foot ground-up development and part of our larger CityPoint campus in Waltham with strong visibility from I-95.
Second, 880 Winter Street is a 224,000 square foot Class A office asset we acquired in 2019 for $270 a square foot, and we'll redevelop into a lab building.
And 751 Gateway, a 229,000 square foot ground-up lab development as part of our Gateway Commons joint venture in which we own a 49% interest.
Though all three projects are being commenced speculatively, we are seeing many new life science requirements in both the Waltham and South San Francisco markets and have made multiple lease proposals to potential tenants.
A large portion of our active development pipeline is now lab and currently comprises 920,000 square feet and $560 million of projected investment for our share with projected cash yield at stabilization approximately 8%.
BXP has a rich history of success serving the life science industry.
We have the land and building inventory in the strongest life science clusters in the U.S. as well as the execution skill and client relationships to make life sciences an even more meaningful component of our overall business.
Moving to the balance of our development pipeline.
We delivered into service this quarter, 159 East 53rd Street with 195,000 square feet of office fully leased to NYU as well as the HU, which will open after Labor Day and serve as a unique culinary amenity for our three building, 53rd in Lexington Campus.
We remain on track to deliver our 100 Causeway development in Boston later this year, which is pre-leased to Verizon, and we have four additional and significant projects slated to deliver in 2022.
This pipeline is 86% pre-leased with aggregate projected cash yield stabilization projected to be approximately 7%.
To maintain our external growth, in addition to adding the three life science projects, we also are investing approximately $182 million into an observatory redevelopment project on the top of the Prudential Tower in Boston.
When complete, the observatory will have three levels, comprise 59,000 square feet and will be a world-class attraction, featuring both indoor and outdoor, 360-degree viewing decks as well as exhibit an amenity spaces.
The project will be the only observatory in Boston, and we expect it will generate strong return to BXP after delivery in the spring of 2023.
Net of all these movements, our active development pipeline currently stands at 10 development and redevelopment projects comprising 4.3 million aggregate square feet and $2.7 billion in total investment for our share.
We expect these projects, along with the lease-up of two residential buildings delivered in 2020 as well as 159 East 53rd Street to contribute 3.5% of annual and external growth to our NOI over the next three years.
We continue to actively pursue value-added acquisitions in our core markets in Seattle.
Despite the impacts of the pandemic, office investment opportunities in our core markets remain highly competitive.
To enhance our financial resources, execution speed and returns, we have reached an agreement with two large-scale sovereign investors to pursue select acquisitions together.
The partners, including BXP, will commit up to $1 billion and we'll have the opportunity to invest 1/3 of the equity in each identified deal at their discretion.
BXP will provide all real estate services and has agreed to commit its acquisition deal flow to the partnership, subject to specific carve-out.
We believe this venture with approximately $2 billion of investment capacity provides us the financial resources and return enhancements to be an even more nimble and competitive participant in the acquisitions market.
We will announce the completion of the partnership, including the participants once documentation is complete, likely in the next month.
We recently completed the sale of our 50% interest in Annapolis Junction, Buildings six and 7, our last two remaining properties in the Fort Meade, Maryland market.
The buildings totaled approximately 247,000 square feet and sold for a gross price of $66 million, which is $267 a square foot.
We have under contract three buildings in our VA 95 Business Park in Springfield, Virginia for a gross sale price of $70 million.
And we also have under letter of intent, the sale of several stabilized suburban buildings for another approximately $190 million.
Additional asset sales are being evaluated, and we believe our gross disposition volume in 2021 will exceed $500 million.
To conclude, BXP is emerging from the COVID-19 pandemic with strength and momentum.
Leasing volumes and requirements are rising, office collections exceed 99%.
Our clients are healthy, if not thriving.
Tenant credit charges have largely disappeared.
Our $30 million per quarter of lost variable revenue is poised to return with offices reopening.
We've launched new life science development.
Our active development pipeline is expected to deliver strong external growth, and we've raised the war chest for new acquisitions to add even further growth.
I remain confident in both our near-term and long-term growth prospects.
I'm going to try and give you my best shot at describing the operating environment that we are seeing in our portfolio as we sit here in late April.
So as Owen said, the office tenants are deep into planning for their return to the physical in-person work environment as we approach the back half of 2021.
And while there are lots of announcements, as Owen said, of relaunches, and our building census is up, we're still pretty low levels.
And I think you can see that most clearly from a financial perspective, when you look at our monthly or daily parking, which was basically flat in the first quarter to where it was in the fourth quarter of 2020.
Although just yesterday, as an example, we had our meeting for our California parking, and we had 67 requests for additional monthly spaces, 42 of them which are hard.
And to give you a perspective, we actually lost more than half of our monthly parking over 800 monthly spaces in Embarcadero Center.
So things are picking up.
When we spoke to you late in January, we said that the first half of '21 was going to have a low level of market leasing activity as defined by executed leases and that statement still holds.
The reports that are published by the commercial brokerage organizations describing broad market conditions and all the calls that are sponsored by the analysts that follow our sector, really didn't have any surprises in them.
Leasing volumes were off their historical pace.
There was modestly more sublet space, which was added to the market, and that translated into some negative absorption and increased availability.
No surprise, no shock.
Last quarter, I described the dynamics around sublet space, particularly opportunistic sublet space.
Again, this is when tenants are listing their entire premises, obviously, at no cost with an expectation that they'll decide what to do if they actually get an offer that they can actionably respond to down the road.
But the reality of transactioning when push comes to shove is that tenants may reoccupy, they may relocate and transact.
And then they may find a way to sublet a portion of their space, but not the whole space.
So giving you a couple of examples.
In Boston, we had a 50,000 square foot tenant, two floors in our CBD portfolio list their entire space.
This successfully relet -- sublet one floor and then they pulled the second floor off and they are reoccupying in July.
We competed actually against the long-term fully furnished sublet space in Mountain View in the Silicon Valley, and the user began to negotiate on a sublease.
But when the prime landlord refused to agree to recognize the lease, the user quickly walked away and took direct space.
So I'm not going to downplay the fact that there is a lot of sublets based on the market, but a large portion of it is not actionable because of short-term unworkable existing conditions or, quite frankly, users' discomfort with the lessors profile.
And when you ask what percentage is, I don't know, but it's meaningful.
And yesterday, JLL came out with a report saying there was about 1.5 million square feet of New York City sublet space that was brought -- pulled from the market by those subtenants.
Now the headwind from the sublet space are going to exist, but they're going to dissipate as companies return to in-person work.
Obviously, we are also confronting the caution that some organizations are facing as they work through how they move beyond having their employees working from their homes and only interacting on video calls that are typically scheduled days in advance.
This may delay decisions to increase space needs, even though companies have hired more staff as Owen said, during this COVID shutdown and now as the economy is reopening.
This backdrop is obviously going to add some more short-term pressure on lease economics in some markets.
It's not going to affect all the markets in the same way, and it's certainly not going to impact all the buildings in the same -- in those markets in the same way either.
The potential impact on pricing of sublet space and work from home makes a really dramatic commentary, but it's not going to be driving Boston Properties' results.
I hope the following analysis will illustrate that point.
So the average gross rent on our expiring office space portfolio in 2021, 2022 and 2023, so the next almost three years, totals about 5.8 million square feet and the average expiring rent is about $65.50 per square foot.
So if you believe that pre-pandemic market rents on that space were $70 a square foot, and I'm just using that as an example but it's close, and you wanted to measure the impact of some kind of a decline.
And this is an example, not a statement of where I think -- what we think is going on with rent, so let's use 10% as an example, then you would get to about a 4% roll down in rent or $2.50 a square foot or approximately $4.8 million per year over three years.
That's the impact of the decline in rents on our portfolio from weak conditions.
And as a point of reference, the change in second-generation gross lease rents this quarter was positive 9.5%.
Now that's sort of deals that started and were signed previous to this quarter.
As I go through my remarks, I'm going to talk about where rents are on spaces that we've physically signed leases on this quarter or that we're working on now and how those rents compare to existing in place rents.
So as I pivot my remarks to the Boston Properties' portfolio, I'm going to describe our level of activity, and I think it's going to be counter to weak macro market conditions that you're hearing about in macro reports.
So let's start with our occupancy.
Our in-service portfolio occupancy includes a 100% of our JVs, ended the quarter 140 basis points down or 640,000 square feet.
Now 50% of that space that was added to our vacancy this quarter provided no revenue over the last 12 months.
That is, it was a space that we were trying to recapture from defaulted tenants.
In other words, much of this drop in occupancy doesn't reflect in any future revenue decline.
This includes the Lord & Taylor Box, that's Prudential Center, where we are in active discussions that we expect will result in a dramatic increase in the revenue from that piece of space.
The office space that was given back by Ascena at Times Square Tower and their Ann Taylor retail outlets at the Prudential Center.
Next quarter, we're going to have another one of these as we take back the ArcLight cinema space since they've officially ceased to operate.
That's a 66,000 square foot lease at the hub on Causeway joint venture.
And again, they never paid rent.
Also this quarter, we took back 62,000 square feet in a recapture, so we could expand a growing tenant that we are negotiating a lease extension on and expansion at Colorado Center.
But that lease hasn't been executed yet to the spaces in vacancy.
We did have one disappointment, which was the 200,000 square foot departure at the Santa Monica Business Park.
We, however, today, as I sit here talking to you, have 640,000 square feet of signed leases that have yet to commence, and they are not included in our occupied in-service portfolio.
Unless we're actually booking revenue, we don't consider it occupied.
On a relative basis, my view of the ranking and the activity in our portfolio.
So this is active lease negotiations, tours, RFPs, is as follows, from top to bottom: Boston Waltham, we don't really have any space in Cambridge, so I don't include that; Midtown Manhattan is second; the San Francisco CBD is third; Northern Virginia is fourth, followed by the Silicon Valley Peninsula, West L.A., Princeton and the D.C. CBD.
All of the transactions I am going to describe to you are post-COVID negotiations having begun in the latter half of 2020 or 2021.
So let's start in Boston, which, by the way, represents over 1/3 of the company's total revenue.
So during the first quarter in the Boston CBD, we did five leases totaling 37,000 square feet.
And in every case, the starting rent represented a gross rent roll-up of between 12% and 25%.
We continue to have additional activity in the CBD portfolio, albeit it's with a preponderance of smaller tenants since we don't have much in the way of blocks available, and we are working on eight leases totaling over 60,000 square feet.
Of the 13 leases we have done this quarter or in the works, none of those customers are contracting and five are expanding and more than doubling their footprint.
In the suburban portfolio, we completed 124,000 square foot of new leasing.
The cash rent on those leases was up by 50%.
We continue to have additional activity in suburban Boston.
In Waltham, we're negotiating six more transactions totaling over 60,000 square feet.
In the suburban portfolio, we have had some existing tenants expand and some contract.
But we will be gaining occupancy with new tenants coming into the BXP portfolio, like our new tenants at 20 CityPoint and 195 West Street in Waltham.
Again, those leases haven't commenced yet.
Life science demand in Waltham continues to accelerate.
We announced our plans to reposition 880 Winter Street in early March and have had significant tour activity and have begun making proposals.
This 220,000 square-foot building will be available for tenant build-out in the second quarter of '22.
In New York, since the beginning of the year, we've had more physical tours than we had in the comparable period in 2020 and in 2019.
We completed three leases during the quarter totaling just 38,000 square feet, including a full floor expansion by a tenant at 399 Park.
In total, the growth rents on this space was about 5% higher than the in-place rents.
Now I said, New York City is our second most active region, and we're negotiating 14 office leases totaling over 170,000 square feet, including a full floor lease at Dock 72 in Brooklyn.
We also have two other active proposals at Dock 72, each in excess of 100,000 square feet.
The majority of these New York City leases will be termed in excess of five years, and more than half of those tenants are new to the portfolio.
We've had one midtown tenant pull their space off the sublet market and another large tenant that is still has its entire space listed, has begun to repopulate.
five of the 14 active deals represent tenants that are negotiating expansions.
Activity at The Street plane of our buildings is also picking up.
We're negotiating leases for food outlets at our 53rd Street, are eagerly anticipating the opening of the HU Culinary Collective at 601 Lex later this year, and we have a new lease negotiation for our vacancy on The Street at -- in Times Square Tower.
In Princeton, during the quarter, we completed four transactions and we executed a fifth at the beginning of April for a total of 28,000 square feet, and we're negotiating leases for another 29,000 square feet, all new tenants.
Activity in the D.C. region was light during the quarter with only 50,000 square feet of office leasing.
But as the calendar moved to April, we signed another 170,000 square feet.
210,000 square feet of this total leasing was completed on currently vacant space and included two large leases at Met Square in the district and an expanding tenant in Reston Town Center.
We have another 68,000 square feet of leases in process in the D.C. region, including 25,000 square feet in Reston from another expanding tenant.
In the Town Center, rents are basically flat to slightly down 1% to 2% since the relet rents have been adjusted by the fact that the current rents have been increasing contractually by 2.5% to 3% for the last five to 10 years.
I would also note that retail activity in Reston has picked up.
We have now opened four new restaurants since November of '20.
We're negotiating leases with new food outlets totaling 27,000 square feet.
They're going to open in '22.
Pedestrian activity in Reston Town Center is active.
California has finally begun to reopen and allowed for higher levels of office occupancy, although it's still way behind the rest of our markets.
During the quarter, at Embarcadero Center, we settled rent arbitration on two multi-floor 5-year extensions and completed another 10-year full-floor renewal.
The markup on these three deals totaling 125,000 square feet was 46%.
Tour activity for small tenants, a floor or under, has picked up and grown about 40% sequentially month-to-month from January to April.
I would characterize half of our San Francisco CBD activity is with expanding tenants and half is with tenants that are contracting.
The uncertain level and the lack of pedestrian activity at The Street plane, particularly in the CBD of San Francisco, has been more severe than anywhere else in our portfolio.
This has affected tenants' appetite for making any decisions.
But large tenants have started to begin to look for space.
There have been a number of tours on the high-quality sublet offerings south the market.
We see the activity and the proposals on the available sublet space we have at 680 Folsom.
In South San Francisco, we signed a lease of 61,000 square feet at 601 Gateway.
That's going to absorb about 50% of the expiration that's going to occur in the second quarter.
We are under way at 751 Gateway, our first lab facility development in South San Francisco and have begun responding to proposals for this early 2023 delivery.
651 Gateway will be taken out of service in the second quarter of '22 when the final tenant vacates, and we will commence a lab conversion of that 293,000 square foot building.
In Mountain View, we continue to see a constant flow of medical device, alternative energy, battery storage, automotive and other R&D users looking for space.
We're in renewal discussions with 24,000 square foot tenant and has commenced lease negotiation with a second tenant for 30,000 square feet on market-ready vacant space, and we have a tenant ready to go on a remaining floor of 18,000 square feet at 2440 El Camino.
There are some large tech tenants in the market down in the valley today looking for expansion space, and we are certainly chasing those tenants if the timing were to match for our potential delivery at Platform 16.
In spite of the challenging COVID conditions in California and Santa Monica, we continue our renewal negotiations with a 260,000 square foot tenant at Colorado Center.
And as I said at the outset, we've recaptured about 60,000 square feet that's going to roll into that tenant's expansion.
We've also signed a lease for 72,000 square feet at Colorado Center with Roku, who's new to the portfolio.
And as you may recall, earlier late last year, we did an expansion with staff at the Santa Monica Business Park.
So to summarize the takeaway from my comments.
It's true that market fundamentals are weaker than they were a year ago.
But what drives our same-store portfolio performance will be occupancy pickup as well as the return of our parking income and the recovery of our retail activity in revenue.
There are tenants in our portfolio that are expanding in every one of our markets.
Conditions are going to vary dramatically by some market.
Rents may or may not decline depending upon the submarket, but we will still have embedded markups in our portfolio.
There will be a flight to quality as better buildings see more tenant demand and tenant value paying less of a premium to being the best assets, and this will improve our occupancy.
Let me turn it to Mike.
We had a very busy quarter, and it impacted our results.
As we guided last quarter, we redeemed the $850 million of our expiring unsecured bonds that had a 4% and 8% coupon using available cash.
But in addition to that and not part of our prior guidance, we issued another $850 million of new 11-year unsecured green bonds at an attractive coupon of 2.55%.
The proceeds were used to repay our $500 million unsecured term loan that was due to expire next year and we redeemed at par an expensive $200 million, 5.25% preferred equity security.
We incurred noncash charges during the quarter of approximately $7 million or $0.04 per share related to writing off unamortized financing costs.
Our next bond expiration is not until early 2023, when we have $1 billion expiring at an above-market interest rate of 3.95%.
In advance of that in early '22, we have a $626 million mortgage expiring on 601 Lexington Avenue in New York City.
This loan also carries an above-market interest rate of 4.75%.
So turning to our earnings results for the quarter.
For the first quarter, we reported FFO of $1.56 per share, that was $0.01 above the midpoint of our guidance range.
The variances to our guidance were comprised of $0.04 per share of higher NOI from the portfolio and $0.01 per share of higher fee income, partially offset by the $0.04 per share noncash charge related to our refinancing activity.
The portfolio NOI outperformance included $0.02 per share of lower operating expenses during the quarter, much of which will be incurred later in the year.
And on the revenue side, we collected delinquent 2020 rent from several of our retail tenants, whose rents are being recognized on a cash basis.
These collections drove a significant portion of our $0.02 revenue beat.
As we described last quarter, we believe the vast majority of our tenant credit charges are behind us.
Our net write-offs this quarter were immaterial, and collections from our office clients continue to be consistent and very strong.
At the midpoint, this is $0.04 per share better sequentially from the first quarter.
The expected improvement emanates from lower seasonal G&A expense and the cessation of preferred dividends from our redemption.
Also the first quarter financing charges are not expected to recur.
Partially offsetting this, we project lower termination income in Q2.
And as Doug explained, our occupancy declined by 140 basis points this quarter, which was expected, but results in a sequential drop in portfolio NOI from the half that was paying rent before.
We expect another drop in occupancy next quarter, followed by a modest improvement in the back half of the year.
Doug described 640,000 square feet of signed leases that have yet to commence occupancy.
460,000 square feet of this will take occupancy later this year, representing over 100 basis points of occupancy pickup.
While we are still not providing full year specific guidance, given the uncertainty and timing of our ancillary revenue streams, we did provide you with a framework for 2021 in our last call.
As you revisit your models for the full year, there are three other changes to consider.
First, our financing activities during the first quarter have a net impact of increasing interest expense by $5 million for the year.
Second, we have a loss of rental revenue from taking 880 Winter Street out of service for redevelopment into a life science facility.
This has a negative impact of about $2 million.
And lastly, the additional $260 million of dispositions that Owen described are expected to result in a loss of about $7 million of NOI.
In aggregate, these items are expected to reduce FFO for the rest of 2021 by approximately $14 million or $0.08 per share.
Looking further ahead to 2022, we've made substantial investments in pre-leased developments that will drive earnings growth.
We anticipate delivering 100 Causeway Street in Boston and 200 West Street in Waltham late in 2021, representing $315 million of investment at our share that is collectively 95% leased.
The contribution from these two development deliveries will not be that significant to 2021, but they will be at a full run rate in 2022.
The bulk of the remaining pipeline is projected to deliver in 2022.
This includes our building for Google in Cambridge; Reston Next for Fannie Mae in Volkswagen; the Marriott Headquarters in 2100 Pennsylvania Avenue.
This represents delivery of $1.7 billion of investment in 2022 at our share and 2.7 million square feet that is currently 85% pre-leased.
This $2 billion of investment in conjunction with the recovery of our ancillary income sources and improved leasing activity post-pandemic sets us up for occupancy improvement in a period of solid future earnings growth.
Before we take questions, there are just the last couple of things here I'd like to mention.
Last week, on Earth Day, we published our 2020 ESG report where we made several important commitments.
And those include, we set a goal to achieve carbon neutral operations by 2025.
In addition, BXP had previously set a carbon emissions reduction goal in line with the most ambitious designation available under the science-based targets initiatives program.
In 2020, BXP was one of six North American real estate companies with this distinction and the only North American office company.
We also established a new board level sustainability committee to among other things, increase the board oversight of an input for our sustainability issues.
And lastly, we launched an internal diversity and inclusion committee last year with the mission of pursuing greater diversity among our workforce and vendors as well as new programs supporting diversity and fairness in our communities.
BXP is proud of its consistent recognition as an industry leader in sustainability and ESG, an area increasingly important to our clients, our communities, capital providers and employees.
And then lastly, there's one important milestone that I want to mention.
This will be Peter Johnston's last earnings call as he's retiring from Boston Properties next month after 33 years of service.
Peter has been an outstanding leader in our Washington, D.C. business, and he will be greatly missed by all of us.

user
compname reports q1 earnings per share of $0.59 and ffo per share of $1.56.
compname reports earnings per share of $0.59 and ffo per share of $1.56.
q1 ffo per share $1.56.
sees recent uptick in leasing activity.

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