UBS Lowers Price Target on Westlake (WLK), Keeps Buy Rating
A closeup of a Petrochemical product being inspected for quality assurance.
The company reported its fiscal first quarter results for 2025 on May 2. The company reported net sales of $2.85 billion down from $2.98 billion a year ago. The PEM segment faced headwinds from a strong run-up in feedstock and increased energy prices which led the net sales down from $1.91 billion in Q1 2024 to $1.85 billion in the recent quarter. The higher cost also led the EBITDA of the PEM segment to be $180 million lower than the previous year.
The firm still sees Westlake Corporation's (NYSE:WLK) commodity products as favorably priced in the market. However, UBS anticipates continued challenges for the near-term at least thereby leading to a reduced price target.
Westlake Corporation (NYSE:WLK) is an international manufacturer of materials and products. It provides building blocks for major industries including housing and construction. Packaging, healthcare, automotive, and consumer goods. It operates through two main segments: Performance and Essential Materials (PEM) and Housing and Infrastructure Products.
While we acknowledge the potential of WLK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WLK and that has 100x upside potential, check out our report about the .
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Yahoo
27 minutes ago
- Yahoo
CEOs say Union Pacific-Norfolk Southern merger will reverse rail freight decline
Union Pacific and Norfolk Southern executives touted their proposed merger as a way to return to volume growth after losing market share to trucks since rail traffic peaked in 2006. 'We can only go so far independently. And let's face it, this industry has faced contraction over the last couple decades in terms of volume growth,' NS Chief Executive Mark George told investors and analysts on a conference call this morning. 'We've been losing share to truck — and this is one way to reverse that trend.' The historic combination — which would create the first transcontinental railroad in the U.S. — would unleash growth by eliminating problematic interchanges, speeding and simplifying service, and enabling the railroad to tap the so-called watershed markets along the Mississippi River. UP and NS envision reeling in $1.75 billion in growth-related revenue by the third year of their merger. UP (NYSE: UNP) and NS (NYSE: NSC) currently exchange about 1 million shipments per year and are each other's largest interchange partners. Single-line service will reduce strain on gateways such as Chicago and Memphis, end inefficient crosstown rubber-tire intermodal interchanges, and allow customers to receive rate quotes and bills from one railroad rather than two. 'In the future, those million carloads will immediately see a 24- to 48-hour improvement in their transit time,' Vena said. 'That combination of faster service and greater market reach is powerful, making our transcontinental railroad an attractive choice for both current and future customers.' The transcontinental system's traffic opportunities include providing seamless service from coast to coast — and most places in between — for intermodal, finished vehicles, food and beverage, chemicals, and steel shipments. For intermodal and carload, the merger would open up service in the nation's midsection that's currently not well-served by rail due to the short hauls for the eastern or western carrier, or both. 'With our interchange with UP today, 95% of our interchange is over 2,000 miles, meaning only 5% is under 2,000 miles. We see an enormous opportunity to grow in lanes where we would be in that 1,000-mile or 1,500-mile range,' George said of intermodal. 'So that's just one example, and that kind of touches upon the entire watershed story.' Railroads are not competitive on short-haul moves in the watershed, an underserved area that stretches from Wisconsin and Minnesota to eastern Texas, Louisiana, and Mississippi. 'When you're going from west of it to east, or east to west, rail is never even contemplated because it's just too much hassle, too much extended time, and frankly, too much cost,' George said. 'So these are the areas where we see tremendous growth.' Single-line service through the watershed on a combined UP-NS system would enable the railroad to compete for traffic moving between Houston and Charlotte, N.C., and Dallas and Columbus, Ohio, for example. 'There's an awful lot of opportunity here where there's virtually no rail moves. It's all truck moves, and those are big markets,' George said, adding that revenue growth from truck conversion likely would exceed the railroads' $1.75 billion estimate. A merger also would allow the railroads to eliminate intermediate handlings for carloads. 'We will remove touch points, and every time there's a touch point, you add 24 to 36 hours, even at the best, while you're switching the rail car. That's gone,' Vena said. 'On top of that, at the interchange points, where we used to stop and hand off, those are removed. So every customer that today, when we are finally approved … we're going to cut a day or two off of every transit time.' And that, he says, will reduce costs for customers, who can reduce the size of their car fleets due to faster cycle times. It also will mean a more fluid railroad. For new through trains, Chicago will become just another crew change point on the map. But Vena says it's unlikely that there will be massive swings of volume away from Chicago, a chronic chokepoint where 25% of rail traffic originates, terminates, or passes through. 'We don't see a huge amount of business changing from Chicago to go to Memphis or go to New Orleans because the out of route miles just don't add up,' Vena said. The transcontinental UP also will be able to repatriate international intermodal traffic that Canadian ports, particularly at Vancouver and Prince Rupert, British Columbia, have lured away from U.S. ports over the past two decades, Vena said. Executives also expressed confidence that their deal could gain regulatory approval. The UP-NS combination will be the first judged under the Surface Transportation Board's 2001 merger review rules. The rules require a merger of Class I railroads to enhance competition — not merely preserve it — and to be in the public interest. Vena said that if the STB systematically reviews the deal while asking if a transcontinental railroad is better for customers and the country, they will approve it. 'We're very confident of that, or we wouldn't have taken the step,' he said. Only 20 customers are currently jointly served by UP and NS where their networks overlap in the Midwest. 'We intend to provide a competitive alternative,' Vena said, noting that specifics will be included in the merger application. The railroads also structured their deal without the use of a voting trust. Rail mergers have typically involved placing the railroad being acquired into a voting trust in order to maintain the railroad's independence and to allow its stockholders to cash out while the merger is under regulatory review. The STB in 2021 rejected Canadian National's (NYSE: CNI) request to put Kansas City Southern in a voting trust, saying it wasn't in the public interest. The decision scuttled the proposed CN-KCS merger and led to the Canadian Pacific (NYSE: CP)-KCS combination, which was judged under the less restrictive old merger review rules due to an exemption granted to KCS, by far the smallest of the Class I railroads. UP and NS are not taking that chance. 'We actually believe that a voting trust would complicate and potentially delay the transaction,' UP Chief Financial Officer Jennifer Hamann said. 'So we want to go to the STB with a fully developed merger application that allows us to really lay out the fundamentals of this merger and provide all the necessary details that supports our position that this will not only enhance competition, but is absolutely in the public interest.' Plus, without a voting trust UP won't have to fund the deal until it gains STB approval, which is estimated for 2027 based on the STB's statutory guidelines. Railroad mergers in the modern era have had one thing in common: Service problems that occur while meshing operations and information technology systems. UP's operational decisions in Houston after the 1996 acquisition of Southern Pacific created a massive traffic jam in 1997 and 1998. On the heels of that, information technology problems led to immediate service problems on Norfolk Southern after the 1999 split of Conrail with CSX (NASDAQ: CSX), which later stumbled with its own service issues. 'A transaction of this size and scope won't be easy to execute. We understand that,' Vena said. The railroad will maintain adequate reserves of locomotives, train crews, and other resources in order to be able to better respond and recover to service issues, he said. 'We're very aware of what led to the merger moratorium back in the 2000, 2001 time frame, and it was just a bunch of bad integrations,' George said. 'And we are committed to make sure that doesn't happen in this case.' The two-year review process will allow sufficient time for planning, George said, particularly on information technology systems. CPKC's problematic computer cutover this past May in former KCS territory in the U.S. produced congestion, missed switches, and delays that CPKC has now mostly mopped up. Last year UP had a smooth cutover to its new cloud-based NetControl computer system, which processes everything from rail car inventory and scheduling to waybill processing and train, locomotive, and terminal management. 'It was a non-event,' Vena said. 'It was like nobody knew it actually happened.' Much of the $2 billion the railroads have earmarked for increased capital spending will go toward information technology investments. Assuming shareholders approve the deal, UP will acquire NS in a stock and cash transaction that values NS at $320 per share, a 25% premium. The combined company would have an enterprise value of more than $250 billion. The railroads said the merger would create $2.75 billion in annual synergies, split between $1.75 billion in revenue growth and $1 billion in cost and productivity savings. UP will finance $20 billion of the deal through a combination of cash on hand and new debt. Both railroads will stop their share buyback programs through 2028 but will maintain dividend payments. The railroads pledged to preserve union jobs, which are the vast majority of the combined system's 52,000-strong workforce. 'All of our union employees who have a job today will have jobs tomorrow in our merged company,' Vena said. 'And a company that is growing its business and spurring economic development creates even more jobs.' Nonetheless, the SMART-TD union that represents conductors said it would oppose the merger. Yesterday shipper associations told Trains that they would oppose further consolidation in the rail industry. How will the railroads handle objections from shippers and rail labor? 'We'll handle them one by one, but I think as people start to come to understand what we're putting forward, they're going to see the benefits,' George said. That especially applies to labor because the company would add jobs as it gains new traffic, he said. Subscribe to FreightWaves' Rail e-newsletter and get the latest insights on rail freight right in your line up against railroad mergers Union Pacific and Norfolk Southern reach $85 billion merger deal First look: Norfolk Southern earnings Bill aims to prioritize rail freight, untangle congestion The post CEOs say Union Pacific-Norfolk Southern merger will reverse rail freight decline appeared first on FreightWaves. Sign in to access your portfolio
Yahoo
27 minutes ago
- Yahoo
BXP Announces Second Quarter 2025 Results
Exceeded Q2 Guidance for EPS and FFO and Increased Full Year Guidance, Executed More Than 1.1 Million Square Feet of Leases in Q2 and Announces Development of 343 Madison Avenue in New York City BOSTON, July 29, 2025--(BUSINESS WIRE)--BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the second quarter ended June 30, 2025. Financial Highlights Second Quarter 2025: Revenue increased 2.1% to $868.5 million for the quarter ended June 30, 2025, compared to $850.5 million for the quarter ended June 30, 2024. Net income attributable to BXP, Inc. of $89.0 million, or $0.56 per diluted share (EPS), for the quarter ended June 30, 2025, compared to $79.6 million, or $0.51 per diluted share, for the quarter ended June 30, 2024. EPS exceeded the midpoint of BXP's guidance by $0.17 per diluted share primarily due to the gain on sale recognized in connection with the transaction involving 17 Hartwell Avenue discussed below of $0.10 per diluted share, as well as better-than-projected Funds from Operations (FFO) of $0.05 per diluted share. Funds from Operations (FFO) of $271.7 million, or $1.71 per diluted share, for the quarter ended June 30, 2025, compared to FFO of $278.4 million, or $1.77 per diluted share, for the quarter ended June 30, 2024. FFO exceeded the midpoint of BXP's guidance by $0.05 per diluted share primarily due to better-than-projected portfolio performance. Guidance BXP provided guidance for third quarter 2025 EPS of $0.41 - $0.43 and FFO of $1.69 - $1.71 per diluted share, and update guidance for full year 2025 EPS of $1.74 - $1.82 and FFO of $6.84 - $6.92 per diluted share. The midpoint of full year 2025 guidance for EPS increased by $0.12 per diluted share primarily due to the gain on sale in connection with the 17 Hartwell Avenue transaction as well as better-than-projected FFO. The midpoint of full year 2025 guidance for FFO increased by $0.02 per diluted share due to better-than-projected portfolio performance. See "EPS and FFO per Share Guidance" below. Leasing & Occupancy Executed 91 leases in the second quarter totaling more than 1.1 million square feet with a weighted-average lease term of 9.4 years. Notable leases for the second quarter include approximately 200,000 square feet on development projects in the Washington, DC region: an approximately 126,000 square foot lease with a global law firm at 725 12th Street, a redevelopment project that is now 87% pre-leased; and an approximately 75,000 square foot lease with a defense technology company at Reston Next Office Phase II, a development project that is now 95% pre-leased. BXP's CBD portfolio of premier workplaces was 89.9% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP) for the second quarter. Approximately 89.0% of BXP's Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP's strategy to invest in the highest quality buildings in dynamic urban gateway markets. BXP's total portfolio occupancy for the second quarter was 86.4%. As previously communicated during our Q1 2025 Earnings Call on April 30, 2025, total portfolio occupancy declined in the second quarter by 50 basis points primarily due to the known expiration of a 360,000 square foot lease in the Boston region. BXP's total portfolio percentage leased for the second quarter was 89.1% (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). The difference between leased and occupied square footage has grown to 270 basis points, which represents approximately 1.3 million square feet of space which is expected to commence in 2025 and 2026. Development BXP will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. 343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace located on one of the best office development sites in Manhattan with direct access to Grand Central Station. BXP is electing to acquire our partner's 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. In addition, BXP signed a letter of intent with a prospective client for approximately 274,000 square feet, or 30% of the building's square footage and BXP has other tenant proposals in discussion, underscoring the continued strong demand for the future premier workplace. 343 Madison represents a strong and significant value creation opportunity for shareholders. Transactions As part of BXP's strategy to use residential entitlements to maximize the value of its land holdings, BXP is redeveloping 17 Hartwell Avenue, into a fully entitled, 312-unit residential project in Lexington, Massachusetts with its investor, Northwestern Mutual. BXP sold 17 Hartwell Avenue to the new venture for approximately $21.8 million in cash. BXP also contributed development costs of approximately $5.6 million for its 20% ownership interest. BXP recognized a gain upon sale of the property of approximately $18.4 million. BXP will be the development manager for the project. In addition, the project entered into a $98.7 million construction loan that is scheduled to mature on July 10, 2030, and bears interest at a fixed rate of 6.75% per annum. 17 Hartwell is expected to be completed in mid-2027. Sustainability & Impact In connection with Earth Day, BXP published its 2024 Sustainability & Impact Report, which highlights that, among other things, BXP achieved its net-zero goal of carbon-neutral operations for Scopes 1 and 2 greenhouse gas emissions. EPS and FFO per Share Guidance: BXP's guidance for the third quarter of 2025 and full year 2025 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, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP 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 BXP's actual results will not differ materially from the estimates set forth below. Third Quarter 2025 Full Year 2025 Low High Low High Projected EPS (diluted) $ 0.41 $ 0.43 $ 1.74 $ 1.82 Add: Projected Company share of real estate depreciation and amortization 1.28 1.28 5.20 5.20 Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.10 ) (0.10 ) Projected FFO per share (diluted) $ 1.69 $ 1.71 $ 6.84 $ 6.92 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 ended June 30, 2025. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results. BXP will host a conference call on Wednesday, July 30, 2025 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP's website at Shortly after the call, a replay of the call will be available on BXP's website at for up to twelve months following the call. Additionally, a copy of BXP's second quarter 2025 "Supplemental Operating and Financial Data" and this press release are available in the Investors section of BXP's website at BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2025, including properties owned by unconsolidated joint ventures, BXP's portfolio totals 53.7 million square feet and 186 properties, including ten properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram. This press release includes references to "BXP's Share of annualized rental obligations." We define rental obligations as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Further, "annualized rental obligations" is defined as monthly rental obligations, as of the last day of the reporting period, multiplied by twelve (12). "BXP's Share" is based on annualized rental obligations for our consolidated portfolio, plus our share of annualized rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of annualized rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies. This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words "anticipates," "believes," "budgeted," "could," "estimates," "expects," "guidance," "intends," "may," "might," "plans," "projects," "should," "will," and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. 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 BXP's control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, the impact of geopolitical conflicts, 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 BXP's accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law. Financial tables follow. BXP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2025 December 31, 2024 (in thousands, except for share and par value amounts) ASSETS Real estate, at cost $ 26,632,189 $ 26,391,933 Construction in progress 1,047,687 764,640 Land held for future development 748,198 714,050 Right of use assets - finance leases 372,839 372,922 Right of use assets - operating leases 325,670 334,767 Less: accumulated depreciation (7,863,743 ) (7,528,057 ) Total real estate 21,262,840 21,050,255 Cash and cash equivalents 446,953 1,254,882 Cash held in escrows 80,888 80,314 Investments in securities 41,062 39,706 Tenant and other receivables, net 109,683 107,453 Note receivable, net 6,711 4,947 Related party note receivables, net 88,825 88,779 Sales-type lease receivable, net 15,188 14,657 Accrued rental income, net 1,509,347 1,466,220 Deferred charges, net 809,033 813,345 Prepaid expenses and other assets 89,624 70,839 Investments in unconsolidated joint ventures 1,161,036 1,093,583 Total assets $ 25,621,190 $ 26,084,980 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 4,278,788 $ 4,276,609 Unsecured senior notes, net 9,800,577 10,645,077 Unsecured line of credit 185,000 — Unsecured term loans, net 796,640 798,813 Unsecured commercial paper 750,000 500,000 Lease liabilities - finance leases 365,897 370,885 Lease liabilities - operating leases 399,174 392,686 Accounts payable and accrued expenses 480,158 401,874 Dividends and distributions payable 172,732 172,486 Accrued interest payable 120,975 128,098 Other liabilities 416,838 450,796 Total liabilities 17,766,779 18,137,324 Commitments and contingencies — — Redeemable deferred stock units 6,981 9,535 Equity: Stockholders' equity attributable to BXP, 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; none issued or outstanding — — Common stock, $0.01 par value, 250,000,000 shares authorized, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively 1,584 1,582 Additional paid-in capital 6,854,753 6,836,093 Dividends in excess of earnings (1,579,770 ) (1,419,575 ) Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024 (2,722 ) (2,722 ) Accumulated other comprehensive loss (15,059 ) (2,072 ) Total stockholders' equity attributable to BXP, Inc. 5,258,786 5,413,306 Noncontrolling interests: Common units of the Operating Partnership 584,651 591,270 Property partnerships 2,003,993 1,933,545 Total equity 7,847,430 7,938,121 Total liabilities and equity $ 25,621,190 $ 26,084,980 BXP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (in thousands, except for per share amounts) Revenue Lease $ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145 Parking and other 34,799 34,615 65,041 66,831 Hotel 14,773 14,812 24,370 22,998 Development and management services 8,846 6,352 18,621 12,506 Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148 8,603 8,441 Total revenue 868,457 850,482 1,733,672 1,689,921 Expenses Operating Rental 332,062 321,426 663,640 635,583 Hotel 9,365 9,839 16,930 15,854 General and administrative 42,516 44,109 94,800 94,127 Payroll and related costs from management services contracts 4,104 4,148 8,603 8,441 Transaction costs 357 189 1,125 702 Depreciation and amortization 223,819 219,542 443,926 438,258 Total expenses 612,223 599,253 1,229,024 1,192,965 Other income (expense) Income (loss) from unconsolidated joint ventures (3,324 ) (5,799 ) (5,463 ) 13,387 Gain on sale of real estate 18,390 — 18,390 — Loss on sales-type lease — — (2,490 ) — Interest and other income (loss) 8,063 10,788 15,813 25,317 Gains (losses) from investments in securities 2,600 315 2,235 2,587 Unrealized gain (loss) on non-real estate investment (39 ) 58 (522 ) 454 Impairment loss — — — (13,615 ) Loss from early extinguishment of debt — — (338 ) — Interest expense (162,783 ) (149,642 ) (326,227 ) (311,533 ) Net income 119,141 106,949 206,046 213,553 Net income attributable to noncontrolling interests Noncontrolling interests in property partnerships (20,100 ) (17,825 ) (38,849 ) (35,046 ) Noncontrolling interest—common units of the Operating Partnership (10,064 ) (9,509 ) (17,036 ) (19,009 ) Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498 Basic earnings per common share attributable to BXP, Inc. Net income $ 0.56 $ 0.51 $ 0.95 $ 1.02 Weighted average number of common shares outstanding 158,312 157,039 158,257 157,011 Diluted earnings per common share attributable to BXP, Inc. Net income $ 0.56 $ 0.51 $ 0.95 $ 1.01 Weighted average number of common and common equivalent shares outstanding 158,795 157,291 158,713 157,210 BXP, INC. FUNDS FROM OPERATIONS (1) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (in thousands, except for per share amounts) Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498 Add: Noncontrolling interest - common units of the Operating Partnership 10,064 9,509 17,036 19,009 Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046 Net income 119,141 106,949 206,046 213,553 Add: Depreciation and amortization expense 223,819 219,542 443,926 438,258 Noncontrolling interests in property partnerships' share of depreciation and amortization (20,945 ) (19,203 ) (41,409 ) (37,898 ) Company's share of depreciation and amortization from unconsolidated joint ventures 16,674 19,827 34,001 40,050 Corporate-related depreciation and amortization (600 ) (406 ) (1,316 ) (825 ) Non-real estate related amortization 2,131 2,130 4,261 4,260 Loss on sales-type lease — — 2,490 — Impairment loss — — — 13,615 Less: Gain on sale of real estate 18,390 — 18,390 — Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — — — 21,696 Unrealized gain (loss) on non-real estate investment (39 ) 58 (522 ) 454 Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046 Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 301,769 310,956 591,282 613,817 Less: Noncontrolling interest - common units of the Operating Partnership's share of funds from operations 30,117 32,557 59,010 64,144 Funds from operations attributable to BXP, Inc. $ 271,652 $ 278,399 $ 532,272 $ 549,673 BXP, Inc.'s percentage share of funds from operations - basic 90.02 % 89.53 % 90.02 % 89.55 % Weighted average shares outstanding - basic 158,312 157,039 158,257 157,011 FFO per share basic $ 1.72 $ 1.77 $ 3.36 $ 3.50 Weighted average shares outstanding - diluted 158,795 157,291 158,713 157,210 FFO per share diluted $ 1.71 $ 1.77 $ 3.35 $ 3.50 (1) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit"), we calculate Funds from Operations, or "FFO," by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company's real estate across reporting periods and to the operating performance of other companies. Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company's operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company's consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. BXP, INC. PORTFOLIO LEASING PERCENTAGES CBD Portfolio % Occupied by Location (1) % Leased by Location (2) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Boston 97.0 % 95.9 % 98.5 % 97.5 % Los Angeles 86.3 % 84.9 % 86.9 % 87.4 % New York 87.2 % 90.8 % 93.0 % 93.6 % San Francisco 81.8 % 84.3 % 83.8 % 85.2 % Seattle 84.6 % 81.6 % 85.9 % 83.5 % Washington, DC 91.1 % 91.9 % 92.7 % 93.6 % CBD Portfolio 89.9 % 90.9 % 92.5 % 92.8 % Total Portfolio % Occupied by Location (1) % Leased by Location (2) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Boston 89.7 % 89.7 % 91.2 % 91.5 % Los Angeles 86.3 % 84.9 % 86.9 % 87.4 % New York 84.4 % 87.1 % 90.2 % 90.0 % San Francisco 78.7 % 80.8 % 80.7 % 81.7 % Seattle 84.6 % 81.6 % 85.9 % 83.5 % Washington, DC 90.5 % 91.4 % 92.3 % 93.0 % Total Portfolio 86.4 % 87.5 % 89.1 % 89.4 % (1) Represents signed leases for which revenue recognition has commenced in accordance with GAAP. (2) Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. View source version on Contacts AT BXP Michael LaBelleExecutive Vice President,Chief Financial Officer and Treasurermlabelle@ Helen HanVice President, Investor Relationshhan@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Delek Logistics Partners, LP Increases Quarterly Cash Distribution to $1.115 per Common Limited Partner Unit
BRENTWOOD, Tenn., July 29, 2025--(BUSINESS WIRE)--Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics") today declared its quarterly cash distribution for the second quarter 2025 of $1.115 per common limited partner unit, or $4.46 per common limited partner unit on an annualized basis. The second quarter 2025 cash distribution is payable on August 14, 2025, to unitholders of record on August 8, 2025. About Delek Logistics Partners, LPDelek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline, transportation, and other services for its customers in crude oil, intermediates, refined products, natural gas, storage, wholesale marketing, terminalling, water disposal, and recycling. Delek US Holdings, Inc. (NYSE: DK) owns the general partner interest as well as a majority limited partner interest in Delek Logistics and is also a significant customer. Safe Harbor Provisions Regarding Forward-Looking StatementsThis press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning future distributions, including the amounts and timing thereof, current estimates, expectations or projections about future distributions, future financial flexibility, results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," within the meaning of federal securities laws. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and investors are cautioned that risks described in Delek Logistics' filings with the United States Securities and Exchange Commission, among others, could cause actual performance or results to differ materially from those expressed in the statements. There can be no assurance that actual results will not differ from those expected by management or described in forward-looking statements. Delek Logistics undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof. Tax ConsiderationsThis release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Delek Logistics Partners, LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Delek Logistics Partners, LP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate for individuals or corporations, as applicable. Nominees, and not Delek Logistics Partners, LP, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors. View source version on Contacts Investor Relations and Media/Public Affairs Contact:
