1315_Nareit Testimonial Reitweek Owen Thomas 20240620 v2

Owen Thomas, chairman and CEO of BXP (NYSE: BXP), sat down for a video interview at Nareit’s REITweek: 2024 Investor Conference, held in New York from June 3-6.

Despite market challenges, Thomas revealed BXP's active engagement in acquisitions and limited disposals. He explained that BXP has been seizing acquisition opportunities due to distress primarily in private companies lacking bond market access.

"We bought in major stakes in three assets that we had with joint venture partners at attractive prices," he said, emphasizing the importance of such opportunities during economic downturns.

Regarding dispositions, Thomas mentioned that while the REIT is selling a few land parcels to residential developers, the focus remains on acquisitions due to unfavorable selling prices.

Thomas also underscored BXP’s financial health and strategic initiatives from the company’s latest earnings report. He noted a significant increase in leasing activity, up 30% from the previous quarter, and highlighted new capital raisings, including a $500 million CP program and a significant joint venture with Norges.

"Given the quality of the company, the quality of our balance sheet, and the quality of our execution, we’re getting access to the debt markets as well as the private equity markets," Thomas said.