BXP lowers FY24 FFO view to $6.98-$7.10, consensus $7.12

FY24 FFO view represents a reduction of 6c, at the midpoint of our guidance provided last quarter. Guidance for FY24 EPS FFO per diluted share has been adjusted due to increased interest expense, primarily as a result of 5c per share of greater non-cash fair value interest expense related to finalizing the market value of the in-place debt and interest rate swaps for our recent acquisitions, in addition to the impact of the expected deferral of interest rate cuts by the Federal Reserve and the resulting uncertainty surrounding the number of cuts this year. We have made no changes to our prior guidance for full-year portfolio occupancy and NOI.