BXP Inc【BXP】株式ニュース

BXP Announces First Quarter 2026 ResultsApril 28, 2026 4:05 PM
Business Wire
Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026

BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

Revenue increased 0.8% to $872.1 million for the quarter ended March 31, 2026, compared to $865.2 million for the quarter ended March 31, 2025.

Net income attributable to BXP, Inc. of $101.6 million, or $0.64 per diluted share (EPS), for the quarter ended March 31, 2026, compared to $61.2 million, or $0.39 per diluted share, for the quarter ended March 31, 2025.

EPS exceeded the midpoint of BXP’s guidance by $0.31 per diluted share primarily due to gains on sales recognized in connection with the disposition activity completed in the first quarter.

Funds from Operations (FFO) of $252.2 million, or $1.59 per diluted share, for the quarter ended March 31, 2026, compared to FFO of $260.6 million, or $1.64 per diluted share, for the quarter ended March 31, 2025.

FFO for the first quarter exceeded the midpoint of BXP’s guidance by $0.02 primarily due to portfolio outperformance.

Guidance

BXP provided guidance for second quarter 2026 EPS of $0.44 - $0.46 and FFO of $1.69 - $1.71 per diluted share, and updated guidance for full year 2026 EPS of $2.15 - $2.29 and FFO of $6.90 - $7.04 per diluted share.

The midpoint of full year 2026 guidance for EPS increased by $0.04 per diluted share primarily due to gains on sales recognized in connection with the disposition activity and better-than-projected portfolio performance.

The midpoint of full year 2026 guidance for FFO increased by $0.01 per diluted share primarily due to better-than-projected portfolio performance.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

Executed 68 leases in the first quarter totaling more than 1.1 million square feet with a weighted-average lease term of 8.7 years. Notable leasing includes:

approximately 140,000 square feet of leases at 360 Park Avenue South in New York City, NY, bringing the leased percentage of the building to 90%, and

approximately 104,000 square feet of leases at 680 Folsom Street in San Francisco, CA, bringing the leased percentage of the building to 92%.

For the first quarter, BXP’s CBD portfolio of premier workplaces was 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.0% 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 first quarter was 87.4%, an increase of 70 basis points from Q4 2025. Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from Q4 2025. The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 90% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025.

Transactions

Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including approximately $180.0 million since our last earnings call on January 28, 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities.

During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP’s ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD. The aggregate gross proceeds of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of $54.7 million, in each case based on BXP’s share.

EPS and FFO per Share Guidance:

BXP’s guidance for the second quarter and full year 2026 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 not under contract as of the date hereof, (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.

Second Quarter 2026

Full Year 2026

Low

High

Low

High

Projected EPS (diluted)

$

0.44

$

0.46

$

2.15

$

2.29

Add:

Projected Company share of real estate depreciation and amortization

1.29

1.29

5.10

5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments

(0.04

)

(0.04

)

(0.35

)

(0.35

)

Projected FFO per share (diluted)

$

1.69

$

1.71

$

6.90

$

7.04

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 March 31, 2026. 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, April 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter results and earnings guidance, 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 https://register-conf.media-server.com/register/BI2c9150dbdfd1462e81d510e93738b5eb 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 https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s first quarter 2026 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

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 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

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 U.S. Government, 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, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our 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)

March 31,

2026

December 31,

2025

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost

$

26,256,207

$

26,248,130

Construction in progress

1,626,073

1,475,257

Land held for future development

493,212

518,492

Right of use assets - finance leases

372,476

372,470

Right of use assets - operating leases

321,030

325,841

Less: accumulated depreciation

(8,170,334

)

(8,040,311

)

Total real estate

20,898,664

20,899,879

Cash and cash equivalents

512,783

1,478,206

Cash held in escrows

68,471

79,060

Investments in securities

42,072

44,614

Tenant and other receivables, net

90,137

92,625

Note receivable, net

10,071

9,373

Related party note receivables, net

31,447

28,346

Sales-type lease receivable, net

15,921

15,672

Accrued rental income, net

1,558,226

1,538,515

Deferred charges, net

830,917

847,690

Prepaid expenses and other assets

188,819

108,105

Investments in unconsolidated joint ventures

854,722

999,309

Assets held for sale

—

24,770

Total assets

$

25,102,250

$

26,166,164

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

4,280,639

$

4,280,067

Unsecured senior notes, net

8,808,674

9,806,100

Unsecured exchangeable senior notes, net

977,387

976,263

Unsecured line of credit

—

—

Unsecured term loans, net

797,309

797,053

Unsecured commercial paper

750,000

750,000

Lease liabilities - finance leases

357,039

360,039

Lease liabilities - operating leases

387,481

389,213

Accounts payable and accrued expenses

418,443

480,017

Dividends and distributions payable

124,018

123,753

Accrued interest payable

124,068

125,345

Other liabilities

352,813

386,074

Total liabilities

17,377,871

18,473,924

Commitments and contingencies

—

—

Redeemable deferred stock units

6,058

7,538

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, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively

1,587

1,585

Additional paid-in capital

6,843,822

6,836,243

Dividends in excess of earnings

(1,684,492

)

(1,674,995

)

Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025

(2,722

)

(2,722

)

Accumulated other comprehensive loss

(6,082

)

(12,921

)

Total stockholders’ equity attributable to BXP, Inc.

5,152,113

5,147,190

Noncontrolling interests:

Common units of the Operating Partnership

583,922

566,563

Property partnerships

1,982,286

1,970,949

Total equity

7,718,321

7,684,702

Total liabilities and equity

$

25,102,250

$

26,166,164

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended March 31,

2026

2025

(in thousands, except for per share amounts)

Revenue

Lease

$

818,156

$

811,102

Parking and other

30,814

30,242

Hotel

9,101

9,597

Development and management services

9,207

9,775

Direct reimbursements of payroll and related costs from management services contracts

4,870

4,499

Total revenue

872,148

865,215

Expenses

Operating

Rental

344,082

331,578

Hotel

7,982

7,565

General and administrative

59,341

52,284

Payroll and related costs from management services contracts

4,870

4,499

Transaction costs

129

768

Depreciation and amortization

227,967

220,107

Total expenses

644,371

616,801

Other income (expense)

Income (loss) from unconsolidated joint ventures

35,413

(2,139

)

Gains on sales of real estate

13,402

—

Loss on sales-type lease

—

(2,490

)

Interest and other income (loss)

8,885

7,750

Losses from investments in securities

(566

)

(365

)

Unrealized gain (loss) on non-real estate investments

188

(483

)

Loss from early extinguishment of debt

—

(338

)

Interest expense

(152,093

)

(163,444

)

Net income

133,006

86,905

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(19,869

)

(18,749

)

Noncontrolling interest—common units of the Operating Partnership

(11,561

)

(6,979

)

Net income attributable to BXP, Inc.

$

101,576

$

61,177

Basic earnings per common share attributable to BXP, Inc.

Net income

$

0.64

$

0.39

Weighted average number of common shares outstanding

158,555

158,202

Diluted earnings per common share attributable to BXP, Inc.

Net income

$

0.64

$

0.39

Weighted average number of common and common equivalent shares outstanding

159,056

158,632

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended March 31,

2026

2025

(in thousands, except for per share amounts)

Net income attributable to BXP, Inc.

$

101,576

$

61,177

Add:

Noncontrolling interest - common units of the Operating Partnership

11,561

6,979

Noncontrolling interests in property partnerships

19,869

18,749

Net income

133,006

86,905

Add:

Depreciation and amortization expense

227,967

220,107

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(20,871

)

(20,464

)

Company’s share of depreciation and amortization from unconsolidated joint ventures

13,506

17,327

Corporate-related depreciation and amortization

(567

)

(716

)

Non-real estate related amortization

2,131

2,130

Loss on sales-type lease

—

2,490

Less:

Gains on sales of real estate

13,402

—

Gains on sales included within income (loss) from unconsolidated joint ventures

41,233

—

Unrealized gain (loss) on non-real estate investments

188

(483

)

Noncontrolling interests in property partnerships

19,869

18,749

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)

280,480

289,513

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

28,244

28,922

Funds from operations attributable to BXP, Inc.

$

252,236

$

260,591

BXP, Inc.’s percentage share of funds from operations - basic

89.93

%

90.01

%

Weighted average shares outstanding - basic

158,555

158,202

FFO per share basic

$

1.59

$

1.65

Weighted average shares outstanding - diluted

159,056

158,632

FFO per share diluted

$

1.59

$

1.64

(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)

March 31, 2026

December 31, 2025

March 31, 2026

December 31, 2025

Boston

97.3 %

97.6 %

98.7 %

98.6 %

Los Angeles

87.2 %

86.5 %

88.5 %

87.0 %

New York

86.8 %

86.2 %

94.2 %

92.1 %

San Francisco

82.7 %

81.9 %

86.3 %

84.4 %

Seattle

80.7 %

79.8 %

82.3 %

81.3 %

Washington, DC

91.3 %

92.4 %

93.1 %

94.2 %

CBD Portfolio

89.9 %

89.8 %

93.4 %

92.5 %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

March 31, 2026

December 31, 2025

March 31, 2026

December 31, 2025

Boston

92.4 %

91.9 %

94.3 %

93.1 %

Los Angeles

87.2 %

86.5 %

88.5 %

87.0 %

New York

84.4 %

83.8 %

91.1 %

89.4 %

San Francisco

79.7 %

77.0 %

82.9 %

79.2 %

Seattle

80.7 %

79.8 %

82.3 %

81.3 %

Washington, DC

90.6 %

91.7 %

92.7 %

93.8 %

Total Portfolio

87.4 %

86.7 %

90.9 %

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 businesswire.com: https://www.businesswire.com/news/home/20260428336387/en/
AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com
Helen Han

Vice President, Investor Relations

hhan@bxp.com

Original: BXP Announces First Quarter 2026 Results

BXP Announces Fourth Quarter and Full Year 2025 ResultsJanuary 27, 2026 10:38 PM
Business Wire
Executed More Than 1.8 Million SF of Leases in Q4 for a Total of More Than 5.5 Million SF in 2025, Increased Total Portfolio Occupancy By 70 Basis Points and Completed More Than $1.0 Billion in Dispositions

BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the fourth quarter and year ended December 31, 2025.

Financial Highlights

Fourth Quarter 2025:

Revenue increased 2.2% to $877.1 million for the quarter ended December 31, 2025, compared to $858.6 million for the quarter ended December 31, 2024.

Net income (loss) attributable to BXP, Inc. of $248.5 million, or $1.56 per diluted share (EPS), for the quarter ended December 31, 2025, compared to $(230.0) million, or $(1.45) per diluted share, for the quarter ended December 31, 2024.

EPS exceeded the midpoint of BXP’s guidance by $0.74 per diluted share primarily due to the gains on sales recognized in connection with the disposition activity completed in the fourth quarter.

Funds from Operations (FFO) of $280.2 million, or $1.76 per diluted share, for the quarter ended December 31, 2025, compared to FFO of $284.0 million, or $1.79 per diluted share, for the quarter ended December 31, 2024.

FFO for the fourth quarter was less than the midpoint of BXP’s guidance by $0.05 primarily due to non-cash straight-line rent reserves related to two clients and higher general and administrative (“G&A”) costs.

Year Ended December 31, 2025:

Net income attributable to BXP, Inc. of $276.8 million, or $1.74 per diluted share (EPS), for the year ended December 31, 2025, compared to $14.3 million, or $0.09 per diluted share, for the year ended December 31, 2024.

FFO of $1.1 billion, or $6.85 per diluted share, for the year ended December 31, 2025, compared to FFO of $1.1 billion, or $7.10 per diluted share, for the year ended December 31, 2024.

Guidance

BXP provided updated guidance for first quarter 2026 EPS of $0.32 - $0.34 and FFO of $1.56 - $1.58 per diluted share, and full year 2026 EPS of $2.08 - $2.29 and FFO of $6.88 - $7.04 per diluted share.

The midpoint of our full-year 2026 guidance is $0.11 per share greater than our 2025 FFO per share and includes the following assumptions:

Projected growth in same-property NOI, driven by higher occupancy and improved leasing activity.

Incremental NOI from development deliveries to be placed into service during the year.

A reduction in NOI associated with removing three properties from service for redevelopment into residential use.

Higher G&A expense of $0.07 per share, primarily related to non-cash amortization expense associated with the 2025 Outperformance Plan.

Net earnings dilution from strategic asset sales, net of reduced interest expense from the investment of sale proceeds, of $0.06 to $0.08 per share consistent with the range previously communicated at Investor Day. These transactions remain aligned with BXP’s long-term strategy to optimize the portfolio, enhance operating performance, and strengthen balance sheet flexibility.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

Executed 87 leases in the fourth quarter totaling more than 1.8 million square feet with a weighted-average lease term of 11.3 years. Notable leases for existing and future developments include:

an approximately 274,000 square foot lease with Starr, a global investment and insurance organization, at 343 Madison Avenue in New York, New York

an approximately 234,000 square foot lease with Sidley Austin LLP, a global law firm, for 2100 M Street in Washington, DC.

Full-year 2025 leasing totaled more than 5.5 million square feet with a weighted-average lease term of 10.1 years.

For the fourth quarter, BXP’s CBD portfolio of premier workplaces was 89.8% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Both occupancy and leased percentage for our CBD portfolio increased by 50 basis points from Q3 2025. Approximately 90.0% 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 fourth quarter was 86.7%, an increase of 70 basis points from Q3 2025. BXP’s total portfolio was 89.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 60 basis points from Q3 2025.

Transactions

Consistent with the strategic asset sales plan outlined at our Investor Day in September 2025, as of January 23, 2026 BXP has completed property sales with an aggregated gross sales price of approximately $1.14 billion which generated aggregate net proceeds in excess of $1.0 billion. These asset sales enhance balance sheet flexibility and support our capital needs and strategic priorities, and fall into the following categories:

Land Sales: Multiple land dispositions across the Boston, San Francisco and Washington, DC regions, generated aggregate net proceeds of approximately $227.1 million and an aggregate gain on sale of approximately $67.0 million, reflecting monetization of non-core land assets.

Residential Sales: The sales of Proto in Cambridge, Massachusetts and Signature in Reston, Virginia, generated aggregate net proceeds of approximately $403.7 million and an aggregate gain on sale of approximately $102.9 million, advancing BXP’s strategy to recycle capital from stabilized residential assets.

Non-Strategic Office Sales: The sale of 140 Kendrick Street in Needham, Massachusetts, and BXP’s ownership interests in Gateway Commons in South San Francisco, California and Market Square North in Washington, DC, generated aggregate net proceeds of approximately $397.2 million and an aggregate gain on sale of approximately $65.6 million, consistent with BXP’s focus on optimizing and enhancing the quality of our portfolio and prioritizing premier workplaces in our gateway markets.

BXP also completed the acquisition of 2100 M Street in Washington, DC for a purchase price of $55.0 million. BXP plans to demolish and redevelop the property into an approximately 320,000 square foot premier workplace. In conjunction with closing, BXP signed a lease agreement with global law firm, Sidley Austin, for approximately 234,000 square feet of the “to-be-constructed” premier workplace. Located in the West End, one of Washington, DC’s most desirable business districts, 2100 M Street offers convenient access to the Metro, major parkways, and is walking distance from a wide range of nearby amenities.

Development

In 2025, BXP demonstrated its ability to deploy capital into high-quality, premier assets by commencing construction on 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. The project is currently 29% pre-leased, and BXP is in active discussions with other prospective clients.

BXP placed three development projects into service reflecting continued execution on its development pipeline and the successful delivery of premier workplace assets.

1050 Winter Street, an approximately 162,000 square foot office building located in the urban edge of Boston, Massachusetts. The project is 100% leased.

Reston Next Office Phase II, an approximately 87,000 square foot boutique premier workplace located in Reston, Virginia. The project is 92% leased.

360 Park Avenue South, an approximately 448,000 square foot premier workplace located in New York City, New York. The project is 59% leased.

Balance Sheet & Liquidity

Throughout 2025, BXP further strengthened its balance sheet by addressing debt maturities, and sourcing additional liquidity in the capital markets. In the aggregate, BXP’s share of 2025 debt market activities totaled approximately $4.6 billion, underscoring BXP’s consistent access to debt capital and healthy relationships with banks. Notable transactions during 2025 include:

Executed a new $252.0 million non-recourse CMBS financing secured by 7750 Wisconsin Avenue in Bethesda, Maryland in February 2025

Upsized the Commercial Paper Program from $500.0 million to $750.0 million in March 2025

Extended the $700.0 million Term Loan to 2030 (inclusive of extension options) in March 2025

Upsized the Revolving Line of Credit from $2.0 billion to $2.25 billion and extended its maturity date to 2030 in March 2025

Issued $1.0 billion of 2.00% Exchangeable Senior Notes due 2030 in September 2025

Executed a new $465.0 million non-recourse CMBS financing secured by The Hub on Causeway in Boston, Massachusetts in October 2025

EPS and FFO per Share Guidance:

BXP’s guidance for the first quarter and full year 2026 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 not under contract as of the date hereof, (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.

First Quarter 2026

Full Year 2026

Low

High

Low

High

Projected EPS (diluted)

$

0.32

$

0.34

$

2.08

$

2.29

Add:

Projected Company share of real estate depreciation and amortization

1.27

1.27

5.10

5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments

(0.03

)

(0.03

)

(0.30

)

(0.35

)

Projected FFO per share (diluted)

$

1.56

$

1.58

$

6.88

$

7.04

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 December 31, 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, January 28, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter results and earnings guidance, 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 https://register-conf.media-server.com/register/BI12ccd26f9512425caab4294be5763e57 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 https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s fourth quarter 2025 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

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 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 52.6 million square feet and 179 properties, including eight properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

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 U.S. Government, 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, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our 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)

December 31, 2025

December 31, 2024

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost

$

26,248,130

$

26,391,933

Construction in progress

1,475,257

764,640

Land held for future development

518,492

714,050

Right of use assets - finance leases

372,470

372,922

Right of use assets - operating leases

325,841

334,767

Less: accumulated depreciation

(8,040,311

)

(7,528,057

)

Total real estate

20,899,879

21,050,255

Cash and cash equivalents

1,478,206

1,254,882

Cash held in escrows

79,060

80,314

Investments in securities

44,614

39,706

Tenant and other receivables, net

92,625

107,453

Note receivable, net

9,373

4,947

Related party note receivables, net

28,346

88,779

Sales-type lease receivable, net

15,672

14,657

Accrued rental income, net

1,538,515

1,466,220

Deferred charges, net

847,690

813,345

Prepaid expenses and other assets

108,105

70,839

Investments in unconsolidated joint ventures

999,309

1,093,583

Assets held for sale

24,770

—

Total assets

$

26,166,164

$

26,084,980

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

4,280,067

$

4,276,609

Unsecured senior notes, net

9,806,100

10,645,077

Unsecured exchangeable senior notes, net

976,263

—

Unsecured line of credit

—

—

Unsecured term loans, net

797,053

798,813

Unsecured commercial paper

750,000

500,000

Lease liabilities - finance leases

360,039

370,885

Lease liabilities - operating leases

389,213

392,686

Accounts payable and accrued expenses

480,017

401,874

Dividends and distributions payable

123,753

172,486

Accrued interest payable

125,345

128,098

Other liabilities

386,074

450,796

Liabilities held for sale

—

—

Total liabilities

18,473,924

18,137,324

Commitments and contingencies

—

—

Redeemable deferred stock units

7,538

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, 158,627,198 and 158,253,895 issued and 158,548,298 and 158,174,995 outstanding at December 31, 2025 and December 31, 2024, respectively

1,585

1,582

Additional paid-in capital

6,836,243

6,836,093

Dividends in excess of earnings

(1,674,995

)

(1,419,575

)

Treasury common stock at cost, 78,900 shares at December 31, 2025 and December 31, 2024

(2,722

)

(2,722

)

Accumulated other comprehensive loss

(12,921

)

(2,072

)

Total stockholders’ equity attributable to BXP, Inc.

5,147,190

5,413,306

Noncontrolling interests:

Common units of the Operating Partnership

566,563

591,270

Property partnerships

1,970,949

1,933,545

Total equity

7,684,702

7,938,121

Total liabilities and equity

$

26,166,164

$

26,084,980

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

(in thousands, except for per share amounts)

Revenue

Lease

$

809,150

$

798,189

$

3,236,007

$

3,176,805

Parking and other

42,883

34,056

143,314

135,142

Hotel

12,464

13,144

49,996

51,224

Development and management services

8,641

8,784

36,579

28,060

Direct reimbursements of payroll and related costs from management services contracts

3,959

4,398

16,383

16,488

Total revenue

877,097

858,571

3,482,279

3,407,719

Expenses

Operating

Rental

339,693

323,358

1,335,069

1,286,838

Hotel

9,041

9,601

35,599

35,288

General and administrative

37,801

32,504

168,789

159,983

Payroll and related costs from management services contracts

3,959

4,398

16,383

16,488

Transaction costs

122

707

2,678

1,597

Depreciation and amortization

232,015

226,043

912,088

887,191

Total expenses

622,631

596,611

2,470,606

2,387,385

Other income (expense)

Income (loss) from unconsolidated joint ventures

50,232

(349,553

)

(103,560

)

(343,177

)

Gains on sales of real estate

156,410

85

176,732

602

Loss on sales-type lease

—

—

(2,490

)

—

Interest and other income (loss)

12,351

20,452

35,784

60,199

Gains (losses) from investments in securities

846

(369

)

5,481

4,416

Unrealized gain (loss) on non-real estate investments

(2

)

(2

)

(346

)

546

Impairment losses

(16,902

)

—

(85,803

)

(13,615

)

Loss from early extinguishment of debt

—

—

(338

)

—

Interest expense

(162,612

)

(170,390

)

(653,138

)

(645,117

)

Net income (loss)

294,789

(237,817

)

383,995

84,188

Net (income) loss attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(18,479

)

(17,233

)

(75,181

)

(67,516

)

Noncontrolling interest—common units of the Operating Partnership

(27,824

)

25,031

(32,014

)

(2,400

)

Net income (loss) attributable to BXP, Inc.

$

248,486

$

(230,019

)

$

276,800

$

14,272

Basic earnings per common share attributable to BXP, Inc.

Net income (loss)

$

1.56

$

(1.45

)

$

1.75

$

0.09

Weighted average number of common shares outstanding

158,457

158,117

158,330

157,468

Diluted earnings per common share attributable to BXP, Inc.

Net income (loss)

$

1.56

$

(1.45

)

$

1.74

$

0.09

Weighted average number of common and common equivalent shares outstanding

159,115

158,117

158,869

157,793

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

(in thousands, except for per share amounts)

Net income (loss) attributable to BXP, Inc.

$

248,486

$

(230,019

)

$

276,800

$

14,272

Add:

Noncontrolling interest - common units of the Operating Partnership

27,824

(25,031

)

32,014

2,400

Noncontrolling interests in property partnerships

18,479

17,233

75,181

67,516

Net income (loss)

294,789

(237,817

)

383,995

84,188

Add:

Depreciation and amortization expense

232,015

226,043

912,088

887,191

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(22,085

)

(19,905

)

(86,109

)

(76,660

)

Company’s share of depreciation and amortization from unconsolidated joint ventures

14,173

21,097

65,446

81,904

Corporate-related depreciation and amortization

(581

)

(447

)

(2,479

)

(1,710

)

Non-real estate related amortization

2,130

2,130

8,521

8,520

Loss on sales-type lease

—

—

2,490

—

Impairment losses

16,902

—

85,803

13,615

Impairment losses included within Income (loss) from unconsolidated joint ventures

—

341,338

145,133

341,338

Less:

Gains on sales of real estate

156,410

85

176,732

602

Gains on sale / consolidation included within income (loss) from unconsolidated joint ventures

51,449

—

53,685

21,696

Unrealized gain (loss) on non-real estate investments

(2

)

(2

)

(346

)

546

Noncontrolling interests in property partnerships

18,479

17,233

75,181

67,516

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)

311,007

315,123

1,209,636

1,248,026

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

30,852

31,134

120,601

127,548

Funds from operations attributable to BXP, Inc.

$

280,155

$

283,989

$

1,089,035

$

1,120,478

BXP, Inc.’s percentage share of funds from operations - basic

90.08

%

90.12

%

90.03

%

89.78

%

Weighted average shares outstanding - basic

158,457

158,117

158,330

157,468

FFO per share basic

$

1.77

$

1.80

$

6.88

$

7.12

Weighted average shares outstanding - diluted

159,115

158,525

158,869

157,793

FFO per share diluted

$

1.76

$

1.79

$

6.85

$

7.10

(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)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Boston

97.6 %

95.9 %

98.6 %

97.5 %

Los Angeles

86.5 %

84.9 %

87.0 %

87.4 %

New York

86.2 %

90.8 %

92.1 %

93.6 %

San Francisco

81.9 %

84.3 %

84.4 %

85.2 %

Seattle

79.8 %

81.6 %

81.3 %

83.5 %

Washington, DC

92.4 %

91.9 %

94.2 %

93.6 %

CBD Portfolio

89.8 %

90.9 %

92.5 %

92.8 %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Boston

91.9 %

89.7 %

93.1 %

91.5 %

Los Angeles

86.5 %

84.9 %

87.0 %

87.4 %

New York

83.8 %

87.1 %

89.4 %

90.0 %

San Francisco

77.0 %

80.8 %

79.2 %

81.7 %

Seattle

79.8 %

81.6 %

81.3 %

83.5 %

Washington, DC

91.7 %

91.4 %

93.8 %

93.0 %

Total Portfolio

86.7 %

87.5 %

89.4 %

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 businesswire.com: https://www.businesswire.com/news/home/20260127182201/en/
AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com
Helen Han

Vice President, Investor Relations

hhan@bxp.com

Original: BXP Announces Fourth Quarter and Full Year 2025 Results