US Market News
1月前
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
US Market News
4月前
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
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