Key Takeaways BXP is expected to post slightly higher Q2 revenues, while FFO per share is projected to remain flat.BXP entered Q2 with 1.44M square feet of signed vacant-space leases and a 1.7M-square-foot pipeline.BXP may benefit from AI-driven leasing and office demand, though costs and interest expense remain headwinds. BXP, Inc. (BXP - Free Report) is slated to report second-quarter 2026 results on July 28, after market close. The company’s quarterly results are likely to display a year-over-year increase in revenues and no change in funds from operations (FFO) per share.
In the last reported quarter, this office real-estate investment trust (REIT) reported FFO per share of $1.59, edging past the Zacks Consensus Estimate of $1.58. The quarterly results reflected healthy leasing activity and higher occupancy.
Over the preceding four quarters, BXP’s FFO per share surpassed the Zacks Consensus Estimate thrice and missed in the remaining period, the average beat being 0.49%. This is depicted in the graph below:
US Office Market in Q2Per a Cushman & Wakefield report, the U.S. office market continued to recover in the second quarter of 2026, with AI-driven business expansion emerging as a key catalyst for demand, particularly in major gateway markets. AI companies, along with law firms and other professional-services tenants, increasingly sought high-quality office space to support employee collaboration, productivity and growth.
Although quarterly net absorption was slightly negative at 360,000 square feet, the four-quarter rolling total rose to 14.3 msf — the strongest since 2020 and the seventh consecutive quarter of improvement. Demand was broad-based, with positive annual absorption in 60% of tracked markets.
Vacancy stabilized at 20.1%, while available sublease space fell 15% year over year and 28% from its first-quarter 2024 peak. Class A offices continued to outperform, with vacancy declining 50 bps year over year and four-quarter net absorption reaching 24.5 msf, the highest since mid-2020. This stronger demand also supported premium pricing, with Class A asking rents averaging $44.17 per square foot in second-quarter 2026, well above the $38.38 national average across all office classes.
Supply conditions also remain supportive. Office completions fell to a 14-year low, the construction pipeline stayed below 20 msf, while conversions, demolitions and repositioning surged. These trends should limit oversupply and support further improvement in premium office fundamentals.
BXP: Factors at Play and Q2 ProjectionsBXP’s second-quarter 2026 results are likely to benefit from strong demand for premier offices, return-to-office trends and AI-related leasing in San Francisco and New York. The company entered the quarter with 1.44 million square feet of signed vacant-space leases and a 1.7-million-square-foot negotiation pipeline, supporting further occupancy and rental growth.
However, elevated leasing costs, tenant concessions, redevelopment spending and higher interest expenses may have limited margin expansion.
The Zacks Consensus Estimate for second-quarter revenues is pegged at $813 million, implying a marginal increase from the prior-year quarter’s reported number.
BXP’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for second-quarter FFO per share has remained unchanged at $1.71 over the past three months. It suggests no change from the year-ago quarter’s tally.
What Our Quantitative Model Predicts for BXPOur proven model predicts a surprise in terms of FFO per share for BXP this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.
BXP has an Earnings ESP of +0.18% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Other Stocks That Warrant a LookHere are two other stocks from the broader REIT sector — Digital Realty Trust (DLR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report an FFO beat this quarter.
Digital Realty is slated to report quarterly numbers on July 23. DLR has an Earnings ESP of +2.30% and a Zacks Rank of 3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
BXP benefits from solid leasing, asset sales, redevelopment projects and ample liquidity, though office market competition and execution risks persist.
BOSTON--(BUSINESS WIRE)--BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that it will release financial results for the second quarter 2026 on Tuesday, July 28, 2026, after the close of trading on the NYSE. BXP will host a conference call and webcast on Wednesday, July 29, 2026, at 10:00 A.M. Eastern Time, to discuss the financial results and provide an update on BXP. Participants who would like to join.
Key Takeaways BXP leased about 320,000 square feet at Reservoir Place to Boston Dynamics under a long-term agreement.Boston Dynamics will consolidate manufacturing, R&D, training and AI operations. Reservoir Place is part of BXP's Urban Edge portfolio across more than 5M sq. ft. and serves a mix of tenants. BXP, Inc. (BXP - Free Report) signed a long-term lease agreement with Boston Dynamics for approximately 320,000 square feet at Reservoir Place, a 530,000 square foot building located at 1601 Trapelo Road in Waltham, MA. The transaction represents one of the largest innovation-focused office leasing transactions in Greater Boston this year.
Boston Dynamics, a global leader in mobile robotics, plans to transform the leased space into a premier center for robotics and AI innovation. The company intends to consolidate manufacturing, research and development, training and artificial intelligence functions that are currently distributed across multiple locations into the new facility. Boston Dynamics expects to relocate to Reservoir Place in phases beginning in mid-2027.
Reservoir Place was selected for its scale, flexibility and connectivity to support Boston Dynamics' long-term growth while enabling the company to maintain its strong presence in Massachusetts. The project is the result of a collaborative effort among Boston Dynamics, the City of Waltham and the Commonwealth of Massachusetts to retain and expand one of the state's most prominent innovation companies.
BXP has owned and operated Reservoir Place since 1998. The property is part of BXP's Urban Edge portfolio, a mixed-use destination spanning more than 5 million square feet across Waltham, Weston and Lexington. BXP’s Urban Edge portfolio is home to a diverse mix of technology, life sciences and professional services companies, offering premium workplaces alongside housing, retail and dining options, hotels, fitness and wellness amenities, and extensive open spaces.
The lease further reinforces Reservoir Place's position as a leading destination for technology and innovation companies in Massachusetts. It also underscores the continued demand for high-quality office space that supports collaboration, attracts top talent and accommodates long-term growth strategies.
ConclusionBXP is expected to benefit from stable, long-term rental income at Reservoir Place through this landmark lease with Boston Dynamics. The addition of a globally recognized mobile robotics leader strengthens BXP's tenant roster, increases occupancy at a key asset and reinforces the appeal of its high-quality office properties to innovation-focused tenants.
In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 20.7% compared with the industry's 11.5% growth.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Cousins Properties (CUZ - Free Report) and Prologis (PLD - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CUZ’s 2026 FFO per share is pegged at $2.94, which indicates year-over-year growth of 3.52%.
The Zacks Consensus Estimate for PLD’s full-year FFO per share is pinned at $6.18, which calls for an increase of 6.37% from the year-ago period.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced a long-term lease agreement with Boston Dynamics for approximately 320,000 square feet at Reservoir Place, a 530,000 square foot building located at 1601 Trapelo Road in Waltham, Massachusetts. The lease marks one of the largest innovation-driven office transactions in Greater Boston this year and supports Boston Dynamics' plans for a si.
Key Takeaways BXP signed McDermott for 150,000 square feet at 343 Madison, set for occupancy in October 2029.With McDermott joining Starr, 343 Madison is now 56% pre-leased, reducing leasing risk.BXP raised its 2026 FFO guidance midpoint and generated about $1.2B in asset-sale proceeds. BXP Inc. (BXP - Free Report) has added another important tenant to 343 Madison Avenue, its 930,000-square-foot office tower under construction in Midtown Manhattan. McDermott Will & Schulte signed a lease for about 150,000 square feet, covering floors 31 through 37. The law firm is expected to begin occupying the space in October 2029, around the time BXP plans to deliver the project.
For BXP, the deal is more than just another lease. It helps reduce leasing risk at one of the company’s biggest development projects and supports the case for 343 Madison as a premium office asset near Grand Central Terminal. With McDermott joining Starr, which now has about 320,000 square feet after exercising an expansion option, the building is now 56% pre-leased.
The lease also fits with a broader trend BXP has been highlighting: demand remains strongest for high-quality office space in top locations. The company’s first-quarter results showed more than 1.1 million square feet of leasing, while total portfolio occupancy rose 70 basis points to 87.4%. Its leased percentage reached 90.9%, suggesting more occupancy gains could follow as signed leases begin contributing rent.
There are other positives for investors. BXP raised its 2026 FFO guidance midpoint slightly to a range of $6.90-$7.04 per share and has been selling assets to improve flexibility. Management said asset sales have generated about $1.2 billion of net proceeds through April 28, 2026, which can help fund development needs and support balance sheet goals.
Still, investors should keep a balanced view. 343 Madison will not deliver until late 2029, so the benefits will take time to show up in earnings. Development costs, financing conditions and execution risk remain important. BXP also faces the broader challenge of an office market that is improving in premium buildings but is still uneven overall. The McDermott lease is clearly a positive step, but the stock’s outlook depends on continued leasing progress, disciplined capital use and successful delivery of major projects.
Shares of this Zacks Rank #3 (Hold) company have gained 24.2% over the past three months, outperforming the industry's growth of 7.8%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Vornado Realty Trust (VNO - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Vornado’s 2026 FFO per share has been revised marginally upward over the past month to $2.34.
The consensus estimate for CUZ’s 2026 FFO per share is pegged at $2.93, up 3.2% year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
BOSTON--(BUSINESS WIRE)--BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that its Board of Directors declared a regular quarterly cash dividend of $0.70 per share of common stock for the period April 1, 2026 to June 30, 2026, payable on July 31, 2026 to shareholders of record as of the close of business on June 30, 2026.
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 totaled 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.
NEW YORK--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that McDermott Will & Schulte has signed a lease for approximately 150,000 square feet at 343 Madison Avenue in New York City. The firm will occupy floors 31 through 37 of the 930,000 square foot premier workplace, which is currently under construction and will provide direct access to Grand Central Terminal's Madison Concourse bet.
Dropbox, Decagon, and Swinerton Builders among new leases underscoring strong demand in the city’s leading innovation corridor
SAN FRANCISCO--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced more than 200,000 square feet of new leases at 680 Folsom and 50 Hawthorne in San Francisco's South Financial District. These transactions bring 50 Hawthorne to full occupancy and 680 Folsom to more than 90% leased, illustrating accelerating momentum in one of the city’s most dynamic submarkets.
Dropbox, a cloud-based content collaboration platform, has leased the entire 64,000 square foot building at 50 Hawthorne. At 680 Folsom, following an extensive refresh, Decagon, a leading enterprise AI firm, has leased approximately 70,000 square feet across the sixth and seventh floors, and national construction firm Swinerton Builders and a software company each leased 35,000 square feet.
“The activity we’re seeing across our San Francisco premier workplace portfolio reflects the continued flight to quality in the market,” said Christine Yuen, Senior Vice President, Leasing, BXP. “Today’s companies prioritize highly amenitized, transit-oriented workplaces that foster collaboration and authentically celebrate their culture. Our ongoing investment strategy is directly aligned with this demand, reinforcing the strength of our repositioning efforts and enhancing the competitiveness of our assets in dynamic submarkets like the South Financial District.”
“We’re building for the long term and need a workplace that matches both our pace of growth and culture of innovation,” said Chloe Mark, SVP Operations and People at Decagon. “Doubling down on San Francisco was a deliberate decision for us, and finding the right partner was crucial. BXP has been instrumental in this next chapter, helping us secure and create a space at 680 Folsom that supports not only how we work today but where we're going as we build the next world-class enterprise technology company.”
Spanning 469,000 square feet, 680 Folsom delivers a curated, hospitality-driven workplace experience. A newly enhanced lounge offers flexible workspace and event capabilities, featuring a commissary kitchen, coffee bar, elevated concierge services, and state-of-the-art AV. Designed for year-round use, the reimagined rooftop provides sweeping San Francisco views alongside built-in speakers, heaters, fireplaces, and refined patio furnishings, with flexible configurations to accommodate gatherings of up to 400 guests. Project partners included Revel Architecture & Design, NBBJ Architects, GCI and MCS Construction.
“For more than 120 years, Swinerton has proudly maintained a presence in San Francisco,” said Paul Hinz, Vice President, Division Manager at Swinerton Builders. “Securing the right space for our team was a meaningful process, and we’re especially pleased to be moving into a property owned by our long-standing, trusted partner, BXP. A key priority was bringing all of our San Francisco operations together on a single floor, and 680 Folsom delivers exactly that.”
“We’re continuing to see strong momentum in the South Financial District submarket, especially among innovative companies like Dropbox and Decagon,” said Angus Scott, Executive Vice President at CBRE. “These types of companies are attracted to high-quality, creative spaces, with large floorplates, incredible natural light and high ceilings, which 680 Folsom and 50 Hawthorne both offer.”
According to CBRE 2026 Q1 data:
San Francisco recorded the highest growth rate in tech industry leasing between 2024 and 2025, with total square footage leased increasing by 44%. The 15 largest AI companies by venture capital funding expanded their workforce from approximately 7,500 employees in 2020 to 48,000 by year end 2025. The City of San Francisco has received the majority of AI VC funding since 2024 and has become more dominant in 2025 and 2026, accounting for 62% and 81% of U.S. AI funding. Leasing activity among tech and AI firms is expected to remain strong over the next 12 to 18 months, driven by sustained levels of tenant demand. Angus Scott and Madison Dutra Sarro of CBRE represented BXP in all transactions. Blake Walker and Ryan Lowe of CBRE represented Decagon, and Jonathan Allen and Griggs Ziesing of JLL represented Swinerton Builders. Luke Ogelsby and Sarah Kelley of CBRE represented Dropbox.
About BXP
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, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 52.9 million square feet and 180 properties, including eight properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
Key Takeaways BXP signed 200K sq ft of SF leases, filling 50 Hawthorne and lifting 680 Folsom above 90% leased.Dropbox, Decagon and Swinerton deals highlight strong demand from tech and AI tenants.San Francisco tech leasing rose 44%, with AI funding dominance driving hiring and future office demand BXP, Inc. (BXP - Free Report) recently announced more than 200,000 square feet of new leases in San Francisco’s South Financial District, highlighting solid momentum amid rising demand for premier offices. These leases at 50 Hawthorne and 680 Folsom bring the former to 100% occupancy and the latter to more than 90% leased.
50 Hawthorne, spanning 64,000 square feet, was fully leased to Dropbox, a cloud-based content collaboration platform. On the other hand, at 680 Folsom, Decagon, a leading enterprise AI firm, leased around 70,000 square feet across the sixth and seventh floors, and Swinerton Builders, a national construction firm and a software company, leased 35,000 square feet each.
Stretching over 469,000 square feet, 680 Folsom is equipped with amenities like a newly enhanced lounge offering flexible workspace and event organizing setup. It features a commissary kitchen, coffee bar, elevated concierge services and state-of-the-art AV, with a rooftop offering flexible build-up to accommodate 400 guests.
As per the CBRE first-quarter 2026 data, San Francisco witnessed higher tech industry leasing between 2024 and 2025, with total square footage leased up by 44%. The city has received the majority of AI VC funding since 2024, and clear dominance in 2025 and 2026, representing 62% and 81% of U.S. AI funding, respectively.
The largest 15 AI companies by venture capital funding have been on a hiring spree, expanding their workforce from 7,500 employees in 2020 to 48,000 by 2025 year-end. With growing demand, leasing activity is expected to remain resilient over the next 12 to 18 months.
Wrapping Up on BXPBXP boasts a portfolio of Class A office assets in a few select markets in the United States. The healthy tenant demand for premier office assets and the company's ability to offer such spaces are likely to drive leasing activity.
In January 2026, the company announced that Starr had signed a long-term lease at 343 Madison Avenue, which is currently under development near Grand Central. In the fourth quarter of 2025, the company executed 87 leases totaling around 1.8 million square feet with a weighted average lease term of 11.3 years. This emphasizes the sustained demand and long-term commitment by corporates for quality office spaces with premier amenities as their key business strategy.
Over the past month, shares of this Zacks Rank #3 (Hold) company have gained 4.6% compared with the industry's growth of 1.3%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Crown Castle Inc. (CCI - Free Report) and Prologis (PLD - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CCI’s 2026 FFO per share is pegged at $4.43, which indicates year-over-year growth of 1.6%.
The consensus estimate for PLD’s full-year FFO per share is pinned at $6.14, which calls for an increase of 5.7% from the year-ago period.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced the release of BXP’s 2025 Sustainability & Impact Report.
2025 highlights include:
Improving energy efficiency by achieving an energy intensity reduction of 38% below a 2008 base year Achieving carbon-neutral operations for greenhouse gas emissions scopes 1 and 2 Initiating 2.1 million square feet of retro-commissioning, bringing our three-year retro-commissioning program total to 15.3 million square feet Completing a major heat recovery retrofit at 601 Lexington Avenue in New York, NY, as the first company in the cohort to fulfill obligations under NYSERDA’s Empire Building Challenge Progressing contracted clean energy supply with the construction phase commencement of a 20 MW solar project, from which we will procure clean power under a power purchase agreement “Excellence and leadership in sustainability is important to our clients, communities, and capital providers,” said Owen Thomas, Chairman & CEO, BXP. “Delivering measurable impact for our stakeholders is central to our strategy and a key driver of our ongoing success.”
“In 2025, we remained focused on managing energy-related operating expenses, advancing carbon-neutral operations, and further differentiating BXP’s premier workplaces. I’m proud of the progress our teams delivered and grateful for the talented professionals whose expertise made it possible. These achievements reflect a disciplined, performance-driven approach to operations and capital allocation, positioning BXP to navigate evolving regulatory requirements and client expectations,” said Ben Myers, SVP, Sustainability, BXP.
BXP’s 2025 Sustainability & Impact Report provides details on BXP’s approach, goals, key performance indicators, leadership, and reporting methodologies related to sustainability, social impact, and governance. The complete report is available under the Commitment section of our website at www.bxp.com.
BXP’s commitment to sustainability and impact has been recognized by numerous industry groups and rankings, including being listed as a responsible and sustainable company by multiple national publications. BXP was again named a Best in Building Health winner by the Center for Active Design. BXP was also recognized as an inaugural Platinum-level Green Lease Leader by the Institute for Market Transformation and the U.S. Department of Energy and was named a Sustainalytics Low Carbon Leader and S&P Global Sustainability Yearbook Member.
About BXP
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, BXP’s portfolio, including properties owned by unconsolidated joint ventures, totaled 52.6 million square feet and 179 properties, including eight properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
Key Takeaways BXP is expected to report Q1 revenue and FFO declines when it announces results on April 28.BXP may see leasing gains from strong office demand and flight-to-quality trends in premium spaces.BXP faces margin pressure from higher operating, redevelopment costs and competitive leasing conditions. BXP, Inc. (BXP - Free Report) is slated to report first-quarter 2026 results on April 28, after market close. The company’s quarterly results are likely to display a year-over-year decline in revenues and funds from operations (FFO) per share.
In the last reported quarter, this office real-estate investment trust (REIT) reported FFO per share of $1.76, which missed the Zacks Consensus Estimate of $1.80. The quarterly results reflected higher expenses impacting the performance, though revenues improved year over year.
Over the preceding four quarters, BXP’s FFO per share surpassed the Zacks Consensus Estimate twice and missed in the remaining period, the average beat being 0.18%. This is depicted in the graph below:
US Office Market in Q1Per a Cushman & Wakefield report, U.S. office demand remained resilient in the first quarter of 2026 amid macro uncertainty. The healthy demand for office spaces led to improved leasing and occupancy fundamentals. With new construction taking a back seat, vacancy is nearing an inflection point. To fill in gaps owing to the declining supply, the sublease market is witnessing renewed interest. To adapt to the changing customer needs and tastes, obsolete offices are increasingly being renovated, converted or demolished.
With high demand, net absorption turned positive in approximately half of the U.S. markets. Though negative in the first quarter, the four-quarter rolling net absorption exceeded 5.2 million square feet (msf), the highest since the pandemic. The national sublease inventory declined for the eighth consecutive quarter, down 3.4% quarter on quarter and 13.6% year on year.
High-quality office space demand has been an outperformer across the markets, with Class A net absorption at 1.4 msf in the first quarter of 2026 and the four-quarter rolling nearly at 18.7 msf. Out of 91 markets tracked by Cushman, 47 were on a positive trajectory. While the ongoing AI frenzy led this push in office demand, the same remained strong across sectors, including finance, hospitality, manufacturing, professional services and distribution/logistics.
On the supply front, the construction pipeline has reduced 86% from 2020, down 4.2% quarter on quarter to 18.6 msf. New deliveries stood at a meager 3 msf, being the third lowest quarterly total in the past 14 years. As the new supply is on a downtick, a shrinking inventory is giving impetus to this high demand, with vacancy remaining flat at 20.2%, up just 5 basis points (bps) quarterly. Class A office has passed peak vacancy as available space shrank 4 bps quarter on quarter while falling 30 bps year over year.
Factors at Play and Q1 Projections for BXPAmid improving U.S. office fundamentals, BXP is well-positioned to benefit from the ongoing flight-to-quality trend, with tenants increasingly favoring premium, well-located office spaces. This, along with return-to-office mandates, is likely to have driven healthy leasing activity across its portfolio in the first quarter.
However, some pressure points persist. Competitive leasing conditions and higher operating and redevelopment costs tied to asset repositioning efforts could have tempered margin growth.
The Zacks Consensus Estimate for first-quarter revenues is pegged at $801.4 million, implying a 1.2% decrease from the prior-year quarter’s reported number.
BXP’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for first-quarter FFO per share has moved southward to $1.58 over the past month. It suggests a 3.7% decline from the year-ago quarter’s tally.
What Our Quantitative Model Predicts for BXPOur proven model predicts a surprise in terms of FFO per share for BXP this quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.
BXP has an Earnings ESP of +0.17% and currently carries a Zacks Rank of 3. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Other Stocks That Warrant a LookHere are two other stocks from the broader REIT sector — Ventas (VTR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these also have the right combination of elements to report a surprise this quarter.
Ventas, scheduled to report quarterly numbers on April 27, has an Earnings ESP of +0.62% and carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties, slated to release quarterly numbers on April 29, has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
VICI Properties (NYSE:VICI – Get Free Report) and BXP (NYSE:BXP – Get Free Report) are both finance companies, but which is the better investment? We will contrast the two businesses based on the strength of their dividends, profitability, risk, earnings, analyst recommendations, institutional ownership and valuation.
Profitability This table compares VICI Properties and BXP’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets VICI Properties 69.28% 10.02% 6.01% BXP 7.95% 3.59% 1.07% Dividends VICI Properties pays an annual dividend of $1.80 per share and has a dividend yield of 6.3%. BXP pays an annual dividend of $2.80 per share and has a dividend yield of 4.8%. VICI Properties pays out 69.0% of its earnings in the form of a dividend. BXP pays out 160.9% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. VICI Properties has raised its dividend for 4 consecutive years. VICI Properties is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.
Institutional & Insider Ownership 97.7% of VICI Properties shares are held by institutional investors. Comparatively, 98.7% of BXP shares are held by institutional investors. 0.3% of VICI Properties shares are held by company insiders. Comparatively, 1.5% of BXP shares are held by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Volatility and Risk VICI Properties has a beta of 0.7, suggesting that its share price is 30% less volatile than the S&P 500. Comparatively, BXP has a beta of 1.03, suggesting that its share price is 3% more volatile than the S&P 500.
Valuation & Earnings This table compares VICI Properties and BXP”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio VICI Properties $4.01 billion 7.59 $2.78 billion $2.61 10.90 BXP $3.48 billion 2.63 $276.80 million $1.74 33.20 VICI Properties has higher revenue and earnings than BXP. VICI Properties is trading at a lower price-to-earnings ratio than BXP, indicating that it is currently the more affordable of the two stocks.
Analyst Ratings This is a breakdown of current ratings and recommmendations for VICI Properties and BXP, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score VICI Properties 0 6 7 0 2.54 BXP 0 11 10 0 2.48 VICI Properties presently has a consensus target price of $33.42, indicating a potential upside of 17.48%. BXP has a consensus target price of $73.60, indicating a potential upside of 27.40%. Given BXP’s higher possible upside, analysts plainly believe BXP is more favorable than VICI Properties.
Summary VICI Properties beats BXP on 11 of the 17 factors compared between the two stocks.
About VICI Properties (Get Free Report)
VICI Properties Inc. is an S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Bowlero, Cabot, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, and Kalahari Resorts. VICI Properties also owns four championship golf courses and 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators.
About BXP (Get Free Report)
Boston Properties, Inc. (NYSE: BXP) (BXP or the Company) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets – Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP's portfolio totals 53.3 million square feet and 188 properties, including 10 properties under construction/redevelopment. BXP's properties include 167 office properties, 14 retail properties (including two retail properties under construction/redevelopment), six residential properties (including one residential property under construction) and one hotel. BXP is well-known for its inhouse building management expertise and responsiveness to clients' needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a twelfth consecutive GRESB Green Star recognition and the highest GRESB 5-star Rating. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.
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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
BOSTON--(BUSINESS WIRE)--BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the 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.
Boston Properties (BXP - Free Report) came out with quarterly funds from operations (FFO) of $1.59 per share, beating the Zacks Consensus Estimate of $1.58 per share. This compares to FFO of $1.64 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.81%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.8 per share when it actually produced FFO of $1.76, delivering a surprise of -2.22%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Boston Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $818.16 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.10%. This compares to year-ago revenues of $811.1 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Boston Properties shares have lost about 14% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Boston Properties?While Boston Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Boston Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.71 on $810.23 million in revenues for the coming quarter and $6.98 on $3.34 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Douglas Emmett (DEI - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.
This real estate investment trust is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of -10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Douglas Emmett's revenues are expected to be $253.35 million, up 0.7% from the year-ago quarter.
Boston Properties (BXP - Free Report) reported $818.16 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 0.9%. EPS of $1.59 for the same period compares to $0.39 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $801.36 million, representing a surprise of +2.1%. The company delivered an EPS surprise of +0.81%, with the consensus EPS estimate being $1.58.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Boston Properties performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Occupancy % of In-Service Properties: 87.4% compared to the 86.8% average estimate based on two analysts.Revenue- Parking and other (including insurance proceeds): $30.81 million compared to the $32.5 million average estimate based on three analysts. The reported number represents a change of +2.2% year over year.Revenue- Development and management services: $9.21 million compared to the $8.83 million average estimate based on three analysts. The reported number represents a change of -5.8% year over year.Revenue- Hotel: $9.1 million versus the two-analyst average estimate of $9.8 million. The reported number represents a year-over-year change of -5.2%.Revenue- Lease: $818.16 million compared to the $806.74 million average estimate based on two analysts. The reported number represents a change of +0.9% year over year.Net Earnings Per Share (Diluted): $0.64 versus the four-analyst average estimate of $0.33.View all Key Company Metrics for Boston Properties here>>>
Shares of Boston Properties have returned +12% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
BXP remains a 'hold' as balance sheet leverage and the 343 Madison project continue to weigh on valuation. Q1 FFO was $1.59, beating estimates, but margins compressed due to rising operating expenses and ongoing DC market weakness. Occupancy is improving, with a 3% uplift expected in 2024 from leased-to-occupied pipeline, but major lease maturities loom post-2027.
Key Takeaways BXP posted Q1 FFO of $1.59, topping estimates but slipping 3.1% year over year.Boston Properties saw leasing exceed 1.1M sq ft, with occupancy rising to 87.4%.BXP raised its 2026 FFO outlook after asset sales and improved portfolio performance. BXP, Inc. (BXP - Free Report) reported first-quarter 2026 funds from operations (FFO) of $1.59 per share, edging past the Zacks Consensus Estimate of $1.58. Still, FFO per share slipped 3.1% from $1.64 a year ago.
BXP’s quarterly results reflected healthy leasing activity and higher occupancy. Operating execution stood out as the office REIT completed more than 1.1 million square feet of leasing during the quarter. BXP also raised its guidance for 2026 FFO per share.
Lease revenues were $818.16 million, up marginally year over year and ahead of the consensus mark by 2.1%. Total revenues increased marginally from the prior-year quarter to $872.1 million.
BXP’s First Quarter in DetailBoston Properties’ rental revenues (excluding termination income) for the office portfolio came in at $827 million, which rose 1.7% year over year. For the hotel & residential segment, the metric aggregated $12.7 million, indicating a 3.1% decrease year over year. On a consolidated basis, BXP’s rental revenues (excluding termination income) came in at $839.7 million, up 1.6% year over year.
BXP’s share of the same-property net operating income (NOI) on a cash basis (excluding termination income) totaled $445.5 million, down 0.4% year over year.
Its share of EBITDAre (cash basis) for the quarter was $439.2 million,a 3.6% decrease from $455.6 million in the prior-year quarter.
BXP Shows Improving Occupancy, Leased PipelineBXP’s total in-service portfolio occupancy increased 70 basis points from the fourth quarter of 2025 to 87.4%. The leased rate improved 150 basis points sequentially to 90.9%, leaving a 350-basis-point gap between leased and occupied space, or roughly 1.6 million square feet of leases yet to commence.
The company’s CBD portfolio was 89.9% occupied and 93.4% leased, with about 90% of BXP’s share of annualized rental obligations tied to these core urban assets. During the quarter, leasing momentum included bringing 360 Park Avenue South in New York City to 90% leased and 680 Folsom Street in San Francisco to 92% leased.
BXP Executes Dispositions to Recycle CapitalDuring the first quarter, BXP completed sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, and its interests in Gateway Commons in South San Francisco and 7750 Wisconsin Avenue in Bethesda, MD. On BXP’s share basis, these transactions generated aggregate gross proceeds of about $495.7 million and net proceeds of roughly $339.0 million.
Those sales produced $54.7 million of gains on sales of real estate and investments in joint ventures, strengthening balance sheet flexibility. Consistent with the strategic asset sales plan discussed on its September 2025 Investor Day, the company said that it has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including about $180.0 million since its prior earnings call.
BXP’s Quarter-End Financial PositionBXP ended the quarter with $512.8 million of cash and cash equivalents, down from $1.48 billion at the end of 2025, reflecting the timing of capital allocation and transaction activity.
The company reported an annualized BXP’s share net debt-to-EBITDAre ratio of 8.50, up from 7.86 as of Dec. 31, 2025.
Boston Properties Lifts 2026 Guidance After Q1 ExecutionBXP issued second-quarter 2026 FFO guidance of $1.69-$1.71 per diluted share. For full-year 2026, management lifted FFO guidance to $6.90-$7.04 per diluted share, up by $0.01 at the midpoint due to better-than-projected portfolio performance.
BXP’s Zacks RankBXP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Earnings ReleasesWe now look forward to the earnings releases of other REITs like Federal Realty Investment Trust (FRT - Free Report) and OUTFRONT Media (OUT - Free Report) , slated to report on May 1 and May 7, respectively.
The Zacks Consensus Estimate for Federal Realty Investment Trust’s first-quarter 2026 FFO per share stands at $1.82, which indicates 7.1% growth year over year. FRT currently has a Zacks Rank #2 (Buy).
The consensus estimate for OUTFRONT Media’s first-quarter 2026 FFO per share stands at 28 cents, which indicates significant growth year over year. OUT currently has a Zacks Rank #2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, announced today that Owen Thomas – Chairman & CEO; Douglas Linde – President; and Michael LaBelle – Chief Financial Officer, will participate in and present at Nareit’s 2026 REITweek Investor Conference, which will take place June 2-4, 2026 at the New York Hilton Midtown in New York City, New York.
BXP’s presentation is expected to begin at approximately 10:15 AM ET on Tuesday, June 2, 2026, and it will be moderated by Anthony Paolone, Executive Director, J.P. Morgan. During the conference, BXP executives may discuss the current operating environment, trends and strategies; development, redevelopment and other investment activities; and other business and financial matters affecting BXP. A live webcast of this presentation can be accessed by clicking this link or by visiting the Investors section of BXP’s website. Shortly after the presentation, a replay of the webcast will be available in the same location.
About BXP
BXP (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 totaled 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.
Key Takeaways BXP executed 68 leases for 1.1M square feet in Q1 2026, lifting occupancy to 87.4%.BXP generated about $339M of net disposition proceeds, supporting liquidity and capital recycling.BXP's 3.4M-square-foot development pipeline is 61% pre-leased and targets NOI growth. Shares of BXP Inc. (BXP - Free Report) have gained 20.7% over the past three months, outperforming the industry's growth of 4.1%.
BXP’s gateway portfolio of premier workplaces continues to draw tenants that value location, design and amenities, and recent leasing keeps the occupancy outlook constructive as signed deals roll into revenues.
A diverse client base and long lease terms help steady cash flows. Disposition activity is advancing the capital plan and supports liquidity for redevelopment and selective development.
Image Source: Zacks Investment Research
Factors Behind BXP Stock Price Surge: Will the Trend Last?BXP’s focus on premier workplaces in gateway markets can attract tenants that prioritize location, design and amenities. In first-quarter 2026, the company executed 68 leases totaling more than 1.1 million square feet with an 8.7-year weighted-average lease term. Total portfolio occupancy rose 70 basis points (bps) sequentially to 87.4%, while the leased percentage increased 150 bps to 90.9%.
BXP’s tenant roster includes several industry bellwethers, such as Salesforce, Google, Akamai Technologies, Microsoft and Wellington Management. As of March 31, 2026, the top 20 clients represented 29.09% of BXP’s share of annualized rental obligations, with a weighted-average remaining lease term of 8.9 years. This mix of long-duration leases and diversified industry exposure can help stabilize cash flows as tenants resize or relocate.
BXP continues to execute its capital recycling strategy by upgrading portfolio quality in core markets and exiting non-strategic assets. During first-quarter 2026, the company completed sales of residential, land and non-strategic office interests that generated about $339 million of net proceeds and $54.7 million of gains, based on BXP’s share. With several additional assets under contract and more being marketed, ongoing dispositions can help fund strategic priorities while easing leverage over time.
BXP’s development and redevelopment activity remains a key source of long-term external growth. As of first-quarter 2026, the company’s development pipeline includes six office, life science and residential projects underway, totaling 3.4 million square feet and about $3.6 billion in BXP investment, with 61% pre-leased as of April 24, 2026. Per the first-quarter 2026 Investor Presentation, BXP projects the properties under development and redevelopment to add around $300 million to the company’s share of NOI-cash upon stabilization.
BXP maintains investment-grade access and liquidity that support its multi-year business plan. As of March 31, 2026, liquidity was $2.1 billion, consisting of about $0.6 billion of cash and $1.5 billion of revolving credit facility availability. BXP’s share of net debt to EBITDAre (annualized) was 8.50X, and fixed charge coverage was 2.40X as of March 31, 2026. Unsecured senior debt is rated BBB (negative) by S&P and Baa2 (stable) by Moody’s, which supports ongoing access to the debt market.
Key Risks for BXPBXP faces office competition, with concessions and downtime risk if tenants delay. A large multi-year development program needs leasing and capital, and the lower dividend limits yield appeal.
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Cousins Properties (CUZ - Free Report) and Chatham Lodging Trust REIT (CLDT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CUZ’s 2026 FFO per share is pinned at $2.93, up 3.2% year over year.
The consensus estimate for CLDT’s 2026 FFO per share is pegged at $1.28, up 25.5% year over year.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
