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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.8% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Boston Properties (BXP - Free Report) BXP, Inc. is a fully integrated real estate company organized as an REIT. The company develops, owns and manages premier workplaces in the United States and is concentrated in six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.

BXP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 9.4; value investors should take notice.

Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.04 to $6.99 per share. BXP boasts an average earnings surprise of +0.9%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, BXP should be on investors' short list.

Bank of New York Mellon Corp purchased a new position in BXP, Inc. (NYSE:BXP – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 961,680 shares of the real estate investment trust’s stock, valued at approximately $63,769,000. Bank of New York Mellon Corp owned about 0.60% of BXP at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BXP. Elyxium Wealth LLC purchased a new position in BXP in the fourth quarter worth about $25,000. MUFG Securities EMEA plc bought a new position in shares of BXP in the 2nd quarter worth approximately $29,000. Clearstead Advisors LLC lifted its stake in shares of BXP by 109.4% in the 4th quarter. Clearstead Advisors LLC now owns 513 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 268 shares during the period. State of Wyoming boosted its holdings in shares of BXP by 45.5% in the fourth quarter. State of Wyoming now owns 617 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 193 shares during the last quarter. Finally, Eastern Bank boosted its holdings in shares of BXP by 108.7% in the second quarter. Eastern Bank now owns 651 shares of the real estate investment trust’s stock worth $43,000 after buying an additional 339 shares during the last quarter. Institutional investors own 98.72% of the company’s stock.

Wall Street Analyst Weigh In A number of brokerages have commented on BXP. Citigroup upped their target price on shares of BXP from $58.00 to $69.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Weiss Ratings upgraded BXP from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price target on BXP from $79.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday. Wall Street Zen upgraded BXP from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Mizuho raised their price objective on BXP from $62.00 to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Eleven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.68.

Check Out Our Latest Stock Analysis on BXP BXP Stock Performance NYSE BXP opened at $70.42 on Thursday. The business has a 50-day moving average price of $68.24 and a 200-day moving average price of $61.59. The firm has a market cap of $11.24 billion, a price-to-earnings ratio of 37.86, a price-to-earnings-growth ratio of 2.69 and a beta of 1.01. BXP, Inc. has a twelve month low of $49.72 and a twelve month high of $79.33. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 2.07.

BXP (NYSE:BXP – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.03. The business had revenue of $895.70 million during the quarter, compared to the consensus estimate of $858.07 million. BXP had a return on equity of 3.88% and a net margin of 8.44%.The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.71 EPS. BXP has set its FY 2026 guidance at 6.990-7.050 EPS and its Q3 2026 guidance at 1.800-1.820 EPS. As a group, equities research analysts predict that BXP, Inc. will post 7.03 EPS for the current fiscal year.

BXP Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date was Tuesday, June 30th. BXP’s payout ratio is currently 150.54%.

Insider Buying and Selling In other news, CFO Michael E. Labelle sold 26,113 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $66.35, for a total transaction of $1,732,597.55. Following the completion of the transaction, the chief financial officer owned 5,839 shares in the company, valued at $387,417.65. This trade represents a 81.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by insiders.

About BXP (Free Report)

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.

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BXP, Inc. (NYSE:BXP – Get Free Report) has earned an average rating of “Moderate Buy” from the twenty brokerages that are presently covering the company, Marketbeat reports. Nine research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $74.5789.

A number of research firms recently issued reports on BXP. Truist Financial dropped their target price on shares of BXP from $70.00 to $64.00 and set a “hold” rating for the company in a research report on Tuesday, May 26th. Citigroup increased their price objective on shares of BXP from $58.00 to $69.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of BXP from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of BXP in a research report on Wednesday, August 12th. Finally, Evercore set a $68.00 price objective on BXP in a research report on Monday, July 6th.

View Our Latest Analysis on BXP

Insider Transactions at BXP In other news, CFO Michael E. Labelle sold 26,113 shares of BXP stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $66.35, for a total transaction of $1,732,597.55. Following the sale, the chief financial officer owned 5,839 shares in the company, valued at $387,417.65. This trade represents a 81.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is owned by company insiders. Institutional Trading of BXP Hedge funds and other institutional investors have recently modified their holdings of the business. Rehmann Capital Advisory Group grew its stake in shares of BXP by 4.3% in the 2nd quarter. Rehmann Capital Advisory Group now owns 4,280 shares of the real estate investment trust’s stock valued at $284,000 after purchasing an additional 175 shares during the period. Keybank National Association OH lifted its position in shares of BXP by 5.4% during the 4th quarter. Keybank National Association OH now owns 3,578 shares of the real estate investment trust’s stock worth $241,000 after buying an additional 183 shares during the period. State of Wyoming lifted its position in shares of BXP by 45.5% during the 4th quarter. State of Wyoming now owns 617 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 193 shares during the period. Minot DeBlois Advisors LLC boosted its stake in BXP by 2.5% in the 4th quarter. Minot DeBlois Advisors LLC now owns 7,902 shares of the real estate investment trust’s stock valued at $533,000 after buying an additional 196 shares in the last quarter. Finally, Rexford Capital Inc. boosted its stake in BXP by 11.9% in the 4th quarter. Rexford Capital Inc. now owns 1,876 shares of the real estate investment trust’s stock valued at $127,000 after buying an additional 200 shares in the last quarter. 98.72% of the stock is owned by hedge funds and other institutional investors.

BXP Stock Up 1.0% Shares of NYSE BXP opened at $67.86 on Friday. The stock has a market capitalization of $10.83 billion, a PE ratio of 36.48, a P/E/G ratio of 2.51 and a beta of 1.01. The company has a quick ratio of 3.91, a current ratio of 3.91 and a debt-to-equity ratio of 2.07. The firm has a fifty day moving average of $67.85 and a 200-day moving average of $61.40. BXP has a 52-week low of $49.72 and a 52-week high of $79.33.

BXP (NYSE:BXP – Get Free Report) last issued its earnings results on Tuesday, July 28th. The real estate investment trust reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. The firm had revenue of $895.70 million for the quarter, compared to analysts’ expectations of $858.07 million. BXP had a return on equity of 3.88% and a net margin of 8.44%.The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.71 earnings per share. BXP has set its FY 2026 guidance at 6.990-7.050 EPS and its Q3 2026 guidance at 1.800-1.820 EPS. On average, analysts anticipate that BXP will post 7.03 EPS for the current year.

BXP Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $2.80 annualized dividend and a yield of 4.1%. BXP’s payout ratio is 150.54%.

BXP Company Profile (Get Free Report)

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.

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Key Takeaways BXP's second-quarter leasing gains lifted occupancy to 88.4%, with 1.3 million square feet yet to commence.BXP trades at 9.3X forward earnings, below its sub-industry, sector, S&P 500 and five-year median.BXP faces uneven rent economics, $3.2 billion in development investment and potential refinancing costs. BXP, Inc. (BXP - Free Report) is benefiting from better leasing and rising occupancy, while its valuation remains modest relative to broader benchmarks. Those positives improve the setup for the office REIT.

The counterweight is a still-demanding risk profile. Uneven rent spreads, sizable development commitments and potentially higher refinancing costs could limit the near-term payoff from stronger occupancy.

BXP's Leasing Gains Improve the Fundamental SetupBXP executed 106 leases covering about 1.8 million square feet in the second quarter, equal to 129% of its 10-year second-quarter average. Portfolio occupancy rose to 88.4%, while the leased rate reached 91.3%.

The 290-basis-point gap between leased and occupied space represented about 1.3 million square feet of signed leases yet to commence. Management expects year-end 2026 occupancy to finish closer to 90% and continues to target 91% by year-end 2027.

BXP's Valuation Offers a Discounted Entry PointBXP trades at 9.3X forward 12-month earnings per share, below 16.4X for its sub-industry, 17.0X for the broader sector and 20.5X for the S&P 500. Its multiple also sits below its five-year median of 9.8X, providing some valuation support.

Investors comparing office REITs may also consider SL Green Realty Corp. (SLG - Free Report) , which focuses primarily on Manhattan commercial properties. Kilroy Realty Corporation (KRC - Free Report) owns and operates Class A office and life science properties across major West Coast markets and Austin, providing another reference point for office-sector conditions.

Shares of BXP have risen 13.4% over the past three months, which underperformed SLG, but outperformed KRC.

Image Source: Zacks Investment Research

BXP Still Faces Uneven Rent EconomicsSecond-generation net rents increased 1.6% portfolio-wide in the second quarter. The picture was weaker in several markets, with net rents down 17.8% in San Francisco, 20.1% in Seattle and 10.2% in Washington, DC.

New leases generally include six to 12 months of free rent. That concession delays part of the cash net operating income benefit from improving occupancy into 2027, leaving near-term cash-flow gains uneven.

BXP's Development Upside Comes With Execution RiskBXP's active development and redevelopment pipeline spans about 3.5 million square feet and represents $3.2 billion of company investment, with $2.1 billion still to be spent. The office portion was 65% leased.

The pipeline and recently delivered assets are projected to contribute about $310 million of BXP's share of cash net operating income upon stabilization. The potential is meaningful, but construction, funding and lease-up milestones still have to be met.

BXP's Debt Reset Could Temper FFO GrowthBXP's share of net debt to annualized EBITDAre, a REIT leverage measure, improved to 7.94X from 8.50X sequentially, while fixed-charge coverage rose to 2.62X from 2.40X. Those changes point to better balance-sheet metrics.

Still, a $1 billion unsecured bond carrying a 3.5% GAAP interest rate matures in October 2026. Management said replacement debt could price around 6% under then-current conditions, so refinancing may absorb part of the benefit from occupancy and development gains and temper funds from operations growth.

BXP's Mixed Scores Support PatienceBXP's operating trends are improving and its valuation is modest, but the risk-reward picture remains balanced. For investors deciding whether to buy now, the combination of better leasing, uneven rent economics, development spending and refinancing exposure supports a patient stance.

The stock currently carries a Zacks Rank #3 (Hold). It also has a VGM Score of B, Value Score of B and Momentum Score of B, while its Growth Score is D. The B scores are favorable within those styles, but the #3 Rank and weaker Growth Score stop short of the stronger combination generally associated with a more aggressive buy case. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

BXP, Inc. remains a Buy as premier assets drive occupancy gains and FFO growth, with FY2026 FFO guidance raised to $6.99-$7.05 per share. Q2 2026 saw occupancy rise to 88.4%, leasing activity at 1.8 million square feet, and FFO beat guidance, though not yet establishing a new run rate. BXP's development pipeline—highlighted by 290 Binney, Reservoir Place, and 343 Madison—supports future NOI growth, funded by strategic asset sales reducing leverage.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Boston Properties (BXP - Free Report) BXP, Inc. is a fully integrated real estate company organized as an REIT. The company develops, owns and manages premier workplaces in the United States and is concentrated in six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.

BXP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 10; value investors should take notice.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.02 to $6.97 per share. BXP also boasts an average earnings surprise of +0.9%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, BXP should be on investors' short list.

Posted by Defense World Staff on Aug 4th, 2026

California State Teachers Retirement System lessened its position in shares of BXP, Inc. (NYSE:BXP – Free Report) by 24.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 177,521 shares of the real estate investment trust’s stock after selling 57,483 shares during the period. California State Teachers Retirement System owned approximately 0.11% of BXP worth $9,213,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of BXP in the 4th quarter valued at $689,419,000. Cohen & Steers Inc. boosted its stake in BXP by 41.4% in the fourth quarter. Cohen & Steers Inc. now owns 15,382,890 shares of the real estate investment trust’s stock valued at $1,038,176,000 after buying an additional 4,503,738 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in BXP by 32,286.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,889,115 shares of the real estate investment trust’s stock valued at $127,477,000 after buying an additional 1,883,282 shares in the last quarter. Invesco Ltd. boosted its stake in BXP by 44.9% in the third quarter. Invesco Ltd. now owns 3,896,978 shares of the real estate investment trust’s stock valued at $289,701,000 after buying an additional 1,207,607 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its position in BXP by 52.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 3,065,995 shares of the real estate investment trust’s stock valued at $206,893,000 after acquiring an additional 1,053,938 shares during the last quarter. 98.72% of the stock is owned by institutional investors.

Analyst Ratings Changes A number of research firms have recently weighed in on BXP. Mizuho raised their price target on shares of BXP from $62.00 to $68.00 and gave the company a “neutral” rating in a research note on Tuesday, July 21st. BMO Capital Markets reissued an “outperform” rating and issued a $68.00 price objective on shares of BXP in a research note on Tuesday, June 2nd. Evercore set a $68.00 target price on shares of BXP in a research report on Monday, July 6th. Wells Fargo & Company upped their price target on shares of BXP from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Finally, Cantor Fitzgerald dropped their price target on BXP from $79.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, May 15th. Eleven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, BXP presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.11.

Check Out Our Latest Stock Analysis on BXP

BXP Price Performance Shares of NYSE:BXP opened at $70.62 on Tuesday. The company has a debt-to-equity ratio of 2.07, a quick ratio of 4.22 and a current ratio of 3.91. BXP, Inc. has a 52 week low of $49.72 and a 52 week high of $79.33. The firm has a market cap of $11.26 billion, a PE ratio of 37.97, a price-to-earnings-growth ratio of 3.01 and a beta of 1.01. The firm’s fifty day moving average is $66.30 and its 200-day moving average is $61.17.

BXP (NYSE:BXP – Get Free Report) last announced its earnings results on Tuesday, July 28th. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.03. BXP had a return on equity of 3.88% and a net margin of 8.44%.The business had revenue of $895.70 million during the quarter, compared to analyst estimates of $858.07 million. During the same period last year, the company earned $1.71 EPS. BXP’s revenue for the quarter was up 3.1% compared to the same quarter last year. BXP has set its FY 2026 guidance at 6.990-7.050 EPS and its Q3 2026 guidance at 1.800-1.820 EPS. Sell-side analysts predict that BXP, Inc. will post 7 earnings per share for the current year.

BXP Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th were given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Tuesday, June 30th. BXP’s dividend payout ratio is currently 150.54%.

Insider Buying and Selling at BXP In related news, SVP Eric G. Kevorkian sold 2,000 shares of BXP stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $59.85, for a total transaction of $119,700.00. Following the completion of the transaction, the senior vice president owned 311 shares of the company’s stock, valued at $18,613.35. This trade represents a 86.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter V. Otteni sold 4,863 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $59.06, for a total transaction of $287,208.78. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 33,176 shares of company stock valued at $2,151,552. 1.50% of the stock is currently owned by company insiders.

BXP Company Profile (Free Report)

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.

Further Reading Five stocks we like better than BXP SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Why Rare Earth Processing Could Be the Real 2027 Opportunity The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks? Want to see what other hedge funds are holding BXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BXP, Inc. (NYSE:BXP – Free Report).

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Posted by Defense World Staff on Jul 30th, 2026

Allspring Global Investments Holdings LLC decreased its holdings in BXP, Inc. (NYSE:BXP – Free Report) by 99.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,411 shares of the real estate investment trust’s stock after selling 2,061,746 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in BXP were worth $378,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in BXP. Norges Bank purchased a new position in BXP in the 4th quarter valued at approximately $689,419,000. Cohen & Steers Inc. increased its holdings in BXP by 41.4% during the 4th quarter. Cohen & Steers Inc. now owns 15,382,890 shares of the real estate investment trust’s stock worth $1,038,176,000 after purchasing an additional 4,503,738 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in BXP by 32,286.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,889,115 shares of the real estate investment trust’s stock valued at $127,477,000 after purchasing an additional 1,883,282 shares in the last quarter. Invesco Ltd. raised its position in BXP by 44.9% in the 3rd quarter. Invesco Ltd. now owns 3,896,978 shares of the real estate investment trust’s stock valued at $289,701,000 after purchasing an additional 1,207,607 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of BXP by 52.4% in the 4th quarter. Daiwa Securities Group Inc. now owns 3,065,995 shares of the real estate investment trust’s stock valued at $206,893,000 after buying an additional 1,053,938 shares during the period. 98.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of BXP from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Scotiabank lifted their price target on shares of BXP from $70.00 to $74.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 21st. LADENBURG THALM/SH SH boosted their price target on shares of BXP from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Citigroup dropped their price objective on shares of BXP from $68.00 to $58.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 15th. Finally, Truist Financial reduced their price objective on shares of BXP from $70.00 to $64.00 and set a “hold” rating on the stock in a report on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.11.

Read Our Latest Report on BXP

BXP Stock Up 4.2% BXP stock opened at $72.91 on Thursday. BXP, Inc. has a fifty-two week low of $49.72 and a fifty-two week high of $79.33. The company has a debt-to-equity ratio of 2.07, a quick ratio of 4.22 and a current ratio of 4.22. The company has a market capitalization of $11.63 billion, a P/E ratio of 39.20, a PEG ratio of 3.02 and a beta of 1.01. The stock has a 50-day simple moving average of $65.67 and a 200-day simple moving average of $61.09.

BXP (NYSE:BXP – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The real estate investment trust reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. BXP had a return on equity of 3.89% and a net margin of 8.44%.The firm had revenue of $895.70 million for the quarter, compared to the consensus estimate of $858.07 million. During the same quarter last year, the business posted $1.71 EPS. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. BXP has set its FY 2026 guidance at 6.990-7.050 EPS and its Q3 2026 guidance at 1.800-1.820 EPS. Equities research analysts expect that BXP, Inc. will post 6.96 earnings per share for the current year.

BXP Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be paid a $0.70 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.80 dividend on an annualized basis and a yield of 3.8%. BXP’s payout ratio is currently 140.70%.

Key Headlines Impacting BXP Here are the key news stories impacting BXP this week:

Positive Sentiment: Q2 results beat expectations: BXP reported revenue of $895.7 million, up 3.1% year over year and above the $858.1 million consensus estimate. Reported EPS was $0.43, ahead of the $0.40 estimate, while funds from operations (FFO) reached $1.78 per share versus the $1.71 consensus. BXP Announces Second Quarter 2026 Results Positive Sentiment: Leasing and occupancy improved: Second-quarter leasing totaled approximately 1.76 million square feet. In-service occupancy rose about 100 basis points to 88.4%, while the leased rate reached 91.3%, supporting expectations for stronger portfolio net operating income. BXP Q2 FFO and Revenues Beat Estimates Positive Sentiment: 2026 outlook was raised: Management set full-year 2026 FFO guidance at $6.99-$7.05 per share, above the prior consensus of approximately $6.95. The outlook reflects stronger portfolio NOI, faster lease commencements, lower expenses, and higher fee income. Third-quarter guidance of $1.80-$1.82 was broadly in line with expectations. Positive Sentiment: Financing supports development liquidity: BXP secured a $1.2 billion construction loan for 343 Madison Avenue, providing funding for a major project and signaling continued access to capital. BXP Secures $1.2 Billion Construction Loan Neutral Sentiment: Institutional positioning was mixed: Some investors, including First Eagle and Cohen & Steers, added substantially to their holdings, while Boston Partners, Allspring, BlackRock, and Voya reduced positions. Negative Sentiment: Leverage remains a longer-term risk: Analysts cited net debt-to-EBITDA of roughly 7.9x and refinancing headwinds, which could limit upside if interest rates remain elevated. BXP Solid Q2, But Long-Term Debt Concerns Limit Upside Negative Sentiment: Insider activity was unfavorable: Executives made eight open-market sales and no purchases during the past six months, a potential signal of limited insider conviction, although such transactions may also reflect routine diversification or compensation-related activity. Insider Buying and Selling at BXP In other news, EVP Peter V. Otteni sold 4,863 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $59.06, for a total value of $287,208.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael E. Labelle sold 26,113 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $66.35, for a total transaction of $1,732,597.55. Following the sale, the chief financial officer owned 5,839 shares of the company’s stock, valued at $387,417.65. This trade represents a 81.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 33,176 shares of company stock worth $2,151,552. 1.50% of the stock is owned by company insiders.

BXP Company Profile (Free Report)

Boston Properties, Inc (NYSE: BXP) is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company’s portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.

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5 top office REITs to buy nowBXP NYSE: BXP reported second-quarter results that exceeded its guidance and consensus expectations, citing stronger leasing, rising occupancy and better-than-expected portfolio net operating income. The office landlord raised the midpoint of its full-year 2026 funds from operations guidance by $0.05 per share to a range of $6.99 to $7.05 per share.

Chairman and Chief Executive Officer Owen Thomas said FFO totaled $1.78 per share for the quarter, exceeding both the midpoint of guidance and consensus estimates by $0.08 per share. Chief Financial Officer Mike LaBelle said nearly all of the outperformance reflected stronger portfolio NOI, including higher rental and service revenue as well as lower operating expenses.

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Leasing Drives Occupancy Gains Are Dividend-Paying Office REITs Finally Staging A Comeback?BXP completed nearly 1.8 million square feet of leasing during the second quarter, 29% above its 10-year historical second-quarter average, Thomas said. The company has leased more than 3 million square feet year to date.

Portfolio occupancy rose to 88.4% as of June 30, from 87.4% at the end of the first quarter and 86.7% at the end of 2025. President Doug Linde said the company has achieved 170 basis points of the 200-basis-point occupancy increase it had originally expected for 2026.

BXP raised its forecast for average 2026 occupancy by 65 basis points to 88.9% and now expects to finish the year closer to 90% occupied. The company began the third quarter with approximately 1.3 million square feet of signed-but-not-occupied space, including 1.1 million square feet expected to commence during 2026.

Linde said BXP continues to target 91% occupancy by year-end 2027. He added that the company could ultimately reach occupancy in the 94% to 95% range, though he said BXP was not yet changing its 2027 target.

The company said demand has strengthened across technology, artificial intelligence, defense and cybersecurity, financial services and professional services. Thomas said AI has supported leasing both directly from AI companies and indirectly from businesses displaced by AI tenants or serving the AI sector.

BXP signed a 320,000-square-foot long-term lease with Boston Dynamics at Reservoir Place in Waltham, Massachusetts, for an advanced robotics and AI center. At 343 Madison Avenue in New York, BXP signed a 148,000-square-foot lease with McDermott Will & Emery, while Starr expanded by two floors. The project was 50% leased at quarter-end. At 360 Park Avenue South in New York, BXP said it was in lease negotiations for the final available floor, which would bring the building to full occupancy. In San Francisco, the company reported leasing activity at 680 Folsom, 50 Hawthorne, 535 Mission and Embarcadero Center, with AI-related demand contributing to market momentum. Guidance Increase Reflects Higher NOI Expectations LaBelle said the company’s second-quarter revenue exceeded expectations by $0.04 per share, including $0.03 per share of higher rental revenue and $0.01 per share of higher service income. The earlier-than-anticipated occupancy contributed to the revenue increase, though LaBelle said he did not expect that lift to compound into future projections.

BXP also generated $0.04 per share of outperformance from lower portfolio operating expenses. About half resulted from lower repairs and maintenance costs that are expected to be deferred into the second half of the year, while other benefits came from lower utility costs and real estate tax abatements.

The revised full-year FFO guidance incorporates a $0.06-per-share increase from expected portfolio NOI growth, $0.03 per share from lower net interest expense and $0.01 per share from higher fee income. Those gains are partly offset by a $0.05-per-share reduction from NOI lost through asset sales.

BXP increased its expected share of same-property NOI growth for 2026 by 30 basis points to a range of 1.8% to 2.6%. Cash same-property NOI guidance was unchanged because recently commenced leases typically include free-rent periods, LaBelle said. He said the cash benefits from this leasing activity should become more visible in 2027.

Asset Sales and Financing Progress BXP has raised $370 million in net sale proceeds so far in 2026 and more than $1.2 billion since its investor day, according to Thomas. The company has six assets under contract for sale that are expected to generate approximately $240 million in net proceeds, with $180 million scheduled to close in 2026.

Thomas said BXP could generate up to an additional $500 million of sale proceeds this year, potentially bringing total net proceeds to $1.7 billion by year-end. The company’s stated objective is to generate $1.9 billion in aggregate net sale proceeds through 2028 from land, residential and non-strategic office assets.

LaBelle said the company may use available cash to reduce by as much as $300 million the refinancing need for a $1 billion unsecured bond due in October. The maturing bond has a 3.5% GAAP interest rate; a new 10-year bond issued at current market rates would likely price near 6%, he said.

The company also closed a $1.2 billion, five-year construction loan for 343 Madison Avenue. The loan funds approximately 60% of development costs and is priced at SOFR plus 250 basis points, declining to SOFR plus 225 basis points upon achievement of project milestones. Interest will be capitalized into the project until its anticipated completion in 2029.

Development Pipeline Remains Active During the quarter, BXP delivered 290 Binney Street, a 570,000-square-foot lab building in East Cambridge that is fully leased to AstraZeneca. Thomas said the project was delivered $20 million below budget and two months ahead of schedule. BXP’s $488 million investment is expected to generate an 8.9% unleveraged cash return and a 10.3% GAAP return.

The company also launched the World Gate multifamily project in Herndon, Virginia, consisting of 359 residential units. BXP said the $132 million project has a financial partner providing 80% of the equity and construction financing.

BXP’s active development pipeline comprises seven office and residential projects totaling 3.5 million square feet and $3.2 billion of BXP investment. Thomas said the company expects development to provide longer-term external growth, with office development pursued selectively and multifamily development pursued more actively with equity partners.

About BXP (NYSE:BXP)Boston Properties, Inc NYSE: BXP is a publicly traded real estate investment trust (REIT) specializing in the ownership, management, and development of Class A office properties across major U.S. markets. Headquartered in Boston, Massachusetts, the company's portfolio comprises high-quality office buildings, mixed-use developments and select retail assets designed to serve leading corporations in key metropolitan areas.

Established in 1970 by Mortimer B. Zuckerman, Boston Properties has grown through disciplined acquisitions and strategic ground-up developments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Boston Properties (BXP - Free Report) came out with quarterly funds from operations (FFO) of $1.78 per share, beating the Zacks Consensus Estimate of $1.71 per share. This compares to FFO of $1.71 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +4.09%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.58 per share when it actually produced FFO of $1.59, delivering a surprise of +0.63%.

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 $831.68 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.36%. This compares to year-ago revenues of $805.93 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 added about 2.6% since the beginning of the year versus the S&P 500's gain of 8.3%.

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 $1.82 on $825.91 million in revenues for the coming quarter and $6.96 on $3.36 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 23% 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.

Another stock from the same industry, SmartStop (SMA - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This real estate investment trust with a focus on self-storage facilities is expected to post quarterly earnings of $0.49 per share in its upcoming report, which represents a year-over-year change of +16.7%. The consensus EPS estimate for the quarter has been revised 1.3% lower over the last 30 days to the current level.

SmartStop's revenues are expected to be $77.04 million, up 15.3% from the year-ago quarter.

Boston Properties (BXP - Free Report) reported $831.68 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 3.2%. EPS of $1.78 for the same period compares to $0.56 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $812.49 million, representing a surprise of +2.36%. The company delivered an EPS surprise of +4.09%, with the consensus EPS estimate being $1.71.

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.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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: 88.4% versus the three-analyst average estimate of 88%.Revenue- Parking and other (including insurance proceeds): $36.49 million compared to the $33.41 million average estimate based on two analysts. The reported number represents a change of +4.8% year over year.Revenue- Hotel: $14.9 million versus the two-analyst average estimate of $14.89 million. The reported number represents a year-over-year change of +0.9%.Revenue- Development and management services: $7.63 million versus $8.73 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -13.7% change.Net Earnings Per Share (Diluted): $0.43 compared to the $0.46 average estimate based on three analysts.View all Key Company Metrics for Boston Properties here>>>

Shares of Boston Properties have returned +3.2% over the past month versus the Zacks S&P 500 composite's +1.7% 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.

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 has closed a $1.2 billion construction loan for the development of 343 Madison Avenue, a planned 46-story, approximately 930,000-square-foot premier workplace tower in Midtown Manhattan with direct access to Grand Central Terminal's Madison Concourse. The financing represents a significant milestone in the capitalization of.

BXP benefits from solid leasing, asset sales, redevelopment projects and ample liquidity, though office market competition and execution risks persist.

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.

Image: Bigstock

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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.

Published in finance reit

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.

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.

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.

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.

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 %

More News From BXP, Inc.

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.

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.

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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.

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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.