We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BXP’s quarterly results reflect better-than-anticipated revenues on healthy leasing activity. However, lower occupancy and higher interest expenses during the quarter marred its year-over-year FFO per share growth. BXP also revised its guidance for 2025 FFO per share.
Quarterly lease revenues were $805.9 million, up 1.9% year over year. The Zacks Consensus Estimate was pegged at $800.9 million. Total revenues increased 2.1% from the prior-year quarter to $868.5 million.
BXP’s Second Quarter in Detail
Boston Properties’ rental revenues (excluding termination income) for the office portfolio came in at $806.7 million, which rose 1% year over year. For the hotel & residential segment, the metric aggregated $27.3 million, indicating a jump of 1% year over year. On a consolidated basis, BXP’s rental revenues (excluding termination income) came in at $834 million, up 1% year over year.
BXP’s share of the same-property net operating income (NOI) on a cash basis (excluding termination income) totaled $467.9 million, which increased 1.7% from the prior-year quarter.
Its share of EBITDAre (on a cash basis), as of June 30, 2025, was $461.8 million, down marginally from $466.2 million as of June 30, 2024.
BXP’s in-service properties occupancy decreased 50 basis points sequentially to 86.4% due to the lease expiration of 360,000 square feet in the Boston region. We estimated the metric to be 86.5%.
However, interest expenses climbed 8.8% to $162.8 million year over year. We estimated the metric to grow 9.4%.
BXP’s Portfolio Activity
During the second quarter, the company executed 91 leases spanning more than 1.1 million square feet, with a weighted average lease term of 9.4 years.
To maximize the value of its land holdings, in the second quarter of 2025, BXP started redevelopment of 17 Hartwell Avenue into a fully entitled, 312-unit residential project in Lexington, MA, with its investor, Northwestern Mutual. The project is expected to be completed in mid-2027.
Balance Sheet Position of BXP
Boston Properties exited the second quarter of 2025 with cash and cash equivalents of $447 million, up from $398.1 million as of March 31, 2025.
BXP’s share of net debt to EBITDAre, annualized, was 8.18 as of June 30, 2025, down from 8.33 as of March 31, 2025.
2025 Guidance Revision by BXP
Boston Properties projects FFO per share for the third quarter of 2025 to be between $1.69 and $1.71.
For 2025, BXP has revised its guidance for FFO per share, which is now expected in the band of $6.84-$6.92, up from the earlier guided range of $6.80-$6.92. The Zacks Consensus Estimate is currently pegged at $6.86, within the guided range.
BXP estimates the change in its share of the same-property NOI on a cash basis (excluding termination income) to be between 1.00% and 1.50% for 2025.
We now look forward to the earnings releases of other REITs like Cousins Properties (CUZ - Free Report) and Vornado Realty Trust (VNO - Free Report) , slated to report on July 31 and Aug. 4, respectively.
The Zacks Consensus Estimate for Cousins Properties’ second-quarter 2025 FFO per share stands at 70 cents, which indicates 2.9% growth year over year. CUZ currently has a Zacks Rank #3.
The Zacks Consensus Estimate for Vornado Realty Trust’s second-quarter 2025 FFO per share is pegged at 53 cents, which implies a 7.0% year-over-year decrease. VNO currently carries a Zacks Rank #3.
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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Boston Properties Q2 Revenues & FFO Beat Estimates, '25 Views Raised
Key Takeaways
Boston Properties Inc.’s (BXP - Free Report) second-quarter 2025 funds from operations (FFO) per share of $1.71 surpassed the Zacks Consensus Estimate of $1.67. However, the reported figure fell 3.4% year over year.
BXP’s quarterly results reflect better-than-anticipated revenues on healthy leasing activity. However, lower occupancy and higher interest expenses during the quarter marred its year-over-year FFO per share growth. BXP also revised its guidance for 2025 FFO per share.
Quarterly lease revenues were $805.9 million, up 1.9% year over year. The Zacks Consensus Estimate was pegged at $800.9 million. Total revenues increased 2.1% from the prior-year quarter to $868.5 million.
BXP’s Second Quarter in Detail
Boston Properties’ rental revenues (excluding termination income) for the office portfolio came in at $806.7 million, which rose 1% year over year. For the hotel & residential segment, the metric aggregated $27.3 million, indicating a jump of 1% year over year. On a consolidated basis, BXP’s rental revenues (excluding termination income) came in at $834 million, up 1% year over year.
BXP’s share of the same-property net operating income (NOI) on a cash basis (excluding termination income) totaled $467.9 million, which increased 1.7% from the prior-year quarter.
Its share of EBITDAre (on a cash basis), as of June 30, 2025, was $461.8 million, down marginally from $466.2 million as of June 30, 2024.
BXP’s in-service properties occupancy decreased 50 basis points sequentially to 86.4% due to the lease expiration of 360,000 square feet in the Boston region. We estimated the metric to be 86.5%.
However, interest expenses climbed 8.8% to $162.8 million year over year. We estimated the metric to grow 9.4%.
BXP’s Portfolio Activity
During the second quarter, the company executed 91 leases spanning more than 1.1 million square feet, with a weighted average lease term of 9.4 years.
To maximize the value of its land holdings, in the second quarter of 2025, BXP started redevelopment of 17 Hartwell Avenue into a fully entitled, 312-unit residential project in Lexington, MA, with its investor, Northwestern Mutual. The project is expected to be completed in mid-2027.
Balance Sheet Position of BXP
Boston Properties exited the second quarter of 2025 with cash and cash equivalents of $447 million, up from $398.1 million as of March 31, 2025.
BXP’s share of net debt to EBITDAre, annualized, was 8.18 as of June 30, 2025, down from 8.33 as of March 31, 2025.
2025 Guidance Revision by BXP
Boston Properties projects FFO per share for the third quarter of 2025 to be between $1.69 and $1.71.
For 2025, BXP has revised its guidance for FFO per share, which is now expected in the band of $6.84-$6.92, up from the earlier guided range of $6.80-$6.92. The Zacks Consensus Estimate is currently pegged at $6.86, within the guided range.
BXP estimates the change in its share of the same-property NOI on a cash basis (excluding termination income) to be between 1.00% and 1.50% for 2025.
BXP’s Zacks Rank
Boston Properties currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BXP, Inc. Price, Consensus and EPS Surprise
BXP, Inc. price-consensus-eps-surprise-chart | BXP, Inc. Quote
Upcoming Earnings Releases
We now look forward to the earnings releases of other REITs like Cousins Properties (CUZ - Free Report) and Vornado Realty Trust (VNO - Free Report) , slated to report on July 31 and Aug. 4, respectively.
The Zacks Consensus Estimate for Cousins Properties’ second-quarter 2025 FFO per share stands at 70 cents, which indicates 2.9% growth year over year. CUZ currently has a Zacks Rank #3.
The Zacks Consensus Estimate for Vornado Realty Trust’s second-quarter 2025 FFO per share is pegged at 53 cents, which implies a 7.0% year-over-year decrease. VNO currently carries a Zacks Rank #3.
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.