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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 Detail
Boston 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 Pipeline
BXP’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 Capital
During 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 Position
BXP 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 Execution
BXP 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.
We 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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BXP Q1 FFO & Revenues Top on Occupancy Gains, '26 View Raised
Key Takeaways
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 Detail
Boston 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 Pipeline
BXP’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 Capital
During 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 Position
BXP 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 Execution
BXP 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 Rank
BXP 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 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.