BXP delivered FFO of $1.74 per share, beating guidance by $0.04, and raised full-year 2025 FFO guidance to $6.89–$6.92 per share.
BXP leased 1.5 million sq ft in Q3 (+39% YoY) and YTD 3.8 million sq ft (+14% YoY), with same-store occupancy up to 86.6%.
Disposition program reached 23 transactions closed or underway for ~$1.25 billion in net proceeds, including $57 million from four land sales.
Capital markets activity includes $1 billion of 5-year exchangeable notes at a 2% coupon (2.5% GAAP) and refinancing a $465 million mortgage at 5.73%.
Development pipeline comprises 3.5 million sq ft under way with $3.7 billion of BXP investment, plus multifamily and office deliveries.

Oct 29, 2025, 2:00 PM

Transcript

Boston Properties reports Q3 2025 results

BXP

Earnings

Guidance Update

Debt Issuance

Q3 FFO of $1.74 per share, beating guidance by $0.04 and consensus by $0.02; full-year 2025 FFO guidance raised to $6.89–$6.92 (+$0.03 midpoint)
Completed 1.5 M sq ft of Q3 leasing (+39% YoY) and 3.8 M sq ft YTD (+14%); same-store occupancy rose 20 bps to 86.6%, with year-end 2025 and 2026 occupancy projected at 86.2% and 88.3%
Disposition program includes 23 transactions closed or underway for $1.25 B net proceeds; 2025 sales expected of $500 M–$700 M; recorded $212 M of impairments, with net gains of ~$300 M anticipated
Strengthened capital structure with $1 B of five-year exchangeable notes at 2% coupon (GAAP yield 2.5%) and a $465 M CMBS refinancing at 5.73%, lowering financing costs

Oct 29, 2025, 2:00 PM

Transcript

Boston Properties reports strong Q3 2025 results and raises full-year guidance

BXP

Earnings

Guidance Update

Debt Issuance

Q3 FFO of $1.74 per share beat the midpoint of guidance by $0.04; full-year 2025 FFO guidance raised to $6.89–$6.92 per share (up $0.03 at midpoint)
Leased 1.5 million sq ft in Q3 (39% above Q3 2024) and 3.8 million sq ft YTD, driving same-store occupancy up 20 bps to 86.6% sequentially
Progress on strategic disposals: 4 land assets closed for $57 million, 9 assets under contract for ~$400 million, plus 10 assets in market for $750–$800 million, totaling ~$1.25 billion of transactions
Accessed capital markets with $1 billion of five-year exchangeable notes at 2% coupon (2.5% GAAP) and a $465 million CMBS mortgage at 5.73%, refinancing higher-cost debt
Advancing new developments: delivery of 290 Benny Street in mid-2026 and progress on 343 Madison Avenue, targeting a 30–50% equity partner to optimize returns

Oct 29, 2025, 2:00 PM

Transcript

Boston Properties reports Q3 2025 results

BXP

Earnings

Revenue of $809.8 M–$871.5 M, surpassing analysts’ estimates
FFO per share of $1.74, down from $1.81 year-over-year
Net loss per share of $0.77 and a $145.1 M non-cash impairment charge
Elevated leverage with a 3.15 debt-to-equity ratio, 1.56 interest coverage and an Altman Z-Score of 0.57, signaling distress risk

Oct 28, 2025, 11:37 PM

Morningstar

BXP announces Q3 2025 results

BXP

Earnings

Guidance Update

Debt Issuance

Revenue increased 1.4% to $871.5 million in Q3 2025, compared to $859.2 million in Q3 2024.
Net loss attributable to BXP of $(121.7) million, or $(0.77) per diluted share, versus net income of $83.6 million, or $0.53 per diluted share, in Q3 2024.
FFO of $276.7 million, or $1.74 per diluted share, compared to FFO of $286.9 million, or $1.81 per share, in Q3 2024.
Executed over 1.5 million sq ft of leases (up 38% YoY); CBD portfolio occupancy was 89.3%, and total in-service portfolio occupancy was 86.6%.
Issued $1 billion of 2.00% exchangeable notes due 2030 and updated full-year 2025 guidance to EPS $0.99–$1.02 and FFO $6.89–$6.92 per diluted share.

Oct 28, 2025, 8:22 PM

8-K

BXP reports strong Q3 2025 leasing momentum

BXP

1.5 M+ sq ft leased with a 7.9-year weighted-average lease term, marking the strongest Q3 since 2019 and a 38% YoY increase, bringing YTD leasing to 3.8 M sq ft.
In Boston (Urban Edge), executed 200 K+ sq ft of leases on existing vacancy.
In New York, signed 475 K+ sq ft in Midtown Manhattan (including extensions at 399 Park Ave) plus 46 K sq ft at 360 Park Ave South.
At Reston Town Center, secured a 50 K sq ft tech lease, driving office occupancy to 98%.
As of September 30, 2025, portfolio totaled 54.6 M sq ft across 187 properties, with 8 under construction or redevelopment.

Oct 28, 2025, 8:18 PM

Press Release

BXP announces Q3 2025 results

BXP

Earnings

Guidance Update

Debt Issuance

Revenue of $871.5 million (+1.4% y/y); net loss $(121.7) million or $(0.77)/share; FFO $276.7 million or $1.74/share
Updated full-year 2025 guidance: EPS $0.99–$1.02; FFO per share $6.89–$6.92
Leasing volume of over 1.5 million sq ft (strongest Q3 since 2019); CBD portfolio 89.3% occupied, 92.0% leased
Issued $1.0 billion of 2.00% exchangeable senior notes due 2030

Oct 28, 2025, 8:15 PM

Press Release

BXP proposes $600M offering of exchangeable senior notes due 2030

BXP

Debt Issuance

Boston Properties Limited Partnership intends to offer $600.0 million aggregate principal amount of 2.000% exchangeable senior notes due 2030 in a private Rule 144A offering, with a 13-day option for up to $90.0 million additional notes.
The notes will be senior, unsecured obligations of BPLP, accrue interest semi-annually in arrears, and mature on October 1, 2030, unless earlier repurchased, exchanged or redeemed.
Noteholders may exchange their notes, under specified conditions, for cash up to the principal amount and, as applicable, cash, shares of BXP common stock or a combination thereof for any excess value.
BPLP may redeem the notes, in whole or in part, for cash on or after October 6, 2028 if BXP’s common stock trades above 130% of the exchange price or to preserve REIT status, at a price equal to principal plus accrued interest.
BPLP and BXP expect to enter into capped call transactions with initial purchasers to mitigate potential dilution upon any exchanges.

Sep 29, 2025, 8:37 PM

8-K

Boston Properties reports Q2 2025 earnings and raises guidance

BXP

Earnings

Guidance Update

New Projects/Investments

FFO per share of $1.71 beat the midpoint by $0.05 and consensus by $0.04 in Q2 2025.
1.1 MM sq ft leased in Q2 (2.2 MM YTD); trailing four-quarter leasing of 5.7 MM sq ft was 18% higher than the prior four quarters.
Full-year 2025 FFO guidance raised to $6.84–$6.92; same-property NOI now expected to grow 0.25% (1.25% cash basis) year-over-year.
Commenced vertical construction on 343 Madison (930 K sq ft, 46 stories) with 30% preleased; BXP to buy out JV partner for $44 MM, with total development cost ≈$2 B and projected yield of 7.5–8%.
Planning $600 MM of asset sales over the next 1–2 years—including ~$300 MM non-income producing and exploring ~$300 MM income-producing dispositions.

Jul 30, 2025, 7:55 PM

BXP Highlights Strong Leasing and New Developments at REITweek 2025

BXP

New Projects/Investments

Revenue Acceleration/Inflection

Leasing activity is accelerating, with recent quarters showing about 30% growth in executed leasing and robust leasing pipelines that are expected to boost occupancy towards over 90% by year-end.
The company is advancing its development pipeline, including the lab building at 290 Binney Street (100% leased to AstraZeneca, adding approximately $45–50 million in cash flow) and the upcoming 343 Madison project with an expected unleveraged yield of over 8%.
A proactive asset sales program is underway, with four land parcels under contract expected to generate around $75 million in proceeds, supporting debt reduction and funding additional development opportunities.

Jun 4, 2025, 2:27 AM

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