BXP (BXP) Q1 2026 earnings summary

Executive summary

• Net income attributable to shareholders was $101.6M for Q1 2026, up 66% year-over-year but down from Q4 2025, driven by asset sales and joint venture gains.

• FFO per share for Q1 2026 was $1.59, exceeding internal estimates by $0.02, with full-year FFO guidance raised by $0.01 per share.

• Over 1.1M sq ft of leasing completed in Q1, with occupancy rising 70 bps to 87.4% and 90.9% leased including signed leases not yet commenced.

• Portfolio comprised 164 properties totaling 50.4M sq ft as of March 31, 2026, with premier CBD assets 93.6% leased.

• Asset sales generated $360M in Q1 and over $1.2B since the last investor conference, supporting balance sheet flexibility.

Financial highlights

• Q1 2026 FFO was $252.2M ($1.59 per share), $0.02 above guidance midpoint and $0.01 above consensus.

• Total revenue for Q1 2026 was $872.1M, with annualized revenue (BXP's share) at $3.3B and EBITDAre at $1.7B.

• Funds available for distribution in trailing four quarters was $628.5M; FAD payout ratio rose to 140.25%.

• Dividend of $0.70 per share was maintained, yielding 5.4% at quarter-end price of $51.90.

• Net interest expense increased due to lower interest income and higher commercial paper rates, but interest expense also decreased by $11.4M due to debt repayments.

Outlook and guidance

• Full-year 2026 FFO per share guidance is $6.90–$7.04; diluted EPS guidance is $2.15–$2.29.

• Occupancy outlook for 2026 is 87.75–88.75%, with 1.4M sq ft of signed, not-yet-commenced leases supporting further gains.

• Same property NOI growth assumption for 2026 is -0.25% to 2.4%.

• Expectation to end 2026 at 89% occupancy and 2027 at 91%, with limited near-term lease expirations.

• Leasing for vacant space and coverage of near-term expirations expected to drive occupancy and revenue growth.