BXP (BXP) Q3 2025 earnings summary

Executive summary

• Portfolio consists of 187 properties totaling 54.6M sq ft, focused on six major U.S. gateway markets, with 88.8% leased and a weighted-average lease term of 7.6 years.

• Q3 2025 FFO per share exceeded forecast by $0.04 and consensus by $0.02; full-year 2025 earnings guidance midpoint raised by $0.03.

• Leasing momentum remains strong, with over 1.5M sq ft leased in Q3 2025, up 39% year-over-year and 130% of five-year average.

• Strategy emphasizes premier workplace assets, sustainability, capital recycling, and increasing premier workplace concentration in core CBD markets.

• Management maintains a strong focus on balance sheet strength, market leadership in sustainability, and disciplined capital allocation.

Financial highlights

• Q3 2025 FFO was $1.74 per share, $0.04 above guidance midpoint; FFO for Q3 totaled $276.7M.

• Total revenue for Q3 2025 was $871.5M, up from $859.2M in Q3 2024; nine-month revenue rose 2.2% year-over-year to $2.6B.

• Net income attributable to shareholders fell sharply to $28.5M for the nine months, primarily due to significant non-cash impairment losses.

• Dividend per share for Q3 was $0.70, annualized at $2.80, reflecting a reset from $0.98 per share in the prior quarter.

• FFO per diluted share guidance for 2025 is $6.89–$6.92, a 2.7% decrease from 2024.

Outlook and guidance

• Full-year 2025 guidance for diluted EPS is $0.99–$1.02; projected FFO per diluted share is $6.89–$6.92.

• Q4 FFO expected to be higher than Q3 due to higher NOI and lower net interest expense.

• 2026 FFO growth expected, with occupancy gains primarily in the back half of 2026; 2026 pro forma in-service occupancy expected to average 87.25% to 88%.

• High-quality developments coming into service are projected to add ~$312M to NOI upon stabilization.

• Multi-year asset sales strategy targets $1.9B in net proceeds by year-end 2027.