Boston Properties, Inc. Earnings Recaps
Q3 2025
Oct 30, 2025
BXP reported a solid Q3 2025 performance, exceeding FFO per share estimates and raising its full-year earnings guidance, supported by significant leasing activity and strategic asset sales.
Key takeaways
- FFO per share of $0.04 above forecast; midpoint of 2025 earnings guidance raised by $0.03.
- Completed over 1.5 million square feet of leasing, exceeding both last year's performance and the 5-year average for Q3.
- Strong progress on asset sales, with four transactions completed for $57 million and nine assets under contract for approximately $400 million.
- Premier workplace asset vacancy remains significantly lower than the broader market, with increased concentration on CBD locations.
- Continued positive momentum in office utilization reflects rising return-to-office mandates, boosting demand in core markets.
Q2 2025
Aug 1, 2025
BXP's Q2 2025 results reflect strong operational performance, with FFO per share beating forecasts and a significant uptick in leasing activity, prompting an upward revision of full-year earnings guidance.
Key takeaways
- FFO per share reached $0.05 above forecast and $0.04 above consensus, driven by enhanced operations.
- Leasing activity totaled over 1.1 million square feet in Q2, with a year-to-date total of 2.2 million square feet, marking an 18% increase compared to the prior year.
- Significant improvements in office attendance among Fortune 100 companies, with full office presence climbing from 5% to 54% over two years.
- Office sales volume surged to $14.2 billion, a 125% increase year-over-year, indicating a robust recovery in the real estate capital markets.
- BXP is advancing its premier workplace development at 343 Madison Avenue, with vertical construction starting and a key tenant secured for 30% of the space.