Boston Properties, Inc. Q3 2025 Earnings Recap

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.