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Mar 31, 2025
Boston Properties Q1 2025 Earnings Report
Reported results for the first quarter ended March 31, 2025
Key Takeaways
BXP reported an increase in total revenue for the first quarter of 2025 compared to the prior year, reaching $865.2 million. However, net income attributable to BXP and Funds from Operations (FFO) both saw decreases. The company executed over 1.1 million square feet of leases during the quarter and maintained its total portfolio percentage leased at 89.4%, despite a slight dip in occupancy primarily due to a planned lease expiration.
Total revenue increased by 3.1% to $865.2 million for the first quarter of 2025 compared to the same period in 2024.
Net income attributable to BXP decreased to $61.2 million ($0.39 per diluted share) in Q1 2025 from $79.9 million ($0.51 per diluted share) in Q1 2024.
Funds from Operations (FFO) decreased to $260.6 million ($1.64 per diluted share) in Q1 2025 from $271.3 million ($1.73 per diluted share) in Q1 2024.
Executed 91 leases totaling over 1.1 million square feet in the first quarter, representing a 25% increase in square feet leased compared to the first quarter of 2024.
Total portfolio occupancy was 86.9% at March 31, 2025, down from 87.5% at December 31, 2024, while total portfolio percentage leased remained stable at 89.4%.
Revenue by Segment
Forward Guidance
BXP provided guidance for the second quarter of 2025 and the full year 2025. Projected EPS for Q2 2025 is $0.38 - $0.40 and for full year 2025 is $1.60 - $1.72. Projected FFO per diluted share for Q2 2025 is $1.65 - $1.67 and for full year 2025 is $6.80 - $6.92.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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