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Jun 30
Boston Properties Q2 2025 Earnings Report
BXP exceeded Q2 2025 guidance for EPS and FFO, signed over 1.1 million square feet of leases, and announced new development at 343 Madison Avenue.
Key Takeaways
BXP delivered a strong second quarter, outperforming EPS and FFO guidance, increasing full-year projections, executing significant leasing activity, and launching a major development project in NYC.
EPS of $0.56 beat guidance midpoint by $0.17 per share.
FFO came in at $1.71 per share, above the $1.66 midpoint guidance.
More than 1.1 million square feet of leases executed in Q2.
Announced full vertical development of 343 Madison Avenue in NYC.
Boston Properties
Boston Properties
Boston Properties Revenue by Segment
Revenue by Segment
Lease Revenue
CapyFin.comParking and other Revenue
CapyFin.comHotel Revenue
CapyFin.comDevelopment & Mgmt Revenue
CapyFin.comPayroll reimbursements Revenue
CapyFin.com Forward Guidance
BXP raised full-year 2025 EPS and FFO guidance following better-than-expected performance in Q2, particularly due to leasing and asset sales.
Positive Outlook
- EPS guidance midpoint increased by $0.12 for FY25.
- FFO guidance midpoint increased by $0.02 for FY25.
- Q3 EPS guidance in range of $0.41–$0.43.
- Q3 FFO guidance in range of $1.69–$1.71.
- Gain from 17 Hartwell Ave transaction contributed positively to guidance.
Challenges Ahead
- Q2 total occupancy declined 50 bps due to known lease expiration.
- Interest expense rose to $162.8M from $149.6M YoY.
- FFO declined slightly YoY from $1.77 to $1.71.
- Development cost outlays and interest rates continue to impact forecast.
- No material change in occupancy for several key markets like Boston.