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Sep 30, 2025
Boston Properties Q3 2025 Earnings Report
Boston Properties reported a net loss in Q3 2025 due to impairment charges, despite modest revenue growth and strong leasing performance.
Key Takeaways
BXP posted a net loss of $121.7 million in Q3 2025, driven by significant non-cash impairment charges. Revenue slightly increased to $871.5 million. The company exceeded FFO guidance due to portfolio outperformance and executed over 1.5 million square feet in new leases.
Revenue for Q3 2025 rose to $871.5 million, up from $859.2 million last year.
BXP reported a net loss of $121.7 million due to $1.22 per share in impairment charges.
FFO was $276.7 million, or $1.74 per diluted share, exceeding guidance.
Signed more than 1.5 million square feet in leases, the strongest Q3 leasing volume since 2019.
Revenue by Segment
Forward Guidance
BXP projects FY2025 EPS of $0.99 to $1.02 and FFO per share of $6.89 to $6.92, factoring in stable portfolio performance and expected asset sales.
Positive Outlook
- Full-year FFO guidance raised slightly due to portfolio outperformance.
- Strong leasing momentum with over 1.5 million square feet leased.
- Commencement of vertical construction at 343 Madison Avenue with early leasing interest.
- Successful $1B issuance of 2.00% exchangeable notes.
- Development pipeline includes fully or highly leased properties.
Challenges Ahead
- Q3 EPS fell short of guidance due to $1.22/share in impairment charges.
- Net loss reported versus net income in prior year quarter.
- Some development properties are partially leased, lowering occupancy metrics.
- Increased leverage with $975 million in new exchangeable debt.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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