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Dec 31, 2025
Boston Properties Q4 2025 Earnings Report
BXP reported strong Q4 results with revenue and EPS growth driven by strategic asset sales and increased leasing activity.
Key Takeaways
BXP posted a profitable Q4 with net income of $248.5M and EPS of $1.56, buoyed by over $1B in asset sales and robust leasing volumes totaling 1.8M square feet.
Executed over 1.8 million square feet of leases in Q4 with a weighted average lease term of 11.3 years.
Total revenue rose to $877.1 million, up from $858.6 million in Q4 2024.
Net income swung to $248.5 million from a loss of $230 million in the prior year.
EPS exceeded guidance midpoint by $0.74, primarily due to gains from dispositions.
Revenue by Segment
Forward Guidance
BXP issued FY26 guidance with expected EPS between $2.08 and $2.29, and FFO per share between $6.88 and $7.04.
Positive Outlook
- Projected growth in same-property NOI driven by higher occupancy.
- Increased leasing activity expected to continue.
- Incremental NOI from new developments placed into service.
- Improved balance sheet flexibility from over $1B in asset sales.
- Anticipated $0.11 YoY growth in FFO per share.
Challenges Ahead
- Higher G&A expenses related to 2025 Outperformance Plan.
- Net earnings dilution from strategic asset sales.
- Non-cash straight-line rent reserves impacting FFO in Q4.
- Lower FFO compared to guidance midpoint due to rent reserves and costs.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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