BXP Announces Third Quarter 2025 Results

BOSTON--( BUSINESS WIRE)-- BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the third quarter ended September 30, 2025.

Financial Highlights

Guidance

BXP provided updated guidance for full year 2025 EPS of $0.99 - $1.02 and FFO of $6.89 - $6.92 per diluted share.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

Development

Transactions

Balance Sheet & Liquidity

EPS and FFO per Share Guidance:

BXP’s guidance for the full year 2025 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Full Year 2025

Low

High

Projected EPS (diluted)

0.99

1.02

Add:

Projected Company share of real estate depreciation and amortization

5.15

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments

0.75

Projected FFO per share (diluted)

6.89

6.92

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended September 30, 2025. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, October 29, 2025 at 10:00 AM Eastern Time, open to the general public, to discuss the third quarter results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI4ce37a065efa42c58c314501cbf223a8 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s third quarter 2025 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of September 30, 2025, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 54.6 million square feet and 187 properties, including eight properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the U.S. Government, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

BXP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 2025

December 31, 2024

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost

26,718,660

26,391,933

Construction in progress

1,322,608

764,640

Land held for future development

568,516

714,050

Right of use assets - finance leases

372,747

372,922

Right of use assets - operating leases

321,063

334,767

Less: accumulated depreciation

(8,008,908

)

(7,528,057

)

Total real estate

21,294,686

21,050,255

Cash and cash equivalents

861,066

1,254,882

Cash held in escrows

77,663

80,314

Investments in securities

43,604

39,706

Tenant and other receivables, net

136,743

107,453

Note receivable, net

8,898

4,947

Related party note receivables, net

88,879

88,779

Sales-type lease receivable, net

15,430

14,657

Accrued rental income, net

1,532,403

1,466,220

Deferred charges, net

802,785

813,345

Prepaid expenses and other assets

137,561

70,839

Investments in unconsolidated joint ventures

999,764

1,093,583

Total assets

25,999,482

26,084,980

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

4,279,482

4,276,609

Unsecured senior notes, net

9,803,336

10,645,077

Unsecured exchangeable senior notes, net

975,080

—

Unsecured line of credit

—

Unsecured term loans, net

796,798

798,813

Unsecured commercial paper

750,000

500,000

Lease liabilities - finance leases

363,207

370,885

Lease liabilities - operating leases

379,792

392,686

Accounts payable and accrued expenses

484,798

401,874

Dividends and distributions payable

123,259

172,486

Accrued interest payable

120,128

128,098

Other liabilities

406,820

450,796

Total liabilities

18,482,700

18,137,324

Commitments and contingencies

—

Redeemable deferred stock units

8,006

9,535

Equity:

Stockholders’ equity attributable to BXP, Inc.:

Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding

—

Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding

—

Common stock, $0.01 par value, 250,000,000 shares authorized, 158,479,314 and 158,253,895 issued and 158,400,414 and 158,174,995 outstanding at September 30, 2025 and December 31, 2024, respectively

1,584

1,582

Additional paid-in capital

6,827,889

6,836,093

Dividends in excess of earnings

(1,812,361

)

(1,419,575

)

Treasury common stock at cost, 78,900 shares at September 30, 2025 and December 31, 2024

(2,722

)

(2,722

)

Accumulated other comprehensive loss

(14,831

)

(2,072

)

Total stockholders’ equity attributable to BXP, Inc.

4,999,559

5,413,306

Noncontrolling interests:

Common units of the Operating Partnership

554,440

591,270

Property partnerships

1,954,777

1,933,545

Total equity

7,508,776

7,938,121

Total liabilities and equity

25,999,482

26,084,980

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended September 30,

Nine months ended September 30,

2025

2024

2025

2024

(in thousands, except for per share amounts)

Revenue

Lease

809,820

799,471

2,426,857

2,378,616

Parking and other

35,390

34,255

100,431

101,086

Hotel

13,162

15,082

37,532

38,080

Development and management services

9,317

6,770

27,938

19,276

Direct reimbursements of payroll and related costs from management services contracts

3,821

3,649

12,424

12,090

Total revenue

871,510

859,227

2,605,182

2,549,148

Expenses

Operating

Rental

331,736

327,897

995,376

963,480

Hotel

9,628

9,833

26,558

25,687

General and administrative

36,188

33,352

130,988

127,479

Payroll and related costs from management services contracts

3,821

3,649

12,424

12,090

Transaction costs

1,431

188

2,556

890

Depreciation and amortization

236,147

222,890

680,073

661,148

Total expenses

618,951

597,809

1,847,975

1,790,774

Other income (expense)

Income (loss) from unconsolidated joint ventures

(148,329

)

(7,011

)

(153,792

)

6,376

Gains on sales of real estate

1,932

517

20,322

517

Loss on sales-type lease

—

(2,490

)

—

Interest and other income (loss)

7,620

14,430

23,433

39,747

Gains from investments in securities

2,400

2,198

4,635

4,785

Unrealized gain (loss) on non-real estate investments

178

(344

)

548

Impairment losses

(68,901

)

—

(68,901

)

(13,615

)

Loss from early extinguishment of debt

—

(338

)

—

Interest expense

(164,299

)

(163,194

)

(490,526

)

(474,727

)

Net income (loss)

(116,840

)

108,452

89,206

322,005

Net (income) loss attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(17,853

)

(15,237

)

(56,702

)

(50,283

)

Noncontrolling interest—common units of the Operating Partnership

12,981

(9,587

)

(4,054

)

(28,596

)

Net income (loss) attributable to BXP, Inc.

(121,712

)

83,628

28,450

243,126

Basic earnings per common share attributable to BXP, Inc.

Net income (loss)

(0.77

)

0.53

0.18

1.55

Weighted average number of common shares outstanding

158,345

157,725

158,287

157,250

Diluted earnings per common share attributable to BXP, Inc.

Net income (loss)

(0.77

)

0.53

0.18

1.54

Weighted average number of common and common equivalent shares outstanding

158,345

158,213

158,787

157,547

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended September 30,

Nine months ended September 30,

2025

2024

2025

2024

(in thousands, except for per share amounts)

Net income (loss) attributable to BXP, Inc.

(121,712

)

83,628

28,450

243,126

Add:

Noncontrolling interest - common units of the Operating Partnership

(12,981

)

9,587

4,054

28,596

Noncontrolling interests in property partnerships

17,853

15,237

56,702

50,283

Net income (loss)

(116,840

)

108,452

89,206

322,005

Add:

Depreciation and amortization expense

236,147

222,890

680,073

661,148

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(22,615

)

(18,857

)

(64,024

)

(56,755

)

Company’s share of depreciation and amortization from unconsolidated joint ventures

17,272

20,757

51,273

60,807

Corporate-related depreciation and amortization

(582

)

(438

)

(1,898

)

(1,263

)

Non-real estate related amortization

2,130

6,391

6,390

Loss on sales-type lease

—

2,490

—

Impairment losses

68,901

—

68,901

13,615

Impairment losses included within Income (loss) from unconsolidated joint ventures

145,133

—

145,133

—

Less:

Gains on sales of real estate

1,932

517

20,322

517

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures

2,236

—

2,236

21,696

Unrealized gain (loss) on non-real estate investments

178

(344

)

548

Noncontrolling interests in property partnerships

17,853

15,237

56,702

50,283

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)

307,347

319,086

898,629

932,903

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

30,673

32,228

89,683

96,369

Funds from operations attributable to BXP, Inc.

276,674

286,858

808,946

836,534

BXP, Inc.’s percentage share of funds from operations - basic

90.02

89.90

90.02

89.67

Weighted average shares outstanding - basic

158,345

157,725

158,287

157,250

FFO per share basic

1.75

1.82

5.11

5.32

Weighted average shares outstanding - diluted

158,928

158,213

158,787

157,547

FFO per share diluted

1.74

1.81

5.09

5.31

(1)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio

% Occupied by Location (1)

% Leased by Location (2)

September 30, 2025

December 31, 2024

September 30, 2025

December 31, 2024

Boston

97.3

95.9

98.6

97.5

Los Angeles

86.7

84.9

87.1

87.4

New York

84.9

90.8

90.7

93.6

San Francisco

80.7

84.3

82.9

85.2

Seattle

82.6

81.6

85.1

83.5

Washington, DC

91.9

93.8

93.6

CBD Portfolio

89.3

90.9

92.0

92.8

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

September 30, 2025

December 31, 2024

September 30, 2025

December 31, 2024

Boston

89.7

91.6

91.5

Los Angeles

86.7

84.9

87.1

87.4

New York

82.8

87.1

88.3

90.0

San Francisco

77.8

80.8

79.7

81.7

Seattle

82.6

81.6

85.1

83.5

Washington, DC

91.3

91.4

93.4

93.0

Total Portfolio

86.0

87.5

88.8

89.4

(1)

Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

(2)

Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.