BXP Announces Fourth Quarter and Full Year 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 fourth quarter and year ended December 31, 2025.

Financial Highlights

Fourth Quarter 2025:

Year Ended December 31, 2025:

Guidance

BXP provided updated guidance for first quarter 2026 EPS of $0.32 - $0.34 and FFO of $1.56 - $1.58 per diluted share, and full year 2026 EPS of $2.08 - $2.29 and FFO of $6.88 - $7.04 per diluted share.

The midpoint of our full-year 2026 guidance is $0.11 per share greater than our 2025 FFO per share and includes the following assumptions:

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

Transactions

Development

Balance Sheet & Liquidity

EPS and FFO per Share Guidance:

BXP’s guidance for the first quarter and full year 2026 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.

First Quarter 2026

Full Year 2026

Low

High

Low

High

Projected EPS (diluted)

0.32

0.34

2.08

2.29

Add:

Projected Company share of real estate depreciation and amortization

1.27

5.10

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

(0.03

)

(0.03

)

(0.30

)

(0.35

)

Projected FFO per share (diluted)

1.56

1.58

6.88

7.04

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 December 31, 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, January 28, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter results and earnings guidance, 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/BI12ccd26f9512425caab4294be5763e57 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 fourth 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 December 31, 2025, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 52.6 million square feet and 179 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)

December 31, 2025

December 31, 2024

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

ASSETS

Real estate, at cost

26,248,130

26,391,933

Construction in progress

1,475,257

764,640

Land held for future development

518,492

714,050

Right of use assets - finance leases

372,470

372,922

Right of use assets - operating leases

325,841

334,767

Less: accumulated depreciation

(8,040,311

)

(7,528,057

)

Total real estate

20,899,879

21,050,255

Cash and cash equivalents

1,478,206

1,254,882

Cash held in escrows

79,060

80,314

Investments in securities

44,614

39,706

Tenant and other receivables, net

92,625

107,453

Note receivable, net

9,373

4,947

Related party note receivables, net

28,346

88,779

Sales-type lease receivable, net

15,672

14,657

Accrued rental income, net

1,538,515

1,466,220

Deferred charges, net

847,690

813,345

Prepaid expenses and other assets

108,105

70,839

Investments in unconsolidated joint ventures

999,309

1,093,583

Assets held for sale

24,770

—

Total assets

26,166,164

26,084,980

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

4,280,067

4,276,609

Unsecured senior notes, net

9,806,100

10,645,077

Unsecured exchangeable senior notes, net

976,263

—

Unsecured line of credit

—

Unsecured term loans, net

797,053

798,813

Unsecured commercial paper

750,000

500,000

Lease liabilities - finance leases

360,039

370,885

Lease liabilities - operating leases

389,213

392,686

Accounts payable and accrued expenses

480,017

401,874

Dividends and distributions payable

123,753

172,486

Accrued interest payable

125,345

128,098

Other liabilities

386,074

450,796

Liabilities held for sale

—

Total liabilities

18,473,924

18,137,324

Commitments and contingencies

—

Redeemable deferred stock units

7,538

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, 158,627,198 and 158,253,895 issued and 158,548,298 and 158,174,995 outstanding at December 31, 2025 and December 31, 2024, respectively

1,585

1,582

Additional paid-in capital

6,836,243

6,836,093

Dividends in excess of earnings

(1,674,995

)

(1,419,575

)

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

(2,722

)

(2,722

)

Accumulated other comprehensive loss

(12,921

)

(2,072

)

Total stockholders’ equity attributable to BXP, Inc.

5,147,190

5,413,306

Noncontrolling interests:

Common units of the Operating Partnership

566,563

591,270

Property partnerships

1,970,949

1,933,545

Total equity

7,684,702

7,938,121

Total liabilities and equity

26,166,164

26,084,980

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

(in thousands, except for per share amounts)

Revenue

Lease

809,150

798,189

3,236,007

3,176,805

Parking and other

42,883

34,056

143,314

135,142

Hotel

12,464

13,144

49,996

51,224

Development and management services

8,641

8,784

36,579

28,060

Direct reimbursements of payroll and related costs from management services contracts

3,959

4,398

16,383

16,488

Total revenue

877,097

858,571

3,482,279

3,407,719

Expenses

Operating

Rental

339,693

323,358

1,335,069

1,286,838

Hotel

9,041

9,601

35,599

35,288

General and administrative

37,801

32,504

168,789

159,983

Payroll and related costs from management services contracts

3,959

4,398

16,383

16,488

Transaction costs

122

707

2,678

1,597

Depreciation and amortization

232,015

226,043

912,088

887,191

Total expenses

622,631

596,611

2,470,606

2,387,385

Other income (expense)

Income (loss) from unconsolidated joint ventures

50,232

(349,553

)

(103,560

)

(343,177

)

Gains on sales of real estate

156,410

176,732

602

Loss on sales-type lease

—

(2,490

)

—

Interest and other income (loss)

12,351

20,452

35,784

60,199

Gains (losses) from investments in securities

846

(369

)

5,481

4,416

Unrealized gain (loss) on non-real estate investments

)

(346

)

546

Impairment losses

(16,902

)

—

(85,803

)

(13,615

)

Loss from early extinguishment of debt

—

(338

)

—

Interest expense

(162,612

)

(170,390

)

(653,138

)

(645,117

)

Net income (loss)

294,789

(237,817

)

383,995

84,188

Net (income) loss attributable to noncontrolling interests

Noncontrolling interests in property partnerships

(18,479

)

(17,233

)

(75,181

)

(67,516

)

Noncontrolling interest—common units of the Operating Partnership

(27,824

)

25,031

(32,014

)

(2,400

)

Net income (loss) attributable to BXP, Inc.

248,486

(230,019

)

276,800

14,272

Basic earnings per common share attributable to BXP, Inc.

Net income (loss)

1.56

(1.45

)

1.75

0.09

Weighted average number of common shares outstanding

158,457

158,117

158,330

157,468

Diluted earnings per common share attributable to BXP, Inc.

Net income (loss)

1.56

(1.45

)

1.74

0.09

Weighted average number of common and common equivalent shares outstanding

159,115

158,117

158,869

157,793

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended December 31,

Year ended December 31,

2025

2024

2025

2024

(in thousands, except for per share amounts)

Net income (loss) attributable to BXP, Inc.

248,486

(230,019

)

276,800

14,272

Add:

Noncontrolling interest - common units of the Operating Partnership

27,824

(25,031

)

32,014

2,400

Noncontrolling interests in property partnerships

18,479

17,233

75,181

67,516

Net income (loss)

294,789

(237,817

)

383,995

84,188

Add:

Depreciation and amortization expense

232,015

226,043

912,088

887,191

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(22,085

)

(19,905

)

(86,109

)

(76,660

)

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

14,173

21,097

65,446

81,904

Corporate-related depreciation and amortization

(581

)

(447

)

(2,479

)

(1,710

)

Non-real estate related amortization

2,130

8,521

8,520

Loss on sales-type lease

—

2,490

—

Impairment losses

16,902

—

85,803

13,615

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

—

341,338

145,133

341,338

Less:

Gains on sales of real estate

156,410

176,732

602

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

51,449

—

53,685

21,696

Unrealized gain (loss) on non-real estate investments

)

(346

)

546

Noncontrolling interests in property partnerships

18,479

17,233

75,181

67,516

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

311,007

315,123

1,209,636

1,248,026

Less:

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

30,852

31,134

120,601

127,548

Funds from operations attributable to BXP, Inc.

280,155

283,989

1,089,035

1,120,478

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

90.08

90.12

90.03

89.78

Weighted average shares outstanding - basic

158,457

158,117

158,330

157,468

FFO per share basic

1.77

1.80

6.88

7.12

Weighted average shares outstanding - diluted

159,115

158,525

158,869

157,793

FFO per share diluted

1.76

1.79

6.85

7.10

(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)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Boston

97.6 %

95.9 %

98.6 %

97.5 %

Los Angeles

86.5 %

84.9 %

87.0 %

87.4 %

New York

86.2 %

90.8 %

92.1 %

93.6 %

San Francisco

81.9 %

84.3 %

84.4 %

85.2 %

Seattle

79.8 %

81.6 %

81.3 %

83.5 %

Washington, DC

92.4 %

91.9 %

94.2 %

93.6 %

CBD Portfolio

89.8 %

90.9 %

92.5 %

92.8 %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

December 31, 2025

December 31, 2024

December 31, 2025

December 31, 2024

Boston

91.9 %

89.7 %

93.1 %

91.5 %

Los Angeles

86.5 %

84.9 %

87.0 %

87.4 %

New York

83.8 %

87.1 %

89.4 %

90.0 %

San Francisco

77.0 %

80.8 %

79.2 %

81.7 %

Seattle

79.8 %

81.6 %

81.3 %

83.5 %

Washington, DC

91.7 %

91.4 %

93.8 %

93.0 %

Total Portfolio

86.7 %

87.5 %

89.4 %

(1)

(2)