BXP reports Q3 profit of $0.71 per share and raises 2026 forecast
BXP, Inc. (BXP) reported third-quarter net income of $114.5 million, or $0.71 per diluted share, and raised its full-year 2026 EPS and FFO guidance midpoints, according to a release filed Oct. 27.
Key takeaways
- BXP, Inc. (BXP) reported third-quarter net income of $114.5 million, or $0.71 per diluted share, versus a loss of $121.7 million a year earlier, and revenue of $911.4 million. It raised the midpoint of its full-year 2026 EPS guidance by $0.17 to $2.35 to $2.37 per diluted share, according to a filing dated Oct. 27.
BXP, Inc. (BXP) said on Oct. 27 that its third-quarter net income attributable to BXP, Inc. was $114.5 million, or $0.71 per diluted share, compared with a loss of $121.7 million, or $0.77 per diluted share, a year earlier.
The company said in a press release furnished with a regulatory filing that revenue rose to $911.4 million from $871.5 million for the quarter ended Sept. 30, 2025.
Funds from operations were $302.2 million, or $1.89 per diluted share, compared with $276.7 million, or $1.74 per diluted share, a year earlier.
The company said its EPS exceeded the midpoint of its guidance by $0.20 per diluted share, primarily due to gains on sales related to disposition activity and better-than-projected portfolio performance. FFO exceeded the midpoint of its guidance by $0.08 per diluted share, primarily due to better-than-projected portfolio performance.
2026 guidance
BXP raised the midpoint of its full-year 2026 EPS guidance by $0.17 per diluted share, to a range of $2.35 to $2.37. The midpoint of its full-year FFO guidance rose by $0.05 per diluted share, to a range of $7.06 to $7.08.
The company said the EPS increase was primarily due to the gains on sales and better-than-projected portfolio performance.
Leasing and occupancy
The company said it executed 74 leases in the third quarter totaling about 1.2 million square feet, with a weighted-average lease term of 10.3 years. Total portfolio occupancy was 89.4%, up 100 basis points from the second quarter.
Notable leases included an approximately 206,000 square foot lease with a technology company at 500 North Capitol in Washington, DC.
Transactions and financing
BXP completed the sale of a 10.6% equity interest in the 343 Madison Avenue development to AVRS Partners, the company said.
Boston Properties Limited Partnership completed a public offering of $700.0 million in 6.050% unsecured senior notes due 2036, priced at 99.837% of principal, with net proceeds of about $692.4 million.
The company also entered into a $1.2 billion construction loan for the development of 343 Madison Avenue, with an initial interest rate of Term SOFR plus 2.50%.
BXP will host a conference call on Oct. 28 at 10:00 a.m. Eastern Time.