BXP (BXP) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 26 2026
0mins
Should l Buy BXP?
Source: NASDAQ.COM
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Analyst Views on BXP
Wall Street analysts forecast BXP stock price to rise
19 Analyst Rating
10 Buy
9 Hold
0 Sell
Moderate Buy
Current: 59.070
Low
65.00
Averages
77.68
High
90.00
Current: 59.070
Low
65.00
Averages
77.68
High
90.00
About BXP
BXP, Inc. is a fully integrated, self-administered and self-managed real estate investment trust. The Company develops, owns and manages premier workplaces in the United States. The Company's segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. Its segment by property type includes Office (which includes office, life sciences and retail), Residential, and Hotel. Its portfolio totals 53.0 million square feet and 184 properties, including nine properties under construction/redevelopment. Its properties consist of 162 office and life sciences properties (including seven properties under construction/redevelopment); 14 retail properties (including one property under construction); seven residential properties (including two properties under construction), and one hotel. Its properties include Times Square Tower, 100 Federal Street, 767 Fifth Avenue, 601 Lexington Avenue, Atlantic Wharf Office Building, 343 Madison Avenue, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Stock Market Experiences AI-Driven Collapse as Reality Prevails Once More.
- Market Uncertainty: The stock market faced challenges last week due to unresolved questions affecting investor confidence.
- Impact of Lack of Answers: The absence of clear answers contributed to volatility and uncertainty in market performance.
See More
Real Estate Stocks Plummet Amid AI Disruption Fears
- Market Plunge: CBRE's stock plummeted 13.5% in midday trading, marking its largest drop since the Covid pandemic and the global financial crisis, indicating investor concerns over high-fee, labor-intensive business models potentially vulnerable to AI disruption.
- Sector Rotation: Commercial real estate brokers have sold off for a second consecutive day, with Jones Lang LaSalle and Hudson Pacific Properties falling 12.5% and 8%, respectively, reflecting a pessimistic market sentiment as investors shift towards more defensive sectors.
- AI's Far-Reaching Impact: An essay by OtherSide AI's CEO Matt Shumer claimed that AI will drastically reduce entry-level white-collar jobs, with the impact expected to surpass that of Covid, as the article garnered 30 million views within 24 hours, intensifying fears in the commercial real estate sector.
- Strong Fundamentals Persist: Despite the bearish market sentiment, CBRE reported a fourth-quarter core earnings beat of $2.73 per share, exceeding expectations, and forecasts core EPS between $7.30 and $7.60 for the year, demonstrating the company's competitive edge in complex deal-making through deep knowledge and relationships.
See More
BXP, Inc. Reports Strong 2025 Q4 Performance Amid Asset Sales
- Strong Performance: BXP reported total revenues of $3.5 billion for 2025, with full-year FFO at $6.85 per share; however, Q4 FFO was $1.76 per share, missing guidance by $0.05 primarily due to higher-than-expected G&A expenses and noncash reserves for accrued rental income.
- Asset Sales Progress: The company sold 12 assets for net proceeds exceeding $1 billion in 2025 and early 2026, with 8 more under contract for $230 million, demonstrating strong execution in asset dispositions.
- Leasing Performance: BXP leased over 1.8 million square feet in Q4 and 5.5 million square feet for the year, significantly surpassing annual goals, with expectations of a 4% occupancy gain over the next two years, reflecting robust market demand.
- Optimistic Outlook: The 2026 FFO guidance is set between $6.88 and $7.04 per share, with occupancy projected to rise from 86.7% to 89%, and same-property NOI growth expected at 1.25% to 2.25%, indicating a return to FFO growth.
See More
BXP Q4 Earnings Call Highlights
- Leasing Momentum: BXP completed over 1.8 million square feet of leasing in Q4 2025 and over 5.5 million square feet for the full year, significantly exceeding company goals, with an expectation to complete 4 million square feet of leasing in 2026, enhancing market share.
- Asset Sales and Capital Optimization: BXP plans to achieve approximately $1.9 billion in net proceeds by 2028 through the sale of 27 assets, having already closed 12 asset sales for over $1 billion in net proceeds, demonstrating proactive steps in optimizing its portfolio and reducing debt.
- Financial Outlook and Earnings Guidance: BXP introduced 2026 FFO guidance of $6.88 to $7.04 per share, reflecting a $0.11 increase from 2025, driven by higher same-property net operating income from leasing gains and development deliveries, despite impacts from asset sales and increased management expenses.
- Development Projects and Strategic Investments: BXP's new 320,000-square-foot development project in Washington, D.C. is expected to deliver in 2031 with a total budget of about $380 million, projected to yield over 8% cash return, indicating strategic positioning for future growth potential.
See More
BXP Q4 Earnings Report Analysis
- Financial Performance: BXP reported a Q4 FFO of $1.76, missing expectations by $0.04, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: Despite the FFO miss, BXP's revenue reached $877.1 million, up 2.2% year-over-year, beating market expectations by $5.09 million, demonstrating resilience in revenue generation.
- Future Guidance: BXP provided updated guidance for Q1 2026 EPS of $0.32 to $0.34 and FFO of $1.56 to $1.58 per diluted share, reflecting cautious optimism about future profitability.
- Annual Outlook: The company anticipates 2026 full-year EPS of $2.08 to $2.29 and FFO of $6.88 to $7.04, indicating management's positive outlook on future performance while hinting at potential market risks.
See More
BXP Reports Q4 2025 Financial Results and 2026 Guidance
- Financial Overview: BXP reported revenues of $877.1 million for Q4 2025, a 2.7% increase year-over-year, primarily driven by rising leasing income, indicating strong performance in the premium office market.
- Future Guidance: The company projects Q1 2026 EPS between $0.32 and $0.34, with full-year EPS expected to range from $2.08 to $2.29, reflecting optimistic market demand and aiming to bolster investor confidence.
- Portfolio Status: As of December 31, 2025, BXP's portfolio totals 52.6 million square feet across 179 properties, including eight under construction or redevelopment, showcasing the company's ongoing expansion capabilities in the market.
- Capital Structure Analysis: BXP's total liabilities stand at $18.47 billion, a 1.85% increase from the previous year, with unsecured senior notes comprising 53.2% of the total, indicating the company's flexibility in financing amidst market fluctuations.
See More
Stock Market Experiences AI-Driven Collapse as Reality Prevails Once More.
- Market Uncertainty: The stock market faced challenges last week due to unresolved questions affecting investor confidence.
- Impact of Lack of Answers: The absence of clear answers contributed to volatility and uncertainty in market performance.
See More
Real Estate Stocks Plummet Amid AI Disruption Fears
- Market Plunge: CBRE's stock plummeted 13.5% in midday trading, marking its largest drop since the Covid pandemic and the global financial crisis, indicating investor concerns over high-fee, labor-intensive business models potentially vulnerable to AI disruption.
- Sector Rotation: Commercial real estate brokers have sold off for a second consecutive day, with Jones Lang LaSalle and Hudson Pacific Properties falling 12.5% and 8%, respectively, reflecting a pessimistic market sentiment as investors shift towards more defensive sectors.
- AI's Far-Reaching Impact: An essay by OtherSide AI's CEO Matt Shumer claimed that AI will drastically reduce entry-level white-collar jobs, with the impact expected to surpass that of Covid, as the article garnered 30 million views within 24 hours, intensifying fears in the commercial real estate sector.
- Strong Fundamentals Persist: Despite the bearish market sentiment, CBRE reported a fourth-quarter core earnings beat of $2.73 per share, exceeding expectations, and forecasts core EPS between $7.30 and $7.60 for the year, demonstrating the company's competitive edge in complex deal-making through deep knowledge and relationships.
See More
BXP, Inc. Reports Strong 2025 Q4 Performance Amid Asset Sales
- Strong Performance: BXP reported total revenues of $3.5 billion for 2025, with full-year FFO at $6.85 per share; however, Q4 FFO was $1.76 per share, missing guidance by $0.05 primarily due to higher-than-expected G&A expenses and noncash reserves for accrued rental income.
- Asset Sales Progress: The company sold 12 assets for net proceeds exceeding $1 billion in 2025 and early 2026, with 8 more under contract for $230 million, demonstrating strong execution in asset dispositions.
- Leasing Performance: BXP leased over 1.8 million square feet in Q4 and 5.5 million square feet for the year, significantly surpassing annual goals, with expectations of a 4% occupancy gain over the next two years, reflecting robust market demand.
- Optimistic Outlook: The 2026 FFO guidance is set between $6.88 and $7.04 per share, with occupancy projected to rise from 86.7% to 89%, and same-property NOI growth expected at 1.25% to 2.25%, indicating a return to FFO growth.
See More
BXP Q4 Earnings Call Highlights
- Leasing Momentum: BXP completed over 1.8 million square feet of leasing in Q4 2025 and over 5.5 million square feet for the full year, significantly exceeding company goals, with an expectation to complete 4 million square feet of leasing in 2026, enhancing market share.
- Asset Sales and Capital Optimization: BXP plans to achieve approximately $1.9 billion in net proceeds by 2028 through the sale of 27 assets, having already closed 12 asset sales for over $1 billion in net proceeds, demonstrating proactive steps in optimizing its portfolio and reducing debt.
- Financial Outlook and Earnings Guidance: BXP introduced 2026 FFO guidance of $6.88 to $7.04 per share, reflecting a $0.11 increase from 2025, driven by higher same-property net operating income from leasing gains and development deliveries, despite impacts from asset sales and increased management expenses.
- Development Projects and Strategic Investments: BXP's new 320,000-square-foot development project in Washington, D.C. is expected to deliver in 2031 with a total budget of about $380 million, projected to yield over 8% cash return, indicating strategic positioning for future growth potential.
See More
BXP Q4 Earnings Report Analysis
- Financial Performance: BXP reported a Q4 FFO of $1.76, missing expectations by $0.04, indicating pressure on profitability that may affect investor confidence.
- Revenue Growth: Despite the FFO miss, BXP's revenue reached $877.1 million, up 2.2% year-over-year, beating market expectations by $5.09 million, demonstrating resilience in revenue generation.
- Future Guidance: BXP provided updated guidance for Q1 2026 EPS of $0.32 to $0.34 and FFO of $1.56 to $1.58 per diluted share, reflecting cautious optimism about future profitability.
- Annual Outlook: The company anticipates 2026 full-year EPS of $2.08 to $2.29 and FFO of $6.88 to $7.04, indicating management's positive outlook on future performance while hinting at potential market risks.
See More
BXP Reports Q4 2025 Financial Results and 2026 Guidance
- Financial Overview: BXP reported revenues of $877.1 million for Q4 2025, a 2.7% increase year-over-year, primarily driven by rising leasing income, indicating strong performance in the premium office market.
- Future Guidance: The company projects Q1 2026 EPS between $0.32 and $0.34, with full-year EPS expected to range from $2.08 to $2.29, reflecting optimistic market demand and aiming to bolster investor confidence.
- Portfolio Status: As of December 31, 2025, BXP's portfolio totals 52.6 million square feet across 179 properties, including eight under construction or redevelopment, showcasing the company's ongoing expansion capabilities in the market.
- Capital Structure Analysis: BXP's total liabilities stand at $18.47 billion, a 1.85% increase from the previous year, with unsecured senior notes comprising 53.2% of the total, indicating the company's flexibility in financing amidst market fluctuations.
See More
