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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
BXP
BXP (BXP) investor relations material
BXP Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue was $911.4M, attributable net income was $114.5M, diluted EPS was $0.71 and diluted FFO per share was $1.89; each exceeded Q2 2026.
In-service occupancy rose 100 bps QoQ to 89.4%; same-property NOI grew 3.4% YoY excluding termination income, while cash NOI declined 0.3%.
2026 FFO guidance rose to $7.06–$7.08 per share, with midpoint growth of 3.2%; occupancy, asset sales and development remain strategic priorities.
Financial highlights
Q3 revenue was $911.4M versus $871.5M YoY; attributable net income was $114.5M versus a $121.7M loss, with prior-year impairment charges a major comparison factor.
Q3 FFO was $1.89 per share, $0.08 above the prior guidance midpoint; stronger operating performance contributed $0.10 per share to the beat.
9M revenue was $2.679B versus $2.605B; attributable net income was $284.6M versus $28.5M, and basic EPS was $1.79 versus $0.18.
Q3 FAD was $163.4M versus $142.1M QoQ; distributions were $124.4M and the FAD payout ratio was 76.11%.
9M same-property NOI increased 3.28% to $1.548B; 9M share of NOI was $1.491B versus $1.485B.
Outlook and guidance
2026 diluted EPS guidance is $2.35–$2.37 and diluted FFO per share guidance is $7.06–$7.08; same-property NOI growth guidance is 2.35%–2.75%, excluding termination income.
Year-end occupancy is expected near 90%; ~600,000 sq. ft. of leased vacant space is expected to commence in Q4, with about 186,000 sq. ft. of leases expiring for the rest of 2026.
2027 growth drivers include occupancy, rents, development and free-rent burn-off; refinancing, lower capitalized interest and asset-sale dilution are headwinds. 2027 disposition dilution is estimated at $0.08 per share, plus $0.06 if Times Square Tower sells in Q1.
2026 termination income is expected near $24M versus a historical average near $15M; termination income is expected to normalize in 2027.
Six development or redevelopment projects had $748.2M of remaining investment at September 30; commercial pipeline space was 70% pre-leased as of October 30.
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Latest events from BXP
- Robust leasing, rising rents, and strategic asset sales drive growth amid refinancing headwinds.BXP
BofA NY Global Real Estate Conference 2026 - FFO and occupancy guidance raised as strong leasing, asset sales, and liquidity drive growth.BXPQ2 2026
- Leasing, rents, and development are surging, driven by demand for premier space and AI sector growth.BXPNareit REITweek: 2026 Investor Conference
- Leasing and development thrive as AI boosts demand and internal efficiencies rise.BXPCiti’s Miami Global Property CEO Conference 2026
- Q1 2026 net income rose 66% as leasing, FFO, and asset sales drove guidance and occupancy gains.BXPQ1 2026
- Premier urban focus, asset sales, and occupancy growth drive FFO and investment capacity.BXPInvestor Day 2025
- Q3 saw strong leasing, higher net income, stable occupancy, and robust development pipeline.BXPQ3 2024
- Q1 2025 net income was $61.2M, FFO per share $1.64–$1.65, and leasing surged 25% YoY.BXPQ1 2025
- Leasing surged 35% in 2024, with strong liquidity and stable 2025 FFO guidance.BXPQ4 2024
Next BXP earnings date
Q4 202627 Jan, 2027
BXP
Next BXP earnings date
Q4 202627 Jan, 2027
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Frequently asked questions
Premier Workspaces
Boston Properties, Inc. is an American company operating as a Real Estate Investment Trust. The company develops, owns, and invests in workspaces in larger US metropolitan areas, including Boston, Los Angeles, NYC, San Francisco, and other locations. Boston Properties primarily develops and invests in premier locations, including skyscrapers and high-profile office buildings in the central parts of cities. The company headquarters is located, unsurprisingly, in Boston, Massachusetts and its shares are listed on the NYSE.
Background
Boston Properties, Inc. traces its origins back to 1970 when it was co-founded by Mortimer Zuckerman and Edward Linde. Over the past five decades, this American real estate investment trust (REIT) has carved out a distinct niche in the commercial real estate sector, predominantly concentrating on office properties. From its inception, Boston Properties adopted a strategy of not just owning but also developing and managing its array of properties. Today, it's one of the largest companies of its kind in the US, with a list of peers that include names such as Vornado, Brookfield, and Kilroy.
The Properties
Boston Properties, Inc. specializes in the ownership and management of office properties, primarily located in key urban areas in the United States. These locations are selected based on their economic vitality, centrality, and connectivity. The company's properties are often situated in central business districts or in close proximity to major transportation hubs, facilitating accessibility for tenants and their clientele. Over the years, Boston Properties has built a reputation for selecting locations that align with the needs of businesses, including those in the technology, legal, financial, and professional services sectors. The locations they choose often offer a mix of commercial vibrancy, infrastructural support, and growth potential, ensuring they remain appealing to potential tenants.
Operating as a REIT
A Real Estate Investment Trust (REIT) is a company that owns, operates, or finances income-generating real estate across a range of property sectors. Established by U.S. Congress in 1960, REITs provide a way for individual investors to earn dividends from real estate investments, without having to buy, manage, or finance any properties themselves. Structurally, REITs distribute at least 90% of their taxable income to shareholders annually in the form of dividends. In return, they are generally exempt from corporate income taxes on the income distributed.