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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
BXP
BXP (BXP) investor relations material
BXP Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved strong performance in 2025 across leasing, asset sales, development, financing, and client service, with over 1.8 million sq ft leased in Q4 and 5.5 million sq ft for the year, increasing total portfolio occupancy by 70 basis points.
Completed over $1.1 billion in asset sales and portfolio optimization, with $1.25 billion in total sales either closed or underway, generating over $1.0 billion in net proceeds.
Revenue for Q4 2025 rose 2.2% year-over-year to $877.1 million; net income attributable to shareholders was $248.5 million ($1.56 per diluted share), a significant turnaround from a loss in Q4 2024.
Development pipeline remains active, with new office and multifamily projects, and a focus on bringing in equity partners to manage leverage.
Strategic focus on premier workplace assets in CBDs, with ongoing divestment of suburban and non-core properties.
Financial highlights
2025 total consolidated revenues reached $3.5 billion; full-year FFO was $1.2 billion, or $6.85 per share.
Q4 2025 FFO was $280.2 million ($1.76 per diluted share), slightly down from Q4 2024 due to non-cash rent reserves and higher G&A costs.
Gains on sale in Q4 were $208 million on $890 million of asset sales; net proceeds of $800 million increased liquidity.
Ended 2025 with $1.5 billion in cash and cash equivalents.
Q4 EPS exceeded guidance midpoint by $0.74, mainly from gains on asset sales.
Outlook and guidance
2026 FFO guidance is $6.88–$7.04 per share, midpoint $6.96, up $0.11 from 2025; full-year 2026 EPS guidance: $2.08–$2.29.
Q1 2026 EPS guidance: $0.32–$0.34; FFO: $1.56–$1.58 per diluted share.
Drivers include higher occupancy, development deliveries, and lower interest expense, offset by NOI reduction from asset sales and property removals.
Same property NOI growth expected at 1.25%–2.25%; average occupancy to rise from 86.7% to ~89% by year-end 2026.
AFFO projected at $4.40–$4.60 per share, slightly higher year-over-year, with free rent expected to be $130–$150 million in 2026.
Impact of asset sales on Q4 EPS
Reason for 2026 G&A expense increase
Rationale for residential redevelopments
Balance of accelerated sales vs. FFO impact
AI's long-term impact on office demand
Cash NOI lag despite occupancy gains?
Partial view of Summaries dataset, powered by Quartr API
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Next BXP earnings date
Q1 202629 Apr, 2026
BXP
Next BXP earnings date
Q1 202629 Apr, 2026
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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.
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