BXP (BXP) Q1 2025 earnings summary

Executive summary

• Largest publicly traded developer, owner, and manager of premier workplaces in the U.S., with 185 properties and 53.4M sq ft owned; 89.4% leased in-service properties and a weighted-average lease term of 7.6 years.

• Q1 2025 net income attributable to BXP, Inc. was $61.2 million, down 23% year-over-year, with total revenue of $865.2 million, up 3.1% from Q1 2024.

• Over 1.1 million sq ft of leasing completed in Q1 2025, 25% above Q1 2024, with a robust pipeline and significant progress in development leasing.

• Active development pipeline of $2.3B, 62% pre-leased, with significant investments in life sciences, premier workplace, and residential projects.

• Focus on liquidity, capital discipline, and selective investment in premier workplace opportunities amid market uncertainty.

Financial highlights

• FFO per share for Q1 2025 was $1.64–$1.65, matching guidance; FFO attributable to BXP, Inc. was $260.6 million.

• 2025 FFO guidance narrowed to $6.80–$6.92 per share, with a projected 3.4% decrease from 2024 actuals.

• Dividend yield at 5.8% as of Q1 2025; quarterly dividend of $0.98 per share; FAD payout ratio of 81.0%.

• Net debt to EBITDAre: 8.3x as of Q1 2025; consolidated debt to market capitalization: 56.9%.

• Cash and cash equivalents plus escrows were $479.2 million at quarter-end.

Outlook and guidance

• Full-year 2025 diluted EPS expected at $1.60–$1.72; FFO per share guidance $6.80–$6.92.

• Average in-service portfolio occupancy expected between 86.5% and 88.0% for 2025.

• Leasing pipeline of 2.8 million sq ft in LOIs and proposals, plus 1.2 million sq ft of signed leases not yet in occupancy.

• Guidance reflects higher contributions from same property and developments, offset by out-of-service assets.

• Management expects continued capital market volatility, with a focus on liquidity and disciplined capital allocation.