BXP (BXP) Q1 2026 earnings summary

Executive summary

• FFO per share for Q1 2026 exceeded internal estimates by $0.02, and full-year FFO guidance was raised by $0.01 per share.

• Net income attributable to shareholders was $101.6M for Q1 2026, down from $248.5M in Q4 2025, with diluted EPS of $0.64 compared to $1.56 sequentially.

• Over 1.1 million sq ft of leasing completed in Q1, with occupancy rising 70 basis points to 87.4%.

• Asset sales generated $360 million in Q1 and $1.2 billion since the last investor conference.

• Portfolio comprised 164 properties totaling 50.4M sq. ft. as of March 31, 2026, with 90.9% leased.

Financial highlights

• Q1 2026 FFO was $1.59 per share, $0.02 above guidance midpoint and $0.01 above consensus.

• Revenue for Q1 2026 was $872.1M, down from $877.1M in Q4 2025.

• Funds available for distribution (FAD) was $88.7M, with payout ratio rising to 140.25%.

• Termination income for Q1 totaled $12.8 million, mainly from two clients.

• Net interest expense increased due to lower interest income and higher commercial paper rates.

Outlook and guidance

• Full-year 2026 FFO guidance midpoint raised to $6.97 per share, range $6.90–$7.04.

• Full-year 2026 diluted EPS guidance is $2.15–$2.29.

• Occupancy outlook for 2026 increased by 25 basis points to an average of 88.25%.

• Same property NOI growth assumption raised to 1.4%–2.4% over 2025, excluding termination income.

• Expect to end 2026 at 89% occupancy and 2027 at 91%.