Boston Properties Inc
NYSE:BXP

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Boston Properties Inc
NYSE:BXP
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Price: 71.41 USD -0.29% Market Closed
Market Cap: 11.3B USD

Boston Properties Inc
Investor Relations

Boston Properties Inc., a real estate investment trust (REIT) with a sterling reputation, has carved a niche for itself in the premium office space market. Founded in 1970 by Mortimer Zuckerman and Edward H. Linde, the company has become a titan in owning and developing Class A office properties in the United States. With a footprint concentrated in key urban markets such as Boston, New York, Los Angeles, San Francisco, and Washington, D.C., Boston Properties capitalizes on the demand for high-end office spaces in economically dynamic cities. The firm's strategy revolves around acquiring, developing, and managing properties that attract prestigious tenants, including major corporations and government entities, ensuring a steady and robust cash inflow from long-term lease agreements.

The core of Boston Properties' operations lies in its well-curated real estate portfolio, strategically located to maximize accessibility and appeal to premier business clients. By focusing on major markets with high barriers to entry and diverse economies, the company mitigates risk while positioning itself as a leader in the market. Revenue generation predominantly stems from leasing office spaces, complemented by ancillary services like parking facilities and retail spaces within or adjacent to their properties. Their ongoing investments in sustainable building practices and smart technologies reflect a commitment to innovation, enhancing tenant satisfaction and operational efficiency. Through meticulous management and strategic foresight, Boston Properties maintains its status as a formidable player in the commercial real estate sector, navigating the vicissitudes of the market with resilience and adeptness.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 29, 2025
AI Summary
Q3 2025

FFO Beat: BXP posted Q3 FFO per share $0.04 above its forecast and $0.02 above consensus, with outperformance driven by stronger leasing and lower operating expenses.

Guidance Raised: The company increased its full-year 2025 FFO guidance midpoint by $0.03 per share, reflecting better portfolio NOI and reduced interest expense.

Leasing Momentum: Q3 leasing totaled over 1.5 million square feet—39% higher than Q3 2024 and 130% of the five-year Q3 average—helping drive occupancy and revenue growth.

Asset Sales Progress: BXP is ahead of plan on its $1.9B asset sale target, with $1.25B in closed or pending transactions and 2025 dispositions expected to reach $500–700M.

Portfolio Shift: The company is actively reallocating capital from suburban locations to premier, CBD workplace assets with higher occupancy, rent growth, and resilience.

Development Selectivity: New office development and acquisitions face stricter yield hurdles (8%+), while multifamily growth will increasingly involve financial partners.

Capital Market Success: BXP completed a $1B unsecured note at 2% coupon and refinanced a major property at lower spreads, highlighting strong market appetite and improving debt conditions.

Key Financials
FFO Per Share
$1.74
Leasing Volume (Q3 2025)
1.5M sq ft
Year-to-Date Leasing
3.8M sq ft
Portfolio Percentage Leased
88.8%
Same-Store Portfolio Occupancy
86.6%
Asset Dispositions (2025 Expected)
$500–700M net proceeds
Debt Refinancing – Unsecured Notes
$1B at 2% coupon (2.5% GAAP cost)
Debt Refinancing – Hub on Causeway
$465M at 5.73% fixed rate for 5.5 years
Impairments Recorded (Q3)
$212M
Earnings Call Recording
Other Earnings Calls

Management

Mr. Owen David Thomas
CEO & Chairman of the Board
No Bio Available
Mr. Douglas T. Linde
President & Director
No Bio Available
Mr. Michael E. LaBelle
Executive VP, Treasurer & CFO
No Bio Available
Mr. Raymond A. Ritchey
Senior Executive Vice President
No Bio Available
Mr. Bryan J. Koop
Executive Vice President of Boston Region
No Bio Available
Mr. Mortimer B. Zuckerman
Co-Founder & Chairman Emeritus
No Bio Available
Mr. Michael R. Walsh
Senior VP & Chief Accounting Officer
No Bio Available
Mr. James J. Whalen Jr.
Senior VP & Chief Technology Officer
No Bio Available
Mr. Colin Joynt
Senior VP & Chief Information Officer
No Bio Available
Helen Han
Vice President of Investor Relations
No Bio Available

Contacts

Address
MASSACHUSETTS
Boston
800 Boylston St Ste 1900
Contacts
+16172363300.0
www.bxp.com