BXP, Inc. (BXP) Earnings
BXP, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.42. BXP has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +0.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.58 | $1.59 | +0.6% | $872M | +3.4% |
| Jan 27, 2026 | $1.80 | $1.76 | -2.2% | $877M | +3.0% |
| Oct 28, 2025 | $1.72 | $1.74 | +1.2% | $872M | -1.1% |
| Jul 29, 2025 | $1.67 | $1.71 | +2.4% | $868M | +1.1% |
| Jan 28, 2025 | $0.49 | $-1.45 | -396.8% | $859M | +1.8% |
| Apr 30, 2024 | $1.73 | $1.73 | +0.0% | $839M | +2.8% |
| Jan 30, 2024 | $1.81 | $1.82 | +0.6% | $829M | +1.9% |
| Nov 1, 2023 | $1.85 | $1.86 | +0.5% | $824M | +1.7% |
| Aug 1, 2023 | $1.80 | $1.86 | +3.3% | $817M | +2.2% |
| Jan 31, 2023 | $1.84 | $1.86 | +1.1% | $790M | +1.1% |
| Oct 25, 2022 | $0.75 | $2.29 | +205.3% | $791M | +2.8% |
| Jul 26, 2022 | $1.85 | $1.94 | +4.9% | $774M | +1.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Successful first quarter with FFO per share exceeding estimate. FFO per share guidance for 2026 raised. - Made progress on business plan: leasing space, improving occupancy, raising capital via asset sales, growing FFO through new development. - AI beneficial to leasing activity, with leasing to AI companies and related clients. - Strong leasing in first quarter, occupancy gains realized. - Asset sales progress: $360 million raised in 2026 Q1, $1.2 billion since investor conference. - Development pipeline: 343 Madison Avenue in NYC with leasing progress and construction financing discussions. - Demand for office space from new AI organizations, with positive absorption in San Francisco and other markets. - Leasing activity details: executed leases, renewal and backfill activity, discussion pipeline, and market-specific leasing highlights.
Guidance
FFO per share guidance for 2026 raised by $0.01. Increased midpoint of FFO guidance by a penny per share to $6.90-$7.04 per share. Increased assumption for termination income in 2026 by $8 million. Increased occupancy outlook for 2026 by 25 basis points to 88.25%. Expect to deliver 290 Binney Street more than a month early. Changed interest expense assumption for the year due to early delivery of 290 Binney and diminished likelihood of Fed rate cuts, resulting in $10 million increase in net interest expense assumption.
Segment performance
FFO per share result exceeded estimate by $0.02. FFO per share guidance for 2026 raised by $0.01. First quarter leasing: over 1.1 million square feet completed. In-service portfolio occupancy rose 70 basis points to 87.4%, leased vs occupied square footage spread widened 80 basis points to 3.5%. Premier workplaces: direct vacancy 8.5% vs 13.8% broader office market, asking rents 60% premium. First quarter asset sales: raised $360 million total net sale proceeds, $1.2 billion since investor conference. Development: 343 Madison Avenue in NYC with 56% committed, projections on track for 7.5%-8% stabilized unleveraged cash return upon delivery in 2029.
Analyst Q&A
Q: To what extent are you able to shorten the time from when you start the discussions to getting leases signed, and the implications for TI and CapEx?
A: Duration of lease dependent on tenant's legal counsel. Market conditions have stiffened ability to say yes to tenant requests, possibly causing longer lease completion times. From capital expense perspective, concessions lower in some markets like Back Bay Boston, Midtown Manhattan, Reston VA, still significant on West Coast.
Q: How should we think about 80% of demand in San Francisco coming from AI tenants?
A: Clear acceleration of technology - defined as new AI-oriented companies - absorbing incremental space absorption. Traditional tenants stable, with new emerging growing companies driving demand. 20 requirements over 100k sq ft in SF now vs 12 a year ago.
Q: Can you discuss 27% of space lease negotiations at 343 Madison?
A: It's tenants, not a single tenant, with some consolidation and growth.
Q: What drove lease CapEx higher this quarter and how to think about rest of year?
A: Driven by several early renewals hit this quarter. Lease transaction costs expected to be in excess of $400 million based on occupancy growth, with a couple of early renewals in second and fourth quarter.
Q: Trends in life science segment?
A: BXP's life science portfolio in Kendall Square, Cambridge and Waltham, MA. Not looking to exit markets. Seeing change toward more office and less lab intensity, taking advantage with life science companies. Portfolio strategically maintained with long-term viability.
Q: Initiatives like spec suites to attract tech and AI tenants?
A: Urban Edge sees turnkey activity, Reston Town Center has delivered over 50 spec suites, 680 Folsom used spec suites as key strategy. No major differences in power requirements for spec suites.
Q: Split between residential and office in development program? And weigh starting office deal vs stock trading?
A: Future capital investment greater in office than residential. 8% yield from office development is higher than underlying yield in stock, making development accretive for shareholders. Residential will generate more fee income with minority ownership.
Q: Target mix between non-strategic office, residential, JV interest, land in dispositions? And pricing change?
A: Mix likely more non-strategic office and some land. Pricing not changed much, with office sales up 72% seasonally in Q1 2026.
Q: Incremental color on 343 Madison JV?
A: Timing is 2026, goal to complete recapitalization this year. Likely multiple partners instead of one.
Q: Confidence in this cycle being better than last twenty?
A: Discourse about AI impacts not equivalent to actual market activity. Seeing additional absorption of office space, growth from clients in premier buildings, significant growth of new organizations. Midtown South AI demand accelerating year over year.
Q: Are share buybacks on the table?
A: Think stock is attractive investment, but allocating capital to new developments generating 8%+ yields to company, and goal to lower leverage, so not repurchasing shares.
Q: Quantify incremental rents from signed-not-open pipeline?
A: Average rent on unoccupied vacant space about $75 per sq ft, with significant component in Midtown Manhattan at high rents around $100-$105 per sq ft.
Q: Desire to re-cap equity in 2026 for 343 Madison?
A: Delayed to accomplish de-risking, lease more than 50%, save on construction costs, and terms will be attractive to shareholders, allowing to free up capital and deleverage.
Q: How to think about occupancy ramp into 2027 and beyond?
A: Confident to end 2026 at 89% and 2027 at 91%, with majority of occupancy improvement in place by end of 2026, and more early in 2027 from continuing leasing.