BXP had a mixed 4Q25 result, in our view. Leasing activity remained strong, and occupancy continued to improve, helping drive modest (+1.6%) 2026 FFOps growth guidance. However, leasing economics remained weak, with cash leasing spreads (-5.5%) below our expectations - which likely will not improve materially in 2026, due to weaker markets. 2026 guidance was lower than consensus, in part due to unexpected accrued rent write-off and higher G&A.