Strong Leasing Performance
BXP completed over 1.5 million square feet of leasing in Q3 2025, 39% greater than Q3 2024 and 130% of the last 5-year average for Q3. Year-to-date, BXP has leased 3.8 million square feet, 14% greater than the first three quarters of 2024.
Positive Financial Results
FFO per share was $0.04 above forecast and $0.02 above market consensus. The company also raised the midpoint of its earnings guidance for the full year 2025 by $0.03.
Successful Asset Sales Strategy
BXP closed the sale of 4 land assets for $57 million, has 9 assets under contract for $400 million, and is in the market with 10 additional properties for $750-$800 million. Estimated net proceeds from 23 transactions total roughly $1.25 billion.
Development and Investment Focus
BXP launched developments at 343 Madison Avenue in NYC and 725 12th Street in Washington, D.C., focusing on premier workplace assets. Recent developments include 1050 Winter Street and Reston Next Office Phase II, both fully leased.
Debt Markets and Refinancing Success
BXP closed a $1 billion unsecured exchangeable note offering at a 2% coupon and a $465 million mortgage refinancing for its Hub on Causeway project at a 5.73% fixed rate, demonstrating strong access to capital markets.