BXP Beats Q3 Guidance, Raises Full-Year FFO to $7.06-$7.08 and Lifts Occupancy 100 bps
BXP sits 22% above its 52-week low of $49.72.
Summary
BXP beat Q3 guidance with FFO of $1.89 per share and raised full-year 2026 FFO guidance to $7.06-$7.08, while total portfolio occupancy climbed 100 basis points to 89.4% — the fourth consecutive quarterly gain.
Key Events · Earnings and Guidance · BXP
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Q3 FFO Beats Guidance Midpoint
FFO of $302.2 million, or $1.89 per diluted share, versus $276.7 million, or $1.74, a year earlier — $0.08 above the guidance midpoint on better-than-projected portfolio performance. EPS of $0.71 beat the midpoint by $0.20, helped by disposition gains.
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Full-Year FFO Guidance Raised
2026 FFO guidance is now $7.06-$7.08 per diluted share, a $0.05 midpoint increase; EPS guidance rose $0.17 at the midpoint to $2.35-$2.37.
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Occupancy Up 100 bps to 89.4%
Fourth consecutive quarterly gain; leased percentage reached 91.9%, a 250-basis-point spread to occupied space equal to roughly 1.1 million square feet of future commencements, about half expected before year-end 2026.
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343 Madison Capitalization Advanced
A $1.2 billion construction loan was signed at Term SOFR plus 2.50%, dropping to plus 2.25% on leasing and construction milestones, alongside a 10.6% equity sale of the project to AVRS Partners that trims BXP's required equity commitment while it keeps full control.
Analysis · BXP · Real Estate & Construction
BXP beat the midpoint of Q3 guidance on both EPS and FFO and raised full-year 2026 FFO guidance by $0.05 per share to $7.06-$7.08, with EPS guidance up $0.17 to $2.35-$2.37. The operating story is occupancy: total portfolio occupancy rose 100 basis points to 89.4%, the fourth straight quarterly gain, and leased percentage reached 91.9%, meaning roughly 1.1 million square feet of signed-but-not-yet-commencing leases are still to convert into rent. That matters for an office REIT still fighting the sector's demand narrative — the improvement is broad, with Seattle up to 87.0% from 79.8% at year-end 2025 and New York at 87.3% from 83.8%. The quarter also carried real capital-markets progress: a $1.2 billion construction loan for 343 Madison Avenue at Term SOFR plus 2.50% (stepping to plus 2.25%) and a 10.6% equity sale of that project to AVRS Partners, both of which reduce BXP's own equity commitment to a $1.75 billion development. Watch the October 28 conference call for the assumptions behind the raised guidance.
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At the time of this filing, BXP was trading at $60.89 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $9.7B. The 52-week trading range was $49.72 to $74.94. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.