BXP公司2026年第四季度报告

January 27, 2026 Executed More Than 1.8 Million SF of Leases in Q4 for a Total of More Than 5.5 Million SF in 2025, Increased Total Portfolio Occupancy By70 Basis Pointsand Completed More Than$1.0 Billionin Dispositions BOSTON--(BUSINESS WIRE)--Jan. 27, 2026--BXP, Inc.(NYSE:BXP), the largest publicly traded developer, owner, and manager of premierworkplaces inthe United States, reported results today for the fourth quarter and year endedDecember 31, 2025. Financial Highlights Fourth Quarter 2025: Revenue increased 2.2% to$877.1 millionfor the quarter endedDecember 31, 2025, compared to$858.6 millionfor the Net income (loss) attributable toBXP, Inc.of$248.5 million, or$1.56per diluted share (EPS), for the quarter endedDecember 31, 2025, compared to$(230.0) million, or$(1.45)per diluted share, for the quarter endedDecember 31, 2024. EPS exceeded the midpoint of BXP’s guidance by$0.74per diluted share primarily due to the gains on sales Funds from Operations (FFO) of$280.2 million, or$1.76per diluted share, for the quarter endedDecember 31, 2025,compared to FFO of$284.0 million, or$1.79per diluted share, for the quarter endedDecember 31, 2024. FFO for the fourth quarter was less than the midpoint of BXP’s guidance by$0.05primarily due to non-cashstraight-line rent reserves related to two clients and higher general and administrative (“G&A”) costs. Year EndedDecember 31, 2025: Net income attributable toBXP, Inc.of$276.8 million, or$1.74per diluted share (EPS), for the year endedDecember 31,2025, compared to$14.3 million, or$0.09per diluted share, for the year endedDecember 31, 2024.FFO of$1.1 billion, or$6.85per diluted share, for the year endedDecember 31, 2025, compared to FFO of$1.1 billion, or$7.10per diluted share, for the year endedDecember 31, 2024. Guidance BXPprovided updated guidance for first quarter 2026 EPS of$0.32-$0.34and FFO of$1.56-$1.58per diluted share, and full year 2026 EPS of$2.08-$2.29and FFO of$6.88-$7.04per diluted share. The midpoint of our full-year 2026 guidance is$0.11per share greater than our 2025 FFO per share and includes the following assumptions: Projected growth in same-property NOI, driven by higher occupancy and improved leasing activity.Incremental NOI from development deliveries to be placed into service during the year.A reduction in NOI associated with removing three properties from service for redevelopment into residential use.Higher G&A expense of$0.07per share, primarily related to non-cash amortization expense associated with the 2025 sheet flexibility. See “EPS and FFO per Share Guidance” below. Leasing & Occupancy an approximately 274,000 square foot lease with Starr, a global investment and insurance organization, at343Madison AvenueinNew York, New York Full-year 2025 leasing totaled more than 5.5 million square feet with a weighted-average lease term of 10.1 years. For the fourth quarter, BXP’s CBD portfolio of premier workplaces was 89.8% occupied and 92.5% leased (includingvacant space for which we have signed leases that have not yet commenced revenue recognition in accordance withGAAP). Both occupancy and leased percentage for our CBD portfolio increased by 50 basis points from Q3 2025. BXP’s total portfolio occupancy for the fourth quarter was 86.7%, an increase of 70 basis points from Q3 2025. BXP’s totalportfolio was 89.4% leased (including vacant space for which we have signed leases that have not yet commenced Consistent with the strategic asset sales plan outlined at our Investor Day inSeptember 2025, as ofJanuary 23, 2026BXPhas completed property sales with an aggregated gross sales price of approximately$1.14 billionwhich generated Land Sales: Multiple land dispositions across theBoston,San FranciscoandWashington, DCregions, generatedaggregate net proceeds of approximately$227.1 millionand an aggregate gain on sale of approximately$67.0 million, Residential Sales: The sales of Proto inCambridge, Massachusettsand Signature inReston, Virginia, generatedaggregate net proceeds of approximately$403.7 millionand an aggregate gain on sale of approximately$102.9 million, Non-Strategic Office Sales: The sale of140 Kendrick StreetinNeedham, Massachusetts, and BXP’s ownership interests inGateway CommonsinSouth San Francisco, CaliforniaandMarket Square NorthinWashington, DC, generated aggregatenet proceeds of approximately$397.2 millionand an aggregate gain on sale of approximately$65.6 million, consistent with BXPalso completed the acquisition of2100 M StreetinWashington, DCfor a purchase price of$55.0 million.BXPplansto demolish and redevelop the property into an approximately 320,000 square foot premier workplace. In conjunction withclosing,BXPsigned a lease agreement with global law firm,Sidley Austin, for approximately 234,000 square feet of the“to-be-constructed” premier workplace. Located in theWest End, one ofWashington, DC’s most desirable business Development In 2025,BXPdemonstrated its ability to deploy capital into high-