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Highlights

  • BXP reported second quarter 2025 revenue of USD 868.5 million, a 2.1% increase year-over-year.
  • Funds from Operations for Q2 2025 was USD 1.71 per diluted share, exceeding guidance midpoint.
  • The company executed 1.1 million square feet of leases during the quarter, with weighted average term of 9.4 years.

BXP, Inc. (NYSE: BXP) announced its financial results for the quarter ended June 30, 2025, with reported revenue of USD 868.5 million, representing a 2.1 percent rise from the USD 850.5 million recorded in the same quarter a year earlier. Net income attributable to BXP was USD 89.0 million, or USD 0.56 per diluted share, up from USD 79.6 million, or USD 0.51 per share, in Q2 2024.

Funds from Operations (FFO), a key real estate industry performance metric, totaled USD 271.7 million or USD 1.71 per diluted share. This was slightly below the USD 278.4 million, or USD 1.77 per share, posted in Q2 2024. However, the reported FFO exceeded BXP’s own Q2 2025 guidance midpoint by USD 0.05 per share, driven by better-than-expected portfolio results.

The company also updated its full-year 2025 guidance, raising the midpoint for both EPS and FFO. The EPS midpoint increased by USD 0.12 to reflect a USD 0.10 per share gain from the sale of 17 Hartwell Avenue and improved FFO expectations. The FFO midpoint rose by USD 0.02 per share, now projected at USD 6.88 per share for the year.

During the quarter, BXP executed 91 leases covering more than 1.1 million square feet, with a weighted average lease term of 9.4 years. Significant activity included two large leases in the Washington, D.C. region: 126,000 square feet with a global law firm and 75,000 square feet with a defense technology company.

Occupancy within BXP’s central business district (CBD) portfolio stood at 89.9 percent, while total portfolio occupancy was 86.4 percent. The leased percentage, which includes signed leases not yet commenced, was 89.1 percent.

BXP also announced plans to proceed with the construction of 343 Madison Avenue, a 46-story, 930,000 square foot office development in New York City. The company will acquire its partner’s 45 percent interest in the project for approximately USD 43.5 million during Q3 2025. BXP reported that a letter of intent had been signed for 30 percent of the building’s space.

Additionally, the company finalized a transaction involving 17 Hartwell Avenue in Lexington, Massachusetts, contributing development costs and recognizing a gain of USD 18.4 million. BXP will remain as development manager for the 312-unit residential project, with construction expected to conclude by mid-2027.