Boston Properties is set to report results for the quarter ended December 31, 2025, with Wall Street consensus calling for FFO per share of approximately $1.75 and same-property leased rent growth of 3.2%. Analysts expect stabilized occupancy to hold near 95.6%, up 40 basis points year-over-year, driven by strong demand in San Francisco and New York core markets. Leasing activity through early January shows signed new and renewal deals totaling over 1.1 million square feet, representing roughly 7% of the company’s stabilized portfolio. Same-property cash rental revenue is projected to increase 4.1% on a year-over-year basis, reflecting both higher base rents and modestly lower concessions. Boston Properties’ development pipeline remains robust, with seven projects totaling 3.8 million square feet under construction or redevelopment and expected to deliver between mid-2026 and late 2027. Capital expenditures for Q4 are forecast at $120 million, focused primarily on tenant improvements and sustainable building upgrades, underscoring management’s commitment to ESG initiatives and long-term asset values.

For fiscal year 2025, Boston Properties declared total distributions of $4.34 per share across five record dates. The breakdown allocable to 2025 for federal income tax purposes was $3.640871 per share, of which $2.349064 qualified as taxable ordinary dividends and $1.291807 as total capital gain distributions. Qualified dividends accounted for $0.006627 per share, while short-term capital gains and unrecaptured Section 1250 gains represented $0.022621 and $0.726436 per share, respectively. Section 199A dividends totaled $2.319816 per share, representing 64.52% of the taxable ordinary dividend component. The distribution declared on December 31, 2025, of $0.70 per share is split, with $0.000871 allocable to 2025 and $0.699129 to 2026, in accordance with federal income tax rules governing split-year distributions.