Boston Properties reported Q4 revenue of $877.1 million, a 2.2% increase from $858.6 million in Q4 2024. Net income attributable to the company was $248.5 million, or $1.56 per diluted share, compared with a net loss of $230.0 million, or $(1.45) per diluted share, in the prior-year quarter. Fourth quarter funds from operations (FFO) were $280.2 million, or $1.76 per diluted share, down from $284.0 million, or $1.79 per diluted share, in Q4 2024 and $0.05 below the midpoint of management’s guidance. For first quarter 2026, BXP projects EPS of $0.32–$0.34 and FFO of $1.56–$1.58 per share. Full-year 2026 guidance calls for EPS of $2.08–$2.29 and FFO of $6.88–$7.04 per share, reflecting expected same-property NOI growth, incremental NOI from new developments and higher G&A expense of $0.07 per share related to non-cash amortization.

In Q4, Boston Properties executed 87 leases totaling over 1.8 million square feet with a weighted-average lease term of 11.3 years. Key leases included a 274,000-square-foot renewal with Starr at 343 Madison Avenue in New York City and a 234,000-square-foot forward lease with Sidley Austin for the to-be-constructed 2100 M Street in Washington, DC. At quarter end, the company’s central business district portfolio was 89.8% occupied and 92.5% leased, up 50 basis points from Q3. Total portfolio occupancy rose 70 basis points quarter-over-quarter to 86.7%, with total leased space at 89.4%, up 60 basis points.

Since Investor Day, BXP has completed asset sales with an aggregate gross price of $1.14 billion and net proceeds exceeding $1.0 billion, including land dispositions that generated $227.1 million in net proceeds and $67.0 million of gains, residential sales yielding $403.7 million net proceeds and $102.9 million of gains, and non-strategic office sales with $397.2 million net proceeds and $65.6 million of gains. The company acquired 2100 M Street for $55.0 million and plans a 320,000-square-foot redevelopment 92% pre-leased to Sidley Austin. In 2025, BXP commenced construction of a 930,000-square-foot tower at 343 Madison Avenue (29% pre-leased) and delivered three projects: 1050 Winter Street (162,000 sq ft, 100% leased), Reston Next Office Phase II (87,000 sq ft, 92% leased) and 360 Park Avenue South (448,000 sq ft, 59% leased).