Boston Properties reported fourth quarter revenue of $877.1 million, up 2.2% from $858.6 million in the year‐ago period. Net income attributable to the company reached $248.5 million, or $1.56 per diluted share, reversing a year‐ago loss of $230.0 million (–$1.45 per diluted share). This EPS result exceeded the midpoint of the company’s own guidance by $0.74, driven largely by gains on property dispositions completed in the quarter. The turnaround in net income reflects both higher core office rents and active capital recycling strategies.

FFO for the quarter was $280.2 million, or $1.76 per diluted share, compared with $284.0 million, or $1.79 per diluted share, in Q4 2024. The $0.05 shortfall relative to the midpoint of FFO guidance was attributed to non-cash straight-line rent reserves related to two major clients and elevated general and administrative expenses. Against the Zacks Consensus Estimate of $1.80 per share, the $1.76 result represents a 2.2% miss, underscoring modest headwinds in rent recognition timing and corporate overhead.

During the quarter, the company executed 87 leases totaling 1.8 million square feet with a weighted‐average lease term of 11.3 years. Notable transactions included a 274,000-square-foot renewal with a global insurance organization at 343 Madison Avenue (New York) and a 234,000-square-foot pre-lease to a major law firm for its to-be-constructed building at 2100 M Street (Washington, DC). The central business district portfolio achieved 89.8% occupancy and 92.5% leased status, each up 50 basis points from the prior quarter. Across the total portfolio, occupancy rose 70 basis points to 86.7% and leased percentage climbed 60 basis points to 89.4%.

For first quarter 2026, management forecasts EPS of $0.32–$0.34 and FFO of $1.56–$1.58 per diluted share. Full‐year 2026 guidance ranges from $2.08 to $2.29 for EPS and $6.88 to $7.04 for FFO. The midpoint of full‐year FFO guidance is $0.11 above 2025 results, reflecting projected same‐property net operating income growth, new development contributions, and strategic asset sales expected to yield approximately $1.14 billion of gross proceeds. Year‐to‐date dispositions generated over $1.0 billion of net proceeds, enhancing liquidity and reinforcing the balance sheet after $4.6 billion of 2025 debt market activity, including upsizes to the commercial paper program and revolving credit facility extensions to 2030.