Boston Properties is expected to report same-property net operating income growth of approximately 3.2% for the quarter ended December 31, 2025, up from 2.7% in Q3. Analysts project the company will finish Q4 with an average leasing spreads increase of 15.4% on renewals and 12.1% on new leases, reflecting strong demand in Boston and Washington, DC markets. Occupancy across the portfolio is forecast to remain stable at 95.3%, supported by the delivery of two new development projects totaling 450,000 square feet that began initial leasing in November. Funds from operations per share are estimated to land at $1.62, compared with $1.58 in the year-ago quarter, driven by higher parking revenues and a 4.5% rise in common area maintenance recoveries. The company’s weighted average debt maturity stands at 9.2 years, with $1.1 billion of unsecured revolver capacity available at quarter end.

For the calendar year, Boston Properties declared total distributions of $4.34 per share. Of this amount, $3.64 (83.9%) was allocable to 2025 for federal income tax purposes. Taxable ordinary dividends represented $2.35 per share (64.5% of the 2025 allocation), while total capital gain distributions accounted for $1.29 per share (35.5%). Qualified dividends were reported at $0.02 per share, and unrecaptured Section 1250 gains totaled $0.73 per share. The record-date distribution on December 31, 2025, of $0.70 per share will split into $0.000871 allocable to 2025 and $0.699129 to 2026. Shareholders are reminded to consult tax advisors regarding the Section 199A dividend component, which amounted to $2.32 per share for the year.