BXP is down today as the market digests its first-quarter 2026 earnings release from after the close on April 28, 2026, and positions into/around the April 29 investor call. While the quarter beat the company’s own guidance for FFO by a small margin, investors are keying on the year-over-year decline in FFO per share and a full-year FFO update that was only nudged higher, limiting the upside surprise for an office REIT where sentiment is highly sensitive to forward cash-flow trajectory.

For Q1 2026, BXP posted revenue of $872.1 million (+0.8% year over year), net income attributable to BXP of $101.6 million ($0.64 per diluted share), and FFO of $1.59 per diluted share (down from $1.64 a year earlier). Management said EPS benefited primarily from gains tied to disposition activity, while the FFO beat versus the midpoint of guidance was driven by portfolio outperformance.

BXP guided Q2 2026 EPS of $0.44–$0.46 and FFO of $1.69–$1.71 per diluted share, and updated full-year 2026 EPS to $2.15–$2.29 and FFO to $6.90–$7.04 per diluted share. On operations, BXP highlighted 1.1 million square feet of leases executed in Q1 and total portfolio occupancy of 87.4% (up 70 bps from Q4 2025), alongside a large “leased-not-occupied” gap that management expects to convert into occupancy through 2026.

BXP also emphasized progress on its strategic asset-sales plan, citing about $1.2 billion of aggregate net proceeds to date from completed sales, including roughly $180 million since the prior earnings call. The market’s push-pull today is that asset sales can improve balance sheet flexibility, but the core question for valuation remains whether the office portfolio’s cash earnings (FFO) can resume durable growth without relying on one-time gains.