Office REIT BXP Q3 revenue beats expectations on higher leases

BXP

28/10/2025 20:27

Overview

BXP Q3 revenue rose 1.4% to $871.5 mln, beating analyst expectations, per LSEG data

EPS for Q3 missed estimates, impacted by $1.22 non-cash impairment charges

Company issued $1 bln in 2.00% exchangeable notes due 2030

Outlook

BXP projects full-year 2025 EPS of $0.99 - $1.02

BXP expects full-year 2025 FFO per share of $6.89 - $6.92

Result Drivers

LEASING ACTIVITY - BXP signed over 1.5 million square feet of leases in Q3, marking the strongest third quarter since 2019, with a 38% increase from Q3 2024

IMPAIRMENT CHARGES - Non-cash impairment charges related to strategic asset sales program contributed to EPS miss

OCCUPANCY CHANGES - Portfolio occupancy decreased due to new development projects, though leasing percentage remained strong

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$871.50 mln
$855.25 mln (10 Analysts)
Q3 EPS
Miss
-$0.77
$0.42 (8 Analysts)
Q3 Net Income
Miss
-$121.70 mln
$70.65 mln (12 Analysts)
Q3 FFO
$276.70 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for BXP Inc is $77.00, about 3.2% above its October 27 closing price of $74.53

The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 37 three months ago

Press Release: ID:nBw2y0VSpa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)