Companies · BXP
BXP (Boston Properties)
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Updated Aug 6, 2026
BXP Q2 2026 10-Q: Leasing velocity at 129% of 10-year average signals premier office recovery ahead of Investor Day trajectory
BXP's Q2 2026 results demonstrate that its flight-to-quality thesis is converting into measurable operating momentum: 1.8 million square feet of leases signed at 129% of the 10-year second-quarter average, same-property occupancy rising to 89.1% from 88.0%, and total portfolio occupancy of 88.4% up 100 basis points from Q1 2026. The $1.2 billion construction loan closed on 343 Madison Avenue post-quarter materially de-risks the development pipeline, reducing BXP's remaining equity requirement from approximately $2.1 billion to approximately $900 million. Capital recycling is ahead of original disposition objectives with approximately $1.3 billion of net proceeds generated since the September 2025 Investor Day, and management explicitly states the company is 'ahead of the occupancy trajectory for 2026 outlined at our September 2025 Investor Day.'
Tone: bullishRevenue
$3.5B
BXP 10-K · FY 2025
Employees
826
Revenue FY2024
$3.4B
Founded
1970
Profile
BXP 10-K Item 1 · Feb 27, 2026BXP is a fully integrated, self-administered and self-managed REIT and one of the largest publicly traded office REITs in the United States by total market capitalization. The company develops, owns, and manages premier workplaces concentrated in six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. At December 31, 2025, BXP held interests in 179 commercial real estate properties totaling approximately 52.6 million net rentable square feet.
Read filing description ↓ Collapse description ↑
BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2025, we owned or had joint venture interests in a portfolio of 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet. We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees. We are a full-service real estate company, with substantial in-house expertise and resources in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, accounting, risk management, tax and legal services.
Primary products
- Premier office workplace leasing
- Life sciences space leasing
- Retail space leasing
- Residential properties
- Hotel property
- Development and management services
End markets
Geographies
Named customers
Named competitors
“We believe our key competitive advantages are our commitments to the office asset class and to our clients as many competitors have divested from the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and the high quality of our portfolio of premier workplaces.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from approximately $3.41 billion in 2024 to approximately $3.48 billion in 2025, driven primarily by growth in lease revenue and parking and other income.
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