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• FFO per Share: $1.64 for Q1 2025, in line with forecast.

• Leasing Volume: Over 1.1 million square feet in Q1 2025, 25% above Q1 2024.

• Financing Activity: Over $4.2 billion completed, indicating strong access to capital.

• Office Sales Volume: $7.6 billion in Q1 2025, down approximately 14% from Q1 2024.

• Development Project: 290 Coles, a 670-unit multifamily project in Jersey City, with BXP providing $20 million in common equity and $65 million in preferred equity.

• Occupancy Rate: 86.9%, a 60 basis point decrease from last quarter.

• Leased Portfolio: 89.4% leased, with 1.2 million square feet not yet commenced.

• Development Pipeline Pre-leased: Increased from 50% to 62%.

• FFO Guidance for 2025: Narrowed to $6.80 to $6.92 per share.

• Debt Market Activity: Increased revolving line of credit to $2.25 billion and extended term loan for four years.

• Warning! GuruFocus has detected 10 Warning Signs with BXP.

Release Date: April 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• BXP Inc (NYSE:BXP) completed over 1.1 million square feet of leasing in Q1 2025, which was 25% above the leasing volume of Q1 2024.

• The company successfully completed over $4.2 billion of financing activity, demonstrating strong access to capital.

• BXP Inc (NYSE:BXP) released its 2024 sustainability and impact report, highlighting leadership in sustainable business practices.

• The Premier Workplace segment, where BXP primarily competes, continues to outperform the broader office market with lower vacancy rates and higher asking rents.

• BXP Inc (NYSE:BXP) commenced the development of a 670-unit multifamily project in Jersey City, with a projected unleveraged cash development yield on cost of more than 6%.

Negative Points

• Tariffs and federal policies have increased volatility in capital markets, potentially impacting BXP's business environment.

• Federal funding cuts to NIH and uncertainties over FDA approvals are creating headwinds for life science leasing.

• Office sales volume in Q1 2025 was down approximately 14% from the same period last year, indicating a challenging market environment.

• BXP Inc (NYSE:BXP) faces potential impacts from a forecasted recession or slower US GDP growth, which could slow leasing demand.

• The company's debt to EBITDA ratio increased to 8.3 times, higher than historical levels, due to ongoing development projects.

Q & A Highlights

Q: How are you approaching the decision to start construction on 343 Madison, and what yield are you targeting? A: Michael LaBelle, CFO, explained that the decision point for starting the project is at the end of July. They are targeting an 8% yield, which is considered appropriate given the current higher interest rate environment. Hilary Spann, EVP of the New York Region, added that there is significant interest from tenants willing to pre-commit to the building, which is unusual for tenants of 150,000 square feet.