Analyst Consensus ?
ConsensusBuy41 ratings
Bullish2561.0%
Neutral1536.6%
Bearish12.4%
BXP, Inc. · BXP · FY2026 Q1 · Calendar Q2 2026
BXP Q1 2026: FFO Beats by 49% as AI-Driven Leasing Lifts Occupancy to 87.4%
BXP's Q1 2026 results signal accelerating demand for premier Class A office space. AI-focused tenants drove roughly 80% of incremental office demand in San Francisco and lifted overall occupancy to 87.4%, up 70 basis points. The company beat consensus FFO by a wide margin and raised full-year guidance modestly to $6.90-$7.04 per share. A $1.2 billion asset-sale program is funding debt reduction and development, including the flagship 343 Madison Avenue tower and approximately 5,000 multifamily units. Management targets ~89% occupancy by year-end 2026. The stock fell 2.6% on the print but subsequently recovered with a 5.3% drift, and the current price of $70.45 sits roughly in line with the analyst consensus target of $70.09.
Reported After market closeNYSEReal Estate
$11.43B market cap
100quality score
Company context
Snapshot as of publicationBXP, trading on the NYSE, is the leading publicly listed company engaged in the development and ownership of premier Class A office properties across the United States. Its operations are strategically concentrated in five major urban centers: Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a Real Estate Investment Trust (REIT), the company operates as a comprehensive real estate entity, involved in the full spectrum of activities from developing and acquiring to managing and operating a diverse collection of primarily Class A office assets. Its current property holdings consist of 196 assets, collectively spanning 51.2 million square feet, which includes six properties actively undergoing construction or significant redevelopment.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $0
EPS surprise
+48.8%
Reported versus consensus
Reported revenue
$872.1M
Consensus $847.2M
Revenue surprise
+2.9%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$70.37Current
$47Low
$81.51Average
$132High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jul 21, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 21, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 21, 2026 |
| Ladenburg Thalmann | Buy | Buy | Maintain | Jul 8, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Jul 6, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 1, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 27, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | May 15, 2026 |
| UBS | Neutral | Neutral | Maintain | May 14, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Apr 15, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 1, 2026 |
| Keybanc | Overweight | Sector Weight | Upgrade | Dec 4, 2025 |
| Jefferies | Buy | Buy | Maintain | Oct 13, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Sep 11, 2025 |
| Compass Point | Neutral | Buy | Downgrade | Sep 10, 2025 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 9, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 16, 2025 |
| Wedbush | Underperform | Neutral | Downgrade | Jan 2, 2025 |
| Argus Research | Hold | Buy | Downgrade | Aug 14, 2023 |
| Deutsche Bank | Hold | Buy | Downgrade | Jan 4, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Oct 20, 2022 |
| BTIG | Neutral | Buy | Downgrade | Oct 19, 2022 |
| SMBC Nikko | Neutral | Outperform | Downgrade | Aug 4, 2022 |
| B of A Securities | Buy | Buy | Maintain | Nov 16, 2020 |
| Stifel | Buy | Buy | Maintain | Jun 30, 2020 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jun 9, 2020 |
| Baird | Outperform | Outperform | Maintain | Jan 30, 2020 |
| BTIG Research | Buy | Neutral | Upgrade | Jan 9, 2019 |
| DA Davidson | Buy | Neutral | Upgrade | Nov 19, 2018 |
| Argus | Buy | Buy | Maintain | Sep 17, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 2, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 15, 2018 |
| Edward Jones | Buy | Hold | Upgrade | Feb 5, 2018 |
| RBC Capital | Outperform | Top Pick | Downgrade | Aug 17, 2017 |
| ISI Group | Buy | Neutral | Upgrade | Sep 29, 2014 |
| Capital One Financial | Overweight | Equal Weight | Upgrade | Sep 25, 2014 |
| Capital One | Overweight | Equal Weight | Upgrade | Sep 25, 2014 |
| Imperial Capital | In Line | In Line | Maintain | May 1, 2014 |
| Sandler O'Neill | Buy | Hold | Upgrade | Nov 18, 2013 |
| Evercore Partners | Overweight | Overweight | Maintain | Jan 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $70.37. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Nicholas Yulico | $74 | $68.07 | +5.2% | Jul 21, 2026 |
| Mizuho Securities | Analyst unavailable | $68 | $67.9 | -3.4% | Jul 21, 2026 |
| Piper Sandler | Alexander Goldfarb | $86 | $67.9 | +22.2% | Jul 21, 2026 |
| Barclays | Analyst unavailable | $79 | $67.9 | +12.3% | Jul 21, 2026 |
| Evercore ISI | Steve Sakwa | $68 | $69.47 | -3.4% | Jul 6, 2026 |
| Scotiabank | Analyst unavailable | $70 | $63.06 | -0.5% | Jun 18, 2026 |
| BMO Capital | John Kim | $68 | $60.06 | -3.4% | Jun 2, 2026 |
| Truist Financial | Michael Lewis | $64 | $60.61 | -9.1% | May 26, 2026 |
| Barclays | Brendan Lynch | $65 | $58.5 | -7.6% | May 18, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $70 | $58.96 | -0.5% | May 15, 2026 |
| UBS | Analyst unavailable | $61 | $59.33 | -13.3% | May 14, 2026 |
| Deutsche Bank | Analyst unavailable | $61 | $57.87 | -13.3% | May 13, 2026 |
| Deutsche Bank | Analyst unavailable | $81 | $58.44 | +15.1% | May 13, 2026 |
| Evercore ISI | Steve Sakwa | $62 | $57.38 | -11.9% | Apr 29, 2026 |
| Mizuho Securities | Vikram Malhotra | $62 | $59.62 | -11.9% | Feb 24, 2026 |
| Goldman Sachs | Analyst unavailable | $72 | $63.73 | +2.3% | Feb 4, 2026 |
| Truist Financial | Michael Lewis | $70 | $64.53 | -0.5% | Feb 2, 2026 |
| Evercore ISI | Analyst unavailable | $73 | $63.74 | +3.7% | Jan 29, 2026 |
| Barclays | Brendan Lynch | $81 | $65.4 | +15.1% | Jan 23, 2026 |
| Barclays | Analyst unavailable | $82 | $66.91 | +16.5% | Jan 13, 2026 |
| UBS | Michael Goldsmith | $71 | $66.13 | +0.9% | Jan 8, 2026 |
| Deutsche Bank | Analyst unavailable | $70 | $67.09 | -0.5% | Jan 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $79 | $67.82 | +12.3% | Jan 5, 2026 |
| Mizuho Securities | Vikram Malhotra | $79 | $71.6 | +12.3% | Dec 12, 2025 |
| KeyBanc | Upal Rana | $80 | $71.15 | +13.7% | Dec 4, 2025 |
| Barclays | Analyst unavailable | $78 | $72.36 | +10.8% | Dec 1, 2025 |
| Wells Fargo | Analyst unavailable | $74 | $72.38 | +5.2% | Nov 25, 2025 |
| Goldman Sachs | Analyst unavailable | $77 | $70.39 | +9.4% | Oct 17, 2025 |
| New Street | Analyst unavailable | $85 | $69.49 | +20.8% | Oct 13, 2025 |
| Jefferies | Joe Dickstein | $84 | $69.49 | +19.4% | Oct 13, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $90 | $74.34 | +27.9% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $77 | $74.82 | +9.4% | Sep 29, 2025 |
| UBS | Analyst unavailable | $74 | $72.4 | +5.2% | Sep 9, 2025 |
| BMO Capital | John Kim | $84 | $72.4 | +19.4% | Sep 9, 2025 |
| Evercore ISI | Steve Sakwa | $76 | $72.4 | +8.0% | Sep 9, 2025 |
| Scotiabank | Nicholas Yulico | $77 | $70.76 | +9.4% | Aug 28, 2025 |
| Mizuho Securities | Vikram Malhotra | $82 | $71.23 | +16.5% | Jul 14, 2025 |
| Piper Sandler | Alexander Goldfarb | $85 | $63.59 | +20.8% | Apr 15, 2025 |
| Scotiabank | Analyst unavailable | $83 | $70.93 | +17.9% | Feb 28, 2025 |
| Wedbush | Richard Anderson | $70 | $74.64 | -0.5% | Jan 2, 2025 |
| Truist Financial | Michael Lewis | $83 | $83.22 | +17.9% | Dec 3, 2024 |
| Compass Point | Floris van Dijkum | $88 | $79.86 | +25.1% | Nov 14, 2024 |
| Compass Point | Floris van Dijkum | $80 | $82.75 | +13.7% | Oct 31, 2024 |
| Piper Sandler | Alexander Goldfarb | $105 | $86.82 | +49.2% | Oct 22, 2024 |
| Evercore ISI | Steve Sakwa | $84 | $80.4 | +19.4% | Sep 16, 2024 |
| Scotiabank | Nicholas Yulico | $82 | $73.88 | +16.5% | Sep 11, 2024 |
| Wells Fargo | Blaine Heck | $80 | $74.51 | +13.7% | Sep 11, 2024 |
| Piper Sandler | Alexander Goldfarb | $78 | $74.49 | +10.8% | Sep 3, 2024 |
| Truist Financial | Michael Lewis | $77 | $74.2 | +9.4% | Aug 27, 2024 |
| Scotiabank | Nicholas Yulico | $76 | $69.26 | +8.0% | Aug 7, 2024 |
| Deutsche Bank | Omotayo Okusanya | $65 | $61 | -7.6% | Jun 27, 2024 |
| Truist Financial | Michael Lewis | $67 | $61.12 | -4.8% | Jun 13, 2024 |
| BMO Capital | John Kim | $78 | $61.35 | +10.8% | Apr 8, 2024 |
| J.P. Morgan | Anthony Paolone | $47 | $48.53 | -33.2% | May 15, 2023 |
| Morgan Stanley | Analyst unavailable | $65 | $69.84 | -7.6% | Nov 23, 2022 |
| Evercore ISI | Analyst unavailable | $99 | $73.66 | +40.7% | Sep 27, 2022 |
| Truist Financial | Analyst unavailable | $96 | $76.38 | +36.4% | Sep 23, 2022 |
| Evercore ISI | Steve Sakwa | $100 | $77.47 | +42.1% | Sep 22, 2022 |
| Piper Sandler | Analyst unavailable | $90 | $83.72 | +27.9% | Sep 15, 2022 |
| Truist Financial | Analyst unavailable | $102 | $84.44 | +44.9% | Sep 14, 2022 |
| Morgan Stanley | Analyst unavailable | $78 | $85.33 | +10.8% | Sep 9, 2022 |
| UBS | Analyst unavailable | $98 | $89.41 | +39.3% | Jul 28, 2022 |
| Deutsche Bank | Analyst unavailable | $104 | $89.57 | +47.8% | Jul 20, 2022 |
| Morgan Stanley | Analyst unavailable | $80 | $88.42 | +13.7% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $105 | $91.4 | +49.2% | Jul 6, 2022 |
| Jefferies | Analyst unavailable | $88 | $90.2 | +25.1% | Jun 30, 2022 |
| Truist Financial | Analyst unavailable | $105 | $88.27 | +49.2% | Jun 30, 2022 |
| Morgan Stanley | Analyst unavailable | $104 | $111.18 | +47.8% | Jun 1, 2022 |
| Goldman Sachs | Analyst unavailable | $112 | $106.49 | +59.2% | May 25, 2022 |
| UBS | Brent Dilts | $127 | $124.18 | +80.5% | Jan 10, 2022 |
| Deutsche Bank | Derek Johnston | $131 | $119.05 | +86.2% | Jan 3, 2022 |
| J.P. Morgan | Anthony Paolone | $112 | $115.06 | +59.2% | Nov 5, 2021 |
| Piper Sandler | Alexander Goldfarb | $140 | $112.65 | +98.9% | Sep 1, 2021 |
| Argus Research | Angus Kelleher-Ferguson | $132 | $113.51 | +87.6% | Aug 2, 2021 |
| Bank of America Securities | James Feldman | $126 | $112.85 | +79.1% | May 27, 2021 |
| Goldman Sachs | Caitlin Burrows | $106 | $110.71 | +50.6% | May 25, 2021 |
| Credit Suisse | Omotayo Okusanya | $107 | $102.27 | +52.1% | Apr 14, 2021 |
Track every rating change on BXP the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-2.6%
Event window
SPY move
-0.0%
Same window
Abnormal move
-2.6%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
+5.3%
Up to 20 sessions
BXPSPY benchmark
Follow BXP with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Versus Q4 2025, occupancy improved to 87.4% with the lease-to-occupied spread widening. Net asset-sale proceeds reached $1.2 billion, up from $1.1 billion in the prior quarter, keeping pace with the $1.9 billion three-year target. Full-year 2026 FFO guidance was nudged from $6.88-$7.04 to $6.90-$7.04, reflecting higher same-property NOI growth and lease-termination income. New disclosures included AI tenants accounting for ~80% of incremental San Francisco demand, a $35 million gain on the Marriott headquarters stake sale, and early delivery of the 290 Binney multifamily project reducing capitalized interest expense.
Guidance delta
Full-year 2026 FFO guidance raised from $6.88-$7.04 to $6.90-$7.04 per share, a $0.02 increase at the low end. Drivers cited include higher same-property NOI growth (~1.5-2%), lease-termination income, and reduced capitalized interest from the early 290 Binney delivery. Management targets occupancy of ~89% by year-end 2026, up from 87.4% at quarter-end. Capex outlook remains increasing.
Key takeaways
- FFO per share of $0.64 beat the $0.43 consensus estimate by 49%, while revenue of $872.1 million exceeded the $847.2 million consensus by 2.9%.
- Occupancy reached 87.4%, up 70 basis points, driven by AI-focused tenants expanding in San Francisco, New York, and Seattle.
- Asset sales generated $1.2 billion in net proceeds, on track toward the $1.9 billion three-year target through 2028.
- Development pipeline includes the 343 Madison Avenue tower and approximately 5,000 multifamily units, with equity partners providing capital.
- Guidance raised modestly to $6.90-$7.04 per share, with management targeting ~89% occupancy by year-end 2026.
- Stock fell 2.6% on the report but subsequently drifted up 5.3%, with the current price of $70.45 near the analyst consensus target of $70.09.
Management priorities
- Recapitalize 343 Madison Avenue in 2026 with equity partners and construction financing.
- Sell additional non-strategic assets targeting up to $400 million in net proceeds in 2026.
- Advance multifamily projects totaling ~5,000 units, including the Herndon, Virginia development.
- Pursue land entitlements for over 3,500 residential units on former office parcels.
- Expand the AI-related tenant base in premier workplace markets.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T17:01:14.034904+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T17:01:14.032001+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.