BXP

BXP is the largest publicly traded developer, owner and manager of premier office buildings in the United States. It owns 162 properties with 50.6 million square feet, including joint ventures, in Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. About 90% of its rent comes from clients in central business districts.

It also develops new buildings, such as 343 Madison Avenue in New York, and laboratory buildings for life sciences companies. BXP is a real estate investment trust (REIT), so it pays out most of its taxable income as dividends.

The market prices BXP for weak office demand and high debt. Investors fear that companies need less office space because of hybrid work. Higher interest rates raise the cost of refinancing its debt, and BXP's share of net debt was 7.52 times its share of annualized EBITDAre at September 30, 2026. Occupancy now rises: total occupancy was 89.4% at September 30, 2026, the fourth quarterly gain in a row.

For the gap to close, four things must be true. Occupancy must keep rising, because about 1.1 million square feet of signed leases are due to start, about half of them before the end of 2026. BXP must sell assets as planned and reduce leverage. New developments, such as 343 Madison Avenue, must lease up at good rents.

BXP must refinance large loans at fair rates, such as the $2.3 billion mortgage on the GM Building due in June 2027. The full-year 2026 report and the 2027 guidance, expected in late January 2027, give the next test. If these checks pass, the gap can close, but slowly, over several years, as leases start and debt falls. The main reason it may not close is a longer fall in office demand, which BXP cannot control.

1. Oct 27, 2026Passed

   Q3 2026 earnings: occupancy and leasingOccupancy above the 88.4% of Q2, FFO within $1.80 to $1.82 per share and steady leasing pass; lower occupancy or a cut in FFO guidance fail.Outcome: Total occupancy rose to 89.4%, FFO of $1.89 per share beat the guide, and BXP raised its 2026 FFO guidance to $7.06 to $7.08 per share.
2. Jan 27, 2027 · est.Pending

   Full-year 2026 report and 2027 guidance2027 FFO guidance above 2026 and progress on asset sales and leverage pass; lower guidance or higher leverage fail.
3. Jun 9, 2027Pending

   GM Building mortgage refinancedA refinancing of the $2.3 billion GM Building mortgage before it is due, at a rate BXP can carry, passes; a default, a large paydown with new equity or a much higher rate fails.

Every passed and failed checkpoint across all picks

• October 27, 2026BXP reported Q3 2026 results. Revenue rose 4.6% to $911.4 million, and FFO was $1.89 per diluted share, above its guidance of $1.80 to $1.82. It signed about 1.2 million square feet of leases, including about 206,000 square feet with a technology company at 500 North Capitol in Washington, DC. Total occupancy rose 100 basis points to 89.4%. BXP raised its 2026 FFO guidance to $7.06 to $7.08 per share. In the quarter, it sold Sumner Square and 1330 Connecticut Avenue in Washington, DC, for a total gross price of about $155.4 million.
• October 15, 2026Press reports said that BXP closed the sale of a 10.6% equity interest in its 343 Madison Avenue development in New York to AVRS Partners. BXP confirmed the sale in its Q3 2026 report and keeps full control of development, leasing and management. The price was not disclosed, and press reports valued the project at about $2 billion.
• October 1, 2026BXP repaid at par its $1.0 billion of 2.750% senior notes due October 1, 2026.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 6, 2026 · bxp-20260930
• 8-KEarnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KOther company newsFiled August 31, 2026 · bxp-20260831
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · bxp-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 8-KImpairmentFiled May 29, 2026 · bxp-20260527
• 8-KShareholder vote resultsFiled May 22, 2026 · bxp-20260521
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · bxp-20260331
• 8-KEarnings releaseFiled April 28, 2026 · Press release and exhibits
• 8-KOther company newsFiled March 6, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1037540)

• Office demand is weak where companies use less space. If clients leave when leases end, occupancy and cash flow can fall.
• BXP had $16.6 billion of consolidated debt at September 30, 2026, before it repaid $1.0 billion of notes on October 1, 2026, and its share of net debt was 7.52 times its share of annualized EBITDAre. Higher interest rates raise the cost of refinancing maturing debt, such as the $2.3 billion mortgage on the GM Building due in June 2027.
• Development projects such as 343 Madison Avenue need large investment. If leasing is slow or costs rise, returns can be lower than planned.
• BXP plans to sell assets to reduce leverage. Weak demand for office buildings can force sales at low prices, as the impairment on Sumner Square showed.

BXP has high debt. Consolidated debt was $16.59 billion at September 30, 2026, and cash was $1.47 billion. Read more

Yield at the current rate

4.4% (current annual rate, at today’s price)

Dividend yield

4.4% (last 12 months, at today’s price of $63.44)

Paid per share

$2.80 in the last 12 months (4 payments)

Current annual rate

$2.80 ($0.70 × 4 a year)

Payout ratio

193% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $0.70 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 3.0% a year. From 2015 to 2025, the dividend grew by about 5.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.