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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Alex Goldfarb | Piper Sandler | 7 | 0% |
| Nick Yulico | Scotiabank | 7 | 14% |
| Steve Sakwa | Evercore ISI | 6 | 0% |
| John Kim | BMO Capital Markets | 6 | 0% |
| Ron Kamdem | Morgan Stanley | 5 | 0% |
| Tony Paolone | JPMorgan | 5 | 20% |
| Caitlin Burrows | Goldman Sachs | 5 | 60% |
| Brendan Lynch | Barclays | 5 | 40% |
| Jana Galan | Bank of America | 5 | 0% |
| Blaine Heck | Wells Fargo | 5 | 20% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Piper Sandler | 1 | 7 | 0% |
| Evercore ISI | 2 | 7 | 14% |
| Wells Fargo | 2 | 7 | 14% |
| Scotiabank | 1 |
| 7 |
| 14% |
| BMO Capital Markets | 1 | 6 | 0% |
| Bank of America | 2 | 6 | 0% |
| Goldman Sachs | 1 | 5 | 60% |
| Barclays | 1 | 5 | 40% |
BXP's Q1 2026 demonstrated accelerating momentum with FFO of $1.59 beating guidance by $0.02 and a $0.01 raise to the full-year midpoint to $6.97. Occupancy rose 70bp to 87.4% while the leased-to-occupied spread widened to 3.5%, signaling 1.44 million square feet of signed leases pending commencement. AI demand dominated the narrative, reaching 80% of San Francisco leasing activity and accelerating in Midtown South NYC. The 360 Park Avenue South development reached 90% leased (95% with the latest AI expansion), while 680 Folsom's spec suite strategy drove rapid lease-up. Asset sales reached $1.2 billion since Investor Day, and 290 Binney will deliver a month early.
Demand | Capital Allocation | Revenue Growth | Capex Investment | Guidance Reliability | Pricing | Competitive Dynamics | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 4 | 3 | 2 | 1 | 3 | 3 | 1 |
| 2025Q1 | 8 | 3 | 2 | 3 | 4 | 1 | ||
| 2025Q2 | 7 | 8 | 4 | 3 | 2 | 3 | 1 | |
| 2025Q3 | 7 | 6 | 1 | 3 | 4 | 1 | 2 | |
| 2025Q4 | 6 | 3 | 6 | 2 | 4 | 4 | 1 | 4 |
| 2026Q1 | 6 | 6 | 2 | 3 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 10 | 8 | 7 | 7 | 6 | 6 |
| Capital Allocation | 4 | 3 | 8 | 6 | 3 | 6 |
| Revenue Growth | 3 | 2 | 4 | 1 | 6 | 2 |
| Capex Investment | 2 | 3 | 3 | 3 | 2 | 3 |
| Guidance Reliability | 1 | 4 | 2 | 4 | 4 | 1 |
| Pricing | 3 | 3 | 1 | 4 | 1 | |
| Competitive Dynamics | 3 | 1 | 1 | 2 | 1 | |
| Margin | 1 | 4 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BXP BXP, Inc. | 6 | +0.8% | |
| ARE Alexandria Real Estate Equities | 2 | -9.7% | |
| DLR Digital Realty | 8 | +12.0% |