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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Boston Properties, our partner on this project, is now advancing toward the final depth of approximately 105 feet.”
Boston Properties is Eversource's development partner on the Cambridge Underground substation project, which is progressing on schedule toward its final depth.
“The project is a collaboration between Eversource, Boston Properties, the Cambridge Redevelopment Authority, and the City of Cambridge. It's an exciting development for the community and a significant step towards a more sustainable and resilient energy future.”
Eversource is partnering with Boston Properties and city/redevelopment authorities on the $1.8 billion Greater Cambridge Energy Project, including the first fully underground electrical substation in the US.
“there was an article out last week that Anthropic is seeking between 250,000 and 450,000 square feet in New York City.”
AI company Anthropic is reportedly seeking 250,000-450,000 sq ft in New York City, cited by BXP as evidence of expanding AI-driven office demand in Midtown South.
“our 573,000 square foot 290 Binney Street life science project in Cambridge that is 100% leased to AstraZeneca.”
AstraZeneca has fully leased BXP's 573,000 sq ft 290 Binney Street life science building in Cambridge, reflecting AstraZeneca's continued lab space commitment.
“We finalized a lease commitment with Starr for 29% of the space in the middle bank of the tower”
Starr committed to 29% of BXP's 343 Madison Avenue development in New York and is relocating from 240,000 sq ft at 399 Park, signaling expansion/upgrade demand from the insurer.
“we were approached by Sidley Austin to find them a new Washington, D.C. headquarters.”
Law firm Sidley Austin approached BXP for a new Washington, D.C. headquarters, leading to a 15-year lease for 75% of the to-be-built 2100 M Street premier workplace.
“more availability coming in as the macys.com lease expires”
A Macy's (macys.com) lease expiring at BXP's 680 Folsom Street will free up space, a tenant give-back that BXP expects to backfill with AI demand.
“it's our joint venture with another public RIET ARE in South San Francisco, where we have a large building that was developed a few years ago that is available for lease”
BXP holds a life-science joint venture with Alexandria Real Estate (ARE) in South San Francisco where a large building remains available amid tepid wet-lab demand.
“But I think being the largest private employer in San Francisco, making a commitment like that is pretty meaningful.”
BXP frames Salesforce's roughly $15 billion commitment to San Francisco, as its largest private employer, as a meaningful positive for the city's office demand.
“This quarter, we executed a 51,000 square foot lease on space that was vacated by Meta in June of this year”
Meta gave back roughly 51,000 square feet at BXP's Reston Town Center, a read-through that Meta trimmed office footprint that BXP has since re-leased.
“our partnership with Norges is stable. We're not buying out. They're not buying us out of any assets. And from time to time, we look at new investments together.”
BXP confirms its broader joint-venture partnership with Norges (the Norwegian sovereign wealth fund) remains stable and open to new co-investments, distinct from the separate 45% partner BXP is buying out of 343 Madison Avenue.
“651 Gateway, again, we're going by Alexandria's accounting for when it comes into service, we would have already put into service based upon our accounting, but that's the way they do things.”
BXP defers to joint-venture partner Alexandria Real Estate Equities' accounting convention for when the 651 Gateway life-science development is placed into service, delaying its stabilization timeline versus BXP's own methodology.
“At South of Market in Reston, Meta terminated 51,000 square feet in May.”
Meta terminated a 51,000 square foot lease at BXP's South of Market property in Reston in May 2025; BXP has since re-leased the space to a new tenant.
“Biogen's 355,000 square foot lease in the urban edge portfolio of Boston expired in May 2025 this quarter.”
Biogen's 355,000 square foot Boston Urban Edge office lease expired this quarter; BXP has re-let only 45,000 square feet of the space so far, consistent with a footprint reduction by Biogen.
| Analyst | Firm | Questions (Challenge)Percentage 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%) |
| Blaine Heck | Wells Fargo | 5 (20%) |
| Jana Galan | Bank of America | 5 (0%) |
| Brendan Lynch | Barclays | 5 (40%) |
| Caitlin Burrows | Goldman Sachs | 5 (60%) |
| Ron Kamdem | Morgan Stanley | 5 (0%) |
| Tony Paolone | JPMorgan | 5 (20%) |
| Firm | Analysts | Questions (Challenge)Percentage 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 closed 2025 with record leasing of 5.5 million square feet and $1 billion in completed asset sales, both ahead of Investor Day targets. Q4 FFO of $1.76 missed guidance by $0.05 on elevated G&A and credit reserves, but the full year delivered $6.85 and initial 2026 guidance of $6.88-$7.04 marks a return to growth. Occupancy reached 86.7% with 1.243 million square feet of signed leases yet to commence, supporting the projected 200bp gain to ~89% by year-end 2026. The development pipeline advanced with Starr's 29% lease at 343 Madison, an LOI for another 16%, and the new $2100M Street build-to-suit for Sidley Austin at 8%+ yield.
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% |