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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alexander Goldfarb | Piper Sandler | 8 (0%) |
| Nick Yulico | Scotiabank | 8 (13%) |
| Steve Sakwa | Evercore ISI | 7 (0%) |
| John Kim | BMO Capital Markets | 7 (0%) |
| Blaine Heck | Wells Fargo | 6 (17%) |
| Jana Galan | Bank of America | 6 (0%) |
| Brendan Lynch | Barclays | 6 (33%) |
| Caitlin Burrows | Goldman Sachs | 6 (50%) |
| Ron Kamdem | Morgan Stanley | 6 (0%) |
| Anthony Paolone | JPMorgan | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Evercore ISI | 2 | 8 (13%) |
| Piper Sandler | 1 | 8 (0%) |
| Wells Fargo | 2 | 8 (13%) |
| Scotiabank | 1 |
| 8 (13%) |
| BMO Capital Markets | 1 | 7 (0%) |
| Bank of America | 2 | 7 (0%) |
| Deutsche Bank | 2 | 6 (0%) |
| Barclays | 1 | 6 (33%) |
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 | Guidance Reliability | Capex Investment | Pricing | Competitive Dynamics | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 4 | 3 | 1 | 2 | 3 | 3 | 1 |
| 2025Q1 | 8 | 3 | 2 | 4 | 3 | 1 | ||
| 2025Q2 | 7 | 8 | 4 | 2 | 3 | 3 | 1 | |
| 2025Q3 | 7 | 6 | 1 | 4 | 3 | 1 | 2 | |
| 2025Q4 | 6 | 3 | 6 | 4 | 2 | 4 | 1 | 4 |
| 2026Q1 | 6 | 6 | 2 | 1 | 3 | 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 |
| Guidance Reliability | 1 | 4 | 2 | 4 | 4 | 1 |
| Capex Investment | 2 | 3 | 3 | 3 | 2 | 3 |
| Pricing | 3 | 3 | 1 | 4 | 1 | |
| Competitive Dynamics | 3 | 1 | 1 | 2 | 1 | |
| Margin | 1 | 4 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $859M | +3.6% | $-1.45 | -290.8% | 61.1% | 30.6% | -26.7% | $233M |
| FY2025 Q1 | $865M | +3.1% | $0.39 | -23.5% | 60.7% | 54.7% | 7.1% | $92M |
| FY2025 Q2 | $868M | +2.1% | $0.56 | +9.8% | 60.7% | 29.5% | 10.2% | $202M |
| FY2025 Q3 | $872M | +1.4% | $-0.77 | -245.3% | 60.8% | 29.1% | -14.0% | $128M |
| FY2025 Q4 | $877M | +2.2% | $1.56 | +207.6% | 60.2% | 55.9% | 28.3% | $267M |
| FY2026 Q1 | $872M | +0.8% | $0.64 | +64.1% | 59.1% | 26.1% | 11.6% | $-132M |
| FY2026 Q2 | $896M | +3.1% | $0.43 | -23.2% | 8.1% | 28.9% | 7.7% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What BXP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“data bricks, perplexity, Decagon, [indiscernible], [ CRAI ], Snowflake to name a few, with Decongon and Snowflake being new tenants in the BXP roster.”
Decagon is a new AI-oriented tenant added to BXP's roster, reflecting growing office demand from emerging AI companies.
“data bricks, perplexity, Decagon, [indiscernible], [ CRAI ], Snowflake to name a few, with Decongon and Snowflake being new tenants in the BXP roster.”
Snowflake is a new tenant added to BXP's roster, part of the wave of tech and AI companies expanding into its office space.
“OpenAI and anthropic are clearly the most recognizable expansions, but there are many meaningful space occupiers expanding across our markets.”
Anthropic is cited alongside OpenAI as one of the marquee AI tenants driving incremental office demand in BXP's premier workplace markets.
“OpenAI and anthropic are clearly the most recognizable expansions, but there are many meaningful space occupiers expanding across our markets.”
OpenAI is cited as one of the most recognizable AI tenants driving office space expansion in BXP's San Francisco and New York markets.
“In Boston, the data includes 100,000 square foot lease in the Urban Edge space that was previously leased to Biogen.”
Space in BXP's Boston Urban Edge portfolio previously occupied by Biogen was released to a new tenant, indicating Biogen vacated that footprint.
“AstraZeneca already commenced cash rent payments as of April 1, and we expect to deliver the project by June 1 at the latest.”
AstraZeneca is the tenant for BXP's new 290 Binney Street life-science development in Cambridge and began paying cash rent early, ahead of the building's delivery.
“The 743,000 square-foot building is fully leased to Marriott and sold for a gross price of $430 million or $589 a square foot and a 6.8% initial cap rate.”
Marriott is the sole anchor tenant of its Bethesda headquarters building (fully leased), which BXP developed and profitably sold its 50% interest in during the quarter.
| 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% |