BXP (BXP) official guidance

At our Investor Day, we communicated an objective to generate, in aggregate, $1.9 billion in net sale proceeds by 2028 from the sale of land, residential, and non-strategic office assets.

During our investor conference, we communicated an objective to sell land, residential, and non-strategic office assets for approximately $1.9 billion in net aggregate sale proceeds by 2028.

To summarize, we've increased our guidance for 2026 FFO by $0.05 per share at the midpoint to our new range of $6.99-$7.05 per share.

Overall, we're raising our guidance for 2026 FFO by $0.01 per share at the midpoint, and our new range is $6.90-$7.04 per share.

In our same property portfolio, we are increasing our assumption for our share of NOI growth over 2025 by 30 basis points to between 1.8% and 2.6%.

In our same property portfolio, we are increasing our assumption for our share of NOI growth from over 2025 by 15 basis points to between 1.4% and 2.4%.

We've increased our expectations for average occupancy for the year by 65 basis points to 88.9%, and we now expect to end 2026 at closer to 90% occupied.

Reflecting this momentum, we've increased our occupancy outlook for 2026 by 25 basis points to an average for the year of 88.25%.

As he described, we expect occupancy to climb from 86.7% at year-end 2025 to approximately 89% by the end of 2026, which is a meaningful increase.

Looking forward, we project that the current in-service portfolio, which includes the recent development deliveries, to end 2025 at approximately 86.2% occupied and 2026 at 88.3% occupied, a 210 basis point increase, with most of the improvement in the second half of 2026.

In total, this in-process activity is about the same level it was last quarter, and it reinforces our confidence in our year-end 2027 occupancy expectation of 91%.

we are highly confident that we will end the year at 89%, hopefully a little bit higher, and that we will end 2027 at 91%, hopefully a little bit higher.

We also have 250,000 sq ft of signed leases that we expect to commence in 2027.

As of now, future net proceeds from dispositions projected in 2026 could aggregate up to an additional $400 million.

our projections remain on track for a stabilized unleveraged cash return of 7.5%-8% upon delivery in 2029.

I do expect that, you know, for the year, our lease transaction costs will be higher, given the start that we have at $175 million for the quarter. I would anticipate that, you know, our leasing costs will be, you know, closer to in excess of $400 million based upon the occupancy growth that we anticipate. You know, there's a couple of other early renewals that are gonna be coming in the second and fourth quarter.

If nothing else were to change, we should pick up 670,000 sq ft or 150 basis points of occupancy and end the year at 89%.

we continue to anticipate a minimum of $4 million sq ft of leasing in 2026, consistent with what we put forth in our 2026 guidance.

Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026