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- Impairment (new) — BXP recorded an $18.0 million non-cash impairment charge on its Sumner Square property in Washington, DC, as the anticipated sale price fell below carrying value.
BXP reports Q2 FFO of $1.78/share, beats guidance, raises full-year outlook to $6.99-$7.05
Filed July 28, 2026 · Period ending July 28, 2026 · ~2 min read
Key Changes
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high
Q2 2026 diluted FFO of $1.78/share beat guidance midpoint by $0.08, driven by higher occupancy and lower operating expenses; full-year FFO guidance raised $0.05 to $6.99-$7.05/share.
Exhibit 99.2 view on EDGAR → -
high
Portfolio occupancy rose 100 bps to 88.4% in Q2; leased percentage reached 91.3% with 1.3M sq ft of signed leases not yet commenced (85% expected to start by year-end 2026).
Exhibit 99.2 view on EDGAR → -
high
Same-property NOI (excluding termination income) grew 3.5% year-over-year; Q2 leasing activity of 1.8M sq ft was 129% of the 10-year Q2 average.
Exhibit 99.1 view on EDGAR → -
medium
Recorded $18.0M ($0.10/share) non-cash impairment on Sumner Square property in Washington, DC, classified as held for sale; anticipated sale price below carrying value.
Exhibit 99.1 view on EDGAR → -
medium
Secured $1.2B construction loan for 343 Madison Avenue development at Term SOFR plus 2.50%, stepping down to 2.25% upon achieving leasing and construction milestones.
Exhibit 99.2 view on EDGAR →
Summary
BXP reported strong Q2 2026 operating results with diluted FFO of $1.78 per share, beating guidance by $0.08 and up from $1.71 in Q2 2025. The outperformance was driven by higher occupancy and lower-than-expected operating expenses. Portfolio occupancy increased 100 basis points quarter-over-quarter to 88.4%, with leasing activity of 1.8 million square feet representing 129% of the historical Q2 average.
Same-property NOI growth of 3.5% year-over-year reflects improving fundamentals across the portfolio. Management raised full-year 2026 FFO guidance by $0.05 per share to $6.99-$7.05, citing better portfolio performance. The quarter included an $18.0 million ($0.10 per share) non-cash impairment charge on the Sumner Square property in Washington, DC, which was classified as held for sale in May 2026.
The impairment reflects the difference between the property's carrying value and its expected sale price less costs to sell. This charge reduced full-year EPS guidance by $0.03 per share to $2.14-$2.24, though the operational improvements partially offset the impact. The company also secured a $1.2 billion construction loan for its 343 Madison Avenue development in New York City at competitive terms (Term SOFR plus 2.50%, stepping down to 2.25%). For retail holders, the raised FFO guidance and occupancy gains signal improving operating momentum in BXP's office portfolio. The 290 basis point spread between leased (91.3%) and occupied (88.4%) space represents near-term occupancy upside as signed leases commence. The Sumner Square impairment is a one-time charge tied to a specific asset disposition and does not reflect broader portfolio valuation concerns.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
BXP disclosed Q2 2026 financial results via press release and supplemental information posted to its website.
Added in current filing · verify on EDGAR →
On July 28, 2026, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second quarter ended 2026.
BXP announced its second quarter 2026 financial results through a press release and supplemental materials. The 8-K itself does not contain the actual financial figures—those are in the attached exhibits (99.1 and 99.2), which are furnished rather than filed and therefore not subject to Exchange Act liability provisions.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Diluted FFO per share $ 1.78
BXP reported diluted funds from operations (FFO) of $1.78 per share for Q2 2026, compared to $1.59 per share in Q1 2026. FFO is a key REIT performance metric that excludes depreciation, amortization, and gains/losses on property sales. The sequential increase reflects improved operating performance and higher termination income.
Added in current filing · view on EDGAR →
Projected FFO per share (diluted) $ 1.80 $ 1.82 $ 6.99 $ 7.05
BXP provided full-year 2026 diluted FFO guidance of $6.99 to $7.05 per share, with Q3 2026 guidance of $1.80 to $1.82 per share. The guidance assumes average in-service portfolio occupancy of 88.50% to 89.25% and same-property NOI growth (excluding termination income) of 1.80% to 2.60%.
Added in current filing · view on EDGAR → · paraphrased
Change in BXP's Share of Same Property NOI (excluding termination income) 3.5 %
BXP's share of same-property net operating income (excluding termination income) increased 3.5% in Q2 2026 compared to Q2 2025, reflecting higher occupancy and rental rates. On a cash basis (excluding straight-line rent adjustments), same-property NOI grew 0.8%.
Added in current filing · view on EDGAR →
On May 29, 2026, the anticipated sale of the Company’s leasehold interest in the Sumner Square property located in Washington, DC met the Company’s “held for sale” criteria. Following the classification of a property as “held for sale”, the assets are written down to the lower of carrying value or fair market value, less cost to sell. This write down resulted in an impairment.
BXP recorded an $18.0 million impairment charge on its Sumner Square property in Washington, DC, after classifying it as held for sale. The impairment reflects the difference between the property's carrying value and its expected sale price less costs to sell. The sale has not yet closed.
Added in current filing · view on EDGAR → · paraphrased
Occupancy % of In-Service Properties 88.4 %
BXP's in-service portfolio occupancy was 88.4% at June 30, 2026, up from 87.4% at March 31, 2026. The leased percentage (including signed leases with future commencement dates) was 91.3%, indicating a pipeline of future occupancy gains.
Event · Exhibit 99.2
Added in current filing · view on EDGAR →
Revenue increased 3.1% to $895.7 million for the quarter ended June 30, 2026, compared to $868.5 million for the quarter ended June 30, 2025.
•Net income attributable to BXP, Inc. of $68.6 million, or $0.43 per diluted share (EPS), for the quarter ended June 30, 2026, compared to $89.0 million, or $0.56 per diluted share, for the quarter ended June 30, 2025.
BXP reported Q2 2026 revenue of $895.7 million, up 3.1% year-over-year. Net income was $68.6 million or $0.43 per diluted share, down from $0.56 per share in Q2 2025, primarily due to a $0.10 per share non-cash impairment charge on Sumner Square partially offset by higher revenues and lower operating expenses.
Added in current filing · view on EDGAR →
BXP provided guidance for third quarter 2026 EPS of $0.50 - $0.52 and FFO of $1.80 - $1.82 per diluted share, and updated guidance for full year 2026 EPS of $2.14 - $2.24 and FFO of $6.99 - $7.05 per diluted share.
The midpoint of full-year 2026 guidance for EPS decreased by $0.03 per diluted share, primarily from the aforementioned impairment charge recorded in the second quarter partially offset by improved operating performance.
The midpoint of full-year 2026 guidance for FFO increased by $0.05 per diluted share primarily due to better-than-projected portfolio performance as described above.
BXP raised full-year 2026 FFO guidance midpoint by $0.05 per share to $6.99-$7.05 due to better portfolio performance. Full-year EPS guidance midpoint decreased by $0.03 per share to $2.14-$2.24, reflecting the Q2 impairment charge partially offset by operational improvements. Q3 2026 guidance is $0.50-$0.52 EPS and $1.80-$1.82 FFO per share.
Added in current filing · view on EDGAR →
Executed 106 leases in the second quarter totaling approximately 1.8 million square feet with a weighted-average lease term of 9.9 years. The amount leased is approximately 129% of our historical 10-year average for the second quarter. ... •BXP’s total portfolio occupancy for the second quarter was 88.4%, an increase of 100 basis points from Q1 2026. Approximately 86% of the increase in occupancy was driven by gains across the existing portfolio and the remainder was attributable to the addition of the fully occupied 290 Binney Street property in Cambridge, Massachusetts that was placed in-service in Q2 2026.
•Total portfolio leased percentage was 91.3% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 40 basis points from Q1 2026. As of June 30, 2026, the spread between leased and occupied square footage was 290 basis points representing approximately 1.3 million square feet of future lease commencements, with approximately 85% expected to commence before year-end 2026.
BXP executed 106 leases totaling approximately 1.8 million square feet in Q2 2026, 129% of the historical 10-year Q2 average, with a weighted-average lease term of 9.9 years. Total portfolio occupancy increased 100 basis points quarter-over-quarter to 88.4%, driven primarily by existing portfolio gains. The leased percentage reached 91.3%, with a 290 basis point spread to occupancy representing approximately 1.3 million square feet of signed leases not yet commenced, 85% expected to start by year-end 2026.
Added in current filing · view on EDGAR →
On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York. The loan has a four-year initial term, plus a one-year extension option subject to customary conditions, and was executed on competitive terms, including an initial interest rate of Term SOFR plus 2.50%, which will be reduced to Term SOFR plus 2.25% upon the achievement of certain leasing and construction milestones.
BXP secured a $1.2 billion construction loan for 343 Madison Avenue in New York City with a four-year initial term plus a one-year extension option. The loan carries an initial interest rate of Term SOFR plus 2.50%, stepping down to Term SOFR plus 2.25% upon achieving certain leasing and construction milestones. The project is 50% pre-leased following a 148,000 square foot lease with McDermott Will & Schulte.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 29, 2026 · How we verify