BXP US S&P 500Russell 1000 Earnings call · transcribed from the recording
BXP, Inc. (BXP) · Q3 2026 results and valuation
Share price: $63.44 · 2026-11-11
BXP, Inc. owns and operates real estate properties. The company manages its portfolio of properties in urban and previously developed areas, including potential international markets. Source: 10-K annual report (2026-02-27)
Results Q3 2026 vs Q4 2025 · previous quarter · published 27 Oct 2026 and 28 Jan 2026
Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
—
Figures not yet filed
Outlook given
2 · How management spoke
Typical
Less upbeat than 59% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
BXP raised over $520 million in total net sale proceeds this year and $1.37 billion since its investor conference, which the company stated is ahead of schedule.
Valuation
Is BXP, Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 3.9% growth a year (3-year revenue growth), the model's fair value is $79.58 a share — the stock trades 20% below it. Today's price assumes 1.4% growth a year.
Current price
$63.44
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+1.4% for 10 yrs
Fair value / share
$79.58
Buy below
$59.68
Price vs fair value
Undervalued 20%
Price vs buy-below price
Overvalued 6%
Management expects
Growth +3% · from the Q3 2026 report: “BXP raised the midpoint of its 2026 FFO per share guidance by $0.05 and now expects FFO per share to grow more than 3% in 2026.”
A guidance figure for growth, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance
BXP raised the midpoint of its 2026 FFO per share guidance by $0.05 and now expects FFO per share to grow more than 3% in 2026.
-
Guidance
In-service portfolio occupancy rose to 89.4% for the fourth straight quarter, exceeding the 89% occupancy forecast provided for year-end 2026.
-
Key theme
BXP increased its 2026 NOI growth expectation for the same property portfolio to 2.35% to 2.75%.
Source quote
“In our same property portfolio, we are increasing our expectation for NOI growth in 2026 to 2.35% to 2.75%.”
-
Guidance
BXP reported funds from operations of $1.89 per share, exceeding the midpoint of prior guidance by $14 million, or $0.08 per share.
-
Figure
BXP raised over $520 million in total net sale proceeds this year and $1.37 billion since their investor conference, which the company states is ahead of schedule.
Source quote
“We are well ahead of schedule as we've raised over $520 million in total net sale proceeds this year and $1.37 billion since our investor conference.”
3 more
-
Figure
BXP accelerated its $1.9 billion disposition program because the favorable pricing from the previous year would be difficult to replicate in the current higher interest rate environment.
Source quote
“We are very pleased that we accelerated our $1.9 billion disposition program as the favorable pricing we received over the past year for many sale transactions would be difficult to replicate in today's higher interest rate environment.”
-
Figure
BXP's development pipeline includes three office and four residential projects totaling 3.5 million square feet and 2.9 billion in investment, with approximately 750 million of equity remaining to be funded.
Source quote
“BXP's current development pipeline comprises three office and four residential projects underway, totaling 3.5 million square feet and 2.9 billion of BXP investment, with approximately 750 million of equity remaining to be funded.”
-
Figure
The active discussion pipeline stands at over 2.8 million square feet, which includes some large early renewal discussions.
Source quote
“Our active discussion pipeline stands at over 2.8 million square feet, including some large early renewal discussions.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“GDP and corporate earnings growth, which creates strong leasing demand from not only AI companies, but also from financial, legal, and business service companies that are growing headcounts to support...”
“Investor demand for high-quality premier workplaces backed by experienced sponsors remains strong, and we are well-positioned to capitalize on these opportunities.”
“Looking ahead, we remain confident in our ability to deliver sustained FFO growth over the next several years, supported by improving property fundamentals, continued leasing momentum, and the execution of...”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- New With improving fundamentals, clear strategic direction, and proven execution capability, BXP remains confident in its ability to deliver…
- New BXP is aggressively making proposals to a number of the clients that are in the marketplace.
- During the Q &A portion of BXP's call, its regional management teams will also be available to address any questions.
- There are three primary reasons for these strong market conditions.
- Investment in AI and associated infrastructure when measured versus historical new technology CapEx cycles is very material today and...
Faded since Q4 2025
- Fading When I look at the portfolio makeup in terms of where the growth is coming from and where the demand...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
BXP reported revenue of $911.4 million for the third quarter of 2026, up 4.6% from $871.5 million in the third quarter of 2025.
- Other events · SEC 8-K
Boston Properties Limited Partnership completed the issuance and sale of $700.0 million of 6.050% Senior Notes due 2036, with estimated net proceeds of $692.4 million to fund the redemption of $1.0 billion of 2026 Notes.
- Results of operations · SEC 8-K
BXP reported revenue of $895.7 million for the second quarter of 2026, an increase of 3.1% compared to $868.5 million in the second quarter of 2025.
- Impairment · SEC 8-K
The company will recognize a non-cash impairment loss of approximately $18 million in the second quarter of 2026 due to the sale of property for a gross purchase price of $63 million.
- Shareholder vote results · SEC 8-K · routine
- Results of operations · SEC 8-K
BXP reported revenue of $872.1 million for the first quarter of 2026, up 0.8% from $865.2 million in the first quarter of 2025, with net income of $101.6 million compared to $61.2 million a year earlier.
- Other events · SEC 8-K
On March 6, 2026, BXP, Inc. and Boston Properties Limited Partnership filed an automatic shelf registration statement on Form S-3 to replace an existing statement expiring on May 17, 2026.
- Results of operations · SEC 8-K
BXP reported revenue of $877.1 million for the fourth quarter of 2025, up 2.2% from $858.6 million in the fourth quarter of 2024.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
-
2026
FFO per share growth
Source quote
“We also raised the midpoint of our 2026 FFO per share guidance by $0.05 and now expect our FFO per share to grow more than 3% in 2026.”
-
year-end 2026
in-service portfolio occupancy forecast
Source quote
“Our in-service portfolio occupancy rose materially and for the fourth straight quarter to 89.4%, which is above the 89% occupancy forecast we provided for year-end 2026.”
-
by 2028
generate an aggregate $1.9 billion in net sale proceeds from the sale of land, residential, and non-strategic office assets
Source quote
“we communicated an objective to generate an aggregate $1.9 billion in net sale proceeds by 2028 from the sale of land, residential, and non-strategic office assets.”
-
first quarter of 2027
sale of Times Square Tower in New York City
Source quote
“the sale would occur in the first quarter of 2027 and enable us to achieve our 2028 disposition target well ahead of schedule.”
-
2028
commence another pre-leased premier workplace development opportunity in Washington, D.C.
Source quote
“In terms of additional development activity, we are pursuing another pre-leased premier workplace development opportunity in Washington, D.C., which would likely commence in 2028.”