BXP, IncNYSE: BXP
Real Estate · Office REITs
$66.93
+11.30%
Vol: 72K
Research Digest
Monday, June 15, 2026
No significant overnight updates
No material news in the last 48 hours.
Previous Market Intelligence
13 daysJun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21BXP filed an SEC ATM program to offer up to $1 billion of common stock through sales agents, while Barclays cut its price target to $65 from $66 on May 18, 2026.Mixed▶
BXP disclosed an at-the-market equity program allowing it to offer and sell up to $1 billion of common stock through sales agents, per an SEC filing. On May 18, 2026, Barclays lowered its price target to $65 from $66 while keeping a Buy rating. The new ATM follows a Q1 2026 beat where FFO came in at $1.59 per share and the company raised full-year 2026 EPS guidance to $2.15-$2.29 and FFO guidance to $6.90-$7.04. AI tenant demand in Midtown South accelerated, capturing as much AI leasing in Q1 alone as all of H1 2025. Several analysts including Cantor Fitzgerald and UBS earlier trimmed price targets mid-May.
May 20BXP files $1B at-the-market equity offering as AI/tech leasing demand surges in Midtown South.Mixed▶
BXP filed an SEC document allowing it to offer and sell up to $1 billion of common stock through sales agents. AI and tech leasing in Midtown South has accelerated rapidly, with AI/tech reaching 57% of total leasing demand and nearly 80% in Q1 2026. The company reported Q1 FFO of $1.59 per share, slightly above estimates, and raised full-year 2026 EPS guidance to $2.15-$2.29. BXP executed over 1.1 million square feet of leases in Q1 and increased portfolio occupancy by 70 basis points. The company is executing a portfolio optimization strategy, having raised $1.2 billion since its investor conference to fund development and deleverage. Despite operational momentum, shares are down approximately 12.4% year-to-date.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 15BXP raises 2026 guidance to $6.90-$7.04 after Q1 FFO of $1.59 beats; revenue of $872M tops estimates as occupancy improves.Positive▶
Boston Properties reported Q1 2026 earnings on May 7 with FFO of $1.59 per share exceeding estimates and revenue of $872.2 million beating expectations of $843.11 million. The company raised its 2026 guidance to $6.90-$7.04, driven by improved occupancy rates and robust leasing activity. As of May 8, 2026, the stock traded at $59.37 with the 50-day moving average at $54.97 and 200-day at $63.80. Over the past month the stock has advanced about 15%, though one-year return remains negative. BXP trades at a P/E of 29.9x, richer than Global Office REITs average of 16.6x and peer average of 20.3x. The market remains cautious on office REITs despite operational improvements.
May 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 13BXP filed shelf to offer up to $1 billion of common stock via ATM program after raising 2026 FFO guidance on AI-driven leasing demandPositive▶
BXP filed an SEC shelf disclosure permitting the company to offer and sell up to $1 billion of common stock through sales agents in an at-the-market program. The filing follows a strong Q1 2026 in which BXP beat FFO and revenue estimates, raised 2026 FFO guidance to $6.88-$7.04 per share, and projected same-property NOI growth of 1.25-2.25%. Management highlighted that AI and tech leasing has grown from 50% of market demand in early 2024 to nearly 80% in Q1 2026, with Midtown South seeing accelerating AI tenant activity. BXP signed over 1.1 million square feet of leases in Q1, raised total occupancy by 70 bps, and is targeting 89% portfolio occupancy by year-end. The company continues its $1.9 billion asset sales program through 2028, having already raised $1.2 billion since its investor conference. Risk: ATM equity issuance could dilute shareholders.
May 12No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 11BXP beat Q1 2026 FFO expectations and raised full-year guidance on accelerating AI tenant demand and strong leasing, while filing to potentially issue up to $1B in stock.Positive▶
BXP reported Q1 2026 FFO of $1.59 per share, exceeding estimates, with portfolio occupancy improving 70 bps to 87.4%. The company executed over 1.1 million square feet of leases in Q1 and has 1.4 million more scheduled through year-end. AI/tech leasing in Midtown South reached nearly 80% of total demand in Q1 vs 50% historically, with Q1 alone capturing as much AI leasing as all of H1 2025. FY2026 FFO guidance was set at $6.88-$7.04 per share with 2026 portfolio occupancy targeted at 89%. BXP filed an SEC notice it may offer and sell up to $1 billion in common stock through sales agents. The company has raised $1.2 billion since its investor conference via non-strategic asset sales to fund development and deleverage.
May 8Q1 2026 FFO $1.59 per share, beats EPS by 128.57%; raises full-year FFO guidancePositive▶
BXP reported Q1 2026 FFO of $1.59/share (beat estimates) and EPS of $0.64 (beat 128.57%). Revenue $872.1M (+3.44% vs. forecast). Company executed 1.1M SF of leases, increased portfolio occupancy by 70 bps to 87.4%. Raised full-year FFO guidance to $6.90-$7.04. After-hours trading declined 0.74%. Evercore ISI raised price target to $62 from $60 (April 29). Portfolio totals 50.4M SF across 164 properties in six gateway markets. Current stock price $64.96.
May 7Boston Properties exceeds Q1 guidance; raises FY2026 FFO outlook, stock up on AI tenantsPositive▶
BXP reported Q1 2026 FFO per share of $1.59 beating guidance, with revenue of $872.1M exceeding estimates. Occupancy rose 70 bps to 87.4%, driven by AI and tech tenant demand. Company executed 1.1M+ sq ft of leases and raised full-year FFO guidance to $6.90-7.04 range. More than 1.4M sq ft of leasing scheduled to commence through end of 2026.
May 6Boston Properties Exceeds Q1 2026 Guidance with Strong Leasing ActivityPositive▶
Boston Properties exceeded Q1 2026 guidance with EPS of $0.64 vs. expected $0.28, a 128.57% surprise, and revenue of $872.1M surpassing forecasts by 3.44%. The company executed 1.1M square feet of leases with 8.7-year weighted-average term and improved total portfolio occupancy to 87.4%, up 70 basis points. FFO per share beat guidance at $1.59 and full-year guidance was raised to $6.90-$7.04. Strong leasing driven by AI and tech tenants, with $360M in asset sales completed. Dropbox and Decagon among new San Francisco leases.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| BXPBXP | $66.93 | +11.30% | +0.3% | 28.3x | 1.06 | $10.7B |
| AREALEXANDRIA | $52.96 | +10.67% | +2.5% | -54.4x | 1.14 | $8.3B |
| WELLWELLTOWER | $215.00 | -0.47% | +1.6% | 64.9x | 0.82 | $152.5B |
| PLDPROLOGIS | $149.50 | +3.37% | +1.6% | 42.6x | 1.35 | $134.8B |
| EQIXEQUINIX | $1,076.27 | -0.20% | +1.5% | 56.1x | 1.00 | $106.4B |
| AMTAMERICAN | $187.06 | +1.78% | +3.7% | 26.6x | 0.90 | $85.6B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.