# BXP Q3 2026 Earnings Beat

> BXP beats earnings guidance with strong occupancy growth and asset sales.
- Title: BXP Q3 2026 Earnings Beat · The Motley Fool | Shortify
- Summary: BXP beats earnings guidance with strong occupancy growth and asset sales. BXP reported Q3 FFO per share of $1.89, exceeding guidance by $0.08 due to higher…
- Keywords: bpx, q3 2026, ffo, occupancy, asset sales, real estate, reit, leasing, office rents, new york, finance, money
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/10/28/bxp-bxp-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-10-28T16:40:38+00:00
- Read time: 2 min
- Topics: bpx, q3 2026, ffo, occupancy, asset sales, real estate, reit, leasing, office rents, new york, finance, money
## Q3 FFO Performance
BXP reported third-quarter FFO per share of $1.89, exceeding the midpoint of management's guidance by $0.08.
## 2026 FFO Guidance
Management raised full-year 2026 FFO guidance to $7.06 to $7.08 per share, an increase of $0.05 at the midpoint from previous projections.
## Portfolio Occupancy
Portfolio occupancy reached 89.4% as of the end of the quarter, a 100-basis-point increase from the previous quarter and surpassing the year-end target of 89%.
## Leasing Activity
Completed 1.2 million square feet of leasing in the third quarter, bringing year-to-date total to more than 4 million square feet.
## Same Property NOI Growth
Same property net operating income growth projected at 2.35% to 2.75% for 2026, an increase of 35 basis points from the prior quarter's estimate.
## Asset Dispositions
Generated $520 million in net sale proceeds during 2026, with $1.37 billion raised since the last investor conference.
## Washington DC Sales
Sold Sumner Square for $63 million at 9.9% cap rate and 1330 Connecticut Avenue for $102 million at 8% cap rate.
## Leasing Spreads
Achieved 6.5% gross leasing spreads and 9.3% net leasing spreads during the third quarter.
## Midtown Manhattan
Midtown Manhattan net rents up 23% for office transactions completed in the third quarter.
## San Francisco Rents
San Francisco rent appreciation reached 25% at 680 Folsom Street, moving from mid-$60s to mid-$80s per square foot.
## Salesforce Tower
Salesforce Tower market rents 30% to 60% higher than expiring rents, still discounts to new construction rents.
## Development Pipeline
Total investment across seven projects amounts to $2.9 billion with approximately $750 million in equity remaining to be funded.
## 343 Madison Pre-leasing
56% leased as of third quarter following a two-floor lease with a business service company.
## Google Lease
206,000 square feet at 500 North Capitol Street backfilling 100% of future vacancy more than two years in advance.
## 2026 Bond Refinancing
Completed $700 million 10-year bond offering at 6.05% interest rate to repay $1 billion bond maturing in October.
## Termination Income
$24 million projected for full year 2026, exceeding historical average of approximately $15 million.
## Key takeaway

BXP reported Q3 FFO per share of $1.89, exceeding guidance by $0.08 due to higher occupancy and service income.