BXP

REITs, as measured by VNQ, have pulled back ~6% from July highs amid rising interest rates, now trading at meaningful discounts to NAV. Public REITs' low leverage and fixed-rate debt position them to benefit from declining new supply and potential rent growth over 2027-2028. Current market dislocation reflects capital market volatility, not deteriorating property fundamentals; transaction markets remain frozen due to wide bid-ask spreads.

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BXP NYSE: BXP reported third-quarter results that exceeded its prior guidance and raised its full-year funds from operations outlook, citing stronger leasing activity, rising occupancy and improving rental conditions across much of its premier workplace portfolio.

BXP, Inc. ( BXP ) Q3 2026 Earnings Call October 28, 2026 10:00 AM EDT Company Participants Helen Han - Vice President of Investor Relations Owen Thomas - CEO & Chairman of the Board Douglas Linde - President & Director Michael LaBelle - Executive VP, Treasurer & CFO Rodney Diehl - Executive VP of West Coast Regions Hilary Spann - Executive Vice President of New York Region Conference Call Participants Jana Galan - BofA Securities, Research Division Steve Sakwa - Evercore ISI Institutional Equities, Research Division Seth Bergey - Citigroup Inc., Research Division John Kim - BMO Capital Markets Equity Research Blaine Heck - Wells Fargo Securities, LLC, Research Division Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division Alexander Goldfarb - Piper Sandler & Co., Research Division Caitlin Burrows - Goldman Sachs Group, Inc., Research Division Connor Mitchell - UBS Investment Bank, Research Division Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., Research Division Upal Rana - KeyBanc Capital Markets Inc., Research Division Dylan Burzinski - Green Street Advisors, LLC, Research Division Ronald Kamdem - Morgan Stanley, Research Division Presentation Operator Good day, and thank you for standing by. Welcome to Q3 2026 BXP Earnings Conference Call.

BXP's Q3 2026 FFO and revenues beat estimates as occupancy gains and higher same-property NOI drive growth, prompting a raise in its full-year FFO outlook.

Shares of Airbnb, Inc. performed well in the quarter following strong second quarter results that exceeded expectations and a confident outlook for sustained growth acceleration. Shares of Mohawk contributed to performance this quarter, driven by optimism around the company's leadership transition as well as strong second quarter earnings results. Following strong share price performance in the first six months of 2026 when its shares gained 38% through June 30, 2026, the shares of PENN Entertainment, Inc. detracted from performance during the quarter amid broad weakness in gaming stocks.

BXP is poised for Q3 2026 revenue and FFO growth, driven by strong demand for premium office spaces, though rising costs and leasing competition pose challenges.

Marquee-name tenants have already been signed for about half of the building's 930,000 square feet -- insurance giant Starr and  law firm McDermott Will & Schulte.

The 10- and 30-year Treasury is ominously elevated. And the Federal Reserve is fresh off one interest rate hike and potentially heading for another before the end of the year.