BXP · 10-Q · 2026Q2 · Full report

Revenue Performance and Mix

BXP, Inc. · 2026-08-06 · Importance 37 · Surprise 32 · In source text

Total rental revenue increased $37.4 million, or 4.5%, to $865.6 million in the three months ended June 30, 2026, while total NOI increased $24.6 million, or 4.8%, to $538.7 million. Same-property lease revenue excluding termination income increased $24.3 million, driven by a $1.47 increase in average revenue per square foot that contributed $13.2 million and occupancy growth from 88.0% to 89.2% that contributed $11.1 million. Properties placed in service contributed $20.7 million of incremental rental revenue, including $17.9 million from 290 Binney Street, which was fully placed in service during the second quarter of 2026. Residential same-property NOI increased $1.1 million, with San Francisco average monthly rent rising 9.1% to $3,270 and average physical occupancy increasing 2.8 percentage points to 92.1%.

Key facts

• Total rental revenue for the Total Property Portfolio for the three months ended June 30, 2026 was $865,581 thousand versus $828,202 thousand in 2025, an increase of $37,379 thousand (4.51%). source
• Termination income for the six months ended June 30, 2026 totaled approximately $15.7 million related to 18 clients, compared to $0.8 million related to 3 clients in 2025. source
• Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $36.8 million for the six months ended June 30, 2026 compared to 2025, driven by average revenue per square foot increasing by approximately $1.08 (≈ $19.5 million) and average occupancy increasing from 88.1% to 89.1% (≈ $17.3 million). source
• Boston Marriott Cambridge hotel occupancy for three months ended June 30, 2026 was 84.8% vs 82.8% in 2025 (change 2.4%); average daily rate $374.01 vs $373.26 (change 0.2%); REVPAR $317.08 vs $308.90 (change 2.6%). source
• Hotel net operating income for the six months ended June 30, 2026 was $6,651 thousand compared to $7,440 thousand in 2025 (decrease of $789 thousand, 10.60%). source
• Gains from investments in securities recognized during the six months ended June 30, 2026 and 2025 were approximately $3.8 million and $2.2 million, respectively. source
• Parking and other revenue from the Same Property Portfolio increased by approximately $2.842 million for the three months ended June 30, 2026 compared to 2025. source
• Boston Marriott Cambridge hotel had NOI of approximately $5.532 million for the three months ended June 30, 2026, an increase of approximately $0.124 million compared to the three months ended June 30, 2025. source

Impact estimates