BXP · 10-Q · 2026Q3 · Full report

Revenue Performance and Mix

BXP, Inc. · 2026-11-06 · Importance 37 · Surprise 32

For the nine months ended September 30, 2026, total rental revenue increased $101.1 million, or 4.06%, to $2.591 billion. Same Property Portfolio rental revenue rose $86.3 million, or 3.56%, including a $63.2 million increase in lease revenue excluding termination income, driven by a $0.98 increase in average revenue per square foot and occupancy improvement from 88.0% to 89.4%. Termination income increased $16.9 million to $19.0 million, arising from 26 clients compared with six clients in 2025; parking and other revenue increased $6.1 million, primarily because monthly parking revenue rose $6.5 million. Total rental revenue also included $46.3 million from 290 Binney Street, placed in service in 2026.

Key facts

• For the nine months ended September 30, 2026, BXP’s Same Property Portfolio lease revenue excluding termination income increased approximately $63.2 million; average revenue per square foot rose approximately $0.98, contributing $36.9 million, and average occupancy rose from 88.0% to 89.4%, contributing $26.3 million.
• Same Property Portfolio NOI, excluding residential and hotel, increased approximately $19.6 million, or 3.93%, for the three months ended September 30, 2026.
• During the third quarter of 2026, BXP’s second-generation leasing spreads were approximately 6.5% higher on a gross basis and approximately 9.3% higher on a net basis.
• BXP’s Same Property Portfolio parking and other revenue increased approximately $6.1 million for the nine months ended September 30, 2026; parking revenue rose approximately $6.5 million, partly offset by a $0.4 million decrease in other revenue.
• Boston Marriott Cambridge hotel's average daily rate was $324.58 for the nine months ended September 30, 2026, versus $322.31 in 2025, an increase of 0.7%.
• Boston Marriott Cambridge hotel's REVPAR was $264.03 for the nine months ended September 30, 2026, versus $258.37 in 2025, an increase of 2.2%.
• Development and management services revenue decreased approximately $1.3 million for the nine months ended September 30, 2026 compared with 2025; management services revenue decreased approximately $0.9 million and development services revenue decreased approximately $0.4 million.
• Boston Marriott Cambridge hotel's average daily rate was $331.21 for the three months ended September 30, 2026, versus $328.68 in 2025, an increase of 0.8%.