BXP · BXP, Inc. Q2 FY2026 earnings call record财报电话会记录

“We will invest $87 million to retrofit the building, expect to earn an initial cash return of over 10%, including an inferred value for the existing improvements.”

“In the first quarter, BXP's total leasing volume was 1.14 million sq ft, and we executed leases on 700,000 sq ft of vacant space.”

“Our pipeline of leases either executed or in negotiation after the second quarter stands at 1.3 million, with about 350,000 sq ft of that involving vacant space.”

“In addition, our active discussions is approaching 1.7 million sq ft, and that could impact another 450,000 sq ft of current vacancy.”

“The highlights of this quarter in the Boston region was this 322,000 sq ft lease with Boston Dynamics, which illustrates our point on and around AI leading to increased demand.”

“Today, I'm going to cover our financing activities, as well as our strong results for the second quarter earnings, and an update of our full year 2026 earnings guidance.”

“We also continue to evaluate all the refinancing alternatives available as we seek to optimize our debt capital structure and mitigate the impact of the elevated interest rate environment.”

“Looking at the full year 2026, we are raising our guidance for FFO by $0.05 per share at the midpoint by bringing up the bottom end by $0.09-$6.99 per share and the top end of our range by $0.01-$7.05 per share.”

“To summarize, we've increased our guidance for 2026 FFO by $0.05 per share at the midpoint to our new range of $6.99-$7.05 per share.”

“We will always have some marginal availability given the fact that we do 10-year leases and we have some, what I would refer to as larger clients, and if they choose to relocate or we can't accommodate their growth, then we'll have some downtime.”

“As I said, Salesforce Tower, on average, my guess is our embedded growth is 30%-40%, and we're going to have somewhere in the neighborhood of, call it 200,000-250,000 sq ft of expirations in that building in 2027 and 2028.”

“There's over 1 million sq ft of suburban stuff that will eventually disappear from our portfolio that we will ultimately, we hope, sell somewhere between 75%-80% interest in, which will be liquidating those assets and providing us with opportunities that we can either use for redeploying into those particular developments or using that money elsewhere.”