BXP Announces Strong Quarterly Leasing Activity in Q4 2024

Core Insights - BXP, Inc. has signed leases totaling approximately 2.3 million square feet in Q4 2024, with a weighted average lease term of 10.3 years, bringing total leasing activity for 2024 to around 5.6 million square feet, marking the strongest quarterly leasing since Q2 2019 [1][4] - The leasing volume represents about 130% of BXP's historical 10-year average for Q4 [1] - Notable leases include a 413,000 square foot renewal with Ropes & Gray in Boston, a 246,000 square foot renewal and expansion with KnitWell Group in New York City, and approximately 560,000 square feet of leases in California [2] Leasing Activity - BXP's leasing activity through the end of 2024 consisted of 291 leases, with a weighted-average lease term of 9.8 years, indicating long-term investments in high-quality spaces [3] - The demand for premier office assets remains strong, with BXP capitalizing on client preferences for accessible and high-quality properties [4] Financial Performance - BXP reported Q4 2024 funds from operations (FFO) per share of $1.79, meeting the Zacks Consensus Estimate, although it fell 1.6% year-over-year [6] - The quarterly results reflected healthy leasing activity, but higher interest expenses had a negative impact [6] Market Position - BXP has a portfolio of Class A office assets in select U.S. markets, supported by a diverse tenant base that ensures stable revenues [5] - The company is enhancing its portfolio quality through acquisitions and development in core markets while divesting from non-core properties [5] Stock Performance - Over the past six months, BXP's shares have gained 3.3%, outperforming the industry decline of 2.2% [7]