BXP, Inc.

Listed Company

BXPCIK 0001037540NYSELarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.48B

Net Income

$276.80M

Total Assets

$26.17B

Equity

$5.15B

Shares Out

158.63M

Op. Cash Flow

$1.25B

Business

BXP, Inc. is a fully integrated, self-administered and self-managed real estate investment trust that develops, owns and manages primarily premier workplaces. It offers office, laboratory/life sciences, retail and residential properties, a hotel through a taxable REIT subsidiary, and related services including development, redevelopment, acquisitions, leasing, property management, construction management and capital markets activities. The company operates as a full-service real estate organization through its partnership vehicle BPLP and through joint ventures, lending and third-party development arrangements. Its properties and operations are concentrated in six gateway U.S. markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC—and it leases space directly to corporate, institutional and government clients while engaging institutional partners for joint ventures and capital solutions.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease	3,236	3,177	3,055	2,918	2,753
Total revenue	3,482	3,408	3,274	3,109	2,889
Rental	1,335	1,287	1,184	1,108	1,021
General and administrative	169	160	170	146	152
Transaction costs	3	2	4	3	5
Depreciation and amortization	912	887	831	750	717
Total expenses	2,471	2,387	2,239	2,050	1,921
Loss from unconsolidated joint ventures	−104	−343	−240	−60	−3
Gains on sales of real estate	177	602,000	517,000	437	124
Loss on sales-type lease	−2	0	0	10	0
Interest and other income (loss)	36	60	70	12	6
Gains from investments in securities	6	4	6	−7	6
Losses from interest rate contracts	0	0	−79,000	—	—
Unrealized gain (loss) on non-real estate investments	−346,000	546,000	239,000	—	—
Impairment loss	−86	−14	0	0	0
Loss from early extinguishment of debt	−338,000	0	0	0	−45
Interest expense	−653	−645	−580	−437	−423
Net income	384	84	291	1,021	632
Noncontrolling interests in property partnerships	−75	−68	−79	−75	−71
Noncontrolling interest - common units of the Operating Partnership	−32	−2	−23	−97	−56
Net income attributable to BXP, Inc.	277	14	190	849	505
Earnings Per Share After Allocation of Undistributed Earnings to Participating Securities Basic (dollars per share)	1.75	0.09	1.21	5.41	3.18
Weighted average number of common shares / units outstanding (in shares / units)	158	157	157	157	156
Diluted Earnings: Net income (Loss), Per Share Amount (in dollars per share / unit)	1.74	0.09	1.21	5.4	3.17
Weighted average number of common and common equivalent shares / units outstanding (in shares / units)	159	158	157	157	156

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-05-31
Real estate, at cost (amounts related to variable interest entities (VIEs) of $8,005,124 and $7,797,430 at December 31, 2025 and December 31, 2024, respectively)	28,242	27,871	26,749	25,390	—
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2025 and December 31, 2024, respectively)	372	373	402	238	—
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at December 31, 2025 and December 31, 2024, respectively)	326	335	324	167	—
Less: accumulated depreciation (amounts related to VIEs of $(1,763,988) and $(1,628,274) at December 31, 2025 and December 31, 2024, respectively)	−8,040	−7,528	−6,882	−6,298	—
Total real estate	20,900	21,050	20,593	19,496	—
Cash and cash equivalents (amounts related to VIEs of $255,631 and $373,737 at December 31, 2025 and December 31, 2024, respectively)	1,478	1,255	1,531	690	—
Cash held in escrows (amounts related to VIEs of $10,319 and $4,979 at December 31, 2025 and December 31, 2024, respectively)	79	80	81	46	—
Investments in securities	45	40	36	32	—
Tenant and other receivables, net (amounts related to VIEs of $30,989 and $20,435 at December 31, 2025 and December 31, 2024, respectively)	93	107	122	81	—
Sales-type lease receivable, net	16	15	14	13	—
Accrued rental income, net (amounts related to VIEs of $470,734 and $435,110 at December 31, 2025 and December 31, 2024, respectively)	1,539	1,466	1,355	1,277	—
Deferred charges, net (amounts related to VIEs of $204,924 and $211,726 at December 31, 2025 and December 31, 2024, respectively)	848	813	760	733	—
Prepaid expenses and other assets (amounts related to VIEs of $14,509 and $15,036 at December 31, 2025 and December 31, 2024, respectively)	108	71	64	44	—
Investments in unconsolidated joint ventures	999	1,094	1,377	1,716	—
Assets held for sale	25	0	—	—	—
Total assets	26,166	26,085	26,026	24,208	—
Mortgage notes payable, net (amounts related to VIEs of $3,286,870 and $3,282,027 at December 31, 2025 and December 31, 2024, respectively)	4,280	4,277	4,166	3,272	—
Unsecured senior notes, net	9,806	10,645	10,492	10,238	—
Unsecured exchangeable senior notes, net	976	0	—	—	—
Unsecured line of credit	0	0	0	0	—
Unsecured term loans, net	797	799	1,198	730	730
Unsecured commercial paper	750	500	0	—	—
Lease liabilities - finance leases (amounts related to VIEs of $21,074 and $20,931 at December 31, 2025 and December 31, 2024, respectively)	360	371	418	249	—
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at December 31, 2025 and December 31, 2024, respectively)	389	393	350	205	—
Accounts payable and accrued expenses (amounts related to VIEs of $88,849 and $115,808 at December 31, 2025 and December 31, 2024, respectively)	480	402	458	418	—
Dividends and distributions payable	124	172	171	171	—
Accrued interest payable	125	128	134	104	—
Other liabilities (amounts related to VIEs of $95,209 and $126,202 at December 31, 2025 and December 31, 2024, respectively)	386	451	446	451	—
Total liabilities	18,474	18,137	17,834	15,837	—
Redeemable deferred stock units 111,701 and 128,227 units outstanding at redemption value at December 31, 2025 and December 31, 2024, respectively	8	10	8	7	—
Excess stock, shares outstanding	0	0	0	0	—
Excess stock, shares issued	0	0	0	0	—
Preferred stock / units, shares / units issued (in shares / units)	0	0	0	0	—
Preferred stock / units, shares / units outstanding (in shares / units)	0	0	0	0	—
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	0	0	0	0	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding	0	0	0	0	—
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,627,198 and 158,253,895 issued and 158,548,298 and 158,174,995 outstanding at December 31, 2025 and December 31, 2024, respectively	2	2	2	2	—
Additional paid-in capital	6,836	6,836	6,715	6,539	—
Dividends in excess of earnings	−1,675	−1,420	−816	−391	—
Treasury common stock at cost, shares	78,900	78,900	78,900	78,900	—
Treasury common stock at cost, 78,900 shares at December 31, 2025 and December 31, 2024	−3	−3	−3	−3	—
Accumulated other comprehensive loss	−13	−2	−21	−14	—
Total stockholders' equity attributable to BXP, Inc.	5,147	5,413	5,877	6,133	—
Common units of the Operating Partnership	567	591	667	684	—
Property partnerships	2,000	1,900	1,600	1,500	—
Total equity / capital	7,685	7,938	8,184	8,364	—
Total liabilities and equity / capital	26,166	26,085	26,026	24,208	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	912	887	831	750	717
Amortization of right of use assets - operating leases	264,000	2	2	2	4
Amortization of sales type lease	−989,000	−992,000	0	—	—
Non-cash compensation expense	44	44	51	52	51
Distributions of net cash flow from operations of unconsolidated joint ventures	58	34	25	27	22
Gains from investments in securities	−5	−4	−6	6	−6
Allowance for current expected credit losses	−1	78,000	373,000	—	—
Non-cash portion of interest expense	32	37	31	26	23
Unrealized (gain) loss on non-real estate investments	346,000	−546,000	−239,000	—	—
Tenant and other receivables, net	33	14	−31	−8	5
Accrued rental income, net	−102	−98	−100	−98	−102
Prepaid expenses and other assets	−4	−5	−7	20	−21
Right of use assets - operating lease	0	−750,000	−26	0	0
Lease liabilities - operating leases	−4	−202,000	−121,000	—	—
Accounts payable and accrued expenses	27	−2	42	−23	20
Accrued interest payable	−3	−6	30	9	−11
Other liabilities	−19	13	7	−24	−29
Tenant leasing costs	−123	−119	−78	−84	−63
Total adjustments	861	1,150	1,010	262	501
Net cash provided by operating activities	1,245	1,235	1,302	1,282	1,133
Acquisitions of real estate	−56	−35	0	—	—
Construction in progress	−684	−651	−526	−500	−514
Building, pre-development and other capital improvements	−217	−190	−171	−177	−151
Tenant improvements	−339	−258	−311	−219	−264
Proceeds from sales of real estate	683	602,000	517,000	—	—
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash)	0	6	−13	0	0
Capital contributions to unconsolidated joint ventures	−259	−132	−193	−278	−98
Capital distributions from unconsolidated joint ventures	173	28	33	37	122,000
Investment in non-real estate investments	−4	−3	−2	—	—
Issuance of note receivables (including related party)	−23	−3	−12	0	0
Proceeds from note receivables (including related party)	80	0	0	10	10
Investments in securities, net	558,000	136,000	1	—	—
Net cash used in investing activities	−645	−1,237	−1,194	−1,603	−1,040
Proceeds from mortgage notes payable	0	0	600	0	1,201
Repayments of mortgage notes payable	−4	−5	0	0	−832
Proceeds from unsecured senior notes	0	850	748	750	1,696
Redemption of unsecured senior notes	−850	−700	−500	0	−1,842
Proceeds from Convertible Debt	1,000	0	0	—	—
Borrowings on unsecured line of credit	865	0	0	985	770
Repayments of unsecured line of credit	−865	0	0	−1,130	−625
Borrowings on unsecured term loans	700	0	1,200	730	0
Repayment of unsecured term loan	−700	−500	−730	0	−500
Finance Lease, Principal Payments	−14	−13	0	0	1
Proceeds from Issuance of Commercial Paper	8,656	5,363	0	0	—
Repayments of Commercial Paper	−8,406	−4,863	0	0	—
Deferred financing costs	−40	−12	−19	−8	−21
Net activity from equity transactions	−435,000	−2	367,000	−352,000	24
Dividends and distributions	−643	−690	−688	−685	−684
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships	84	375	227	—	—
Acquisition of noncontrolling interests in property partnerships	−44	0	0	—	—
Net cash provided by (used in) financing activities	−379	−274	768	556	−1,311
Net increase (decrease) in cash and cash equivalents and cash held in escrows	222	−277	876	236	−1,218
Cash paid for interest (net of amounts capitalized)	677	676	554	—	—
Interest capitalized	51	42	43	52	53
Write-off of fully depreciated real estate	−155	−112	−135	−120	−239
Change in real estate included in accounts payable and accrued expenses	12	−51	4	—	—
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	0	31	141	0	27
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	0	0	163	0	0
Finance Lease, Liability, Reversal from Re-Assessment	0	−38	0	0	—
Finance Lease, Right-of-Use Asset, Reversal from Re-Assessment	0	−29	0	0	—
Non-cash contributions from noncontrolling interests in property partnerships, net	−3	93	18	—	—
Capitalized operating lease costs	9	30	13	0	0
Construction in progress from prepaid expenses and other assets	0	0	26	0	0
Investment in unconsolidated joint ventures eliminated upon consolidation	0	−12	184	0	0
Mortgage notes payable recorded upon consolidation	0	207	300	0	0
Mortgage note payable converted to unsecured term loan	0	100	0	0	—
Real estate and intangibles recorded upon consolidation	0	−220	−491	11	107
Interest rate swaps recorded upon consolidation	0	0	−7	0	0
Real estate contributed in exchange for investment in unconsolidated joint venture	−6	0	0	−11	−300
Investment in unconsolidated joint ventures funded by real estate contributed	6	0	0	—	—
Conversions of noncontrolling interests to stockholders equity	9	41	4	7	18
Issuance of restricted securities to employees and non-employee directors	76	43	48	48	44

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