B
BXP, Inc.
Period
FY 2025
Revenue
$3.48B
Net Income
$276.80M
Total Assets
$26.17B
Equity
$5.15B
Shares Out
159.48M
Op. Cash Flow
$1.25B
Business
BXP, Inc. is a fully integrated, self-administered and self-managed REIT that develops, owns and manages premier workplaces, primarily office properties, with a portfolio of 179 commercial real estate properties totaling approximately 52.6 million net rentable square feet. The company operates through its sole limited partnership interest in Boston Properties Limited Partnership and concentrates its investments in six dynamic gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. BXP's properties consist of office, retail, residential and hotel assets, with the company providing full-service real estate expertise including acquisitions, development, financing, property management, leasing and construction management.
Summary from 10-K filed 2026-02-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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 |
Filings
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Frequently asked questions
What is BXP, Inc.'s CIK number?
BXP, Inc.'s SEC CIK number is 0001037540 (1037540). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find BXP, Inc.'s SEC filings?
All of BXP, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did BXP, Inc. last report earnings?
BXP, Inc. (BXP) most recently filed an earnings 8-K with the SEC on Apr 28, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001037540-26-000015). This is BXP, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is BXP, Inc.'s most recent earnings 8-K?
BXP, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 28, 2026 under accession 0001037540-26-000015. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View BXP, Inc.'s latest earnings 8-K →
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