BXP, Inc.BXP
BXP, Inc. Segments Disclosure
12. Segment Information
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODMs”). The CODMs decide how resources should be allocated and assesses performance on a recurring basis, at least quarterly. The Company’s CODMs are its Chief Executive Officer and President. The CODMs review operating performance and financial reports by geographic area and property type. In addition, given the size of the Company’s joint venture portfolio, the CODMs utilize the Company’s share of net operating income (“NOI”), which includes the Company’s share of NOI from consolidated and unconsolidated joint ventures, as its profit or loss measure in assessing each segment’s performance and deciding how to allocate resources.
The Company’s share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment. Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership.
Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources. Asset values for the Company’s properties are reported in the Consolidated Balance Sheets at historical cost, which may not reflect current market values. Therefore, depreciation and amortization expense is not allocated among segments. The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, gains on sales of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss from unconsolidated joint ventures, loss on sales-type lease, losses from interest rate contracts, impairment losses, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests. The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.
The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel. The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.
The following tables present reconciliations of Company’s share of NOI to Net Income Attributable to BXP, Inc. and Net Income Attributable to Boston Properties Limited Partnership for the years ended December 31, 2025, 2024 and 2023.
BXP
| Year ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Company’s share of NOI | $ | 1,976,785 | $ | 1,984,056 | $ | 1,965,106 | ||||||||||||||
Add: | ||||||||||||||||||||
| Development and management services revenue | 36,579 | 28,060 | 40,850 | |||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 16,383 | 16,488 | 17,771 | |||||||||||||||||
| Gains on sales of real estate | 176,732 | 602 | 517 | |||||||||||||||||
| Interest and other income (loss) | 35,784 | 60,199 | 69,964 | |||||||||||||||||
| Gains from investments in securities | 5,481 | 4,416 | 5,556 | |||||||||||||||||
| Unrealized gain (loss) on non-real estate investments | (346) | 546 | 239 | |||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 204,433 | 186,707 | 194,365 | |||||||||||||||||
| Less: | ||||||||||||||||||||
| General and administrative expense | 168,789 | 159,983 | 170,158 | |||||||||||||||||
Payroll and related costs from management services contracts | 16,383 | 16,488 | 17,771 | |||||||||||||||||
| Transaction costs | 2,678 | 1,597 | 4,313 | |||||||||||||||||
| Depreciation and amortization expense | 912,088 | 887,191 | 830,813 | |||||||||||||||||
| Loss from unconsolidated joint ventures | 103,560 | 343,177 | 239,543 | |||||||||||||||||
| Loss on sales-type lease | 2,490 | — | — | |||||||||||||||||
| Net operating income from unconsolidated joint ventures | 122,569 | 129,718 | 160,695 | |||||||||||||||||
| Losses from interest rate contracts | — | — | 79 | |||||||||||||||||
| Impairment losses | 85,803 | 13,615 | — | |||||||||||||||||
| Loss from early extinguishment of debt | 338 | — | — | |||||||||||||||||
| Interest expense | 653,138 | 645,117 | 579,572 | |||||||||||||||||
| Net income | 383,995 | 84,188 | 291,424 | |||||||||||||||||
| Less: | ||||||||||||||||||||
| Noncontrolling interests in property partnerships | 75,181 | 67,516 | 78,661 | |||||||||||||||||
Noncontrolling interest—common units of the Operating Partnership | 32,014 | 2,400 | 22,548 | |||||||||||||||||
| Net income attributable to BXP, Inc. | $ | 276,800 | $ | 14,272 | $ | 190,215 | ||||||||||||||
BPLP
| Year ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Company’s share of NOI | $ | 1,976,785 | $ | 1,984,056 | $ | 1,965,106 | ||||||||||||||
Add: | ||||||||||||||||||||
| Development and management services revenue | 36,579 | 28,060 | 40,850 | |||||||||||||||||
Direct reimbursements of payroll and related costs from management services contracts | 16,383 | 16,488 | 17,771 | |||||||||||||||||
| Gains on sales of real estate | 179,322 | 602 | 517 | |||||||||||||||||
| Interest and other income (loss) | 35,784 | 60,199 | 69,964 | |||||||||||||||||
| Gains from investments in securities | 5,481 | 4,416 | 5,556 | |||||||||||||||||
| Unrealized gain (loss) on non-real estate investments | (346) | 546 | 239 | |||||||||||||||||
Net operating income attributable to noncontrolling interests in property partnerships | 204,433 | 186,707 | 194,365 | |||||||||||||||||
Less: | ||||||||||||||||||||
| General and administrative expense | 168,789 | 159,983 | 170,158 | |||||||||||||||||
Payroll and related costs from management services contracts | 16,383 | 16,488 | 17,771 | |||||||||||||||||
| Transaction costs | 2,678 | 1,597 | 4,313 | |||||||||||||||||
| Depreciation and amortization expense | 905,301 | 880,383 | 823,805 | |||||||||||||||||
| Loss from unconsolidated joint ventures | 103,560 | 343,177 | 239,543 | |||||||||||||||||
| Loss on sales-type lease | 2,490 | — | — | |||||||||||||||||
| Net operating income from unconsolidated joint ventures | 122,569 | 129,718 | 160,695 | |||||||||||||||||
| Losses from interest rate contracts | — | — | 79 | |||||||||||||||||
| Impairment losses | 82,890 | 13,615 | — | |||||||||||||||||
| Loss from early extinguishment of debt | 338 | — | — | |||||||||||||||||
| Interest expense | 653,138 | 645,117 | 579,572 | |||||||||||||||||
| Net income | 396,285 | 90,996 | 298,432 | |||||||||||||||||
| Less: | ||||||||||||||||||||
| Noncontrolling interests in property partnerships | 75,181 | 67,516 | 78,661 | |||||||||||||||||
| Net income attributable to Boston Properties Limited Partnership | $ | 321,104 | $ | 23,480 | $ | 219,771 | ||||||||||||||
The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the years ended December 31, 2025, 2024 and 2023.
| Year ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Revenue | $ | 3,482,279 | $ | 3,407,719 | $ | 3,273,569 | ||||||||||||||
| Less: | ||||||||||||||||||||
| Development and management services | 36,579 | 28,060 | 40,850 | |||||||||||||||||
| Direct reimbursements of payroll and related costs from management services contracts | 16,383 | 16,488 | 17,771 | |||||||||||||||||
| Total rental revenue | $ | 3,429,317 | $ | 3,363,171 | $ | 3,214,948 | ||||||||||||||
The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands).
For the year ended December 31, 2025:
| Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
| Rental Revenue: | |||||||||||||||||||||||||||||||||||||||||
| Office | $ | 1,218,009 | $ | 70,519 | $ | 1,054,594 | $ | 509,920 | $ | 49,269 | $ | 426,467 | $ | 3,328,778 | |||||||||||||||||||||||||||
| Residential | 17,909 | — | — | 14,017 | — | 18,617 | 50,543 | ||||||||||||||||||||||||||||||||||
| Hotel | 49,996 | — | — | — | — | — | 49,996 | ||||||||||||||||||||||||||||||||||
| Total | 1,285,914 | 70,519 | 1,054,594 | 523,937 | 49,269 | 445,084 | 3,429,317 | ||||||||||||||||||||||||||||||||||
| % of Grand Totals | 37.49 | % | 2.06 | % | 30.75 | % | 15.28 | % | 1.44 | % | 12.98 | % | 100.00 | % | |||||||||||||||||||||||||||
| Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
| Office | 455,880 | 22,108 | 453,192 | 203,565 | 12,491 | 161,645 | 1,308,881 | ||||||||||||||||||||||||||||||||||
| Residential | 8,910 | — | — | 9,060 | — | 8,218 | 26,188 | ||||||||||||||||||||||||||||||||||
| Hotel | 35,599 | — | — | — | — | — | 35,599 | ||||||||||||||||||||||||||||||||||
| Total | 500,389 | 22,108 | 453,192 | 212,625 | 12,491 | 169,863 | 1,370,668 | ||||||||||||||||||||||||||||||||||
| % of Grand Totals | 36.52 | % | 1.61 | % | 33.06 | % | 15.51 | % | 0.91 | % | 12.39 | % | 100.00 | % | |||||||||||||||||||||||||||
| Net operating income | $ | 785,525 | $ | 48,411 | $ | 601,402 | $ | 311,312 | $ | 36,778 | $ | 275,221 | $ | 2,058,649 | |||||||||||||||||||||||||||
| % of Grand Totals | 38.16 | % | 2.35 | % | 29.21 | % | 15.12 | % | 1.79 | % | 13.37 | % | 100.00 | % | |||||||||||||||||||||||||||
| Less: Net operating income attributable to noncontrolling interests in property partnerships | (64,069) | — | (140,364) | — | — | — | (204,433) | ||||||||||||||||||||||||||||||||||
| Add: Company’s share of net operating income from unconsolidated joint ventures | 35,274 | 28,381 | 6,853 | 16,537 | 9,023 | 26,501 | 122,569 | ||||||||||||||||||||||||||||||||||
| Company’s share of net operating income | $ | 756,730 | $ | 76,792 | $ | 467,891 | $ | 327,849 | $ | 45,801 | $ | 301,722 | $ | 1,976,785 | |||||||||||||||||||||||||||
| % of Grand Totals | 38.29 | % | 3.88 | % | 23.67 | % | 16.58 | % | 2.32 | % | 15.26 | % | 100.00 | % | |||||||||||||||||||||||||||
For the year ended December 31, 2024:
| Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
| Rental Revenue: | |||||||||||||||||||||||||||||||||||||||||
| Office | $ | 1,159,460 | $ | 75,353 | $ | 1,042,460 | $ | 522,463 | $ | 44,080 | $ | 418,623 | $ | 3,262,439 | |||||||||||||||||||||||||||
| Residential | 17,198 | — | — | 13,668 | — | 18,642 | 49,508 | ||||||||||||||||||||||||||||||||||
| Hotel | 51,224 | — | — | — | — | — | 51,224 | ||||||||||||||||||||||||||||||||||
| Total | 1,227,882 | 75,353 | 1,042,460 | 536,131 | 44,080 | 437,265 | 3,363,171 | ||||||||||||||||||||||||||||||||||
| % of Grand Totals | 36.51 | % | 2.24 | % | 31.00 | % | 15.94 | % | 1.31 | % | 13.00 | % | 100.00 | % | |||||||||||||||||||||||||||
| Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
| Office | 427,446 | 27,537 | 437,600 | 199,324 | 13,170 | 158,289 | 1,263,366 | ||||||||||||||||||||||||||||||||||
| Residential | 6,495 | — | — | 8,940 | — | 8,037 | 23,472 | ||||||||||||||||||||||||||||||||||
| Hotel | 35,288 | — | — | — | — | — | 35,288 | ||||||||||||||||||||||||||||||||||
| Total | 469,229 | 27,537 | 437,600 | 208,264 | 13,170 | 166,326 | 1,322,126 | ||||||||||||||||||||||||||||||||||
| % of Grand Totals | 35.49 | % | 2.08 | % | 33.10 | % | 15.75 | % | 1.00 | % | 12.58 | % | 100.00 | % | |||||||||||||||||||||||||||
| Net operating income | $ | 758,653 | $ | 47,816 | $ | 604,860 | $ | 327,867 | $ | 30,910 | $ | 270,939 | $ | 2,041,045 | |||||||||||||||||||||||||||
| % of Grand Totals | 37.18 | % | 2.35 | % | 29.63 | % | 16.06 | % | 1.51 | % | 13.27 | % | 100.00 | % | |||||||||||||||||||||||||||
| Less: Net operating income attributable to noncontrolling interests in property partnerships | (46,487) | — | (140,220) | — | — | — | (186,707) | ||||||||||||||||||||||||||||||||||
| Add: Company’s share of net operating income from unconsolidated joint ventures | 35,298 | 27,367 | 15,612 | 18,312 | 7,788 | 25,341 | 129,718 | ||||||||||||||||||||||||||||||||||
| Company’s share of net operating income | $ | 747,464 | $ | 75,183 | $ | 480,252 | $ | 346,179 | $ | 38,698 | $ | 296,280 | $ | 1,984,056 | |||||||||||||||||||||||||||
| % of Grand Totals | 37.67 | % | 3.79 | % | 24.21 | % | 17.45 | % | 1.95 | % | 14.93 | % | 100.00 | % | |||||||||||||||||||||||||||
For the year ended December 31, 2023:
| Boston | Los Angeles | New York | San Francisco | Seattle | Washington, DC | Total | |||||||||||||||||||||||||||||||||||
| Rental Revenue: | |||||||||||||||||||||||||||||||||||||||||
| Office | $ | 1,093,840 | $ | 3,890 | $ | 1,053,615 | $ | 539,904 | $ | 63,830 | $ | 364,920 | $ | 3,119,999 | |||||||||||||||||||||||||||
| Residential | 16,452 | — | — | 14,102 | — | 17,038 | 47,592 | ||||||||||||||||||||||||||||||||||
| Hotel | 47,357 | — | — | — | — | — | 47,357 | ||||||||||||||||||||||||||||||||||
| Total | 1,157,649 | 3,890 | 1,053,615 | 554,006 | 63,830 | 381,958 | 3,214,948 | ||||||||||||||||||||||||||||||||||
| % of Grand Totals | 36.01 | % | 0.12 | % | 32.77 | % | 17.23 | % | 1.99 | % | 11.88 | % | 100.00 | % | |||||||||||||||||||||||||||
| Rental Expenses: | |||||||||||||||||||||||||||||||||||||||||
| Office | 393,339 | 1,431 | 415,831 | 194,205 | 12,387 | 143,504 | 1,160,697 | ||||||||||||||||||||||||||||||||||
| Residential | 6,378 | — | — | 9,255 | — | 7,617 | 23,250 | ||||||||||||||||||||||||||||||||||
| Hotel | 32,225 | — | — | — | — | — | 32,225 | ||||||||||||||||||||||||||||||||||
| Total | 431,942 | 1,431 | 415,831 | 203,460 | 12,387 | 151,121 | 1,216,172 | ||||||||||||||||||||||||||||||||||
| % of Grand Totals | 35.51 | % | 0.12 | % | 34.19 | % | 16.73 | % | 1.02 | % | 12.43 | % | 100.00 | % | |||||||||||||||||||||||||||
| Net operating income | $ | 725,707 | $ | 2,459 | $ | 637,784 | $ | 350,546 | $ | 51,443 | $ | 230,837 | $ | 1,998,776 | |||||||||||||||||||||||||||
| % of Grand Totals | 36.31 | % | 0.12 | % | 31.91 | % | 17.54 | % | 2.57 | % | 11.55 | % | 100.00 | % | |||||||||||||||||||||||||||
| Less: Net operating income attributable to noncontrolling interests in property partnerships | (45,730) | — | (148,635) | — | — | — | (194,365) | ||||||||||||||||||||||||||||||||||
| Add: Company’s share of net operating income from unconsolidated joint ventures | 34,376 | 48,818 | 14,314 | 16,203 | 7,494 | 39,490 | 160,695 | ||||||||||||||||||||||||||||||||||
| Company’s share of net operating income | $ | 714,353 | $ | 51,277 | $ | 503,463 | $ | 366,749 | $ | 58,937 | $ | 270,327 | $ | 1,965,106 | |||||||||||||||||||||||||||
| % of Grand Totals | 36.35 | % | 2.61 | % | 25.62 | % | 18.66 | % | 3.00 | % | 13.76 | % | 100.00 | % | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.