# BXP, Inc. (BXP) Informational only - not investment advice. CIK: 0001037540 SIC: 6798 Real Estate Investment Trusts SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1037540 Filing source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001037540-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001037540.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,482,279,000 USD | 2025 | verified | | Net income | 276,800,000 USD | 2025 | verified | | Assets | 26,166,164,000 USD | 2025 | verified | | Free cash flow | 1,028,470,000 USD | 2025 | computed | | Net margin | 7.95% | 2025 | computed | | Revenue YoY | +2.19% | 2025 | computed | | ROE | 5.38% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BXP | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 7.9% | 16.8% | 34 | 149 | | Revenue growth | 2.2% | 3.7% | 43 | 149 | | FCF margin | 29.5% | 21.8% | 57 | 70 | | ROE | 5.4% | 5.7% | 45 | 151 | | ROA | 1.1% | 1.5% | 35 | 155 | | Liabilities / equity | 3.59 | 1.48 | 75 | 151 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3482279000 | USD | 2025 | 2026-02-27 | | Net income | 276800000 | USD | 2025 | 2026-02-27 | | Assets | 26166164000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001037540.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 2,550,820,000 | 2,602,076,000 | 2,717,076,000 | 2,960,562,000 | 2,765,686,000 | 2,888,621,000 | 3,108,581,000 | 3,273,569,000 | 3,407,719,000 | 3,482,279,000 | | Net income | 512,785,000 | 462,439,000 | 582,847,000 | 521,534,000 | 872,727,000 | 505,195,000 | 848,947,000 | 190,215,000 | 14,272,000 | 276,800,000 | | Gross profit | | 1,605,435,000 | 1,649,314,000 | 1,826,123,000 | 1,694,075,000 | 1,814,288,000 | 1,929,527,000 | 1,998,776,000 | 2,041,045,000 | 2,058,649,000 | | Diluted EPS | 3.26 | 2.93 | 3.70 | 3.30 | 5.54 | 3.17 | 5.40 | 1.21 | 0.09 | 1.74 | | Operating cash flow | 1,034,548,000 | 911,979,000 | 1,150,245,000 | 1,181,165,000 | 1,156,840,000 | 1,133,227,000 | 1,282,399,000 | 1,301,520,000 | 1,234,501,000 | 1,245,157,000 | | Capital expenditures | 150,640,000 | 222,482,000 | 189,771,000 | 180,556,000 | 160,126,000 | 150,998,000 | 177,004,000 | 171,424,000 | 189,667,000 | 216,687,000 | | Dividends paid | 671,626,000 | 526,578,000 | 587,628,000 | 666,294,000 | 688,904,000 | 683,753,000 | 685,019,000 | 687,809,000 | 689,870,000 | 643,107,000 | | Assets | 18,851,643,000 | 19,372,233,000 | 20,256,477,000 | 21,284,905,000 | 22,858,190,000 | 22,365,258,000 | 24,207,669,000 | 26,026,149,000 | 26,084,980,000 | 26,166,164,000 | | Liabilities | 10,919,719,000 | 11,269,777,000 | 12,042,509,000 | 13,262,304,000 | 14,511,681,000 | 14,322,462,000 | 15,837,237,000 | 17,833,785,000 | 18,137,324,000 | 18,473,924,000 | | Stockholders' equity | 5,786,295,000 | 5,813,957,000 | 5,883,171,000 | 5,684,687,000 | 5,996,083,000 | 5,834,020,000 | 6,132,919,000 | 5,876,697,000 | 5,413,306,000 | 5,147,190,000 | | Cash and cash equivalents | 356,914,000 | 434,767,000 | 543,359,000 | 644,950,000 | 1,668,742,000 | 452,692,000 | 690,333,000 | 1,531,477,000 | 1,254,882,000 | 1,478,206,000 | | Free cash flow | 883,908,000 | 689,497,000 | 960,474,000 | 1,000,609,000 | 996,714,000 | 982,229,000 | 1,105,395,000 | 1,130,096,000 | 1,044,834,000 | 1,028,470,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 20.10% | 17.77% | 21.45% | 17.62% | 31.56% | 17.49% | 27.31% | 5.81% | 0.42% | 7.95% | | Return on equity | 8.86% | 7.95% | 9.91% | 9.17% | 14.55% | 8.66% | 13.84% | 3.24% | 0.26% | 5.38% | | Return on assets | 2.72% | 2.39% | 2.88% | 2.45% | 3.82% | 2.26% | 3.51% | 0.73% | 0.05% | 1.06% | | Liabilities / equity | 1.89 | 1.94 | 2.05 | 2.33 | 2.42 | 2.45 | 2.58 | 3.03 | 3.35 | 3.59 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001037540.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2022-03-31 | | | 0.91 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | 1.42 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 2.29 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | 803,200,000 | 77,890,000 | 0.50 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 817,153,000 | 104,299,000 | 0.66 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 824,283,000 | -111,826,000 | -0.71 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 828,933,000 | 119,925,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 839,439,000 | 79,883,000 | 0.51 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 850,482,000 | 79,615,000 | 0.51 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 859,227,000 | 83,628,000 | 0.53 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 858,571,000 | -228,854,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 865,215,000 | 61,177,000 | 0.39 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 868,457,000 | 88,977,000 | 0.56 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 871,510,000 | -121,712,000 | -0.77 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 877,097,000 | 248,350,000 | | derived Q4 = FY annual - nine-month YTD | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BXP's latest 10-K: [/company/BXP/business/](/company/BXP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BXP's latest 10-K: [/company/BXP/risk-factors/](/company/BXP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000034/bxp-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This Quarterly Report on Form 10-Q, including the documents incorporated by reference herein, contain forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. The forward-looking statements are contained principally, but not only, under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We caution investors that forward-looking statements are based on current beliefs, expectations of future events and assumptions made by, and information currently available to, our management. When used, the words “anticipate,” “believe,” “budget,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “will,” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. If one or more of these known or unknown risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends. Some of the risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following risks and uncertainties, among others: •volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities; •volatile or adverse geopolitical conflicts and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition; •risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing and the use of forward interest rate contracts and derivatives and the effectiveness of such arrangements; •general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate); •failure to integrate acquisitions and developments successfully; •risks and uncertainties affecting property development and construction; •the ability of our joint venture partners to satisfy their obligations; •risks associated with actual or threatened terrorist attacks; •costs of compliance with the Americans with Disabilities Act and other similar laws; •potential liability for uninsured losses and environmental contamination; •risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change; 42 Table of Contents •risks associated with our use of AI and cyber security breaches, incidents and compromises, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings; •risks associated with legal proceedings and other claims that could result in substantial monetary damages and other costs; •risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”); •possible adverse changes in tax and environmental laws; •the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results; •risks associated with possible state and local tax audits; and •risks associated with our dependence on key personnel whose continued service is not guaranteed. Investors are also urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including the risks and uncertainties described in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 including those described under the caption “Risk Factors,” (ii) our subsequent filings under the Exchange Act and (iii) the risk factors set forth in this Quarterly Report on Form 10-Q in Part II, Item 1A, if any. Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not unduly rely on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report. Overview BXP is one of the largest publicly traded office REITs (based on total market capitalization as of June 30, 2026) in the United States that develops, owns, and manages primarily premier workplaces. Our properties are concentrated in six gateway markets in the U.S. - Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. We generate revenue and cash primarily by leasing premier workplaces to our clients. We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the top-performing employees. As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets. We do not consider the expression “premier workplaces” a classification of our properties in accordance with any standard listing criteria in the real estate industry. We therefore caution investors that our use and definition of “premier workplaces” may be different than the use and definition of similar expressions and traditional classifications that may be used by other companies. When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under GAAP, current and anticipated vacancy in our properties and the market overall (including sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors. 43 Table of Contents We believe our key competitive advantages are our commitments to the office asset class and to our clients as many competitors have divested from the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and the high quality of our portfolio of premier workplaces. Our core strategy has always been to develop, acquire and manage premier workplaces in gateway markets with high barriers-to-entry and attractive demand drivers and to focus on executing long-term leases with financially strong clients that are diverse across market sectors. We believe this strategy provides a competitive advantage as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces. This interest has accelerated the flight to quality in the office market. Over the past several years, BXP’s experience and performance has diverged from the larger market sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy. We believe this divergence validates our strategy and differentiates BXP from other office companies. Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions. This outperformance is evident in BXP’s portfolio where we derive approximately 91% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs. We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of June 30, 2026, multiplied by twelve. Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our cons [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1037540/000103754026000006/bxp-20251231.htm Complete FY 2025 MD&A: /company/BXP/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. Forward Looking Statements This Annual Report on Form 10-K, including the documents incorporated by reference herein, contain forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. The forward-looking statements are contained principally, but not only, under the captions “Business — Business and Growth Strategies” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We caution investors that forward-looking statements are based on current beliefs, expectations of future events and assumptions made by, and information currently available to, our management. When used, the words “anticipate,” “believe,” “budget,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “will,” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. If one or more of these known or unknown risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends. Some of the risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following risks and uncertainties, among others: •volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities; •volatile or adverse geopolitical conflicts and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition; •risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing and the use of forward interest rate contracts and derivatives and the effectiveness of such arrangements; •general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate); •failure to integrate acquisitions and developments successfully; •risks and uncertainties affecting property development and construction; •the ability of our joint venture partners to satisfy their obligations; •risks associated with actual or threatened terrorist attacks; •costs of compliance with the Americans with Disabilities Act and other similar laws; •potential liability for uninsured losses and environmental contamination; •risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change; 52 Table of Contents •risks associated with our use of AI and cyber security breaches, incidents and compromises, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings; •risks associated with legal proceedings and other claims that could result in substantial monetary damages and other costs; •risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”); •possible adverse changes in tax and environmental laws; •the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results; •risks associated with possible state and local tax audits; and •risks associated with our dependence on key personnel whose continued service is not guaranteed. The risks set forth above are not exhaustive. Other sections of this report, including “Part I, Item 1A—Risk Factors,” include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not unduly rely on forward-looking statements as a prediction of actual results. Investors should also refer to our Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report. Overview BXP is one of the largest publicly traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns, and manages primarily premier workplaces. Our properties are concentrated in six dynamic gateway markets in the U.S. - Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. We generate revenue and cash primarily by leasing premier workplaces to our clients. We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees. As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets. We do not consider the expression “premier workplaces” a classification of our properties in accordance with any standard listing criteria in the real estate industry. We therefore caution investors that our use and definition of “premier workplaces” may be different than the use and definition of similar expressions and traditional classifications that may be used by other companies. When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under GAAP, current and anticipated vacancy in our properties and the market overall (including sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors. We believe our key competitive advantages are our commitments to the office asset class and to our clients as many competitors have divested from the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and the high quality of our portfolio of premier 53 Table of Contents workplaces. Our core strategy has always been to develop, acquire and manage premier workplaces in gateway markets with high barriers-to-entry and attractive demand drivers and to focus on executing long-term leases with financially strong clients that are diverse across market sectors. We believe this strategy provides a competitive advantage as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces. This interest has accelerated the flight to quality in the office market. Over the past several years, BXP’s experience and performance has diverged from the larger market and media sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy. We believe this divergence validates our strategy and differentiates BXP from other office companies. Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions. This outperformance is evident in BXP’s portfolio where we derive approximately 90% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs. We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of December 31, 2025, multiplied by twelve. Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our consolidated joint ventures (calculated based on the partners’ economic percentage ownership interest). As of December 31, 2025, our CBD assets were 89.8% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). As of December 31, 2025, the weighted-average remaining lease term for (1) our i [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BXP/mda/fy2025/ All MD&A years: /company/BXP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BXP/mda/fy2024/): filed 2025-02-27; accession 0001656423-25-000009 (https://www.sec.gov/Archives/edgar/data/1037540/000165642325000009/bxp-20241231.htm) - [FY 2023 MD&A](/company/BXP/mda/fy2023/): filed 2024-02-27; accession 0001656423-24-000007 (https://www.sec.gov/Archives/edgar/data/1037540/000165642324000007/bxp-20231231.htm) - [FY 2022 MD&A](/company/BXP/mda/fy2022/): filed 2023-02-27; accession 0001656423-23-000013 (https://www.sec.gov/Archives/edgar/data/1037540/000165642323000013/bxp-20221231.htm) - [FY 2021 MD&A](/company/BXP/mda/fy2021/): filed 2022-02-25; accession 0001656423-22-000013 (https://www.sec.gov/Archives/edgar/data/1037540/000165642322000013/bxp-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BXP.md · JSON record: /company/BXP.json · verified financials: /company/BXP/financials.json / /company/BXP/financials.csv · machine TOC for the whole site: /llms.txt