BXP

BXP, Inc.

NYSE · REAL ESTATE · REAL ESTATE INVESTMENT TRUSTS

58.64

−0.43 −0.73%

USD · close Oct 21

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MKT CAP $9.4BP/E 31.5DIV YIELD —FCF YIELD 12.19%REV TTM $3.5B +1.9%NET INCOME $296.8M +5922.3%NET DEBT $2.8B52W 51.02 – 74.53SEC XBRL · TTM TO Invalid Date

How BXP rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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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.
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.
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.
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.
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 in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.9 years, and (2) our 20 largest clients, based on square feet, was approximately 9.8 years.
Through year-end 2027, we have relatively low exposure to contractual lease expirations with approximately 7.2% of our share of the square footage of our in-service portfolio expiring.
During the fourth quarter of 2025, BXP continued to successfully execute on the multi-year strategic action plan introduced at our September 2025 Investor Day.
The action plan focuses on earnings growth, which we expect will be achieved through a combination of increased occupancy and development deliveries, and reducing leverage through asset sales and retention of cash flow.
Our progress reflects steady advancement across each of these key priorities.
Growth in Funds from Operations (“FFO”) per share depends in large part on the success of our leasing activity.
Leasing momentum remained strong during the fourth quarter of 2025, as we signed leases for more than 1.8 million square feet.
Consistent with the asset sales program outlined at our September 2025 Investor Day, as of February 20, 2026, BXP completed property sales with an aggregate gross sales price of approximately $1.17 billion.
These asset sales enhance balance sheet flexibility and support our capital needs and strategic priorities, and fall into the following categories: • Land Sales: Multiple land dispositions across our Boston, San Francisco and Washington, DC regions which aggregated a gross sales price of approximately $266.4 million. • Residential Sales: The sales of Proto in Cambridge, Massachusetts and Signature in Reston, Virginia which aggregated a gross sales price of approximately $407.5 million. • Non-Strategic Office Sales: The sale of 140 Kendrick Street in Needham, Massachusetts, and BXP’s ownership interests in Gateway Commons in South San Francisco, California and Market Square North in Washington, DC which aggregated a gross sales price of approximately $491.5 million.
Outlook Leasing conditions across BXP’s portfolio remain constructive.
Fourth quarter and full-year 2025 leasing results exceeded expectations, supporting anticipated occupancy gains throughout 2026.
While market conditions continue to vary by region, demand remains concentrated in our highest-quality CBD assets, particularly in Midtown Manhattan, the Back Bay of Boston, Reston Town Center, and select submarkets in San Francisco.
Looking ahead, in-service vacant space leasing and coverage of near-term expirations are expected to be the primary drivers of occupancy and same-store revenue growth.
With a manageable level of 2026 expirations, a growing pipeline of active negotiations, and a meaningful number of executed leases scheduled to commence this year, we remain on track to achieve occupancy improvements by year-end 2026, consistent with the targets outlined at our September 2025 Investor Day.
On the supply side, new office construction has effectively halted, improving long-term supply-demand fundamentals across many of our markets.
Capital markets sentiment toward the office sector continues to improve, evidenced by increasing private market transaction activity and greater availability of debt and equity capital at more attractive pricing.
This backdrop is expected to support both our leasing momentum and continued progress on our strategic asset sales and capital recycling initiatives throughout 2026.
Leasing Activity and Occupancy Although all of the markets in which we operate still need consistent incremental absorption to constitute a macro recovery, we continue to see pockets of strength where low availability is driving constructive client behavior.
As clients choose premier workplaces in sound financial condition with building owners that are committed to their properties for the long term and operated by the best property management teams, we expect to continue to be successful in gaining market share.
In the fourth quarter of 2025, we executed 87 leases totaling more than 1.8 million square feet with a weighted-average lease term of approximately 11.3 years.
At December 31, 2025, BXP’s total in-service portfolio occupancy was 86.7%, an increase of 70 basis points from the third quarter of 2025.
BXP’s total portfolio was 89.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 60 basis points from the third quarter of 2025.
An overview of the leasing activity in each of our regions for the three months ended December 31, 2025 is set forth in the table below.
Amounts shown are in square feet, except for percentages, and include 100% of the unconsolidated joint venture properties.
Leases commenced (1) Region Leases executed (2) Total Second generation space vacant < 1 Year Change in second generation cash rents, net (3) Occupancy Leased (4) Boston 363,248 330,378 213,655 15.35 % 91.9 % 93.1 % Los Angeles 2,971 9,117 6,644 (6.27) % 86.5 % 87.0 % New York 563,236 486,371 374,256 (3.91) % 83.8 % 89.4 % San Francisco 368,189 148,903 57,133 (30.47) % 77.0 % 79.2 % Seattle 4,393 26,039 13,105 (9.51) % 79.8 % 81.3 % Washington, DC 509,103 296,353 234,006 (15.91) % 91.7 % 93.8 % Total / Weighted Average 1,811,140 1,297,161 898,799 (5.46) % 86.7 % 89.4 % __________________ (1) Represents space with signed leases for which lease revenue recognition has commenced in accordance with GAAP during the three months ended December 31, 2025.
(2) Represents leases executed during the three months ended December 31, 2025 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development.
The total square feet of leases executed during the three months ended December 31, 2025 for which we recognized lease revenue in the three months ended December 31, 2025 is 275,420.
(3) Represents the increase (decrease) in net rent (gross rent less operating expenses) under the new leases versus expired leases on the 898,799 square feet of second generation leases that had been occupied within the prior 12 months.
(4) Represents signed leases for which lease revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.
The table below details the vacancy and leasing activity in our portfolio, including 100% of the unconsolidated joint ventures, that commenced revenue recognition during the year ended December 31, 2025: Year ended December 31, 2025 (Square Feet) Vacant space available at the beginning of the period 6,122,074 Vacant space from property dispositions/properties taken out of service (1) (890,984) Vacant space from properties placed (and partially placed) in-service (2) 590,615 Leases expiring or terminated during the period 4,832,804 Total space available for lease 10,654,509 1 st generation leases (3) 366,440 2 nd generation leases with new clients (3) 2,397,971 2 nd generation lease renewals (3) 1,547,971 Total space leased (3) 4,312,382 Vacant space available for lease at the end of the period 6,342,127 Leases executed during the period, in square feet (4) 5,575,629 Second generation leasing information : (5) Leases commencing during the period, in square feet 3,945,942 Weighted Average Lease Term 89 Months Weighted Average Free Rent Period 195 Days Total Transaction Costs Per Square Foot (6) $94.32 Increase (Decrease) in Gross Rents (7) (3.41) % Increase (Decrease) in Net Rents (8) (5.41) % __________________ (1) Total square feet from properties taken out of service during the year ended December 31, 2025 consists of 261,046 square feet at Reston Corporate Center, 211,840 square feet at 1000 Winter Street, 201,634 square feet at Reservoir Place, 102,980 square feet at Market Square North, 89,851 square feet at 140 Kendrick Street and 23,633 square feet at 200 Clarendon Street.
(2) Total square feet from properties placed (and partially placed) in-service during the year ended December 31, 2025 consists of 345,570 square feet at 360 Park Avenue South, 162,274 square feet at 1050 Winter Street and 82,771 square feet at Reston Next Office Phase II.
(3) Represents leases for which lease revenue recognition has commenced in accordance with GAAP during the year ended December 31, 2025.
(4) Represents leases executed during the year ended December 31, 2025 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development.

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Overview BXP is one of the largest publicly traded office real estate investment trusts (REITs) (based on total market capitalization as of December 31, 2024) in the United States that develops, owns, and manages primarily premier workplaces.
We believe our key competitive advantages are our commitment to the office asset class and to our clients as many competitors have divested in 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 one of the highest quality portfolios of premier workplaces in the U.S. assembled over several decades of intentional development, acquisitions and dispositions.
Clients and their advisors are increasingly focused on these attributes for their building owners, which distinguishes BXP among its competitors.
We believe this strategy provides a competitive advantage that helps BXP distinguish itself from competitors as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces to encourage more in-person work.
This interest has accelerated the flight to quality in the office industry.
This outperformance is evident in BXP’s portfolio where we derive approximately 88% 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, 2024, multiplied by twelve.
As of December 31, 2024, these CBD assets are 90.9% occupied and 92.8% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with generally accepted accounting principles (“GAAP”)).
As of December 31, 2024, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.8 years, and (2) our 20 largest clients, based on square feet, was approximately 9.4 years.
Outlook The important market forces impacting BXP continue to be corporate earnings growth, return-to-office behavior, limited new development starts and the outperformance of premier workplaces, all of which are currently serving as tailwinds to BXP’s performance.
Interest rates also remain a critical factor but are on a more uncertain trajectory.
Inflation rose in the last three months of 2024 to 2.9%, remaining above the Federal Reserve’s 2% target, and the December 2024 employment data indicated new job creation exceeded market expectations.
As a result, the Federal Reserve has become more cautious, lowering its forecast of Federal funds rate cuts in 2025.
In the fixed income markets, long-term interest rates have increased approximately 100 basis points since the Federal Reserve's first rate cut in September 2024.
Notwithstanding these uncertainties, we expect short-term interest rates to remain lower in 2025 compared to 2024, which would be a positive for both BXP and our clients' cost of capital.
Though we are in the early stages of the new presidential administration, we believe many of the initial articulated policies are generally business friendly, particularly lower taxes and less regulation, which could build the confidence of our clients and, as a result, potentially stimulate leasing activities.
An area of concern with the new presidential administration's policies is the potential impact to interest rates, given that new tariffs, if implemented, could be inflationary and tax cuts without corresponding spending cuts could lead to longer fiscal deficits and higher long-term treasury yields in the debt markets.
The evolving operating environment impacts various aspects of our operating activities as: • labor market conditions shift, which has gradually increased employer demand for mandatory in-person workdays; • private market debt financing, both for construction and existing assets, continues to be challenging to arrange despite broader market improvements as lenders remain focused on top-tier sponsorship and derisked financing opportunities; and • construction costs have increased and, although much of the cost for our active development pipeline is fixed, the cost of potential future construction activity continues to increase.
In light of the uncertain trajectory of the U.S. and global economies, we continue to position BXP for success by ensuring ample liquidity, managing our leverage, pursuing additional capital raising opportunities and maintaining discipline in discretionary capital expenditures, while continuing to selectively invest (including through both acquisitions and developments) in premier workplace opportunities.
We remain focused on: • continuing to embrace our leadership position in the premier workplace segment and leveraging our strength in portfolio quality, client relationships, development skills, market penetration and sustainability to profitably build market share; • leasing available space in our in-service and development properties, as well as proactively focusing on future lease expirations; • completing the construction and leasing of our development properties; • pursuing attractive asset class adjacencies where we have a track record of success, such as residential development; • continuing to enhance the overall quality of our portfolio and actively recycling capital by selling assets, subject to market conditions, that we believe no longer fit within our portfolio strategy or could attract premium pricing in the current market; • actively managing our operations in a sustainable and responsible manner; and • prioritizing risk management by actively managing liquidity, investing more extensively with joint venture partners to manage our debt levels, and being highly selective in new investment commitments.
The following is an overview of leasing and investment activity in the fourth quarter of 2024 and recent business highlights.
Leasing Activity and Occupancy To be successful in any leasing environment, we believe we must consider all aspects of the client-landlord relationship.
In this regard, we believe that our competitive leasing advantage is based on the following attributes: • our understanding of our client’s short- and long-term space utilization and amenity needs in the local markets; • our track record of developing and operating premier workplaces in a sustainable and responsible manner; • our reputation as a high-quality developer, owner and manager of premier workplaces in our markets; • our financial strength, including our ability to fund our share of lease obligations and maintain premier building standards; and • our relationships with local brokers.
Overall, we believe that our operating environment is improving.
Although all the markets in which we operate still need consistent incremental absorption to constitute a macro recovery, we have started to see pockets of strength where low availability is driving constructive client behavior, particularly in New York and Boston which accounts for 61% of our share of annualized rental obligations.
As clients choose premier workplaces in sound financial condition, with building owners that are committed for the long term to their properties operated by the best property management teams, we expect to continue to be successful in gaining market share.
In the fourth quarter of 2024, we executed 83 leases totaling more than 2.3 million square feet with a weighted-average lease term of approximately 10.3 years.
This result represents BXP’s strongest leasing quarter since the second quarter of 2019, and the amount leased is approximately 130% of our historical 10-year average for the fourth quarter.
For full year 2024, we executed 291 leases totaling approximately 5.6 million square feet with a weighted-average lease term of 9.8 years.
At December 31, 2024, BXP’s CBD portfolio was 90.9% occupied and 92.8% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).
Approximately 88% of our share of annualized rental obligations comes from assets located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.
At December 31, 2024, the overall occupancy of our in-service office and retail properties was 87.5%, an increase of 50 basis points from September 30, 2024.
We define occupancy as space with signed leases for which revenue recognition has commenced in accordance with GAAP.
Including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP, our in-service office and retail properties were approximately 89.4% leased at December 31, 2024.
Investment Activity We remain in active pursuit of opportunities in our core markets and asset types with primarily two types of counterparties: lenders to highly leveraged assets that require recapitalization and institutional owners seeking to divest from the office asset class.
To date, there has been limited market transaction activity for higher-quality office assets, though owners are increasingly testing the market to understand pricing.
We continually evaluate current and prospective markets for possible acquisitions of “value-add” assets that require lease-up or repositioning, and acquisitions that are otherwise consistent with our long-term strategy of owning, managing, developing, and improving premier workplaces in each of our chosen markets.
Additional new acquisition opportunities will likely increase in this environment, and we remain committed to developing and acquiring assets to enhance our long-term growth and to meet client demand by focusing on premier workplaces.
Consistent with this strategy, on December 27, 2024, we completed the acquisition of 725 12th Street, an approximately 300,000 square foot, 12-story property in Washington, DC, for a purchase price, excluding transaction costs, of $34.0 million.
We will be redeveloping the property into an approximately 320,000 square foot premier workplace.

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