BXP, Inc. (BXP)

BXP, Inc., a Delaware corporation, is a fully integrated, self-administered and self-managed REIT and one of the largest publicly-traded office REITs by total market capitalization in the United States, focused on developing, owning, and managing premier workplaces. Formed in 1997 as successor to a real estate business founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde, BXP concentrates its portfolio in six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. As of December 31, 2025, the company owned or held joint venture interests in 179 commercial properties totaling approximately 52.6 million net rentable square feet, comprising 157 office properties, 14 retail properties, and seven residential properties, including eight properties under construction/redevelopment (~3.5 million square feet).

BXP operates as a full-service real estate company with in-house expertise across acquisitions, development, financing, capital markets, construction, property management, leasing, accounting, and legal services, and conducts substantially all of its business through Boston Properties Limited Partnership (BPLP), a Delaware limited partnership in which BXP holds approximately 89.4% of the economic interest as of February 20, 2026. During 2025, BXP acquired one property (2100 M Street in Washington, DC) for redevelopment, completed eight dispositions generating approximately $702.6 million in gross sales proceeds and $175.0 million in gains, and recognized impairment losses of approximately $85.8 million on properties held for sale. The company commenced development/redevelopment on four properties (including 343 Madison Avenue in New York City) and placed four properties in service, with its total development pipeline 61% pre-leased as of February 20, 2026.

BXP actively managed its balance sheet through approximately $4.2 billion in debt market activity, including repayment of senior notes, upsizing of credit facilities, and issuance of $1.0 billion in exchangeable senior notes, while its unconsolidated joint ventures executed roughly $1.2 billion in financing activity. The company also completed several joint venture transactions, including new construction and CMBS financings, three JV asset sales generating $237.7 million in gross proceeds, and recognized an other-than-temporary impairment of approximately $145.1 million related to its Gateway Commons joint venture. BXP's long-term strategy centers on maintaining leadership in high-barrier-to-entry gateway markets through selective development, acquisitions, redevelopment, and disciplined capital allocation, complemented by a September 2025 Investor Day action plan emphasizing near-term earnings growth via targeted development, a multi-year asset disposition program, and private equity partnerships.

The company emphasizes long-term client relationships, in-house property management, and selective land control (approximately 13.6 million square feet for office and 4.7 million for residential development potential) to support internal growth. BXP is also recognized as a sustainability leader, having achieved carbon-neutral operations for Scope 1 and 2 emissions in 2025, earned a tenth consecutive 5-star GRESB rating, maintained an MSCI "AA" rating, and received multiple industry recognitions including Newsweek's Most Responsible and Greenest Companies lists and Fitwel Best in Building Health awards.