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BXP • CIK 0001037540
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $291,424 | $84,188 | $383,995 | $383,995 |
| Net Income (Loss) Attributable to Parent | $190,215 | $14,272 | $276,800 | $276,800 |
| Operating Lease, Lease Income | $3,054,673 | $3,176,805 | $3,236,007 | $3,236,007 |
| Revenues | $3,273,569 | $3,407,719 | $3,482,279 | $3,482,279 |
| Direct Costs of Leased and Rented Property or Equipment | $1,183,947 | $1,286,838 | $1,335,069 | $1,335,069 |
| General and Administrative Expense | $170,158 | $159,983 | $168,789 | $168,789 |
| Other Cost and Expense, Operating | $4,313 | $1,597 | $2,678 | $2,678 |
| Depreciation, Depletion and Amortization, Nonproduction | $830,813 | $887,191 | $912,088 | $912,088 |
| Costs and Expenses | $2,239,227 | $2,387,385 | $2,470,606 | $2,470,606 |
| Income (Loss) from Equity Method Investments | $-239,543 | $-343,177 | $-103,560 | $-103,560 |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $517 | $602 | $176,732 | $176,732 |
| Sales-type and Direct Financing Leases, Profit (Loss) | $0 | $0 | $-2,490 | $-2,490 |
| Interest and Other Income | $69,964 | $60,199 | $35,784 | $35,784 |
| Gain (Loss) on Investments | $5,556 | $4,416 | $5,481 | $5,481 |
| Derivative, Gain (Loss) on Derivative, Net | — | — | $0 | $0 |
| Other Nonoperating Gains (Losses) | — | — | $-346 | $-346 |
| Impairment of Real Estate | — | $13,615 | $85,803 | $85,803 |
| Gain (Loss) on Extinguishment of Debt | $0 | — | $-338 | $-338 |
| Interest Expense | $579,572 | $645,117 | $653,138 | $653,138 |
| Noncontrolling Interest in Net Income (Loss) Limited Partnerships, Nonredeemable | $78,661 | $67,516 | $75,181 | $75,181 |
| Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable | $22,548 | $2,400 | $32,014 | $32,014 |
| Weighted Average Number of Shares Outstanding, Basic | 156,863,000 | 157,468,000 | 158,330,000 | 158,330,000 |
| Weighted Average Number of Shares Outstanding, Diluted | 157,201,000 | 157,793,000 | 158,869,000 | 158,869,000 |
| Straight Line Rent Adjustments | $99,100 | $105,600 | $107,100 | $107,100 |
| Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | $0 | $891 | $0 | $0 |
| Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 338,000 | 325,000 | 539,000 | 539,000 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | — | — | 653,343 | 653,343 |
| Dilutive Securities, Effect on Basic Earnings Per Share | $0 | $0 | $0 | $0 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Real Estate Investment Property, at Cost | $26,749,209 | $27,870,623 | $28,241,879 | $28,606,910 |
| Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $401,680 | $372,922 | $372,470 | $371,889 |
| Operating Lease, Right-of-Use Asset | $324,298 | $334,767 | $325,841 | $290,726 |
| Real Estate Investment Property, Accumulated Depreciation | $6,881,728 | $7,528,057 | $8,040,311 | $8,277,690 |
| Real Estate Investment Property, Net | $20,593,459 | $21,050,255 | $20,899,879 | $20,991,835 |
| Cash and Cash Equivalents, at Carrying Value | $1,531,477 | $1,254,882 | $1,478,206 | $493,949 |
| Restricted Cash and Cash Equivalents, Current | $81,090 | $80,314 | $79,060 | $59,514 |
| Marketable Securities | $36,337 | $39,706 | $44,614 | $46,526 |
| Accounts Receivable, after Allowance for Credit Loss | $122,407 | $107,453 | $92,625 | $90,679 |
| SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLossCurrent | $13,704 | $14,657 | $15,672 | $16,170 |
| Deferred Rent Receivables, Net | $1,355,212 | $1,466,220 | $1,538,515 | $1,573,959 |
| Deferred Costs, Noncurrent | $760,421 | $813,345 | $847,690 | $848,273 |
| Prepaid Expense and Other Assets | $64,230 | $70,839 | $108,105 | $122,830 |
| Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $1,377,319 | $1,093,583 | $999,309 | $820,068 |
| Real Estate Held-for-sale | — | — | $24,770 | $0 |
| Assets | $26,026,149 | $26,084,980 | $26,166,164 | $25,173,869 |
| Redeemable Noncontrolling Interest, Equity, Carrying Amount | $8,383 | $9,535 | $7,538 | $7,927 |
| Excess Stock, Shares Outstanding | 0 | 0 | 0 | 0 |
| Secured Debt | $4,166,379 | $4,276,609 | $4,280,067 | $4,281,198 |
| Senior Notes | $10,491,617 | $10,645,077 | $9,806,100 | $8,811,158 |
| Convertible Debt | — | — | $976,263 | $978,642 |
| Long-term Line of Credit | $0 | $0 | $0 | $0 |
| Other Borrowings | $1,198,301 | $798,813 | $797,053 | $797,565 |
| Commercial Paper | — | $500,000 | $750,000 | $750,000 |
| Finance Lease, Liability | $417,961 | $370,885 | $360,039 | $353,436 |
| Operating Lease, Liability | $350,391 | $392,686 | $389,213 | $386,487 |
| Accounts Payable and Accrued Liabilities | $458,329 | $401,874 | $480,017 | $474,141 |
| Dividends Payable | $171,176 | $172,486 | $123,753 | $123,857 |
| Interest Payable | $133,684 | $128,098 | $125,345 | $109,523 |
| Other Liabilities | $445,947 | $450,796 | $386,074 | $364,082 |
| Liabilities | $17,833,785 | $18,137,324 | $18,473,924 | $17,436,219 |
| Common Stock, Value, Issued | $1,569 | $1,582 | $1,585 | $1,595 |
| Additional Paid in Capital | $6,715,149 | $6,836,093 | $6,836,243 | $6,881,671 |
| Retained Earnings (Accumulated Deficit) | $-816,152 | $-1,419,575 | $-1,674,995 | $-1,727,547 |
| Treasury Stock, Common, Shares | 78,900 | 78,900 | 78,900 | 78,900 |
| Treasury Stock, Value | $2,722 | $2,722 | $2,722 | $2,722 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $-21,147 | $-2,072 | $-12,921 | $2,148 |
| Stockholders' Equity Attributable to Parent | $5,876,697 | $5,413,306 | $5,147,190 | $5,155,145 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $8,183,981 | $7,938,121 | $7,684,702 | $7,729,723 |
| Noncontrolling Interest in Operating Partnerships | $666,580 | $591,270 | $566,563 | $555,763 |
| Noncontrolling Interest in Limited Partnerships | $1,640,704 | $1,933,545 | $1,970,949 | $2,018,815 |
| Temporary Equity, Shares Subscribed but Unissued | 119,471 | 128,227 | 111,701 | 119,549 |
| Limited Partners' Capital Account, Units Outstanding | 155,185,716 | 156,412,584 | 156,780,294 | 157,746,588 |
| General Partners' Capital Account, Units Outstanding | 1,755,150 | 1,762,411 | 1,768,004 | 1,774,922 |
| Excess Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 |
| Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
| Common Stock, Shares, Issued | 157,019,766 | 158,253,895 | 158,627,198 | 159,600,410 |
| Common Stock, Shares, Outstanding | 156,940,866 | 158,174,995 | 158,548,298 | 159,521,510 |
| Sales-type Lease, Lease Receivable | $13,953 | $14,923 | $15,929 | $15,929 |
| Impairment of Real Estate | — | $13,615 | $85,803 | $18,036 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $291,424 | $84,188 | $383,995 | $383,995 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $875,755 | $-277,371 | $222,070 | $222,070 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $1,612,567 | $1,335,196 | $1,557,266 | $1,557,266 |
| Net Cash Provided by (Used in) Operating Activities | $1,301,520 | $1,234,501 | $1,245,157 | $1,245,157 |
| Payments to Acquire Commercial Real Estate | — | — | $55,864 | $55,864 |
| Payments to Acquire Other Productive Assets | $525,963 | $651,346 | $683,750 | $683,750 |
| Payments for Capital Improvements | $171,424 | $189,667 | $216,687 | $216,687 |
| Payments for Tenant Improvements | $310,925 | $258,312 | $338,808 | $338,808 |
| Proceeds from Real Estate and Real Estate Joint Ventures | — | — | $682,514 | $682,514 |
| Payments to Acquire Businesses, Net of Cash Acquired | $13,155 | $-6,086 | $0 | $0 |
| Payments to Acquire Equity Method Investments | $192,650 | $132,096 | $258,752 | $258,752 |
| Proceeds from Equity Method Investment, Distribution, Return of Capital | $32,787 | $28,325 | $172,662 | $172,662 |
| Payments for (Proceeds from) Other Investing Activities | — | — | $3,538 | $3,538 |
| Origination of Notes Receivable from Related Parties | $12,177 | $3,258 | $22,861 | $22,861 |
| Proceeds from Mortgage Deposits | $0 | $0 | $80,000 | $80,000 |
| Payments for (Proceeds from) Investments | — | — | $-558 | $-558 |
| Net Cash Provided by (Used in) Investing Activities | $-1,193,681 | $-1,237,396 | $-644,526 | $-644,526 |
| Proceeds from Secured Notes Payable | $600,000 | $0 | $0 | $0 |
| Repayments of Secured Debt | $0 | $4,780 | $4,251 | $4,251 |
| Proceeds from Issuance of Unsecured Debt | $747,727 | $849,671 | $0 | $0 |
| Repayments of Unsecured Debt | $500,000 | $700,000 | $850,000 | $850,000 |
| Proceeds from Convertible Debt | — | — | $1,000,000 | $1,000,000 |
| Proceeds from Lines of Credit | $0 | $0 | $865,000 | $865,000 |
| Proceeds from Other Debt | $1,200,000 | $0 | $700,000 | $700,000 |
| Repayments of Other Debt | $-730,000 | $500,000 | $700,000 | $700,000 |
| Finance Lease, Principal Payments | $0 | $12,547 | $13,662 | $13,662 |
| Proceeds from Issuance of Commercial Paper | — | $5,363,333 | $8,656,025 | $8,656,025 |
| Repayments of Commercial Paper | — | $4,863,333 | $8,406,025 | $8,406,025 |
| Payments of Financing Costs | $19,416 | $12,235 | $39,641 | $39,641 |
| Payments for Derivative Instrument, Financing Activities | — | — | $35,000 | $35,000 |
| Proceeds from Issuance or Sale of Equity | $367 | $-1,731 | $-435 | $-435 |
| Payments of Dividends | $687,809 | $689,870 | $643,107 | $643,107 |
| Payments to Noncontrolling Interests | $69,975 | $77,704 | $83,129 | $83,129 |
| Proceeds from (Payments for) Other Financing Activities | — | — | $-43,604 | $-43,604 |
| Net Cash Provided by (Used in) Financing Activities | $767,916 | $-274,476 | $-378,561 | $-378,561 |
| Cash and Cash Equivalents, at Carrying Value | $1,531,477 | $1,254,882 | $1,478,206 | $1,478,206 |
| Restricted Cash and Cash Equivalents, Current | $81,090 | $80,314 | $79,060 | $79,060 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | — | — | $677,156 | $677,156 |
| Interest Costs Capitalized | $42,633 | $41,976 | $50,626 | $50,626 |
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $141,179 | $30,631 | $0 | $0 |
| Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $163,056 | — | $0 | $0 |
| Loans Assumed | $300,000 | $207,093 | $0 | $0 |
| Debt Conversion, Converted Instrument, Amount | — | $100,000 | $0 | $0 |
| Transfer to Investments | $0 | $0 | $0 | $0 |
| Dividends Payable | $171,176 | $172,486 | $123,753 | $123,753 |
| Depreciation, Depletion and Amortization | $830,813 | $887,191 | $912,088 | $912,088 |
| Impairment of Real Estate | — | $13,615 | $85,803 | $85,803 |
| Operating Lease, Right-of-Use Asset, Amortization Expense | $1,940 | $2,262 | $264 | $264 |
| Share-based Payment Arrangement, Noncash Expense | $51,478 | $43,949 | $44,334 | $44,334 |
| Income (Loss) from Equity Method Investments | $-239,543 | $-343,177 | $-103,560 | $-103,560 |
| Proceeds from Equity Method Investment, Distribution | $24,637 | $33,861 | $58,424 | $58,424 |
| Gain (Loss) on Sale of Investments | $5,556 | $4,416 | $5,481 | $5,481 |
| Provision for Loan, Lease, and Other Losses | — | — | $-1,133 | $-1,133 |
| Paid-in-Kind Interest | $30,523 | $37,143 | $32,247 | $32,247 |
| Gain (Loss) on Extinguishment of Debt | $0 | — | $-338 | $-338 |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $517 | $602 | $176,732 | $176,732 |
| Sales-type and Direct Financing Leases, Profit (Loss) | $0 | $0 | $-2,490 | $-2,490 |
| Nonoperating Gains (Losses) | — | — | $-346 | $-346 |
| Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | $1,010,096 | $1,150,313 | $861,162 | $861,162 |
| Increase (Decrease) in Accounts Receivable | $31,470 | $-13,716 | $-32,507 | $-32,507 |
| Straight Line Rent | $99,539 | $97,609 | $101,878 | $101,878 |
| Increase (Decrease) in Prepaid Expense and Other Assets | $7,336 | $5,384 | $4,148 | $4,148 |
| Increase (Decrease) in Prepaid Rent | $-25,640 | $-750 | $0 | $0 |
| Increase (Decrease) in Other Operating Assets and Liabilities, Net | — | — | $-3,545 | $-3,545 |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | $41,696 | $-2,395 | $27,161 | $27,161 |
| Increase (Decrease) in Interest Payable, Net | $29,910 | $-5,647 | $-2,743 | $-2,743 |
| Increase (Decrease) in Other Operating Liabilities | $7,267 | $12,826 | $-19,133 | $-19,133 |
| Lease, Cost | $77,666 | $118,962 | $122,618 | $122,618 |