BXP

BXP, Inc.

Ticker: BXPReal EstateREITsS&P 500
HQ BOSTON, MACIK 1037540FY end 12-31Book / share $32.35Shares 159M
Revenue (FY)
$3.48B+2.19%
TTM $3.52B
Op. margin
29.05%-0.89%
Net income
$384.00M+356.12%
TTM $413.42M
Operating cash
$1.25B+0.86%
TTM $1.28B
Free cash flow
$288.86M-26.59%
TTM $275.39M
Return on equity
5.38%+5.11%
TTM 5.76%
Debt / equity
3.30+0.23%
TTM 3.10
Shares outstanding
158.9M+0.68%
TTM 159.3M

The business

Boston Properties, Inc. (NYSE: BXP) is one of the largest publicly traded office real estate investment trusts in the United States, operating through its primary vehicle Boston Properties Limited Partnership. The company develops, owns and manages premier workplaces concentrated across six dynamic gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. As of December 31, 2025, BXP owns or holds joint venture interests in a portfolio of 179 commercial real estate properties aggregating approximately 52.6 million net rentable square feet, consisting primarily of 157 office properties, 14 retail properties, seven residential properties and one hotel. Eight properties totaling approximately 3.5 million net rentable square feet remain under construction or redevelopment.

The company defines premier workplaces as well-located, modern or modernized buildings that are professionally managed and maintained, offering amenities in high demand by creditworthy clients seeking sophisticated telecommunications infrastructure, support services, sustainable features and spaces that support hybrid work environments. BXP operates as a fully integrated, self-administered and self-managed REIT with substantial in-house expertise across acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing and legal services. The company maintains regional offices in each of its core markets and employs 714 non-union and 112 union employees.

BXP's business strategy emphasizes becoming a leading developer, owner and manager in carefully selected markets with high barriers to entry, targeting complex development projects that leverage management expertise. The company pursues external growth through selective acquisitions and developments while pursuing internal growth through occupancy and rental rate increases, client retention and property repositioning. As of December 31, 2025, BXP controlled sites supporting approximately 13.6 million square feet of additional office development and 4.7 million square feet of residential development potential.

The company maintains a strong commitment to sustainability, achieving carbon-neutral operations for direct and indirect greenhouse gas emissions in 2025 and earning its tenth consecutive five-star GRESB rating. BXP's website is located at http://www.bxp.com.

Sector
Real Estate
Industry
REITs
HQ
BOSTON, MA
FY end
12-31
CIK
1037540
SIC
6798
Financial performance · annual
20132025
$-351.65M$703.29M$1.76B$2.81B$3.87B2013201420152016201720182019202020212022202320242025TTMTTMTTM

Ownership

Who holds BXP, Inc. — across funds, superinvestors and bonds · N-PORT 2026Q2 · 13F 2026-06-30

483
funds hold it
0 of 35
superinvestors hold it
$4.81B
fund-held value
47.8%
of shares held by funds
11
bond issues held by funds

Top fund holders

Fund% of fundValue
First Eagle Global Fund
SGENX · First Eagle Funds
0.51%$383.84M
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%$335.97M
VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
0.46%$322.36M
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.02%$254.85M
Cohen & Steers Real Estate Securities Fund
CSEIX · COHEN & STEERS REAL ESTATE SECURITIES FUND INC
2.55%$244.23M

Bonds held by funds

Funds report holding 11 issues of BXP, Inc.'s debt, $3.19B at fund-held market value — what funds hold, not the company's debt outstanding. Weighted-average coupon 4.19%, maturing 20262035.

IssueCouponMaturesFundsFund-held
BOSTON PROPERTIES LP SR UNSEC 3.25% 01-30-313.250%2031-01-3085$534.31M
BOSTON PROP LP5.750%2035-01-15113$446.88M
BOSTON PROP LP6.500%2034-01-1580$376.03M
Boston Properties LP4.500%2028-12-0174$316.99M
Boston Properties LP2.550%2032-04-0192$289.89M
Boston Properties LP2.900%2030-03-1563$260.07M
BOSTON PROPERTIES LP 6.75% 12/01/20276.750%2027-12-0163$258.28M
Boston Properties LP3.400%2029-06-2166$244.52M
BOSTON PROP LP2.450%2033-10-0172$230.21M
Boston Properties LP2.750%2026-10-0138$128.01M

The 10 largest by fund-held value, of 11.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

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