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Companies / Real Estate / BXP, Inc.
BXP

BXP, Inc.

Real EstateREITsS&P 500
Ticker BXPBOSTON, MAFiscal year ends DecemberBook value per share $32.35Diluted shares 159.3M

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:… From the company’s description.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$3.48BFY2025
+2.2% year over year
Last 12 mo $3.52B
29.05%FY2025
−0.9 percentage points
$384.00MFY2025
+356.1% year over year
Last 12 mo $413.42M
5.38%FY2025
+5.1 percentage points
Last 12 mo 5.76%
Cash & financing
$1.25BFY2025
+0.9% year over year
Last 12 mo $1.28B
$288.86MFY2025
−26.6% year over year
Last 12 mo $275.39M
3.30FY2025
Was 3.06× a year earlier
Last 12 mo 3.10
158.9MFY2025
+0.7% year over year
Last 12 mo 159.3M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What BXP, Inc. does

In the company’s own words

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.

Company details
Sector
Real Estate
Industry (SIC)
REITs
Headquarters
BOSTON, MA
Fiscal year end
December
CIK
1037540
SIC
6798

Financial performance, year by year

Fiscal 2013–2025 · USD
$-351.65M$703.29M$1.76B$2.81B$3.87B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns BXP, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

484
funds hold it
0 of 35
superinvestors hold it
$4.81B
held by funds, at market
47.8%
of shares held by funds
11
bond issues held by funds

Largest fund holders · BXP, Inc.’s weight in each

First Eagle Global Fund
SGENX · First Eagle Funds
—of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%of fund net assets
VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
—of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.02%of fund net assets
Cohen & Steers Real Estate Securities Fund
CSEIX · COHEN & STEERS REAL ESTATE SECURITIES FUND INC
2.55%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

BXP, Inc.’s bonds, as funds hold them

Funds report holding 11 issues of BXP, Inc.’s debt, $3.19B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 4.19%, maturing 2026 to 2035.

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”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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  • “How do BXP, Inc. and its peers compare on margins and cash generation over ten years?”
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