BXP, Inc. Reports Net Income of $276.8 Million for Fiscal Year 2025

**BXP, Inc. Reports Mixed Financial Results for Fiscal Year 2025**

BXP, Inc., a real estate investment trust, reported a net income attributable to the company of $276.8 million for the fiscal year ended December 31, 2025, compared to $14.3 million for the previous year. The company's net operating income (NOI) reached $2.059 billion, a slight increase from $2.041 billion in 2024. Basic earnings per share attributable to BXP, Inc. was $1.75, while diluted earnings per share was $1.74. As of June 30, 2025, the aggregate market value of the 158,043,924 shares of Common Stock held by non-affiliates of BXP, Inc. was $10.66 billion. As of February 20, 2026, there were 158,629,124 shares of Common Stock of BXP, Inc. outstanding.

The company's financial performance was influenced by several factors, including gains on sales of real estate, which totaled $176.7 million, and impairment losses of $85.8 million. Loss from unconsolidated joint ventures decreased to $103.6 million from $343.2 million in the prior year, primarily due to a decrease in non-cash impairment losses. The company also saw an increase in depreciation and amortization expense, which rose to $912.1 million. Lease revenue increased to $3.236 billion, while parking and other revenue increased to $143.3 million.

Strategic developments during the year included the acquisition of a vacant office building in Washington, D.C., for $55.9 million, which the company intends to redevelop. BXP also completed eight sales transactions for an aggregate gross sales price of $702.6 million. The company commenced development/redevelopment of four properties, including 343 Madison Avenue in New York City, and partially or fully placed in-service four properties. Debt market activities totaled approximately $4.2 billion, including the repayment of $850.0 million of unsecured senior notes and the issuance of $1.0 billion of unsecured exchangeable senior notes.

Key operational developments included a total in-service portfolio occupancy of 86.7% as of December 31, 2025. The company executed approximately 5.6 million square feet of leases with a weighted-average lease term of 10.1 years. As of December 31, 2025, the weighted-average lease term of the company's in-place leases was approximately 7.9 years. The company's largest clients by square footage included Salesforce and Google. BXP's business strategies include targeting dynamic gateway markets, emphasizing submarkets with high barriers to entry, and owning and developing high-quality real estate. The company's growth strategies include development in selected submarkets, acquisition of assets and portfolios, and acquisition of underperforming assets.

Looking ahead, BXP's outlook includes a focus on near-term earnings growth by leveraging operational expertise and its portfolio of premier workplaces. The company plans to grow occupancy, develop premier assets, execute on a multi-year asset sales program, and secure private equity partnerships on select assets. BXP also aims to enhance its capital structure through access to various sources of equity and debt capital and proactively manage its debt expirations.