AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 3/6 · 18/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Controlled premier locations and development sites, reported local-market outperformance and executed leasing support a differentiated position. Similar competing properties and unquantified premiums limit evidence of structural scarcity.
durability · 2/4 · Property control and non-cancelable contractual receipts extending through 2050 support multiyear persistence; newly executed leases averaged approximately 7.9 years. Contract duration does not establish continued premiums at expiration, and demand changes remain a material threat.
customer dependency · 2/4 · Non-cancelable leases create contractual commitment, supported by substantial new leasing. Evidence does not establish dependence on BXP specifically after expiration or quantify relocation friction, and similar local alternatives exist.
erosion resilience · 2/4 · Reported premier-property outperformance and modest same-property revenue growth indicate resilience. However, nine-month operating expenses grew faster than rental revenue and same-property NOI was nearly flat. Structural demand risks could erode the premium; they are possibilities rather than established portfolio-wide deterioration.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · BXP reports achieved rental-rate outperformance versus broader office markets, while fixed contractual lease revenue rose across 2023–2025. This supports mixed pricing evidence: aggregate revenue also reflects portfolio and occupancy changes, and comparable-space rent changes net of concessions are absent.
retention · 2/4 · Assessed indirectly from substantial executed leasing, approximately 7.9-year average new lease terms and the non-cancelable contractual backlog. These demonstrate continuing demand and commitment, but do not establish renewal rates or distinguish new clients from retained clients.
margin resilience · 2/4 · For the nine months ended September 2025, same-property rental revenue rose 1.26% while real estate operating expenses rose 2.80%; total same-property NOI increased only 0.15%. Positive revenue and approximately stable NOI show some resilience, alongside realized cost pressure.
contractual freedom · 2/4 · BXP negotiates initial and subsequent rental rates, lease duration, improvement allowances and concessions. Existing non-cancelable leases provide enforceable receipts but constrain immediate repricing, and competitive conditions can weaken renewal terms.
Predictability—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Financial strength—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 7.63
- cashInterestPaid
- 677.16
- cashInterestCoverage
- 1.84
Capital allocation—
Missing required inputs: operatingReturn, cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average dilution (%)
- 0.34
- 3-year average SBC / revenue (%)
- 1.38
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual 2025 property-sale proceeds of approximately $682.5 million reduced net investing cash use despite substantial construction and tenant spending; BXP also completed $1 billion of exchangeable financing. These actions are offset by a joint-venture impairment and a maturity default resolved with refinancing that included a BXP mezzanine commitment. The $1.9 billion sale objective remains a plan, and project returns and full leverage outcomes are unavailable.
incentive alignment · 2/4 · Existing multiyear awards use TSR, earnings growth and leverage metrics, with completed measurement periods producing variable payouts and forfeitures. Double-trigger provisions support alignment. However, reported CEO compensation rose sharply in 2025 while the cumulative shareholder-return measure fell from its 2024 level; SEC compensation measures include valuation effects. Actual executive ownership is not established.
execution · 2/4 · Executed leasing, a signed development anchor lease, completed asset sales and resolution of a joint-venture maturity default demonstrate delivery. Nearly flat same-property NOI, an impairment and lower reported 2025 FFO per share temper the assessment. Leasing is indirect evidence of client satisfaction, not a measured retention outcome.
governance · 3/4 · Actual disclosures establish nine independent directors out of eleven, fully independent key committees, annual director terms and an annual independent review policy for ongoing related-person transactions. These support strong formal oversight. They do not establish exceptional effectiveness; the board has no tenure limits, and the supplied passages do not establish subsequent shareholder voting outcomes.
Evidence
Other factors that contribute to our competitive position include: •our control of sites in our markets that could support, as of December 31, 2025, approximately 13.6 million and 4.7 million of additional square feet of new office and residential developments, respectively; 7 Table of Contents •our reputation gained through 56 years of successful operations and the stability and strength of our existing portfolio of properties; •our relationships with leading national corporations, universities and public institutions, including government agencies, seeking new facilities and development services; •our relationships with nationally recognized financial institutions that provide capital to the real estate industry; •our track record and reputation for executing acquisitions efficiently provide comfort to domestic and foreign institutions, private investors and business entities who seek to sell commercial real estate in our market areas; •our ability to act quickly on due diligence and financing; •our relationships with institutional buyers and sellers of high-quality real estate assets; •our ability to procure entitlements from multiple municipalities to develop and/or sell sites and attract land owners to sell to or partner with us; and •our relationship with domestic and foreign investors who seek to partner with companies like ours.
Business, competitive position: controlled development sites, operating history, relationships and entitlement capabilities · Filed 27/02/2026
Over the past several years, BXP’s experience and performance has diverged from the larger market and media sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy.
Management’s Discussion and Analysis, strategy: reported premier-workplace rental and occupancy outperformance · Filed 27/02/2026
Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions.
Management’s Discussion and Analysis, strategy: reported CBD market comparisons · Filed 27/02/2026
This outperformance is evident in BXP’s portfolio where we derive approximately 90% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs.
Management’s Discussion and Analysis, strategy: portfolio rental obligations attributable to premier CBD workplaces · Filed 27/02/2026
In the third quarter of 2025, we executed 79 leases totaling more than 1.5 million square feet and having a weighted-average lease term of approximately 7.9 years.
Management’s Discussion and Analysis, Leasing Activity and Occupancy: executed third-quarter 2025 leases · Filed 07/11/2025
Lessor Operating Leases The following table summarizes the components of lease revenue recognized during the years ended December 31, 2025, 2024 and 2023 included within the Company's Consolidated Statements of Operations (in thousands): Year ended December 31, Lease Revenue 2025 2024 2023 Fixed contractual payments $ 2,644,155 $ 2,605,272 $ 2,503,106 Variable lease payments 590,743 570,541 550,641 Sales-type lease 1,109 992 926 $ 3,236,007 $ 3,176,805 $ 3,054,673 The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2025, under non-cancelable operating leases which expire on various dates through 2050 (in thousands): Years Ending December 31, 2026 $ 2,543,021 2027 2,626,022 2028 2,565,897 2029 2,426,161 2030 2,299,682 Thereafter 14,485,854 No single tenant represented more than 10.0% of the Company’s total lease revenue for any of the years ended December 31, 2025, 2024 and 2023.
Financial statement notes, Lessor Operating Leases: recognized revenue, non-cancelable contractual receipts and tenant concentration · Filed 27/02/2026
Substantially all of our properties face competition from similar properties in the same market.
Risk Factors, competition: similar properties in the same markets · Filed 27/02/2026
We face significant competition from developers, owners and managers of office, life sciences and residential properties and other commercial real estate, including sublease space available from our clients.
Risk Factors, competition: developers, owners, managers and client sublease space · Filed 27/02/2026
The following factors, among others, may adversely affect the income generated by our properties: •downturns in the national, regional and local economic conditions (particularly increases in unemployment); •sustained changes in client preferences and space utilization from full-time, collective in-person work environments to hybrid or remote work models and/or changes from workforce reductions due to artificial intelligence, which could decrease overall demand for workplaces and negatively impact market rental rates and property values; •competition from other office, life sciences, hotel, retail and residential buildings; •local real estate market conditions, such as oversupply or reduction in demand for office, life sciences, hotel, retail or residential space; •changes in interest rates and availability of financing; •vacancies, changes in market rental rates and the need to periodically repair, renovate and re-let space; •delays in completion of development and redevelopment projects due to supply chain disruptions and labor shortages; •increased costs to maintain, renovate and develop our properties related to inflation; •increased operating costs, including insurance expense, utilities, real estate taxes, state and local taxes and heightened security costs; •civil disturbances, earthquakes and other natural disasters or terrorist acts or acts of war which may result in uninsured or underinsured losses or decrease the desirability of our properties to our clients in impacted locations; •significant expenditures associated with each investment, such as debt service payments, real estate taxes (including reassessments and changes in tax laws), insurance and maintenance costs which are generally not reduced when circumstances cause a reduction in revenues from a property; •declines in the financial condition of our clients and our ability to collect rents from our clients; and •decreases in the underlying value of our real estate.
Risk Factors, property income: demand changes, vacancies, inflation and fixed property expenditures · Filed 27/02/2026
57 Table of Contents Same Property Portfolio Properties Acquired Portfolio Properties Placed In-Service Portfolio Properties in or Held for Development or Redevelopment Portfolio Properties Sold Portfolio Total Property Portfolio 2025 2024 Increase/ (Decrease) % Change 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Increase/ (Decrease) % Change (dollars in thousands) Rental Revenue: (1) Lease Revenue (Excluding Termination Income) $ 2,302,693 $ 2,268,039 $ 34,654 1.53 % $ 23,792 $ 23,651 $ 55,046 $ 15,189 $ 6,412 $ 20,536 $ (4) $ 604 $ 2,387,939 $ 2,328,019 $ 59,920 2.57 % Termination Income 2,396 7,874 (5,478) (69.57) % — — — — — 7,085 — — 2,396 14,959 (12,563) (83.98) % Lease Revenue 2,305,089 2,275,913 29,176 1.28 % 23,792 23,651 55,046 15,189 6,412 27,621 (4) 604 2,390,335 2,342,978 47,357 2.02 % Parking and Other 98,126 97,512 614 0.63 % 1,163 937 12 101 (73) 1,147 — — 99,228 99,697 (469) (0.47) % Total Rental Revenue (1) 2,403,215 2,373,425 29,790 1.26 % 24,955 24,588 55,058 15,290 6,339 28,768 (4) 604 2,489,563 2,442,675 46,888 1.92 % Real Estate Operating Expenses 942,687 917,020 25,667 2.80 % 9,763 9,157 13,551 6,543 10,590 13,024 215 323 976,806 946,067 30,739 3.25 % Net Operating Income (Loss), Excluding Residential and Hotel 1,460,528 1,456,405 4,123 0.28 % 15,192 15,431 41,507 8,747 (4,251) 15,744 (219) 281 1,512,757 1,496,608 16,149 1.08 % Residential Net Operating Income (2) 19,155 19,614 (459) (2.34) % — — — — — — — — 19,155 19,614 (459) (2.34) % Hotel Net Operating Income (2) 10,974 12,393 (1,419) (11.45) % — — — — — — — — 10,974 12,393 (1,419) (11.45) % Net Operating Income (Loss) $ 1,490,657 $ 1,488,412 $ 2,245 0.15 % $ 15,192 $ 15,431 $ 41,507 $ 8,747 $ (4,251) $ 15,744 $ (219) $ 281 $ 1,542,886 $ 1,528,615 $ 14,271 0.93 % _______________ (1)Rental Revenue is equal to Revenue less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Revenue per the Consolidated Statements of Operations, excluding the residential and hotel revenue that is noted below.
Management’s Discussion and Analysis, nine-month portfolio comparison: same-property rental revenue, operating expenses and NOI · Filed 07/11/2025
Even if clients decide to renew or lease new 21 Table of Contents space, the terms of renewals or new leases, including the cost of required renovations or concessions to clients, may be less favorable to us than current lease terms.
Risk Factors, lease renewals: potentially less favorable terms, renovation costs and concessions · Filed 27/02/2026
When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under generally accepted accounting principles (“GAAP”), current and anticipated vacancy in our properties and the market overall (including 50 Table of Contents sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors.
Management’s Discussion and Analysis, leasing decisions: lease terms, rental rates, improvements and concessions · Filed 07/11/2025
Cash used in investing activities for the year ended December 31, 2025 and December 31, 2024 is detailed below: Year ended December 31, 2025 2024 (in thousands) Acquisitions of real estate (1) $ (55,864) $ (35,366) Construction in progress (2) (683,750) (651,346) Building, pre-development and other capital improvements (3) (216,687) (189,667) Tenant improvements (338,808) (258,312) Proceeds from sales of real estate (4) 682,514 602 Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) (5) — 6,086 Capital contributions to unconsolidated joint ventures (6) (258,752) (132,096) Capital distributions from unconsolidated joint ventures (7) 172,662 28,325 Investment in non-real estate investments (3,538) (2,500) Issuance of note receivables (including related party) (8) (22,861) (3,258) Proceeds from note receivables (including related party) (8) 80,000 — Investments in securities, net 558 136 Net cash used in investing activities $ (644,526) $ (1,237,396) Cash used in investing activities changed primarily due to the following: (1)On December 15, 2025, we completed the acquisition of 2100 M Street, located in Washington, D.C., for a purchase price, including transaction costs, of approximately $55.9 million.
Liquidity and Capital Resources: 2025 and 2024 investing cash flows and completed acquisition · Filed 27/02/2026
However, a key component of our current strategic action plan introduced at our September 2025 Investor Day is the execution of a multi-year asset sales program to generate approximately $1.9 billion in net proceeds to fund our development pipeline and reduce leverage.
Business, dispositions: September 2025 strategic asset-sale program and intended uses · Filed 27/02/2026
Exchangeable Debt On September 29, 2025, BPLP issued $1.0 billion aggregate principal amount of 2.00% Exchangeable Senior Notes due 2030 (the “Notes”) in a private placement (see Note 7).
Financial statement notes, Exchangeable Debt: September 2025 financing · Filed 27/02/2026
(5)During the three months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment.
Investments in Unconsolidated Joint Ventures, footnote 5: recognized impairment · Filed 07/11/2025
(11)As of September 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $126.8 million.
Liquidity and Capital Resources, joint-venture debt footnote 11: maturity default at September 30, 2025 · Filed 07/11/2025
On October 17, 2025, the joint venture refinanced the loan including the accrued and unpaid interest.
Liquidity and Capital Resources, joint-venture debt footnote 11: October 2025 refinancing · Filed 07/11/2025
The new loan consists of a (1) senior loan provided by a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (2) mezzanine loan provided by us with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum.
Liquidity and Capital Resources, joint-venture debt footnote 11: replacement financing and BXP mezzanine commitment · Filed 07/11/2025
167 Table of Contents MYLTIP Measurement Period Results The following table shows the results for the MYLTIP awards at the end of their respective three-year measurement period (Aggregate value is shown in millions): Measurement Date Final Payout as a % of Target Aggregate Value Forfeited Units 2022 MYLTIP Awards January 31, 2025 59 % $ 5.4 177,919 2021 MYLTIP Awards February 1, 2024 112 % $ 12.6 155,625 2020 MYLTIP Awards February 3, 2023 50 % $ 3.8 152,460 Issuances (Restricted Stock, LTIP Units and MYLTIP Units) The following table shows information for restricted stock that were issued by BXP during the years ended December 31, 2025, 2024 and 2023 (Issued value is shown in millions): Restricted Stock 2025 2024 2023 Shares issued 56,273 83,316 73,762 Issued value $ 4.1 $ 5.3 $ 5.4 Weighted-average price per share $ 72.37 $ 63.28 $ 72.57 The following table shows information for LTIP units that were issued by BPLP during the years ended December 31, 2025, 2024 and 2023 (Issued value is shown in millions): LTIP Units 2025 2024 2023 Units Issued 406,646 451,044 430,824 Issued value $ 26.9 $ 26.8 $ 29.9 Weighted-average price per unit $ 66.10 $ 59.41 $ 69.29 Monte Carlo assumptions (1): Expected life (in years) 5.7 5.7 5.7 Risk free interest rate 4.45 % 4.03 % 3.67 % Expected price volatility 38.0 % 36.0 % 32.0 % _______________ (1)LTIP Units were valued using a Monte Carlo simulation method model in accordance with the provisions of ASC 718.
Stock compensation notes: completed MYLTIP measurement periods, payouts, forfeitures and equity issuance · Filed 27/02/2026
Components of Executive Compensation Component Why We Pay It Base Salary Provide a fixed, competitive level of cash compensation that reflects the NEO’s leadership role, job function, and the market rate for the executive’s experience and responsibilities Annual Cash Incentive Reward NEOs for the achievement of annual financial, operational, strategic and individual goals that drive stockholder value, thereby aligning our NEOs’ interests with those of our stockholders •Annual cash incentives for each NEO are linked to performance against goals in three (3) weighted categories, and each NEO has target and maximum incentive opportunities that allow for payouts ranging from 0 to 150% of target Performance-Based Equity (MYLTIP) Align the interests of our NEOs with those of our stockholders Motivate, retain and reward NEOs to achieve multi-year, strategic business objectives that are intended to drive company and executive outperformance •For 2025, the MYLTIP was designed to create a direct link between executive pay and each of relative TSR performance, earnings growth relative to a custom peer index and the achievement of a target average leverage ratio •Enhance executive officer retention with 100% vesting after completion of a three-year performance period (i.e., “cliff vesting”), with one additional year of post-vesting transfer restrictions for the portion of the LTIP units earned based on TSR performance Time-Based Equity Align the interests of our NEOs with those of our stockholders Motivate, retain and reward NEOs to achieve multi-year, strategic business objectives that drive absolute TSR outperformance •Create a direct link between executive pay and absolute TSR performance •Enhance executive officer retention with time-based, multi-year vesting schedules 66 BXP / 2026 Proxy Statement Compensation Discussion and Analysis / Compensation Governance Practices The following table highlights key features of our executive compensation program.
Compensation Discussion and Analysis, compensation components: performance metrics and vesting terms · Filed 10/04/2026
94 BXP / 2026 Proxy Statement Compensation Discussion and Analysis / Other Compensation Policies Double-Trigger Acceleration of Vesting of Equity Awards Upon a Change of Control All time-based equity awards and the 2025 OPP awards include “double-trigger” vesting, meaning that if there is a “change of control” and the awards are not otherwise canceled in connection with the change of control transaction, then they only become fully vested if, within 24 months after the change of control, the executive’s employment is terminated by the Company or its successor without “cause” or the executive resigns for “good reason.”
Other Compensation Policies: existing double-trigger change-of-control vesting · Filed 10/04/2026
Year Summary Compensation Table Total for CEO(1)(2) ($) Compensation Actually Paid to CEO(1) ($) Average Summary Compensation Table Total for Non-CEO NEOs(1)(2) ($) Average Compensation Actually Paid to Non-CEO NEOs (1)(3) ($) Value of Initial Fixed $100 Investment Based On:(4) Net Income (in millions)(6) ($) Diluted FFO Per Share(7) ($) BXP Total Stockholder Return ($) Peer Group Total Stockholder Return(5) ($) 2025 23,047,305 24,466,190 9,098,606 9,148,929 91.77 81.15 276.8 6.85 2024 12,844,078 11,630,221 4,960,813 5,109,817 96.33 94.35 14.3 7.12 2023 12,963,964 9,975,923 5,881,985 6,592,675 85.91 77.65 190.2 7.30 2022 13,050,788 2,646,769 5,794,249 2,530,706 77.52 76.10 848.9 7.53 2021 12,894,537 19,747,684 6,017,281 8,297,877 126.22 122.00 496.2 6.56 1.For all periods presented, our CEO is Owen D.
Pay Versus Performance: 2021–2025 compensation, shareholder returns and financial performance · Filed 10/04/2026
Klein’s experience and qualifications, our Board’s independent oversight is further bolstered by: •the overall composition of our Board of Directors and contributions from all of our independent directors: each current non-employee director is independent (9 out of 11 directors); •the independent committees of our Board of Directors: each of the Audit Committee, Compensation Committee and NCG Committee is led by independent committee chairs and is comprised solely of independent directors; and •BXP’s other corporate governance policies in effect.
Corporate Governance, board leadership: current independent directors and committee composition · Filed 10/04/2026
Because each director is elected to hold office for a one-year term expiring at the next annual meeting of stockholders, and in light of the benefits resulting from continuity on the Board, the Board does not believe it is in the best of interests of the Company or its stockholders to establish arbitrary term limits or limits on the overall tenure of a director.
Corporate Governance, board refreshment: annual director terms and absence of tenure limits · Filed 10/04/2026
In addition, any related person transaction previously approved by a majority of the independent directors of our Board or otherwise already existing that is ongoing in nature shall be reviewed by a majority of the independent directors of our Board annually to ensure that such related person transaction has been conducted in accordance with the previous approval granted by such independent directors, if any, and remains appropriate.
Other Matters, related-person transactions: annual independent-director review policy · Filed 10/04/2026
Most notably, the region signed an approximately 274,000 square foot lease with Starr, a global investment and insurance organization, at 343 Madison Avenue, resulting in the project being 29% pre-leased, with numerous other active discussions for additional space.
Compensation Discussion and Analysis, regional results: signed anchor lease and development pre-leasing · Filed 10/04/2026
