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Real estate · REIT · NYSE

BXPBXP, Inc.

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The 10-K against last year's

321 changes: 45 added, 85 removed, 185 reworded, 6 quiet changes

10-K Feb 27, 2026 vs Feb 27, 2025
Risk FactorsRedline ↓
10.4%
of the text changed · 14,785 words now
37.5%
of the text changed · 16,978 words now
Accounting PoliciesRedline ↓
23.4%
of the text changed · 7,999 words now

10-K 0001037540-26-000006 (Feb 27, 2026) vs 10-K 0001656423-25-000009 (Feb 27, 2025) Not compared: Legal Proceedings.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 213 words changed in this paragraph; it is 31% similar to last year's version.
BXP has agreed in the limited partnership agreement of BPLP not to engage in specified extraordinary transactions, including, among others, business combinations, unless limited partners of BPLP other than BXP receive, or have the opportunity to receive, either (1) the same consideration for their partnership interests as holders of BXP common stock in the transaction or (2) limited partnership units that, among other things, would entitle the holders, upon redemption of these units, to receive shares of common equity of a publicly traded company or the same consideration as holders of BXP common stock received in the transaction. If these limited partners would not receive such consideration, we cannot engage in the transaction unless limited partners holding at least 75% of the common units of limited partnership interest, other than those held by BXP or its affiliates, consent to the transaction. In addition, BXP has agreed in the limited partnership agreement of BPLP that it will not complete specified extraordinary transactions, including among others, business combinations, in which BXP receives the approval of its common stockholders unless (1) limited partners holding at least 75% of the common units of limited partnership interest, other than those held by BXP or its affiliates, consent to the transaction or (2) the limited partners of BPLP are also allowed to vote and the transaction would have been approved had these limited partners been able to vote as common stockholders on the transaction. Therefore, if BXP’s common stockholders approve a specified extraordinary transaction, the partnership agreement requires the following before it can complete the transaction:

Source: Item 1A, 10-K 0001037540-26-000006 vs Item 1A, 10-K 0001656423-25-000009

MD&A 166 words changed in this paragraph; it is 40% similar to last year's version.
BXP is one of the largest publicly traded office real estate investment trusts (REITs) REITs (based on total market capitalization as of December 31, 2024) 2025) in the United States that develops, owns, and manages primarily premier workplaces. Our properties are concentrated in six dynamic gateway markets in the U.S. - Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. BPLP is the entity through which BXP conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. We generate revenue and cash primarily by leasing premier workplaces to our clients. 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 GAAP, current and anticipated vacancy in our properties and the market overall (including sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors.

Source: Item 7, 10-K 0001037540-26-000006 vs Item 7, 10-K 0001656423-25-000009

Accounting Policies 129 words changed in this paragraph; it is 82% similar to last year's version.
Management reviews its long-lived assets for indicators of impairment following the end of each quarter and when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. This evaluation of long-lived assets is dependent on a number of factors, including when there is an event or adverse change in the operating performance of the long-lived asset or a current expectation that, it is more likely than not, that a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life or hold period. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is subjective and is based in part on assumptions regarding anticipated hold periods, future occupancy, future rental rates, future capital requirements, discount rates and capitalization rates. Any or all of such assumptions could differ materially from actual results in future periods. Because cash flows on properties considered to be “long-lived assets to be held and used” are considered on an undiscounted basis to determine whether an asset may be impaired, the Company’s established strategy of holding properties over the long term directly decreases the likelihood of recording an impairment loss. If the Company’s hold strategy changes or market conditions otherwise dictate a shorter hold, an impairment loss may be recognized, and such loss could be material. If the Company determines that an impairment has occurred, the affected assets must be reduced to their fair value. At March During the year ended December 31, 2024, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated the expected hold period properties approved by BXP’s Board of Directors (or a committee thereof) for a portion sale to third-parties, which resulted in recognized impairment losses of its Shady Grove property, consisting of 2 Choke Cherry Road, 2094 Gaither Road approximately $85.8 million and a land parcel, located in Rockville, Maryland. Based on a shorter-than-expected hold period, $82.9 million for BXP and BPLP, respectively (See Note 3). During the Company reduced the carrying value of a portion of the property that the Company anticipates selling to a third-party developer to its estimated fair value at March year ended December 31, 2024. As a result, each of 2024, BXP and BPLP recognized an impairment loss of approximately $13.6 million during the year ended December 31, 2024 related to Shady Grove - Parcel 1 (See Note 3). 17).

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001037540-26-000006 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001656423-25-000009

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of BXP's Risk Factors and MD&A, 10-K Feb 27, 2026 against 10-K Feb 27, 2025. Each links to the text at sec.gov.

RemovedRisk Factors
•to the extent we enter into derivative financial instruments, one or more counterparties to our derivative financial instruments could default on their obligations to us, or could fail, increasing the risk that we may not realize the benefits of these instruments.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedRisk Factors
Our property insurance program per occurrence limits are $1.0 billion for our portfolio insurance program, including coverage for acts of terrorism other than nuclear, biological, chemical or radiological terrorism (“Terrorism Coverage”). We also carry $1.35 billion of property insurance in excess of the $1.0 billion of coverage in our property insurance program for 601 Lexington Avenue, New York, New York, consisting of $750 million of property and Terrorism Coverage in excess of our property insurance program and $600 million of Terrorism Coverage only in excess of the $1.75 billion of coverage. Certain properties, including the General Motors Building located at 767

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedRisk Factors
mitigate the effects of climate change or that require increased environmental disclosures and reporting. The costs of complying with evolving regulatory requirements, including GHG emissions regulations and policies, could negatively impact our financial results.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
The most significant factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the risks and uncertainties related to adverse changes in general economic and capital market conditions, including inflation, increases in interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, and potential longer-term changes in consumer and client behavior, sustained changes in client preferences and space utilization, as well as the other important factors below and the risks set forth in this Form 10-K in Part I, Item 1A.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
•risks and uncertainties affecting property development and construction (including, without limitation, supply chain disruptions, labor shortages, construction delays, increased construction costs, cost overruns, inability to obtain necessary permits, client accounting considerations that may result in negotiated lease provisions that limit a client’s liability during construction, and public opposition to such activities);

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
premier workplaces in the U.S. assembled over several decades of intentional development, acquisitions and dispositions. Clients and their advisors are increasingly focused on these attributes for their building owners, which distinguishes BXP among its competitors.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

Show the other 8
RemovedMD&A
The important market forces impacting BXP continue to be corporate earnings growth, return-to-office behavior, limited new development starts and the outperformance of premier workplaces, all of which are currently serving as tailwinds to BXP’s performance. Interest rates also remain a critical factor but are on a more uncertain trajectory. Inflation rose in the last three months of 2024 to 2.9%, remaining above the Federal Reserve’s 2% target, and the December 2024 employment data indicated new job creation exceeded market expectations. As a result, the Federal Reserve has become more cautious, lowering its forecast of Federal funds rate cuts in 2025. In the fixed income markets, long-term interest rates have increased approximately 100 basis points since the Federal Reserve's first rate cut in September 2024. Notwithstanding these uncertainties, we expect short-term interest rates to remain lower in 2025 compared to 2024, which would be a positive for both BXP and our clients' cost of capital.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
Though we are in the early stages of the new presidential administration, we believe many of the initial articulated policies are generally business friendly, particularly lower taxes and less regulation, which could build the confidence of our clients and, as a result, potentially stimulate leasing activities.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
An area of concern with the new presidential administration's policies is the potential impact to interest rates, given that new tariffs, if implemented, could be inflationary and tax cuts without corresponding spending cuts could lead to longer fiscal deficits and higher long-term treasury yields in the debt markets.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
•private market debt financing, both for construction and existing assets, continues to be challenging to arrange despite broader market improvements as lenders remain focused on top-tier sponsorship and derisked financing opportunities; and

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
•construction costs have increased and, although much of the cost for our active development pipeline is fixed, the cost of potential future construction activity continues to increase.

Read it in 10-K Feb 27, 2025 at sec.gov ↗

RemovedMD&A
In light of the uncertain trajectory of the U.S. and global economies, we continue to position BXP for success by ensuring ample liquidity, managing our leverage, pursuing additional capital raising opportunities and maintaining discipline in discretionary capital expenditures, while continuing to selectively invest (including through both acquisitions and developments) in premier workplace opportunities. We remain focused on:

Read it in 10-K Feb 27, 2025 at sec.gov ↗

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