10-K 0001037540-26-000006 (2026-02-27) vs 10-K 0001656423-25-000009 (2025-02-27)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 14,785 |
10.4% |
| MD&A | Item 7 | 16,978 |
37.5% |
| Legal Proceedings | Item 3 | 50 |
not compared |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 7,999 |
23.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 of BXP's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-27.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
•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. For example, in connection with our offering of 2.00% Exchangeable Senior Notes due 2030 in September 2025, we entered into capped call transactions with certain option counterparties. The option counterparties are financial institutions, and we are subject to the risk that any or all of them might default under the capped call transactions. Our exposure to the credit risk of the option counterparties is not secured by any collateral. Further, global economic conditions have resulted in the actual or perceived failure or financial difficulties of certain financial institutions and could adversely impact the option counterparties’ performance under the capped call transactions. We can provide no assurances as to the financial stability or viability of the option counterparties.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
•the production of incomplete, inaccurate or otherwise flawed outputs, some of which may be difficult to detect, and the reliance on such outputs which could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, legal liability, errors in our decision-making, process development or other business activities or otherwise have a negative impact on us; and
Read it in 10-K 2026-02-27 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 2025-02-27 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 2025-02-27 at sec.gov ↗
RemovedRisk Factors
obligations, including rent concessions, deferrals or abatements, or to declare bankruptcy. Any one or more of the foregoing could:
Read it in 10-K 2025-02-27 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 2025-02-27 at sec.gov ↗
RewordedRisk Factors
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
For the year ended December 31, 2024, we 2025, BXP and BPLP recognized an impairment impairments of a long-lived asset assets of approximately $13.6 $85.8 million and “other than temporary” impairments in the value of three $82.9 million, respectively, and one of our investments in an unconsolidated joint ventures aggregating venture recognized an “other than temporary” impairment of approximately $341.3 $145.1 million.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
With respect to such losses and losses from acts of terrorism, earthquakes, pandemics or other catastrophic events, if we experience a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties, as well as the anticipated future revenues from those properties.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Our unsecured credit facility, unsecured debt securities and certain secured loans contain customary restrictions, requirements and other limitations on our ability to incur indebtedness, including total debt to asset ratios, secured debt to total asset ratios, debt service coverage ratios and minimum ratios of unencumbered assets to unsecured debt, which we must maintain.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
If there was a title defect related to any of these properties, or to any of the properties acquired at the time of the initial public offering of BXP, that is no longer covered by a title insurance policy, we could lose both our capital invested in and our anticipated profits from such property.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Elevated Our maturing debt bears interest at lower rates have, than the current market rates, which has increased, and may continue to increase our interest costs on variable rate debt and which could adversely impact our ability to refinance existing debt or sell assets on favorable terms or at all.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Properties like the ones that we own could be difficult to sell. sell due to adverse economic conditions, a lack of available buyers and other conditions outside of our control.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
The following factors, among others, are common to may adversely affect the hotel industry, and may reduce the receipts income generated by our hotel property: properties:
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Our use of joint ventures may limit our control over and flexibility with jointly owned investments and limit our flexibility to acquire other assets we may wish to acquire. assets.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
In addition, we face transition risks related to federal, state and local legislation and regulations that are being implemented, are under consideration to mitigate the effects of climate change or that require increased environmental disclosures and reporting.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
As current interest rates remain high, higher than interest rates on our maturing debt, the interest costs on our unhedged variable rate debt have increased, which, if current rates are sustained or continue to increase, could adversely affect our cash flow and our ability to pay principal and interest on our debt and our ability to make distributions to our securityholders.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
A reduction in spending by the Federal Government, sustained changes in space utilization due to remote work models, models and/or changes from workforce reductions due to artificial intelligence, and/or a significant downturn in one or more of the foregoing sectors have resulted in, and could continue to result in, reduced demand for office space and adversely affect our results of operations.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Because we have less experience with residential properties than with office and retail properties, we expect to retain third parties to manage our residential properties.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
While Although we aim to use AI responsibly and securely and attempt to mitigate ethical and legal issues presented by its use, we may ultimately be unsuccessful in identifying or resolving issues before they arise.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
Approximately $0.9 billion of our variable rate debt has all been hedged with interest rates swaps to fix SOFR for all, or a portion of the applicable debt term.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
BXP’s Board of Directors may waive, may, in its sole discretion, waive or modify the ownership limit with respect to one or more persons if it is satisfied that ownership in excess of this limit will not jeopardize BXP’s status as a REIT for federal income tax purposes.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
In connection with and subsequent to BXP’s initial public offering, we have completed many private placement transactions in which shares of stock of BXP or partnership interests in BPLP were issued to owners of properties we acquired or to institutional investors.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities;
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
During the fourth quarter of 2025, BXP continued to successfully execute on the multi-year strategic action plan introduced at our September 2025 Investor Day. The action plan focuses on earnings growth, which we expect will be achieved through a combination of increased occupancy and development deliveries, and reducing leverage through asset sales and retention of cash flow. Our progress reflects steady advancement across each of these key priorities.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Growth in Funds from Operations (“FFO”) per share depends in large part on the success of our leasing activity. Leasing momentum remained strong during the fourth quarter of 2025, as we signed leases for more than 1.8 million square feet.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Consistent with the asset sales program outlined at our September 2025 Investor Day, as of February 20, 2026, BXP completed property sales with an aggregate gross sales price of approximately $1.17 billion. These asset sales enhance balance sheet flexibility and support our capital needs and strategic priorities, and fall into the following categories:
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•Land Sales: Multiple land dispositions across our Boston, San Francisco and Washington, DC regions which aggregated a gross sales price of approximately $266.4 million.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•Residential Sales: The sales of Proto in Cambridge, Massachusetts and Signature in Reston, Virginia which aggregated a gross sales price of approximately $407.5 million.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•Non-Strategic Office Sales: The sale of 140 Kendrick Street in Needham, Massachusetts, and BXP’s ownership interests in Gateway Commons in South San Francisco, California and Market Square North in Washington, DC which aggregated a gross sales price of approximately $491.5 million.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Leasing conditions across BXP’s portfolio remain constructive. Fourth quarter and full-year 2025 leasing results exceeded expectations, supporting anticipated occupancy gains throughout 2026. While market conditions continue to vary by region, demand remains concentrated in our highest-quality CBD assets, particularly in Midtown Manhattan, the Back Bay of Boston, Reston Town Center, and select submarkets in San Francisco.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Looking ahead, in-service vacant space leasing and coverage of near-term expirations are expected to be the primary drivers of occupancy and same-store revenue growth. With a manageable level of 2026 expirations, a growing pipeline of active negotiations, and a meaningful number of executed leases scheduled to commence this year, we remain on track to achieve occupancy improvements by year-end 2026, consistent with the targets outlined at our September 2025 Investor Day.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
On the supply side, new office construction has effectively halted, improving long-term supply-demand fundamentals across many of our markets. Capital markets sentiment toward the office sector continues to improve, evidenced by increasing private market transaction activity and greater availability of debt and equity capital at more attractive pricing. This backdrop is expected to support both our leasing momentum and continued progress on our strategic asset sales and capital recycling initiatives throughout 2026.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
An overview of the leasing activity in each of our regions for the three months ended December 31, 2025 is set forth in the table below. Amounts shown are in square feet, except for percentages, and include 100% of the unconsolidated joint venture properties.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
In 2025, BXP commenced construction on 343 Madison Avenue in New York City, New York. 343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace located on one of the most desirable office development sites in Manhattan with direct access to Grand Central Station. The project is 29% pre-leased as of February 20, 2026, and BXP is in active discussions with other prospective clients.
Read it in 10-K 2026-02-27 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 2025-02-27 at sec.gov ↗
RemovedMD&A
•failure to manage effectively our growth and expansion into new markets and sub-markets or to integrate acquisitions and developments successfully;
Read it in 10-K 2025-02-27 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 2025-02-27 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 2025-02-27 at sec.gov ↗
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 2025-02-27 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 2025-02-27 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 2025-02-27 at sec.gov ↗
RemovedMD&A
The evolving operating environment impacts various aspects of our operating activities as:
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
•labor market conditions shift, which has gradually increased employer demand for mandatory in-person workdays;
Read it in 10-K 2025-02-27 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 2025-02-27 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 2025-02-27 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 2025-02-27 at sec.gov ↗
RewordedMD&A
This amount consisted primarily of the repayment of BPLP’s $700.0 $850.0 million in aggregate principal amount of its 3.800% 3.200% unsecured senior notes due February 1, 2024, repayment of $500.0 million of January 15, 2025 and the outstanding balance of the 2023 Unsecured Term Loan and payment of our regular dividends and distributions to our shareholders and unitholders and distributions to noncontrolling interests in property partnerships, unitholders, partially offset by the net proceeds from the issuance of BPLP’s $850.0 million $1.0 billion in aggregate principal amount of its 5.750% 2.00% unsecured exchangeable senior notes due 2035, $500.0 million of unsecured commercial paper borrowings, and $374.7 million in contributions from noncontrolling interests in property partnerships and proceeds from the sale of a 45% interest in 290 Binney Street in Cambridge, Massachusetts. notes.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
In addition, we have the a $100.0 million 2024 unsecured term loan facility (“2024 Unsecured Term Loan Loan”) and an aggregate of $800.0 million of mortgage notes collateralized by Santa Monica Business Park and our the 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bear interest at variable rates, which have all been hedged with interest rate swaps to fix SOFR for all or a portion of the applicable debt term.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(1)Total square feet from properties taken out of service during the year ended December 31, 2024 2025 consists of 205,355 261,046 square feet at 1100 Winter Street, 162,274 Reston Corporate Center, 211,840 square feet at 1050 1000 Winter Street, 111,183 201,634 square feet at Kingstowne One, 71,420 Reservoir Place, 102,980 square feet at 15825 Shady Grove Road and 30,000 Market Square North, 89,851 square feet at 17 Hartwell Avenue. 140 Kendrick Street and 23,633 square feet at 200 Clarendon Street.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Gain on sale / consolidation included within loss from unconsolidated joint ventures (2) 53,685 21,696 28,412 — Gain on investment included within loss from unconsolidated joint ventures (3) — 35,756 — 64,168 Gains on sales of real estate 179,322 602 517 441,075 Gain on sales-type lease — — 10,058 Gain on sales-type lease included within loss from unconsolidated joint ventures — — 1,368 — Unrealized gain (loss) on non-real estate investment investments (346) 546 239 (150) Noncontrolling interests in property partnerships 75,181 67,516 78,661 74,857 Funds from Operations attributable to Boston Properties Limited Partnership (4) (1) $ 1,209,636 $ 1,248,026 $ 1,274,568 $ 1,316,668 Weighted average shares outstanding—basic 175,858 175,390 174,796 174,360
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Our liquidity and capital resources depend on a wide range of factors, and we believe that our access to capital and our strong liquidity, including the approximately $1.2 $1.5 billion available under BPLP’s 2021 Credit Revolving Facility (after deducting the $750.0 million being used as a backstop for the Commercial Paper Program) as of February 20, 2026, and our available cash, as of February 21, 2025, cash are sufficient to fund our remaining near term capital needs on existing development and redevelopment projects, fund acquisitions, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements (see “REIT Tax Distribution Considerations” below) and still allow us to act opportunistically on attractive investment opportunities.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Gain on sale / consolidation included within loss from unconsolidated joint ventures (2) 53,685 21,696 28,412 — Gain on investment included within loss from unconsolidated joint ventures (3) — 35,756 — 64,168 Gains on sales of real estate 179,322 602 517 441,075 Gain on sales-type lease — — 10,058 Gain on sales-type lease included within loss from unconsolidated joint ventures — — 1,368 — Unrealized gain (loss) on non-real estate investment investments (346) 546 239 (150) Noncontrolling interests in property partnerships 75,181 67,516 78,661 74,857 Funds from Operations attributable to Boston Properties Limited Partnership (4) (1) 1,209,636 1,248,026 1,274,568 1,316,668 Effect of Dilutive Securities:
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(2)Total square feet from properties placed (and partially placed) in-service during the year ended December 31, 2024 2025 consists of 239,908 square feet at 300 Binney Street, 187,048 square feet at 180 CityPoint, 117,907 square feet at 760 Boylston Street, 112,841 square feet at 103 CityPoint, 102,542 345,570 square feet at 360 Park Avenue South, 67,017 162,274 square feet at 651 Gateway 1050 Winter Street and 3,858 82,771 square feet at Reston Next Office Phase II.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(3)Lexington Office Park, 1050 and 1100 Winter Street, 17 Hartwell Avenue, Kingstowne One and a portion of Shady Grove Innovation District (1)These properties are no longer considered “in-service” because each property’s occupied percentage is less than 50% and we are no longer actively leasing the properties in anticipation of anticipate a future development/redevelopment. development/redevelopment of the property.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Interest and other income (loss) decreased by approximately $9.8 $24.4 million for the year ended December 31, 2024 2025 compared to 2023, 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income. income, an approximately $5.8 million reserve related to the unpaid default interest on one of our Related Party Notes Receivable (See Note 16 to the Consolidated Financial Statements), partially offset by an
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Under the their respective deferred compensation plans, each officer or eligible officers and non-employee director who is eligible to participate is directors are permitted to defer a portion of the officer’s their current income or the non-employee director’s compensation on a pre-tax basis and receive a tax-deferred return on these deferrals the amounts deferred based on the performance of specific investments selected by the officer or participating officers and non-employee director. directors.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
For BXP, noncontrolling interest—common units of the Operating Partnership decreased increased by approximately $20.1 $29.6 million for the year ended December 31, 2024 2025 compared to 2023 2024 due primarily to a decrease an increase in allocable income, which was primarily the result of recognizing a greater non-cash impairment charge related to our investment in unconsolidated joint ventures gains on sales of real estate during the year ended December 31, 2024. 2025.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Gain on sale / consolidation included within loss from unconsolidated joint ventures (2) 53,685 21,696 28,412 — Gain on investment included within loss from unconsolidated joint ventures (3) — 35,756 — 64,168 Gains on sales of real estate 176,732 602 517 437,019 Gain on sales-type lease — — 10,058 Gain on sales-type lease included within loss from unconsolidated joint ventures — — 1,368 — Unrealized gain (loss) on non-real estate investment investments (346) 546 239 (150) Noncontrolling interests in property partnerships 75,181 67,516 78,661 74,857 Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.) 1,209,636 1,248,026 1,274,568 1,316,668 Less:
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesMD&A
We have investments in unconsolidated joint ventures with our effective ownership interests ranging from 20% approximately 19% to approximately 71%.
Read it in 10-K 2026-02-27 at sec.gov ↗
