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Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

11. Segment Information

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODM”). The CODM decides how resources should be allocated and assesses performance on a recurring basis, at least quarterly. The Company’s CODMs are its Chief Executive Officer and President. The CODMs review operating performance and financial reports by geographic area and property type. In addition, given the size of the Company’s joint venture portfolio, the CODMs utilize the Company’s share of net operating income (“NOI”), which includes the Company’s share of NOI from consolidated and unconsolidated joint ventures, as its profit or loss measure in assessing each segment’s performance and deciding how to allocate resources.

The Company’s share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment. Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc. and net income (loss) attributable to Boston Properties Limited Partnership.

Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources. Asset values for the Company’s properties are reported in the Consolidated Balance Sheets at historical cost, which may not reflect current market values. Therefore, depreciation and amortization expense is not allocated among segments. The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains on sales of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment losses, loss from early extinguishment of debt, interest expense and net (income) loss attributable to noncontrolling interests. The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.

The Company’s segments by geographic area are Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. The Company also presents information for each segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel. The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.

The following tables present reconciliations of Company’s share of NOI to Net Income (Loss) Attributable to BXP, Inc. and Net Income (Loss) Attributable to Boston Properties Limited Partnership for the three and nine months ended September 30, 2025 and 2024.

BXP

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
						(in thousands)
Company’s share of NOI						$	496,179					$	498,510					$	1,484,504					$	1,489,103
Add:
Development and management services revenue						9,317						6,770						27,938						19,276
Direct reimbursements of payroll and related costs from management services contracts						3,821						3,649						12,424						12,090
Income (loss) from unconsolidated joint ventures						(148,329)						(7,011)						(153,792)						6,376
Gains on sales of real estate						1,932						517						20,322						517
Interest and other income (loss)						7,620						14,430						23,433						39,747
Gains from investments in securities						2,400						2,198						4,635						4,785
Unrealized gain (loss) on non-real estate investments						178						94						(344)						548
Net operating income attributable to noncontrolling interests in property partnerships						51,504						44,487						152,768						138,448
Less:
General and administrative expense						36,188						33,352						130,988						127,479
Payroll and related costs from management services contracts						3,821						3,649						12,424						12,090
Transaction costs						1,431						188						2,556						890
Depreciation and amortization expense						236,147						222,890						680,073						661,148
Loss on sales-type lease						—						—						2,490						—
Net operating income from unconsolidated joint ventures						30,675						31,919						94,386						98,936
Impairment losses						68,901						—						68,901						13,615
Loss from early extinguishment of debt						—						—						338						—
Interest expense						164,299						163,194						490,526						474,727
Net income (loss)						(116,840)						108,452						89,206						322,005
Less:
Noncontrolling interests in property partnerships						17,853						15,237						56,702						50,283
Noncontrolling interest—common units of the Operating Partnership						(12,981)						9,587						4,054						28,596
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	83,628					$	28,450					$	243,126

BPLP

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
						(in thousands)
Company’s share of NOI						$	496,179					$	498,510					$	1,484,504					$	1,489,103
Add:
Development and management services revenue						9,317						6,770						27,938						19,276
Direct reimbursements of payroll and related costs from management services contracts						3,821						3,649						12,424						12,090
Income (loss) from unconsolidated joint ventures						(148,329)						(7,011)						(153,792)						6,376
Gains on sales of real estate						1,932						517						20,421						517
Interest and other income (loss)						7,620						14,430						23,433						39,747
Gains from investments in securities						2,400						2,198						4,635						4,785
Unrealized gain (loss) on non-real estate investments						178						94						(344)						548
Net operating income attributable to noncontrolling interests in property partnerships						51,504						44,487						152,768						138,448
Less:
General and administrative expense						36,188						33,352						130,988						127,479
Payroll and related costs from management services contracts						3,821						3,649						12,424						12,090
Transaction costs						1,431						188						2,556						890
Depreciation and amortization expense						234,444						221,186						674,964						656,044
Loss on sales-type lease						—						—						2,490						—
Net operating income from unconsolidated joint ventures						30,675						31,919						94,386						98,936
Impairment losses						65,988						—						65,988						13,615
Loss from early extinguishment of debt						—						—						338						—
Interest expense						164,299						163,194						490,526						474,727
Net income (loss)						(112,224)						110,156						97,327						327,109
Less:
Noncontrolling interests in property partnerships						17,853						15,237						56,702						50,283
Net income (loss) attributable to Boston Properties Limited Partnership						$	(130,077)					$	94,919					$	40,625					$	276,826

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and nine months ended September 30, 2025 and 2024.

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
						(in thousands)
Revenue						$	871,510					$	859,227					$	2,605,182					$	2,549,148
Less:
Development and management services						9,317						6,770						27,938						19,276
Direct reimbursements of payroll and related costs from management services contracts						3,821						3,649						12,424						12,090
Total rental revenue						$	858,372					$	848,808					$	2,564,820					$	2,517,782

The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands).

For the three months ended September 30, 2025:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue:
Office			$	302,589					$	17,735					$	263,212					$	127,441					$	14,394					$	106,994					$	832,365
Residential			4,633						—						—						3,316						—						4,896						12,845
Hotel			13,162						—						—						—						—						—						13,162
Total			320,384						17,735						263,212						130,757						14,394						111,890						858,372
% of Grand Totals			37.32		%				2.07		%				30.66		%				15.23		%				1.68		%				13.04		%				100.00		%
Rental Expenses:
Office			113,087						1,613						113,951						53,077						3,304						40,609						325,641
Residential			1,943						—						—						1,982						—						2,170						6,095
Hotel			9,628						—						—						—						—						—						9,628
Total			124,658						1,613						113,951						55,059						3,304						42,779						341,364
% of Grand Totals			36.52		%				0.47		%				33.38		%				16.13		%				0.97		%				12.53		%				100.00		%
Net operating income			$	195,726					$	16,122					$	149,261					$	75,698					$	11,090					$	69,111					$	517,008
% of Grand Totals			37.85		%				3.12		%				28.87		%				14.64		%				2.15		%				13.37		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(16,574)						—						(34,930)						—						—						—						(51,504)
Add: Company’s share of net operating income from unconsolidated joint ventures			8,903						6,876						1,423						4,146						2,545						6,782						30,675
Company’s share of net operating income			$	188,055					$	22,998					$	115,754					$	79,844					$	13,635					$	75,893					$	496,179
% of Grand Totals			37.89		%				4.64		%				23.33		%				16.09		%				2.75		%				15.30		%				100.00		%

For the three months ended September 30, 2024:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue:
Office			$	300,613					$	18,661					$	258,295					$	128,929					$	10,821					$	104,290					$	821,609
Residential			4,219						—						—						3,152						—						4,746						12,117
Hotel			15,082						—						—						—						—						—						15,082
Total			319,914						18,661						258,295						132,081						10,821						109,036						848,808
% of Grand Totals			37.69		%				2.20		%				30.43		%				15.56		%				1.27		%				12.85		%				100.00		%
Rental Expenses:
Office			107,876						7,344						111,419						52,410						3,382						39,478						321,909
Residential			1,621						—						—						2,346						—						2,021						5,988
Hotel			9,833						—						—						—						—						—						9,833
Total			119,330						7,344						111,419						54,756						3,382						41,499						337,730
% of Grand Totals			35.34		%				2.17		%				32.99		%				16.21		%				1.00		%				12.29		%				100.00		%
Net operating income			$	200,584					$	11,317					$	146,876					$	77,325					$	7,439					$	67,537					$	511,078
% of Grand Totals			39.25		%				2.21		%				28.74		%				15.13		%				1.46		%				13.21		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(10,823)						—						(33,664)						—						—						—						(44,487)
Add: Company’s share of net operating income from unconsolidated joint ventures			9,099						6,835						3,472						4,285						1,899						6,329						31,919
Company’s share of net operating income			$	198,860					$	18,152					$	116,684					$	81,610					$	9,338					$	73,866					$	498,510
% of Grand Totals			39.89		%				3.64		%				23.41		%				16.37		%				1.87		%				14.82		%				100.00		%

For the nine months ended September 30, 2025:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue:
Office			$	911,700					$	52,516					$	790,726					$	378,629					$	38,497					$	317,495					$	2,489,563
Residential			13,162						—						—						10,174						—						14,389						37,725
Hotel			37,532						—						—						—						—						—						37,532
Total			962,394						52,516						790,726						388,803						38,497						331,884						2,564,820
% of Grand Totals			37.52		%				2.05		%				30.83		%				15.16		%				1.50		%				12.94		%				100.00		%
Rental Expenses:
Office			341,207						15,059						338,588						151,261						9,286						121,405						976,806
Residential			5,424						—						—						6,926						—						6,220						18,570
Hotel			26,558						—						—						—						—						—						26,558
Total			373,189						15,059						338,588						158,187						9,286						127,625						1,021,934
% of Grand Totals			36.52		%				1.47		%				33.13		%				15.48		%				0.91		%				12.49		%				100.00		%
Net operating income			$	589,205					$	37,457					$	452,138					$	230,616					$	29,211					$	204,259					$	1,542,886
% of Grand Totals			38.19		%				2.43		%				29.30		%				14.95		%				1.89		%				13.24		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(47,603)						—						(105,165)						—						—						—						(152,768)
Add: Company’s share of net operating income from unconsolidated joint ventures			26,424						21,281						6,447						12,925						7,079						20,230						94,386
Company’s share of net operating income			$	568,026					$	58,738					$	353,420					$	243,541					$	36,290					$	224,489					$	1,484,504
% of Grand Totals			38.26		%				3.96		%				23.81		%				16.41		%				2.44		%				15.12		%				100.00		%

For the nine months ended September 30, 2024:

			Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC						Total
Rental Revenue:
Office			$	866,431					$	57,534					$	780,909					$	393,252					$	32,251					$	312,298					$	2,442,675
Residential			12,687						—						—						10,428						—						13,912						37,027
Hotel			38,080						—						—						—						—						—						38,080
Total			917,198						57,534						780,909						403,680						32,251						326,210						2,517,782
% of Grand Totals			36.42		%				2.29		%				31.02		%				16.03		%				1.28		%				12.96		%				100.00		%
Rental Expenses:
Office			321,955						20,678						327,376						148,020						9,753						118,285						946,067
Residential			4,757						—						—						6,733						—						5,923						17,413
Hotel			25,687						—						—						—						—						—						25,687
Total			352,399						20,678						327,376						154,753						9,753						124,208						989,167
% of Grand Totals			35.62		%				2.09		%				33.10		%				15.64		%				0.99		%				12.56		%				100.00		%
Net operating income			$	564,799					$	36,856					$	453,533					$	248,927					$	22,498					$	202,002					$	1,528,615
% of Grand Totals			36.96		%				2.41		%				29.67		%				16.28		%				1.47		%				13.21		%				100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships			(32,803)						—						(105,645)						—						—						—						(138,448)
Add: Company’s share of net operating income from unconsolidated joint ventures			26,547						21,118						12,614						13,850						5,713						19,094						98,936
Company’s share of net operating income			$	558,543					$	57,974					$	360,502					$	262,777					$	28,211					$	221,096					$	1,489,103
% of Grand Totals			37.51		%				3.89		%				24.21		%				17.65		%				1.89		%				14.85		%				100.00		%

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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