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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,005,124 and $7,797,430 at December 31, 2025 and December 31, 2024, respectively) $ 28,241,879 $ 27,870,623
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2025 and December 31, 2024, respectively) 372,470 372,922
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at December 31, 2025 and December 31, 2024, respectively) 325,841 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,763,988) and $(1,628,274) at December 31, 2025 and December 31, 2024, respectively) (8,040,311) (7,528,057)
Total real estate 20,899,879 21,050,255
Cash and cash equivalents (amounts related to VIEs of $255,631 and $373,737 at December 31, 2025 and December 31, 2024, respectively) 1,478,206 1,254,882
Cash held in escrows (amounts related to VIEs of $10,319 and $4,979 at December 31, 2025 and December 31, 2024, respectively) 79,060 80,314
Investments in securities 44,614 39,706
Tenant and other receivables, net (amounts related to VIEs of $30,989 and $20,435 at December 31, 2025 and December 31, 2024, respectively) 92,625 107,453
Sales-type lease receivable, net 15,672 14,657
Accrued rental income, net (amounts related to VIEs of $470,734 and $435,110 at December 31, 2025 and December 31, 2024, respectively) 1,538,515 1,466,220
Deferred charges, net (amounts related to VIEs of $204,924 and $211,726 at December 31, 2025 and December 31, 2024, respectively) 847,690 813,345
Prepaid expenses and other assets (amounts related to VIEs of $14,509 and $15,036 at December 31, 2025 and December 31, 2024, respectively) 108,105 70,839
Investments in unconsolidated joint ventures 999,309 1,093,583
Assets held for sale 24,770 0
Total assets 26,166,164 26,084,980
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,286,870 and $3,282,027 at December 31, 2025 and December 31, 2024, respectively) 4,280,067 4,276,609
Unsecured senior notes, net 9,806,100 10,645,077
Unsecured exchangeable senior notes, net 976,263 0
Unsecured line of credit 0 0
Unsecured term loans, net 797,053 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,074 and $20,931 at December 31, 2025 and December 31, 2024, respectively) 360,039 370,885
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at December 31, 2025 and December 31, 2024, respectively) 389,213 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $88,849 and $115,808 at December 31, 2025 and December 31, 2024, respectively) 480,017 401,874
Dividends and distributions payable 123,753 172,486
Accrued interest payable 125,345 128,098
Other liabilities (amounts related to VIEs of $95,209 and $126,202 at December 31, 2025 and December 31, 2024, respectively) 386,074 450,796
Total liabilities 18,473,924 18,137,324
Redeemable deferred stock units— 111,701 and 128,227 units outstanding at redemption value at December 31, 2025 and December 31, 2024, respectively $ 7,538 $ 9,535
Excess stock, shares outstanding 0 0
Excess stock, shares issued 0 0
Preferred stock / units, shares / units issued (in shares / units) 0 0
Preferred stock / units, shares / units outstanding (in shares / units) 0 0
Equity / Capital:    
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding $ 0 $ 0
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding 0 0
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,627,198 and 158,253,895 issued and 158,548,298 and 158,174,995 outstanding at December 31, 2025 and December 31, 2024, respectively 1,585 1,582
Additional paid-in capital 6,836,243 6,836,093
Dividends in excess of earnings $ (1,674,995) $ (1,419,575)
Treasury common stock at cost, shares 78,900 78,900
Treasury common stock at cost, 78,900 shares at December 31, 2025 and December 31, 2024 $ (2,722) $ (2,722)
Accumulated other comprehensive loss (12,921) (2,072)
Total stockholders' equity attributable to BXP, Inc. 5,147,190 5,413,306
Noncontrolling interests:    
Common units of the Operating Partnership 566,563 591,270
Property partnerships 1,970,949 1,933,545
Total equity / capital 7,684,702 7,938,121
Total liabilities and equity / capital 26,166,164 26,084,980
Nonrelated Party    
ASSETS    
Related party note receivable, net 9,373 4,947
Related Party    
ASSETS    
Related party note receivable, net 28,346 88,779
Liabilities:    
Accounts payable and accrued expenses (amounts related to VIEs of $88,849 and $115,808 at December 31, 2025 and December 31, 2024, respectively) 800 700
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,005,124 and $7,797,430 at December 31, 2025 and December 31, 2024, respectively) 8,005,124 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at December 31, 2025 and December 31, 2024, respectively) 0 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,763,988) and $(1,628,274) at December 31, 2025 and December 31, 2024, respectively) (1,763,988) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $255,631 and $373,737 at December 31, 2025 and December 31, 2024, respectively) 255,631 373,737
Cash held in escrows (amounts related to VIEs of $10,319 and $4,979 at December 31, 2025 and December 31, 2024, respectively) 10,319 4,979
Tenant and other receivables, net (amounts related to VIEs of $30,989 and $20,435 at December 31, 2025 and December 31, 2024, respectively) 30,989 20,435
Accrued rental income, net (amounts related to VIEs of $470,734 and $435,110 at December 31, 2025 and December 31, 2024, respectively) 470,734 435,110
Deferred charges, net (amounts related to VIEs of $204,924 and $211,726 at December 31, 2025 and December 31, 2024, respectively) 204,924 211,726
Prepaid expenses and other assets (amounts related to VIEs of $14,509 and $15,036 at December 31, 2025 and December 31, 2024, respectively) 14,509 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,286,870 and $3,282,027 at December 31, 2025 and December 31, 2024, respectively) 3,286,870 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $21,074 and $20,931 at December 31, 2025 and December 31, 2024, respectively) 21,074 20,931
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at December 31, 2025 and December 31, 2024, respectively) 0 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $88,849 and $115,808 at December 31, 2025 and December 31, 2024, respectively) 88,849 115,808
Other liabilities (amounts related to VIEs of $95,209 and $126,202 at December 31, 2025 and December 31, 2024, respectively) 95,209 126,202
Boston Properties Limited Partnership    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,005,124 and $7,797,430 at December 31, 2025 and December 31, 2024, respectively) 27,884,397 27,504,358
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2025 and December 31, 2024, respectively) 372,470 372,922
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at December 31, 2025 and December 31, 2024, respectively) 325,841 334,767
Less: accumulated depreciation (amounts related to VIEs of $(1,763,988) and $(1,628,274) at December 31, 2025 and December 31, 2024, respectively) (7,906,629) (7,397,882)
Total real estate 20,676,079 20,814,165
Cash and cash equivalents (amounts related to VIEs of $255,631 and $373,737 at December 31, 2025 and December 31, 2024, respectively) 1,478,206 1,254,882
Cash held in escrows (amounts related to VIEs of $10,319 and $4,979 at December 31, 2025 and December 31, 2024, respectively) 79,060 80,314
Investments in securities 44,614 39,706
Tenant and other receivables, net (amounts related to VIEs of $30,989 and $20,435 at December 31, 2025 and December 31, 2024, respectively) 92,625 107,453
Sales-type lease receivable, net 15,672 14,657
Accrued rental income, net (amounts related to VIEs of $470,734 and $435,110 at December 31, 2025 and December 31, 2024, respectively) 1,538,515 1,466,220
Deferred charges, net (amounts related to VIEs of $204,924 and $211,726 at December 31, 2025 and December 31, 2024, respectively) 847,690 813,345
Prepaid expenses and other assets (amounts related to VIEs of $14,509 and $15,036 at December 31, 2025 and December 31, 2024, respectively) 108,105 70,839
Investments in unconsolidated joint ventures 999,309 1,093,583
Assets held for sale 24,770 0
Total assets 25,942,364 25,848,890
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,286,870 and $3,282,027 at December 31, 2025 and December 31, 2024, respectively) 4,280,067 4,276,609
Unsecured senior notes, net 9,806,100 10,645,077
Unsecured exchangeable senior notes, net 976,263 0
Unsecured line of credit 0 0
Unsecured term loans, net 797,053 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases (amounts related to VIEs of $21,074 and $20,931 at December 31, 2025 and December 31, 2024, respectively) 360,039 370,885
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at December 31, 2025 and December 31, 2024, respectively) 389,213 392,686
Accounts payable and accrued expenses (amounts related to VIEs of $88,849 and $115,808 at December 31, 2025 and December 31, 2024, respectively) 480,017 401,874
Dividends and distributions payable 123,753 172,486
Accrued interest payable 125,345 128,098
Other liabilities (amounts related to VIEs of $95,209 and $126,202 at December 31, 2025 and December 31, 2024, respectively) 386,074 450,796
Total liabilities 18,473,924 18,137,324
Redeemable deferred stock units— 111,701 and 128,227 units outstanding at redemption value at December 31, 2025 and December 31, 2024, respectively 7,538 9,535
Noncontrolling interest:    
Redeemable partnership units— 15,590,009 and 15,730,882 common units and 2,662,140 and 2,335,229 long term incentive units outstanding at redemption value at December 31, 2025 and December 31, 2024, respectively 1,272,719 1,378,573
Equity / Capital:    
Boston Properties Limited Partnership partners’ capital— 1,768,004 and 1,762,411 general partner units and 156,780,294 and 156,412,584 limited partner units outstanding at December 31, 2025 and December 31, 2024, respectively 4,230,155 4,391,985
Accumulated other comprehensive loss (12,921) (2,072)
Total partners’ capital 4,217,234 4,389,913
Noncontrolling interests in property partnerships 1,970,949 1,933,545
Noncontrolling interests:    
Total equity / capital 6,188,183 6,323,458
Total liabilities and equity / capital 25,942,364 25,848,890
Boston Properties Limited Partnership | Nonrelated Party    
ASSETS    
Related party note receivable, net 9,373 4,947
Boston Properties Limited Partnership | Related Party    
ASSETS    
Related party note receivable, net 28,346 88,779
Boston Properties Limited Partnership | Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,005,124 and $7,797,430 at December 31, 2025 and December 31, 2024, respectively) 8,005,124 7,797,430
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at December 31, 2025 and December 31, 2024, respectively) 21,000 21,000
Right of use assets - operating leases (amounts related to VIEs of $0 and $140,558 at December 31, 2025 and December 31, 2024, respectively) 0 140,558
Less: accumulated depreciation (amounts related to VIEs of $(1,763,988) and $(1,628,274) at December 31, 2025 and December 31, 2024, respectively) (1,763,988) (1,628,274)
Cash and cash equivalents (amounts related to VIEs of $255,631 and $373,737 at December 31, 2025 and December 31, 2024, respectively) 255,631 373,737
Cash held in escrows (amounts related to VIEs of $10,319 and $4,979 at December 31, 2025 and December 31, 2024, respectively) 10,319 4,979
Tenant and other receivables, net (amounts related to VIEs of $30,989 and $20,435 at December 31, 2025 and December 31, 2024, respectively) 30,989 20,435
Accrued rental income, net (amounts related to VIEs of $470,734 and $435,110 at December 31, 2025 and December 31, 2024, respectively) 470,734 435,110
Deferred charges, net (amounts related to VIEs of $204,924 and $211,726 at December 31, 2025 and December 31, 2024, respectively) 204,924 211,726
Prepaid expenses and other assets (amounts related to VIEs of $14,509 and $15,036 at December 31, 2025 and December 31, 2024, respectively) 14,509 15,036
Liabilities:    
Mortgage notes payable, net (amounts related to VIEs of $3,286,870 and $3,282,027 at December 31, 2025 and December 31, 2024, respectively) 3,286,870 3,282,027
Lease liabilities - finance leases (amounts related to VIEs of $21,074 and $20,931 at December 31, 2025 and December 31, 2024, respectively) 21,074 20,931
Lease liabilities - operating leases (amounts related to VIEs of $0 and $157,691 at December 31, 2025 and December 31, 2024, respectively) 0 157,691
Accounts payable and accrued expenses (amounts related to VIEs of $88,849 and $115,808 at December 31, 2025 and December 31, 2024, respectively) 88,849 115,808
Other liabilities (amounts related to VIEs of $95,209 and $126,202 at December 31, 2025 and December 31, 2024, respectively) $ 95,209 $ 126,202