Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting Disclosure [Text Block]

12. 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 (“CODMs”). The CODMs decide 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 attributable to BXP, Inc. and net income 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, 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 from unconsolidated joint ventures, loss on sales-type lease, losses from interest rate contracts, impairment losses, loss from early extinguishment of debt, interest expense and net income 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 Attributable to BXP, Inc. and Net Income Attributable to Boston Properties Limited Partnership for the years ended December 31, 2025, 2024 and 2023.

BXP


	Year ended December 31,
		2025		2024		2023
		(in thousands)
Company’s share of NOI		$	1,976,785	$	1,984,056	$	1,965,106
Add:
Development and management services revenue		36,579		28,060		40,850
Direct reimbursements of payroll and related costs from management services contracts		16,383		16,488		17,771
Gains on sales of real estate		176,732		602		517
Interest and other income (loss)		35,784		60,199		69,964
Gains from investments in securities		5,481		4,416		5,556
Unrealized gain (loss) on non-real estate investments		(346)		546		239
Net operating income attributable to noncontrolling interests in property partnerships		204,433		186,707		194,365
Less:
General and administrative expense		168,789		159,983		170,158
Payroll and related costs from management services contracts		16,383		16,488		17,771
Transaction costs		2,678		1,597		4,313
Depreciation and amortization expense		912,088		887,191		830,813
Loss from unconsolidated joint ventures		103,560		343,177		239,543
Loss on sales-type lease		2,490		—		—
Net operating income from unconsolidated joint ventures		122,569		129,718		160,695
Losses from interest rate contracts		—		—		79
Impairment losses		85,803		13,615		—
Loss from early extinguishment of debt		338		—		—
Interest expense		653,138		645,117		579,572
Net income		383,995		84,188		291,424
Less:
Noncontrolling interests in property partnerships		75,181		67,516		78,661
Noncontrolling interest—common units of the Operating Partnership		32,014		2,400		22,548
Net income attributable to BXP, Inc.		$	276,800	$	14,272	$	190,215

BPLP


	Year ended December 31,
		2025		2024		2023
		(in thousands)
Company’s share of NOI		$	1,976,785	$	1,984,056	$	1,965,106
Add:
Development and management services revenue		36,579		28,060		40,850
Direct reimbursements of payroll and related costs from management services contracts		16,383		16,488		17,771
Gains on sales of real estate		179,322		602		517
Interest and other income (loss)		35,784		60,199		69,964
Gains from investments in securities		5,481		4,416		5,556
Unrealized gain (loss) on non-real estate investments		(346)		546		239
Net operating income attributable to noncontrolling interests in property partnerships		204,433		186,707		194,365
Less:
General and administrative expense		168,789		159,983		170,158
Payroll and related costs from management services contracts		16,383		16,488		17,771
Transaction costs		2,678		1,597		4,313
Depreciation and amortization expense		905,301		880,383		823,805
Loss from unconsolidated joint ventures		103,560		343,177		239,543
Loss on sales-type lease		2,490		—		—
Net operating income from unconsolidated joint ventures		122,569		129,718		160,695
Losses from interest rate contracts		—		—		79
Impairment losses		82,890		13,615		—
Loss from early extinguishment of debt		338		—		—
Interest expense		653,138		645,117		579,572
Net income		396,285		90,996		298,432
Less:
Noncontrolling interests in property partnerships		75,181		67,516		78,661
Net income attributable to Boston Properties Limited Partnership		$	321,104	$	23,480	$	219,771

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the years ended December 31, 2025, 2024 and 2023.


	Year ended December 31,
		2025		2024		2023
		(in thousands)
Revenue		$	3,482,279	$	3,407,719	$	3,273,569
Less:
Development and management services		36,579		28,060		40,850
Direct reimbursements of payroll and related costs from management services contracts		16,383		16,488		17,771
Total rental revenue		$	3,429,317	$	3,363,171	$	3,214,948

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 years ended December 31, 2025, 2024 and 2023 (dollars in thousands).

For the year ended December 31, 2025:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	1,218,009		$	70,519		$	1,054,594		$	509,920		$	49,269		$	426,467		$	3,328,778
Residential	17,909			—			—			14,017			—			18,617			50,543
Hotel	49,996			—			—			—			—			—			49,996
Total	1,285,914			70,519			1,054,594			523,937			49,269			445,084			3,429,317
% of Grand Totals	37.49		%	2.06		%	30.75		%	15.28		%	1.44		%	12.98		%	100.00		%
Rental Expenses:
Office	455,880			22,108			453,192			203,565			12,491			161,645			1,308,881
Residential	8,910			—			—			9,060			—			8,218			26,188
Hotel	35,599			—			—			—			—			—			35,599
Total	500,389			22,108			453,192			212,625			12,491			169,863			1,370,668
% of Grand Totals	36.52		%	1.61		%	33.06		%	15.51		%	0.91		%	12.39		%	100.00		%
Net operating income	$	785,525		$	48,411		$	601,402		$	311,312		$	36,778		$	275,221		$	2,058,649
% of Grand Totals	38.16		%	2.35		%	29.21		%	15.12		%	1.79		%	13.37		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(64,069)			—			(140,364)			—			—			—			(204,433)
Add: Company’s share of net operating income from unconsolidated joint ventures	35,274			28,381			6,853			16,537			9,023			26,501			122,569
Company’s share of net operating income	$	756,730		$	76,792		$	467,891		$	327,849		$	45,801		$	301,722		$	1,976,785
% of Grand Totals	38.29		%	3.88		%	23.67		%	16.58		%	2.32		%	15.26		%	100.00		%

For the year ended December 31, 2024:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	1,159,460		$	75,353		$	1,042,460		$	522,463		$	44,080		$	418,623		$	3,262,439
Residential	17,198			—			—			13,668			—			18,642			49,508
Hotel	51,224			—			—			—			—			—			51,224
Total	1,227,882			75,353			1,042,460			536,131			44,080			437,265			3,363,171
% of Grand Totals	36.51		%	2.24		%	31.00		%	15.94		%	1.31		%	13.00		%	100.00		%
Rental Expenses:
Office	427,446			27,537			437,600			199,324			13,170			158,289			1,263,366
Residential	6,495			—			—			8,940			—			8,037			23,472
Hotel	35,288			—			—			—			—			—			35,288
Total	469,229			27,537			437,600			208,264			13,170			166,326			1,322,126
% of Grand Totals	35.49		%	2.08		%	33.10		%	15.75		%	1.00		%	12.58		%	100.00		%
Net operating income	$	758,653		$	47,816		$	604,860		$	327,867		$	30,910		$	270,939		$	2,041,045
% of Grand Totals	37.18		%	2.35		%	29.63		%	16.06		%	1.51		%	13.27		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(46,487)			—			(140,220)			—			—			—			(186,707)
Add: Company’s share of net operating income from unconsolidated joint ventures	35,298			27,367			15,612			18,312			7,788			25,341			129,718
Company’s share of net operating income	$	747,464		$	75,183		$	480,252		$	346,179		$	38,698		$	296,280		$	1,984,056
% of Grand Totals	37.67		%	3.79		%	24.21		%	17.45		%	1.95		%	14.93		%	100.00		%

For the year ended December 31, 2023:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	1,093,840		$	3,890		$	1,053,615		$	539,904		$	63,830		$	364,920		$	3,119,999
Residential	16,452			—			—			14,102			—			17,038			47,592
Hotel	47,357			—			—			—			—			—			47,357
Total	1,157,649			3,890			1,053,615			554,006			63,830			381,958			3,214,948
% of Grand Totals	36.01		%	0.12		%	32.77		%	17.23		%	1.99		%	11.88		%	100.00		%
Rental Expenses:
Office	393,339			1,431			415,831			194,205			12,387			143,504			1,160,697
Residential	6,378			—			—			9,255			—			7,617			23,250
Hotel	32,225			—			—			—			—			—			32,225
Total	431,942			1,431			415,831			203,460			12,387			151,121			1,216,172
% of Grand Totals	35.51		%	0.12		%	34.19		%	16.73		%	1.02		%	12.43		%	100.00		%
Net operating income	$	725,707		$	2,459		$	637,784		$	350,546		$	51,443		$	230,837		$	1,998,776
% of Grand Totals	36.31		%	0.12		%	31.91		%	17.54		%	2.57		%	11.55		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(45,730)			—			(148,635)			—			—			—			(194,365)
Add: Company’s share of net operating income from unconsolidated joint ventures	34,376			48,818			14,314			16,203			7,494			39,490			160,695
Company’s share of net operating income	$	714,353		$	51,277		$	503,463		$	366,749		$	58,937		$	270,327		$	1,965,106
% of Grand Totals	36.35		%	2.61		%	25.62		%	18.66		%	3.00		%	13.76		%	100.00		%

- 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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+ Details

BXP, Inc. 10-K