Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule Of Reconciliation Of Net Operating Income To Net Income

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 three and six months ended June 30, 2025 and 2024.

BXP


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
Company’s share of NOI	$	493,547	$	492,913	$	988,325	$	990,593
Add:
Development and management services revenue	8,846		6,352		18,621		12,506
Direct reimbursements of payroll and related costs from management services contracts	4,104		4,148		8,603		8,441
Income (loss) from unconsolidated joint ventures	(3,324)		(5,799)		(5,463)		13,387
Gain on sale of real estate	18,390		—		18,390		—
Interest and other income (loss)	8,063		10,788		15,813		25,317
Gains from investments in securities	2,600		315		2,235		2,587
Unrealized gain (loss) on non-real estate investments	(39)		58		(522)		454
Net operating income attributable to noncontrolling interests in property partnerships	51,562		47,391		101,264		93,961
Less:
General and administrative expense	42,516		44,109		94,800		94,127
Payroll and related costs from management services contracts	4,104		4,148		8,603		8,441
Transaction costs	357		189		1,125		702
Depreciation and amortization expense	223,819		219,542		443,926		438,258
Loss on sales-type lease	—		—		2,490		—
Net operating income from unconsolidated joint ventures	31,029		31,587		63,711		67,017
Impairment loss	—		—		—		13,615
Loss from early extinguishment of debt	—		—		338		—
Interest expense	162,783		149,642		326,227		311,533
Net Income	119,141		106,949		206,046		213,553
Less:
Noncontrolling interests in property partnerships	20,100		17,825		38,849		35,046
Noncontrolling interest—common units of the Operating Partnership	10,064		9,509		17,036		19,009
Net income attributable to BXP, Inc.	$	88,977	$	79,615	$	150,161	$	159,498

BPLP


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
Company’s share of NOI	$	493,547	$	492,913	$	988,325	$	990,593
Add:
Development and management services revenue	8,846		6,352		18,621		12,506
Direct reimbursements of payroll and related costs from management services contracts	4,104		4,148		8,603		8,441
Income (loss) from unconsolidated joint ventures	(3,324)		(5,799)		(5,463)		13,387
Gain on sale of real estate	18,489		—		18,489		—
Interest and other income (loss)	8,063		10,788		15,813		25,317
Gains from investments in securities	2,600		315		2,235		2,587
Unrealized gain (loss) on non-real estate investments	(39)		58		(522)		454
Net operating income attributable to noncontrolling interests in property partnerships	51,562		47,391		101,264		93,961
Less:
General and administrative expense	42,516		44,109		94,800		94,127
Payroll and related costs from management services contracts	4,104		4,148		8,603		8,441
Transaction costs	357		189		1,125		702
Depreciation and amortization expense	222,116		217,839		440,520		434,858
Loss on sales-type lease	—		—		2,490		—
Net operating income from unconsolidated joint ventures	31,029		31,587		63,711		67,017
Impairment loss	—		—		—		13,615
Loss from early extinguishment of debt	—		—		338		—
Interest expense	162,783		149,642		326,227		311,533
Net Income	120,943		108,652		209,551		216,953
Less:
Noncontrolling interests in property partnerships	20,100		17,825		38,849		35,046
Net income attributable to Boston Properties Limited Partnership	$	100,843	$	90,827	$	170,702	$	181,907

Reconciliation of Revenue to Rental Revenue

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
	(in thousands)
Revenue	$	868,457	$	850,482	$	1,733,672	$	1,689,921
Less:
Development and management services	8,846		6,352		18,621		12,506
Direct reimbursements of payroll and related costs from management services contracts	4,104		4,148		8,603		8,441
Total rental revenue	$	855,507	$	839,982	$	1,706,448	$	1,668,974

Schedule Of Segment Information By Geographic Area And Property Type

For the three months ended June 30, 2025:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	303,822		$	17,616		$	264,089		$	125,380		$	12,112		$	105,183		$	828,202
Residential	4,400			—			—			3,355			—			4,777			12,532
Hotel	14,773			—			—			—			—			—			14,773
Total	322,995			17,616			264,089			128,735			12,112			109,960			855,507
% of Grand Totals	37.75		%	2.06		%	30.87		%	15.05		%	1.42		%	12.85		%	100.00		%
Rental Expenses:
Office	111,235			6,950			114,676			49,632			2,986			40,005			325,484
Residential	1,673			—			—			2,804			—			2,101			6,578
Hotel	9,365			—			—			—			—			—			9,365
Total	122,273			6,950			114,676			52,436			2,986			42,106			341,427
% of Grand Totals	35.81		%	2.04		%	33.59		%	15.36		%	0.87		%	12.33		%	100.00		%
Net operating income	$	200,722		$	10,666		$	149,413		$	76,299		$	9,126		$	67,854		$	514,080
% of Grand Totals	39.05		%	2.07		%	29.06		%	14.84		%	1.78		%	13.20		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(15,728)			—			(35,834)			—			—			—			(51,562)
Add: Company’s share of net operating income from unconsolidated joint ventures	9,070			7,053			1,511			4,198			2,277			6,920			31,029
Company’s share of net operating income	$	194,064		$	17,719		$	115,090		$	80,497		$	11,403		$	74,774		$	493,547
% of Grand Totals	39.32		%	3.59		%	23.32		%	16.31		%	2.31		%	15.15		%	100.00		%

For the three months ended June 30, 2024:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	285,352		$	18,472		$	261,805		$	131,709		$	10,520		$	105,086		$	812,944
Residential	4,272			—			—			3,318			—			4,636			12,226
Hotel	14,812			—			—			—			—			—			14,812
Total	304,436			18,472			261,805			135,027			10,520			109,722			839,982
% of Grand Totals	36.25		%	2.20		%	31.17		%	16.07		%	1.25		%	13.06		%	100.00		%
Rental Expenses:
Office	108,908			6,767			108,476			48,668			3,290			39,578			315,687
Residential	1,543			—			—			2,169			—			2,027			5,739
Hotel	9,839			—			—			—			—			—			9,839
Total	120,290			6,767			108,476			50,837			3,290			41,605			331,265
% of Grand Totals	36.31		%	2.04		%	32.75		%	15.35		%	0.99		%	12.56		%	100.00		%
Net operating income	$	184,146		$	11,705		$	153,329		$	84,190		$	7,230		$	68,117		$	508,717
% of Grand Totals	36.20		%	2.30		%	30.14		%	16.55		%	1.42		%	13.39		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(10,924)			—			(36,467)			—			—			—			(47,391)
Add: Company’s share of net operating income from unconsolidated joint ventures	8,691			7,035			3,158			4,411			1,938			6,354			31,587
Company’s share of net operating income	$	181,913		$	18,740		$	120,020		$	88,601		$	9,168		$	74,471		$	492,913
% of Grand Totals	36.91		%	3.80		%	24.35		%	17.97		%	1.86		%	15.11		%	100.00		%

For the six months ended June 30, 2025:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	609,111		$	34,781		$	527,514		$	251,188		$	24,103		$	210,501		$	1,657,198
Residential	8,529			—			—			6,858			—			9,493			24,880
Hotel	24,370			—			—			—			—			—			24,370
Total	642,010			34,781			527,514			258,046			24,103			219,994			1,706,448
% of Grand Totals	37.63		%	2.04		%	30.91		%	15.12		%	1.41		%	12.89		%	100.00		%
Rental Expenses:
Office	228,120			13,446			224,637			98,184			5,982			80,796			651,165
Residential	3,481			—			—			4,944			—			4,050			12,475
Hotel	16,930			—			—			—			—			—			16,930
Total	248,531			13,446			224,637			103,128			5,982			84,846			680,570
% of Grand Totals	36.51		%	1.98		%	33.01		%	15.15		%	0.88		%	12.47		%	100.00		%
Net operating income	$	393,479		$	21,335		$	302,877		$	154,918		$	18,121		$	135,148		$	1,025,878
% of Grand Totals	38.36		%	2.08		%	29.52		%	15.10		%	1.77		%	13.17		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(31,029)			—			(70,235)			—			—			—			(101,264)
Add: Company’s share of net operating income from unconsolidated joint ventures	17,521			14,405			5,024			8,779			4,534			13,448			63,711
Company’s share of net operating income	$	379,971		$	35,740		$	237,666		$	163,697		$	22,655		$	148,596		$	988,325
% of Grand Totals	38.44		%	3.62		%	24.05		%	16.56		%	2.29		%	15.04		%	100.00		%

For the six months ended June 30, 2024:


	Boston			Los Angeles			New York			San Francisco			Seattle			Washington, DC			Total
Rental Revenue:
Office	$	565,818		$	38,873		$	522,614		$	264,323		$	21,430		$	208,008		$	1,621,066
Residential	8,468			—			—			7,276			—			9,166			24,910
Hotel	22,998			—			—			—			—			—			22,998
Total	597,284			38,873			522,614			271,599			21,430			217,174			1,668,974
% of Grand Totals	35.80		%	2.33		%	31.31		%	16.27		%	1.28		%	13.01		%	100.00		%
Rental Expenses:
Office	214,079			13,334			215,957			95,610			6,371			78,807			624,158
Residential	3,136			—			—			4,387			—			3,902			11,425
Hotel	15,854			—			—			—			—			—			15,854
Total	233,069			13,334			215,957			99,997			6,371			82,709			651,437
% of Grand Totals	35.77		%	2.05		%	33.15		%	15.35		%	0.98		%	12.70		%	100.00		%
Net operating income	$	364,215		$	25,539		$	306,657		$	171,602		$	15,059		$	134,465		$	1,017,537
% of Grand Totals	35.80		%	2.51		%	30.14		%	16.86		%	1.48		%	13.21		%	100.00		%
Less: Net operating income attributable to noncontrolling interests in property partnerships	(21,980)			—			(71,981)			—			—			—			(93,961)
Add: Company’s share of net operating income from unconsolidated joint ventures	17,448			14,283			9,142			9,565			3,814			12,765			67,017
Company’s share of net operating income	$	359,683		$	39,822		$	243,818		$	181,167		$	18,873		$	147,230		$	990,593
% of Grand Totals	36.31		%	4.02		%	24.61		%	18.29		%	1.91		%	14.86		%	100.00		%