BXP, Inc. BXP
BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970.
Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2025, we owned or had joint venture interests in a portfolio of 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet. As of December 31, 2025, our properties consisted of:
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $3.48B | $3.41B | $3.27B | $3.11B | $2.89B | $2.77B | $2.96B | $2.72B | $2.60B |
| Gross profit | — | $2.06B | $2.04B | $2.00B | $1.93B | $1.81B | $1.69B | $1.83B | $1.65B | $1.61B |
| SG&A | — | $168.8M | $160.0M | $170.2M | $146.4M | $151.6M | $133.1M | $140.8M | $121.7M | $113.7M |
| Total operating expenses | — | $2.47B | $2.39B | $2.24B | $2.05B | $1.92B | $1.86B | $1.91B | $1.79B | $1.69B |
| Operating income | — | — | — | — | — | — | — | — | — | $908.1M |
| Interest expense | — | $653.1M | $645.1M | $579.6M | $437.1M | $423.3M | $431.7M | $412.7M | $378.2M | $374.5M |
| Net income | — | $276.8M | $14.3M | $190.2M | $848.9M | $496.2M | $872.7M | $521.5M | $582.8M | $462.4M |
| EPS, basic | — | 1.75 | 0.09 | 1.21 | 5.42 | 3.18 | 5.55 | 3.31 | 3.71 | 2.93 |
| EPS, diluted | — | 1.74 | 0.09 | 1.21 | 5.40 | 3.17 | 5.54 | 3.30 | 3.70 | 2.93 |
| Shares, diluted (wtd. avg.) | — | $158.9M | $157.8M | $157.2M | $157.1M | $156.4M | $155.5M | $154.9M | $154.7M | $154.4M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $493.9M | $447.0M | $1.25B | $1.53B | $690.3M | $452.7M | $1.67B | $645.0M | $543.4M | $434.8M |
| Total assets | $25.17B | $26.17B | $26.08B | $26.03B | $24.21B | $22.37B | $22.86B | $21.28B | $20.26B | $19.37B |
| Long-term debt | — | — | — | — | — | $3.30B | $2.93B | $2.95B | $3.00B | $3.01B |
| Total liabilities | $17.44B | $18.47B | $18.14B | $17.83B | $15.84B | $14.32B | $14.51B | $13.26B | $12.04B | $11.27B |
| Retained earnings | -$1.73B | -$1.67B | -$1.42B | -$816.2M | -$391.4M | -$625.9M | -$509.7M | -$760.5M | -$675.5M | -$712.3M |
| Total equity | $5.16B | $5.15B | $7.94B | $8.18B | $8.36B | $8.03B | $8.34B | $8.01B | $8.21B | $8.10B |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | $1.25B | $1.23B | $1.30B | $1.28B | $1.13B | $1.16B | $1.18B | $1.15B | $912.0M |
| Depreciation and amortisation | — | $912.1M | $887.2M | $830.8M | $749.8M | $717.3M | $683.8M | $677.8M | $645.6M | $617.5M |
| Stock-based compensation | — | $44.3M | $43.9M | $51.5M | $52.0M | $50.9M | $44.1M | $41.0M | $40.1M | $35.4M |
| Capital expenditure | — | $216.7M | $189.7M | $171.4M | $177.0M | $151.0M | $160.1M | $180.6M | $189.8M | $222.5M |
| Investing cash flow | — | -$644.5M | -$1.24B | -$1.19B | -$1.60B | -$1.04B | -$613.7M | -$1.02B | -$1.10B | -$882.0M |
| Financing cash flow | — | -$378.6M | -$274.5M | $767.9M | $556.1M | -$1.31B | $484.3M | -$113.4M | $82.5M | $55.3M |
| Dividends paid | — | $643.1M | $689.9M | $687.8M | $685.0M | $683.8M | $688.9M | $666.3M | $587.6M | $526.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001037540-26-000034.
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| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
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| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
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