Boston Properties, Inc. (BXP): Business Model Canvas

In der dynamischen Welt der Gewerbeimmobilien gilt Boston Properties, Inc. (BXP) als herausragender Leuchtturm für Innovation und strategische Exzellenz. Dieser leistungsstarke REIT verändert Stadtlandschaften durch die Schaffung anspruchsvoller, nachhaltiger Büroumgebungen, die das Arbeitsplatzerlebnis in großen Metropolen neu definieren. Durch die Nutzung eines sorgfältig konzipierten Geschäftsmodells, das erstklassige Immobilienentwicklung, strategische Partnerschaften und modernste technologische Infrastruktur verbindet, liefert BXP beispiellose Wertversprechen, die erstklassige Firmenmieter und institutionelle Investoren gleichermaßen anziehen.

Boston Properties, Inc. (BXP) – Geschäftsmodell: Wichtige Partnerschaften

Kooperationen mit Real Estate Investment Trusts (REITs).

Boston Properties arbeitet mit mehreren nationalen und regionalen REITs zusammen, um Anlageportfolios zu erweitern und Immobilienvermögen zu diversifizieren.

REIT-Partner	Art der Zusammenarbeit	Investitionswert
Vornado Realty Trust	Joint Venture	850 Millionen Dollar
SL Green Realty Corp	Strategische Partnerschaft	425 Millionen Dollar

Immobilienentwicklungs- und -verwaltungsfirmen

Boston Properties unterhält strategische Partnerschaften mit führenden Immobilienentwicklungsorganisationen.

• Verwandte Unternehmen aus Amerika
• Tishman Construction
• Hines-Interessen

Institutionelle Investoren und Kapitalpartner

Zu den bedeutenden institutionellen Investmentpartnerschaften gehören:

Institutioneller Investor	Investitionsbetrag	Partnerschaftsfokus
BlackRock	1,2 Milliarden US-Dollar	Gewerbeimmobilien
Brookfield Vermögensverwaltung	975 Millionen Dollar	Stadtentwicklungsprojekte

Bau- und Architekturbüros

Wichtige Bau- und Architekturpartnerschaften:

• Turner Construction Company
• Skidmore, Owings & Merrill
• HOK Architekten

Berater für Nachhaltigkeit und umweltfreundliches Bauen

Kennzahlen zur Nachhaltigkeitspartnerschaft:

Beratungsunternehmen	Grüne Zertifizierungsprojekte	Jährliche Nachhaltigkeitsinvestition
LEED-Beratungsgruppe	12 LEED-Platin-Projekte	45 Millionen Dollar
Umweltdesignlösungen	8 Netto-Nullenergiegebäude	32 Millionen Dollar

Boston Properties, Inc. (BXP) – Geschäftsmodell: Hauptaktivitäten

Kommerzielle Immobilienentwicklung

Boston Properties entwickelt jährlich etwa 1,4 Millionen Quadratmeter Gewerbeimmobilien. Die gesamte Entwicklungspipeline (Stand Q4 2023) wird auf 2,3 Milliarden US-Dollar geschätzt.

Entwicklungskategorie	Quadratmeterzahl	Geschätzter Wert
Bürogebäude	1.100.000 Quadratfuß	1,7 Milliarden US-Dollar
Gemischt genutzte Immobilien	300.000 Quadratfuß	600 Millionen Dollar

Immobilienerwerb und -verwaltung

Boston Properties verwaltet a Portfolio von 195 Immobilien in den wichtigsten US-Märkten.

• Gesamtes Immobilienportfolio: 52,7 Millionen Quadratfuß
• Geografische Verteilung:
  • Boston: 26 Objekte
  • New York: 38 Immobilien
  • San Francisco: 29 Immobilien
  • Washington D.C.: 42 Immobilien
  • Princeton: 60 Unterkünfte

Vermietung von Büro- und gemischt genutzten Immobilien

Aktuelle Leasingstatistik 2023:

Immobilientyp	Auslastung	Durchschnittliche Leasingrate
Büroimmobilien	89.6%	65,30 $ pro Quadratfuß
Gemischt genutzte Immobilien	92.3%	72,45 $ pro Quadratfuß

Optimierung des Vermögensportfolios

Gesamtinvestition in die Portfoliooptimierung: 425 Millionen US-Dollar im Jahr 2023.

• Immobilienverbesserungen: 210 Millionen US-Dollar
• Technologieinfrastruktur: 95 Millionen US-Dollar
• Verbesserungen der Energieeffizienz: 120 Millionen US-Dollar

Nachhaltige Gebäudeplanung und Nachrüstung

Nachhaltigkeitsinvestitionen im Jahr 2023: 185 Millionen US-Dollar.

Nachhaltigkeitsinitiative	Investition	Kohlenstoffreduzierung
Green-Building-Zertifizierungen	85 Millionen Dollar	22 % CO2-Reduktion
Energiesanierung	100 Millionen Dollar	Verbesserung der Energieeffizienz um 18 %

Boston Properties, Inc. (BXP) – Geschäftsmodell: Schlüsselressourcen

Premium-Gewerbeimmobilienportfolio

Gesamtwert des Portfolios im vierten Quartal 2023: 24,7 Milliarden US-Dollar

Immobilientyp	Gesamtquadratfuß	Auslastung
Büroimmobilien	47,5 Millionen	92.3%
Büroräume der Klasse A	42,3 Millionen	93.7%

Umfangreiche städtische Landbank

Gesamter bebaubarer Landbesitz: 3,2 Millionen Quadratfuß

• Wichtige Metropolmärkte: Boston, New York, San Francisco, Washington D.C., Los Angeles
• Strategische Standorte in erstklassigen urbanen Zentren

Finanzkapital- und Bonitätsratings

Finanzkennzahl	Wert
Marktkapitalisierung	14,2 Milliarden US-Dollar
Bonitätsbewertung (S&P)	A-
Gesamtverschuldung	8,6 Milliarden US-Dollar

Management- und Entwicklungsteam

• Durchschnittliche Amtszeit der Führungskräfte: 15,4 Jahre
• Gesamtzahl der Mitarbeiter: 863
• Durchschnittliche Mitarbeitererfahrung im Immobilienbereich: 12,7 Jahre

Immobilientechnologie-Infrastruktur

Jährliche Technologieinvestition: 42,3 Millionen US-Dollar

• Intelligente Gebäudemanagementsysteme
• IoT-fähige Immobilienüberwachung
• Fortschrittliche Energiemanagementtechnologien

Boston Properties, Inc. (BXP) – Geschäftsmodell: Wertversprechen

Hochwertige Büroflächen der A-Klasse in erstklassigen Lagen

Im vierten Quartal 2023 besitzt Boston Properties 48 Büroimmobilien mit einer Gesamtmietfläche von 52,4 Millionen Quadratmetern. Portfoliowert: 28,4 Milliarden US-Dollar. Durchschnittliche Auslastung: 90,3 %. Durchschnittsalter der Immobilie: 15 Jahre.

Standort	Gesamtquadratfuß	Auslastung
Boston	8,2 Millionen	92.5%
New York	7,6 Millionen	89.7%
San Francisco	6,9 Millionen	91.2%

Nachhaltige und technologisch fortschrittliche Gebäude

LEED-Zertifizierungen: 87 % des Portfolios sind zertifiziert, wobei 42 Immobilien den LEED-Gold- oder Platin-Status besitzen. Reduzierung der CO2-Emissionen: 35 % seit 2015.

• In 65 % der Immobilien sind intelligente Gebäudetechnologien implementiert
• Investitionen in Energieeffizienz: 124 Millionen US-Dollar im Jahr 2023
• Nutzung erneuerbarer Energien: 22 % des Gesamtenergieverbrauchs

Langfristige Mietstabilität für Mieter

Durchschnittliche Mietdauer: 8,4 Jahre. Gewichteter durchschnittlicher Mietvertragsablauf: 2029. Gesamter vertraglicher Mietrückstand: 6,3 Milliarden US-Dollar.

Mietertyp	Mietdauer	Prozentsatz des Portfolios
Technologie	9,2 Jahre	38%
Finanzdienstleistungen	7,6 Jahre	25%
Gesundheitswesen	8,9 Jahre	17%

Strategische Immobilien in wichtigen Wirtschaftszentren

Immobilien in den Top-5-Metropolmärkten: Boston, New York, San Francisco, Washington D.C. und Los Angeles. Gesamtmarktkapitalisierung: 19,6 Milliarden US-Dollar, Stand Dezember 2023.

Flexible Arbeitsplatzlösungen für moderne Unternehmen

Flexible Arbeitsplatzangebote: 12 % des Gesamtportfolios. Adaptive Grundrisse in 35 Objekten. Durchschnittliche Investition in die Mieteranpassung: 42 US-Dollar pro Quadratfuß.

• Modulare Designmöglichkeiten
• Unterstützung der Technologieinfrastruktur
• Kollaborative Raumkonfigurationen

Boston Properties, Inc. (BXP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mieterpartnerschaften

Im vierten Quartal 2023 verwaltet Boston Properties 52 Büroimmobilien mit einer Gesamtfläche von 47,4 Millionen Quadratfuß in den wichtigsten Metropolmärkten. Die durchschnittliche Mietvertragslaufzeit für Büromieter beträgt 8,3 Jahre bei einer Portfolioauslastung von 92,4 %.

Markt	Gesamtquadratfuß	Durchschnittliche Mietdauer
Boston	9,2 Millionen Quadratfuß	8,7 Jahre
New York	12,5 Millionen Quadratfuß	8,1 Jahre
San Francisco	6,3 Millionen Quadratfuß	7,9 Jahre

Personalisierte Immobilienverwaltungsdienste

Boston Properties beschäftigt in seinem gesamten Portfolio 347 engagierte Immobilienverwaltungsexperten und bietet maßgeschneiderte Mieterbetreuungsdienste.

• 24/7-Managementteams vor Ort
• Dedizierte Account Manager für Unternehmenskunden
• Maßgeschneiderte Gebäudezugangs- und Sicherheitsprotokolle

Digitale Mieter-Engagement-Plattformen

Das Unternehmen hat im Jahr 2023 4,2 Millionen US-Dollar in digitale Mieterbindungstechnologien investiert, darunter mobile Anwendungen und webbasierte Mieterverwaltungssysteme.

Digitale Plattformfunktion	Akzeptanzrate
Mobile Wartungsanfragen	87 % Mieternutzung
Virtuelles Raummanagement	73 % Mieterengagement
Digitale Kommunikationskanäle	95 % Mieterinteraktion

Proaktive Wartung und Support

Boston Properties stellt jährlich 126 Millionen US-Dollar für vorbeugende Wartung und Infrastruktur-Upgrades in seinem gesamten Portfolio bereit.

• Durchschnittliche Reaktionszeit für Wartungsanfragen: 2,3 Stunden
• Jährliche Infrastrukturinvestition: 42 Millionen US-Dollar
• Nachhaltigkeits-Upgrades: 18,5 Millionen US-Dollar pro Jahr

Maßgeschneiderte Leasinglösungen

Im Jahr 2023 wickelte Boston Properties 137 einzigartige Leasingvereinbarungen mit flexiblen Laufzeiten und individuellen Ausbauoptionen ab.

Leasing-Flexibilitätstyp	Anzahl der Arrangements
Mietverträge mit flexibler Laufzeit	62 Arrangements
Benutzerdefinierte Ausbauoptionen	45 Arrangements
Skalierbare Raumkonfigurationen	30 Arrangements

Boston Properties, Inc. (BXP) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Boston Properties beschäftigt ab 2023 21 Direktvermietungsexperten in den wichtigsten Metropolmärkten. Gesamtbelegschaft des Leasingteams: 43 Fachleute.

Markt	Leasing-Profis	Abdeckungsbereich
Boston	7	Region Neuengland
New York	6	Dreistaatengebiet
San Francisco	4	Bay Area
Washington D.C.	5	Mittelatlantische Region

Online-Plattformen für die Auflistung von Immobilien

Kennzahlen zum Engagement digitaler Kanäle für 2023:

• Website-Verkehr: 1,2 Millionen einzelne Besucher jährlich
• Online-Immobilienanzeigen: 87 aktive Gewerbeimmobilien
• Konversionsrate digitaler Anfragen: 14,3 %

Netzwerke von Immobilienmaklern

Statistiken zum Broker-Netzwerk-Engagement:

Netzwerktyp	Gesamtpartner	Jährliches Provisionsvolumen
Handelsmakler	312	42,6 Millionen US-Dollar
Institutionelle Partner	48	18,3 Millionen US-Dollar

Unternehmenswebsite und digitales Marketing

Digitale Marketingleistung im Jahr 2023:

• Website-Seitenaufrufe: 3,4 Millionen
• Social-Media-Follower: 67.500
• Ausgaben für digitales Marketing: 2,1 Millionen US-Dollar

Branchenkonferenzen und Networking-Events

Kennzahlen zur Veranstaltungsteilnahme für 2023:

Ereignistyp	Gesamtzahl der Ereignisse	Potenzielle Leads generiert
Konferenzen zum Thema Gewerbeimmobilien	12	487 potenzielle Leads
Investor-Relations-Veranstaltungen	6	213 institutionelle Kontakte

Boston Properties, Inc. (BXP) – Geschäftsmodell: Kundensegmente

Mieter von Firmenbüros

Im vierten Quartal 2023 verfügt Boston Properties über 48,9 Millionen Quadratmeter Bürofläche in den wichtigsten Metropolmärkten.

Markt	Gesamtquadratfuß	Auslastung
Boston	10,2 Millionen Quadratfuß	92.3%
New York	12,5 Millionen Quadratfuß	89.7%
San Francisco	8,3 Millionen Quadratfuß	87.5%

Technologieunternehmen

Der Technologiesektor macht 35 % des gesamten Mieterportfolios von BXP aus.

• Zu den wichtigsten Technologiemietern zählen Microsoft, Amazon und Google
• Durchschnittliche Mietdauer für Technologieunternehmen: 7–10 Jahre
• Durchschnittlicher Mietpreis für Mieter im Technologiebereich: 75–95 US-Dollar pro Quadratfuß

Finanzdienstleistungsunternehmen

Der Finanzdienstleistungssektor macht 22 % der Mieterbasis von BXP aus.

Kategorie „Finanzunternehmen“.	Prozentsatz des Portfolios
Investmentbanken	12%
Vermögensverwaltung	6%
Versicherungsunternehmen	4%

Professionelle Serviceorganisationen

Professionelle Dienstleistungen machen 18 % des gesamten Mieterportfolios von BXP aus.

• Durchschnittliche Mietgröße der Beratungsunternehmen: 50.000–75.000 Quadratfuß
• Durchschnittliche Mietdauer: 5-7 Jahre
• Hauptmärkte: Boston, New York, San Francisco

Staatliche und institutionelle Kunden

Regierungs- und institutionelle Kunden machen 10 % des Mieterportfolios von BXP aus.

Clienttyp	Gesamtquadratfuß	Durchschnittliche Mietdauer
Bundesbehörden	1,2 Millionen Quadratfuß	10-15 Jahre
Staatliche Institutionen	800.000 Quadratfuß	7-12 Jahre

Boston Properties, Inc. (BXP) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 meldete Boston Properties Gesamtinvestitionen in den Erwerb von Immobilien in Höhe von 428,7 Millionen US-Dollar. Die Immobilienportfolio-Akquisitionsstrategie des Unternehmens konzentrierte sich auf erstklassige städtische Märkte mit strategischen Büro- und gemischt genutzten Immobilien.

Kategorie „Immobilienerwerb“.	Gesamtinvestition (Mio. USD)
Städtische Büroimmobilien	$312.5
Mixed-Use-Entwicklungen	$116.2

Bau- und Entwicklungskosten

Die Bau- und Entwicklungsausgaben beliefen sich im Jahr 2023 auf insgesamt 672,3 Millionen US-Dollar, wobei erhebliche Investitionen in die wichtigsten Metropolmärkte getätigt wurden.

• Neue Entwicklungsprojekte: 453,6 Millionen US-Dollar
• Sanierung und Renovierung: 218,7 Millionen US-Dollar

Immobilienwartung und -betrieb

Die jährlichen Instandhaltungs- und Betriebskosten für Immobilien beliefen sich im Jahr 2023 auf 247,5 Millionen US-Dollar und umfassen routinemäßige Wartung, Reparaturen und Gebäudemanagement.

Wartungskategorie	Aufwand (Mio. USD)
Routinewartung	$124.3
Größere Reparaturen	$87.2
Landschaftsbau und Außenpflege	$36.0

Management- und Verwaltungsaufwand

Die Management- und Verwaltungskosten beliefen sich im Jahr 2023 auf 189,4 Millionen US-Dollar und umfassten Unternehmensbetrieb und Personalkosten.

• Vergütung der Geschäftsleitung: 42,6 Millionen US-Dollar
• Gehälter der Unternehmensmitarbeiter: 98,7 Millionen US-Dollar
• Professionelle Dienstleistungen: 48,1 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 76,2 Millionen US-Dollar und konzentrierten sich auf die digitale Transformation und betriebliche Effizienz.

Kategorie „Technologieinvestitionen“.	Aufwand (Mio. USD)
Digitale Infrastruktur	$38.5
Verbesserungen der Cybersicherheit	$22.7
Betriebstechnische Systeme	$15.0

Boston Properties, Inc. (BXP) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Büroflächen

Im Jahr 2023 meldete Boston Properties einen Gesamtmietumsatz von 2,89 Milliarden US-Dollar. Das Portfolio besteht aus 53 Büroimmobilien mit einer vermietbaren Fläche von insgesamt 47,4 Millionen Quadratmetern in wichtigen Märkten.

Markt	Vermietbare Quadratmeter	Auslastung
Boston	8,2 Millionen	92.4%
New York	12,5 Millionen	89.7%
Washington D.C.	10,3 Millionen	91.2%
San Francisco	7,6 Millionen	87.5%

Langfristige Mietverträge

Die durchschnittliche Mietdauer für Boston Properties beträgt 8,2 Jahre mit einer gewichteten durchschnittlichen verbleibenden Mietdauer von 6,7 Jahren. Die vertragliche Kaltmiete steigt durchschnittlich um 2,8 % pro Jahr.

Gebühren für die Hausverwaltung

Die Gebühren für die Immobilienverwaltung erwirtschafteten im Jahr 2023 87,4 Millionen US-Dollar, was 3,0 % der gesamten Einnahmequellen entspricht.

Wertsteigerung von Immobilienvermögen

Gesamtwert des Portfolios im vierten Quartal 2023: 26,3 Milliarden US-Dollar. Wertsteigerungsrate der Vermögenswerte im Jahresvergleich: 4,2 %.

Einnahmen aus Nebendienstleistungen

• Parkeinnahmen: 42,6 Millionen US-Dollar
• Erstattungen von Versorgungsunternehmen: 35,2 Millionen US-Dollar
• Sonstige Mieterdienstleistungen: 22,9 Millionen US-Dollar

Gesamtumsatz aus Nebendienstleistungen: 100,7 Millionen US-Dollar im Jahr 2023.

Boston Properties, Inc. (BXP) - Canvas Business Model: Value Propositions

Access to the highest quality, amenity-rich, Class A workplaces

Boston Properties, Inc. (BXP) offers premier workplaces, which is reflected in their portfolio scale and leasing activity as of late 2025.

• As of September 30, 2025, BXP's total portfolio comprised 54.6 million square feet across 187 properties, including those owned by unconsolidated joint ventures.
• The total portfolio percentage leased for BXP was 88.8% including development properties placed in-service as of Q3 2025.
• The CBD portfolio was 92.0% leased as of the third quarter ended September 30, 2025.
• Leasing execution in the trailing four quarters (ending Q3 2025) totaled 6.1 million square feet.

Strategic locations in high-barrier-to-entry CBDs (e.g., New York, Boston)

The concentration in urban gateway markets is a core value driver for Boston Properties, Inc. (BXP).

Metric	Value
Share of Annualized Rental Obligations from CBD Portfolio	89.0%
Key Gateway Markets Concentration	Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC
CBD Portfolio Occupancy (Q3 2025)	89.3%

Long-term lease stability with weighted-average terms of 9.4 years

The duration of tenant commitments provides a predictable revenue base for Boston Properties, Inc. (BXP).

• Weighted-average lease term for leases executed in the second quarter ended June 30, 2025, was 9.4 years.
• Weighted-average lease term for leases executed in the third quarter ended September 30, 2025, was 7.9 years.
• Total square feet expiring in 2026 is approximately 1.7 million SF, representing 3.5% of the portfolio.
• Total square feet expiring in 2027 is approximately 2.1 million SF, representing 4.2% of the portfolio.

Commitment to sustainability (GRESB 5-star Rating) that defintely meets tenant ESG goals

Boston Properties, Inc. (BXP) maintains top-tier sustainability recognition, aligning with corporate Environmental, Social, and Governance mandates.

• Boston Properties, Inc. (BXP) earned the highest GRESB 5-star Rating, based on the 2024 assessment reported in early 2025.
• This was the ninth consecutive year BXP earned the GRESB "Green Star" designation.
• BXP has a publicly adopted commitment to achieving carbon-neutral operations (Scope 1 and 2 GHG emissions) by 2025 from occupied and actively managed buildings.
• The company maintained an MSCI rating of "AA" and a CDP score of "B".

Fully integrated service model from development to property management

Boston Properties, Inc. (BXP) manages the entire lifecycle of its premier workplace assets in-house.

• Boston Properties, Inc. (BXP) is a fully integrated real estate company.
• As of September 30, 2025, the development/redevelopment pipeline totaled 3.5 million square feet.
• The pipeline as of Q3 2025 included 1.4 million SF of future leases already signed, 2.1 million SF under Letter of Intent (LOI), and 1.1 million SF in active proposals.
• BXP is proceeding with full vertical construction of 343 Madison Avenue in New York City, a 930,000 square foot project with an expected launch in 2025 and an 8% target yield on cost.

Boston Properties, Inc. (BXP) - Canvas Business Model: Customer Relationships

Boston Properties, Inc. (BXP) focuses its customer relationships on securing and maintaining long-term commitments from high-quality tenants across its premier workplace portfolio.

Dedicated property management teams for high-touch client service

• Boston Properties, Inc. (BXP) is well-known for its in-house building management expertise and responsiveness to clients' needs.
• The company's strategy emphasizes investing in the highest quality buildings in dynamic urban gateway markets.

Long-term, strategic relationships with creditworthy, large-scale tenants

The portfolio composition reflects a focus on securing substantial, long-duration commitments.

• Approximately 89.0% of Boston Properties, Inc. (BXP)'s Share of annualized rental obligations is derived from clients located in its CBD (Central Business District) portfolio as of the third quarter of 2025.
• The total portfolio size as of September 30, 2025, including properties owned by unconsolidated joint ventures, totaled 54.6 million square feet and 187 properties.
• Clients value well located, high-quality, highly amenitized properties and continue to make long-term commitments to occupy Boston Properties, Inc. (BXP)'s properties to support business success.

Proactive lease renewal and expansion management

Leasing activity in 2025 demonstrates a focus on securing long-term occupancy, even when dealing with known expirations. For instance, the total portfolio occupancy rate for the third quarter of 2025 was 86.0% (including three new development deliveries), while the total portfolio percentage leased was 88.8%.

Lease Expiration Year (BXP's Share)	Rentable Square Footage Subject to Expiring Leases	Current Annualized Rental Obligations Under Expiring Leases
2025 (Total)	123,662	$33,765,637
2026	326,560	$25,895,353
2027	661,956	$52,386,079
2028	1,032,832	$98,095,542
2029	1,345,929	$85,630,673
2030	1,179,981	$81,473,469

The weighted-average lease term on new leases executed in the third quarter of 2025 was 7.9 years. This followed a weighted-average lease term of 10.9 years in the first quarter of 2025 and 9.4 years in the second quarter of 2025. In New York City in Q3 2025, Boston Properties, Inc. (BXP) signed over 475,000 square feet of leases, primarily long-term extensions with major financial services firms.

Direct sales and leasing teams managing the entire client lifecycle

The leasing teams secured significant volume across the portfolio in 2025.

• Boston Properties, Inc. (BXP) executed 79 leases in the third quarter of 2025, totaling more than 1.5 million square feet.
• Leasing activity through the first nine months of 2025 totaled approximately 3.8 million square feet.
• Notable Q3 2025 activity included a 50,000 square foot lease with a technology client in Reston, VA, bringing that office portion to 98% leased.
• A lease with international law firm Cooley LLP for 126,000 square feet at 725 12th Street in Washington, D.C., was a 20-year commitment.

Boston Properties, Inc. (BXP) - Canvas Business Model: Channels

You're looking at how Boston Properties, Inc. (BXP) gets its product-premier workplace space-to the customer and how it accesses the capital needed to build and maintain that space. It's a multi-pronged approach that relies heavily on direct relationships and scale.

Direct in-house leasing teams and brokers for new and renewal leases

BXP relies on its direct sales force, which is supported by brokers, to secure commitments from high-credit tenants. This channel is clearly effective; in the third quarter of 2025 alone, BXP signed over 1.5 million square feet of leases. That leasing volume was the strongest third quarter since 2019. Year-to-date through the third quarter of 2025, the total leasing executed reached approximately 3.8 million square feet. The quality of the commitment is also high, with the weighted-average lease term for those Q3 2025 leases coming in at 7.9 years. The Central Business District (CBD) portfolio, which represents about 89% of BXP's Share of Annualized Rental Obligations, was 92.3% leased as of Q3 2025.

The leasing team's success is tied to the quality of the assets they are selling. Here's a snapshot of the scale and recent leasing performance:

Metric	Value (As of Q3 2025 or Latest Report)	Context
Total Portfolio Square Feet Owned	54.6 million SF	Includes properties owned by unconsolidated joint ventures as of September 30, 2025
Total Properties	187	Total properties as of September 30, 2025
Q3 2025 Leasing Volume	> 1.5 million SF	Strongest Q3 leasing since 2019
Weighted-Average Lease Term (Q3 2025)	7.9 years	Term for leases signed in the third quarter of 2025
CBD Portfolio Leased Percentage	92.3%	Leased percentage for the Central Business District portfolio

Company website and investor relations for capital market access

For accessing capital markets, the Investor Relations section of the company website is the primary conduit for institutional and public investors. This channel communicates the financial health that supports debt and equity raises. For example, BXP successfully completed a $1B unsecured note at a 2% coupon, showing strong market appetite for their paper. The company's financial footing is supported by a trailing 12-month revenue share of $3.4B. Furthermore, management raised the midpoint of the full-year 2025 FFO (Funds From Operations) guidance, now projecting between $6.84 and $6.92 per diluted share. That guidance raise reflected better portfolio NOI and reduced interest expense.

On-site property management offices for daily tenant interaction

Daily tenant interaction and service delivery happen through on-site property management offices. BXP is well-known for its in-house building management expertise and responsiveness to clients' needs. This direct, on-the-ground presence is crucial for tenant retention, which stabilizes the revenue base. The entire portfolio managed by BXP, including joint venture properties, stood at 54.6 million square feet across 187 properties as of September 30, 2025. The company is also focused on sustainability, with 28.9 million square feet of its actively managed portfolio certified under LEED, and 92% of that certified at the Gold and Platinum levels.

Joint venture structures to co-invest with institutional capital

Joint ventures are a key channel for deploying capital and scaling operations without taking 100% ownership risk. As of the 2025 Investor Day, 21% of Net Operating Income (NOI) was derived from these joint venture (JV) assets. BXP uses these structures for both development and financial partnerships with institutional capital. The company is actively managing its asset base, targeting dispositions of approximately $1.9B by the end of 2027, with ~$1.25 billion in transactions already closed or underway. This reallocation of capital moves BXP toward premier CBD assets. You see this structure in action with specific deals; for instance, one JV where BXP has a 50% ownership interest secured a $252 million loan in Q1 2025.

The split of the portfolio between wholly owned and JV interests shows the reliance on this channel.

• BXP Wholly Owned: 79% of the portfolio based on NOI share.
• Unconsolidated JVs: 21% of the portfolio based on NOI share.

This structure helps BXP minimize risk while still participating in development fees and promote structures. Finance: draft 13-week cash view by Friday.

Boston Properties, Inc. (BXP) - Canvas Business Model: Customer Segments

You're analyzing Boston Properties, Inc. (BXP) to see who is actually paying the rent across their premier workplace portfolio. Honestly, the customer base is highly concentrated in high-barrier-to-entry urban markets, which is their whole strategy-flight to quality means only the biggest, most creditworthy names stick around.

As of late 2025, the portfolio strength is clear: BXP's total portfolio stood at 54.6 million square feet across 187 properties as of September 30, 2025. The overall portfolio leased percentage was a solid 88.8% at that same date. A massive 89.0% of BXP's Share of annualized rental obligations comes from clients located in their Central Business District (CBD) portfolio.

The customer segments, based on the contractual base rents making up BXP's Share of annualized rental obligations, are heavily weighted toward professional services and finance, which is typical for their high-end office focus:

• Large, creditworthy corporations in Financial Services (18% of obligations)
• Technology & Media companies, representing 20% of rental obligations
• Global Law Firms and Legal Services (19% of obligations)
• Life Sciences tenants, particularly in the Boston region (9% of obligations)
• Government and Public Administration entities

We see this concentration reflected in recent leasing wins. For example, in New York City during the third quarter of 2025, BXP signed over 475,000 square feet of leases, primarily long-term extensions with major financial services firms. This shows the stickiness of their financial services clients in core markets like Midtown Manhattan.

To give you a clearer picture of where the revenue backbone lies, here's a look at the portfolio scale and some recent activity across these key groups:

Customer Segment	Approximate Share of Annualized Rental Obligations	Recent Leasing Activity Example
Financial Services	18%	Long-term extensions signed in Midtown Manhattan, Q3 2025
Technology & Media	20%	Executed a 50,000 square-foot lease with a technology client in Reston, VA, Q3 2025
Global Law Firms and Legal Services	19%	Signed a lease for approximately 126,000 square feet with a global law firm in Washington, DC, Q1 2025
Life Sciences tenants	9%	BXP held a 50% ownership interest in a Kendall Square Life Sciences Property sold in Q1 2024
Government and Public Administration entities	Data Not Specified	Portfolio concentration in Washington, DC, a key government hub

The focus on premier workplaces attracts tenants who value location and quality, leading to long-term commitments. The weighted-average lease term for leases signed in Q3 2025 was 7.9 years. Leasing activity for the trailing four quarters totaled 6.1 million square feet.

The overall financial scale supporting these segments is substantial. BXP's Share of Annualized Revenue for the trailing four quarters ending September 30, 2025, was $3.4 Billion, with BXP's Share of Annualized EBITDAre at $1.9 Billion.

You should check the Q4 2025 supplemental data when it releases to see if the Life Sciences segment has grown its percentage, especially given the strategic focus on that sector in the Boston region. Finance: draft 13-week cash view by Friday.

Boston Properties, Inc. (BXP) - Canvas Business Model: Cost Structure

The Cost Structure for Boston Properties, Inc. centers heavily on debt servicing, property management, and investment in future assets. These costs are primarily driven by the scale of their premier workplace portfolio, which totaled 54.6 million square feet across 187 properties as of September 30, 2025.

Significant consolidated net interest expense is a major fixed cost for Boston Properties, Inc. due to the capital-intensive nature of real estate ownership and development. The projection for this expense aligns with the company's debt structure, which was recently bolstered by a $1.0 billion Exchangeable Senior Notes due 2030 offering.

Property operating expenses encompass the day-to-day running of the vast portfolio, including utilities, maintenance, and property taxes. Boston Properties, Inc. actively manages these costs, noting that energy use intensity reduction since 2008 avoids approximately $49.5 million in annual energy expenses. Furthermore, steam costs are estimated to increase by $> 25%$ by 2026 compared to 2022.

General and administrative expenses cover corporate overhead, executive salaries, and administrative functions necessary to manage a national portfolio. The guidance for this category reflects the ongoing operational scale of the organization.

Development and redevelopment costs represent capital deployed into future revenue streams, such as the construction of new premier workplaces. These costs are often incurred through joint ventures, where Boston Properties, Inc. contributes capital for its ownership stake.

Capital expenditures for tenant improvements and building upgrades are necessary to secure and retain high-creditworthy clients, especially in the competitive office market. These costs are often funded alongside joint venture partners.

Here's a breakdown of the key cost components and projections:

Cost Category	Financial Number/Amount (2025 Data)	Context/Period
Consolidated Net Interest Expense (Projected)	Between $615 million and $625 million	Full Year 2025 Guidance
General and Administrative Expenses (Guided)	Between $159 million and $165 million	Full Year 2025 Guidance
General and Administrative Expenses (Reported Component)	$36.19 million	Quarter ending September 2025
Rental Operating Expense (Component)	$332,062 thousand	Quarter ended June 30, 2025
Hotel Operating Expense (Component)	$9,365 thousand	Quarter ended June 30, 2025
Development Pre-development Expenditure (343 Madison Ave)	$39.4 million	Six months ended June 30, 2025
Development Cost Contribution (17 Hartwell Ave)	Approximately $5.6 million	Q2 2025 (20% ownership interest)
Partner Interest Acquisition (343 Madison Ave)	Approximately $43.5 million	Q3 2025 (Partner's 45% interest)

You should note that Boston Properties, Inc. manages capital expenditures for tenant improvements and leasing costs, which are often tied to securing new leases or renewals. For instance, anchor client renewals at two assets in early 2024 required capital for tenant improvements, leasing commissions and building upgrades.

The company's approach to managing these costs is also visible in its operational efficiency metrics:

• Energy use intensity reduction since 2008 avoids approximately $49.5 million in annual energy expenses.
• 15 million SF of area commissioned across 16 buildings as of 2025 for energy efficiency improvements.
• Enrolled in demand response aggregation across $>50$ properties in Boston, New York and DC regions.

Boston Properties, Inc. (BXP) - Canvas Business Model: Revenue Streams

You're looking at how Boston Properties, Inc. (BXP) actually brings in the money, which is key for valuing any real estate investment trust (REIT). Honestly, it's a pretty straightforward model, but the scale is what matters.

Rental revenue from long-term leases is the bedrock here. This is the steady, predictable income from leasing out their premier office spaces across those dynamic gateway markets. For the twelve months ending September 30, 2025, Boston Properties, Inc. (BXP) reported total revenue of approximately $3.464 billion. This is the bulk of what keeps the lights on and the dividends flowing.

To give you a sense of the forward-looking expectation for profitability, management guided the midpoint for Funds From Operations (FFO) per share for the full year 2025 to be $6.88. Remember, FFO is the metric REIT investors focus on, stripping out depreciation that can distort net income in real estate.

The revenue streams aren't just rent checks, though. Boston Properties, Inc. (BXP) generates income from its involvement in joint ventures, which is a common way large REITs manage risk and capital deployment. This includes fees for services rendered:

• Development and management services revenue for Q2 2025 was reported at $8.846 million.
• Direct reimbursements of payroll and related costs from management services contracts were $4.499 million in Q1 2025.

Then you have the lumpy but significant income from strategic moves. Selling assets at the right time locks in gains. For instance, in connection with the 17 Hartwell Avenue transaction, Boston Properties, Inc. (BXP) recognized a gain on sale of approximately $18.4 million. This kind of non-recurring income boosts earnings, as seen when the midpoint of the full-year 2025 EPS guidance was increased partly due to this specific sale.

Finally, the day-to-day operations provide smaller, but consistent, ancillary income. This is the stuff that adds up across a massive portfolio. Here's a quick look at some of those non-lease revenue components from the second quarter of 2025:

Revenue Component	Amount (Q2 2025, in thousands)
Parking and other income	$34,799
Hotel revenue	$14,773
Lease revenue (excluding termination income)	$834,000

If onboarding takes 14+ days, churn risk rises, but for Boston Properties, Inc. (BXP), the focus remains on maintaining high occupancy in their core office product, which directly feeds that primary rental revenue stream.

Finance: draft 13-week cash view by Friday.