Boston Properties, Inc. (BXP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'immobilier commercial, Boston Properties, Inc. (BXP) est un phare imposant de l'innovation et de l'excellence stratégique. Cette FPI électrique transforme les paysages urbains en créant des environnements de bureau sophistiqués et durables qui redéfinissent les expériences de travail dans les principaux centres métropolitains. En tirant parti d'un modèle commercial méticuleusement conçu qui mélange le développement immobilier premium, les partenariats stratégiques et les infrastructures technologiques de pointe, BXP offre des propositions de valeur inégalées qui attirent les locataires d'entreprise de haut niveau et les investisseurs institutionnels.

Boston Properties, Inc. (BXP) - Modèle commercial: partenariats clés

Collaborations de fiducies de placement immobilier (FPI)

Boston Properties collabore avec plusieurs FPI nationales et régionales pour étendre les portefeuilles d'investissement et diversifier les actifs immobiliers.

Partenaire de FPI	Type de collaboration	Valeur d'investissement
Vornado Realty Trust	Coentreprise	850 millions de dollars
Sl Green Realty Corp	Partenariat stratégique	425 millions de dollars

Entreprises de développement immobilier et de gestion

Boston Properties maintient des partenariats stratégiques avec les principales organisations de développement immobilier.

• Compagnies liées à l'Amérique
• Tishman Construction
• Hines Intérêts

Investisseurs institutionnels et partenaires capitaux

Les partenariats d'investissement institutionnels importants comprennent:

Investisseur institutionnel	Montant d'investissement	Focus de partenariat
Blackrock	1,2 milliard de dollars	Immobilier commercial
Brookfield Asset Management	975 millions de dollars	Projets de développement urbain

Cabinets de construction et d'architectes

Construction clés et partenariats architecturaux:

• Turner Construction Company
• Skidmore, Owings & Seigler
• Architectes HOK

Consultants en durabilité et en construction verte

Métriques de partenariat en durabilité:

Société consultante	Projets de certification verte	Investissement annuel sur la durabilité
Groupe de conseil LEED	12 projets LEED Platinum	45 millions de dollars
Solutions de conception environnementale	8 bâtiments à énergie nets-zéro	32 millions de dollars

Boston Properties, Inc. (BXP) - Modèle d'entreprise: Activités clés

Développement immobilier commercial

Boston Properties développe environ 1,4 million de pieds carrés d'immobilier commercial par an. Pipeline de développement total au quatrième trimestre 2023 d'une valeur de 2,3 milliards de dollars.

Catégorie de développement	En pieds carrés	Valeur estimée
Immeubles de bureaux	1 100 000 pieds carrés	1,7 milliard de dollars
Propriétés à usage mixte	300 000 pieds carrés	600 millions de dollars

Acquisition et gestion des biens

Les propriétés de Boston gèrent un Portfolio de 195 propriétés sur les principaux marchés américains.

• Portfolio total de propriétés: 52,7 millions de pieds carrés
• Distribution géographique:
  • Boston: 26 propriétés
  • New York: 38 propriétés
  • San Francisco: 29 propriétés
  • Washington D.C.: 42 Propriétés
  • Princeton: 60 propriétés

Bureau de location et propriétés à usage mixte

Statistiques de location actuelles pour 2023:

Type de propriété	Taux d'occupation	Taux de location moyen
Propriétés du bureau	89.6%	65,30 $ par pied carré
Propriétés à usage mixte	92.3%	72,45 $ par pied carré

Optimisation du portefeuille d'actifs

Investissement total dans l'optimisation du portefeuille: 425 millions de dollars en 2023.

• Mises à niveau de la propriété: 210 millions de dollars
• Infrastructure technologique: 95 millions de dollars
• Améliorations de l'efficacité énergétique: 120 millions de dollars

Conception et modernisation du bâtiment durable

Investissements en durabilité en 2023: 185 millions de dollars.

Initiative de durabilité	Investissement	Réduction du carbone
Certifications de construction verte	85 millions de dollars	22% de réduction du carbone
Modification d'énergie	100 millions de dollars	18% d'amélioration de l'efficacité énergétique

Boston Properties, Inc. (BXP) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier commercial premium

Valeur totale du portefeuille au T2 2023: 24,7 milliards de dollars

Type de propriété	Total des pieds carrés	Taux d'occupation
Propriétés du bureau	47,5 millions	92.3%
Classe A espace de bureau	42,3 millions	93.7%

Banque terrestre urbaine étendue

Total des propriétés foncières à développement: 3,2 millions de pieds carrés

• Major Markets Metropolitan: Boston, New York, San Francisco, Washington D.C., Los Angeles
• Emplacements stratégiques dans les centres urbains privilégiés

Capitaux financiers et cotes de crédit

Métrique financière	Valeur
Capitalisation boursière	14,2 milliards de dollars
Cote de crédit (S&P)	UN-
Dette totale	8,6 milliards de dollars

Équipe de gestion et de développement

• Pureur exécutif moyen: 15,4 ans
• Total des employés: 863
• Expérience moyenne des employés dans l'immobilier: 12,7 ans

Infrastructure technologique immobilière

Investissement technologique annuel: 42,3 millions de dollars

• Systèmes de gestion des bâtiments intelligents
• Surveillance des propriétés compatibles IoT
• Technologies avancées de gestion de l'énergie

Boston Properties, Inc. (BXP) - Modèle d'entreprise: propositions de valeur

Espace de bureau de haute qualité de classe A dans des emplacements privilégiés

Au quatrième trimestre 2023, Boston Properties possède 48 propriétés de bureau totalisant 52,4 millions de pieds carrés louables. Valeur du portefeuille: 28,4 milliards de dollars. Taux d'occupation moyen: 90,3%. Âge de la propriété médiane: 15 ans.

Emplacement	Total des pieds carrés	Taux d'occupation
Boston	8,2 millions	92.5%
New York	7,6 millions	89.7%
San Francisco	6,9 millions	91.2%

Bâtiments durables et technologiquement avancés

Certifications LEED: 87% de la certification du portefeuille, avec 42 propriétés tenant le statut LEED Gold ou Platinum. Réduction des émissions de carbone: 35% depuis 2015.

• Technologies de construction intelligentes implémentées dans 65% des propriétés
• Investissements en efficacité énergétique: 124 millions de dollars en 2023
• Utilisation d'énergie renouvelable: 22% de la consommation totale d'énergie

Stabilité de bail à long terme pour les locataires

Terme de bail moyenne: 8,4 ans. Expiration du bail moyen pondéré: 2029. Total du loyer contractuel: 6,3 milliards de dollars.

Type de locataire	Durée de location	Pourcentage de portefeuille
Technologie	9.2 ans	38%
Services financiers	7,6 ans	25%
Soins de santé	8,9 ans	17%

Propriétés stratégiques dans les principaux centres économiques

Propriétés situées dans le top 5 des marchés métropolitains: Boston, New York, San Francisco, Washington D.C., et Los Angeles. Capitalisation boursière totale: 19,6 milliards de dollars en décembre 2023.

Solutions d'espace de travail flexible pour les entreprises modernes

Offres d'espace de travail flexible: 12% du portefeuille total. Plans d'étage adaptatifs dans 35 propriétés. Investissement moyen de personnalisation des locataires: 42 $ par pied carré.

• Capacités de conception modulaires
• Support d'infrastructure technologique
• Configurations d'espace collaboratif

Boston Properties, Inc. (BXP) - Modèle d'entreprise: relations clients

Partenariats de locataires à long terme

Au quatrième trimestre 2023, Boston Properties gère 52 propriétés de bureau totalisant 47,4 millions de pieds carrés sur les principaux marchés métropolitains. La durée de location moyenne pour les locataires de bureaux est de 8,3 ans, avec un taux d'occupation du portefeuille de 92,4%.

Marché	Total des pieds carrés	Durée de location moyenne
Boston	9,2 millions de pieds carrés	8,7 ans
New York	12,5 millions de pieds carrés	8,1 ans
San Francisco	6,3 millions de pieds carrés	7,9 ans

Services de gestion immobilière personnalisés

Boston Properties emploie 347 professionnels de la gestion immobilière dédiés à travers son portefeuille, fournissant des services de soutien aux locataires personnalisés.

• Équipes de gestion 24/7 sur place
• Gestionnaires de compte dédiés pour les clients d'entreprise
• Protocoles d'accès et de sécurité personnalisés

Plateformes d'engagement des locataires numériques

La société a investi 4,2 millions de dollars dans les technologies d'engagement des locataires numériques en 2023, avec des applications mobiles et des systèmes de gestion des locataires basés sur le Web.

Fonctionnalité de plate-forme numérique	Taux d'adoption
Demandes de maintenance mobile	87% d'utilisation des locataires
Gestion de l'espace virtuel	Engagement de 73% des locataires
Canaux de communication numériques	Interaction à 95% des locataires

Maintenance et support proactifs

Boston Properties alloue 126 millions de dollars par an pour les mises à niveau préventive de maintenance et d'infrastructure à travers son portefeuille.

• Temps de réponse moyen pour les demandes de maintenance: 2,3 heures
• Investissement annuel sur les infrastructures: 42 millions de dollars
• Mises à niveau de la durabilité: 18,5 millions de dollars par an

Solutions de location personnalisées

En 2023, Boston Properties a traité 137 arrangements de location uniques avec des termes flexibles et des options de construction personnalisées.

Type de flexibilité de location	Nombre d'arrangements
Baux à terme flexible	62 arrangements
Options de construction personnalisées	45 arrangements
Configurations d'espace évolutives	30 arrangements

Boston Properties, Inc. (BXP) - Modèle d'entreprise: canaux

Équipes de location directe

Boston Properties maintient 21 professionnels de la location directe sur les principaux marchés métropolitains à partir de 2023. HeadCount de l'équipe de location totale: 43 professionnels.

Marché	Location de professionnels	Zone de couverture
Boston	7	Région de la Nouvelle-Angleterre
New York	6	Zone de trois États
San Francisco	4	Baie
Washington D.C.	5	Région du milieu de l'Atlantique

Plateformes d'inscription de propriétés en ligne

Métriques d'engagement des canaux numériques pour 2023:

• Trafic de site Web: 1,2 million de visiteurs uniques par an
• Listes de propriétés en ligne: 87 propriétés commerciales actives
• Taux de conversion de l'enquête numérique: 14,3%

Réseaux de courtiers immobiliers

Statistiques d'engagement du réseau de courtier:

Type de réseau	Total des partenaires	Volume de commission annuelle
Courtiers commerciaux	312	42,6 millions de dollars
Partenaires institutionnels	48	18,3 millions de dollars

Site Web d'entreprise et marketing numérique

Performance en marketing numérique en 2023:

• Page de site Web View: 3,4 millions
• Abonnés des médias sociaux: 67 500
• Dépenses en marketing numérique: 2,1 millions de dollars

Conférences de l'industrie et événements de réseautage

Mesures de participation à l'événement pour 2023:

Type d'événement	Événements totaux	Les pistes potentielles générées
Conférences immobilières commerciales	12	487 plomb potentiel
Événements de relations avec les investisseurs	6	213 contacts institutionnels

Boston Properties, Inc. (BXP) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Au quatrième trimestre 2023, Boston Properties possède 48,9 millions de pieds carrés d'espace de bureau sur les principaux marchés métropolitains.

Marché	Total des pieds carrés	Taux d'occupation
Boston	10,2 millions de pieds carrés	92.3%
New York	12,5 millions de pieds carrés	89.7%
San Francisco	8,3 millions de pieds carrés	87.5%

Entreprises technologiques

Le secteur de la technologie représente 35% du portefeuille total des locataires de BXP.

• Les principaux locataires de la technologie incluent Microsoft, Amazon, Google
• Terme de location moyenne pour les entreprises technologiques: 7-10 ans
• Taux de location moyen pour les locataires technologiques: 75 $ - 95 $ par pied carré

Entreprises de services financiers

Le secteur des services financiers représente 22% de la base de locataires de BXP.

Catégorie des entreprises financières	Pourcentage de portefeuille
Banques d'investissement	12%
Gestion des actifs	6%
Compagnies d'assurance	4%

Organisations de services professionnels

Les services professionnels représentent 18% du portefeuille total des locataires de BXP.

• Taille du bail moyen des sociétés de conseil: 50 000 à 75 000 pieds carrés
• Terme de location moyenne: 5-7 ans
• Marchés primaires: Boston, New York, San Francisco

Clients gouvernementaux et institutionnels

Les clients gouvernementaux et institutionnels représentent 10% du portefeuille de locataires de BXP.

Type de client	Total des pieds carrés	Durée de location moyenne
Agences fédérales	1,2 million de pieds carrés	10-15 ans
Institutions d'État	800 000 pieds carrés	7-12 ans

Boston Properties, Inc. (BXP) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, Boston Properties a déclaré des investissements totaux d'acquisition de propriétés de 428,7 millions de dollars. La stratégie d'acquisition du portefeuille immobilier de la société s'est concentrée sur les principaux marchés urbains avec des bureaux stratégiques et des propriétés à usage mixte.

Catégorie d'acquisition de propriétés	Investissement total ($ m)
Propriétés du bureau urbain	$312.5
Développements à usage mixte	$116.2

Coûts de construction et de développement

Les dépenses de construction et de développement pour 2023 ont totalisé 672,3 millions de dollars, avec des investissements importants sur les principaux marchés métropolitains.

• Nouveaux projets de développement: 453,6 millions de dollars
• Réaménagement et rénovation: 218,7 millions de dollars

Entretien et opérations des biens

La maintenance des biens annuels et les frais opérationnels ont atteint 247,5 millions de dollars en 2023, couvrant l'entretien de routine, les réparations et la gestion des bâtiments.

Catégorie de maintenance	Dépenses ($ m)
Maintenance de routine	$124.3
Réparations majeures	$87.2
Aménagement paysager et entretien externe	$36.0

Gestion et frais généraux administratifs

Les frais de gestion et administratifs pour 2023 étaient de 189,4 millions de dollars, englobant les opérations des entreprises et les frais de personnel.

• Compensation des cadres: 42,6 millions de dollars
• Salaires du personnel d'entreprise: 98,7 millions de dollars
• Services professionnels: 48,1 millions de dollars

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures ont totalisé 76,2 millions de dollars en 2023, en se concentrant sur la transformation numérique et l'efficacité opérationnelle.

Catégorie d'investissement technologique	Dépenses ($ m)
Infrastructure numérique	$38.5
Améliorations de la cybersécurité	$22.7
Systèmes technologiques opérationnels	$15.0

Boston Properties, Inc. (BXP) - Modèle d'entreprise: Strots de revenus

Revenu de location d'espace de bureau

En 2023, Boston Properties a déclaré des revenus locatifs totaux de 2,89 milliards de dollars. Le portefeuille se compose de 53 propriétés de bureau totalisant 47,4 millions de pieds carrés louables sur les principaux marchés.

Marché	Pieds carrés louables	Taux d'occupation
Boston	8,2 millions	92.4%
New York	12,5 millions	89.7%
Washington D.C.	10,3 millions	91.2%
San Francisco	7,6 millions	87.5%

Accords de location à long terme

La durée de bail moyenne des propriétés de Boston est de 8,2 ans avec une durée de location moyenne pondérée de 6,7 ans. Les escalades de loyer de base contractuel sont en moyenne de 2,8% par an.

Frais de gestion immobilière

Les frais de gestion des biens ont généré 87,4 millions de dollars en 2023, ce qui représente 3,0% du total des sources de revenus.

Appréciation des actifs immobiliers

Valeur totale du portefeuille au T2 2023: 26,3 milliards de dollars. Taux d'appréciation des actifs d'une année à l'autre: 4,2%.

Revenus de service auxiliaires

• Revenus de stationnement: 42,6 millions de dollars
• Remboursements des services publics: 35,2 millions de dollars
• Autres services aux locataires: 22,9 millions de dollars

Revenus totaux de service auxiliaires: 100,7 millions de dollars en 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.