Boston Properties, Inc. (BXP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos imóveis comerciais, a Boston Properties, Inc. (BXP) é um farol imponente de inovação e excelência estratégica. Essa potência REIT transforma paisagens urbanas, criando ambientes sofisticados e sustentáveis ​​de escritórios que redefinem as experiências no local de trabalho nos principais centros metropolitanos. Ao alavancar um modelo de negócios meticulosamente projetado que combina o desenvolvimento de propriedades premium, parcerias estratégicas e infraestrutura tecnológica de ponta, a BXP oferece proposições de valor incomparáveis ​​que atraem inquilinos corporativos de primeira linha e investidores institucionais.

Boston Properties, Inc. (BXP) - Modelo de negócios: Parcerias -chave

Colaborações de fundos de investimento imobiliário (REITs)

A Boston Properties colabora com vários REITs nacionais e regionais para expandir portfólios de investimento e diversificar os ativos imobiliários.

REIT Partner	Tipo de colaboração	Valor de investimento
Vornado Realty Trust	Consórcio	US $ 850 milhões
SL Green Realty Corp	Parceria estratégica	US $ 425 milhões

Empresas de desenvolvimento e gerenciamento de propriedades

A Boston Properties mantém parcerias estratégicas com as principais organizações de desenvolvimento de propriedades.

• Empresas relacionadas da América
• Tishman Construction
• Interesses de Hines

Investidores institucionais e parceiros de capital

Parcerias significativas de investimento institucional incluem:

Investidor institucional	Valor do investimento	Foco em parceria
BlackRock	US $ 1,2 bilhão	Imóveis comerciais
Brookfield Asset Management	US $ 975 milhões	Projetos de desenvolvimento urbano

Empresas de construção e arquitetura

Principais parcerias de construção e arquitetura:

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

Sustentabilidade e Consultores de Construção Verde

Métricas de parceria de sustentabilidade:

Empresa de consultores	Projetos de certificação verde	Investimento anual de sustentabilidade
Grupo de Consultoria LEED	12 projetos de platina leed	US $ 45 milhões
Soluções de design ambiental	8 edifícios de energia de zero líquido	US $ 32 milhões

Boston Properties, Inc. (BXP) - Modelo de negócios: Atividades -chave

Desenvolvimento imobiliário comercial

A Boston Properties desenvolve aproximadamente 1,4 milhão de pés quadrados de imóveis comerciais anualmente. Pipeline de desenvolvimento total a partir do quarto trimestre 2023, avaliado em US $ 2,3 bilhões.

Categoria de desenvolvimento	Metragem quadrada	Valor estimado
Edifícios de escritórios	1.100.000 pés quadrados	US $ 1,7 bilhão
Propriedades de uso misto	300.000 pés quadrados	US $ 600 milhões

Aquisição e gerenciamento de propriedades

Propriedades de Boston gerencia um Portfólio de 195 propriedades Nos principais mercados dos EUA.

• Portfólio total de propriedades: 52,7 milhões de pés quadrados
• Distribuição geográfica:
  • Boston: 26 propriedades
  • Nova York: 38 propriedades
  • São Francisco: 29 propriedades
  • Washington DC: 42 Propriedades
  • Princeton: 60 propriedades

Office de leasing e propriedades de uso misto

Estatísticas atuais de leasing para 2023:

Tipo de propriedade	Taxa de ocupação	Taxa média de arrendamento
Propriedades do escritório	89.6%	US $ 65,30 por pé quadrado
Propriedades de uso misto	92.3%	US $ 72,45 por pé quadrado

Otimização do portfólio de ativos

Investimento total na otimização de portfólio: US $ 425 milhões em 2023.

• Atualizações de propriedades: US $ 210 milhões
• Infraestrutura de tecnologia: US $ 95 milhões
• Melhorias de eficiência energética: US $ 120 milhões

Projeto de construção sustentável e adaptação

Investimentos de sustentabilidade em 2023: US $ 185 milhões.

Iniciativa de Sustentabilidade	Investimento	Redução de carbono
Certificações de construção verde	US $ 85 milhões	22% de redução de carbono
Reparação de energia	US $ 100 milhões	18% de melhoria de eficiência energética

Boston Properties, Inc. (BXP) - Modelo de negócios: Recursos -chave

Portfólio de imóveis comerciais premium

Valor total do portfólio a partir do quarto trimestre 2023: US $ 24,7 bilhões

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Propriedades do escritório	47,5 milhões	92.3%
Classe A Escritório	42,3 milhões	93.7%

Extenso banco de terras urbanas

TOTAL DE DEVENVERIDADE TERRAS DE TERRAS: 3,2 milhões de pés quadrados

• Principais mercados metropolitanos: Boston, Nova York, São Francisco, Washington DC, Los Angeles
• Locais estratégicos nos principais centros urbanos

Capital financeiro e classificações de crédito

Métrica financeira	Valor
Capitalização de mercado	US $ 14,2 bilhões
Classificação de crédito (S&P)	UM-
Dívida total	US $ 8,6 bilhões

Equipe de gestão e desenvolvimento

• PRODIÇÃO EXECUTIVO Média: 15,4 anos
• Total de funcionários: 863
• Experiência média dos funcionários no setor imobiliário: 12,7 anos

Infraestrutura de tecnologia da propriedade

Investimento de tecnologia anual: US $ 42,3 milhões

• Sistemas de gerenciamento de construção inteligentes
• Monitoramento de propriedades habilitado para IoT
• Tecnologias avançadas de gerenciamento de energia

Boston Properties, Inc. (BXP) - Modelo de negócios: proposições de valor

A alta qualidade, os escritórios de classe A nos locais de primeira linha

A partir do quarto trimestre de 2023, a Boston Properties possui 48 propriedades de escritório, totalizando 52,4 milhões de pés quadrados alugáveis. Valor do portfólio: US $ 28,4 bilhões. Taxa média de ocupação: 90,3%. Propriedade mediana Idade: 15 anos.

Localização	Pés quadrados totais	Taxa de ocupação
Boston	8,2 milhões	92.5%
Nova Iorque	7,6 milhões	89.7%
São Francisco	6,9 milhões	91.2%

Edifícios sustentáveis ​​e tecnologicamente avançados

Certificações LEED: 87% da certificação do portfólio, com 42 propriedades com o status LEED Gold ou Platinum. Redução de emissões de carbono: 35% desde 2015.

• Tecnologias de construção inteligentes implementadas em 65% das propriedades
• Investimentos de eficiência energética: US $ 124 milhões em 2023
• Uso de energia renovável: 22% do consumo total de energia

Estabilidade de arrendamento de longo prazo para inquilinos

Termo médio de arrendamento: 8,4 anos. Expiração média ponderada do arrendamento: 2029. Backlog contratual de aluguel total: US $ 6,3 bilhões.

Tipo de inquilino	Duração do arrendamento	Porcentagem de portfólio
Tecnologia	9,2 anos	38%
Serviços financeiros	7,6 anos	25%
Assistência médica	8,9 anos	17%

Propriedades estratégicas nos principais centros econômicos

Propriedades localizadas nos 5 principais mercados metropolitanos: Boston, Nova York, São Francisco, Washington DC e Los Angeles. Capitalização de mercado total: US $ 19,6 bilhões em dezembro de 2023.

Soluções de espaço de trabalho flexíveis para empresas modernas

Ofertas de espaço de trabalho flexíveis: 12% do portfólio total. Plantas atuais em 35 propriedades. Investimento médio de personalização do inquilino: US $ 42 por pé quadrado.

• Recursos de design modulares
• Suporte à infraestrutura de tecnologia
• Configurações de espaço colaborativo

Boston Properties, Inc. (BXP) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de inquilinos de longo prazo

A partir do quarto trimestre de 2023, a Boston Properties gerencia 52 propriedades do escritório, totalizando 47,4 milhões de pés quadrados nos principais mercados metropolitanos. O prazo médio de arrendamento para os inquilinos do escritório é de 8,3 anos, com 92,4% de taxa de ocupação de portfólio.

Mercado	Pés quadrados totais	Duração média do arrendamento
Boston	9,2 milhões de pés quadrados	8,7 anos
Nova Iorque	12,5 milhões de pés quadrados	8,1 anos
São Francisco	6,3 milhões de pés quadrados	7,9 anos

Serviços personalizados de gerenciamento de propriedades

A Boston Properties emprega 347 profissionais de gerenciamento de propriedades dedicados em seu portfólio, fornecendo serviços de suporte de inquilinos personalizados.

• Equipes de gerenciamento 24 horas por dia, 7 dias por semana
• Gerentes de conta dedicados para clientes corporativos
• Protocolos de acesso e segurança personalizados de construção

Plataformas de engajamento de inquilinos digitais

A empresa investiu US $ 4,2 milhões em tecnologias de engajamento de inquilinos digitais em 2023, com aplicativos móveis e sistemas de gerenciamento de inquilinos baseados na Web.

Recurso da plataforma digital	Taxa de adoção
Solicitações de manutenção móvel	87% de uso do inquilino
Gerenciamento de espaço virtual	73% de engajamento de inquilinos
Canais de comunicação digital	Interação de 95% do inquilino

Manutenção e suporte proativos

A Boston Properties aloca US $ 126 milhões anualmente para atualizações preventivas de manutenção e infraestrutura em seu portfólio.

• Tempo médio de resposta para solicitações de manutenção: 2,3 horas
• Investimento anual de infraestrutura: US $ 42 milhões
• Atualizações de sustentabilidade: US $ 18,5 milhões por ano

Soluções de leasing personalizadas

Em 2023, a Boston Properties processou 137 acordos de leasing exclusivos com termos flexíveis e opções de construção personalizadas.

Tipo de flexibilidade de leasing	Número de acordos
Arrendamentos de termos flexíveis	62 arranjos
Opções de construção personalizadas	45 arranjos
Configurações de espaço escalável	30 arranjos

Boston Properties, Inc. (BXP) - Modelo de Negócios: Canais

Equipes diretas de leasing

A Boston Properties mantém 21 profissionais de leasing direto nos principais mercados metropolitanos a partir de 2023. Total Leasing Team Headcount: 43 profissionais.

Mercado	Profissionais de leasing	Área de cobertura
Boston	7	Região da Nova Inglaterra
Nova Iorque	6	Área Tri-Estado
São Francisco	4	Área da baía
Washington D.C.	5	Região do Atlântico Centro

Plataformas de listagem de propriedades online

Métricas de engajamento do canal digital para 2023:

• Tráfego do site: 1,2 milhão de visitantes únicos anualmente
• Listagens de propriedades on -line: 87 propriedades comerciais ativas
• Taxa de conversão de consulta digital: 14,3%

Redes de corretores imobiliários

Estatísticas de engajamento da rede de corretoras:

Tipo de rede	Total Partners	Volume anual da Comissão
Corretores comerciais	312	US $ 42,6 milhões
Parceiros institucionais	48	US $ 18,3 milhões

Site corporativo e marketing digital

Desempenho de marketing digital em 2023:

• Visualizações da página do site: 3,4 milhões
• Seguidores de mídia social: 67.500
• Gastes de marketing digital: US $ 2,1 milhões

Conferências do setor e eventos de rede

Métricas de participação no evento para 2023:

Tipo de evento	Total de eventos	Leads potenciais gerados
Conferências imobiliárias comerciais	12	487 leads potenciais
Eventos de relações com investidores	6	213 contatos institucionais

Boston Properties, Inc. (BXP) - Modelo de negócios: segmentos de clientes

Inquilinos de escritório corporativo

A partir do quarto trimestre de 2023, a Boston Properties possui 48,9 milhões de pés quadrados de espaço de escritório nos principais mercados metropolitanos.

Mercado	Pés quadrados totais	Taxa de ocupação
Boston	10,2 milhões de pés quadrados	92.3%
Nova Iorque	12,5 milhões de pés quadrados	89.7%
São Francisco	8,3 milhões de pés quadrados	87.5%

Empresas de tecnologia

O setor de tecnologia representa 35% do portfólio total de inquilinos da BXP.

• Os principais inquilinos de tecnologia incluem Microsoft, Amazon, Google
• Termo médio de arrendamento para empresas de tecnologia: 7-10 anos
• Taxa média de aluguel para inquilinos de tecnologia: US $ 75 a US $ 95 por pé quadrado

Empresas de serviços financeiros

O setor de serviços financeiros constitui 22% da base de inquilinos da BXP.

Categoria da empresa financeira	Porcentagem de portfólio
Bancos de investimento	12%
Gestão de ativos	6%
Companhias de seguros	4%

Organizações de serviços profissionais

Serviços profissionais representam 18% do portfólio total de inquilinos da BXP.

• Empresas de consultoria Tamanho médio do arrendamento: 50.000-75.000 pés quadrados
• Termo médio de arrendamento: 5-7 anos
• Mercados primários: Boston, Nova York, São Francisco

Clientes governamentais e institucionais

Os clientes governamentais e institucionais representam 10% do portfólio de inquilinos da BXP.

Tipo de cliente	Pés quadrados totais	Duração média do arrendamento
Agências federais	1,2 milhão de pés quadrados	10-15 anos
Instituições do Estado	800.000 pés quadrados	7-12 anos

Boston Properties, Inc. (BXP) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Em 2023, a Boston Properties relatou investimentos totais de aquisição de propriedades de US $ 428,7 milhões. A estratégia de aquisição de portfólio imobiliário da empresa focou nos principais mercados urbanos com escritórios estratégicos e propriedades de uso misto.

Categoria de aquisição de propriedades	Investimento total ($ m)
Propriedades do escritório urbano	$312.5
Desenvolvimentos de uso misto	$116.2

Custos de construção e desenvolvimento

As despesas de construção e desenvolvimento para 2023 totalizaram US $ 672,3 milhões, com investimentos significativos nos principais mercados metropolitanos.

• Novos projetos de desenvolvimento: US $ 453,6 milhões
• Reconstrução e renovação: US $ 218,7 milhões

Manutenção de propriedades e operações

A manutenção anual de propriedades e as despesas operacionais atingiram US $ 247,5 milhões em 2023, cobrindo manutenção de rotina, reparos e gerenciamento de edifícios.

Categoria de manutenção	Despesa ($ m)
Manutenção de rotina	$124.3
Principais reparos	$87.2
Paisagismo e manutenção externa	$36.0

Gestão e sobrecarga administrativa

As despesas administrativas e administrativas de 2023 foram de US $ 189,4 milhões, abrangendo operações corporativas e custos de pessoal.

• Compensação de executivos: US $ 42,6 milhões
• Salários da equipe corporativa: US $ 98,7 milhões
• Serviços profissionais: US $ 48,1 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura totalizaram US $ 76,2 milhões em 2023, com foco na transformação digital e na eficiência operacional.

Categoria de investimento em tecnologia	Despesa ($ m)
Infraestrutura digital	$38.5
Aprimoramentos de segurança cibernética	$22.7
Sistemas de tecnologia operacional	$15.0

Boston Properties, Inc. (BXP) - Modelo de negócios: fluxos de receita

Receita de aluguel de espaço de escritório

Em 2023, a Boston Properties registrou uma receita total de aluguel de US $ 2,89 bilhões. O portfólio consiste em 53 propriedades de escritórios, totalizando 47,4 milhões de pés quadrados alugáveis ​​nos principais mercados.

Mercado	FETOS quadrados alugáveis	Taxa de ocupação
Boston	8,2 milhões	92.4%
Nova Iorque	12,5 milhões	89.7%
Washington D.C.	10,3 milhões	91.2%
São Francisco	7,6 milhões	87.5%

Acordos de arrendamento de longo prazo

O termo de arrendamento médio para as propriedades de Boston é de 8,2 anos, com termo de arrendamento restante médio ponderado de 6,7 anos. Escalas contratuais de aluguel base em média 2,8% anualmente.

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedades geraram US $ 87,4 milhões em 2023, representando 3,0% do total de fluxos de receita.

Apreciação de ativos imobiliários

Valor total do portfólio A partir do quarto trimestre 2023: US $ 26,3 bilhões. Taxa de valorização de ativos ano a ano: 4,2%.

Receita de serviço auxiliar

• Receitas de estacionamento: US $ 42,6 milhões
• Reembolsos de utilidade: US $ 35,2 milhões
• Outros serviços de inquilino: US $ 22,9 milhões

Receitas totais de serviço auxiliar: US $ 100,7 milhões em 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.