BXP, Inc.

BXP is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that develops, owns, and manages primarily premier workplaces. Formed in 1997, BXP succeeded the real estate businesses associated with a predecessor company founded in 1970. As of December 31, 2025, BXP was one of the largest publicly-traded office REITs in the United States based on total market capitalization. BXP's properties are concentrated in six gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. As of December 31, 2025, BXP owned or had joint venture interests in a portfolio of 179 commercial real estate properties, totaling approximately 52.6 million net rentable square feet. This portfolio included eight properties under construction/redevelopment, aggregating approximately 3.5 million net rentable square feet. The properties consisted of: 157 office properties (including four under construction/redevelopment), 14 retail properties (including one under construction), seven residential properties (including three under construction), and one hotel. BXP defines premier workplaces as well-located, modern or modernized buildings that are professionally managed and maintained, offering amenities desired by clients focused on the physical work environment for employee recruitment and retention. These properties attract creditworthy clients and command upper-tier rental rates. Investors should note that BXP's use and definition of "premier workplaces" may differ from similar expressions and traditional classifications used by other companies.