Boston Properties, Inc. (BXP) is a fully integrated, self-administered and self-managed REIT. BXP develops, owns, and manages primarily premier workplaces. The company's properties are concentrated in six dynamic gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. BXP is a full-service real estate company with in-house expertise in acquisitions, development, financing, construction management, property management, marketing, leasing, accounting, risk management, tax, and legal services. The company refers to its tenants as "clients" due to the many facets of its continuous engagements with them.

• Employees: 727 non-union employees (as of December 31, 2023)
• Geographic Footprint: Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC
• Headquarters: Boston, Massachusetts
• Founded: 1970 (predecessor company), 1997 (BXP formed)
• Number of locations/facilities: 188 commercial real estate properties
• Revenue: $3.3 billion (FY2023)
• Market Capitalization: $27.0 billion (as of February 20, 2024)
• Key Subsidiaries/Brands: Boston Properties Limited Partnership (BPLP)

• CEO: Owen D. Thomas
• President: Douglas T. Linde
• Chief Financial Officer: Michael E. LaBelle
• Board Chair: Owen D. Thomas
• Lead Independent Director: Joel I. Klein

BXP manages BPLP as its sole general partner. BXP does not have employees of its own. BPLP generally executes all significant business relationships other than transactions involving the securities of BXP.

• Annual Revenue: $3.3 billion (FY2023)
• Net Income: $291.4 million (BXP), $298.4 million (BPLP)
• Market Cap: $27.0 billion (as of February 20, 2024)
• Total Assets: $26.0 billion (BXP)
• Employees: 727 non-union employees (as of December 31, 2023)
• Key Financial Highlights: BXP recognized an other-than-temporary impairment loss on its investments in Platform 16, 360 Park Avenue South, 200 Fifth Avenue and Safeco Plaza of approximately $155.2 million, $54.0 million, $33.4 million and $29.9 million, respectively.

BXP develops, owns, and manages primarily premier workplaces, including:

• Office and Life Sciences Properties: Modern structures or modernized buildings that attract creditworthy clients and command upper-tier rental rates.
• Retail Properties: Retail spaces located within BXP's premier workplace properties.
• Residential Properties: Residential buildings and mixed-use complexes.
• Hotel: One hotel property managed by Marriott International, Inc.

BXP's properties are concentrated in six dynamic gateway markets:

• Boston
• Los Angeles
• New York
• San Francisco
• Seattle
• Washington, DC

BXP's primary business objective is to maximize return on investment. Key strategies include:

• Targeting select dynamic gateway markets with high barriers to entry.
• Emphasizing submarkets where development approvals and financing are difficult to obtain.
• Taking on complex development projects.
• Owning and developing high-quality real estate designed to meet the demands of today's clients.
• Opportunistically acquiring assets that increase market share.
• Exploring joint venture or lending opportunities.
• Pursuing selective sales of properties or interests therein.
• Seeking third-party development contracts.
• Enhancing capital structure through access to various sources of capital.

BXP also focuses on developing and maintaining healthy, high-performance buildings, while simultaneously mitigating operational costs and the potential external impacts of energy, water, waste, greenhouse gas (GHG) emissions and climate change. Positive social impact is also of great importance to BXP and its employees.

BXP operates primarily in the real estate industry, specifically as a publicly-traded office REIT. Key market trends include:

• Economic conditions, particularly supply and demand in its core markets.
• Changes in client preferences and space utilization from full-time to hybrid or remote work models.
• Competition from other real estate companies.
• Market and economic volatility.

• Market Risks: Dependence on economic conditions in core markets; market and economic volatility.
• Operational Risks: Difficulties in renewing leases, delays in development projects, and potential increases in costs.
• Financial Risks: Risks associated with debt, including refinancing risks and interest rate increases.
• Cybersecurity Risks: Risks associated with security breaches, incidents, and compromises through cyber attacks.
• Environmental Risks: Risks associated with climate change, severe weather events, and environmental contamination.