1. The Simon Property Group of Class A office buildings.

2. Like a luxury hotel chain, but for corporate offices instead of hotel rooms.

• Class A Office Properties: Providing high-quality office space for lease to businesses in key U.S. markets.
• Property Management Services: Managing, operating, and maintaining their portfolio of office properties for tenants.

Company: Boston Properties (BXP)

Boston Properties (BXP) is a real estate investment trust (REIT) that develops, owns, manages, and leases Class A office properties. Consequently, its major customers are other companies that lease office space from BXP across its primary markets of Boston, Los Angeles, New York, San Francisco, and Washington, DC.

Due to the diversified nature of its extensive portfolio, which includes 196 properties, BXP serves a wide array of corporate tenants rather than having a few singular "major customers" that are individually identified and publicly disclosed. BXP's properties house numerous prominent companies across various industries such as finance, technology, law, consulting, and other professional services, all seeking high-quality office space in prime locations. However, as a large commercial REIT, BXP's business model involves leasing to a broad and diverse tenant base to mitigate concentration risk, rather than relying heavily on a select few large entities.

Therefore, specific names of major customer companies with their symbols cannot be provided without access to detailed, proprietary tenant rosters, which are not publicly disclosed by BXP.

Owen D. Thomas, Chairman & CEO

Owen D. Thomas has served as CEO of Boston Properties since April 2013 and was appointed Chairman of the Board in May 2022. Before joining BXP, he was a Director of Lehman Brothers Holdings and its first Chairman from 2012 to 2013. Prior to Lehman, Mr. Thomas spent 24 years at Morgan Stanley, where his roles included Chief Executive Officer of Morgan Stanley Asia (from 2008 to 2011), President of Morgan Stanley Investment Management, and Head of Morgan Stanley Real Estate. He was also a member of Morgan Stanley's Management Committee from 2005 to 2011. Mr. Thomas is a former Chairman of the Urban Land Institute and the Pension Real Estate Association.

Michael E. LaBelle, Executive Vice President, Chief Financial Officer & Treasurer

Michael E. LaBelle joined Boston Properties in March 2000. He was appointed Chief Financial Officer in October 2007 and Executive Vice President in January 2016. Before joining BXP, Mr. LaBelle spent nine years as a Vice President & Relationship Manager with Fleet National Bank, where he was responsible for financing large-scale commercial real estate developments. He began his career as an Associate National Bank Examiner with the Office of the Comptroller of the Currency.

Douglas T. Linde, President

Douglas T. Linde has been President of BXP since May 2007. He joined the company in January 1997, having previously served as Executive Vice President since January 2005, and as Chief Financial Officer and Treasurer from 2000 until November 2007. Prior to his time at BXP, Mr. Linde served as President of Capstone Investments, a Boston real estate investment company, from 1993 to 1997. He also held roles as Project Manager and Assistant to the Chief Financial Officer at Wright Runstad and Company from 1989 to 1993 and started his real estate career with Salomon Brothers' Real Estate Finance Group.

Raymond A. Ritchey, Senior Executive Vice President

Raymond A. Ritchey joined Boston Properties in 1980 and has served as Senior Executive Vice President since January 2016. He played a key role in the company's expansion, particularly in the Washington, D.C. metropolitan area. Before joining BXP, Mr. Ritchey was a leading commercial real estate broker in the Washington, D.C. area with Coldwell Banker. He plans to transition from his full-time role at the end of 2023 but will continue to be part of the executive management team, focusing on leasing coordination and client relationships.

Bryan J. Koop, Executive Vice President, Boston Region

Bryan J. Koop serves as Executive Vice President, Boston Region of BXP, a position he has held since January 2016. He joined Boston Properties in 1999 and previously served as Senior Vice President and Regional Manager of the Boston office.

• Uncertainty in Office Demand

  Boston Properties, as the largest publicly-held owner of Class A office properties, faces a significant risk from the ongoing shifts in office demand due to hybrid and remote work trends. This trend could lead to sustained pressure on long-term office demand, potentially resulting in higher vacancy rates and weaker rental income even in BXP's premium markets. Analysts highlight that this structural recalibration of office space demand is an emerging threat.

• High Leverage and Interest Rate Sensitivity

  BXP carries a notable debt load, which exposes it to significant interest rate risk. Higher interest rates increase the cost of servicing this debt and raise refinancing risk, potentially squeezing interest coverage. The company's debt-to-equity ratio is reportedly higher than the average for the office REIT industry, indicating a greater reliance on debt financing.

• Development and Capital Spending Risks

  Boston Properties has a substantial development pipeline, which introduces execution and funding challenges. Successfully completing these projects within budget and on schedule, and securing financial partners for major developments (such as 343 Madison Avenue), is crucial to avoid incurring additional debt and to support future growth. These capital spending risks have reportedly weighed on the company's shares.

The sustained shift towards remote and hybrid work models poses a clear emerging threat. This trend directly impacts the demand for traditional Class A office space, as companies reassess their physical footprint requirements, potentially leading to reduced occupancy rates, slower rent growth, and a re-evaluation of long-term lease commitments in core markets.

Boston, U.S.
The Boston office market encompassed approximately 96.5 million square feet of space in 2026. Class A office space constitutes about 56.97% of this inventory. Therefore, the addressable market size for Class A office properties in Boston is approximately 54.98 million square feet.

Los Angeles, U.S.
The Los Angeles office market comprises approximately 102.61 million square feet of space. Class A office space makes up about 50.57% of this total. This puts the addressable market size for Class A office properties in Los Angeles at approximately 51.90 million square feet.

New York (Manhattan), U.S.
Manhattan's office market consists of over 463 million square feet of office space as of 2023. Class A space is noted to comprise a majority of this office space. Assuming a conservative estimate of 50% for "majority," the addressable market size for Class A office properties in Manhattan is approximately 231.5 million square feet.

San Francisco, U.S.
Specific data detailing the total inventory of Class A office space in San Francisco in square feet is not readily available in the provided information. Therefore, the addressable market size for this region cannot be precisely identified. Null

Washington, D.C., U.S.
In the second quarter of 2025, the inventory of Class A office space in Washington, D.C., totaled 35.4 million square feet. This represents the addressable market size for Class A office properties in the region.

Boston Properties (BXP) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Increasing Occupancy and Leasing Activity: BXP has a multi-year business plan aimed at significantly increasing occupancy rates across its portfolio. The company targets achieving 89% occupied (91% leased) by the end of 2026, and further improving to 91% occupied (93% leased) by the end of 2027. Recent progress in Q4 2025 saw occupancy increase by 70 basis points to 86.7% (89.4% leased) due to strong leasing activity, with a significant pipeline of approximately 3.0 million square feet in negotiation or proposal stages.
2. Development Deliveries and New Projects: The company's active development pipeline is anticipated to contribute to future revenue growth as new projects are completed and stabilized. BXP has launched significant developments, including 343 Madison Avenue in Midtown Manhattan, which is 29% pre-leased, and 725 12th Street in Washington, D.C., which is 79% pre-leased. These new premier workplace developments are expected to generate net operating income (NOI) growth upon their delivery and lease-up.
3. Capital Recycling and Reinvestment: BXP is executing a strategic sales program to optimize its portfolio by divesting land, residential, and non-strategic office assets, with a target of $1.9 billion in net proceeds over three years. These proceeds are being strategically reinvested into higher-yield developments in its core markets, focusing on mixed-use and life science-adjacent properties, which are expected to yield stronger rent spreads.
4. "Flight-to-Quality" Market Trend: Boston Properties is well-positioned to capitalize on the ongoing "flight-to-quality" trend in the office market. This trend sees tenants increasingly prioritizing premier, highly-amenitized Class A properties in central business districts within BXP's key gateway markets (Boston, Los Angeles, New York, San Francisco, Washington, D.C., and Seattle). This focus on high-quality assets in high-barrier-to-entry markets allows BXP to command higher rental rates and maintain pricing power even in a challenging office environment.
5. Same-Store Net Operating Income (NOI) Growth: Analysts project BXP to achieve a 2.4% same-store Net Operating Income (NOI) growth for 2027, with the potential for even higher growth if current leasing and occupancy initiatives prove successful. For 2026, BXP has guided for same-property NOI growth in the range of +1.25% to +2.25%. This growth reflects the company's ability to increase income from its existing portfolio through effective management and market positioning.

Share Issuance

• On March 6, 2026, BXP launched a new $1.0 billion at-the-market (ATM) equity offering program, allowing shares to be sold over up to three years.
• In Q3 2025, Boston Properties Limited Partnership issued $1.0 billion aggregate principal amount of 2.00% Exchangeable Senior Notes due 2030, generating approximately $940.1 million in net proceeds.
• BXP's shares outstanding have shown slight annual increases, from 0.157 billion in 2023 to 0.158 billion in 2024, and 0.159 billion in 2025.

Outbound Investments

• BXP completed property sales with aggregate net proceeds exceeding $1.0 billion through January 2026, as part of a strategic asset sales plan for 2025 through 2027.
• These dispositions included seven suburban land parcels (approximately $220 million), two residential properties (approximately $405 million), and seven non-core office and life sciences properties (approximately $400 million).
• In Q4 2023 and early 2024, BXP increased its ownership in several joint venture office properties by buying out partners, notably acquiring a 50% share in 901 New York Ave. NW, D.C. for $10 million and a 29% share of 360 Park Ave. S., New York, assuming associated debt.

Capital Expenditures

• BXP's capital expenditures were $398.1 million in 2021, $482.3 million in 2022, $448.0 million in 2023, $555.5 million in 2024, and $512.6 million in 2025.
• The company anticipated elevated capital expenditure budgets for 2024 and 2025, primarily focused on property maintenance, strategic upgrades, and new premier workplace developments.
• Significant capital has been allocated to major development projects such as 343 Madison Avenue in New York City and 725 12th Street in Washington, D.C.