Short answer
BXP, Inc. (BXP) filed its fiscal 2024 10-K annual report with the SEC on Feb 27, 2025. It reported revenue of $3.4B (+4.1% year over year) and net income of $14M.
- Top risk flagged: Regulatory/legal risk: Potential impact of new tariffs and tax cuts under the 2025 presidential administration could raise inflation and long-term treasury yields
FY2024 key financial metrics · XBRL
- Revenue
- $3.4B
- +4.1% YoY
- Net income
- $14M
- −92.5% YoY
- Gross margin
- 59.9%
- −1.2 pp YoY
- EPS (diluted)
- $0.09
- −92.6% YoY
- ROE
- 0.3%
- −3.0 pp YoY
- Operating cash flow
- $1.2B
- −5.1% YoY
Source: XBRL data from the BXP, Inc. (BXP) FY2024 10-K on SEC EDGAR. USD.
BXP, Inc. FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Real estate investment and asset management focusing on office properties with long-term hold strategy
- New emphasis: Acquisition of 725 12th Street ($34M) and purchase of 50% stake in 901 New York Avenue joint venture ($20M total equity) in Washington, DC
- Strategic shift: Partial write-down and impairment of Shady Grove property due to shortened hold period, recognizing $13.6M impairment loss in 2024
- Notable quantitative metric: Other-than-temporary impairments on unconsolidated joint ventures totaling approximately $341.3M during 2024
- Unusual fact: Net GAAP income sharply declined to $14.3M in 2024 from $190.2M in 2023 amidst significant impairment charges
Management Discussion & Analysis
- Total debt $16.22B with fixed rate 3.80% and variable rate 4.15% (including swaps) as of Dec 31, 2024
- Variable rate debt $2.1B, $900M hedged via interest rate swaps to mitigate interest expense volatility
- Potential $21M annual interest expense increase if variable rates rise 100 basis points
- Focus on limiting counterparty credit risk by dealing with major banks meeting capital guidelines
Risk Factors
- Regulatory/legal risk: Potential impact of new tariffs and tax cuts under the 2025 presidential administration could raise inflation and long-term treasury yields
- Geopolitical/macro threat: Exposure to six U.S. gateway markets reliant on local economies, e.g., 61% rental obligations from NY and Boston markets
- Operational/supply chain risk: Increased construction costs with $1.3B remaining to invest in $2.3B premier workplace development pipeline
- Competitive risk: Flight to quality trend favoring premier workplaces may pressure BXP’s market share from firms divesting office assets
- Financial risk: Leverage management critical amid challenging private market debt financing, with capital raising and joint ventures to control debt levels
Generated from the filing text; verify against the original. How to read a 10-K
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