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Business Insider
13 minutes ago
- Business
- Business Insider
AccuKnox partners with CyberKnight to deliver Zero Trust Security for a Leading Global Bank in the UAE.
Menlo Park, United States, July 30th, 2025, CyberNewsWire AccuKnox, Inc., the Zero Trust Cloud-Native Application Protection Platform (CNAPP) leader, has announced deployment in the UAE banking sector through its strategic partnership with cybersecurity VAD CyberKnight. The deal, secured with a major Abu Dhabi-based financial institution [market cap $30 billion], marks a milestone in AccuKnox's regional expansion. The deployment will enhance the bank's cloud security framework and support its broader digital transformation objectives, ensuring alignment with UAE banking regulations and national cybersecurity mandates. Security for Critical Banking Infrastructure AccuKnox's Code to Cognition security platform rollout is tailored to address the region's growing threats to financial institutions. Key benefits include: Voices from the Leaders ' We're proud to facilitate this breakthrough partnership. It signals a clear shift: financial institutions in the UAE are ready to leap ahead with cybersecurity strategies that are smart, scalable, and regionally supported, ' – said Avinash Advani, CEO and Founder of CyberKnight "This deployment significantly transforms not only our operations, but also the entire UAE region." Working with a visionary institution of this size highlights the growing importance of Zero Trust architecture in safeguarding the backbone of digital banking,' – said Nat Natraj, CEO and Co-Founder, AccuKnox 'Thanks to our partnership with CyberKnight, we are continuing to grow and establish a leadership position in the GCC region. We are pleased to see the increasing momentum in the Middle East. – said Raj Panchapakesan, Global Head, Partner Ecosystem, AccuKnox. About AccuKnox AccuKnox delivers a Zero Trust CNAPP platform that secures public clouds, private clouds, edge/IoT & 5G assets. Born out of SRI International (Stanford Research Institute), AccuKnox holds seminal Zero Trust security patents and is backed by top-tier investors including National Grid Partners, Dolby Family Ventures, and the 5G Open Innovation Lab. About CyberKnight CyberKnight is a regional cybersecurity leader serving the Middle East and Africa. With specialised expertise in finance and government, CyberKnight partners with the world's leading security providers to deliver end-to-end protection tailored to the unique demands of the region. Contact Syed Hadi
Fast Company
4 hours ago
- Business
- Fast Company
Laid off? Start building up your personal brand
This year alone, companies have announced over 740,000 job cuts so far, a high since 2020. And that's just in the US. But for a growing number of professionals (even before 2025), the solution hasn't been in polishing their résumés, but in building personal brands that create true job security for them. Building a personal brand can let you: Showcase your talents Create an audience/network Get people to know who you are, what you do, and what to come to you for When done well, a strong personal brand attracts job offers before roles are even posted, leads to consulting or speaking opportunities, and opens the door to new networks that can't be accessed with a résumé alone. For me, building my personal brand over the past 10+ years has meant creating content online (mostly on LinkedIn & Twitter), and writing for publications like Entrepreneur, Inc., The Next Web, and many others. All these efforts have opened a lot of doors—from starting out as a freelance writer to running a six-figure content marketing agency, and then eventually becoming the cofounder of Leaps (an AI platform that helps people and teams turn their raw expertise and experience into content that builds their personal brands). For this article, I spoke with four professionals who've used their personal brands to turn their careers around. Andres Vourakis, a data scientist, built a safety net of opportunities and extra income after layoffs shook his early career. Ana Calin left a 15-year executive role and became the creator of one of Substack's fastest-growing newsletters, giving her complete freedom and a thriving business. Paul O'Brien, a veteran marketer, leveraged his reputation to evolve from 'the SEO guy' into a thought leader on startup economics and public policy. And Joei Chan, once a content marketing leader, turned unemployment into a creative rebrand that now draws clients who want her to tell their truth, show up fully, and build their brand with authenticity. We got into fears, breakthroughs, identity work, and how building a personal brand is transforming not just their careers, but their lives. From layoffs to lightbulbs What made you realize you needed a personal brand, and how did that moment spark your journey? Andres Vourakis: I was unfortunately laid off early in my career, and that experience opened my eyes to the real meaning of job security. I realized that job security wasn't about working hard to become an 'essential worker,' because at any moment, a business could decide to let you go. And over the past few years, I've seen many talented friends become victims of massive layoffs in tech. That's when it really clicked for me: real job security is staying future-proof. Building my personal brand is not only allowing me to grow, share my data science expertise, and connect with lots of great people, but it's also helping me generate extra income. It helps me sleep better at night knowing that my livelihood won't be decided by a business that may no longer find my work valuable tomorrow. Ana Calin: I didn't set out to 'build a personal brand.' I just wanted freedom. I had just left my 15-year executive role; big title, global travel, the whole 'you made it' package. And yet, I felt done, ready for something that felt mine. I remember staring at a blank LinkedIn post, wondering what to say. I had no niche, no strategy, no idea what people would care about. But I wrote anyway, about quitting, about reinvention, about starting from scratch. And people listened and responded. That was the spark. From that one post came DMs, leads, and ultimately a real business. The first step: finding the confidence to show up What was your very first step in building your personal brand, and what gave you the courage to share it publicly? Joei Chan: The first real step was launching Brand New, my Substack newsletter. I was freshly unemployed, creatively raw, unsure of my next chapter. But I had this deep urge to tell the truth. To turn my mess into a message. So I started writing. When I started posting online after being fired, there was definitely hesitation. I worried about looking unprofessional, scaring off future employers, or being labeled as 'emotional' or 'difficult.' But now I see vulnerability as a creative strategy. It's not oversharing, it's storytelling that names the deeper truth and helps others feel less alone. From there, I started a video series called 'Rebranding My Life After Losing My 9 to 5.' It was scrappy and personal, just me, documenting the messy middle. Paul O'Brien: Having come from Yahoo! and then helping HP take advantage of search engine optimization (SEO) and Google, it just clicked and made sense to kick off my personal brand and start sharing my expertise in public. What gave me confidence was that in 2002, very few people knew how to do SEO. Confidence to put yourself out there often comes from knowing that people will find value in what you have to offer. Ana Calin: I stopped trying to sound smart and started sounding like myself. I didn't have a niche, and I wasn't selling anything. But I had real stories about quitting, reinventing, and failing forward. I wrote a post on LinkedIn about walking away from my executive role. And it wasn't the highlight reel; the actual messy version. No strategy or call to action, but just truth. That one post brought in over 50,000 views. And that gave me the nudge I needed. The unexpected rewards of showing up authentically Looking back, what's one surprising way your life or career has improved because of your personal brand? Ana Calin: I thought I was building a brand. Turns out, I was building a life. One with no boss, no Sunday scaries, no pretending. I found my voice, the one I had buried under 'professionalism' for 15 years. And when you find your voice, everything shifts. And you stop chasing opportunities, you start choosing the ones to accept as they come, thanks to your personal brand. Joei Chan: I feel more me than I have in years. What began as a career crisis became the greatest rebrand of my life. It led me back to my voice, my creativity, and a deeper truth: The branding and creative work I love isn't just strategic, it's spiritual. And unexpectedly, this is the work people now come to me for: helping them reclaim their own story and show up fully as themselves. Paul O'Brien: Being out there lets you evolve over time, as we all do. I started out known for SEO; I even leaned into it with the nickname SEO'Brien, thanks to my early work at Yahoo! and HP. But as I kept writing and sharing, my interests shifted toward startups, economic development, and innovation. Over time, the content I created followed that shift, and so did my audience. Now, instead of being known for search, I'm sought out for my work as a startup economist and my perspectives on public policy for entrepreneurs. That evolution wouldn't have happened without a personal brand that allowed me to grow in public. Andres Vourakis: It's improved my confidence, my ability to communicate ideas, and even how effectively I do my work as a data scientist. I've spent so much time reflecting on what I do and why I do it, especially when creating content, that I now have way more clarity in how I approach problems and explain my thinking. Your story is your safety net Traditional job security is fading away fast. I can't count how many top performers I've seen with impressive résumés who are finding themselves out of work with little warning. But what does exist, and is increasingly powerful, is the ability to position your skills and experience in a way that makes people want to work with you. That's what a personal brand does. It makes you visible, builds trust, and shows not just what you do, but how you think. And that combination attracts new opportunities (job offers, clients, collaborators, even investors) often before roles are ever publicly posted. Personal brands are the new, real job security—the safety net that ensures people know who you are, what you bring to the table, and why you're worth betting on. So start now. Start sharing your expertise, your story, your perspective. The earlier you build your brand, the more protected, and in demand, you'll be.
Medscape
4 hours ago
- Health
- Medscape
Empaveli Approved for C3G and Primary IC-MPGN
The FDA has approved pegcetacoplan (Empaveli, Apellis Pharmaceuticals, Inc.) for the treatment of C3 glomerulopathy (C3G) or primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) in patients aged 12 years and older. C3G and primary IC-MPGN are rare kidney diseases affecting approximately 5000 people in the US, particularly adolescents or young adults. They often lead to kidney failure requiring dialysis or kidney transplant. In the recently released Phase 3 VALIAN Trial 52-week results, patients receiving pegcetacoplan achieved and maintained a significant reduction in proteinuria over baseline, with a mean urine protein-to-creatinine ratio change at week 26 of -68.1% and at week 52 of -67.2%. In addition, the pegcetacoplan group showed a reduction in estimated glomerular filtration rate levels of -1.2 mL/min/1.73 m2 at week 26 and -3.7 mL/min/1.73 m2 at week 52. The most common adverse reactions were infusion site reactions, pyrexia, nasopharyngitis, influenza, cough, and nausea, according to a company press release. The product will carry a black box warning stating, 'Empaveli, a complement inhibitor, increases the risk of serious infections, especially those caused by encapsulated bacteria, such as Streptococcus pneumoniae, Neisseria meningitidis, and Haemophilus influenzae type B. 'Because of the risk of serious infections caused by encapsulated bacteria, Empaveli is available only through a restricted program under a Risk Evaluation and Mitigation Strategy (REMS) called the EMPAVELI REMS.' Kathleen Dallessio is the Senior Editor for Diabetes & Endocrinology and Nephrology at Medscape Medical News.
Yomiuri Shimbun
4 hours ago
- Science
- Yomiuri Shimbun
TEPCO Announces Delay to Large-Scale Retrieval of Debris at N-Plant; 2051 Still Eyed for End of Process
The start of the large-scale retrieval of melted nuclear fuel from reactors at Tokyo Electric Power Company Holdings, Inc.'s Fukushima No. 1 nuclear power plant has been delayed to between 2037 and 2040, TEPCO announced Tuesday. The retrieval work was originally set to start in the early 2030s, but it has been pushed back as TEPCO has found that it needs to demolish a structure with high levels of radiation adjacent to the No. 3 reactor building to ensure the safety of the work. Although the start is delayed, the government and TEPCO still aim for the decommissioning of the reactors to be completed by 2051. The 2011 meltdown generated an estimated total of 880 tons of debris in the Nos. 1 to 3 reactors. TEPCO plans to begin the full-scale removal at the No. 3 reactor. The company said at a press conference that the details of work after debris retrieval are uncertain as the method of managing it has not yet been decided. The planned method for the retrieval is that the debris will be broken into smaller pieces using specialized equipment before being dropped to the bottom of the reactor containment vessel. It will then be taken out through an opening in the side. Filler material will be added to areas where there is debris that is highly radioactive or in an unstable condition to ensure safety.
Globe and Mail
12 hours ago
- Business
- Globe and Mail
BXP Announces Second Quarter 2025 Results
BXP, Inc. (NYSE: BXP) , the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the second quarter ended June 30, 2025. Financial Highlights Second Quarter 2025: Revenue increased 2.1% to $868.5 million for the quarter ended June 30, 2025, compared to $850.5 million for the quarter ended June 30, 2024. Net income attributable to BXP, Inc. of $89.0 million, or $0.56 per diluted share (EPS), for the quarter ended June 30, 2025, compared to $79.6 million, or $0.51 per diluted share, for the quarter ended June 30, 2024. EPS exceeded the midpoint of BXP's guidance by $0.17 per diluted share primarily due to the gain on sale recognized in connection with the transaction involving 17 Hartwell Avenue discussed below of $0.10 per diluted share, as well as better-than-projected Funds from Operations (FFO) of $0.05 per diluted share. Funds from Operations (FFO) of $271.7 million, or $1.71 per diluted share, for the quarter ended June 30, 2025, compared to FFO of $278.4 million, or $1.77 per diluted share, for the quarter ended June 30, 2024. FFO exceeded the midpoint of BXP's guidance by $0.05 per diluted share primarily due to better-than-projected portfolio performance. Guidance BXP provided guidance for third quarter 2025 EPS of $0.41 - $0.43 and FFO of $1.69 - $1.71 per diluted share, and update guidance for full year 2025 EPS of $1.74 - $1.82 and FFO of $6.84 - $6.92 per diluted share. The midpoint of full year 2025 guidance for EPS increased by $0.12 per diluted share primarily due to the gain on sale in connection with the 17 Hartwell Avenue transaction as well as better-than-projected FFO. The midpoint of full year 2025 guidance for FFO increased by $0.02 per diluted share due to better-than-projected portfolio performance. See 'EPS and FFO per Share Guidance' below. Leasing & Occupancy Executed 91 leases in the second quarter totaling more than 1.1 million square feet with a weighted-average lease term of 9.4 years. Notable leases for the second quarter include approximately 200,000 square feet on development projects in the Washington, DC region: an approximately 126,000 square foot lease with a global law firm at 725 12th Street, a redevelopment project that is now 87% pre-leased; and an approximately 75,000 square foot lease with a defense technology company at Reston Next Office Phase II, a development project that is now 95% pre-leased. BXP's CBD portfolio of premier workplaces was 89.9% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP) for the second quarter. Approximately 89.0% of BXP's Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP's strategy to invest in the highest quality buildings in dynamic urban gateway markets. BXP's total portfolio occupancy for the second quarter was 86.4%. As previously communicated during our Q1 2025 Earnings Call on April 30, 2025, total portfolio occupancy declined in the second quarter by 50 basis points primarily due to the known expiration of a 360,000 square foot lease in the Boston region. BXP's total portfolio percentage leased for the second quarter was 89.1% (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). The difference between leased and occupied square footage has grown to 270 basis points, which represents approximately 1.3 million square feet of space which is expected to commence in 2025 and 2026. Development BXP will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. 343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace located on one of the best office development sites in Manhattan with direct access to Grand Central Station. BXP is electing to acquire our partner's 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. In addition, BXP signed a letter of intent with a prospective client for approximately 274,000 square feet, or 30% of the building's square footage and BXP has other tenant proposals in discussion, underscoring the continued strong demand for the future premier workplace. 343 Madison represents a strong and significant value creation opportunity for shareholders. Transactions As part of BXP's strategy to use residential entitlements to maximize the value of its land holdings, BXP is redeveloping 17 Hartwell Avenue, into a fully entitled, 312-unit residential project in Lexington, Massachusetts with its investor, Northwestern Mutual. BXP sold 17 Hartwell Avenue to the new venture for approximately $21.8 million in cash. BXP also contributed development costs of approximately $5.6 million for its 20% ownership interest. BXP recognized a gain upon sale of the property of approximately $18.4 million. BXP will be the development manager for the project. In addition, the project entered into a $98.7 million construction loan that is scheduled to mature on July 10, 2030, and bears interest at a fixed rate of 6.75% per annum. 17 Hartwell is expected to be completed in mid-2027. Sustainability & Impact In connection with Earth Day, BXP published its 2024 Sustainability & Impact Report, which highlights that, among other things, BXP achieved its net-zero goal of carbon-neutral operations for Scopes 1 and 2 greenhouse gas emissions. EPS and FFO per Share Guidance: BXP's guidance for the third quarter of 2025 and full year 2025 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management's view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP's actual results will not differ materially from the estimates set forth below. The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2025. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results. BXP will host a conference call on Wednesday, July 30, 2025 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP's website at Shortly after the call, a replay of the call will be available on BXP's website at for up to twelve months following the call. Additionally, a copy of BXP's second quarter 2025 'Supplemental Operating and Financial Data' and this press release are available in the Investors section of BXP's website at BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2025, including properties owned by unconsolidated joint ventures, BXP's portfolio totals 53.7 million square feet and 186 properties, including ten properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram. This press release includes references to 'BXP's Share of annualized rental obligations.' We define rental obligations as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Further, "annualized rental obligations" is defined as monthly rental obligations, as of the last day of the reporting period, multiplied by twelve (12). "BXP's Share" is based on annualized rental obligations for our consolidated portfolio, plus our share of annualized rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of annualized rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies. This press release contains 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words 'anticipates,' 'believes,' 'budgeted,' 'could,' 'estimates,' 'expects,' 'guidance,' 'intends,' 'may,' 'might,' 'plans,' 'projects,' 'should,' 'will,' and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP's control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients' financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP's accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law. Financial tables follow. BXP, INC. (Unaudited) June 30, 2025 December 31, 2024 (in thousands, except for share and par value amounts) ASSETS Real estate, at cost $ 26,632,189 $ 26,391,933 Construction in progress 1,047,687 764,640 Land held for future development 748,198 714,050 Right of use assets - finance leases 372,839 372,922 Right of use assets - operating leases 325,670 334,767 Less: accumulated depreciation (7,863,743 ) (7,528,057 ) Total real estate 21,262,840 21,050,255 Cash and cash equivalents 446,953 1,254,882 Cash held in escrows 80,888 80,314 Investments in securities 41,062 39,706 Tenant and other receivables, net 109,683 107,453 Note receivable, net 6,711 4,947 Related party note receivables, net 88,825 88,779 Sales-type lease receivable, net 15,188 14,657 Accrued rental income, net 1,509,347 1,466,220 Deferred charges, net 809,033 813,345 Prepaid expenses and other assets 89,624 70,839 Investments in unconsolidated joint ventures 1,161,036 1,093,583 Total assets $ 25,621,190 $ 26,084,980 LIABILITIES AND EQUITY Liabilities: Mortgage notes payable, net $ 4,278,788 $ 4,276,609 Unsecured senior notes, net 9,800,577 10,645,077 Unsecured line of credit 185,000 — Unsecured term loans, net 796,640 798,813 Unsecured commercial paper 750,000 500,000 Lease liabilities - finance leases 365,897 370,885 Lease liabilities - operating leases 399,174 392,686 Accounts payable and accrued expenses 480,158 401,874 Dividends and distributions payable 172,732 172,486 Accrued interest payable 120,975 128,098 Other liabilities 416,838 450,796 Total liabilities 17,766,779 18,137,324 Commitments and contingencies — — Redeemable deferred stock units 6,981 9,535 Equity: Stockholders' equity attributable to BXP, Inc.: Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — — Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding — — Common stock, $0.01 par value, 250,000,000 shares authorized, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively 1,584 1,582 Additional paid-in capital 6,854,753 6,836,093 Dividends in excess of earnings (1,579,770 ) (1,419,575 ) Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024 (2,722 ) (2,722 ) Accumulated other comprehensive loss (15,059 ) (2,072 ) Total stockholders' equity attributable to BXP, Inc. 5,258,786 5,413,306 Noncontrolling interests: Common units of the Operating Partnership 584,651 591,270 Property partnerships 2,003,993 1,933,545 Total equity 7,847,430 7,938,121 Total liabilities and equity $ 25,621,190 $ 26,084,980 BXP, INC. (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (in thousands, except for per share amounts) Revenue Lease $ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145 Parking and other 34,799 34,615 65,041 66,831 Hotel 14,773 14,812 24,370 22,998 Development and management services 8,846 6,352 18,621 12,506 Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148 8,603 8,441 Total revenue 868,457 850,482 1,733,672 1,689,921 Expenses Operating Rental 332,062 321,426 663,640 635,583 Hotel 9,365 9,839 16,930 15,854 General and administrative 42,516 44,109 94,800 94,127 Payroll and related costs from management services contracts 4,104 4,148 8,603 8,441 Transaction costs 357 189 1,125 702 Depreciation and amortization 223,819 219,542 443,926 438,258 Total expenses 612,223 599,253 1,229,024 1,192,965 Other income (expense) Income (loss) from unconsolidated joint ventures (3,324 ) (5,799 ) (5,463 ) 13,387 Gain on sale of real estate 18,390 — 18,390 — Loss on sales-type lease — — (2,490 ) — Interest and other income (loss) 8,063 10,788 15,813 25,317 Gains (losses) from investments in securities 2,600 315 2,235 2,587 Unrealized gain (loss) on non-real estate investment (39 ) 58 (522 ) 454 Impairment loss — — — (13,615 ) Loss from early extinguishment of debt — — (338 ) — Interest expense (162,783 ) (149,642 ) (326,227 ) (311,533 ) Net income 119,141 106,949 206,046 213,553 Net income attributable to noncontrolling interests Noncontrolling interests in property partnerships (20,100 ) (17,825 ) (38,849 ) (35,046 ) Noncontrolling interest—common units of the Operating Partnership (10,064 ) (9,509 ) (17,036 ) (19,009 ) Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498 Basic earnings per common share attributable to BXP, Inc. Net income $ 0.56 $ 0.51 $ 0.95 $ 1.02 Weighted average number of common shares outstanding 158,312 157,039 158,257 157,011 Diluted earnings per common share attributable to BXP, Inc. Net income $ 0.56 $ 0.51 $ 0.95 $ 1.01 Weighted average number of common and common equivalent shares outstanding 158,795 157,291 158,713 157,210 BXP, INC. FUNDS FROM OPERATIONS (1) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 (in thousands, except for per share amounts) Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498 Add: Noncontrolling interest - common units of the Operating Partnership 10,064 9,509 17,036 19,009 Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046 Net income 119,141 106,949 206,046 213,553 Add: Depreciation and amortization expense 223,819 219,542 443,926 438,258 Noncontrolling interests in property partnerships' share of depreciation and amortization (20,945 ) (19,203 ) (41,409 ) (37,898 ) Company's share of depreciation and amortization from unconsolidated joint ventures 16,674 19,827 34,001 40,050 Corporate-related depreciation and amortization (600 ) (406 ) (1,316 ) (825 ) Non-real estate related amortization 2,131 2,130 4,261 4,260 Loss on sales-type lease — — 2,490 — Impairment loss — — — 13,615 Less: Gain on sale of real estate 18,390 — 18,390 — Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — — — 21,696 Unrealized gain (loss) on non-real estate investment (39 ) 58 (522 ) 454 Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046 Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 301,769 310,956 591,282 613,817 Less: Noncontrolling interest - common units of the Operating Partnership's share of funds from operations 30,117 32,557 59,010 64,144 Funds from operations attributable to BXP, Inc. $ 271,652 $ 278,399 $ 532,272 $ 549,673 BXP, Inc.'s percentage share of funds from operations - basic 90.02 % 89.53 % 90.02 % 89.55 % Weighted average shares outstanding - basic 158,312 157,039 158,257 157,011 FFO per share basic $ 1.72 $ 1.77 $ 3.36 $ 3.50 Weighted average shares outstanding - diluted 158,795 157,291 158,713 157,210 FFO per share diluted $ 1.71 $ 1.77 $ 3.35 $ 3.50 (1) Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts ('Nareit'), we calculate Funds from Operations, or 'FFO,' by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company's real estate across reporting periods and to the operating performance of other companies. Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company's operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company's consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company's financial information prepared in accordance with GAAP. BXP, INC. PORTFOLIO LEASING PERCENTAGES CBD Portfolio % Occupied by Location (1) % Leased by Location (2) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Boston 97.0 % 95.9 % 98.5 % 97.5 % Los Angeles 86.3 % 84.9 % 86.9 % 87.4 % New York 87.2 % 90.8 % 93.0 % 93.6 % San Francisco 81.8 % 84.3 % 83.8 % 85.2 % Seattle 84.6 % 81.6 % 85.9 % 83.5 % Washington, DC 91.1 % 91.9 % 92.7 % 93.6 % CBD Portfolio 89.9 % 90.9 % 92.5 % 92.8 % Total Portfolio % Occupied by Location (1) % Leased by Location (2) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 Boston 89.7 % 89.7 % 91.2 % 91.5 % Los Angeles 86.3 % 84.9 % 86.9 % 87.4 % New York 84.4 % 87.1 % 90.2 % 90.0 % San Francisco 78.7 % 80.8 % 80.7 % 81.7 % Seattle 84.6 % 81.6 % 85.9 % 83.5 % Washington, DC 90.5 % 91.4 % 92.3 % 93.0 % Total Portfolio 86.4 % 87.5 % 89.1 % 89.4 % (1) Represents signed leases for which revenue recognition has commenced in accordance with GAAP.
