BXP owns and operates premier office buildings concentrated in major U.S. gateway cities including Boston, New York, San Francisco and Washington, D.C., one of the largest owners of high-quality office real estate in these markets. As a real estate investment trust, the company distributes most of its taxable income to shareholders as dividends, generating revenue from office building rental income across its portfolio of owned properties. BXP's focus on premier, well-located office buildings in major coastal gateway cities differs from office landlords with more geographically dispersed or lower-quality property portfolios, targeting tenants willing to pay premium rents for prime office locations. The company's rental income and property values have faced pressure in recent years from the broader shift toward remote and hybrid work arrangements, which has reduced overall office space demand even as high-quality, well-located buildings have generally outperformed lower-quality office properties.