What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-06 · 373 added, 236 removed, 1085 unchanged (36% of the section changed)

2 unchanged sentences

(unaudited and in thousands, except for share and par value amounts)

June 30, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,917,248 and $ 7,797,430 at June 30, 2025 and December 31, 2024, respectively)

September 30, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,958,987 and $ 7,797,430 at September 30, 2025 and December 31, 2024, respectively)

$ 28,609,784 $ 27,870,623

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at June 30, 2025 and December 31, 2024, respectively)

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at September 30, 2025 and December 31, 2024, respectively)

372,747 372,922

Right of use assets - operating leases (amounts related to VIEs of $ 131,751 and $ 140,558 at June 30, 2025 and December 31, 2024, respectively)

Right of use assets - operating leases (amounts related to VIEs of $ 0 and $ 140,558 at September 30, 2025 and December 31, 2024, respectively)

321,063 334,767

accumulated depreciation (amounts related to VIEs of $( 1,698,752 ) and $( 1,628,274 ) at June 30, 2025 and December 31, 2024, respectively)

accumulated depreciation (amounts related to VIEs of $( 1,721,829 ) and $( 1,628,274 ) at September 30, 2025 and December 31, 2024, respectively)

( 8,008,908 ) ( 7,528,057 )

Total real estate 21,294,686 21,050,255

Cash and cash equivalents (amounts related to VIEs of $ 319,475 and $ 373,737 at June 30, 2025 and December 31, 2024, respectively)

Cash and cash equivalents (amounts related to VIEs of $ 191,606 and $ 373,737 at September 30, 2025 and December 31, 2024, respectively)

861,066 1,254,882

Cash held in escrows (amounts related to VIEs of $ 4,997 and $ 4,979 at June 30, 2025 and December 31, 2024, respectively)

Cash held in escrows (amounts related to VIEs of $ 5,003 and $ 4,979 at September 30, 2025 and December 31, 2024, respectively)

77,663 80,314

Investments in securities 43,604 39,706

Tenant and other receivables, net (amounts related to VIEs of $ 31,572 and $ 20,435 at June 30, 2025 and December 31, 2024, respectively)

Tenant and other receivables, net (amounts related to VIEs of $ 42,233 and $ 20,435 at September 30, 2025 and December 31, 2024, respectively)

136,743 107,453

2 unchanged sentences

Sales-type lease receivable, net 15,430 14,657

Accrued rental income, net (amounts related to VIEs of $ 452,950 and $ 435,110 at June 30, 2025 and December 31, 2024, respectively)

Accrued rental income, net (amounts related to VIEs of $ 465,408 and $ 435,110 at September 30, 2025 and December 31, 2024, respectively)

1,532,403 1,466,220

Deferred charges, net (amounts related to VIEs of $ 208,365 and $ 211,726 at June 30, 2025 and December 31, 2024, respectively)

Deferred charges, net (amounts related to VIEs of $ 206,016 and $ 211,726 at September 30, 2025 and December 31, 2024, respectively)

802,785 813,345

Prepaid expenses and other assets (amounts related to VIEs of $ 18,569 and $ 15,036 at June 30, 2025 and December 31, 2024, respectively)

Prepaid expenses and other assets (amounts related to VIEs of $ 51,682 and $ 15,036 at September 30, 2025 and December 31, 2024, respectively)

137,561 70,839

2 unchanged sentences

LIABILITIES AND EQUITY

Mortgage notes payable, net (amounts related to VIEs of $ 3,284,449 and $ 3,282,027 at June 30, 2025 and December 31, 2024, respectively)

Mortgage notes payable, net (amounts related to VIEs of $ 3,285,659 and $ 3,282,027 at September 30, 2025 and December 31, 2024, respectively)

$ 4,279,482 $ 4,276,609

Unsecured senior notes, net 9,803,336 10,645,077

Unsecured exchangeable senior notes, net 975,080 —

Unsecured line of credit — —

1 unchanged sentence

Unsecured commercial paper 750,000 500,000

Lease liabilities - finance leases (amounts related to VIEs of $ 21,010 and $ 20,931 at June 30, 2025 and December 31, 2024, respectively)

Lease liabilities - finance leases (amounts related to VIEs of $ 21,042 and $ 20,931 at September 30, 2025 and December 31, 2024, respectively)

363,207 370,885

Lease liabilities - operating leases (amounts related to VIEs of $ 163,981 and $ 157,691 at June 30, 2025 and December 31, 2024, respectively)

Lease liabilities - operating leases (amounts related to VIEs of $ 0 and $ 157,691 at September 30, 2025 and December 31, 2024, respectively)

379,792 392,686

Accounts payable and accrued expenses (amounts related to VIEs of $ 144,822 and $ 115,808 at June 30, 2025 and December 31, 2024, respectively)

Accounts payable and accrued expenses (amounts related to VIEs of $ 111,058 and $ 115,808 at September 30, 2025 and December 31, 2024, respectively)

484,798 401,874

2 unchanged sentences

120,128 128,098

Other liabilities (amounts related to VIEs of $ 93,554 and $ 126,202 at June 30, 2025 and December 31, 2024, respectively)

416,838 450,796

Total liabilities 17,766,779 18,137,324

CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except for share and par value amounts)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Other liabilities (amounts related to VIEs of $ 91,767 and $ 126,202 at September 30, 2025 and December 31, 2024, respectively)

406,820 450,796

Total liabilities 18,482,700 18,137,324

Commitments and contingencies (See Note 8)

Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively

Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively

Stockholders’ equity attributable to BXP, Inc.:

1 unchanged sentence

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

Common stock, $ 0.01 par value, 250,000,000 shares authorized, 158,479,314 and 158,253,895 issued and 158,400,414 and 158,174,995 outstanding at September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

1 unchanged sentence

Dividends in excess of earnings ( 1,812,361 ) ( 1,419,575 )

Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024

Treasury common stock at cost, 78,900 shares at September 30, 2025 and December 31, 2024

( 2,722 ) ( 2,722 )

10 unchanged sentences

(unaudited and in thousands, except for per share amounts)

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

15 unchanged sentences

Income (loss) from unconsolidated joint ventures ( 148,329 ) ( 7,011 ) ( 153,792 ) 6,376

Gain on sale of real estate 18,390 — 18,390 —

Gains on sales of real estate 1,932 517 20,322 517

Loss on sales-type lease — — ( 2,490 ) —

2 unchanged sentences

Unrealized gain (loss) on non-real estate investments 178 94 ( 344 ) 548

Impairment loss — — — ( 13,615 )

Impairment losses ( 68,901 ) — ( 68,901 ) ( 13,615 )

Loss from early extinguishment of debt — — ( 338 ) —

Interest expense ( 164,299 ) ( 163,194 ) ( 490,526 ) ( 474,727 )

Net income 119,141 106,949 206,046 213,553

Net income attributable to noncontrolling interests

Net income (loss) ( 116,840 ) 108,452 89,206 322,005

Net (income) loss attributable to noncontrolling interests

Noncontrolling interests in property partnerships ( 17,853 ) ( 15,237 ) ( 56,702 ) ( 50,283 )

Noncontrolling interest—common units of the Operating Partnership 12,981 ( 9,587 ) ( 4,054 ) ( 28,596 )

Net income attributable to BXP, Inc.

Net income (loss) attributable to BXP, Inc.

$ ( 121,712 ) $ 83,628 $ 28,450 $ 243,126

Basic earnings per common share attributable to BXP, Inc.

Net income $ 0.56 $ 0.51 $ 0.95 $ 1.02

Net income (loss) $ ( 0.77 ) $ 0.53 $ 0.18 $ 1.55

Weighted average number of common shares outstanding 158,345 157,725 158,287 157,250

Diluted earnings per common share attributable to BXP, Inc.

Net income $ 0.56 $ 0.51 $ 0.95 $ 1.01

Net income (loss) $ ( 0.77 ) $ 0.53 $ 0.18 $ 1.54

Weighted average number of common and common equivalent shares outstanding

1 unchanged sentence

The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

Net income $ 119,141 $ 106,949 $ 206,046 $ 213,553

Net income (loss) $ ( 116,840 ) $ 108,452 $ 89,206 $ 322,005

Other comprehensive income (loss):

2 unchanged sentences

Other comprehensive income (loss) 397 ( 29,186 ) ( 13,742 ) ( 5,458 )

Comprehensive income 115,197 110,966 191,907 237,281

Comprehensive income (loss) ( 116,443 ) 79,266 75,464 316,547

Net income attributable to noncontrolling interests ( 4,872 ) ( 24,824 ) ( 60,756 ) ( 78,879 )

Other comprehensive (income) loss attributable to noncontrolling interests ( 169 ) 2,913 983 177

Comprehensive income attributable to BXP, Inc.

Comprehensive income (loss) attributable to BXP, Inc.

$ ( 121,484 ) $ 57,355 $ 15,691 $ 237,845

_______________

(1) Amounts reclassified from comprehensive income primarily to interest expense within BXP, Inc.’s Consolidated Statements of Operations .

(1) Amounts reclassified from comprehensive income (loss) primarily to interest expense within BXP, Inc.’s Consolidated Statements of Operations .

The accompanying notes are an integral part of these consolidated financial statements.

4 unchanged sentences

Shares Amount

Equity, March 31, 2025 158,323 $ 1,583 $ 6,846,015 $ ( 1,513,555 ) $ ( 2,722 ) $ ( 11,379 ) $ 591,555 $ 1,938,344 $ 7,849,841

Equity, June 30, 2025 158,366 $ 1,584 $ 6,854,753 $ ( 1,579,770 ) $ ( 2,722 ) $ ( 15,059 ) $ 584,651 $ 2,003,993 $ 7,847,430

Redemption of operating partnership units to common stock 28 — 876 — — — ( 876 ) — —

Allocated net income for the period — — — 88,984 — — 10,057 20,100 119,141

Allocated net income (loss) for the period — — — ( 121,711 ) — — ( 12,982 ) 17,853 ( 116,840 )

Dividends/distributions declared — — — ( 110,880 ) — — ( 12,950 ) — ( 123,830 )

1 unchanged sentence

Net activity from stock option and incentive plan ( 1 ) — 99 — — — 3,551 — 3,650

Capped call transactions premium — — ( 35,000 ) — — — — — ( 35,000 )

Acquisition of noncontrolling interest in property partnership — — ( 139 ) — — — — ( 43,465 ) ( 43,604 )

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 212 ) — — — — 1,802 1,590

3 unchanged sentences

Reallocation of noncontrolling interest — — 6,979 — — — ( 6,979 ) — —

Equity, June 30, 2025

Equity, September 30, 2025

158,400 $ 1,584 $ 6,827,889 $ ( 1,812,361 ) $ ( 2,722 ) $ ( 14,831 ) $ 554,440 $ 1,954,777 $ 7,508,776

Equity, March 31, 2024 157,049 $ 1,570 $ 6,752,648 $ ( 890,177 ) $ ( 2,722 ) $ ( 3,620 ) $ 684,969 $ 1,734,904 $ 8,277,572

Equity, June 30, 2024 157,098 $ 1,571 $ 6,768,686 $ ( 964,518 ) $ ( 2,722 ) $ ( 155 ) $ 677,789 $ 1,801,676 $ 8,282,327

Redemption of operating partnership units to common stock 875 9 30,983 — — — ( 30,992 ) — —

1 unchanged sentence

Dividends/distributions declared — — — ( 154,820 ) — — ( 17,986 ) — ( 172,806 )

Shares issued pursuant to stock purchase plan 9 — 541 — — — — — 541

Net activity from stock option and incentive plan ( 2 ) — ( 1,773 ) — — — 3,225 — 1,452

4 unchanged sentences

Reallocation of noncontrolling interest — — 437 — — — ( 437 ) — —

Equity, June 30, 2024

Equity, September 30, 2024

157,980 $ 1,580 $ 6,822,489 $ ( 1,035,710 ) $ ( 2,722 ) $ ( 26,428 ) $ 638,129 $ 1,874,272 $ 8,271,610

10 unchanged sentences

Net activity from stock option and incentive plan 68 — 4,442 — — — 35,276 — 39,718

Capped call transactions premium — — ( 35,000 ) — — — — — ( 35,000 )

Acquisition of noncontrolling interest in property partnership — — ( 139 ) — — — — ( 43,465 ) ( 43,604 )

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 3,934 ) — — — — 71,115 67,181

3 unchanged sentences

Reallocation of noncontrolling interest — — 20,811 — — — ( 20,811 ) — —

Equity, June 30, 2025

Equity, September 30, 2025

158,400 $ 1,584 $ 6,827,889 $ ( 1,812,361 ) $ ( 2,722 ) $ ( 14,831 ) $ 554,440 $ 1,954,777 $ 7,508,776

10 unchanged sentences

Reallocation of noncontrolling interest — — ( 1,465 ) — — — 1,465 — —

Equity, June 30, 2024

Equity, September 30, 2024

157,980 $ 1,580 $ 6,822,489 $ ( 1,035,710 ) $ ( 2,722 ) $ ( 26,428 ) $ 638,129 $ 1,874,272 $ 8,271,610

2 unchanged sentences

(unaudited and in thousands)

Six months ended June 30,

Nine months ended September 30,

Cash flows from operating activities:

2 unchanged sentences

Depreciation and amortization 680,073 661,148

Impairment loss — 13,615

Impairment losses 68,901 13,615

Amortization of right of use assets - operating leases 299 1,719

7 unchanged sentences

Loss from early extinguishments of debt 338 —

Gain on sale of real estate ( 18,390 ) —

Gains on sales of real estate ( 20,322 ) ( 517 )

Loss on sales-type lease 2,490 —

19 unchanged sentences

Capital contributions to unconsolidated joint ventures ( 118,524 ) ( 87,498 )

Capital distributions from unconsolidated joint ventures 29,211 —

Investment in non-real estate investments ( 2,060 ) ( 1,500 )

4 unchanged sentences

(unaudited and in thousands)

Six months ended June 30,

Nine months ended September 30,

Cash flows from financing activities:

Repayments of mortgage notes payable ( 3,195 ) ( 3,461 )

Proceeds from unsecured senior notes — 849,671

Repayment / redemption of unsecured senior notes ( 850,000 ) ( 700,000 )

Proceeds from unsecured exchangeable senior notes 1,000,000 —

Borrowings on unsecured line of credit 865,000 —

6 unchanged sentences

Deferred financing costs ( 37,145 ) ( 10,892 )

Capped call transactions premium ( 35,000 ) —

Net activity from equity transactions ( 433 ) ( 1,728 )

2 unchanged sentences

Distributions to noncontrolling interests in property partnerships ( 63,552 ) ( 52,353 )

Acquisition of noncontrolling interests in property partnerships ( 43,604 ) —

Net cash used in financing activities ( 245,644 ) ( 141,051 )

18 unchanged sentences

Right of use asset - finance lease reversal for re-assessment event $ — $ ( 28,962 )

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Nine months ended September 30,

Non-cash contributions from noncontrolling interests in property partnerships, net $ ( 2,548 ) $ 86,860

2 unchanged sentences

Mortgage note payable recorded upon consolidation $ — $ 207,093

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six months ended June 30,

Mortgage note payable converted to unsecured term loan $ — $ 100,000

Real estate and intangibles recorded upon consolidation $ — $ ( 220,015 )

8 unchanged sentences

(unaudited and in thousands, except for unit amounts)

June 30, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,917,248 and $ 7,797,430 at June 30, 2025 and December 31, 2024, respectively)

September 30, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,958,987 and $ 7,797,430 at September 30, 2025 and December 31, 2024, respectively)

$ 28,248,312 $ 27,504,358

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at June 30, 2025 and December 31, 2024, respectively)

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at September 30, 2025 and December 31, 2024, respectively)

372,747 372,922

Right of use assets - operating leases (amounts related to VIEs of $ 131,751 and $ 140,558 at June 30, 2025 and December 31, 2024, respectively)

Right of use assets - operating leases (amounts related to VIEs of $ 0 and $ 140,558 at September 30, 2025 and December 31, 2024, respectively)

321,063 334,767

accumulated depreciation (amounts related to VIEs of $( 1,698,752 ) and $( 1,628,274 ) at June 30, 2025 and December 31, 2024, respectively)

accumulated depreciation (amounts related to VIEs of $( 1,721,829 ) and $( 1,628,274 ) at September 30, 2025 and December 31, 2024, respectively)

( 7,875,405 ) ( 7,397,882 )

Total real estate 21,066,717 20,814,165

Cash and cash equivalents (amounts related to VIEs of $ 319,475 and $ 373,737 at June 30, 2025 and December 31, 2024, respectively)

Cash and cash equivalents (amounts related to VIEs of $ 191,606 and $ 373,737 at September 30, 2025 and December 31, 2024, respectively)

861,066 1,254,882

Cash held in escrows (amounts related to VIEs of $ 4,997 and $ 4,979 at June 30, 2025 and December 31, 2024, respectively)

Cash held in escrows (amounts related to VIEs of $ 5,003 and $ 4,979 at September 30, 2025 and December 31, 2024, respectively)

77,663 80,314

Investments in securities 43,604 39,706

Tenant and other receivables, net (amounts related to VIEs of $ 31,572 and $ 20,435 at June 30, 2025 and December 31, 2024, respectively)

Tenant and other receivables, net (amounts related to VIEs of $ 42,233 and $ 20,435 at September 30, 2025 and December 31, 2024, respectively)

136,743 107,453

2 unchanged sentences

Sales-type lease receivable, net 15,430 14,657

Accrued rental income, net (amounts related to VIEs of $ 452,950 and $ 435,110 at June 30, 2025 and December 31, 2024, respectively)

Accrued rental income, net (amounts related to VIEs of $ 465,408 and $ 435,110 at September 30, 2025 and December 31, 2024, respectively)

1,532,403 1,466,220

Deferred charges, net (amounts related to VIEs of $ 208,365 and $ 211,726 at June 30, 2025 and December 31, 2024, respectively)

Deferred charges, net (amounts related to VIEs of $ 206,016 and $ 211,726 at September 30, 2025 and December 31, 2024, respectively)

802,785 813,345

Prepaid expenses and other assets (amounts related to VIEs of $ 18,569 and $ 15,036 at June 30, 2025 and December 31, 2024, respectively)

Prepaid expenses and other assets (amounts related to VIEs of $ 51,682 and $ 15,036 at September 30, 2025 and December 31, 2024, respectively)

137,561 70,839

2 unchanged sentences

LIABILITIES AND CAPITAL

Mortgage notes payable, net (amounts related to VIEs of $ 3,284,449 and $ 3,282,027 at June 30, 2025 and December 31, 2024, respectively)

Mortgage notes payable, net (amounts related to VIEs of $ 3,285,659 and $ 3,282,027 at September 30, 2025 and December 31, 2024, respectively)

$ 4,279,482 $ 4,276,609

Unsecured senior notes, net 9,803,336 10,645,077

Unsecured exchangeable senior notes, net 975,080 —

Unsecured line of credit — —

1 unchanged sentence

Unsecured commercial paper 750,000 500,000

Lease liabilities - finance leases (amounts related to VIEs of $ 21,010 and $ 20,931 at June 30, 2025 and December 31, 2024, respectively)

Lease liabilities - finance leases (amounts related to VIEs of $ 21,042 and $ 20,931 at September 30, 2025 and December 31, 2024, respectively)

363,207 370,885

Lease liabilities - operating leases (amounts related to VIEs of $ 163,981 and $ 157,691 at June 30, 2025 and December 31, 2024, respectively)

Lease liabilities - operating leases (amounts related to VIEs of $ 0 and $ 157,691 at September 30, 2025 and December 31, 2024, respectively)

379,792 392,686

Accounts payable and accrued expenses (amounts related to VIEs of $ 144,822 and $ 115,808 at June 30, 2025 and December 31, 2024, respectively)

Accounts payable and accrued expenses (amounts related to VIEs of $ 111,058 and $ 115,808 at September 30, 2025 and December 31, 2024, respectively)

484,798 401,874

2 unchanged sentences

120,128 128,098

Other liabilities (amounts related to VIEs of $ 93,554 and $ 126,202 at June 30, 2025 and December 31, 2024, respectively)

Other liabilities (amounts related to VIEs of $ 91,767 and $ 126,202 at September 30, 2025 and December 31, 2024, respectively)

406,820 450,796

3 unchanged sentences

(unaudited and in thousands, except for unit amounts)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Commitments and contingencies (See Note 8)

Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively

Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively

Noncontrolling interests:

Redeemable partnership units— 15,707,557 and 15,730,882 common units and 2,720,300 and 2,335,229 long term incentive units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively

Redeemable partnership units— 15,696,776 and 15,730,882 common units and 2,702,590 and 2,335,229 long term incentive units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively

1,400,260 1,378,573

Boston Properties Limited Partnership partners’ capital— 1,767,941 and 1,762,411 general partner units and 156,598,336 and 156,412,584 limited partner units outstanding at June 30, 2025 and December 31, 2024, respectively

Boston Properties Limited Partnership partners’ capital— 1,767,998 and 1,762,411 general partner units and 156,632,416 and 156,412,584 limited partner units outstanding at September 30, 2025 and December 31, 2024, respectively

3,940,601 4,391,985

8 unchanged sentences

(unaudited and in thousands, except for per unit amounts)

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

15 unchanged sentences

Income (loss) from unconsolidated joint ventures ( 148,329 ) ( 7,011 ) ( 153,792 ) 6,376

Gain on sale of real estate 18,489 — 18,489 —

Gains on sales of real estate 1,932 517 20,421 517

Loss on sales-type lease — — ( 2,490 ) —

2 unchanged sentences

Unrealized gain (loss) on non-real estate investments 178 94 ( 344 ) 548

Impairment loss — — — ( 13,615 )

Impairment losses ( 65,988 ) — ( 65,988 ) ( 13,615 )

Loss from early extinguishment of debt — — ( 338 ) —

Interest expense ( 164,299 ) ( 163,194 ) ( 490,526 ) ( 474,727 )

Net income 120,943 108,652 209,551 216,953

Net income (loss) ( 112,224 ) 110,156 97,327 327,109

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships ( 17,853 ) ( 15,237 ) ( 56,702 ) ( 50,283 )

Net income attributable to Boston Properties Limited Partnership $ 100,843 $ 90,827 $ 170,702 $ 181,907

Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) $ 94,919 $ 40,625 $ 276,826

Basic earnings per common unit attributable to Boston Properties Limited Partnership

Net income $ 0.57 $ 0.52 $ 0.97 $ 1.04

Net income (loss) $ ( 0.74 ) $ 0.54 $ 0.23 $ 1.58

Weighted average number of common units outstanding 175,901 175,446 175,842 175,369

Diluted earnings per common unit attributable to Boston Properties Limited Partnership

Net income $ 0.57 $ 0.52 $ 0.97 $ 1.04

Net income (loss) $ ( 0.74 ) $ 0.54 $ 0.23 $ 1.58

Weighted average number of common and common equivalent units outstanding

2 unchanged sentences

BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

Net income $ 120,943 $ 108,652 $ 209,551 $ 216,953

Net income (loss) $ ( 112,224 ) $ 110,156 $ 97,327 $ 327,109

Other comprehensive income (loss):

2 unchanged sentences

Other comprehensive income (loss) 397 ( 29,186 ) ( 13,742 ) ( 5,458 )

Comprehensive income 116,999 112,669 195,412 240,681

Comprehensive income (loss) ( 111,827 ) 80,970 83,585 321,651

Comprehensive income attributable to noncontrolling interests ( 17,997 ) ( 15,381 ) ( 57,134 ) ( 50,715 )

Comprehensive income attributable to Boston Properties Limited Partnership $ 96,755 $ 94,700 $ 156,275 $ 205,347

Comprehensive income (loss) attributable to Boston Properties Limited Partnership $ ( 129,824 ) $ 65,589 $ 26,451 $ 270,936

_______________

(1) Amounts reclassified from comprehensive income primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations.

(1) Amounts reclassified from comprehensive income (loss) primarily to interest expense within Boston Properties Limited Partnership’s Consolidated Statements of Operations.

The accompanying notes are an integral part of these consolidated financial statements.

6 unchanged sentences

Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units

Equity, March 31, 2025 1,767 156,556 $ 4,408,383 $ ( 11,379 ) $ 1,938,344 $ 6,335,348 $ 1,280,106

Equity, June 30, 2025 1,768 156,598 $ 4,340,850 $ ( 15,059 ) $ 2,003,993 $ 6,329,784 $ 1,285,061

Net activity from contributions and unearned compensation — 6 632 — — 632 3,551

Allocated net income for the period — — 90,786 — 20,100 110,886 10,057

Allocated net income (loss) for the period — — ( 117,095 ) — 17,853 ( 99,242 ) ( 12,982 )

Distributions — — ( 110,880 ) — — ( 110,880 ) ( 12,950 )

3 unchanged sentences

Amortization of interest rate contracts — — — 1,379 144 1,523 154

Capped call transactions premium — — ( 35,000 ) — — ( 35,000 ) —

Acquisition of noncontrolling interest in property partnership — — ( 139 ) — ( 43,465 ) ( 43,604 ) —

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 212 ) — 1,802 1,590 —

Distributions to noncontrolling interests in property partnerships — — — — ( 25,550 ) ( 25,550 ) —

Equity, June 30, 2025

Equity, September 30, 2025

1,768 156,632 $ 3,940,601 $ ( 14,831 ) $ 1,954,777 $ 5,880,547 $ 1,400,260

Equity, March 31, 2024 1,762 155,287 $ 5,004,678 $ ( 3,620 ) $ 1,734,904 $ 6,735,962 $ 1,300,409

Equity, June 30, 2024 1,762 155,336 $ 5,010,460 $ ( 155 ) $ 1,801,676 $ 6,811,981 $ 1,230,848

Net activity from contributions and unearned compensation — 6 ( 1,232 ) — — ( 1,232 ) 3,225

7 unchanged sentences

Distributions to noncontrolling interests in property partnerships — — — — ( 14,894 ) ( 14,894 ) —

Equity, June 30, 2024

Equity, September 30, 2024

1,762 156,217 $ 4,685,471 $ ( 26,428 ) $ 1,874,272 $ 6,533,315 $ 1,500,501

14 unchanged sentences

Amortization of interest rate contracts — — — 5,417 432 5,849 601

Capped call transactions premium — — ( 35,000 ) — — ( 35,000 ) —

Acquisition of noncontrolling interest in property partnership — — ( 139 ) — ( 43,465 ) ( 43,604 ) —

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 3,934 ) — 71,115 67,181 —

Distributions to noncontrolling interests in property partnerships — — — — ( 63,552 ) ( 63,552 ) —

Equity, June 30, 2025

Equity, September 30, 2025

1,768 156,632 $ 3,940,601 $ ( 14,831 ) $ 1,954,777 $ 5,880,547 $ 1,400,260

9 unchanged sentences

Distributions to noncontrolling interests in property partnerships — — — — ( 52,353 ) ( 52,353 ) —

Equity, June 30, 2024 1,762 155,336 $ 5,010,460 $ ( 155 ) $ 1,801,676 $ 6,811,981 $ 1,230,848

Equity, September 30, 2024 1,762 156,217 $ 4,685,471 $ ( 26,428 ) $ 1,874,272 $ 6,533,315 $ 1,500,501

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(unaudited and in thousands)

Six months ended June 30,

Nine months ended September 30,

Cash flows from operating activities:

2 unchanged sentences

Depreciation and amortization 674,964 656,044

Impairment loss — 13,615

Impairment losses 65,988 13,615

Amortization of right of use assets - operating leases 299 1,719

7 unchanged sentences

Loss from early extinguishments of debt 338 —

Gain on sale of real estate ( 18,489 ) —

Gains on sales of real estate ( 20,421 ) ( 517 )

Loss on sales-type lease 2,490 —

19 unchanged sentences

Capital contributions to unconsolidated joint ventures ( 118,524 ) ( 87,498 )

Capital distributions from unconsolidated joint ventures 29,211 —

Investment in non-real estate investments ( 2,060 ) ( 1,500 )

5 unchanged sentences

(unaudited and in thousands)

Six months ended June 30,

Nine months ended September 30,

Cash flows from financing activities:

Repayments of mortgage notes payable ( 3,195 ) ( 3,461 )

Proceeds from unsecured senior notes — 849,671

Repayment / redemption of unsecured senior notes ( 850,000 ) ( 700,000 )

Proceeds from unsecured exchangeable senior notes 1,000,000 —

Borrowings on unsecured line of credit 865,000 —

6 unchanged sentences

Deferred financing costs ( 37,145 ) ( 10,892 )

Capped call transactions premium ( 35,000 ) —

Net activity from equity transactions ( 433 ) ( 1,728 )

2 unchanged sentences

Distributions to noncontrolling interests in property partnerships ( 63,552 ) ( 52,353 )

Acquisition of noncontrolling interests in property partnerships ( 43,604 ) —

Net cash used in financing activities ( 245,644 ) ( 141,051 )

18 unchanged sentences

Right of use asset - finance lease reversal for re-assessment event $ — $ ( 28,962 )

BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Nine months ended September 30,

Non-cash contributions from noncontrolling interests in property partnerships, net $ ( 2,548 ) $ 86,860

2 unchanged sentences

Mortgage notes payable recorded upon consolidation $ — $ 207,093

BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six months ended June 30,

Mortgage note payable converted to unsecured term loan $ — $ 100,000

Real estate and intangibles recorded upon consolidation $ — $ ( 220,015 )

8 unchanged sentences

BXP is a fully integrated, self-administered and self-managed REIT.

BXP is the sole general partner of BPLP, its operating partnership, and at June 30, 2025, owned an approximate 89.6 % ( 89.7 % at December 31, 2024) general and limited partnership interest in BPLP.

BXP is the sole general partner of BPLP, its operating partnership, and at September 30, 2025, owned an approximate 89.6 % ( 89.7 % at December 31, 2024) general and limited partnership interest in BPLP.

Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries.

12 unchanged sentences

LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2022 MYLTIP Units), whether vested or not, receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13).

At June 30, 2025, the Company owned or had joint venture interests in a portfolio of 186 commercial real estate properties (the “Properties”) aggregating approximately 53.7 million net rentable square feet of primarily office properties, including ten properties under construction/redevelopment totaling approximately 3.3 million net rentable square feet (See Note 14).

At June 30, 2025, the Properties consisted of:

• 162 office properties (including six properties under construction/redevelopment);

At September 30, 2025, the Company owned or had joint venture interests in a portfolio of 187 commercial real estate properties (the “Properties”) aggregating approximately 54.6 million net rentable square feet of primarily office properties, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet.

At September 30, 2025, the Properties consisted of:

• 163 office properties (including four properties under construction/redevelopment);

• 14 retail properties (including one property under construction);

6 unchanged sentences

The Company accounts for all other unconsolidated joint ventures using the equity method of accounting.

Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.

Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income (loss).

The accompanying interim financial statements are unaudited;

12 unchanged sentences

The assets of each VIE are only available to satisfy such VIE's respective liabilities.

The Company has identified 12 entities that are VIEs as of June 30, 2025 and has determined that it is the primary beneficiary for nine of these entities as of June 30, 2025.

The Company has identified 11 entities that are VIEs as of September 30, 2025 and has determined that it is the primary beneficiary for eight of these entities as of September 30, 2025.

Consolidated Variable Interest Entities

As of June 30, 2025, BXP has identified nine consolidated VIEs, including BPLP.

As of September 30, 2025, BXP has identified eight consolidated VIEs, including BPLP.

Excluding BPLP, the consolidated VIEs consisted of (i) the following six in-service properties:

767 Fifth Avenue (the General Motors Building), 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street, (ii) 343 Madison Avenue, which is categorized as land held for future development (See Note 14) and (iii) 290 Binney Street, which is currently under development.

767 Fifth Avenue (the General Motors Building), 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street and (ii) 290 Binney Street, which is currently under development.

The Company consolidates these VIEs because it is the primary beneficiary.

2 unchanged sentences

Variable Interest Entities Not Consolidated

As of June 30, 2025, BXP has identified three unconsolidated joint venture entities that are classified as VIEs.

As of September 30, 2025, BXP has identified three unconsolidated joint venture entities that are classified as VIEs.

The CAB 290 Coles Venture LLC, CAB 290 Coles Holdco LLC, and 17 Hartwell JV LLC joint ventures are VIEs because they do not have sufficient equity at risk.

In addition, the Company does not consolidate the entities as it does not have the power to direct the activities that, when taken together, most significantly impact the VIEs’ performance and, therefore, the Company is not considered to be the primary beneficiary.

Exchangeable Debt

On September 29, 2025, BPLP issued $ 1.0 billion aggregate principal amount of 2.00 % Exchangeable Senior Notes due 2030 (the “Notes”) in a private placement (see Note 6).

The Company accounts for the Notes in accordance with Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options (after the adoption of Accounting Standards Update (“ASU”) 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40):

Accounting for Contracts in an Entity's Own Equity (“ASU 2020-06”)).

The exchange feature embedded within the Notes is eligible for an exception from derivative accounting because it is indexed to BXP’s stock.

BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets.

such, the exchange feature embedded within the Notes meets the equity classification under ASC 815-40, Derivatives and Hedging—Contracts in Entity's Own Equity, therefore, the exchange feature is not bifurcated.

At each reporting period, the Company calculates the effect of the Notes on its dilutive earnings per common share / common unit using the if-converted method (See Note 12).

Concurrently with the pricing of the Notes, the Company entered into capped call transactions (“Capped Call Transactions”) with certain financial institutions.

The Capped Call Transactions cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the Notes.

Similar to the exchange feature embedded in the Notes, the Capped Call Transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded as a reduction to stockholders' equity for BXP and partners’ capital for BPLP.

Fair Value Measurements

The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes.

The table below presents for June 30, 2025 and December 31, 2024, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”).

The table below presents for September 30, 2025 and December 31, 2024, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”).

Financial Instrument Level

2 unchanged sentences

Unsecured senior notes (1) Level 1

Unsecured exchangeable senior notes (1) Level 1

Related party notes receivable Level 3

8 unchanged sentences

In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.

At June 30, 2025 and December 31, 2024, the Company had $ 750.0 million and $ 500.0 million, respectively, outstanding under its unsecured commercial paper program (See Note 6).

Due to their short-term maturity and stated interest rates that approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at June 30, 2025 and December 31, 2024.

The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 8.6 million and $ 7.1 million at June 30, 2025 and December 31, 2024, respectively.

At September 30, 2025 and December 31, 2024, the Company had $ 750.0 million and $ 500.0 million, respectively, outstanding under its unsecured commercial paper program (See Note 6).

The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 9.4 million and $ 7.1 million at September 30, 2025 and December 31, 2024, respectively.

The non-real estate investments utilize net asset value as the practical expedient.

Non-Recurring Fair Value

The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024

The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025 December 31, 2024

Amount Estimated

2 unchanged sentences

Related party notes receivable, net (1)

$ 88,879 $ 87,987 $ 88,779 $ 89,213

Note receivable, net 8,898 8,515 4,947 6,187

3 unchanged sentences

Unsecured senior notes, net 9,803,336 9,494,698 10,645,077 10,005,606

Unsecured exchangeable senior notes, net 975,080 999,132 — —

Unsecured line of credit — — — —

2 unchanged sentences

Total $ 16,604,696 $ 16,011,829 $ 16,220,499 $ 15,113,281

_______________

(1) See Note 14.

During the three months ended September 30, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated its properties that were under negotiation for sale with third-parties.

Based on shorter-than-expected hold periods, the Company reduced the carrying values of the properties that exceeded their fair value and recognized non-cash impairment losses (See Note 3).

As a result, during the three and nine months ended September 30, 2025, BXP and BPLP recognized aggregate impairment losses of approximately $ 68.9 million and $ 66.0 million, respectively.

The Company’s estimated fair value was based on Level 3 inputs as defined in ASC 820, including pending offers from third-parties, as pending offers are classified as Level 3 inputs and there were no other unobservable inputs utilized in the consolidated impairment analysis.

Recurring Fair Value

1 unchanged sentence

The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.

analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.

2 unchanged sentences

As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2025 and December 31, 2024 (in thousands):

Fair value June 30, 2025 December 31, 2024

The following table presents the aggregate fair value of the Company’s interest rate swaps as of September 30, 2025 and December 31, 2024 (in thousands):

Fair value September 30, 2025 December 31, 2024

Interest rate swaps $ ( 8,510 ) $ 5,252

The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings.

The Company maintains deferred compensation plans that are designed to allow officers and non-employee directors of BXP to defer a portion of the officer’s current income or the non-employee director’s current compensation on a pre-tax basis and receive a tax-deferred return on these amounts deferred based on the performance of specific investments selected by the officer or non-employee director.

The Company maintains deferred compensation plans that are designed to allow each officer and non-employee director of BXP to defer a portion of the officer’s income and the non-employee director’s compensation, respectively, on a pre-tax basis and receive a tax-deferred return on the amounts deferred based on the performance of specific investments selected by the plan participant.

The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future.

At June 30, 2025 and December 31, 2024, the Company had maintained approximately $ 40.9 million and $ 39.4 million, respectively, in separate accounts, which are not restricted as to their use.

The Company recognized gains of approximately $ 2.6 million and $ 0.3 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended June 30, 2025 and June 30, 2024, respectively, and approximately $ 2.2 million and $ 2.6 million during the six months ended June 30, 2025 and June 30, 2024, respectively, primarily due to the observable change in fair value.

At September 30, 2025 and December 31, 2024, the Company had maintained approximately $ 43.4 million and $ 39.4 million, respectively, in separate accounts, which are not restricted as to their use.

The Company recognized gains of approximately $ 2.4 million and $ 2.2 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended September 30, 2025 and September 30, 2024, respectively, and approximately $ 4.6 million and $ 4.8 million during the nine months ended September 30, 2025 and September 30, 2024, respectively, primarily due to the observable change in fair value.

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

Real estate consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024

Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025 December 31, 2024

Land $ 5,309,234 $ 5,318,724

11 unchanged sentences

(1) Includes pre-development costs.

Real estate consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024

Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):

September 30, 2025 December 31, 2024

Land $ 5,215,723 $ 5,224,015

13 unchanged sentences

On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts.

On April 5, 2025, 1050 Winter Street was partially placed in-service (See Note 14).

The project is fully pre-leased.

On July 1, 2025, the property was completed and fully placed in-service.

On July 17, 2025, the Company completed and fully placed in-service Reston Next Office Phase II, an approximately 87,000 net rentable square foot property comprised of office and retail space located in Reston, Virginia.

On July 31, 2025, the Company elected to commence vertical construction of 343 Madison Avenue (See Note 9).

343 Madison is an approximately 46 -story, 930,000 rentable square feet office development located in New York City, New York with direct access to Grand Central Station.

On June 27, 2025, the Company entered into a joint venture with a third-party to redevelop, own and operate 17 Hartwell Avenue in Lexington, Massachusetts.

The Company sold the land at 17 Hartwell Avenue to the joint venture for approximately $ 21.8 million in cash.

Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and is accounting for the joint venture on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture (See Note 5 ).

The Company recognized a gain upon sale of the real estate of approximately $ 18.4 million for BXP and $ 18.5 million for BPLP during the three and six months ended June 30, 2025, within Gain on Sale of Real Estate on the respective Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.

17 Hartwell Avenue contributed approximately $ 0.1 million and $ 0.3 million of net loss to the Company for the period from April 1, 2025 through June 26, 2025 and January 1, 2025 through June 26, 2025, respectively, and contributed approximately $ 23,000 and $ 0.3 million of net income to the Company for the three and six months ended June 30, 2024 , respectively.

Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and began accounting for the joint venture on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture (See Note 5 ).

BXP and BPLP recognized gains upon sale of the real estate of approximately $ 18.4 million and $ 18.5 million, respectively, during the nine months ended September 30, 2025, within Gains on Sales of Real Estate on the respective Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.

17 Hartwell Avenue contributed approximate ly $ 0.3 million of net loss to the Company for the period from January 1, 2025 through June 26, 2025, and contributed approximately $( 0.1 ) million and $ 0.2 million of net income (loss) to the Company for the three and nine months ended September 30, 2024 , respectively.

17 Hartwell Avenue was an approximately 30,000 net rentable square feet office property that was taken out of service during the three months ended June 30, 2024, and was held for future redevelopment.

The Company commenced demolition of the building during the three months ended June 30, 2025.

The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2025 and 2024 and included within the Company's Consolidated Statements of Operations (in thousands):

Three months ended June 30, Six months ended June 30,

The building has been demolished.

BXP recognized impairment losses of approximately $ 68.9 million during the three and nine months ended September 30, 2025.

The impairment losses consisted of the following (in thousands):

Property Location Property Type Amount

Plaza at Almaden (1)

San Jose, CA Land $ 25,515

1330 Connecticut Avenue Washington, DC Office 20,358

Shady Grove – Parcel 3 Rockville, MD Land 13,913

North First Business Park San Jose, CA Office 9,115

_______________

(1) See Note 14.

BPLP recognized impairment losses of approximately $ 66.0 million during the three and nine months ended September 30, 2025.

The impairment losses consisted of the following (in thousands):

Property Location Property Type Amount

Plaza at Almaden (1)

San Jose, CA Land $ 25,515

1330 Connecticut Avenue Washington, DC Office 17,460

Shady Grove – Parcel 3 Rockville, MD Land 13,913

North First Business Park San Jose, CA Office 9,100

_______________

(1) See Note 14.

The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and nine months ended September 30, 2025 and 2024 and included within the Company's Consolidated Statements of Operations (in thousands):

Three months ended September 30, Nine months ended September 30,

Lease Revenue 2025 2024 2025 2024

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Investments in Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at June 30, 2025 and December 31, 2024:

The investments in unconsolidated joint ventures consist of the following at September 30, 2025 and December 31, 2024:

Carrying Value of Investment (1)

Entity Properties Nominal % Ownership June 30, 2025 December 31,

Entity Properties Nominal % Ownership September 30, 2025 December 31,

(in thousands)

3 unchanged sentences

501 K Street LLC 1001 6th Street 50.00 % 45,772 45,903

Podium Developer LLC The Hub on Causeway - Podium 50.00 % 40,492 42,310

Podium Venture LLC The Hub on Causeway - Podium 50.00 % (3) 55,231 42,310

Residential Tower Developer LLC Hub50House 50.00 % 33,654 42,493

Hotel Tower Developer LLC The Hub on Causeway - Hotel Air Rights 50.00 % 11,849 14,271

Office Tower Developer LLC 100 Causeway Street 50.00 % 55,852 55,810

Office Venture LLC 100 Causeway Street 50.00 % (3) 48,833 55,810

1265 Main Office JV LLC 1265 Main Street 50.00 % 3,217 3,476

17 unchanged sentences

_______________

(1) Investments with deficit balances aggregating approximately $ 48.1 million and $ 33.5 million at June 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

(1) Investments with deficit balances aggregating approximately $ 50.5 million and $ 33.5 million at September 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

(2) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33 % interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.

(3) This property includes net equity balances from the amenity joint venture.

(3) In conjunction with the execution of the mortgage loan signed on September 30, 2025 (described below), Podium Venture LLC and Office Venture LLC were created for structuring purposes and did not change any of the partner rights previously held by the partners of Podium Developer LLC or Office Tower Developer LLC, respectively.

(4) This investment includes net equity balances from the amenity joint venture.

(5) During the three months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment.

(6) On September 17, 2025, the joint venture completed the sale of Beach Cities Media Campus, a land parcel, located in El Segundo, California.

(7) The Company’s ownership includes (1) a 33.0 % direct interest in the joint venture, and (2) an additional 1.0 % interest in each of the two entities through which each partner owns its interest in the joint venture.

2 unchanged sentences

(10) The Company agreed to fund up to $ 65.0 million of the required capital through its preferred equity investment.

The Company’s preferred equity investment will earn a 13.0 % internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

The Company’s preferred equity investment will earn and accrue a 13.0 % internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.

1 unchanged sentence

The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in thousands)

11 unchanged sentences

_______________

(1) At June 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $ 18.4 million and $ 19.0 million, respectively.

(2) At June 30, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $ 14.3 million and $ 14.1 million, respectively.

(3) At June 30, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $ 30.5 million.

(1) At September 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $ 18.1 million and $ 19.0 million, respectively.

(2) At September 30, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $ 14.3 million and $ 14.1 million, respectively.

(3) At September 30, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $ 30.5 million.

(4) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities.

Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture.

During the thee months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $ 145.1 million.

During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $ 168.4 million, $ 126.1 million, and $ 46.8 million, respectively.

1 unchanged sentence

The Company’s basis differences include:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Property (in thousands)

9 unchanged sentences

These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.

(5) Investments with deficit balances aggregating approximately $ 48.1 million and $ 33.5 million at June 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

(5) Investments with deficit balances aggregating approximately $ 50.5 million and $ 33.5 million at September 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

8 unchanged sentences

Interest expense ( 47,202 ) ( 45,244 ) ( 136,738 ) ( 132,106 )

Unrealized gain (loss) on derivative instruments ( 4,904 ) 848 ( 13,229 ) 10,960

Net income (loss) $ ( 23,918 ) $ ( 7,153 ) $ ( 42,328 ) $ 1,168

Company’s share of net income (loss) $ ( 7,690 ) $ ( 2,744 ) $ ( 13,486 ) $ 214

Unrealized loss on derivative instruments ( 1,403 ) ( 19,172 ) ( 14,632 ) ( 8,212 )

Gain on sale of real estate (2) 4,762 — 4,762 —

Net loss $ ( 17,642 ) $ ( 30,396 ) $ ( 59,971 ) $ ( 29,228 )

Company’s share of net loss (2) $ ( 6,613 ) $ ( 9,319 ) $ ( 20,099 ) $ ( 9,105 )

Gain on sale / consolidation (3) — — — 21,696

Impairment loss on investment (4) ( 145,133 ) — ( 145,133 ) —

Basis differential (2)(5) 3,417 2,308 11,440 ( 6,215 )

1 unchanged sentence

_______________

(1) Includes straight-line rent adjustments of approximately $ 4.5 million and $ 6.2 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $ 7.9 million and $ 13.8 million for the six months ended June 30, 2025 and 2024, respectively.

(2) Includes depreciation and amortization of approximately $( 3.0 ) million and $ 3.0 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $( 4.4 ) million and $ 5.9 million for the six months ended June 30, 2025 and 2024, respectively.

Includes unrealized gain (loss) on derivative instruments of approximately $( 1.3 ) million and $ 0.2 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $( 3.5 ) million and $ 2.9 million for the six months ended June 30, 2025 and 2024, respectively.

(1) Includes straight-line rent adjustments of approximately $ 3.7 million and $ 2.6 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $ 12.4 million and $ 16.5 million for the nine months ended September 30, 2025 and 2024, respectively.

(2) During the three and nine months ended September 30, 2025, the joint venture recorded a gain on sale of real estate related to the Beach Cities Media Campus.

As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $ 2.2 million, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for a basis differential.

(3) During the nine months ended September 30, 2024, the Company acquired its joint venture partner’s 50 % economic interest in 901 New York Avenue.

(4) During the three and nine months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $ 145.1 million.

(5) Includes depreciation and amortization of approximately $( 3.1 ) million and $ 3.9 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $( 7.4 ) million and $ 6.8 million for the nine months ended September 30, 2025 and 2024, respectively.

Includes unrealized losses on derivative instruments of approximately $ 0.4 million and $ 5.1 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $ 3.9 million and $ 4.9 million for the nine months ended September 30, 2025 and 2024, respectively.

On February 27, 2025, a joint venture in which the Company has a 50 % ownership interest entered into a $ 252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland.

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The proceeds from the loan were used to repay the existing $ 252.0 million construction loan collateralized by the property.

The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $ 0.1 million related to unamortized finance costs during the six months ended June 30, 2025.

The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $ 0.1 million related to unamortized finance costs during the nine months ended September 30, 2025.

7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet.

On March 5, 2025, the Company acquired a 19.46 % interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $ 20.0 million.

On March 5, 2025, the Company acquired a 19.46 % ownership interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $ 20.0 million.

Additionally, the Company agreed to fund up to $ 65.0 million of the required capital through a preferred equity investment.

The Company’s preferred equity investment will earn a 13.0 % IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

As of June 30, 2025, the Company has funded approximately $ 1.6 million of the required capital through the preferred equity investment.

As of September 30, 2025, the Company has funded approximately $ 11.9 million of the required capital through the preferred equity investment.

On March 5, 2025, the joint venture entered into a $ 225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement.

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When completed, 17 Hartwell Avenue is expected to be a 312 -unit residential property with garage and retail space (See Note 3).

On August 7, 2025, a joint venture in which the Company has a 71.11 % ownership interest completed and fully placed in-service 360 Park Avenue South, a 20 -story office building with ground floor retail located in New York City, New York, aggregating approximately 450,000 net rentable square feet.

On August 20, 2025, two joint ventures in which the Company has a 50 % ownership interest, each extended the maturity dates of their respective construction loans which were secured by the 100 Causeway Street and Hub on Causeway - Podium properties, to October 20, 2025 and October 23, 2025 , respectively.

Subsequently, on September 30, 2025, they entered into a new $ 465.0 million mortgage loan secured by the two properties.

The new loan is scheduled to mature on April 9, 2031, bears interest at a weighted average fixed rate of 5.733 % per annum, and requires monthly interest only payments.

The proceeds from the new loan and available cash were used to repay the existing $ 490.0 million construction loans secured by the properties.

100 Causeway Street and Hub on Causeway - Podium are office properties with approximately 634,000 and 383,000 net rentable square feet, respectively, located in Boston, Massachusetts.

On September 17, 2025, a joint venture in which the Company has a 50 % ownership interest, completed the sale of Beach Cities Media Campus, a land parcel located in El Segundo, California, for a gross sale price of approximately $ 56.0 million.

Net cash proceeds totaled approximately $ 53.1 million, of which BXP received approximately $ 26.6 million.

The joint venture recognized a gain on sale of real estate totaling approximately $ 4.8 million of which the Company’s share was approximately $ 2.2 million.

The Company’s investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and the Company records impairment charges when events or circumstances indicate that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary.

During the three months ended September 30, 2025, the Company evaluated key indicators related to certain investments in unconsolidated joint ventures, including strategic initiatives outlined in the Company’s September 8, 2025 Investor Day which include the sale of non-strategic assets, changes in cash flows, declining market conditions and leasing activities, continued actual and projected operating deficits and receipts and considerations of third-party joint venture property appraisals.

Such evaluation of key impairment indicators resulted in the Company determining that the decline in value for the joint venture that owns Gateway Commons was other-than-temporary and therefore, the Company recorded an impairment charge of approximately $ 145.1 million during the three and nine months ended September 30, 2025.

The Company determined the fair value of the investment was categorized within Level 3 of the fair value hierarchy as it utilized significant unobservable inputs in its assessment including broker opinions of value and discounted cash flows.

The Company’s exit capitalization and discount rate ranges used to estimate fair value in its discounted cash flows models were 6.5 % - 7.5 % and 10.0 % - 11.0 %, respectively.

Unsecured Senior Notes

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The repayment price was approximately $ 863.6 million, which was equal to the stated principal plus approximately $ 13.6 million of accrued and unpaid interest to, but not including, the repayment date.

Unsecured Exchangeable Senior Notes

On September 29, 2025, BPLP completed the issuance and sale of $ 1.0 billion aggregate principal amount of its 2.00 % Exchangeable Senior Notes due 2030 in a private placement.

The Notes bear interest at a rate of 2.00 % per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026.

The Notes will mature on October 1, 2030 , unless earlier repurchased, exchanged or redeemed.

Net proceeds after the initial offering costs were approximately $ 975.1 million.

Interest expense related to these Notes was approximately $ 0.1 million for the three and nine months ended September 30, 2025, and includes debt issuance cost amortization of approximately $ 28,000 for both periods.

Including the debt issuance cost amortization, the GAAP interest rate on these Notes is approximately 2.498 %.

The unamortized debt issuance costs related to these Notes were approximately $ 24.9 million at September 30, 2025.

Before July 1, 2030, noteholders will have the right to exchange their Notes only upon the occurrence of certain events.

From and after July 1, 2030 , noteholders may exchange their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date of the Notes.

Exchanges will be settled in cash up to the aggregate principal amount of the Notes to be exchanged and, if applicable, cash, shares of BXP’s common stock or a combination thereof, at BPLP’s election, in respect of the remainder (if any) of BPLP’s exchange obligations in excess of the aggregate principal amount of the Notes being exchanged.

The initial exchange rate is 10.8180 shares of BXP’s common stock per $ 1,000 principal amount of Notes, which represents an initial exchange price of approximately $ 92.44 per share of BXP’s common stock.

The initial exchange price represents a premium of approximately 22.5 % over the last reported sale price of $ 75.46 per share of BXP’s common stock on September 24, 2025.

The exchange rate and exchange price of the Notes will be subject to adjustment upon the occurrence of certain events.

The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at BPLP’s option at any time, and from time to time, on or after October 6, 2028 and on or before the 41st scheduled trading day immediately before the maturity date of the notes, but only if the last reported sale price per share of BXP’s common stock exceeds 130 % of the exchange price of the Notes for a specified period of time and certain liquidity conditions are satisfied.

BPLP may also redeem the Notes, in whole or in part (subject to certain limitations), for cash at any time, and from time to time, if BXP’s Board of Directors (or a committee thereof) determines such redemption is necessary to preserve BXP’s status as a real estate investment trust.

In either case, the redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

In conjunction with the issuance of the Notes, the Company entered into Capped Call Transactions with certain financial institutions.

The Capped Call Transactions cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the Notes.

The Capped Call Transactions are expected generally to reduce the potential dilution to BXP’s common stock upon any exchange of Notes and/or offset any cash payments BPLP is required to make in excess of the principal amount of exchanged Notes, as the case may be, with such reduction and/or offset subject to a cap.

The cap price of the Capped Call Transactions is initially $ 105.64 per share, and is subject to certain adjustments under the terms of the Capped Call Transactions.

The Capped Call Transactions will expire upon the maturity of the Notes, if not earlier exercised or terminated.

A portion of the proceeds from the Notes were used to pay the premiums of the Capped Call Transactions of approximately $ 35.0 million, which was recorded as a reduction to stockholders' equity for BXP and partners’ capital for BPLP (See Note 2).

Unsecured Credit Facility and Unsecured Term Loans

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In addition, BPLP may increase the total commitment under the 2025 Credit Facility to a maximum commitment amount of up to $ 3.5 billion through increase(s) in the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase(s) and other customary conditions.

In connection with the amendment and restatement, the Company recognized a loss from early extinguishment of debt of approximately $ 0.3 million related to unamortized origination costs during the six months ended June 30, 2025 .

At BPLP’s option, loans under the 2025 Credit Facility that are advanced in U.S.

points (plus a SOFR conversion adjustment of 10 basis points), and (ii) for Base Rate loans, (a) under the Revolving Facility, 0 to 40.0 basis points, or (b) under the Term Loan Facility, 0 to 60.0 basis points.

dollars will bear interest at a rate per annum equal to Term SOFR, Daily Simple SOFR or a Base Rate (each as defined in the Tenth Amended and Restated Credit Agreement, which governs the 2025 Credit Facility (the “Credit Agreement”)), in each case, plus a margin based on BPLP’s credit rating ranging from (i) for Term SOFR and Daily Simple SOFR loans, (a) under the Revolving Facility, 70.0 to 140.0 basis points, or (b) under the Term Loan Facility, 75.0 to 160.0 basis points (plus a SOFR conversion adjustment of 10 basis points), and (ii) for Base Rate loans, (a) under the Revolving Facility, 0 to 40.0 basis points, or (b) under the Term Loan Facility, 0 to 60.0 basis points.

At BPLP’s option, loans under the Revolving Facility can also be denominated in Euros, Sterling or Canadian Dollars and such loans will bear interest at a rate per annum equal to (1) in the case of loans denominated in Euro, EURIBOR, (2) in the case of loans denominated in Canadian Dollars, Term CORRA (as adjusted), and (3) in the case of loans denominated in Sterling, SONIA (as adjusted), plus, in each case, a margin based on BPLP’s credit rating as described above for loans under the Revolving Facility.

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Pursuant to the 2025 Credit Facility, BPLP is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10 % to 0.30 % based on BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70 % to 1.40 % based on BPLP ’s credit rating.

Based on BPLP’s June 30, 2025 credit rating, (1) for SOFR-based loans under the Revolving Facility, the per annum interest rate margin is 0.85 %, (2) for SOFR-based loans under the Term Loan Facility, the per annum interest rate margin is 0.95 %, (3) for Base Rate-based loans under both the Revolving Facility and Term Loan Facility, the margin is zero basis points and (4) the facility fee for commitments under the Revolving Facility is 0.20 % per annum.

Based on BPLP’s September 30, 2025 credit rating, (1) for SOFR-based loans under the Revolving Facility, the per annum interest rate margin is 0.85 %, (2) for SOFR-based loans under the Term Loan Facility, the per annum interest rate margin is 0.95 %, (3) for Base Rate-based loans under both the Revolving Facility and Term Loan Facility, the margin is zero basis points and (4) the facility fee for commitments under the Revolving Facility is 0.20 % per annum.

The 2025 Credit Facility contains customary representations and warranties, affirmative and negative covenants, and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay all outstanding amounts and the cancellation of all commitments outstanding under the Credit Agreement.

Among other covenants, the 2025 Credit Facility requires that BPLP maintain:

(1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments.

At June 30, 2025, BPLP was in compliance with each of these financial restrictions and requirements.

(1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one

year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments.

At September 30, 2025, BPLP was in compliance with each of these financial restrictions and requirements.

At closing on March 28, 2025, BPLP drew the full $ 700.0 million of the Term Loan Facility under the 2025 Credit Facility, the proceeds of which were used to fully repay the remaining $ 700.0 million of borrowings outstanding under it’s $ 1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”).

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There was no prepayment penalty associated with the repayment of the 2023 Unsecured Term Loan.

At June 30, 2025, BPLP had $ 185.0 million and $ 700.0 million outstanding under the Revolving Facility and Term Loan Facility, respectively.

At September 30, 2025, BPLP did not have any outstanding balance under the Revolving Facility and had $ 700.0 million outstanding under the Term Loan Facility.

The 2025 Credit Facility is used as a backstop for BPLP’s $ 750.0 million unsecured commercial paper program (the “Commercial Paper Program”) (See “ Unsecured Commercial Paper” below).

As such, BPLP intends to maintain, at a minimum, availability under the 2025 Credit Facility in an amount equal to the amount of unsecured commercial paper notes outstanding.

On September 27, 2024, BPLP entered into a credit agreement that provides for a $ 100.0 million unsecured term loan facility (the “2024 Unsecured Term Loan”).

Upon entry into the credit agreement, BPLP exercised its option to draw $ 100.0 million under the 2024 Unsecured Term Loan.

The 2024 Unsecured Term Loan had an initial maturity date of September 26, 2025 with three , one -year extension options, subject to customary conditions.

On September 26, 2025, BPLP exercised its option to extend the maturity date of the 2024 Unsecured Term Loan to September 26, 2026.

All other terms of the 2024 Unsecured Term Loan remain unchanged.

Unsecured Commercial Paper

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The Commercial Paper Program is backstopped by available capacity under the 2025 Credit Facility.

At June 30, 2025, BPLP had an aggregate of $ 750.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.73 % per annum and had a weighted-average maturity of 49 days from the issuance date.

At September 30, 2025, BPLP had an aggregate of $ 750.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.51 % per annum and had a weighted-average maturity of 43 days from the issuance date.

Derivative Instruments and Hedging Activities

BPLP’s agreements with derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation.

As of June 30, 2025, the Company had not posted any collateral related to the agreements.

As of September 30, 2025, the Company had not posted any collateral related to the agreements.

Effective Hedge Instruments

On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $ 300.0 million to replace $ 300.0 million of interest rate swap contracts that expired on April 1, 2025 thus continuing to reduce its exposure to the variability in future cash flows attributable to changes in the interest rates associated with its $ 100.0 million unsecured term loan facility (the “2024 Unsecured Term Loan”) and the $ 200.0 million mortgage secured by the Company’s Santa Monica Business Park properties, located in Santa Monica, California.

On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $ 300.0 million to replace $ 300.0 million of interest rate swap contracts that expired on April 1, 2025 thus continuing to reduce its exposure to the variability in future cash flows attributable to changes in the interest rates associated with its $ 100.0 million 2024 Unsecured Term Loan and the $ 200.0 million mortgage secured by the Company’s Santa Monica Business Park properties, located in Santa Monica, California.

The interest rate swap was entered into to fix Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan and mortgage, at a fixed interest rate of 3.6775 % per annum for the period commencing on April 7, 2025, the effective date, and ending on April 6, 2026 .

For the period from April 7, 2025 through June 30, 2025, the Company recognized approximately $( 0.5 ) million of interest expense related to this interest rate swap contract.

For the three months ended September 30, 2025 and the period from April 7, 2025 through September 30, 2025, the Company recognized approximately $( 0.5 ) million and $( 1.0 ) million, respectively, of interest expense related to this interest rate swap contract.

BPLP assesses the effectiveness of its derivatives both at inception and on an ongoing basis.

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BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and they are carried at their estimated fair value on a recurring basis (See Note 2).

The Company did not have any undesignated hedges during the three and six months ended June 30, 2025.

BPLP’s derivative contracts consisted of the following at June 30, 2025 (dollars in thousands):

The Company did not have any undesignated hedges during the three and nine months ended September 30, 2025.

BPLP’s derivative contracts consisted of the following at September 30, 2025 (dollars in thousands):

Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location

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$ 900,000 $ ( 8,510 )

The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three and six months ended June 30, 2025 and 2024 (in thousands):

Three months ended June 30, Six months ended June 30,

The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

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In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of the Company’s subsidiaries to complete construction of the building, to pay tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises.

The Company had letter of credit and performance obligations related to lender and development requirements that totaled approximately $ 20.3 million at June 30, 2025.

The Company had letter of credit and performance obligations related to lender and development requirements that totaled approximately $ 23.5 million at September 30, 2025.

Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.

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The mezzanine loan may be drawn upon for future lease-up, operating and other costs on an as-needed basis, and amounts borrowed will bear interest at a per annum rate of 12 %, compounded monthly.

As of June 30, 2025, the Company has funded approximately $ 6.7 million under the mezzanine loan.

As of September 30, 2025, the Company has funded approximately $ 9.0 million under the mezzanine loan.

Legal Matters

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Management believes that the final outcome of such matters will not have a material adverse effect on the financial position, results of operations or liquidity of the Company.

In addition, the Company is subject to the following legal proceedings:

In connection with the acquisition of an office property in New York City in 2010, the Company entered into an agreement with the seller pursuant to which the seller could earn various fees (i.e., Fixed, Additional and Final Fees) based on the future leasing performance of the property.

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Separately, the Company filed a notice of appeal on January 15, 2025 to preserve the Company’s ability to appeal the grant of summary judgment on the question of whether the Company is liable for payment of the Additional Fee and Final Fee.

The Company subsequently

entered into a stipulation that extended the deadline to perfect the appeal from July 15, 2025 (six months from the notice of appeal) to September 13, 2025.

The issue of an award of damages for the Additional Fee and the Final Fee remains outstanding with the court pending a determination by the Special Referee, which the court appointed on February 18, 2025.

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Brammer subsequently appealed that decision, electing pursuant to Massachusetts civil procedure rules to petition for appeals to both a single justice of the Massachusetts Appeals Court and to a full appellate panel.

On July 16, 2024, the single justice assigned to the appeal issued an order declining to rule on the substance of the appeal petition.

Brammer still has the right to pursue the full panel hearing, although no date has been set for any such hearing.

In the meantime, the remainder of the case is proceeding on the standard litigation timeline.

On July 16, 2024, the single justice assigned to the appeal issued an order declining to rule on the substance of the appeal petition, deferring instead to the full appellate panel.

On August 12, 2025, the clerk of the Massachusetts Appeals Court completed the procedural steps that were necessary in order for Brammer’s appeal to be heard before the full appellate panel.

The parties are now proceeding through the briefing process, with a hearing likely to take place sometime in the first quarter of 2026.

The remainder of the case continues to proceed in the trial court on the standard litigation timeline.

The Company believes it has meritorious defenses against Brammer’s claims and intends to defend against them vigorously.

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The plaintiffs subsequently amended the complaint on February 7, 2025 and on February 24, 2025.

Each of the complaints alleges that the plaintiffs were not paid certain wages owed to them or were not paid in a timely manner and that the plaintiffs did not receive certain wage payment notices required by law.

The Company has not yet filed a responsive pleading and discovery has not yet commenced.

The plaintiffs have advised the defendants and the court that they intend to file a motion for leave to file a Third Amended Complaint.

The deadline for plaintiffs to file that motion is December 15, 2025.

Each of the complaints filed to date alleges that the plaintiffs were not paid certain wages owed to them or were not paid in a timely manner and that the plaintiffs did not receive certain wage payment notices and wage statements required by law.

The Company has not yet filed a responsive pleading as no responsive pleading is yet due, and discovery has not yet commenced.

As a result, the Company is unable to estimate a range of loss for which losses are reasonably possible.

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Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company.

As of June 30, 2025, the noncontrolling interests in BPLP consisted of the following:

As of September 30, 2025, the noncontrolling interests in BPLP consisted of the following:

OP Units LTIP Units (1) 2023 MYLTIP Units 2024 MYLTIP Units 2025 MYLTIP Units

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Noncontrolling Interest—Common Units

During the six months ended June 30, 2025, 116,204 OP Units were presented by the holders for redemption (including an aggregate of 13,038 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.

At June 30, 2025, BPLP had outstanding the 2023 - 2025 MYLTIP Units.

During the nine months ended September 30, 2025, 143,823 OP Units were presented by the holders for redemption (including an aggregate of 37,944 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.

At September 30, 2025, BPLP had outstanding the 2023 - 2025 MYLTIP Units.

Prior to the end of the respective three -year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth ( 10 %) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions.

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As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.

The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2025 and during the six months ended June 30, 2024:

The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2025 and during the nine months ended September 30, 2024:

Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit

September 30, 2025 October 31, 2025 $ 0.70 $ 0.070

June 30, 2025 July 31, 2025 $ 0.98 $ 0.098

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December 31, 2024 January 30, 2025 $ 0.98 $ 0.098

September 30, 2024 October 31, 2024 $ 0.98 $ 0.098

June 28, 2024 July 31, 2024 $ 0.98 $ 0.098

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BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock.

Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 67.47 per share on June 30, 2025, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2022 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at June 30, 2025 was approximately $ 1.3 billion.

Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 74.34 per share on September 30, 2025, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2022 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at September 30, 2025 was approximately $ 1.4 billion.

Noncontrolling Interests—Property Partnerships

The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties.

The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion and $ 1.9 billion at June 30, 2025 and December 31, 2024, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets (See Note 14).

The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion and $ 1.9 billion at September 30, 2025 and December 31, 2024, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.

On August 27, 2025, the Company acquired its partner’s 45 % ownership interest in the consolidated entity that is developing the 343 Madison Avenue project located in New York City, New York for approximately $ 43.5 million of cash.

The acquisition price is equal to the partner’s aggregate unreturned capital contributions to the joint venture and as a result there was no gain on sale recognized in stockholders’ equity for BXP or partners’ capital for BPLP other than transaction costs.

Prior to the acquisition, the Company had a 55 % ownership interest in the joint venture (See Note 3).

Stockholders’ Equity / Partners’ Capital

As of June 30, 2025, BXP had 158,366,277 shares of Common Stock outstanding.

As of June 30, 2025, BXP owned 1,767,941 general partnership units and 156,598,336 limited partnership units in BPLP.

As of September 30, 2025, BXP had 158,400,414 shares of Common Stock outstanding.

As of September 30, 2025, BXP owned 1,767,998 general partnership units and 156,632,416 limited partnership units in BPLP.

On May 17, 2023, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $ 600.0 million of its Common Stock through sales agents over a three -year period.

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No shares of Common Stock have been issued under this ATM stock offering program.

During the six months ended June 30, 2025, BXP issued 116,204 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2025 and during the six months ended June 30, 2024:

During the nine months ended September 30, 2025, BXP issued 143,823 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2025 and during the nine months ended September 30, 2024:

Record Date Payment Date Dividend (Per Share) Distribution (Per Unit)

September 30, 2025 October 31, 2025 $ 0.70 $ 0.70

June 30, 2025 July 31, 2025 $ 0.98 $ 0.98

1 unchanged sentence

December 31, 2024 January 30, 2025 $ 0.98 $ 0.98

September 30, 2024 October 31, 2024 $ 0.98 $ 0.98

June 28, 2024 July 31, 2024 $ 0.98 $ 0.98

8 unchanged sentences

The Company’s share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment.

Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership.

and net income (loss) attributable to Boston Properties Limited Partnership.

Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources.

2 unchanged sentences

The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level:

development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gain on sale of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests.

development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains on sales of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment losses, loss from early extinguishment of debt, interest expense and net (income) loss attributable to noncontrolling interests.

The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.

2 unchanged sentences

The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.

The following tables present reconciliations of Company’s share of NOI to Net Income Attributable to BXP, Inc.

and Net Income Attributable to Boston Properties Limited Partnership for the three and six months ended June 30, 2025 and 2024.

Three months ended June 30, Six months ended June 30,

The following tables present reconciliations of Company’s share of NOI to Net Income (Loss) Attributable to BXP, Inc.

and Net Income (Loss) Attributable to Boston Properties Limited Partnership for the three and nine months ended September 30, 2025 and 2024.

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Income (loss) from unconsolidated joint ventures ( 148,329 ) ( 7,011 ) ( 153,792 ) 6,376

Gain on sale of real estate 18,390 — 18,390 —

Gains on sales of real estate 1,932 517 20,322 517

Interest and other income (loss) 7,620 14,430 23,433 39,747

10 unchanged sentences

Net operating income from unconsolidated joint ventures 30,675 31,919 94,386 98,936

Impairment loss — — — 13,615

Impairment losses 68,901 — 68,901 13,615

Loss from early extinguishment of debt — — 338 —

Interest expense 164,299 163,194 490,526 474,727

Net Income 119,141 106,949 206,046 213,553

Net income (loss) ( 116,840 ) 108,452 89,206 322,005

Noncontrolling interests in property partnerships 17,853 15,237 56,702 50,283

1 unchanged sentence

( 12,981 ) 9,587 4,054 28,596

Net income attributable to BXP, Inc.

Net income (loss) attributable to BXP, Inc.

$ ( 121,712 ) $ 83,628 $ 28,450 $ 243,126

Three months ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

5 unchanged sentences

Income (loss) from unconsolidated joint ventures ( 148,329 ) ( 7,011 ) ( 153,792 ) 6,376

Gain on sale of real estate 18,489 — 18,489 —

Gains on sales of real estate 1,932 517 20,421 517

Interest and other income (loss) 7,620 14,430 23,433 39,747

10 unchanged sentences

Net operating income from unconsolidated joint ventures 30,675 31,919 94,386 98,936

Impairment loss — — — 13,615

Impairment losses 65,988 — 65,988 13,615

Loss from early extinguishment of debt — — 338 —

Interest expense 164,299 163,194 490,526 474,727

Net Income 120,943 108,652 209,551 216,953

Net income (loss) ( 112,224 ) 110,156 97,327 327,109

Noncontrolling interests in property partnerships 17,853 15,237 56,702 50,283

Net income attributable to Boston Properties Limited Partnership $ 100,843 $ 90,827 $ 170,702 $ 181,907

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and six months ended June 30, 2025 and 2024.

Three months ended June 30, Six months ended June 30,

Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) $ 94,919 $ 40,625 $ 276,826

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and nine months ended September 30, 2025 and 2024.

Three months ended September 30, Nine months ended September 30,

2025 2024 2025 2024

4 unchanged sentences

Total rental revenue $ 858,372 $ 848,808 $ 2,564,820 $ 2,517,782

The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and six months ended June 30, 2025 and 2024 (dollars in thousands).

For the three months ended June 30, 2025:

The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands).

For the three months ended September 30, 2025:

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

17 unchanged sentences

% of Grand Totals 37.89 % 4.64 % 23.33 % 16.09 % 2.75 % 15.30 % 100.00 %

For the three months ended June 30, 2024:

For the three months ended September 30, 2024:

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

17 unchanged sentences

% of Grand Totals 39.89 % 3.64 % 23.41 % 16.37 % 1.87 % 14.82 % 100.00 %

For the six months ended June 30, 2025:

For the nine months ended September 30, 2025:

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

17 unchanged sentences

% of Grand Totals 38.26 % 3.96 % 23.81 % 16.41 % 2.44 % 15.12 % 100.00 %

For the six months ended June 30, 2024:

For the nine months ended September 30, 2024:

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

18 unchanged sentences

Earnings Per Share / Common Unit

The following table provides a reconciliation of both the net income attributable to BXP, Inc.

and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to BXP, Inc.

The following table provides a reconciliation of both the net income (loss) attributable to BXP, Inc.

and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income (loss) attributable to BXP, Inc.

by the weighted-average number of common shares outstanding during the period.

4 unchanged sentences

Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation.

Other potentially dilutive common shares, including restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.

Three months ended June 30, 2025

Other potentially dilutive common shares, including restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock (See Note 2), and the related impact on earnings, are considered when calculating diluted EPS.

Three months ended September 30, 2025

(Numerator) Shares

2 unchanged sentences

Basic Earnings:

Net income attributable to BXP, Inc.

Net income (loss) attributable to BXP, Inc.

$ ( 121,712 ) 158,345 $ ( 0.77 )

2 unchanged sentences

Diluted Earnings:

Net income attributable to BXP, Inc.

Net income (loss) attributable to BXP, Inc.

$ ( 121,712 ) 158,345 $ ( 0.77 )

Three months ended June 30, 2024

Three months ended September 30, 2024

(Numerator) Shares

9 unchanged sentences

$ 83,628 158,213 $ 0.53

Six months ended June 30, 2025

Nine months ended September 30, 2025

(Numerator) Shares

9 unchanged sentences

$ 28,450 158,787 $ 0.18

Six months ended June 30, 2024

Nine months ended September 30, 2024

(Numerator) Shares

10 unchanged sentences

$ 243,126 157,547 $ 1.54

The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period.

The following table provides a reconciliation of both the net income (loss) attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income (loss) attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period.

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities.

3 unchanged sentences

Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation.

Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit.

Included in the number of units (the denominator) below are approximately 17,559,000 and 18,369,000 redeemable common units for the three months ended June 30, 2025 and 2024, respectively, and 17,555,000 and 18,321,000 redeemable common units for the six months ended June 30, 2025 and 2024, respectively.

Three months ended June 30, 2025

Other potentially dilutive common units (See Note 2) and the related impact on earnings are considered when calculating diluted earnings per common unit.

Included in the number of units (the denominator) below are approximately 17,556,000 and 17,721,000 redeemable common units for the three months ended September 30, 2025 and 2024, respectively, and 17,555,000 and 18,119,000 redeemable common units for the nine months ended September 30, 2025 and 2024, respectively.

Three months ended September 30, 2025

(Numerator) Units

2 unchanged sentences

Basic Earnings:

Net income attributable to Boston Properties Limited Partnership $ 100,843 175,871 $ 0.57

Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) 175,901 $ ( 0.74 )

Effect of Dilutive Securities:

1 unchanged sentence

Diluted Earnings:

Net income attributable to Boston Properties Limited Partnership $ 100,843 176,354 $ 0.57

Three months ended June 30, 2024

Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) 175,901 $ ( 0.74 )

Three months ended September 30, 2024

(Numerator) Units

7 unchanged sentences

Net income attributable to Boston Properties Limited Partnership $ 94,919 175,934 $ 0.54

Six months ended June 30, 2025

Nine months ended September 30, 2025

(Numerator) Units

7 unchanged sentences

Net income attributable to Boston Properties Limited Partnership $ 40,625 176,342 $ 0.23

Six months ended June 30, 2024

Nine months ended September 30, 2024

(Numerator) Units

16 unchanged sentences

As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.

During the six months ended June 30, 2025, BXP issued 55,571 shares of restricted common stock and BPLP issued 406,646 LTIP Units and 354,940 2025 MYLTIP Units to employees, the life sciences advisory board members and non-employee directors under the 2021 Plan.

During the nine months ended September 30, 2025, BXP issued 55,571 shares of restricted common stock and BPLP issued 406,646 LTIP Units and 354,940 2025 MYLTIP Units to employees, the life sciences advisory board members and non-employee directors under the 2021 Plan.

The grantees paid $ 0.25 per LTIP Unit and 2025 MYLTIP Unit.

4 unchanged sentences

Such value is recognized as an expense ratably over the corresponding employee service period.

The shares of restricted common stock granted during the six months ended June 30, 2025 were valued at approximately $ 4.0 million.

The shares of restricted common stock granted during the nine months ended September 30, 2025 were valued at approximately $ 4.0 million.

The LTIP Units granted were valued at

4 unchanged sentences

Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in BXP, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets.

Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $ 11.6 million and $ 16.0 million for the three months ended June 30, 2025 and 2024, respectively, and $ 34.6 million and $ 34.5 million for the six months ended June 30, 2025 and 2024, respectively.

At June 30, 2025, there was (1) an aggregate of approximately $ 28.3 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $ 0.8 million of unrecognized compensation expense related to unvested 2023 - 2025 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.6 years.

Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $ 4.4 million and $ 4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 39.0 million and $ 38.5 million for the nine months ended September 30, 2025 and 2024, respectively.

At September 30, 2025, there was (1) an aggregate of approximately $ 24.3 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $ 0.7 million of unrecognized compensation expense related to unvested 2023 - 2025 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.3 years.

Subsequent Events

On July 1, 2025, the Company completed and fully placed in-service 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts (See Note 3).

On July 28, 2025, the Company sent notice to its partner that it has elected to acquire its partner’s 45 % interest in the 343 Madison Avenue project at cost, or approximately $ 43.5 million, during the third quarter of 2025.

In addition, on July 31, 2025, the Company elected to proceed with full vertical construction of 343 Madison Avenue in New York City, New York.

343 Madison Avenue will be a 46 -story, 930,000 rentable square foot office development located in Manhattan with direct access to Grand Central Station.

On October 8, 2025, a joint venture in which the Company has a 50 % ownership interest repaid the construction loan collateralized by its Dock 72 property.

At the time of the repayment, the loan had an outstanding principal balance of approximately $ 198.4 million, bore interest at a variable rate equal to SOFR plus 2.50 % per annum and was scheduled to mature on December 18, 2025 .

The repayment was completed with available cash and proceeds from capital contributions.

Dock 72 is an office building with approximately 669,000 net rentable square feet located in Brooklyn, New York.

On October 17, 2025, the Company completed the sale of Plaza at Almaden, a land parcel located in San Jose, California for a gross sale price of approximately $ 13.5 million.

Net proceeds totaled approximately $ 12.7 million (See Note 3).

On October 17, 2025, a joint venture in which the Company has a 25 % ownership interest refinanced the mortgage loan secured by its 3 Hudson Boulevard property located in New York City, New York.

The new loan consists of a (1) senior loan provided by a third-party lender with a principal amount of $ 108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25 % per annum and (2) mezzanine loan provided by the Company with a maximum commitment of $ 50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25 % per annum.

As of the closing, the Company had funded approximately $ 17.6 million of the mezzanine loan.

The senior loan and mezzanine loan are interest-only, mature on November 9, 2027 and have a one -year extension option, subject to certain conditions.

The previous mortgage loan (1) had an outstanding principal balance of $ 80.0 million and approximately $ 51.4 million of unpaid accrued interest (including default interest), (2) matured on August 7, 2024 and was in maturity default and (3) bore interest at a variable rate equal to Term SOFR plus 3.61 % per annum plus a default rate equal to an additional 4.0 % per annum.

The Company provided the previous mortgage financing to the joint venture and elected to waive the unpaid accrued default interest of approximately $ 5.8 million.

The Company determined it was not reasonably probable that it would collect the default interest and therefore had been reserving for it within Interest and Other Income (Loss) on its Consolidated Balance Sheets.

The previous loan has been reflected as a Related Party Note Receivable on the Company’s Consolidated Balance Sheets.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements