What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-07 compared with 2025-08-06 · 424 added, 397 removed, 952 unchanged (46% of the section changed)

10 unchanged sentences

The most significant factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following risks and uncertainties, among others:

• volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions and policy changes related to tariffs, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities;

• volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities;

• volatile or adverse geopolitical conflicts and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition;

22 unchanged sentences

We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.

BXP is one of the largest publicly traded office real estate investment trusts (REITs) (based on total market capitalization as of June 30, 2025) in the United States that develops, owns, and manages primarily premier workplaces.

BXP is one of the largest publicly traded office real estate investment trusts (REITs) (based on total market capitalization as of September 30, 2025) in the United States that develops, owns, and manages primarily premier workplaces.

Our properties are concentrated in six dynamic gateway markets in the U.S.

7 unchanged sentences

sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors.

We believe our key competitive advantages are our commitment to the office asset class and to our clients as many competitors have divested in the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and one of the highest quality portfolios of premier workplaces in the U.S.

We believe our key competitive advantages are our commitments to the office asset class and to our clients as many competitors have divested from the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and one of the highest quality portfolios of premier workplaces in the U.S.

assembled over several decades of intentional development, acquisitions and dispositions.

Clients and their advisors are increasingly focused on these attributes for their building owners, which distinguishes BXP among its competitors.

Clients and their advisors are increasingly focused on building owners with these attributes, a factor that distinguishes BXP among its competitors.

Our core strategy has always been to develop, acquire and manage premier workplaces in gateway markets with high barriers-to-entry and attractive demand drivers and to focus on executing long-term leases with financially strong clients that are diverse across market sectors.

We believe this strategy provides a competitive advantage that helps BXP distinguish itself from competitors as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces.

We believe this strategy provides a competitive advantage as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces.

This interest has accelerated the flight to quality in the office market.

3 unchanged sentences

This outperformance is evident in BXP’s portfolio where we derive approximately 89% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs.

We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of June 30, 2025, multiplied by twelve.

Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our consolidated joint ventures (calculated based on the partners’ economic percentage ownership interest).

As of June 30, 2025, our CBD assets are 89.9% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

As of June 30, 2025, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.8 years, and (2) our 20 largest clients, based on square feet, was approximately 9.9 years.

As of September 30, 2025, our CBD assets are 89.3% occupied and 92.0% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

As of September 30, 2025, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.8 years, and (2) our 20 largest clients, based on square feet, was approximately 10.0 years.

Through year-end 2027, we have historically low exposure to contractual lease expirations with approximately 8.7% of our share of the square footage of our in-service portfolio expiring (at our share).

During the third quarter of 2025, BXP continued to execute on the multi-year action plan introduced at our recent Investor Day held on September 8, 2025.

The action plan focuses on growing Funds From Operations (“FFO”) per share, funding development activity, and reducing our leverage.

Our progress reflects steady advancement across each of these key priorities.

Growth in FFO per share depends in large part on the success of our leasing activity.

Leasing momentum remained strong during the third quarter of 2025, as we signed leases for more than 1.5 million square feet during the quarter — or 39% greater than the third quarter of 2024 — driven by healthy corporate fundamentals and continued improvement in office utilization, particularly in our East Coast markets.

We are also making significant progress in raising capital to fund our development activity while reducing our leverage.

Our plan contemplates generating approximately $1.9 billion of estimated net proceeds from the sales of 27 land, residential assets and non-strategic office assets by the end of 2027.

There can be no assurance that we will complete any of these transactions on the terms and schedules currently contemplated or at all.

Consistent with our strategy to concentrate the portfolio in premier workplace assets in the CBDs of our gateway markets, we launched new developments at 343 Madison Avenue in New York City and 725 12th Street in Washington, D.C., while monetizing primarily suburban assets.

Our development pipeline remains a key contributor to long-term growth, with eight active projects totaling approximately 3.5 million square feet and approximately $3.9 billion of BXP investment (at our share).

Collectively, these initiatives underscore our disciplined approach to enhancing portfolio quality, strengthening the balance sheet, and positioning BXP for sustainable FFO growth over the next several years.

BXP’s leasing activity remains healthy and active across many of our core submarkets, supported by improving corporate sentiment and a continued rebound in office utilization.

While conditions vary by region, we are encouraged by the breadth and depth of tenant demand in our premier assets, particularly in our East Coast markets.

Corporate confidence, one of the primary drivers of leasing activity, has been buoyed by several macroeconomic and policy developments.

These include the recent passage of H.R.

1, informally known as the One Big Beautiful Bill Act (the “OBBB”), a continued trend toward regulatory easing, geopolitical risk mitigation in select regions, the expected resolution of key U.S.

trade and tariff agreements, and the potential for reductions in short-term interest rates.

Capital markets are reflecting this improved sentiment, with U.S.

equity indices recently reaching new highs and investment-grade credit spreads hovering near 10-year lows.

Corporate health remains broadly stable, supported by the constructive business environment and these dynamics are reinforcing business confidence, which in turn supports decision-making around long-term investments, including office space commitments.

In parallel, in-person work behavior continues to trend positively, enhancing demand for high-quality office environments.

Over the past two years, there has been a notable shift among large corporations toward increased office attendance requirements, with a growing number moving away from fully remote and hybrid models.

These evolving workplace policies have meaningfully contributed to leasing activity in select markets, particularly where premier office space supports employee engagement and productivity.

Return-to-office trends remain strongest in our East Coast markets, particularly in New York City, while our West Coast markets continue to lag, albeit with early signs of increased usage.

We remain focused on leveraging these positive trends by actively engaging with tenants, deploying capital prudently, and positioning our portfolio to meet evolving demand for best-in-class, highly amenitized, and sustainable office environments.

While conditions vary by region, we are encouraged by the breadth and depth of client demand in our premier assets, particularly in our East Coast markets.

Additionally, new construction of office space has slowed significantly, contributing to occupancy and rent growth in many submarkets in which we operate.

Debt and equity investors are becoming constructive on the office sector resulting in more availability of capital at better pricing.

We remain focused on leveraging these positive trends by actively engaging with clients, deploying capital prudently, and positioning our portfolio to meet evolving demand for best-in-class, highly amenitized, and sustainable office environments.

Leasing Activity and Occupancy

Although all the markets in which we operate still need consistent incremental absorption to constitute a macro recovery, we continue to see pockets of strength where low availability is driving constructive client behavior.

This is particularly true in our East Coast regions, which account for 77% of our share of annualized rental obligations.

As clients choose premier workplaces in sound financial condition with building owners that are committed for the long term to their properties operated by the best property management teams, we expect to continue to be successful in gaining market share.

In the second quarter of 2025, we executed 91 leases totaling more than 1.1 million square feet and having a weighted-average lease term of approximately 9.4 years.

Over the last four quarters (i.e., July 1, 2024-June 30, 2025), our leasing volume of approximately 5.7 million square feet was approximately 18% greater than our leasing volume for the previous four quarters (i.e., July 1, 2023-June 30, 2024).

We continue to increase the pre-leasing of our development pipeline with approximately 200,000 square feet of development leasing in the second quarter of 2025.

Based on the second quarter leasing results, our current pipeline of transactions under negotiation and possible additional activity, we believe we can achieve our 2025 leasing plan of four million square feet.

We define occupancy as space with signed leases for which lease revenue recognition has commenced in accordance with GAAP.

At June 30, 2025, the overall occupancy of our in-service office and retail properties was 86.4%, a decline of 0.5% from March 31, 2025, primarily due to the known expiration of an approximately 360,000 square foot lease in the urban edge of the Boston region.

Including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP, our in-service office and retail properties were approximately 89.1% leased at June 30, 2025.

The difference between leased and occupied square footage has grown to 2.7%, which represents approximately 1.3 million square feet of space for which revenue recognition is expected to commence in 2025 and 2026.

Approximately 500,000 square feet of the 1.3 million square feet of space is expected to commence in 2025, with the majority of the remaining 800,000 square feet commencing in the latter half of 2026.

An overview of the leasing activity in each of our regions for the three months ended June 30, 2025 is set forth in the table below.

In the third quarter of 2025, we executed 79 leases totaling more than 1.5 million square feet and having a weighted-average lease term of approximately 7.9 years.

This leasing volume represents our strongest third quarter since 2019, and a 39% increase from the third quarter of 2024.

At September 30, 2025, our total portfolio occupancy for the third quarter was 86.0%, a decrease of 40 basis points from the second quarter of 2025.

As previously communicated, the addition of the 360 Park Avenue South, 1050 Winter Street and Reston Next Office Phase II developments to the in-service portfolio decreased the third quarter occupancy rate because each property has leases for which revenue recognition has not commenced in accordance with GAAP.

Excluding the impact of placing these three properties in-service, total portfolio occupancy increased 20 basis points from the second quarter of 2025 to 86.6%.

Our portfolio percentage leased for the third quarter was 88.8% (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

Excluding the impact of placing the three development properties in-service, the leased percentage increased by 10 basis points from the second quarter of 2025 to 89.2%.

An overview of the leasing activity in each of our regions for the three months ended September 30, 2025 is set forth in the table below.

Amounts shown are in square feet, except for percentages, and include 100% of the unconsolidated joint venture properties.

11 unchanged sentences

__________________

(1) Represents space with signed leases for which lease revenue recognition has commenced in accordance with GAAP during the three months ended June 30, 2025 .

(2) Represents leases executed during the three months ended June 30, 2025 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development.

square feet of leases executed during the three months ended June 30, 2025 for which we recognized lease revenue in the three months ended June 30, 2025 is 155,936.

(3) Represents the increase (decrease) in net rent (gross rent less operating expenses) on the new versus expired leases on the 405,494 square feet of second generation leases that had been occupied within the prior 12 months for the three months ended June 30, 2025.

(1) Represents space with signed leases for which lease revenue recognition has commenced in accordance with GAAP during the three months ended September 30, 2025.

(2) Represents leases executed during the three months ended September 30, 2025 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in

subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development.

The total square feet of leases executed during the three months ended September 30, 2025 for which we recognized lease revenue in the three months ended September 30, 2025 is 332,570.

(3) Represents the increase (decrease) in net rent (gross rent less operating expenses) on the new versus expired leases on the 528,334 square feet of second generation leases that had been occupied within the prior 12 months for the three months ended September 30, 2025.

(4) Represents signed leases for which lease revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates.

The table below details the vacancy and leasing activity in our portfolio, including 100% of the unconsolidated joint ventures, that commenced revenue recognition during the three and six months ended June 30, 2025:

Three months ended June 30, 2025 Six months ended June 30, 2025

Three months ended September 30, 2025 Nine months ended September 30, 2025

(Square Feet)

12 unchanged sentences

Vacant space available for lease at the end of the period 6,891,687 6,891,687

Leases executed during the period (4) 1,121,821 2,240,291

Second generation leasing information :

6 unchanged sentences

__________________

(1) Total square feet from properties taken out of service during the six months ended June 30, 2025 consists of 201,634 square feet at Reservoir Place and 261,046 square feet at Reston Corporate Center.

(2) Total square feet from properties partially placed in-service during the three and six months ended June 30, 2025 consists of 55,604 square feet at 1050 Winter Street.

(3) Represents leases for which lease revenue recognition has commenced in accordance with GAAP during the three and six months ended June 30, 2025 .

(4) Represents leases executed during the three and six months ended June 30, 2025 for which we either (1) commenced lease revenue recognition in such period or (2) will commence lease revenue recognition in subsequent periods, in accordance with GAAP, and includes leases at properties currently under development.

The total square feet of leases e xecuted for which revenue recognition commenced during the three and six months ended June 30, 2025 was 155,936 and 278,031 square feet, respectively.

(1) Total square feet from properties taken out of service during the three months ended September 30, 2025 consists of 23,633 square feet at 200 Clarendon Street.

Total square feet from properties taken out of service during the nine months ended September 30, 2025 consists of 201,634 square feet at Reservoir Place, 261,046 square feet at Reston Corporate Center and 23,633 square feet at 200 Clarendon Street.

(2) Total square feet from properties placed (and partially placed) in-service during the three months ended September 30, 2025 consists of 345,570 square feet at 360 Park Avenue South, 106,670 square feet at 1050 Winter Street and 82,771 square feet at Reston Next Office Phase II.

Total square feet from properties placed (and partially placed) in-service during the nine months ended September 30, 2025 consists of 345,570 square feet at 360 Park Avenue South, 162,274 square feet at 1050 Winter Street and 82,771 square feet at Reston Next Office Phase II.

(3) Represents leases for which lease revenue recognition has commenced in accordance with GAAP during the three and nine months ended September 30, 2025.

(4) Second generation leases are defined as leases for space that we have previously leased.

Of the 852,284 and 1,768,313 square feet of second generation leases that commenced revenue recognition during the three and six months ended June 30, 2025, respectively, leases for 703,677 and 1,497,611 square feet, respectively, were signed in prior periods.

Of the 957,858 and 2,726,171 square feet of second generation leases that commenced revenue recognition during the three and nine months ended September 30, 2025, respectively, leases for 625,288 and 2,122,899 square feet, respectively, were signed in prior periods.

(5) Total transaction costs include tenant improvements and leasing commissions but exclude free rent concessions and other inducements in accordance with GAAP.

(7) Represents the increase (decrease) in gross rent (base rent plus expense reimbursements) on the new versus expired leases on the 405,494 and 1,026,120 square feet of second generation leases that had been occupied within the prior 12 months for the three and six months ended June 30, 2025, respectively;

excludes leases

that management considers temporary because the client is not expected to occupy the space on a long-term basis.

(8) Represents the increase (decrease) in net rent (gross rent less operating expenses) on the new versus expired leases on the 405,494 and 1,026,120 square feet of second generation leases that had been occupied within the prior 12 months for the three and six months ended June 30, 2025, respectively.

(6) Represents the increase (decrease) in gross rent (base rent plus expense reimbursements) on the new versus expired leases on the 528,334 and 1,554,454 square feet of second generation leases that had been occupied within the prior 12 months for the three and nine months ended September 30, 2025, respectively;

leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

(7) Represents the increase (decrease) in net rent (gross rent less operating expenses) on the new versus expired leases on the 528,334 and 1,554,454 square feet of second generation leases that had been occupied within the prior 12 months for the three and nine months ended September 30, 2025, respectively.

Investment Activity

We will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York.

343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace with direct access to Grand Central Station.

We have elected to acquire our partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025.

In addition, we have signed a letter of intent with a prospective client to lease approximately 274,000 square feet, or approximately 30% of the building’s total square footage, and we have other tenant proposals in discussion, underscoring the continued strong demand for the future premier workplace.

We believe 343 Madison Avenue represents a strong and significant value creation opportunity for shareholders.

As part of our strategy to use residential entitlements to maximize the value of our land holdings, we are redeveloping 17 Hartwell Avenue, an approximately 30,000 net rentable square feet office property that was recently demolished, into a fully entitled, 312-unit residential property in Lexington, Massachusetts with our joint venture partner.

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

We also contributed development costs of approximately $5.6 million for our 20% ownership interest.

BXP and BPLP recognized a gain upon sale of the real estate of approximately $18.4 million and $18.5 million, respectively.

We will be the development manager for the project.

In addition, the joint venture entered into a $98.7 million construction loan that is scheduled to mature on July 10, 2030, and bears interest at a fixed rate of 6.75% per annum.

17 Hartwell Avenue is expected to be completed in mid-2027.

In the third quarter of 2025, we completed and fully placed in-service three development projects:

• 1050 Winter Street, an approximately 162,000 net rentable square foot office building located in Waltham, Massachusetts.

The project is 100% leased.

• Reston Next Office Phase II, an approximately 87,000 net rentable square foot boutique premier workplace located in Reston, Virginia.

The project is 92% leased.

• 360 Park Avenue South, an approximately 450,000 net rentable square foot premier workplace located in New York City, New York.

The project is 38% leased.

In addition, we commenced full vertical construction of 343 Madison Avenue in New York City, New York.

343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace located on one of the best office development sites in Manhattan with direct access to Grand Central Station.

We signed a letter of intent with a prospective client to lease approximately 274,000 square feet, or 30% of the building’s square footage.

We are in active discussions with other prospective clients, underscoring the continued strong demand for the future premier workplace.

We believe 343 Madison represents a strong and significant value creation opportunity for shareholders.

Critical Accounting Estimates

4 unchanged sentences

There have been no significant changes in our critical accounting estimates since the year ended December 31, 2024.

Supplemental United States Federal Income Tax Considerations

The following discussion supplements and updates the disclosures under the heading “United States Federal Income Tax Considerations” in the prospectus dated May 17, 2023, contained in our Registration Statements on Form S-3 (File Nos.

333-272012, 333-272012-01) filed with the Securities and Exchange Commission on May 17, 2023 (the “Existing Tax Disclosure”).

Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.

On July 4, 2025, the OBBB, was enacted.

The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors.

In particular,

• For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT’s assets may be represented by securities of one or more taxable REIT subsidiaries.

• The OBBB permanently extended the pass-through qualified business income deduction, generally allowing individuals to deduct 20% of the aggregate amount of ordinary REIT dividends distributed by a REIT.

This deduction was due to expire for tax years beginning after December 31, 2025.

• The OBBB provides that the highest individual marginal tax rate will not revert from 37% to 39.6% for taxable years beginning after December 31, 2025.

The 37% rate is made permanent.

To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure.

This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first four paragraphs of the Existing Tax Disclosure as if those paragraphs were set forth in this Quarterly Report on Form 10-Q.

Results of Operations

At June 30, 2025 and 2024, we owned or had joint venture interests in a portfolio of 186 commercial real estate properties (in each case, the “Total Property Portfolio”).

At September 30, 2025 and 2024, we owned or had joint venture interests in a portfolio of 187 and 184 commercial real estate properties, respectively (in each case, the “Total Property Portfolio”).

As a result of changes within our Total Property Portfolio, the financial data presented below shows significant changes in revenue and expenses from period-to-period.

Accordingly, we do not believe that our period-to-period financial data with respect to the Total Property Portfolio provides a complete understanding of our operating results.

Therefore, the comparison of operating results for the three and six months ended June 30, 2025 and 2024 show separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

Therefore, the comparison of operating results for the three and nine months ended September 30, 2025 and 2024 shows separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

In our analysis of operating results, particularly to make comparisons of Net Operating Income (“NOI”) between periods more meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented.

1 unchanged sentence

The Same Property Portfolio therefore excludes properties acquired, placed in-service or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented.

NOI is a non-GAAP financial measure equal to net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment loss, loss on sales-type lease, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investments, gains from investments in securities, interest and other income (loss), gain on sale of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue.

We use NOI internally as a performance measure and believe it provides useful information to investors regarding our 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.

NOI is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc.

and net income (loss) attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net (income) loss attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment losses, loss on sales-type lease, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investments, gains from investments in securities, interest and other income (loss), gains on sales of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue.

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

For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level.

2 unchanged sentences

NOI presented by us may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently.

We believe that in order to understand our operating results, NOI should be examined in conjunction with net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements.

NOI should not be considered as a substitute for net income attributable to BXP, Inc.

or net income attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

Gain on sale of real estate, impairments and depreciation expense may differ between BXP and BPLP as a result of previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of limited partnership interest of BPLP (“OP Units”).

We believe that in order to understand our operating results, NOI should be examined in conjunction with net income (loss) attributable to BXP, Inc.

and net income (loss) attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements.

NOI should not be considered as a substitute for net income (loss) attributable to BXP, Inc.

or net income (loss) attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

Gains on sales of real estate, impairments and depreciation expense may differ between BXP and BPLP as a result of previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of limited partnership interest of BPLP (“OP Units”).

This accounting resulted in a step-up of the real estate assets at BXP that was allocated to certain properties.

The difference between the

real estate assets of BXP as compared to BPLP for certain properties having an allocation of the real estate step-up will result in a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties.

The difference between the real estate assets of BXP as compared to BPLP for certain properties having an allocation of the real estate step-up will result in a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties.

For additional information see the Explanatory Note that immediately follows the cover page of this Quarterly Report on Form 10-Q.

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Results of Operations for the Nine Months Ended September 30, 2025 and 2024

Net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership decreased by approximately $9.3 million and $11.2 million, respectively, for the six months ended June 30, 2025 compared to 2024, as set forth in the following tables and for the reasons discussed below under the heading “ Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

and net income attributable to Boston Properties Limited Partnership decreased by approximately $214.7 million and $236.2 million, respectively, for the nine months ended September 30, 2025 compared to 2024, as set forth in the following tables and for the reasons discussed below under the heading “ Comparison of the nine months ended September 30, 2025 to the nine months ended September 30, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The following are reconciliations of (1) Net Income Attributable to BXP, Inc.

to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the six months ended June 30, 2025 and 2024.

to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the nine months ended September 30, 2025 and 2024.

For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 55 .

Six months ended June 30,

Nine months ended September 30,

2025 2024 Increase/

12 unchanged sentences

Loss from early extinguishment of debt 338 — 338 100.00 %

Impairment loss

— 13,615 (13,615) (100.00) %

Impairment losses 68,901 13,615 55,286 406.07 %

Loss on sales-type lease 2,490 — 2,490 100.00 %

3 unchanged sentences

Interest and other income (loss) 23,433 39,747 (16,314) (41.04) %

Gain on sale of real estate 18,390 — 18,390 100.00 %

Gains on sales of real estate 20,322 517 19,805 3,830.75 %

Income (loss) from unconsolidated joint ventures (153,792) 6,376 (160,168) (2,512.05) %

13 unchanged sentences

Net Operating Income (“NOI”) $ 1,542,886 $ 1,528,615 $ 14,271 0.93 %

Six months ended June 30,

Nine months ended September 30,

2025 2024 Increase/

9 unchanged sentences

Loss from early extinguishment of debt 338 — 338 100.00 %

Impairment loss

— 13,615 (13,615) (100.00) %

Impairment losses 65,988 13,615 52,373 384.67 %

Loss on sales-type lease 2,490 — 2,490 100.00 %

3 unchanged sentences

Interest and other income (loss) 23,433 39,747 (16,314) (41.04) %

Gain on sale of real estate 18,489 — 18,489 100.00 %

Gains on sales of real estate 20,421 517 19,904 3,849.90 %

Income (loss) from unconsolidated joint ventures (153,792) 6,376 (160,168) (2,512.05) %

13 unchanged sentences

Net Operating Income (“NOI”) $ 1,542,886 $ 1,528,615 $ 14,271 0.93 %

Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024

Comparison of the nine months ended September 30, 2025 to the nine months ended September 30, 2024

The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio.

The Same Property Portfolio consists of 148 properties totaling approximately 41.4 million net rentable square feet, excluding unconsolidated joint ventures.

The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2024 and owned and in service through June 30, 2025.

The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after January 1, 2024 or disposed of on or prior to June 30, 2025.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the six months ended June 30, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment or sold.

The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2024 and owned and in service through September 30, 2025.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the nine months ended September 30, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold.

Same Property Portfolio Properties Acquired Portfolio Properties

23 unchanged sentences

(2) For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 55.

Residential Net Operating Income for the six months ended June 30, 2025 and 2024 is comprised of Residential Revenue of $24,880 and $24,910 less Residential Expenses of $12,475 and $11,425, respectively.

Hotel Net Operating Income for the six months ended June 30, 2025 and 2024 is comprised of Hotel Revenue of $24,370 and $22,998 less Hotel Expenses of $16,930 and $15,854, respectively, per the Consolidated Statements of Operations.

Residential Net Operating Income for the nine months ended September 30, 2025 and 2024 is comprised of Residential Revenue of $37,725 and $37,027 less Residential Expenses of $18,570 and $17,413, respectively.

Hotel Net Operating Income for the nine months ended September 30, 2025 and 2024 is comprised of Hotel Revenue of $37,532 and $38,080 less Hotel Expenses of $26,558 and $25,687, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $21.2 million for the six months ended June 30, 2025 compared to 2024.

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $34.7 million for the nine months ended September 30, 2025 compared to 2024.

The increase was a result of our average revenue per square foot increasing by approximately $2.08, contributing approximately $53.3 million, partially offset by approximately $18.6 million due to our average occupancy decreasing from 89.0% to 88.3%.

Termination Income

Termination income decreased by approximately $1.6 million for the six months ended June 30, 2025 compared to 2024.

Termination income for the six months ended June 30, 2025 related to four clients across the Same Property Portfolio and totaled approximately $1.2 million.

Termination income for the six months ended June 30, 2024 related to 17 clients across the Same Property Portfolio and totaled approximately $2.7 million.

Termination income decreased by approximately $5.5 million for the nine months ended September 30, 2025 compared to 2024.

Termination income for the nine months ended September 30, 2025 related to six clients across the Same Property Portfolio and totaled approximately $2.4 million.

Termination income for the nine months ended September 30, 2024 related to 23 clients across the Same Property Portfolio and totaled approximately $7.9 million.

Parking and Other Revenue

Parking and other revenue decreased by approximately $1.3 million for the six months ended June 30, 2025 compared to 2024.

Other revenue decreased by approximately $2.5 million, partially offset by an increase in parking revenue of approximately $1.2 million.

The decrease in other revenue is primarily associated with a decrease in insurance proceeds.

Parking and other revenue increased by approximately $0.6 million for the nine months ended September 30, 2025 compared to 2024.

Parking revenue increased by approximately $1.7 million, partially offset by a decrease in other revenue of approximately $1.1 million.

The increase in parking revenue was primarily due to an increase in monthly parking.

The decrease in other revenue was primarily associated with a decrease in insurance proceeds.

Real Estate Operating Expenses

Real estate operating expenses from the Same Property Portfolio increased by approximately $23.7 million, or 3.9%, for the six months ended June 30, 2025 compared to 2024, due primarily to increases in (1) repairs and maintenance of approximately $14.2 million, or 13.9% and (2) utilities of approximately $10.1 million, or 16.4%, partially offset by a decrease in other real estate operating expenses of approximately $0.6 million, or 0.1%.

The increase in repairs and maintenance was primarily at a property in New York City.

The increase in utilities related primarily to properties in our Boston region.

Real estate operating expenses from the Same Property Portfolio increased by approximately $25.7 million, or 2.8%, for the nine months ended September 30, 2025 compared to 2024, due primarily to increases in (1) repairs and maintenance of approximately $18.3 million, or 11.8% and (2) utilities of approximately $13.6 million, or 13.8%, partially offset by a decrease in other real estate operating expenses of approximately $6.2 million, or 0.9%.

The increase in repairs and maintenance was primarily in the New York region.

The increase in utilities was primarily in the Boston region.

Properties Acquired Portfolio

The table below lists the properties acquired between January 1, 2024 and June 30, 2025.

Rental revenue and real estate operating expenses increased by approximately $0.5 million and $0.4 million, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties acquired between January 1, 2024 and September 30, 2025.

Rental revenue and real estate operating expenses increased by approximately $0.4 million and $0.6 million, respectively, for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Square Feet Rental Revenue Real Estate Operating Expenses

3 unchanged sentences

Properties Placed In-Service Portfolio

The table below lists the properties that were placed in-service or partially placed in-service between January 1, 2024 and June 30, 2025.

Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $26.5 million and $4.5 million, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties that were placed in-service or partially placed in-service between January 1, 2024 and September 30, 2025.

Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $39.8 million and $7.0 million, respectively, for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Quarter Initially Placed In-Service Quarter Fully Placed In-Service Rental Revenue Real Estate Operating Expenses

4 unchanged sentences

760 Boylston Street Second Quarter, 2024 Second Quarter, 2024 118,000 7,214 4,613 2,601 874 528 346

Reston Next Office Phase II Third Quarter, 2024 N/A 87,000 118 — 118 108 — 108

Reston Next Office Phase II Third Quarter, 2024 Third Quarter, 2025 86,629 179 — 179 335 11 324

300 Binney Street Fourth Quarter, 2024 Fourth Quarter, 2024 239,908 34,690 — 34,690 4,997 — 4,997

Reston Next Retail First Quarter, 2025 N/A 30,000 — — — 42 — 42

1050 Winter Street (1) Second Quarter, 2025 N/A 162,000 398 170 228 715 787 (72)

1,078,944 $ 35,878 $ 9,342 $ 26,536 $ 8,732 $ 4,237 $ 4,495

1050 Winter Street Second Quarter, 2025 Third Quarter, 2025 162,274 1,380 200 1,180 1,114 1,160 (46)

1,078,847 $ 55,058 $ 15,290 $ 39,768 $ 13,551 $ 6,543 $ 7,008

(1) On July 1, 2025, 1050 Winter Street was fully placed in-service.

Properties in or Held for Development or Redevelopment Portfolio

The table below lists the properties that were in or held for development or redevelopment between January 1, 2024 and June 30, 2025.

Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $8.6 million and $1.5 million, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties that were in or held for development or redevelopment between January 1, 2024 and September 30, 2025.

Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $22.4 million and $2.4 million, respectively, for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Date Commenced Held for Development / Redevelopment Rental Revenue Real Estate Operating Expenses

17 unchanged sentences

(2) This portion of Shady Grove Innovation District is comprised of two buildings, 2098 Gaither Road and 15825 Shady Grove Road.

(3) Rental revenue for the nine months ended September 30, 2024 includes approximately $6.4 million of termination income.

(4) Reservoir Place is an approximately 526,000 square foot office building, of which approximately 165,000 square feet remains in-service.

Rental revenue for the six months ended June 30, 2024 includes approximately $0.1 million of termination income.

Rental revenue for the nine months ended September 30, 2024 includes approximately $0.7 million of termination income.

Properties Sold Portfolio

The table below lists the properties we sold between January 1, 2024 and June 30, 2025.

Rental revenue and real estate operating expenses from our Properties Sold Portfolio decreased by approximately $0.6 million and $6,000, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties we sold between January 1, 2024 and September 30, 2025.

Rental revenue and real estate operating expenses from our Properties Sold Portfolio decreased by approximately $0.6 million and $0.1 million, respectively, for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Rental Revenue Real Estate Operating Expenses

3 unchanged sentences

______________

(1) During the six months ended June 30, 2024, this property was removed from our “in-service” properties listing and classified as held for redevelopment (See Notes 3 and 5 to the Consolidated financial Statements).

(1) During the nine months ended September 30, 2024, this property was removed from our “in-service” properties listing and classified as held for redevelopment (See Notes 3 and 5 to the Consolidated Financial Statements).

Residential Net Operating Income

Net operating income for our residential same properties decreased by approximately $1.1 million for the six months ended June 30, 2025 compared to 2024.

The following reflects our occupancy and rate information, by region, for our residential same properties for the six months ended June 30, 2025 and 2024.

Net operating income for our residential same properties decreased by approximately $0.5 million for the nine months ended September 30, 2025 compared to 2024.

The following reflects our occupancy and rate information, by region, for our residential same properties for the nine months ended September 30, 2025 and 2024.

Average Monthly Rental Rate (1) Average Rental Rate Per Occupied Square Foot Average Physical Occupancy (2) Average Economic Occupancy (3)

14 unchanged sentences

Hotel Net Operating Income

The Boston Marriott Cambridge hotel had net operating income of approximately $7.4 million for the six months ended June 30, 2025, representing an increase of approximately $0.3 million compared to the six months ended June 30, 2024.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the six months ended June 30, 2025 and 2024.

The Boston Marriott Cambridge hotel had net operating income of approximately $11.0 million for the nine months ended September 30, 2025, representing a decrease of approximately $1.4 million compared to the nine months ended September 30, 2024.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the nine months ended September 30, 2025 and 2024.

Occupancy 80.2 % 78.1 % 2.7 %

3 unchanged sentences

Development and Management Services Revenue

Development and management services revenue increased by approximately $6.1 million for the six months ended June 30, 2025 compared to 2024.

Development and management services revenue increased by approximately $8.7 million for the nine months ended September 30, 2025 compared to 2024.

Development services revenue and management services revenue increased by approximately $4.0 million and $4.7 million, respectively.

The increase in development services revenue was primarily related to an increase in fees associated with a tenant improvement project in the Boston region.

The increase in management services revenue was primarily related to a leasing commission earned from an unconsolidated joint venture in New York City.

The increase in management services revenue was primarily related to leasing commissions earned from an unconsolidated joint venture and a third-party managed building in the New York region.

General and Administrative Expense

General and administrative expense increased by approximately $0.7 million for the six months ended June 30, 2025 compared to 2024 primarily due to increases in other general and administrative expenses.

General and administrative expense increased by approximately $3.5 million for the nine months ended September 30, 2025 compared to 2024 primarily due to increases in compensation expense and other general and administrative expenses of approximately $2.5 million and $1.0 million, respectively.

Wages directly related to the development of rental properties are capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the applicable asset or lease term.

Capitalized wages for each of the six months ended June 30, 2025 and 2024 were approximately $9.2 million and $8.9 million, respectively.

Capitalized wages for each of the nine months ended September 30, 2025 and 2024 were approximately $12.8 million and $13.2 million, respectively.

These costs are not included in the general and administrative expenses discussed above.

Transaction Costs

Transaction costs increased by approximately $0.4 million for the six months ended June 30, 2025 compared to 2024.

Transaction costs increased by approximately $1.7 million for the nine months ended September 30, 2025 compared to 2024.

In general, transaction costs relating to the formation of new joint ventures and the pursuit of other transactions are expensed as incurred.

Depreciation and Amortization Expense

Depreciation and amortization expense increased by approximately $5.7 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the six months ended June 30,

Depreciation and amortization expense increased by approximately $18.9 million for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the nine months ended September 30,

2025 2024 Change

6 unchanged sentences

$ 680,073 $ 661,148 $ 18,925

Depreciation and amortization expense increased by approximately $5.7 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the six months ended June 30,

Depreciation and amortization expense increased by approximately $18.9 million for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the nine months ended September 30,

2025 2024 Change

11 unchanged sentences

Income (Loss) from Unconsolidated Joint Ventures

For the six months ended June 30, 2025 compared to 2024, income (loss) from unconsolidated joint ventures decreased by approximately $18.9 million primarily due to an approximately $21.8 million gain recognized from acquiring our joint venture partner’s economic ownership interest in 901 New York Avenue during the six months ended June 30, 2024, which did not recur during the six months ended June 30, 2025.

The decrease is partially offset by a decrease in depreciation expense resulting from an other-than-temporary impairment loss on our investments recognized in 2024.

Gain on Sale of Real Estate

Gain on sale of real estate increased by approximately $18.4 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

For the nine months ended September 30, 2025 compared to 2024, income (loss) from unconsolidated joint ventures decreased by approximately $160.2 million primarily due to the recognition of a non-cash impairment loss of approximately $145.1 million, partially offset by an approximately $2.2 million gain on the sale of Beach Cities Media Campus during the nine months ended September 30, 2025 (See Note 5 to the Consolidated Financial Statements).

The decrease is also due to an approximately $21.8 million gain recognized from acquiring our joint venture partner’s economic ownership interest in 901 New York Avenue during the nine months ended September 30, 2024, which did not recur during the nine months ended September 30, 2025.

Gains on Sales of Real Estate

Gains on sales of real estate increased by approximately $19.8 million for the nine months ended September 30, 2025 compared to 2024, as detailed below.

The $0.5 million gains on sales of real estate for the nine months ended September 30, 2024 was related to the sale of real estate occurring in prior periods.

Name Date Sold Property Type Square Feet Gross Sale Price Net Cash Proceeds Gain on Sale of Real Estate (1)

2 unchanged sentences

______________

(1) Excludes approximately $1.9 million of gains on sales of real estate recognized during the nine months ended September 30, 2025 related the sale of real estate occurring in prior periods.

(2) See Notes 3 and 5 to the Consolidated Financial Statements.

Gain on sale of real estate increased by approximately $18.5 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Gains on sales of real estate increased by approximately $19.9 million for the nine months ended September 30, 2025 compared to 2024, as detailed below.

The $0.5 million gains on sale of real estate for the nine months ended September 30, 2024 was related to the sale of real estate occurring in prior periods.

Name Date Sold Property Type Square Feet Gross Sale Price Net Cash Proceeds Gain on Sale of Real Estate (1)

2 unchanged sentences

______________

(1) Excludes approximately $1.9 million of gains on sales of real estate recognized during the nine months ended September 20, 2025 related to the sale of real estate occurring in prior periods.

(2) See Notes 3 and 5 to the Consolidated Financial Statements.

Interest and Other Income (Loss)

Interest and other income (loss) decreased by approximately $9.5 million for the six months ended June 30, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income.

Interest and other income (loss) decreased by approximately $16.3 million for the nine months ended September 30, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income and an approximately $5.6 million reserve related to the unpaid default interest on one of our Related Party Notes Receivable (See Note 14 to the Consolidated Financial Statements).

Gains from Investments in Securities

Gains from investments in securities for the six months ended June 30, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

Gains from investments in securities for the nine months ended September 30, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

Under their respective deferred compensation plans, eligible officers and non-employee directors are permitted to defer a portion of their current compensation on a pre-tax basis and receive a tax-deferred return on the amounts deferred based on the performance of specific investments selected by participating officers and non-employee directors.

2 unchanged sentences

The performance of these investments is recorded as gains from investments in securities.

During the six months ended June 30, 2025 and 2024, we recognized gains of approximately $2.2 million and $2.6 million, respectively, on these investments.

By comparison, our general and administrative expense decreased by approximately $2.2 million and $2.6 million during the six months ended June 30, 2025 and 2024, respectively, as a result of decreases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

During the nine months ended September 30, 2025 and 2024, we recognized gains of approximately $4.6 million and $4.8 million, respectively, on these investments.

By comparison, our general and administrative expense decreased by approximately $4.6 million and $4.8 million during the nine months ended September 30, 2025 and 2024, respectively, as a result of decreases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain (Loss) on Non-Real Estate Investments

We invest in non-real estate investments, which are primarily environmentally-focused investment funds.

As a result, during the six months ended June 30, 2025 and 2024, we recognized an unrealized gain (loss) of approximately $(0.5) million and $0.5 million, respectively, due to the observable changes in the fair value of the investments.

We invest in non-real estate investments, which primarily consist of environmentally-focused investment funds.

During the nine months ended September 30, 2025 and 2024, we recognized an unrealized gain (loss) of approximately $(0.3) million and $0.5 million, respectively, due to the observable changes in the fair value of the investments.

Loss on Sales-Type Lease

During the six months ended June 30, 2025, we recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease for land at our Reston Next property located in Reston, Virginia.

During the nine months ended September 30, 2025, we recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease for land at our Reston Next property located in Reston, Virginia.

We entered into the ground lease in 2020 with a third-party hotel developer and amended it in 2022.

The amendment resulted in the derecognition of the assets related to the ground lease and the classification of the ground lease as a sales-type lease resulting in the recognition of a gain on sales-type lease of approximately $10.1 million.

Impairment Loss

At March 31, 2024, we evaluated the expected hold period for a portion of our Shady Grove property, located in Rockville, Maryland, consisting of 2 Choke Cherry Road, 2094 Gaither Road and a land parcel.

Based on a shorter-than-expected hold period, we reduced the carrying value of a portion of the property that we anticipate selling to a third-party developer to its estimated fair value at March 31, 2024.

As a result, each of BXP and BPLP recognized an impairment loss of approximately $13.6 million.

Our estimated fair value was based on Level 3 inputs as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” and on a pending offer from a third party.

Impairment Losses

During the three months ended September 30, 2025, in conjunction with our strategy to sell non-core assets, we evaluated our properties that were under negotiation for sale with third-parties (See Note 2 to the Consolidated Financial Statements).

Impairment losses for the nine months ended September 30, 2025 and 2024, related to the following:

Name Location Property Type Impairment Loss

in thousands)

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

2 Choke Cherry Road, 2094 Gaither Road and a land parcel Rockville, MD Office and land $ 13,615

______________

(1) See Note 14 to the Consolidated Financial Statements.

Impairment losses for the nine months ended September 30, 2025 and 2024, related to the following:

Name Location Property Type Impairment Loss

(in thousands)

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

2 Choke Cherry Road, 2094 Gaither Road and a land parcel Rockville, MD Office and land $ 13,615

______________

(1) See Note 14 to the Consolidated Financial Statements.

Loss From Early Extinguishment of Debt

On March 28, 2025, BPLP amended and restated its revolving credit agreement (See Note 6 to the Consolidated Financial Statements) .

In connection with the amendment and restatement, we 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 .

Interest Expense

Interest expense increased by approximately $14.7 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Component Change in interest expense for the six months ended June 30, 2025 compared to June 30, 2024

Interest expense increased by approximately $15.8 million for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Component Change in interest expense for the nine months ended September 30, 2025 compared to September 30, 2024

(in thousands)

3 unchanged sentences

Increase in interest due to finance leases 8,433

Increase in interest associated with unsecured term loans and the unsecured credit facility, net (1) 1,057

Issuance of $1.0 billion in aggregate principal of 2.000% exchangeable senior notes due 2030 on September 29, 2025 (2) 111

Total increases to interest expense 53,455

2 unchanged sentences

Mortgage loan financings (1) (10,136)

Decrease in interest associated with unsecured term loans and the unsecured credit facility, net (1) (3,487)

Increase in capitalized interest related to development projects (4,615)

6 unchanged sentences

(1) Includes, if applicable, fair value and swap adjustments (See Note 7 to the Consolidated Financial Statements).

(2) See Note 6 to the Consolidated Financial Statements.

Interest expense directly related to the development of rental properties is capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the real estate or lease term.

As portions of properties are placed in-service, we cease capitalizing interest on that portion and interest is then expensed.

Interest capitalized for the six months ended June 30, 2025 and 2024 was approximately $22.5 million and $19.7 million, respectively.

Interest capitalized for the nine months ended September 30, 2025 and 2024 was approximately $36.0 million and $31.3 million, respectively.

These costs are not included in the interest expense referenced above.

At June 30, 2025, our variable rate debt consisted of (1) BPLP’s $2.95 billion unsecured credit facility (“2025 Credit Facility”) and (2) BPLP’s $750.0 million unsecured commercial paper (“Commercial Paper Program”).

At September 30, 2025, our variable rate debt consisted of (1) BPLP’s $2.95 billion unsecured credit facility (“2025 Credit Facility”) and (2) BPLP’s $750.0 million unsecured commercial paper program (“Commercial Paper Program”).

The 2025 Credit Facility consists of (1) a revolving line of credit (the “Revolving Facility”) of $2.25 billion and (2) an unsecured term loan facility (the “Term Loan Facility”) of $700.0 million.

As of June 30, 2025, there were $885.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have the $100.0 million unsecured term loan facility (“2024 Unsecured Term Loan”) and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bore interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term.

For a summary of our consolidated debt as of June 30, 2025 refer to the heading “ Liquidity and Capital Resources—Debt” within “ Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

As of September 30, 2025, there were $700.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have a $100.0 million unsecured term loan facility (“2024 Unsecured Term Loan”) and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bear interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term.

For a summary of our consolidated debt as of September 30, 2025 refer to the heading “ Liquidity and Capital Resources—Debt” within “ Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Noncontrolling Interests in Property Partnerships

Noncontrolling interests in property partnerships increased by approximately $3.8 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Property Noncontrolling Interests in Property Partnerships for the six months ended June 30,

Noncontrolling interests in property partnerships increased by approximately $6.4 million for the nine months ended September 30, 2025 compared to 2024, as detailed below.

Property Noncontrolling Interests in Property Partnerships for the nine months ended September 30,

2025 2024 Change

12 unchanged sentences

(2) The decrease was primarily attributable to a decrease in lease revenue from our clients.

(3) The increase was primarily attributable to an increase in lease revenue from our clients.

(4) Property is held for future development (See Note 14 to the Consolidated Financial Statements).

(3) On August 27, 2025, we acquired our partner’s 45% ownership interest (See Note 9 to the Consolidated Financial Statements).

(4) Property was fully placed in service on October 31, 2024.

1 unchanged sentence

Noncontrolling Interest—Common Units of the Operating Partnership

For BXP, noncontrolling interest—common units of the Operating Partnership decreased by approximately $2.0 million for the six months ended June 30, 2025 compared to 2024 due to a decrease in allocable income as well as a decrease in the noncontrolling interest’s ownership percentage.

For BXP, noncontrolling interest—common units of the Operating Partnership decreased by approximately $24.5 million for the nine months ended September 30, 2025 compared to 2024 due to a decrease in allocable income, which was the result of recognizing greater non-cash impairment losses during 2025, as well as a decrease in the noncontrolling interest’s ownership percentage.

Due to our ownership structure, there is no corresponding line item on BPLP’s financial statements.

Results of Operations for the Three Months Ended June 30, 2025 and 2024

Net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership increased approximately $9.4 million and $10.0 million, respectively, for the three months ended June 30, 2025 compared to 2024, as detailed in the following tables and for the reasons discussed below under the heading “ Comparison of the three months ended June 30, 2025 to the three months ended June 30, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following are reconciliations of (1) Net Income Attributable to BXP, Inc.

to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the three months ended June 30, 2025 and 2024.

Results of Operations for the Three Months Ended September 30, 2025 and 2024

Net income (loss) attributable to BXP, Inc.

and net income (loss) attributable to Boston Properties Limited Partnership decreased approximately $205.3 million and $225.0 million, respectively, for the three months ended September 30, 2025 compared to 2024, as detailed in the following tables and for the reasons discussed below under the heading “ Comparison of the three months ended September 30, 2025 to the three months ended September 30, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following are reconciliations of (1) Net Income (Loss) Attributable to BXP, Inc.

to NOI and (2) Net Income (Loss) Attributable to Boston Properties Limited Partnership to NOI for the three months ended September 30, 2025 and 2024.

For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 55.

Three months ended June 30,

Three months ended September 30,

2025 2024 Increase/

(in thousands)

Net Income Attributable to BXP, Inc.

Net Income (Loss) Attributable to BXP, Inc.

$ (121,712) $ 83,628 $ (205,340) (245.54) %

Net Income Attributable to Noncontrolling Interests:

Net (Income) Loss Attributable to Noncontrolling Interests:

Noncontrolling interest—common units of the Operating Partnership

2 unchanged sentences

17,853 15,237 2,616 17.17 %

Net Income 119,141 106,949 12,192 11.40 %

Net Income (Loss) (116,840) 108,452 (225,292) (207.73) %

Other Expenses:

Interest expense 164,299 163,194 1,105 0.68 %

Impairment losses 68,901 — 68,901 100.00 %

Loss from unconsolidated joint ventures 148,329 7,011 141,318 2,015.66 %

Other Income:

Unrealized gain (loss) on non-real estate investments (39) 58 (97) (167.24) %

Unrealized gain on non-real estate investments 178 94 84 89.36 %

Gains from investments in securities 2,400 2,198 202 9.19 %

1 unchanged sentence

7,620 14,430 (6,810) (47.19) %

Gain on sale of real estate 18,390 — 18,390 100.00 %

Gains on sales of real estate 1,932 517 1,415 273.69 %

Other Expenses:

12 unchanged sentences

Net Operating Income (“NOI”) $ 517,008 $ 511,078 $ 5,930 1.16 %

Three months ended June 30,

Three months ended September 30,

2025 2024 Increase/

(in thousands)

Net Income Attributable to Boston Properties Limited Partnership $ 100,843 $ 90,827 $ 10,016 11.03 %

Net Income (Loss) Attributable to Boston Properties Limited Partnership $ (130,077) $ 94,919 $ (224,996) (237.04) %

Net Income Attributable to Noncontrolling Interests:

1 unchanged sentence

17,853 15,237 2,616 17.17 %

Net Income 120,943 108,652 12,291 11.31 %

Net Income (Loss) (112,224) 110,156 (222,380) (201.88) %

Other Expenses:

1 unchanged sentence

164,299 163,194 1,105 0.68 %

Impairment losses 65,988 — 65,988 100.00 %

Loss from unconsolidated joint ventures 148,329 7,011 141,318 2,015.66 %

Other Income:

Unrealized gain (loss) on non-real estate investments (39) 58 (97) (167.24) %

Unrealized gain on non-real estate investments 178 94 84 89.36 %

Gains from investments in securities 2,400 2,198 202 9.19 %

1 unchanged sentence

7,620 14,430 (6,810) (47.19) %

Gain on sale of real estate 18,489 — 18,489 100.00 %

Gains on sales of real estate 1,932 517 1,415 273.69 %

Other Expenses:

12 unchanged sentences

Net Operating Income (“NOI”) $ 517,008 $ 511,078 $ 5,930 1.16 %

Comparison of the three months ended June 30, 2025 to the three months ended June 30, 2024

Comparison of the three months ended September 30, 2025 to the three months ended September 30, 2024

The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio.

The Same Property Portfolio consists of 150 properties totaling approximately 42.0 million net rentable square feet, excluding unconsolidated joint ventures.

The Same Property Portfolio includes properties acquired or placed in-service on or prior to April 1, 2024 and owned and in-service through June 30, 2025.

The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after April 1, 2024 or disposed of on or prior to June 30, 2025.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the three months ended June 30, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment or sold.

We did not acquire any properties during the three months ended June 30, 2025 and 2024.

The Same Property Portfolio includes properties acquired or placed in-service on or prior to July 1, 2024 and owned and in-service through September 30, 2025.

The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after July 1, 2024 or disposed of on or prior to September 30, 2025.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the three months ended September 30, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold.

We did not acquire any properties during the three months ended September 30, 2025 and 2024.

Same Property Portfolio Properties

25 unchanged sentences

(2) For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 55.

Residential Net Operating Income for the three months ended June 30, 2025 and 2024 is comprised of Residential Revenue of $12,532 and $12,226 less Residential Expenses of $6,578 and $5,739, respectively.

Hotel Net Operating Income for the three months ended June 30, 2025 and 2024 is comprised of Hotel Revenue of $14,773 and $14,812 less Hotel Expenses of $9,365 and $9,839, respectively, per the Consolidated Statements of Operations.

Residential Net Operating Income for the three months ended September 30, 2025 and 2024 is comprised of Residential Revenue of $12,845 and $12,117 less Residential Expenses of $6,095 and $5,988, respectively.

Hotel Net Operating Income for the three months ended September 30, 2025 and 2024 is comprised of Hotel Revenue of $13,162 and $15,082 less Hotel Expenses of $9,628 and $9,833, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $7.8 million for the three months ended June 30, 2025 compared to 2024.

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $13.3 million for the three months ended September 30, 2025 compared to 2024.

The increase was a result of our average revenue per square foot increasing by approximately $1.80, contributing approximately $15.4 million, partially offset by approximately $2.1 million due to our average occupancy decreasing from 88.2% to 87.9%.

Termination Income

Termination income increased by approximately $0.2 million for the three months ended June 30, 2025 compared to 2024.

Termination income for the three months ended June 30, 2025 related to three clients across the Same Property Portfolio and totaled approximately $0.9 million.

Termination income for the three months ended June 30, 2024 related to eight clients across the Same Property Portfolio and totaled approximately $0.7 million.

Termination income decreased by approximately $3.9 million for the three months ended September 30, 2025 compared to 2024.

Termination income for the three months ended September 30, 2025 related to three clients across the Same Property Portfolio and totaled approximately $1.2 million.

Termination income for the three months ended September 30, 2024 related to seven clients across the Same Property Portfolio and totaled approximately $5.1 million.

Parking and Other Revenue

Parking and other revenue increased by approximately $0.2 million for the three months ended June 30, 2025 compared to 2024.

Parking revenue increased by approximately $0.9 million, partially offset by a decrease in other revenue of approximately $0.7 million.

The increase in parking revenue was primarily due to an increase in transient and monthly parking.

The decrease in other revenue is primarily associated with a decrease in insurance proceeds.

Parking and other revenue increased by approximately $2.0 million for the three months ended September 30, 2025 compared to 2024.

Parking and other revenue increased by approximately $0.6 million and $1.4 million, respectively.

The increase in parking revenue was primarily due to an increase in monthly parking.

The increase in other revenue is primarily associated with an increase in insurance proceeds.

Real Estate Operating Expenses

Real estate operating expenses from the Same Property Portfolio increased by approximately $8.6 million, or 2.8%, for the three months ended June 30, 2025 compared to 2024, due primarily to an increase in repairs and maintenance of approximately $9.3 million, or 16.7%, offset by a decrease in other real estate operating expenses of approximately $0.7 million, or 0.3%.

The increase in repairs and maintenance was primarily at a property in New York City.

Real estate operating expenses from the Same Property Portfolio increased by approximately $2.3 million, or 0.7%, for the three months ended September 30, 2025 compared to 2024, due primarily to an increase in real estate operating expenses of approximately $9.0 million, or 5.3%, partially offset by a decrease in real estate taxes of approximately $6.7 million, or 4.6%.

The decrease in real estate taxes was primarily due to tax abatements realized in the Los Angeles region.

Properties Placed In-Service Portfolio

The table below lists the properties that were placed in-service or partially placed in-service between April 1, 2024 and June 30, 2025.

Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $11.9 million and $2.0 million, respectively, for the three months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties that were placed in-service or partially placed in-service between July 1, 2024 and September 30, 2025.

Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $13.1 million and $2.5 million, respectively, for the three months ended September 30, 2025 compared to 2024, as detailed below.

Quarter Initially Placed In-Service Quarter Fully Placed In-Service Rental Revenue Real Estate Operating Expenses

3 unchanged sentences

103 CityPoint Fourth Quarter, 2023 Fourth Quarter, 2024 112,841 1 1 — 355 155 200

760 Boylston Street Second Quarter, 2024 Second Quarter, 2024 118,000 2,417 2,284 133 303 235 68

Reston Next Office Phase II Third Quarter, 2024 N/A 87,000 61 — 61 55 — 55

Reston Next Office Phase II Third Quarter, 2024 Third Quarter, 2025 86,629 61 — 61 227 11 216

300 Binney Street Fourth Quarter, 2024 Fourth Quarter, 2024 239,908 11,952 — 11,952 1,855 — 1,855

Reston Next Retail First Quarter, 2025 N/A 30,000 — — — 13 — 13

1050 Winter Street (1) Second Quarter, 2025 N/A 162,000 367 140 227 324 350 (26)

1,078,944 $ 18,144 $ 6,199 $ 11,945 $ 4,148 $ 2,099 $ 2,049

1050 Winter Street Second Quarter, 2025 Third Quarter, 2025 162,274 982 30 952 399 374 25

960,847 $ 16,795 $ 3,658 $ 13,137 $ 4,543 $ 2,065 $ 2,478

(1) On July 1, 2025, 1050 Winter Street was fully placed in-service.

Properties in or Held for Development or Redevelopment Portfolio

The table below lists the properties that were in or held for development or redevelopment between April 1, 2024 and June 30, 2025.

Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $4.7 million and $0.8 million, respectively, for the three months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties that were in or held for development or redevelopment between July 1, 2024 and September 30, 2025.

Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $13.8 million and $0.9 million, respectively, for the three months ended September 30, 2025 compared to 2024, as detailed below.

Date Commenced Held for Development / Redevelopment Rental Revenue Real Estate Operating Expenses

12 unchanged sentences

A property will be considered held for development or redevelopment until the last client has vacated the property and the property is no longer revenue producing.

(2) Rental revenue for the three months ended September 30, 2024 includes approximately $6.4 million of termination income.

(3) Reservoir Place is an approximately 526,000 square foot office building, of which approximately 165,000 square feet remains in-service.

Rental revenue for the three months ended June 30, 2024 includes approximately $0.1 million of termination income.

Rental revenue for the three months ended September 30, 2024 includes approximately $0.6 million of termination income.

Properties Sold Portfolio

The table below lists the properties we sold between April 1, 2024 and June 30, 2025.

Rental revenue from our Properties Sold Portfolio decreased by approximately $0.1 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

The table below lists the properties we sold between July 1, 2024 and September 30, 2025.

Rental revenue from our Properties Sold Portfolio increased by approximately $10,000 and real estate operating expenses decreased by approximately $0.1 million for the three months ended September 30, 2025 compared to 2024, as detailed below.

Rental Revenue Real Estate Operating Expenses

2 unchanged sentences

17 Hartwell Avenue June 27, 2025 Office 30,000 $ — $ (10) $ 10 $ — $ 103 $ (103)

______________

(1) During the three months ended June 30, 2024, this property was removed from our “in-service” properties listing and classified as held for redevelopment (See Notes 3 and 5 to the Consolidated financial Statements).

Residential Net Operating Income

Net operating income for our residential same properties decreased by approximately $0.5 million for the three months ended June 30, 2025 compared to 2024.

The following reflects our occupancy and rate information, by region, for our residential same properties for the three months ended June 30, 2025 and 2024.

Net operating income for our residential same properties increased by approximately $0.6 million for the three months ended September 30, 2025 compared to 2024.

The following reflects our occupancy and rate information, by region, for our residential same properties for the three months ended September 30, 2025 and 2024.

Average Monthly Rental Rate (1) Average Rental Rate Per Occupied Square Foot Average Physical Occupancy (2) Average Economic Occupancy (3)

14 unchanged sentences

Hotel Net Operating Income

The Boston Marriott Cambridge hotel had net operating income of approximately $5.4 million for the three months ended June 30, 2025, representing an increase of approximately $0.4 million compared to the three months ended June 30, 2024.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the three months ended June 30, 2025 and 2024.

The Boston Marriott Cambridge hotel had net operating income of approximately $3.5 million for the three months ended September 30, 2025, representing a decrease of approximately $1.7 million compared to the three months ended September 30, 2024.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the three months ended September 30, 2025 and 2024.

Occupancy 82.8 % 82.7 % 0.1 %

3 unchanged sentences

Development and Management Services Revenue

Development and management services revenue increased by approximately $2.5 million for the three months ended June 30, 2025 compared to 2024.

Development and management services revenue increased by approximately $2.5 million for the three months ended September 30, 2025 compared to 2024.

Development services revenue and management services revenue increased by approximately $1.2 million and $1.3 million, respectively.

The increase in development services revenue was primarily related to an increase in fees associated with a tenant improvement project in the Boston region.

The increase in management services revenue was primarily related to management fees earned from third-party owned buildings.

The increase in development services revenue was primarily related to an increase in fees associated with tenant improvement projects in the Boston and New York regions.

The increase in management services revenue was primarily related to leasing commission fees earned from a third-party owned building in New York City.

General and Administrative Expense

General and administrative expense decreased by approximately $1.6 million for the three months ended June 30, 2025 compared to 2024 primarily due to decreases in compensation expense of approximately $2.8 million, partially offset by an approximately $1.2 million increase in other general and administrative expenses.

The decrease in compensation expense primarily related to an approximately $5.1 million decrease in compensation expenses that was primarily related to age-based vesting and partially offset by an approximately $2.3 million increase in the value of our deferred compensation plan.

General and administrative expense increased by approximately $2.8 million for the three months ended September 30, 2025 compared to 2024 primarily due to increases in compensation expense of approximately $2.5 million and approximately $0.3 million increase in other general and administrative expenses.

The increase in compensation expense primarily related to an approximately $1.2 million increase in health insurance costs and an approximately $0.2 million increase in the value of our deferred compensation plan.

Capitalized wages for the three months ended June 30, 2025 and 2024 were approximately $4.7 million and $4.8 million, respectively.

Capitalized wages for the three months ended September 30, 2025 and 2024 were approximately $3.7 million and $4.2 million, respectively.

These costs are not included in the general and administrative expenses discussed above.

Transaction Costs

Transaction costs increased by approximately $0.2 million for the three months ended June 30, 2025 compared to 2024.

Transaction costs increased by approximately $1.2 million for the three months ended September 30, 2025 compared to 2024.

In general, transaction costs relating to the formation of new joint ventures and the pursuit of other transactions are expensed as incurred.

Depreciation and Amortization Expense

Depreciation and amortization expense increased by approximately $4.3 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the three months ended June 30,

Depreciation and amortization expense increased by approximately $13.3 million for the three months ended September 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the three months ended September 30,

2025 2024 Change

5 unchanged sentences

$ 236,147 $ 222,890 $ 13,257

Depreciation and amortization expense increased by approximately $4.3 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the three months ended June 30,

Depreciation and amortization expense increased by approximately $13.3 million for the three months ended September 30, 2025 compared to 2024, as detailed below.

Portfolio Depreciation and Amortization for the three months ended September 30,

2025 2024 Change

10 unchanged sentences

Loss from Unconsolidated Joint Ventures

For the three months ended June 30, 2025 compared to 2024, loss from unconsolidated joint ventures decreased by approximately $2.5 million primarily due to a decrease in depreciation expense resulting from an other-than-temporary impairment loss on our investments recognized in 2024.

Gain on Sale of Real Estate

Gain on sale of real estate increased by approximately $18.4 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Name Date Sold Property Type Square Feet Gross Sale Price Net Cash Proceeds Gain on Sale of Real Estate

(dollars in thousands)

17 Hartwell Avenue (1) June 27, 2025 Office 30,000 $ 21,840 $ 21,840 $ 18,390

______________

(1) See Notes 3 and 5 to the Consolidated Financial Statements.

Gain on sale of real estate increased by approximately $18.5 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Name Date Sold Property Type Square Feet Gross Sale Price Net Cash Proceeds Gain on Sale of Real Estate

(dollars in thousands)

17 Hartwell Avenue (1) June 27, 2025 Office 30,000 $ 21,840 $ 21,840 $ 18,489

______________

(1) See Notes 3 and 5 to the Consolidated Financial Statements.

For the three months ended September 30, 2025 compared to 2024, loss from unconsolidated joint ventures increased by approximately $141.3 million primarily due to the recognition of a non-cash impairment loss of approximately $145.1 million, partially offset by an approximately $2.2 million gain on the sale of Beach Cities Media Campus during the three months ended September 30, 2025 (See Note 5 to the Consolidated Financial Statements).

These items did not occur during the three months ended September 30, 2024.

Gains on Sales of Real Estate

Gains on sales of real estate increased by approximately $1.4 million for the three months ended September 30, 2025 compared to 2024.

For both periods the gains on sales related to the sale of real estate that occurred in prior periods.

Interest and Other Income (Loss)

Interest and other income (loss) decreased by approximately $2.7 million for the three months ended June 30, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income.

Interest and other income (loss) decreased by approximately $6.8 million for the three months ended September 30, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income and an approximately $1.3 million reserve related to the unpaid default interest on one of our Related Party Notes Receivable (See Note 14 to the Consolidated Financial Statements).

Gains from Investments in Securities

Gains from investments in securities for the three months ended June 30, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

Gains from investments in securities for the three months ended September 30, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

2 unchanged sentences

The performance of these investments is recorded as gains from investments in securities.

During the three months ended June 30, 2025 and 2024, we recognized gains of approximately $2.6 million and $0.3 million, respectively, on these investments.

By comparison, our general and administrative expense increased by approximately $2.6 million and $0.3 million during the three months ended June 30, 2025 and 2024, respectively, as a result of increases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain (Loss) on Non-Real Estate Investments

We invest in non-real estate investments, which are primarily environmentally-focused investment funds.

As a result, during the three months ended June 30, 2025 and 2024, we recognized an unrealized gain (loss) of approximately $(39,000) and $58,000, respectively, due to the observable changes in the fair value of the investments.

During the three months ended September 30, 2025 and 2024, we recognized gains of approximately $2.4 million and $2.2 million, respectively, on these investments.

By comparison, our general and administrative expense increased by approximately $2.4 million and $2.2 million during the three months ended September 30, 2025 and 2024, respectively, as a result of increases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain on Non-Real Estate Investments

We invest in non-real estate investments, which primarily consist of environmentally-focused investment funds.

During the three months ended September 30, 2025 and 2024, we recognized an unrealized gain of approximately $178,000 and $94,000, respectively, due to the observable changes in the fair value of the investments.

Impairment Losses

There were no impairment losses during the three months ended September 30, 2024.

Impairment losses for the three months ended September 30, 2025, related to the following:

Name Location Property Type Impairment Loss

(in thousands)

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 to the Consolidated Financial Statements.

Impairment losses for the three months ended September 30, 2025, related to the following:

Name Location Property Type Impairment Loss

(in thousands)

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 to the Consolidated Financial Statements.

Interest Expense

Interest expense increased by approximately $13.1 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Component Change in interest expense for the three months ended June 30, 2025 compared to June 30, 2024

Interest expense increased by approximately $1.1 million for the three months ended September 30, 2025 compared to 2024, as detailed below.

Component Change in interest expense for the three months ended September 30, 2025 compared to September 30, 2024

(in thousands)

1 unchanged sentence

Issuance of $850 million in aggregate principal of 5.750% senior notes due 2035 on August 26, 2024 $ 7,471

Increase in interest due to finance leases 9,208

Unsecured commercial paper 4,039

Increase in interest associated with unsecured term loans and the unsecured credit facility, net (1) 4,544

Unsecured commercial paper 2,049

Issuance of $1.0 billion in aggregate principal of 2.000% exchangeable senior notes due 2030 on September 29, 2025 (2) 111

Other interest expense (excluding senior notes) 66

4 unchanged sentences

Increase in capitalized interest related to development projects (1,867)

Decrease in interest due to finance leases (188)

Amortization expense of financing fees (56)

3 unchanged sentences

(1) Includes, if applicable, fair value and swap adjustments (See Note 7 to the Consolidated Financial Statements).

(2) See Note 6 to the Consolidated Financial Statements.

As portions of properties are placed in-service, we cease capitalizing interest on that portion and interest is then expensed.

Interest capitalized for the three months ended June 30, 2025 and 2024 was approximately $12.1 million and $10.3 million, respectively.

Interest capitalized for the three months ended September 30, 2025 and 2024 was approximately $13.5 million and $11.6 million, respectively.

These costs are not included in the interest expense referenced above.

At June 30, 2025, our variable rate debt consisted of (1) BPLP’s $2.95 billion 2025 Credit Facility and (2) BPLP’s $750.0 million Commercial Paper Program.

At September 30, 2025, our variable rate debt consisted of (1) BPLP’s $2.95 billion 2025 Credit Facility and (2) BPLP’s $750.0 million Commercial Paper Program.

The 2025 Credit Facility consists of (1) the $2.25 billion Revolving Facility and (2) the $700.0 million Term Loan Facility.

As of June 30, 2025, there were $885.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have the $100.0 million 2024 Unsecured Term Loan and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bore interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term.

As of September 30, 2025, there were $700.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have the $100.0 million 2024 Unsecured Term Loan and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bear interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term.

Noncontrolling Interests in Property Partnerships

Noncontrolling interests in property partnerships increased by approximately $2.3 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Property Noncontrolling Interests in Property Partnerships for the three months ended June 30,

Noncontrolling interests in property partnerships increased by approximately $2.6 million for the three months ended September 30, 2025 compared to 2024, as detailed below.

Property Noncontrolling Interests in Property Partnerships for the three months ended September 30,

2025 2024 Change

10 unchanged sentences

_______________

(1) The decrease was primarily attributable to an increase in repairs and maintenance expense.

(2) The decrease was primarily attributable to a decrease in lease revenue from our clients.

(1) The decrease was primarily attributable to an increase in depreciation expense.

(2) The increase was primarily attributable to an increase in lease revenue from our clients.

(4) Property is held for future development (See Note 14 to the Consolidated Financial Statements).

(3) On August 27, 2025, we acquired our partner’s 45% ownership interest (See Note 9 to the Consolidated Financial Statements).

(4) Property was fully placed in service on October 31, 2024.

1 unchanged sentence

Noncontrolling Interest—Common Units of the Operating Partnership

For BXP, noncontrolling interest—common units of the Operating Partnership increased by approximately $0.6 million for the three months ended June 30, 2025 compared to 2024 due primarily to an increase in allocable income, which was the result of recognizing a gain on sale of real estate during 2025, partially offset by a decrease in the noncontrolling interest’s ownership percentage.

For BXP, noncontrolling interest—common units of the Operating Partnership decreased by approximately $22.6 million for the three months ended September 30, 2025 compared to 2024 due primarily to a decrease in allocable income, which was the result of recognizing greater non-cash impairment losses during 2025, as well as a decrease in the noncontrolling interest’s ownership.

Due to our ownership structure, there is no corresponding line item on BPLP’s financial statements.

3 unchanged sentences

• meet debt service and principal repayment obligations on maturing debt, including:

• $100.0 million of principal outstanding on the 2024 Unsecured Term Loan due September 26, 2025, for which we have three, one-year extension options, subject to customary conditions,

• $1.0 billion of 3.650% unsecured senior notes due February 1, 2026, and

• $100.0 million of principal outstanding on the 2024 Unsecured Term Loan due September 26, 2026, for which we have two, one-year extension options, subject to customary conditions,

• $1.0 billion of 3.650% unsecured senior notes due February 1, 2026,

• $1.0 billion of 2.750% unsecured senior notes due October 1, 2026 and

• amounts that become due under the Commercial Paper Program;

• fund capital calls from our unconsolidated joint venture investments to fund development costs, capital improvements, leasing costs and debt principal repayment;

• fund mezzanine debt obligations;

• fund development and redevelopment costs;

5 unchanged sentences

• distributions of cash flows from joint ventures;

• cash and cash equivalent balances, including interest earned on cash deposits;

• cash and cash equivalent balances;

• borrowings under BPLP’s Revolving Facility, unsecured term loans, short-term bridge facilities and construction loans (which may require guarantees by BPLP);

7 unchanged sentences

We also use BPLP’s 2025 Credit Facility to backstop the Commercial Paper Program.

Although we may seek to fund our development projects with construction loans, which may require guarantees by BPLP, the source of financing for each particular project ultimately depends on several factors, including, among others, the project’s size and duration, whether the project is owned by a joint venture, the extent of pre-leasing, our available cash and access to cost effective capital at the given time.

Although we may seek to fund our development projects with construction loans, which may require guarantees by BPLP, the source of financing for each particular project ultimately depends on several factors, including, among others, the project’s size and duration, whether the project is funded and owned by a joint venture, the extent of pre-leasing, our available cash and access to cost effective capital at the given time.

We seek to maximize income from our existing properties by maintaining quality standards for our properties that promote high occupancy rates and permit increases in rental rates while reducing client turnover and controlling operating expenses.

3 unchanged sentences

Balance Sheet & Financing Activity

As of June 30, 2025, our share of unconsolidated joint venture debt maturing through August 2026 was approximately $485.1 million.

This debt matures at different times through August 2026, and we expect to fund the repayment of this debt through a combination of refinancings, available cash balances, proceeds from asset sales, draws on BPLP’s Revolving Facility, proceeds from the Commercial Paper Program, secured or unsecured debt.

We expect net interest expense will be greater in 2025 compared to 2024 as a result of (i) lower projected interest income in 2025 due to lower cash balances as a result of (1) ongoing development cost outlays in 2025 and (2) the repayment of our $850.0 million unsecured senior notes at maturity on January 15, 2025 and (ii) higher interest rates on refinanced debt.

As of July 31, 2025, we had available cash of approximately $255.6 million (of which approximately $91.1 million was attributable to our consolidated joint venture partners).

Our liquidity and capital resources depend on a wide range of factors, and we believe that our access to capital and our strong liquidity, including the approximately $1.0 billion available under BPLP’s Revolving Facility (after deducting the $750.0 million being used as a backstop for the Commercial Paper Program) as of July 31, 2025, and our available cash are sufficient to fund our near term capital needs on existing development and redevelopment projects, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements and still allow us to act opportunistically on attractive investment opportunities.

In addition, our current annualized quarterly dividend and distribution payments exceed our expected taxable income for 2025, which could provide potential capacity, after factoring in gains from asset sales, to retain additional capital (see “ REIT Tax Distribution Considerations” below).

Including the sale of 17 Hartwell Avenue, we are currently in active negotiations to sell nine land sites and largely empty buildings, which if sold for the values currently contemplated, could generate in aggregate approximately $300.0 million of gross proceeds over the next 24 months.

Of these potential land site dispositions, we have entered into definitive sale agreements for five of the land sites aggregating approximately $176.3 million in

gross proceeds if consummated.

Several of these sales require re-entitlement, which we anticipate will result in relatively longer closing periods than typical transactions.

In addition, we are exploring the sale of several income producing properties, which if sold for the values currently contemplated, would generate approximately $300.0 million in additional gross proceeds in 2026.

However, there can be no assurance that we will complete any of these transactions on the terms and schedules currently contemplated or at all.

On September 8, 2025, our Board of Directors declared a quarterly cash dividend of $0.70 per share of BXP common stock for the period of July 1, 2025 to September 30, 2025.

This declaration reset the recurring quarterly dividend to $0.70 per share from $0.98 per share to, among other things, more closely align our annual dividend payout to our taxable income, allow us to retain incremental cash per quarter, and support longer-term growth.

On September 29, 2025, we completed the issuance of $1.0 billion aggregate principal amount of 2.00% exchangeable senior notes due October 1, 2030, generating approximately $940.1 million of net proceeds after deducting transaction costs, including costs related to entering into certain capped call agreements (See Note 6 to the Consolidated Financial Statements).

As of September 30, 2025, our share of unconsolidated joint venture debt maturing through November 2026 was approximately $325.4 million.

This debt matures at different times through November 2026, and we expect to fund the repayment of this debt through a combination of refinancings, available cash balances, proceeds from asset sales, draws on BPLP’s Revolving Facility, and/or proceeds from other secured or unsecured debt transactions.

As of October 31, 2025, we had available cash including proceeds from the $1.0 billion issuance of unsecured exchangeable senior notes completed on September 29, 2025 and interest earned on cash deposits of approximately $683.8 million (of which approximately $102.2 million was attributable to our consolidated joint venture partners).

Our liquidity and capital resources depend on a wide range of factors, and we believe that our access to capital and our strong liquidity, including the approximately $1.5 billion available under BPLP’s Revolving Facility (after deducting the $750.0 million being used as a backstop for the Commercial Paper Program) as of October 31, 2025, and our available cash are sufficient to fund our near term capital needs on existing development and redevelopment projects, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements (see “ REIT Tax Distribution Considerations” below) and still allow us to act opportunistically on attractive investment opportunities.

From January 1, 2025 through October 31, 2025, we sold four properties for a gross sales price of approximately $63.6 million.

Our share of the net proceeds from these sales was approximately $57.0 million in 2025.

We may seek to enhance our liquidity to fund our current and future development activity, pursue additional attractive investment opportunities and refinance or repay indebtedness.

3 unchanged sentences

Construction & Redevelopment Activities

As of June 30, 2025, and including the commencement of construction of 343 Madison Avenue, we have 11 properties under development or redevelopment.

As of September 30, 2025, we have eight properties under development or redevelopment.

Our share of the estimated total investment for these projects is approximately $3.9 billion, of which approximately $2.7 billion remains to be funded through 2031 (see table below for properties under construction/redevelopment).

The commercial space in the pipeline, which excludes residential units, was approximately 46% pre-leased as of July 31, 2025.

The following table presents information on properties under construction/redevelopment (dollars in thousands):

Estimated Stabilization Date Location # of Buildings Estimated Square Feet Investment to Date (1)(2)(3) Estimated Total Investment (1)(2) Total Available (1) Outstanding at June 30, 2025

The commercial space in the pipeline, which excludes residential units, was approximately 43% pre-leased as of October 31, 2025.

The following table presents information on properties under construction/redevelopment as of September 30, 2025 (dollars in thousands):

Construction/Redevelopment Properties Estimated Stabilization Date Location # of Buildings Estimated Square Feet Investment to Date (1)(2)(3) Estimated Total Investment (1)(2) Total Available (1) Outstanding at September 30, 2025

Estimated Future Equity Requirement (1)(2)(4) Percentage Leased (5)

Construction/Redevelopment Properties at June 30, 2025

360 Park Avenue South (71% ownership) (Redevelopment) Q4 2026 New York, NY 1 450,000 $ 377,847 $ 418,300 $ 156,470 $ 156,470 $ 40,453 33 % (6)

Reston Next Office Phase II Q1 2027 Reston, VA 1 87,000 50,626 61,000 — — 10,374 95 % (7)

1050 Winter Street (Redevelopment) Q3 2025 Waltham, MA 1 162,000 7,355 38,700 — — 31,345 100 % (8)

725 12th Street (Redevelopment) Q4 2030 Washington, DC 1 320,000 $ 76,838 $ 349,600 $ — $ — $ 272,762 87 %

343 Madison Avenue Q2 2031 New York, NY 1 930,000 183,665 1,971,000 — — 1,787,335 — %

Total Office Properties under Construction/Redevelopment 2 1,250,000 260,503 2,320,600 — — 2,060,097 22 %

11 unchanged sentences

Total Retail Properties under Construction 1 30,000 26,823 31,600 — — 4,777 70 %

Total Properties under Construction/Redevelopment at June 30, 2025 (A) 10 3,291,100 $ 1,173,927 $ 2,291,700 $ 232,617 $ 156,470 $ 1,041,626 68 % (13)

Construction Property Commenced After June 30, 2025

343 Madison Avenue Q2 2031 New York, NY 1 930,000 $ 67,618 $ 1,971,000 $ — $ — $ 1,903,382 — % (14)

Total Construction Property Commenced after June 30, 2025 (B) 1 930,000 $ 67,618 $ 1,971,000 $ — $ — $ 1,903,382 — %

Total Properties under Construction/Redevelopment (A)+(B) 11 4,221,100 $ 1,241,545 $ 4,262,700 $ 232,617 $ 156,470 $ 2,945,008 46 % (13)

Total Properties under Construction/Redevelopment 8 3,522,100 $ 1,008,190 $ 3,749,700 $ 76,147 $ — $ 2,665,363 43 % (10)

(1) Represents our share.

(2) Each of Investment to Date, Estimated Total Investment and Estimated Future Equity Requirement represent our share of acquisition expenses, as applicable, and reflect our share of the estimated net revenue/expenses that we expect to incur prior to stabilization of the project, including any amounts actually received or paid through June 30, 2025.

(3) Includes approximately $79.6 million of unpaid but accrued construction costs and leasing commissions.

(4) Excludes approximately $79.6 million of unpaid but accrued construction costs and leasing commissions.

(5) Represents percentage leased as of July 31, 2025, including leases with future commencement dates.

(6) As of June 30, 2025, this property was 30% placed in-service.

(7) As of June 30, 2025, this property was 6% placed in-service.

(8) As of June 30, 2025, this property was 34% placed in-service.

On July 1, 2025, this property was fully placed in-service.

(5) Represents percentage leased as of October 31, 2025, including leases with future commencement dates.

(6) The project budget reflects our 55% share of joint venture costs related to 290 Binney Street.

2 unchanged sentences

The net investment of $99.8 million will be included in our outside basis in 290 Binney Street.

We have invested $101.6 million for the vault as of June 30, 2025.

We have invested $116.0 million for the vault as of September 30, 2025.

(7) On January 1, 2025, in accordance with our accounting policy, we ceased interest capitalization of our equity method investment.

As of June 30, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction.

As of September 30, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction.

As such, we continue to reflect the project as under construction.

As of June 30, 2025, this property was 27% placed in-service.

As of September 30, 2025, this property was 27% placed in-service.

(8) On March 5, 2025, we acquired a 19.46% interest in 290 Coles Street.

2 unchanged sentences

In addition, we committed to provide up to $65.0 million in preferred equity accruing at a 13.0% IRR.

As of June 30, 2025, approximately $1.6 million of preferred equity has been contributed.

As of September 30, 2025, approximately $11.9 million of preferred equity has been contributed.

(9) On January 16, 2025, this project was partially placed in-service.

(10) Percentage leased excludes the residential units.

(14) We are proceeding with full vertical construction of 343 Madison Avenue in New York City, New York.

The Investment to Date represents our 55% investment as of June 30, 2025, however, we have elected to acquire our partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025.

The Estimated Total Investment and Estimated Future Equity requirements are reflected at 100% of the project cost and includes capitalized interest of approximately $390 million.

REIT Tax Distribution Considerations

1 unchanged sentence

Our policy is for BXP to distribute at least 100% of its taxable income, including capital gains, to avoid paying federal tax.

BXP’s current annualized dividend exceeds its expected taxable income for 2025.

BXP’s Board of Directors will continue to evaluate BXP’s dividend rate in light of our actual and projected taxable income (including gains on sales), liquidity requirements and other circumstances, and there can be no assurance that the future dividends declared by BXP’s Board of Directors will not differ materially from the current quarterly dividend amount.

7 unchanged sentences

The following summary discussion of our cash flows is based on the Consolidated Statements of Cash Flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

Cash and cash equivalents and cash held in escrows aggregated approximately $527.8 million and $737.5 million at June 30, 2025 and 2024, respectively, representing a decrease of approximately $209.7 million.

Cash and cash equivalents and cash held in escrows aggregated approximately $938.7 million and $1.5 billion at September 30, 2025 and 2024, respectively, representing a decrease of approximately $532.8 million.

The following table sets forth changes in cash flows:

Six months ended June 30,

Nine months ended September 30,

2025 2024 Change

4 unchanged sentences

Our principal source of cash flow is related to the operation of our properties.

The weighted-average term of our in-place leases, including leases signed by our unconsolidated joint ventures, excluding residential units, was approximately 7.8 years as of June 30, 2025, with occupancy rates historically in the range of 86% to 92%.

The weighted-average term of our in-place leases, including leases signed by our unconsolidated joint ventures, excluding residential units, was approximately 7.8 years as of September 30, 2025, with occupancy rates historically in the range of approximately 86% to 92%.

Generally, our properties generate a relatively consistent stream of cash flows that provides us with resources to pay operating expenses, debt service and fund regular quarterly dividend and distribution payment requirements.

1 unchanged sentence

Cash is used in investing activities to fund acquisitions, development, net investments in unconsolidated joint ventures and maintenance and repositioning capital expenditures.

Cash used in investing activities for the six months ended June 30, 2025 and June 30, 2024 is detailed below:

Six months ended June 30,

Cash used in investing activities for the nine months ended September 30, 2025 and September 30, 2024 is detailed below:

Nine months ended September 30,

(in thousands)

5 unchanged sentences

Capital contributions to unconsolidated joint ventures (5) (118,524) (87,498)

Capital distributions from unconsolidated joint ventures (6) 29,211 —

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

3 unchanged sentences

Cash used in investing activities changed primarily due to the following:

(1) Construction in progress for the six months ended June 30, 2025 included ongoing expenditures associated with Reston Next Office Phase II, Reston Next Retail and 1050 Winter Street, which were partially placed in-service during the six months ended June 30, 2025.

In addition, we incurred costs associated with our continued development/redevelopment of 290 Binney Street, 121 Broadway and 725 12th Street.

Construction in progress for the six months ended June 30, 2024 included ongoing expenditures associated with 760 Boylston Street, which was fully placed in-service during the six months ended June 30, 2024, and 180 CityPoint and 103 CityPoint that were partially placed in-service during 2023.

In addition, we incurred costs associated with our continued development/redevelopment of Reston Next Office Phase II, 290 Binney Street, 300 Binney Street and 121 Broadway.

(2) Building, pre-development and other capital improvements for the six months ended June 30, 2025 and June 30, 2024 included approximately $39.4 million and $21.8 million, respectively, of pre-development expenditures associated with the 343 Madison Avenue project (See Note 14 to the Consolidated Financial Statements).

(3) Proceeds from sale of real estate for the six months ended June 30, 2025 consisted of approximately $21.8 million of proceeds from the sale of the land at 17 Hartwell Avenue.

(1) Construction in progress for the nine months ended September 30, 2025 included ongoing expenditures associated with Reston Next Office Phase II, Reston Next Retail and 1050 Winter Street, which were partially or fully placed in-service during the nine months ended September 30, 2025.

In addition, we incurred costs associated with our continued development/redevelopment of 290 Binney Street, 121 Broadway, 725 12th Street and 343 Madison Avenue.

Construction in progress for the nine months ended September 30, 2024 included ongoing expenditures associated with 760 Boylston Street and 180 CityPoint, which were fully placed in-service during the nine months ended September 30, 2024, and 103 CityPoint that was partially placed in-service during 2023.

In addition, we incurred costs associated with our continued development/redevelopment of Reston Next Office Phase II that was partially placed in-service, and 290 Binney Street, 300 Binney Street and 121 Broadway.

(2) Building, pre-development and other capital improvements for the nine months ended September 30, 2025 and September 30, 2024 included approximately $39.4 million and $34.5 million, respectively, of pre-development expenditures associated with the 343 Madison Avenue project.

Beginning July 31, 2025, costs associated with the continued development of 343 Madison Avenue are included within construction in progress.

(3) Proceeds from sale of real estate for the nine months ended September 30, 2025 consisted of approximately $21.8 million of proceeds from the sale of the land at 17 Hartwell Avenue.

On June 27, 2025, we entered into a new joint venture for the redevelopment of 17 Hartwell Avenue (See Notes 3 and 5 to the Consolidated Financial Statements).

(4) On January 8, 2024, we completed the acquisition of our joint venture partner’s 50% economic ownership interest in the joint venture that owns 901 New York Avenue, located in Washington, DC, for a gross purchase price of $10.0 million and we acquired net working capital, including cash and cash equivalents of approximately $16.1 million.

(5) Capital contributions to unconsolidated joint ventures for the six months ended June 30, 2025 consisted primarily of cash contributions of approximately $21.6 million, $21.2 million, $16.6 million and $11.1 million to our 290 Coles Street, 751 Gateway, 360 Park Avenue South and 200 Fifth Avenue joint ventures, respectively.

(5) Capital contributions to unconsolidated joint ventures for the nine months ended September 30, 2025 consisted primarily of cash contributions of approximately $31.9 million, $24.3 million, $21.2 million and $14.1 million to our 290 Coles Street, 360 Park Avenue South, 751 Gateway, and 200 Fifth Avenue joint ventures, respectively.

On March 5, 2025, we entered into a new joint venture for the development of 290 Coles Street (See Note 5 to the Consolidated Financial Statements).

Capital contributions to unconsolidated joint ventures for the six months ended June 30, 2024 consisted primarily of cash contributions of approximately $17.9 million, $15.8 million, $11.1 million and $7.5 million to our Gateway Commons, 360 Park Avenue South, Platform 16 and Dock 72 joint ventures, respectively.

Cash used in financing activities for the six months ended June 30, 2025 totaled approximately $758.1 million.

This amount consisted primarily of the repayment of BPLP’s $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes due January 15, 2025 and the payment of our regular dividends and distributions to our shareholders and unitholders, partially offset by the issuance of an additional $250.0 million under BPLP’s

Commercial Paper Program and borrowings under BPLP’s Revolving Credit Facility.

Capital contributions to unconsolidated joint ventures for the nine months ended September 30, 2024 consisted primarily of cash contributions of approximately $27.5 million, $25.2 million, $11.8 million and $11.5 million to our 360 Park Avenue South, Gateway Commons, Platform 16 and Dock 72 joint ventures, respectively.

(6) Capital distributions from unconsolidated joint ventures for the nine months ended September 30, 2025 consisted of cash distributions totaling approximately $29.2 million from our Beach Cities Media Campus joint venture resulting from excess proceeds from the sale of the property.

Cash used in financing activities for the nine months ended September 30, 2025 totaled approximately $245.6 million.

This amount consisted primarily of the repayment of BPLP’s $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes due January 15, 2025 and the payment of our regular dividends and distributions to our shareholders and unitholders, partially offset by the net proceeds from the issuance of BPLP’s $1.0 billion in aggregate principal amount of its 2.00% unsecured exchangeable senior notes.

The unsecured exchangeable senior notes are due October 2030 and net proceeds, including the purchase of the Capped Call Transactions, totaled approximately $940.1 million.

Future debt payments are discussed below under the heading “Debt.

1 unchanged sentence

The following table presents Consolidated Market Capitalization and BXP’s Share of Market Capitalization, as well as the corresponding ratios of Consolidated Debt to Consolidated Market Capitalization and BXP’s Share of Debt to BXP’s Share of Market Capitalization (in thousands, except for percentages):

June 30, 2025

September 30, 2025

Shares / Units Outstanding Common Stock Equivalent Equivalent Value (1)

11 unchanged sentences

_______________

(1) Values are based on the closing price per share of BXP’s common stock on the New York Stock Exchange on June 30, 2025 of $67.47.

(2) Includes long-term incentive plan units (including 2012 OPP Units and 2013 - 2022 MYLTIP Units but excluding the 2023 - 2025 MYLTIP Units because the three-year performance periods had not ended as of June 30, 2025).

(1) Values are based on the closing price per share of BXP’s common stock on the New York Stock Exchange on September 30, 2025 of $74.34.

(2) Includes long-term incentive plan units (including 2012 OPP Units and 2013 - 2022 MYLTIP Units but excludes the 2023 - 2025 MYLTIP Units because the three-year performance periods had not ended as of September 30, 2025).

(3) See page 90 for additional information.

4 unchanged sentences

(1) our consolidated debt;

(2) the product of (x) the closing price per share of BXP common stock on June 30, 2025, as reported by the New York Stock Exchange, multiplied by (y) the sum of:

(2) the product of (x) the closing price per share of BXP common stock on September 30, 2025, as reported by the New York Stock Exchange, multiplied by (y) the sum of:

(i) the number of outstanding shares of common stock of BXP,

3 unchanged sentences

The calculation of consolidated market capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned.

Because their three-year performance periods have not yet ended, 2023 - 2025 MYLTIP Units are not included in this calculation as of June 30, 2025.

Because their three-year performance periods have not yet ended, 2023 - 2025 MYLTIP Units are not included in this calculation as of September 30, 2025.

We also present BXP’s Share of Market Capitalization and BXP’s Share of Debt/BXP’s Share of Market Capitalization, which are calculated in the same manner, except that BXP’s Share of Debt is utilized instead of our consolidated debt in both the numerator and the denominator.

11 unchanged sentences

For a discussion of our unconsolidated joint venture indebtedness, see “ Liquidity and Capital Resources—Investment in Unconsolidated Joint Ventures - Secured Debt” w ithin “ Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations ” and for a discussion of our consolidated joint venture indebtedness see “Liquidity and Capital Resources—Debt ” within “ Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations .”

For further discussion on the terms of our debt, including the 2025 Credit Facility, our unsecured term loans and the Commercial Paper Program, see Note 6 to the Consolidated Financial Statements.

The following table summarizes certain information with respect to our indebtedness outstanding as of June 30, 2025 and 2024 (dollars in thousands).

For further discussion on the terms of our debt, including the unsecured exchangeable senior notes, 2025 Credit Facility, unsecured term loans and the Commercial Paper Program, see Note 6 to the Consolidated Financial Statements.

The following table summarizes certain information with respect to our indebtedness outstanding as of September 30, 2025 and 2024 (dollars in thousands).

Interest Rate Amount

12 unchanged sentences

Unsecured Senior Notes 6.500 % 6.619 % January 15, 2034 750,000 750,000

Unsecured Senior Notes 5.750 % 5.842 % January 15, 2035 850,000 N/A

Unsecured Senior Notes 5.750 % 5.842 % January 15, 2035 850,000 850,000

Total Principal Amount 9,850,000 10,700,000

1 unchanged sentence

Carrying Amount 9,803,336 10,642,033

Unsecured Commercial Paper (4) 4.72 % 4.73 % 750,000 500,000

Unsecured Exchangeable Senior Notes 2.000 % 2.496 % October 1, 2030 1,000,000 N/A

Unamortized deferred financing costs 24,920 N/A

Carrying Amount 975,080 N/A

Unsecured Commercial Paper (4) 4.63 % 4.64 % Various 750,000 500,000

Unsecured Line of Credit (Revolving Credit Facility) (5) — % — % March 29, 2030 — —

1 unchanged sentence

2023 Unsecured Term Loan N/A N/A N/A N/A 700,000

2024 Unsecured Term Loan (6) 4.77 % 7.44 % September 26, 2025 100,000 N/A

2024 Unsecured Term Loan (6) 4.73 % 4.88 % September 26, 2026 100,000 100,000

Unsecured Term Loan Facility (7) 5.23 % 5.35 % March 30, 2029 700,000 N/A

7 unchanged sentences

901 New York Avenue (12) 5.00 % 5.06 % January 5, 2029 199,119 203,632

Interest Rate Amount

Stated GAAP (1) Maturity Date 9/30/2025 9/30/2024

601 Lexington Avenue (55% ownership) (8) 2.79 % 2.93 % January 9, 2032 1,000,000 1,000,000

5 unchanged sentences

(1) For the unsecured senior notes, the GAAP rate represents the yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.

For all other debt, the GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects

of hedging transactions (if any) and adjustments required under ASC 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).

For all other debt, the GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (if any and excluding capped calls classified as equity) and adjustments required under ASC 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).

(2) No principal amounts are due prior to maturity.

(3) This unsecured senior note was repaid at maturity, see Note 6 to the Consolidated Financial Statements.

(4) At June 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.73% per annum and had a weighted-average maturity of 49 days from the date of issuance.

At July 31, 2025, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.70% per annum and had a weighted-average maturity of 52 days, from the date of issuance.

(4) At September 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.51% per annum and had a weighted-average maturity of 43 days from the date of issuance.

At October 31, 2025, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.29% per annum and had a weighted-average maturity of 26 days, from the date of issuance.

(5) The unsecured line of credit bears interest at a variable rate of SOFR+0.85% per annum.

1 unchanged sentence

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

The table below provides the principal indebtedness outstanding and remaining capacity under the unsecured line of credit at June 30, 2025 and July 31, 2025 (dollars in thousands).

June 30, 2025 July 31, 2025

The table below provides the principal indebtedness outstanding and remaining capacity under the unsecured line of credit at September 30, 2025 and October 31, 2025 (dollars in thousands).

September 30, 2025 October 31, 2025

Facility Outstanding Remaining Capacity Outstanding Remaining Capacity

6 unchanged sentences

Stated interest rate reflects the weighted-average fixed interest rate based on the interest rate swap contracts plus 1.05% per annum.

The 2024 Unsecured Term Loan has three one-year extension options, subject to certain conditions.

The 2024 Unsecured Term Loan has two one-year extension options, subject to certain conditions.

(7) The Unsecured Term Loan Facility bears interest at a variable rate of SOFR+0.95% per annum and has two six-month extension options, each subject to customary conditions.

1 unchanged sentence

(9) In connection with the refinancing of the loan, we guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits.

As of June 30, 2025, the maximum funding obligation under the guarantee was approximately $6.4 million.

As of September 30, 2025, the maximum funding obligation under the guarantee was approximately $6.4 million.

We earn a fee from the joint venture for providing the guarantee and have an agreement with our partners to reimburse the joint venture for their share of any payments made under the guarantee.

2 unchanged sentences

Stated interest rate reflects the weighted-average fixed interest rate based on the interest rate swap contracts plus 1.60% per annum.

Carrying amount includes an approximately $0.1 million fair value interest adjustment.

Beginning July 19, 2025, the mortgage loan will bear interest at Daily Simple SOFR+1.60% per annum through the maturity date.

(11) The mortgage loan bears interest at a variable rate of Daily Compounded SOFR+2.25% per annum.

2 unchanged sentences

(12) The loan has a one-year extension option remaining, subject to certain conditions.

The following table lists our mortgage notes, net outstanding and our partners’ share, based on their respective ownership percentage, from our consolidated joint ventures as of June 30, 2025 (dollars in thousands).

Carrying Amount

11 unchanged sentences

(1) The partners’ share of the carrying amount has been adjusted for basis differentials.

The table below provides the debt statistics of our outstanding consolidated indebtedness at June 30, 2025 and June 30, 2024.

June 30, 2025 June 30, 2024

The table below provides the debt statistics of our outstanding consolidated indebtedness at September 30, 2025 and September 30, 2024.

September 30, 2025 September 30, 2024

Weighted Average Weighted Average

7 unchanged sentences

_______________

(1) The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (if any) and adjustments required under ASC 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).

(1) The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (if any and excluding capped calls classified as equity) and adjustments required under ASC 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).

(2) The unsecured commercial paper notes are included in our floating rate debt statistics.

At June 30, 2025, the weighted average interest rate of the unsecured commercial paper notes outstanding was approximately 4.73% per annum and had a weighted-average maturity of 49 days from the date of issuance.

At September 30, 2025, the weighted average interest rate of the unsecured commercial paper notes outstanding was approximately 4.51% per annum and had a weighted-average maturity of 43 days from the date of issuance.

(3) The Fixed Rate Debt includes the effects of hedging transactions.

Derivative Instruments and Hedging Activities

As of June 30, 2025, we had $900.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $(7.8) million.

As of September 30, 2025, we had $900.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $(8.5) million.

On April 8, 2025, we entered into an interest rate swap contract with a notional amount of $300.0 million to replace $300.0 million of interest rate swaps that expired on April 1, 2025.

6 unchanged sentences

See also Note 5 to the Consolidated Financial Statements.

At June 30, 2025, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $3.2 billion (of which our proportionate share is approximately $1.4 billion).

The table below summarizes the outstanding debt of these joint venture properties at June 30, 2025.

At September 30, 2025, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $3.2 billion (of which our proportionate share is approximately $1.4 billion).

The table below summarizes the outstanding debt of these joint venture properties at September 30, 2025.

In addition to other guarantees specifically noted in the table, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) as well as the completion of development projects on certain of the loans.

6 unchanged sentences

Dock 72 50.00 % 5.91 % 6.19 % SOFR+2.50% 198,383 (113) 198,270 99,135 (2)(6) December 18, 2025

The Hub on Causeway - Podium 50.00 % 7.35 % 7.75 % Daily Simple SOFR+2.50% 154,278 (116) 154,162 77,081 (2)(3)(7) September 8, 2025

The Hub on Causeway - Podium & 100 Causeway Street 50.00 % 5.73 % 5.94 % N/A 465,000 (5,263) 459,737 229,869 (2) April 9, 2031

Hub50House 50.00 % 4.43 % 4.51 % SOFR+1.35% 185,000 (916) 184,084 92,042 (2)(7) June 17, 2032

100 Causeway Street 50.00 % 5.80 % 5.90 % Term SOFR+1.48% 333,579 (105) 333,474 166,737 (2) September 5, 2025

7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 5.49 % 5.54 % N/A 250,478 (1,270) 249,208 124,604 February 27, 2035

14 unchanged sentences

(6) The loan bears interest at a variable rate equal to (1) the greater of (x) SOFR or (y) 0.25%, plus (2) 2.50% per annum.

(7) The joint venture entered into interest rate swap contracts with notional amounts aggregating $154.3 million through September 2, 2025, resulting in a fixed rate of approximately 7.35% per annum through the expiration of the interest rate swap contracts.

On October 8, 2025, this loan was repaid.

(7) The joint venture entered into interest rate swap contracts with notional amounts aggregating $185.0 million through April 10, 2032, resulting in a fixed rate of approximately 4.432% per annum through the expiration of the interest rate swap contracts.

6 unchanged sentences

The deferred financing costs, net include the adjustment required to reflect the loan and interest rate swap at fair value upon acquisition.

(12) As of June 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $126.8 million.

The joint venture is negotiating a new third-party loan, however, there can be no assurance that the joint venture will enter into a new third-party loan on the terms and schedule currently contemplated or at all.

We are the lender of the loan, and the loan and accrued interest are reflected as Related Party Notes Receivable, Net and Tenant and Other Receivables, Net, respectively, on our Consolidated Balance Sheets.

(11) As of September 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $126.8 million.

On October 17, 2025, the joint venture refinanced the loan including the accrued and unpaid interest.

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 us 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, we have funded approximately $17.6 million of the mezzanine loan.

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

(12) The construction financing has a borrowing capacity of $140.0 million.

8 unchanged sentences

Funds from Operations

Pursuant to the revised definition of Funds from Operations (“FFO”) adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate FFO for each of BXP and BPLP by adjusting net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership (computed in accordance with GAAP), respectively, for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and our share of real estate-related depreciation and amortization.

Pursuant to the revised definition of FFO adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate FFO for each of BXP and BPLP by adjusting net income (loss) attributable to BXP, Inc.

and net income (loss) attributable to Boston Properties Limited Partnership (computed in accordance with GAAP), respectively, for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and our share of real estate-related depreciation and amortization.

FFO is a non-GAAP financial measure.

2 unchanged sentences

Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements.

FFO should not be considered as a substitute for net income attributable to BXP, Inc.

The following table presents a reconciliation of net income attributable to BXP, Inc.

We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income (loss) attributable to BXP, Inc.

and net income (loss) attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements.

FFO should not be considered as a substitute for net income (loss) attributable to BXP, Inc.

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

to FFO attributable to BXP, Inc.

for the three months ended June 30, 2025 and 2024:

Three months ended June 30,

for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

(in thousands)

Net income attributable to BXP, Inc.

Net income (loss) attributable to BXP, Inc.

$ (121,712) $ 83,628

7 unchanged sentences

Non-real estate depreciation and amortization 2,130 2,130

Impairment losses (1) 68,901 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain (loss) on non-real estate investments (39) 58

Unrealized gain on non-real estate investments 178 94

Noncontrolling interests in property partnerships 17,853 15,237

5 unchanged sentences

Weighted average shares outstanding—basic 158,345 157,725

The following tables presents a reconciliation of net income attributable to BXP, Inc.

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(2) During the three months ended September 30, 2025, we recognized an other-than-temporary impairment loss on our investment in Gateway Commons of approximately $145.1 million (See Note 5 to the Consolidated Financial Statements).

The following tables presents a reconciliation of net income (loss) attributable to BXP, Inc.

to Diluted FFO attributable to BXP, Inc.

for income (numerator) and shares/units (denominator) for the three months ended June 30, 2025 and 2024:

Three months ended June 30,

for income (numerator) and shares/units (denominator) for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

(in thousands)

Net income attributable to BXP, Inc.

Net income (loss) attributable to BXP, Inc.

$ (121,712) $ 83,628

7 unchanged sentences

Non-real estate depreciation and amortization 2,130 2,130

Impairment losses (1) 68,901 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain (loss) on non-real estate investments (39) 58

Unrealized gain on non-real estate investments 178 94

Noncontrolling interests in property partnerships 17,853 15,237

6 unchanged sentences

(3) $ 276,766 $ 286,954

(1) BXP’s share of diluted Funds from Operations was 90.04% and 89.54% for the three months ended June 30, 2025 and 2024, respectively.

Three months ended June 30,

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(3) BXP’s share of diluted Funds from Operations was 90.05% and 89.93% for the three months ended September 30, 2025 and 2024, respectively.

Three months ended September 30,

shares/units (in thousands)

7 unchanged sentences

_______________

(1) BXP’s share of diluted Funds from Operations was 90.04% and 89.54% for the three months ended June 30, 2025 and 2024, respectively.

The following table presents a reconciliation of net income attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended June 30, 2025 and 2024:

Three months ended June 30,

(1) BXP’s share of diluted Funds from Operations was 90.05% and 89.93% for the three months ended September 30, 2025 and 2024, respectively.

The following table presents a reconciliation of net income (loss) attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

(in thousands)

Net income attributable to Boston Properties Limited Partnership $ 100,843 $ 90,827

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

Noncontrolling interests in property partnerships 17,853 15,237

5 unchanged sentences

Non-real estate depreciation and amortization 2,130 2,130

Impairment losses (1) 65,988 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain (loss) on non-real estate investments (39) 58

Unrealized gain on non-real estate investments 178 94

Noncontrolling interests in property partnerships 17,853 15,237

2 unchanged sentences

_______________

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(3) Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2022 MYLTIP Units).

The following tables presents a reconciliation of net income attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended June 30, 2025 and 2024:

Three months ended June 30,

The following tables presents a reconciliation of net income (loss) attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

(in thousands)

Net income attributable to Boston Properties Limited Partnership $ 100,843 $ 90,827

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

Noncontrolling interests in property partnerships 17,853 15,237

5 unchanged sentences

Non-real estate depreciation and amortization 2,130 2,130

Impairment losses (1) 65,988 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain (loss) on non-real estate investments (39) 58

Unrealized gain on non-real estate investments 178 94

Noncontrolling interests in property partnerships 17,853 15,237

4 unchanged sentences

_______________

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(3) Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2022 MYLTIP Units).

Three months ended June 30,

Three months ended September 30,

shares/units (in thousands)

8 unchanged sentences

Contract terms are generally between three and five years.

During the three months ended June 30, 2025, we paid approximately $108.9 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended June 30, 2025, we and our unconsolidated joint venture partners incurred approximately $141.1 million of new tenant-related obligations associated with approximately 1.0 million square feet of second generation leases, or approximately $141 per square foot.

During the three months ended June 30, 2025, we signed approximately 118,400 square feet of first generation leases.

Capital Resources.” In aggregate, during the three months ended June 30, 2025, we signed leases for approximately 1.1 million square feet of space and incurred aggregate tenant-related obligations of approximately $158.2 million, or approximately $141 per square foot.

During the three months ended September 30, 2025, we paid approximately $133.4 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended September 30, 2025, we and our unconsolidated joint venture partners incurred approximately $114.3 million of new tenant-related obligations associated with approximately 1.4 million square feet of second generation leases, or approximately $82 per square foot.

During the three months ended September 30, 2025, we signed approximately 133,100 square feet of first generation leases.

The tenant-related obligations for the development properties are included within the projects’ “Estimated Total Investment” referred to in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” In aggregate, during the three months ended September 30, 2025, we signed leases for approximately 1.5 million square feet of space and incurred aggregate tenant-related obligations of approximately $134.4 million, or approximately $88 per square foot.

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 2. Management’s Discussion and Analysis