BXP, Inc. 10-K

Item 9A. Controls and Procedures. BXP, Inc. As of the end of the period covered by this report, an evaluation was carried out by our management, with the participation of BXP, Inc.’s Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, BXP, Inc.’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in BXP, Inc.’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during the fourth quarter of BXP, Inc.’s fiscal year ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, BXP, Inc.’s internal control over financial reporting. Management’s Report on Internal Control over Financial Reporting is set forth on page 96 of this Annual Report on Form 10-K and is incorporated herein by reference. Boston Properties Limited Partnership As of the end of the period covered by this report, an evaluation was carried out by the management of BXP, Inc., the sole general partner of Boston Properties Limited Partnership, with the participation of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of BXP, Inc. concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in its internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during the fourth quarter of its fiscal year ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. Management’s Report on Internal Control over Financial Reporting is set forth on page 108 of this Annual Report on Form 10-K and is incorporated herein by reference. Item 9B. Other Information. During the three months ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted , terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K). Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not Applicable. 171 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance. We have adopted an insider trading policy governing the purchase, sale and other dispositions of our securities that applies to all of our directors, officers, employees, other covered persons and BXP, Inc. itself. We believe that our insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to BXP, Inc. A copy of the insider trading policy is incorporated by reference as Exhibit 19.1 to this Annual Report on Form 10-K. The other information required by Item 10 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. Item 11. Executive Compensation. The information required by Item 11 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . The following table summarizes BXP, Inc.’s equity compensation plans as of December 31, 2025. Equity Compensation Plan Information Plan category Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) Weighted-average exercise price of outstanding options, warrants and rights (b) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) Equity compensation plans approved by security holders(1) 6,262,765 (2) N/A (2) 2,232,806 (3) Equity compensation plans not approved by security holders(4) N/A N/A 259,402 Total 6,262,765 N/A 2,492,208 ______________ (1) Includes information related to BXP’s 1997 Stock Option and Incentive Plan, 2012 Stock Option and Incentive Plan and 2021 Stock Incentive Plan. (2) Includes (a) 2,662,140 long term incentive units (LTIP units) (1,806,093 of which are vested) that, upon the satisfaction of certain conditions, are convertible into common units, which may be presented to BPLP for redemption and acquired by BXP for shares of its common stock, (b) 1,769,588 common units issued upon conversion of LTIP units, which may be presented to BPLP for redemption and acquired by BXP for shares of its common stock, (c) 322,053 2023 MYLTIP Awards that, upon the satisfaction of certain conditions, are convertible into common units, which may be presented to BPLP for redemption and acquired by BXP for shares of its common stock, (d) 330,479 2024 MYLTIP Awards that, upon the satisfaction of certain conditions, are convertible into common units, which may be presented to BPLP for redemption and acquired by BXP for shares of its common stock, (e) 354,940 2025 MYLTIP Awards that, upon the satisfaction of certain conditions, are convertible into common units, which may be presented to BPLP for redemption and acquired by BXP for shares of its common stock, (f) 711,864 2025 OPP Awards that, upon the satisfaction of certain conditions, are convertible into common units, which may be presented to BPLP for redemption and acquired by BXP for shares of its common stock and (g) 111,701 deferred stock units which were granted pursuant to elections by certain of BXP’s non-employee directors to defer all cash compensation to be paid to such directors and to receive their deferred cash compensation in shares of BXP’s common stock upon their retirement from its Board of Directors. Does not include 147,221 shares of restricted stock, as they have been reflected in BXP’s total shares outstanding. Because there is no exercise price associated with LTIP units, common units, 2023 MYLTIP Awards, 2024 MYLTIP Awards, 2025 MYLTIP Awards, 2025 OPP Awards or deferred stock units, such shares are not included in the weighed-average exercise price calculation. (3) Represents shares available for issuance under BXP’s 2021 Stock Incentive Plan. 172 Table of Contents (4) Includes information related to the 1999 Non-Qualified Employee Stock Purchase Plan (ESPP). The ESPP was adopted by the Board of Directors of BXP on October 29, 1998 and approved by BXP’s stockholders on May 22, 2024. The ESPP is available to all our employees that are employed on the first day of a purchase period. Under the ESPP, each eligible employee may purchase shares of our common stock at semi-annual intervals each year at a purchase price equal to 85% of the average closing prices of our common stock on the New York Stock Exchange during the last ten business days of the purchase period. Each eligible employee may contribute no more than $25,000 per year to purchase our common stock under the ESPP. Additional information concerning security ownership of certain beneficial owners and management required by Item 12 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence. The information required by Item 13 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. Item 14. Principal Accountant Fees and Services. The information required by Item 14 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. 173 Table of Contents PART IV Item 15. Exhibits and Financial Statement Schedules. (a) Financial Statement Schedule BXP, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2025 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,294,992 $ 1,796,252 $ 1,532,654 $ 423,940 $ 1,796,247 $ 1,956,599 $ — $ — $ 3,752,846 $ 614,923 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 862,028 115,639 1,786,823 — — 1,902,462 871,069 1965/1993/2002/2016-2017/2024 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 597,249 195,986 1,428,370 — — 1,624,356 873,659 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 431,612 354,107 1,117,063 — — 1,471,170 564,004 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 991,878 241,600 494,782 569,220 289,639 1,015,963 — — 1,305,602 429,085 1977/1997/2021 2001 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 311,929 258,001 941,355 — — 1,199,356 392,736 1976 2010 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 4,149 200,349 950,354 — — 1,150,703 214,753 2018 2013 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 49,995 285,263 653,162 — — 938,425 232,085 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 154,169 131,067 590,123 — — 721,190 209,057 1971-1975/2017 2012 (1) 7 Times Square Office New York, NY — 165,413 380,438 159,914 169,193 536,572 — — 705,765 279,693 2004 2000 (1) Madison Centre Office Seattle, WA — 104,641 564,336 5,672 104,641 570,008 — — 674,649 76,377 2017 2022 (1) Santa Monica Business Park Office Los Angeles, CA 199,302 46,360 410,421 217,684 210,471 462,459 1,535 — 674,465 36,680 1976-1980 2023 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 194,968 94,243 501,021 59,226 — 654,490 294,418 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Reston Next Office Reston, VA — 35,549 525,277 17,150 2,901 575,075 — — 577,976 69,776 2022 1998 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 45,916 63,988 500,453 — — 564,441 210,601 2011 2007 (1) 2100 Pennsylvania Avenue Office Washington, DC — 185,203 324,206 5,228 185,203 329,434 — — 514,637 48,475 2023 N/A (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 285,903 87,852 379,598 — — 467,450 218,359 1986 1997 (1) Fountain Square Office Reston, VA — 56,853 306,298 60,266 56,853 366,564 — — 423,417 132,865 1986-1990 2012 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 50,416 103,000 304,081 — — 407,081 113,410 2012 2010 (1) 325 Main Street Office Cambridge, MA — (2) 21,596 312,492 55,404 21,596 367,896 — — 389,492 35,634 2022 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 18,167 72,545 237,933 — — 310,478 92,143 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 125,161 100,592 208,110 — — 308,702 83,117 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 26,980 23,367 276,747 — — 300,114 52,401 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 36,878 13,687 274,273 — — 287,960 128,007 2008-2009 2003 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 95,783 18,789 241,400 2,834 — 263,023 122,700 1985-1989/2025 2011 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 14,409 40,934 162,786 — — 203,720 53,063 2015 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 65,883 20,108 168,504 — — 188,612 97,426 1955/1987/2017 1997/1998 (1) 174 Table of Contents BXP, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2025 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) 901 New York Avenue Office Washington, DC 197,682 65,808 72,970 45,671 65,808 118,641 — — 184,449 8,414 2004 2024 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 20,266 95,066 88,639 — — 183,705 41,187 1977-1981/2007-2013 2013 (1) One Freedom Square Office Reston, VA — 9,929 84,504 49,956 11,293 133,096 — — 144,389 78,607 2000 2003 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 47,125 15,420 123,374 — — 138,794 56,636 2001 2003 (1) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 5,303 18,062 113,370 930 — 132,362 61,105 2003-2006 2007 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 48,958 16,179 115,427 — — 131,606 68,795 1999 2000 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 10,816 25,854 103,027 — — 128,881 47,039 2010 2001 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 18,088 20,792 105,589 — — 126,381 60,339 1984/2018 2004 (1) Discovery Square Office Reston, VA — 11,198 71,782 34,141 12,533 104,588 — — 117,121 66,246 2001 2003 (1) 17Fifty Presidents Street Office Reston, VA — — 113,362 162 — 113,524 — — 113,524 25,408 2020 2013 (1) 355 Main Street Office Cambridge, MA 596,213 18,863 53,346 38,834 21,173 89,870 — — 111,043 42,355 1981/1996/2013 2006 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 25,992 11,097 85,974 — — 97,071 51,285 2003 1999 (1) Sumner Square Office Washington, DC — 624 28,745 66,049 27,014 68,404 — — 95,418 32,631 1985 1999 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 7,285 2,288 92,702 — — 94,990 29,905 2016 1997 (1) 90 Broadway Office Cambridge, MA — (2) 19,104 52,078 22,168 20,785 72,565 — — 93,350 35,825 1983/1998/2013 2006 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 25,922 13,807 75,127 — — 88,934 45,147 1992 2005 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 11,356 14,023 71,563 — — 85,586 33,830 2008 2001 (1) 20 CityPoint Office Waltham, MA — 4,887 72,764 7,072 4,887 79,836 — — 84,723 19,881 2020 2007 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 26,485 — 79,834 — — 79,834 33,776 2009 2004 (1) Shady Grove Innovation District Office Rockville, MD — 52,030 64,212 ( 37,955 ) 18,812 24,468 35,007 — 78,287 6,279 1968-1985 2021 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,629 16,741 57,914 — — 74,655 25,436 1987/2003 2011 (1) 890 Winter Street Office Waltham, MA — 13,913 28,557 26,191 13,913 54,748 — — 68,661 12,778 1999 2019 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 4,489 10,148 54,333 — — 64,481 36,950 1984 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 33,909 548 58,605 — — 59,153 47,704 1987 1997 (1) University Place Office Cambridge, MA — — 37,091 13,714 3,435 47,370 — — 50,805 39,872 1985 1998 (1) Reston Next Office Phase II Office Reston, VA — 1,692 46,124 — 1,692 46,124 — — 47,816 642 N/A 1998 (1) Capital Gallery Office Washington, DC — 4,725 29,565 11,465 8,662 37,093 — — 45,755 25,455 1981/2006 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 15,749 1,323 40,318 — — 41,641 21,863 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 472 17,839 19,100 — — 36,939 18,340 1981 2007 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 12,723 2,395 24,570 — — 26,965 19,381 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 19,907 1,263 19,393 1,675 — 22,331 17,593 1982 1997 (1) The Point Office Waltham, MA — 6,395 10,040 546 6,492 10,489 — — 16,981 3,291 2015 2007 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 5,165 2015 2012 (1) Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 4,104 2014 2010 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,394 314 8,191 — — 8,505 3,659 1968/1979/1987 1997 (1) 175 Table of Contents BXP, Inc. Schedule 3—Real Estate and Accumulated Depreciation December 31, 2025 (dollars in thousands) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,308 5,477 2,398 — — 7,875 1,483 1977 2012 (1) 125 Broadway Life Sciences Cambridge, MA — 126,364 433,662 6,496 126,364 440,158 — — 566,522 54,903 2000 2022 (1) 180 CityPoint Life Sciences Waltham, MA — 10,908 211,883 12,078 10,908 223,961 — — 234,869 14,537 2024 2006 (1) 300 Binney Street Life Sciences Cambridge, MA — 18,080 51,262 157,956 18,080 209,218 — — 227,298 15,427 2024 2009 (1) 880 Winter Street Life Sciences Waltham, MA — 15,597 37,255 95,618 15,597 132,873 — — 148,470 26,135 1998/2022 2019 (1) 200 West Street Life Sciences Waltham, MA — 16,148 24,983 79,619 16,813 103,580 357 — 120,750 39,547 1999/2021 1997 (1) 153 & 211 Second Avenue Life Sciences Waltham, MA — 33,233 55,940 3,710 33,233 59,650 — — 92,883 9,161 1964-2006 2021 (1) 103 CityPoint Life Sciences Waltham, MA — 4,672 77,515 93 4,672 77,608 — — 82,280 2,556 2024 2007 (1) 33 Hayden Avenue Life Sciences Lexington, MA — 266 3,234 11,506 425 14,576 5 — 15,006 11,411 1979 1997 (1) 92-100 Hayden Avenue Life Sciences Lexington, MA — 594 6,748 1,909 778 8,473 — — 9,251 7,551 1985 1997 (1) 250 Binney Street Life Sciences Cambridge, MA — 110 4,483 3,593 273 7,913 — — 8,186 7,501 1983 1997 (1) The Skylyne Residential Oakland, CA — — 239,077 1,792 — 240,869 — — 240,869 32,233 2020 N/A (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 2,598 3,529 57,489 — — 61,018 21,589 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 33,074 1,201 69,640 629 — 71,470 55,962 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — (2) — 35,035 7,335 103 42,267 — — 42,370 21,209 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 1,674 1,434 17,193 — — 18,627 8,704 2006 2004 (1) 290 Binney Street Development Cambridge, MA — — — 888,992 1,054 — — 887,938 888,992 — N/A 1997 N/A 343 Madison Avenue Development New York, NY — — — 377,992 131,898 — — 246,094 377,992 — N/A 2023 N/A 121 Broadway Development Cambridge, MA — — — 273,697 — — — 273,697 273,697 — N/A 1997 N/A 725 12th Street Development Washington, DC — 26,997 8,369 19,403 — — — 54,769 54,769 — 1992 2024 N/A Reston Next Retail Development Reston, VA — — — 15,945 417 2,769 — 12,759 15,945 66 N/A 1998 N/A 777 Harrison Street Land San Francisco, CA — 144,647 — 28,328 — — 172,975 — 172,975 — N/A 2020 N/A Back Bay Station Master Plan Land Boston, MA — — — 104,811 26,022 — 78,789 — 104,811 — N/A N/A N/A 2100 M Street Land Washington, DC — 55,914 — 261 — — 56,175 — 56,175 — N/A 2025 N/A CityPoint South Master Plan Land Waltham, MA — — — 37,749 — — 37,749 — 37,749 — N/A N/A N/A North First Master Plan Land San Jose, CA — 35,004 — ( 4,351 ) — — 30,653 — 30,653 — N/A 2007 N/A Kendall Center Master Plan Land Cambridge, MA — — — 17,044 — — 17,044 — 17,044 — N/A 1997 N/A Reston Gateway Master Plan Land Reston, VA — — — 12,443 — — 12,443 — 12,443 — N/A 1998 N/A Springfield Metro Center Land Springfield, VA — — — 8,868 — — 8,868 — 8,868 — N/A 2007 N/A Weston Quarry Land Weston, MA — — — 1,516 — — 1,516 — 1,516 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 82 — — 82 — 82 — N/A 2000 N/A $ 4,280,067 (3) $ 5,656,418 $ 15,510,064 $ 7,719,548 $ 5,918,915 (4) $ 20,973,366 (5) $ 518,492 (6) $ 1,475,257 $ 28,886,030 $ 8,003,414 176 Table of Contents Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $ 54,160 . Accumulated Depreciation does not include approximately $ 36,897 of accumulated depreciation related to Furniture, Fixtures and Equipment. Office type includes office, life sciences, and retail properties. The aggregate cost and accumulated depreciation for tax purposes was approximately $ 26.7 billion and $ 6.8 billion, respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (2) This property is encumbered with the mortgage note shown at 355 Main Street. (3) Includes unamortized deferred financing costs totaling approximately $( 18.0 ) million. (4) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $ 349,314 and $ 325,841 , respectively. (5) Includes Right of Use Assets - Finance Leases of approximately $ 23,156 . (6) Includes pre-development costs. 177 Table of Contents BXP, Inc. Real Estate and Accumulated Depreciation December 31, 2025, 2024 and 2023 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2025 2024 2023 Real Estate: Balance at the beginning of the year $ 28,521,176 $ 27,421,471 $ 25,744,214 Additions to/improvements of real estate 1,225,473 1,210,558 1,811,036 Assets sold/written-off ( 860,619 ) ( 110,853 ) ( 133,779 ) Balance at the end of the year $ 28,886,030 $ 28,521,176 $ 27,421,471 Accumulated Depreciation: Balance at the beginning of the year $ 7,485,502 $ 6,841,404 $ 6,260,992 Depreciation expense 795,670 754,951 714,191 Assets sold/written-off ( 277,758 ) ( 110,853 ) ( 133,779 ) Balance at the end of the year $ 8,003,414 $ 7,485,502 $ 6,841,404 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. 178 Table of Contents Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2025 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building 767 Fifth Avenue (the General Motors Building) Office New York, NY $ 2,294,992 $ 1,796,252 $ 1,532,654 $ 423,940 $ 1,796,246 $ 1,956,600 $ — $ — $ 3,752,846 $ 614,923 1968/2019 2013 (1) Prudential Center Office Boston, MA — 92,077 948,357 802,972 100,541 1,742,865 — — 1,843,406 848,999 1965/1993/2002/2016-2017/2024 1998/1999/2000 (1) Embarcadero Center Office San Francisco, CA — 179,697 847,410 534,868 180,419 1,381,556 — — 1,561,975 850,057 1970/1989 1998-1999 (1) 399 Park Avenue Office New York, NY — 339,200 700,358 372,004 339,200 1,072,362 — — 1,411,562 541,561 1961/2018 2002 (1) 601 Lexington Avenue Office New York, NY 991,878 241,600 494,782 532,134 279,281 989,235 — — 1,268,516 415,610 1977/1997/2021 2001 (1) 200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 311,929 258,001 941,355 — — 1,199,356 392,736 1976 2010 (1) Salesforce Tower Office San Francisco, CA — 200,349 946,205 4,149 200,349 950,354 — — 1,150,703 214,753 2018 2013 (1) 250 West 55th Street Office New York, NY — 285,263 603,167 49,995 285,263 653,162 — — 938,425 232,085 2014 2007 (1) 100 Federal Street Office Boston, MA — 131,067 435,954 154,169 131,067 590,123 — — 721,190 209,057 1971-1975/2017 2012 (1) Madison Centre Office Seattle, WA — 104,641 564,336 5,672 104,641 570,008 — — 674,649 76,377 2017 2022 (1) Santa Monica Business Park Office Los Angeles, CA 199,302 46,360 410,421 217,684 210,471 462,459 1,535 — 674,465 36,680 1976-1980 2023 (1) 7 Times Square Office New York, NY — 165,413 380,438 121,935 159,694 508,092 — — 667,786 265,394 2004 2000 (1) Carnegie Center Office Princeton, NJ — 142,666 316,856 180,005 90,501 489,800 59,226 — 639,527 288,719 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1) Reston Next Office Reston, VA — 35,549 525,277 17,150 2,901 575,075 — — 577,976 69,776 2022 1998 (1) Atlantic Wharf Office Boston, MA — 63,988 454,537 45,916 63,988 500,453 — — 564,441 210,601 2011 2007 (1) 2100 Pennsylvania Avenue Office Washington, DC — 185,203 324,206 5,228 185,203 329,434 — — 514,637 48,475 2023 N/A (1) 599 Lexington Avenue Office New York, NY — 81,040 100,507 258,661 81,040 359,168 — — 440,208 208,102 1986 1997 (1) Fountain Square Office Reston, VA — 56,853 306,298 60,266 56,853 366,564 — — 423,417 132,865 1986-1990 2012 (1) 510 Madison Avenue Office New York, NY — 103,000 253,665 50,416 103,000 304,081 — — 407,081 113,410 2012 2010 (1) 325 Main Street Office Cambridge, MA — (2) 21,596 312,492 55,211 21,403 367,896 — — 389,299 35,634 2022 1997 (1) 680 Folsom Street Office San Francisco, CA — 72,545 219,766 18,167 72,545 237,933 — — 310,478 92,143 2014 2012 (1) 2200 Pennsylvania Avenue Office Washington, DC — — 183,541 125,161 100,592 208,110 — — 308,702 83,114 2011 2008 (1) 145 Broadway Office Cambridge, MA — 121 273,013 26,777 23,164 276,747 — — 299,911 52,401 2019 1997 (1) South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 36,542 13,603 274,021 — — 287,624 127,897 2008-2009 2003 (1) Bay Colony Corporate Center Office Waltham, MA — 18,789 148,451 95,783 18,789 241,400 2,834 — 263,023 122,700 1985-1989/2025 2011 (1) 535 Mission Street Office San Francisco, CA — 40,933 148,378 14,409 40,934 162,786 — — 203,720 53,063 2015 2013 (1) Reservoir Place Office Waltham, MA — 18,605 104,124 61,808 19,089 165,448 — — 184,537 95,892 1955/1987/2017 1997/1998 (1) 901 New York Avenue Office Washington, DC 197,682 65,808 72,970 45,671 65,808 118,641 — — 184,449 8,414 2004 2024 (1) Mountain View Research Park Office Mountain View, CA — 95,066 68,373 20,266 95,066 88,639 — — 183,705 41,187 1977-1981/2007-2013 2013 (1) One Freedom Square Office Reston, VA — 9,929 84,504 44,319 9,883 128,869 — — 138,752 76,485 2000 2003 (1) Two Freedom Square Office Reston, VA — 13,930 77,739 40,913 13,866 118,716 — — 132,582 54,297 2001 2003 (1) 179 Table of Contents Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2025 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 5,139 18,021 113,247 930 — 132,198 61,050 2003-2006 2007 (1) Weston Corporate Center Office Weston, MA — 25,753 92,312 10,816 25,854 103,027 — — 128,881 47,039 2010 2001 (1) One and Two Reston Overlook Office Reston, VA — 16,456 66,192 44,540 15,074 112,114 — — 127,188 67,131 1999 2000 (1) 1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 18,088 20,792 105,589 — — 126,381 60,339 1984/2018 2004 (1) 17Fifty Presidents Street Office Reston, VA — — 113,362 162 — 113,524 — — 113,524 25,408 2020 2013 (1) Discovery Square Office Reston, VA — 11,198 71,782 28,596 11,146 100,430 — — 111,576 64,158 2001 2003 (1) 355 Main Street Office Cambridge, MA 596,213 18,863 53,346 38,536 21,098 89,647 — — 110,745 42,245 1981/1996/2013 2006 (1) 10 CityPoint Office Waltham, MA — 1,953 85,752 7,124 2,127 92,702 — — 94,829 29,905 2016 1997 (1) Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 23,005 10,350 83,734 — — 94,084 50,160 2003 1999 (1) Sumner Square Office Washington, DC — 624 28,745 63,969 26,494 66,844 — — 93,338 31,851 1985 1999 (1) 90 Broadway Office Cambridge, MA — (2) 19,104 52,078 21,989 20,741 72,430 — — 93,171 35,765 1983/1998/2013 2006 (1) 230 CityPoint Office Waltham, MA — 13,189 49,823 24,305 13,403 73,914 — — 87,317 44,541 1992 2005 (1) 77 CityPoint Office Waltham, MA — 13,847 60,383 11,251 13,997 71,484 — — 85,481 33,795 2008 2001 (1) 20 CityPoint Office Waltham, MA — 4,887 72,764 7,072 4,887 79,836 — — 84,723 19,881 2020 2007 (1) Wisconsin Place Office Chevy Chase, MD — — 53,349 26,485 — 79,834 — — 79,834 33,776 2009 2004 (1) Shady Grove Innovation District Office Rockville, MD — 52,030 64,212 ( 37,955 ) 18,812 24,468 35,007 — 78,287 6,279 1968-1985 2021 (1) 2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,629 16,741 57,914 — — 74,655 25,436 1987/2003 2011 (1) 890 Winter Street Office Waltham, MA — 13,913 28,557 26,191 13,913 54,748 — — 68,661 12,778 1999 2019 (1) Reston Corporate Center Office Reston, VA — 9,135 50,857 1,878 9,496 52,374 — — 61,870 35,966 1984 1998 (1) 255 Main Street Office Cambridge, MA — 134 25,110 32,253 134 57,363 — — 57,497 47,083 1987 1997 (1) University Place Office Cambridge, MA — — 37,091 12,264 3,435 45,920 — — 49,355 38,664 1985 1998 (1) Reston Next Office Phase II Office Reston, VA — 1,692 46,124 — 1,692 46,124 — — 47,816 642 N/A 1998 (1) Capital Gallery Office Washington, DC — 4,725 29,565 6,802 6,128 34,964 — — 41,092 24,387 1981/2006 2007 (1) 150 Broadway Office Cambridge, MA — 850 25,042 13,744 822 38,814 — — 39,636 21,104 1999 1997 (1) North First Business Park Office San Jose, CA — 23,398 13,069 472 17,839 19,100 — — 36,939 18,340 1981 2007 (1) 105 Broadway Office Cambridge, MA — 1,299 12,943 10,617 1,868 22,991 — — 24,859 18,588 1990 1997 (1) Lexington Office Park Office Lexington, MA — 998 1,426 19,143 1,072 18,820 1,675 — 21,567 17,309 1982 1997 (1) The Point Office Waltham, MA — 6,395 10,040 546 6,492 10,489 — — 16,981 3,291 2015 2007 (1) 690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 5,165 2015 2012 (1) Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 4,104 2014 2010 (1) 32 Hartwell Avenue Office Lexington, MA — 168 1,943 5,808 168 7,751 — — 7,919 3,437 1968/1979/1987 1997 (1) 453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,308 5,477 2,398 — — 7,875 1,483 1977 2012 (1) 125 Broadway Life Sciences Cambridge, MA — 126,364 433,662 6,496 126,364 440,158 — — 566,522 54,903 2000 2022 (1) 180 CityPoint Life Sciences Waltham, MA — 10,908 211,883 12,078 10,908 223,961 — — 234,869 14,537 2024 2006 (1) 300 Binney Street Life Sciences Cambridge, MA — 18,080 51,262 157,956 18,080 209,218 — — 227,298 15,427 2024 2009 (1) 180 Table of Contents Boston Properties Limited Partnership Schedule 3—Real Estate and Accumulated Depreciation December 31, 2025 (dollars in thousands) Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) Property Name Type Location Encumbrances Land Building Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years) 880 Winter Street Life Sciences Waltham, MA — 15,597 37,255 95,618 15,597 132,873 — — 148,470 26,135 1998/2022 2019 (1) 200 West Street Life Sciences Waltham, MA — 16,148 24,983 76,958 16,148 101,584 357 — 118,089 38,545 1999/2021 1997 (1) 153 & 211 Second Avenue Life Sciences Waltham, MA — 33,233 55,940 3,710 33,233 59,650 — — 92,883 9,161 1964-2006 2021 (1) 103 CityPoint Life Sciences Waltham, MA — 4,672 77,515 91 4,670 77,608 — — 82,278 2,556 2024 2007 (1) 33 Hayden Avenue Life Sciences Lexington, MA — 266 3,234 10,869 266 14,098 5 — 14,369 11,171 1979 1997 (1) 92-100 Hayden Avenue Life Sciences Lexington, MA — 594 6,748 1,180 595 7,927 — — 8,522 7,275 1985 1997 (1) 250 Binney Street Life Sciences Cambridge, MA — 110 4,483 2,939 110 7,422 — — 7,532 7,259 1983 1997 (1) The Skylyne Residential Oakland, CA — — 239,077 1,792 — 240,869 — — 240,869 32,233 2020 N/A (1) The Lofts at Atlantic Wharf Residential Boston, MA — 3,529 54,891 2,598 3,529 57,489 — — 61,018 21,589 2011 2007 (1) Boston Marriott Cambridge Hotel Cambridge, MA — 478 37,918 30,183 478 67,472 629 — 68,579 54,874 1986/2017 1997 (1) Kendall Center Green Garage Garage Cambridge, MA — (2) — 35,035 6,921 — 41,956 — — 41,956 21,055 1984 2006 (1) Kendall Center Yellow Garage Garage Cambridge, MA — 1,256 15,697 962 1,256 16,659 — — 17,915 8,439 2006 2004 (1) 290 Binney Street Development Cambridge, MA — — — 888,576 638 — — 887,938 888,576 — N/A 1997 N/A 343 Madison Avenue Development New York, NY — — — 377,992 131,898 — — 246,094 377,992 — N/A 2023 N/A 121 Broadway Development Cambridge, MA — — — 273,697 — — — 273,697 273,697 — N/A 1997 N/A 725 12th Street Development Washington, DC — 26,997 8,369 19,403 — — — 54,769 54,769 — 1992 2024 N/A Reston Next Retail Development Reston, VA — — — 15,945 417 2,769 — 12,759 15,945 66 N/A 1998 N/A 777 Harrison Street Land San Francisco, CA — 144,647 — 28,328 — — 172,975 — 172,975 — N/A 2020 N/A Back Bay Station Master Plan Land Boston, MA — — — 104,811 26,022 — 78,789 — 104,811 — N/A N/A N/A 2100 M Street Land Washington, DC — 55,914 — 261 — — 56,175 — 56,175 — N/A 2025 N/A CityPoint South Master Plan Land Waltham, MA — — — 37,749 — — 37,749 — 37,749 — N/A N/A N/A North First Master Plan Land San Jose, CA — 35,004 — ( 4,351 ) — — 30,653 — 30,653 — N/A 2007 N/A Kendall Center Master Plan Land Cambridge, MA — — — 17,044 — — 17,044 — 17,044 — N/A 1997 N/A Reston Gateway Master Plan Land Reston, VA — — — 12,443 — — 12,443 — 12,443 — N/A 1998 N/A Springfield Metro Center Land Springfield, VA — — — 8,868 — — 8,868 — 8,868 — N/A 2007 N/A Weston Quarry Land Weston, MA — — — 1,516 — — 1,516 — 1,516 — N/A 2001 N/A Reston Overlook Master Plan Land Reston, VA — — — 82 — — 82 — 82 — N/A 2000 N/A $ 4,280,067 (3) $ 5,656,418 $ 15,510,064 $ 7,362,066 $ 5,826,401 (4) $ 20,708,398 (5) $ 518,492 (6) $ 1,475,257 $ 28,528,548 $ 7,869,732 Note: Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $ 54,160 . Accumulated Depreciation does not include approximately $ 36,897 of accumulated depreciation related to Furniture, Fixtures and Equipment. Office type includes office, life sciences, and retail properties. The aggregate cost and accumulated depreciation for tax purposes was approximately $ 29.9 billion and $ 7.6 billion, respectively. (1) Depreciation of the buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. 181 Table of Contents (2) This property is encumbered with the mortgage note shown at 355 Main Street. (3) Includes unamortized deferred financing costs totaling approximately $( 18.0 ) million. (4) Includes Right of Use Assets - Finance Leases and Right of Use Assets - Operating Leases of approximately $ 349,314 and $ 325,841 , respectively. (5) Includes Right of Use Assets - Finance Leases of approximately $ 23,156 . (6) Includes pre-development costs. 182 Table of Contents Boston Properties Limited Partnership Real Estate and Accumulated Depreciation December 31, 2025, 2024 and 2023 (dollars in thousands) A summary of activity for real estate and accumulated depreciation is as follows: 2025 2024 2023 Real Estate: Balance at the beginning of the year $ 28,154,911 $ 27,055,206 $ 25,376,700 Additions to/improvements of real estate 1,225,473 1,210,558 1,811,036 Assets sold/written-off ( 851,836 ) ( 110,853 ) ( 132,530 ) Balance at the end of the year $ 28,528,548 $ 28,154,911 $ 27,055,206 Accumulated Depreciation: Balance at the beginning of the year $ 7,355,327 $ 6,718,037 $ 6,143,384 Depreciation expense 788,884 748,143 707,183 Assets sold/written-off ( 274,479 ) ( 110,853 ) ( 132,530 ) Balance at the end of the year $ 7,869,732 $ 7,355,327 $ 6,718,037 Note: Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment. 183 Table of Contents (b) Exhibits 2.1 — Transfer Agreement, dated May 31, 2013, by and among BP 767 Fifth LLC, Sungate Fifth Avenue LLC, 767 LLC and BP/DC 767 Fifth LLC. (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Boston Properties, Inc. filed on June 3, 2013.) 2.2 — Purchase and Sale Agreement by and among NBIM Walker 601 LEX NYC LLC, NBIM Walker 100 FED BOS LLC, NBIM Walker ATW BOS LLC and Boston Properties Limited Partnership, dated September 16, 2014. (Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Boston Properties Limited Partnership filed on September 18, 2014.) 3.1 — Form of Amended and Restated Certificate of Incorporation of Boston Properties, Inc. (Incorporated by reference to Exhibit 3.1 to Boston Properties, Inc.’s Registration Statement on Form S-11, File No. 333-25279.) 3.2 — Amended and Restated Certificate of Designations of Series E Junior Participating Cumulative Preferred Stock of Boston Properties, Inc. (Incorporated by reference to Exhibit 3.1 to Boston Properties, Inc.’s Current Report on Form 8-K filed on June 18, 2007.) 3.3 — Certificate of Amendment of Amended and Restated Certificate of Incorporation of Boston Properties, Inc. (Incorporated by reference to Exhibit 3.1 to Boston Properties, Inc.’s Current Report on Form 8-K filed on May 20, 2010.) 3.4 — Certificate of Designations of 92,000 shares of 5.25% Series B Cumulative Redeemable Preferred Stock of Boston Properties, Inc. (Incorporated by reference to Exhibit 3.3 to the Registration Statement on Form 8-A of Boston Properties, Inc. filed on March 22, 2013.) 3.5 — Certificate of Amendment to Boston Properties, Inc.’s Amended and Restated Certificate of Incorporation . (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on June 20, 2024.) 3.6 — Amended and Restated By-laws of BXP, Inc. (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on July 25, 2024.) 3.7 — Form of Certificate of Designations for Series A Preferred Stock. (Incorporated by reference to Exhibit 99.26 to Boston Properties, Inc.’s Current Report on Form 8-K filed on November 25, 1998.) 4.1 — Form of Common Stock Certificate. (Incorporated by reference to Exhibit 4.3 to Boston Properties, Inc.’s Registration Statement on Form S-11, File No. 333-25279.) 4.2 — Description of the Securities of BXP, Inc. and Boston Properties Limited Partnership . ( Incorp or ated by reference to Exhibit 4.2 to the Annual Report on Form 10-K of BXP , Inc. and Boston Properties Limited Par tner ship filed on February 27, 2025 .) 4.3 — Indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York, as Trustee. (Incorporated by reference to Exhibit 4.1 to Boston Properties, Inc.’s Current Report on Form 8-K/A filed on December 13, 2002.) 4.4 — Supplemental Indenture No. 15, dated as of January 20, 2016, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee, including a form of the 3.650% Senior Note due 2026. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties Limited Partnership filed on January 20, 2016.) 4.5 — Supplemental Indenture No. 16, dated as of August 17, 2016, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 2.750% Senior Note due 2026. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties Limited Partnership and Boston Properties, Inc. filed on August 17, 2016.) 4.6 — Supplemental Indenture No. 18, dated as of November 28, 2018, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 4.500% Senior Note due 2028. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties Limited Partnership and Boston Properties, Inc. filed on November 28, 2018.) 4.7 — Supplemental Indenture No. 19, dated as of June 21, 2019, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 3.400% Senior Note due 2029. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties Limited Partnership and Boston Properties, Inc. filed on June 21, 2019.) 184 Table of Contents 4.8 — Supplemental Indenture No. 20, dated as of September 3, 2019, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 2.900% Senior Note due 2030. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties Limited Partnership and Boston Properties, Inc. filed on September 3, 2019.) 4.9 — Supplemental Indenture No. 21, dated as of May 5, 2020, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 3.250% Senior Note due 2031. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on May 5, 2020.) 4.10 — Supplemental Indenture No. 22, dated as of March 16, 2021, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 2.550% Senior Note due 2032. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on March 16, 2021.) 4.11 — Supplemental Indenture No. 23, dated as of September 29, 2021, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 2.450% Senior Note due 2033. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on September 29, 2021.) 4.12 — Supplemental Indenture No. 24, dated as of November 17, 2022, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 6.750% Senior Note due 2027. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on November 17, 2022.) 4.13 — Supplemental Indenture No. 25, dated as of May 15, 2023, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 6.500% Senior Note due 2034. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on May 15, 2023.) 4.14 — Supplemental Indenture No. 26, dated as of August 26, 2024, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee; including a form of the 5.750% Senior Note due 2035. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on August 26, 2024.) 4.15 — Indenture, dated as of September 29, 2025, among Boston Properties Limited Partnership, as issuer, BXP, Inc., and The Bank of New York Mellon Trust Company, N.A., as trustee; including a form of the 2.00% Exchangeable Senior Notes due 2030. (Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on September 29, 2025.) 4.16 — Registration Rights Agreement, dated as of September 29, 2025, among Boston Properties Limited Partnership, BXP, Inc., and the initial purchasers named therein . (Incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on September 29, 2025.) 10.1 — Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of June 29, 1998. (Incorporated by reference to Exhibit 99.1 to Boston Properties, Inc.’s Current Report on Form 8-K filed on July 15, 1998.) 10.2 — Certificate of Designations for the Series Four Preferred Units, dated as of August 29, 2012, constituting an amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership. (Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of Boston Properties, Inc. filed on November 8, 2012.) 10.3 — Certificate of Designations for the 5.25% Series B Cumulative Redeemable Preferred Units, dated as of March 20, 2013, constituting an amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc. filed on March 22, 2013.) 10.4 — Forty-Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of April 11, 2003, by Boston Properties, Inc., as general partner. (Incorporated by reference to Exhibit 10.1 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on August 14, 2003.) 185 Table of Contents 10.5 — Seventy-Seventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of January 24, 2008, by Boston Properties, Inc., as general partner. (Incorporated by reference to Exhibit 10.3 to Boston Properties, Inc.’s Current Report on Form 8-K filed on January 29, 2008.) 10.6 — Ninety-Eighth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of October 21, 2010. (Incorporated by reference to Exhibit 10.1 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 5, 2010.) 10.7 — One Hundred Forty-Ninth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of December 15, 2017. (Incorporated by reference to Exhibit 10.7 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 28, 2018.) 10.8 — Two Hundred Nineteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of June 20, 2024 and effective as of July 1, 2024 . (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on June 20, 2024.) 10.9* — Second Amendment and Restatement of Boston Properties, Inc. 1997 Stock Option and Incentive Plan. (Incorporated by reference to Exhibit A to Boston Properties, Inc.’s Proxy Statement on Schedule 14A filed on April 6, 2007.) 10.10* — Boston Properties, Inc. 2012 Stock Option and Incentive Plan. (Incorporated by reference to Exhibit A to Boston Properties, Inc.’s Proxy Statement on Schedule 14A filed on March 30, 2012.) 10.11* — Boston Properties, Inc. 2021 Stock Incentive Plan. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on May 20, 2021). 10.12* — Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.59 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 15, 2005.) 10.13* — First Amendment to the Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.60 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 15, 2005.) 10.14* — Second Amendment to the Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.61 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 15, 2005.) 10.15* — Third Amendment to the Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of Boston Properties, Inc. and Boston Properties Limited Partnership filed on August 6, 2021.) 10.16* — Fourth Amendment to the Boston Properties, Inc. 1999 Non-Qualified Employee Stock Purchase Plan. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on May 24, 2024.) 10.17* — Boston Properties Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2009. (Incorporated by reference to Exhibit 10.10 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.) 10.18* — Employment Agreement by and between Douglas T. Linde and Boston Properties, Inc. dated as of November 29, 2002. (Incorporated by reference to Exhibit 10.12 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 27, 2003.) 10.19* — First Amendment to Employment Agreement, dated as of November 1, 2007, by and between Boston Properties, Inc. and Douglas T. Linde. (Incorporated by reference to Exhibit 10.3 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.) 10.20* — Second Amendment to Employment Agreement, dated as of December 15, 2008, by and between Boston Properties, Inc. and Douglas T. Linde. (Incorporated by reference to Exhibit 10.19 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.) 10.21* — Employment Agreement by and between Michael E. LaBelle and Boston Properties, Inc. dated as of January 24, 2008. (Incorporated by reference to Exhibit 10.2 to Boston Properties, Inc.’s Current Report on Form 8-K filed on January 29, 2008.) 10.22* — First Amendment to Employment Agreement, dated as of December 15, 2008, by and between Boston Properties, Inc. and Michael E. LaBelle. (Incorporated by reference to Exhibit 10.27 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.) 10.23* — Employment Agreement by and between Bryan J. Koop and Boston Properties, Inc. dated as of November 29, 2002. (Incorporated by reference to Exhibit 10.10 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 27, 2003.) 186 Table of Contents 10.24* — First Amendment to Employment Agreement, dated as of November 1, 2007, by and between Boston Properties, Inc. and Bryan J. Koop. (Incorporated by reference to Exhibit 10.7 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.) 10.25* — Second Amendment to Employment Agreement, dated as of December 15, 2008, by and between Boston Properties, Inc. and Bryan J. Koop. (Incorporated by reference to Exhibit 10.33 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.) 10.26* — Amended and Restated Employment Agreement, dated December 22, 2025, by and between Owen D. Thomas and BXP, Inc (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of BXP , Inc. and Boston Properties Limited Partnership filed on December 22, 2025.) 10.27* — Boston Properties, Inc. Senior Executive Severance Plan. (Incorporated by reference to Exhibit 10.19 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 27, 2003.) 10.28* — First Amendment to the Boston Properties, Inc. Senior Executive Severance Plan, dated as of October 18, 2007. (Incorporated by reference to Exhibit 10.13 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.) 10.29* — Second Amendment to the Boston Properties, Inc. Senior Executive Severance Plan, dated as of December 15, 2008. (Incorporated by reference to Exhibit 10.52 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.) 10.30* — Third Amendment to the Boston Properties, Inc. Senior Executive Severance Plan, dated as of January 8, 2014. (Incorporated by reference to Exhibit 10.48 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 28, 2014.) 10.31* — Boston Properties, Inc. Executive Severance Plan, dated as of July 30, 1998. (Incorporated by reference to Exhibit 10.20 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 27, 2003.) 10.32* — First Amendment to the Boston Properties, Inc. Executive Severance Plan, dated as of October 18, 2007. (Incorporated by reference to Exhibit 10.14 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.) 10.33* — Second Amendment to the Boston Properties, Inc. Executive Severance Plan, dated as of January 8, 2014. (Incorporated by reference to Exhibit 10.51 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 28, 2014.) 10.34* — Boston Properties, Inc. Officer Severance Plan, dated as of July 30, 1998. (Incorporated by reference to Exhibit 10.15 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.) 10.35* — First Amendment to the Boston Properties, Inc. Officer Severance Plan, dated as of October 18, 2007. (Incorporated by reference to Exhibit 10.16 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.) 10.36* — Second Amendment to the Boston Properties, Inc. Officer Severance Plan, dated as of December 15, 2008. (Incorporated by reference to Exhibit 10.57 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.) 10.37* — Form of Indemnification Agreement by and among Boston Properties, Inc., Boston Properties Limited Partnership and certain officers and directors of the Company. (Incorporated by reference to Exhibit 10.43 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2020.) 10.38* — Director Appointment Agreement, dated as of January 20, 2011, by and between Matthew J. Lustig and Boston Properties, Inc. (Incorporated by reference to Exhibit 10.55 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 25, 2011.) 10.39* — BXP, Inc. Non-Employee Director Compensation Plan. (Filed herewith.) 10.40 — Credit Agreement, dated as of January 4, 2023, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc. and Boston Properties Limited Partnership filed on January 9, 2023.) 10.41 — First Amendment to Credit Agreement, dated as of August 2, 2024, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of BXP, Inc. and Boston Properties Limited Partnership filed on November 5, 2024.) 10.42 — Tenth Amended and Restated Credit Agreement, dated as of March 28, 2025, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on March 31, 2025.) 187 Table of Contents 10.43 — First Amendment to Tenth Amended and Restated Credit Agreement, dated as of April 22, 2025, among Boston Properties Limited Partnership and the lenders identified therein. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on April 23, 2025.) 10.44 — Form of Capped Call Transaction Confirmation. (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of BXP, Inc. and Boston Properties Limited Partnership filed on September 29, 2025.) 19.1 — BXP, Inc. Insider Trading Policy ( Incorporated by reference to Exhibit 19. 1 to the Annual Report on Form 10-K of BXP, Inc. and Boston Properties Limited Partnership filed on February 27, 202 5. ) 21.1 — Subsidiaries of BXP, Inc. and Boston Properties Limited Partnership (Filed herewith.) 23.1 — Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting firm for BXP, Inc. (Filed herewith.) 23.2 — Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting firm for Boston Properties Limited Partnership. (Filed herewith.) 31.1 — Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of BXP, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.) 31.2 — Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of BXP, Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.) 31.3 — Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Boston Properties Limited Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.) 31.4 — Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Boston Properties Limited Partnership pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.) 32.1 — Section 1350 Certification of Chief Executive Officer of BXP, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith.) 32.2 — Section 1350 Certification of Chief Financial Officer of BXP, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith.) 32.3 — Section 1350 Certification of Chief Executive Officer of Boston Properties Limited Partnership pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith.) 32.4 — Section 1350 Certification of Chief Financial Officer of Boston Properties Limited Partnership pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith.) 97.1 — Compensation Recovery Policy of Boston Properties, Inc. (Incorporated by reference to Exhibit 97.1 to the Annual Report on Form 10-K of BXP, Inc. and Boston Properties Limited Partnership filed on February 27, 2024.) 101.SCH — Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.) 101.CAL — Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.) 101.LAB — Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.) 101.PRE — Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.) 101.DEF — Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.) 104 — Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). (Filed herewith.) * Indicates management contract or compensatory plan or arrangement required to be filed or incorporated by reference as an exhibit to this Form 10-K pursuant to Item 15(b) of Form 10-K. Item 16. Form 10-K Summary. Not Applicable. 188 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, BXP, Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BXP, INC. February 27, 2026 /s/ M ICHAEL E. L A B ELLE Michael E. LaBelle Chief Financial Officer (duly authorized officer and principal financial officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of BXP, Inc., and in the capacities and on the dates indicated. February 27, 2026 By: /s/ O WEN D. T HOMAS Owen D. Thomas Chairman of the Board, Chief Executive Officer and Principal Executive Officer By: /s/ D OUGLAS T. L INDE Douglas T. Linde Director and President By: /s/ B RUCE W . D UNCAN Bruce W. Duncan Director By: /s/ D IANE J. H OSKINS Diane J. Hoskins Director By: /s/ M ARY E. K IPP Mary E. Kipp Director By: /s/ J OEL I. K LEIN Joel I. Klein Director By: /s/ M ATTHEW J. L USTIG Matthew J. Lustig Director By: /s/ T IMOTHY J. N AUGHTON Timothy J. Naughton Director 189 Table of Contents By: /s/ J ULIE G. R ICHARDSON Julie G. Richardson Director By: /s/ W ILLIAM H. W ALTON , III William H. Walton, III Director By: /s/ D EREK A. (T ONY ) W EST Derek A. (Tony) West Director By: /s/ M ICHAEL E. L A B ELLE Michael E. LaBelle Executive Vice President, Chief Financial Officer and Principal Financial Officer By: /s/ M ICHAEL R . W ALSH Michael R. Walsh Senior Vice President, Chief Accounting Officer and Principal Accounting Officer 190 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Boston Properties Limited Partnership has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BOSTON PROPERTIES LIMITED PARTNERSHIP By: BXP, Inc., its General Partner February 27, 2026 /s/ M ICHAEL E. L A B ELLE Michael E. LaBelle Chief Financial Officer (duly authorized officer and principal financial officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of BXP, Inc., as general partner of Boston Properties Limited Partnership, and in the capacities and on the dates indicated. February 27, 2026 By: /s/ O WEN D. T HOMAS Owen D. Thomas Chairman of the Board, Chief Executive Officer and Principal Executive Officer By: /s/ D OUGLAS T. L INDE Douglas T. Linde Director and President By: /s/ B RUCE W . D UNCAN Bruce W. Duncan Director By: /s/ D IANE J. H OSKINS Diane J. Hoskins Director By: /s/ M ARY E. K IPP Mary E. Kipp Director By: /s/ J OEL I. K LEIN Joel I. Klein Director By: /s/ M ATTHEW J. L USTIG Matthew J. Lustig Director By: /s/ T IMOTHY J. N AUGHTON Timothy J. Naughton Director 191 Table of Contents By: /s/ J ULIE G. R ICHARDSON Julie G. Richardson Director By: /s/ W ILLIAM H. W ALTON , III William H. Walton, III Director By: /s/ D EREK A. (T ONY ) W EST Derek A. (Tony) West Director By: /s/ M ICHAEL E. L A B ELLE Michael E. LaBelle Executive Vice President, Chief Financial Officer and Principal Financial Officer By: /s/ M ICHAEL R . W ALSH Michael R. Walsh Senior Vice President, Chief Accounting Officer and Principal Accounting Officer 192