2 unchanged sentences
(unaudited and in thousands, except for share and par value amounts)
−Removed: September 30, 2025 December 31, 2024
−Removed: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,958,987 and $ 7,797,430 at September 30, 2025 and December 31, 2024, respectively)
−Removed: $ 28,609,784 $ 27,870,623
−Removed: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at September 30, 2025 and December 31, 2024, respectively)
+Added: March 31, 2026 December 31, 2025
+Added: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 8,083,218 and $ 8,005,124 at March 31, 2026 and December 31, 2025, respectively)
$ 28,375,492 $ 28,241,879
−Removed: Right of use assets - operating leases (amounts related to VIEs of $ 0 and $ 140,558 at September 30, 2025 and December 31, 2024, respectively)
+Added: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2026 and December 31, 2025, respectively)
372,476 372,470
−Removed: accumulated depreciation (amounts related to VIEs of $( 1,721,829 ) and $( 1,628,274 ) at September 30, 2025 and December 31, 2024, respectively)
+Added: Right of use assets - operating leases 321,030 325,841
+Added: accumulated depreciation (amounts related to VIEs of $( 1,805,748 ) and $( 1,763,988 ) at March 31, 2026 and December 31, 2025, respectively)
( 8,170,334 ) ( 8,040,311 )
Total real estate 20,898,664 20,899,879
−Removed: Cash and cash equivalents (amounts related to VIEs of $ 191,606 and $ 373,737 at September 30, 2025 and December 31, 2024, respectively)
+Added: Cash and cash equivalents (amounts related to VIEs of $ 193,689 and $ 255,631 at March 31, 2026 and December 31, 2025, respectively)
512,783 1,478,206
−Removed: Cash held in escrows (amounts related to VIEs of $ 5,003 and $ 4,979 at September 30, 2025 and December 31, 2024, respectively)
+Added: Cash held in escrows (amounts related to VIEs of $ 5,381 and $ 10,319 at March 31, 2026 and December 31, 2025, respectively)
68,471 79,060
Investments in securities 42,072 44,614
−Removed: Tenant and other receivables, net (amounts related to VIEs of $ 42,233 and $ 20,435 at September 30, 2025 and December 31, 2024, respectively)
+Added: Tenant and other receivables, net (amounts related to VIEs of $ 38,754 and $ 30,989 at March 31, 2026 and December 31, 2025, respectively)
90,137 92,625
2 unchanged sentences
Sales-type lease receivable, net 15,921 15,672
−Removed: Accrued rental income, net (amounts related to VIEs of $ 465,408 and $ 435,110 at September 30, 2025 and December 31, 2024, respectively)
+Added: Accrued rental income, net (amounts related to VIEs of $ 474,838 and $ 470,734 at March 31, 2026 and December 31, 2025, respectively)
1,558,226 1,538,515
−Removed: Deferred charges, net (amounts related to VIEs of $ 206,016 and $ 211,726 at September 30, 2025 and December 31, 2024, respectively)
+Added: Deferred charges, net (amounts related to VIEs of $ 202,275 and $ 204,924 at March 31, 2026 and December 31, 2025, respectively)
830,917 847,690
−Removed: Prepaid expenses and other assets (amounts related to VIEs of $ 51,682 and $ 15,036 at September 30, 2025 and December 31, 2024, respectively)
+Added: Prepaid expenses and other assets (amounts related to VIEs of $ 48,202 and $ 14,509 at March 31, 2026 and December 31, 2025, respectively)
188,819 108,105
Investments in unconsolidated joint ventures 854,722 999,309
+Added: Assets held for sale — 24,770
Total assets $ 25,102,250 $ 26,166,164
LIABILITIES AND EQUITY
−Removed: Mortgage notes payable, net (amounts related to VIEs of $ 3,285,659 and $ 3,282,027 at September 30, 2025 and December 31, 2024, respectively)
+Added: Mortgage notes payable, net (amounts related to VIEs of $ 3,288,081 and $ 3,286,870 at March 31, 2026 and December 31, 2025, respectively)
$ 4,280,639 $ 4,280,067
4 unchanged sentences
Unsecured commercial paper 750,000 750,000
−Removed: Lease liabilities - finance leases (amounts related to VIEs of $ 21,042 and $ 20,931 at September 30, 2025 and December 31, 2024, respectively)
−Removed: 363,207 370,885
−Removed: Lease liabilities - operating leases (amounts related to VIEs of $ 0 and $ 157,691 at September 30, 2025 and December 31, 2024, respectively)
+Added: Lease liabilities - finance leases (amounts related to VIEs of $ 21,106 and $ 21,074 at March 31, 2026 and December 31, 2025, respectively)
357,039 360,039
−Removed: Accounts payable and accrued expenses (amounts related to VIEs of $ 111,058 and $ 115,808 at September 30, 2025 and December 31, 2024, respectively)
+Added: Lease liabilities - operating leases 387,481 389,213
+Added: Accounts payable and accrued expenses (amounts related to VIEs of $ 80,255 and $ 88,849 at March 31, 2026 and December 31, 2025, respectively)
418,443 480,017
2 unchanged sentences
124,068 125,345
+Added: Other liabilities (amounts related to VIEs of $ 85,594 and $ 95,209 at March 31, 2026 and December 31, 2025, respectively)
+Added: 352,813 386,074
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except for share and par value amounts)
−Removed: September 30, 2025 December 31, 2024
−Removed: Other liabilities (amounts related to VIEs of $ 91,767 and $ 126,202 at September 30, 2025 and December 31, 2024, respectively)
−Removed: 406,820 450,796
+Added: March 31, 2026 December 31, 2025
Total liabilities 17,377,871 18,473,924
Commitments and contingencies (See Note 8)
−Removed: Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively
+Added: Redeemable deferred stock units— 116,733 and 111,701 units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively
Stockholders’ equity attributable to BXP, Inc.:
1 unchanged sentence
Preferred stock, $ 0.01 par value, 50,000,000 shares authorized, none issued or outstanding
−Removed: Common stock, $ 0.01 par value, 250,000,000 shares authorized, 158,479,314 and 158,253,895 issued and 158,400,414 and 158,174,995 outstanding at September 30, 2025 and December 31, 2024, respectively
+Added: Common stock, $ 0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively
Additional paid-in capital
1 unchanged sentence
Dividends in excess of earnings ( 1,684,492 ) ( 1,674,995 )
−Removed: Treasury common stock at cost, 78,900 shares at September 30, 2025 and December 31, 2024
+Added: Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025
( 2,722 ) ( 2,722 )
10 unchanged sentences
(unaudited and in thousands, except for per share amounts)
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three months ended March 31,
Lease $ 818,156 $ 811,102
3 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
−Removed: 3,821 3,649 12,424 12,090
Total revenue 872,148 865,215
11 unchanged sentences
Interest and other income (loss) 8,885 7,750
−Removed: Gains from investments in securities 2,400 2,198 4,635 4,785
+Added: Losses from investments in securities ( 566 ) ( 365 )
Unrealized gain (loss) on non-real estate investments 188 ( 483 )
−Removed: Impairment losses ( 68,901 ) — ( 68,901 ) ( 13,615 )
Loss from early extinguishment of debt — ( 338 )
Interest expense ( 152,093 ) ( 163,444 )
−Removed: Net income (loss) ( 116,840 ) 108,452 89,206 322,005
−Removed: Net (income) loss attributable to noncontrolling interests
+Added: Net income 133,006 86,905
+Added: Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships ( 19,869 ) ( 18,749 )
Noncontrolling interest—common units of the Operating Partnership ( 11,561 ) ( 6,979 )
−Removed: Net income (loss) attributable to BXP, Inc.
+Added: Net income attributable to BXP, Inc.
$ 101,576 $ 61,177
Basic earnings per common share attributable to BXP, Inc.
−Removed: Net income (loss) $ ( 0.77 ) $ 0.53 $ 0.18 $ 1.55
+Added: Net income $ 0.64 $ 0.39
Weighted average number of common shares outstanding 158,555 158,202
Diluted earnings per common share attributable to BXP, Inc.
−Removed: Net income (loss) $ ( 0.77 ) $ 0.53 $ 0.18 $ 1.54
+Added: Net income $ 0.64 $ 0.39
Weighted average number of common and common equivalent shares outstanding
1 unchanged sentence
The accompanying notes are an integral part of these consolidated financial statements.
−Removed: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
+Added: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
−Removed: Net income (loss) $ ( 116,840 ) $ 108,452 $ 89,206 $ 322,005
+Added: Three months ended March 31,
+Added: Net income $ 133,006 $ 86,905
Other comprehensive income (loss):
2 unchanged sentences
Other comprehensive income (loss) 7,749 ( 10,195 )
−Removed: Comprehensive income (loss) ( 116,443 ) 79,266 75,464 316,547
+Added: Comprehensive income 140,755 76,710
Net income attributable to noncontrolling interests ( 31,430 ) ( 25,728 )
Other comprehensive (income) loss attributable to noncontrolling interests ( 910 ) 888
−Removed: Comprehensive income (loss) attributable to BXP, Inc.
+Added: Comprehensive income attributable to BXP, Inc.
$ 108,415 $ 51,870
7 unchanged sentences
Shares Amount
−Removed: Equity, June 30, 2025 158,366 $ 1,584 $ 6,854,753 $ ( 1,579,770 ) $ ( 2,722 ) $ ( 15,059 ) $ 584,651 $ 2,003,993 $ 7,847,430
−Removed: Redemption of operating partnership units to common stock 28 — 876 — — — ( 876 ) — —
−Removed: Allocated net income (loss) for the period — — — ( 121,711 ) — — ( 12,982 ) 17,853 ( 116,840 )
−Removed: Dividends/distributions declared — — — ( 110,880 ) — — ( 12,950 ) — ( 123,830 )
−Removed: Shares issued pursuant to stock purchase plan 7 — 533 — — — — — 533
−Removed: Net activity from stock option and incentive plan ( 1 ) — 99 — — — 3,551 — 3,650
−Removed: Capped call transactions premium — — ( 35,000 ) — — — — — ( 35,000 )
−Removed: Acquisition of noncontrolling interest in property partnership — — ( 139 ) — — — — ( 43,465 ) ( 43,604 )
−Removed: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 212 ) — — — — 1,802 1,590
−Removed: Distributions to noncontrolling interests in property partnerships — — — — — — — ( 25,550 ) ( 25,550 )
−Removed: Effective portion of interest rate contracts — — — — — ( 1,151 ) ( 129 ) — ( 1,280 )
−Removed: Amortization of interest rate contracts — — — — — 1,379 154 144 1,677
−Removed: Reallocation of noncontrolling interest — — 6,979 — — — ( 6,979 ) — —
−Removed: Equity, September 30, 2025
−Removed: 158,400 $ 1,584 $ 6,827,889 $ ( 1,812,361 ) $ ( 2,722 ) $ ( 14,831 ) $ 554,440 $ 1,954,777 $ 7,508,776
−Removed: Equity, June 30, 2024 157,098 $ 1,571 $ 6,768,686 $ ( 964,518 ) $ ( 2,722 ) $ ( 155 ) $ 677,789 $ 1,801,676 $ 8,282,327
−Removed: Redemption of operating partnership units to common stock 875 9 30,983 — — — ( 30,992 ) — —
−Removed: Allocated net income for the period — — — 83,628 — — 9,587 15,237 108,452
−Removed: Dividends/distributions declared — — — ( 154,820 ) — — ( 17,986 ) — ( 172,806 )
−Removed: Shares issued pursuant to stock purchase plan 9 — 541 — — — — — 541
−Removed: Net activity from stock option and incentive plan ( 2 ) — ( 1,773 ) — — — 3,225 — 1,452
−Removed: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — 23,615 — — — — 72,109 95,724
−Removed: Distributions to noncontrolling interests in property partnerships — — — — — — — ( 14,894 ) ( 14,894 )
−Removed: Effective portion of interest rate contracts — — — — — ( 28,910 ) ( 3,353 ) — ( 32,263 )
−Removed: Amortization of interest rate contracts — — — — — 2,637 296 144 3,077
−Removed: Reallocation of noncontrolling interest — — 437 — — — ( 437 ) — —
−Removed: Equity, September 30, 2024
−Removed: 157,980 $ 1,580 $ 6,822,489 $ ( 1,035,710 ) $ ( 2,722 ) $ ( 26,428 ) $ 638,129 $ 1,874,272 $ 8,271,610
−Removed: CONSOLIDATED STATEMENTS OF EQUITY
−Removed: (unaudited and in thousands)
−Removed: Common Stock Additional Paid-in Capital Dividends in Excess of Earnings Treasury Stock,
−Removed: at cost Accumulated Other Comprehensive Loss Noncontrolling Interests - Common Units Noncontrolling Interests - Property Partnerships Total
−Removed: Shares Amount
Equity, December 31, 2025 158,548 $ 1,585 $ 6,836,243 $ ( 1,674,995 ) $ ( 2,722 ) $ ( 12,921 ) $ 566,563 $ 1,970,949 $ 7,684,702
4 unchanged sentences
Net activity from stock option and incentive plan 73 — 2,447 — — — 23,016 — 25,463
−Removed: Capped call transactions premium — — ( 35,000 ) — — — — — ( 35,000 )
−Removed: Acquisition of noncontrolling interest in property partnership — — ( 139 ) — — — — ( 43,465 ) ( 43,604 )
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 10 ) — — — — 13,934 13,924
3 unchanged sentences
Reallocation of noncontrolling interest — — 3,171 — — — ( 3,171 ) — —
−Removed: Equity, September 30, 2025
+Added: Equity, March 31, 2026
158,676 $ 1,587 $ 6,843,822 $ ( 1,684,492 ) $ ( 2,722 ) $ ( 6,082 ) $ 583,922 $ 1,982,286 $ 7,718,321
10 unchanged sentences
Reallocation of noncontrolling interest — — 4,826 — — — ( 4,826 ) — —
−Removed: Equity, September 30, 2024
+Added: Equity, March 31, 2025
158,323 $ 1,583 $ 6,846,015 $ ( 1,513,555 ) $ ( 2,722 ) $ ( 11,379 ) $ 591,555 $ 1,938,344 $ 7,849,841
2 unchanged sentences
(unaudited and in thousands)
−Removed: Nine months ended September 30,
+Added: Three months ended March 31,
Cash flows from operating activities:
2 unchanged sentences
Depreciation and amortization 227,967 220,107
−Removed: Impairment losses 68,901 13,615
Amortization of right of use assets - operating leases ( 123 ) 203
1 unchanged sentence
Non-cash compensation expense 25,320 22,917
−Removed: Loss (Income) from unconsolidated joint ventures 153,792 ( 6,376 )
+Added: (Income) loss from unconsolidated joint ventures ( 35,413 ) 2,139
Distributions of net cash flow from operations of unconsolidated joint ventures 10,335 17,053
−Removed: Gains from investments in securities ( 4,635 ) ( 4,785 )
+Added: Losses from investments in securities 566 365
Allowance for current expected credit losses 44 ( 23 )
8 unchanged sentences
Prepaid expenses and other assets ( 79,190 ) ( 73,910 )
−Removed: Right of use assets - operating lease — ( 750 )
Lease liabilities - operating leases ( 4,848 ) ( 162 )
9 unchanged sentences
Tenant improvements ( 67,095 ) ( 60,338 )
−Removed: Proceeds from sale of real estate 21,840 517
−Removed: Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) — 6,086
+Added: Proceeds from sales of real estate 124,661 —
Capital contributions to unconsolidated joint ventures ( 43,167 ) ( 52,611 )
Capital distributions from unconsolidated joint ventures 183 —
+Added: Proceeds from sales of investments in unconsolidated joint ventures 214,733 —
Investment in non-real estate investments ( 412 ) ( 434 )
1 unchanged sentence
Investments in securities, net 1,976 1,031
−Removed: Net cash used in investing activities ( 988,228 ) ( 850,787 )
−Removed: CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: (unaudited and in thousands)
−Removed: Nine months ended September 30,
+Added: Net cash provided by (used in) investing activities 5,827 ( 309,143 )
Cash flows from financing activities:
Repayments of mortgage notes payable ( 1,069 ) ( 1,122 )
−Removed: Proceeds from unsecured senior notes — 849,671
Repayment / redemption of unsecured senior notes ( 1,000,000 ) ( 850,000 )
−Removed: Proceeds from unsecured exchangeable senior notes 1,000,000 —
Borrowings on unsecured line of credit — 360,000
Repayments of unsecured line of credit — ( 60,000 )
+Added: CONSOLIDATED STATEMENTS OF CASH FLOWS
+Added: (unaudited and in thousands)
+Added: Three months ended March 31,
Borrowings on unsecured term loans — 700,000
4 unchanged sentences
Deferred financing costs ( 113 ) ( 14,102 )
−Removed: Capped call transactions premium ( 35,000 ) —
Net activity from equity transactions ( 896 ) ( 821 )
Dividends and distributions ( 124,089 ) ( 173,118 )
−Removed: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 67,179 304,323
+Added: Contributions from noncontrolling interests in property partnerships 13,924 5,150
Distributions to noncontrolling interests in property partnerships ( 22,610 ) ( 19,525 )
−Removed: Acquisition of noncontrolling interests in property partnerships ( 43,604 ) —
Net cash used in financing activities ( 1,138,305 ) ( 756,882 )
−Removed: Net decrease in cash and cash equivalents and cash held in escrows ( 396,467 ) ( 141,083 )
+Added: Net increase (decrease) in cash and cash equivalents and cash held in escrows ( 976,012 ) ( 855,989 )
Cash and cash equivalents and cash held in escrows, beginning of period 1,557,266 1,335,196
13 unchanged sentences
Change in real estate included in accounts payable and accrued expenses $ ( 9,163 ) $ 15,198
−Removed: Right of use assets obtained in exchange for lease liabilities - operating lease $ — $ 30,631
−Removed: Lease liability - finance lease reversal for re-assessment event $ — $ ( 38,491 )
−Removed: Right of use asset - finance lease reversal for re-assessment event $ — $ ( 28,962 )
−Removed: CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: (unaudited and in thousands)
−Removed: Nine months ended September 30,
Non-cash contributions from noncontrolling interests in property partnerships, net $ 10 $ 281
Capitalized operating lease costs $ 8,049 $ 7,548
−Removed: Investment in unconsolidated joint ventures eliminated upon consolidation $ — $ ( 11,834 )
−Removed: Mortgage note payable recorded upon consolidation $ — $ 207,093
−Removed: Mortgage note payable converted to unsecured term loan $ — $ 100,000
−Removed: Real estate and intangibles recorded upon consolidation $ — $ ( 220,015 )
−Removed: Real estate contributed in exchange for investment in unconsolidated joint venture $ ( 5,595 ) $ —
−Removed: Investment in unconsolidated joint ventures funded by real estate contributed $ 5,595 $ —
Dividends and distributions declared but not paid $ 124,018 $ 172,674
5 unchanged sentences
(unaudited and in thousands, except for unit amounts)
−Removed: September 30, 2025 December 31, 2024
−Removed: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,958,987 and $ 7,797,430 at September 30, 2025 and December 31, 2024, respectively)
−Removed: $ 28,248,312 $ 27,504,358
−Removed: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at September 30, 2025 and December 31, 2024, respectively)
+Added: March 31, 2026 December 31, 2025
+Added: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 8,083,218 and $ 8,005,124 at March 31, 2026 and December 31, 2025, respectively)
$ 28,018,010 $ 27,884,397
−Removed: Right of use assets - operating leases (amounts related to VIEs of $ 0 and $ 140,558 at September 30, 2025 and December 31, 2024, respectively)
+Added: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2026 and December 31, 2025, respectively)
372,476 372,470
−Removed: accumulated depreciation (amounts related to VIEs of $( 1,721,829 ) and $( 1,628,274 ) at September 30, 2025 and December 31, 2024, respectively)
+Added: Right of use assets - operating leases 321,030 325,841
+Added: accumulated depreciation (amounts related to VIEs of $( 1,805,748 ) and $( 1,763,988 ) at March 31, 2026 and December 31, 2025, respectively)
( 8,034,990 ) ( 7,906,629 )
Total real estate 20,676,526 20,676,079
−Removed: Cash and cash equivalents (amounts related to VIEs of $ 191,606 and $ 373,737 at September 30, 2025 and December 31, 2024, respectively)
+Added: Cash and cash equivalents (amounts related to VIEs of $ 193,689 and $ 255,631 at March 31, 2026 and December 31, 2025, respectively)
512,783 1,478,206
−Removed: Cash held in escrows (amounts related to VIEs of $ 5,003 and $ 4,979 at September 30, 2025 and December 31, 2024, respectively)
+Added: Cash held in escrows (amounts related to VIEs of $ 5,381 and $ 10,319 at March 31, 2026 and December 31, 2025, respectively)
68,471 79,060
Investments in securities 42,072 44,614
−Removed: Tenant and other receivables, net (amounts related to VIEs of $ 42,233 and $ 20,435 at September 30, 2025 and December 31, 2024, respectively)
+Added: Tenant and other receivables, net (amounts related to VIEs of $ 38,754 and $ 30,989 at March 31, 2026 and December 31, 2025, respectively)
90,137 92,625
2 unchanged sentences
Sales-type lease receivable, net 15,921 15,672
−Removed: Accrued rental income, net (amounts related to VIEs of $ 465,408 and $ 435,110 at September 30, 2025 and December 31, 2024, respectively)
+Added: Accrued rental income, net (amounts related to VIEs of $ 474,838 and $ 470,734 at March 31, 2026 and December 31, 2025, respectively)
1,558,226 1,538,515
−Removed: Deferred charges, net (amounts related to VIEs of $ 206,016 and $ 211,726 at September 30, 2025 and December 31, 2024, respectively)
+Added: Deferred charges, net (amounts related to VIEs of $ 202,275 and $ 204,924 at March 31, 2026 and December 31, 2025, respectively)
830,917 847,690
−Removed: Prepaid expenses and other assets (amounts related to VIEs of $ 51,682 and $ 15,036 at September 30, 2025 and December 31, 2024, respectively)
+Added: Prepaid expenses and other assets (amounts related to VIEs of $ 48,202 and $ 14,509 at March 31, 2026 and December 31, 2025, respectively)
188,819 108,105
Investments in unconsolidated joint ventures 854,722 999,309
+Added: Assets held for sale — 24,770
Total assets $ 24,880,112 $ 25,942,364
LIABILITIES AND CAPITAL
−Removed: Mortgage notes payable, net (amounts related to VIEs of $ 3,285,659 and $ 3,282,027 at September 30, 2025 and December 31, 2024, respectively)
+Added: Mortgage notes payable, net (amounts related to VIEs of $ 3,288,081 and $ 3,286,870 at March 31, 2026 and December 31, 2025, respectively)
$ 4,280,639 $ 4,280,067
4 unchanged sentences
Unsecured commercial paper 750,000 750,000
−Removed: Lease liabilities - finance leases (amounts related to VIEs of $ 21,042 and $ 20,931 at September 30, 2025 and December 31, 2024, respectively)
−Removed: 363,207 370,885
−Removed: Lease liabilities - operating leases (amounts related to VIEs of $ 0 and $ 157,691 at September 30, 2025 and December 31, 2024, respectively)
+Added: Lease liabilities - finance leases (amounts related to VIEs of $ 21,106 and $ 21,074 at March 31, 2026 and December 31, 2025, respectively)
357,039 360,039
−Removed: Accounts payable and accrued expenses (amounts related to VIEs of $ 111,058 and $ 115,808 at September 30, 2025 and December 31, 2024, respectively)
+Added: Lease liabilities - operating leases 387,481 389,213
+Added: Accounts payable and accrued expenses (amounts related to VIEs of $ 80,255 and $ 88,849 at March 31, 2026 and December 31, 2025, respectively)
418,443 480,017
2 unchanged sentences
124,068 125,345
−Removed: Other liabilities (amounts related to VIEs of $ 91,767 and $ 126,202 at September 30, 2025 and December 31, 2024, respectively)
+Added: Other liabilities (amounts related to VIEs of $ 85,594 and $ 95,209 at March 31, 2026 and December 31, 2025, respectively)
352,813 386,074
3 unchanged sentences
(unaudited and in thousands, except for unit amounts)
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Commitments and contingencies (See Note 8)
−Removed: Redeemable deferred stock units— 107,696 and 128,227 units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively
+Added: Redeemable deferred stock units— 116,733 and 111,701 units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively
Noncontrolling interests:
−Removed: Redeemable partnership units— 15,696,776 and 15,730,882 common units and 2,702,590 and 2,335,229 long term incentive units outstanding at redemption value at September 30, 2025 and December 31, 2024, respectively
+Added: Redeemable partnership units— 15,675,504 and 15,590,009 common units and 3,111,708 and 2,662,140 long term incentive units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively
1,033,549 1,272,719
−Removed: Boston Properties Limited Partnership partners’ capital— 1,767,998 and 1,762,411 general partner units and 156,632,416 and 156,412,584 limited partner units outstanding at September 30, 2025 and December 31, 2024, respectively
+Added: Boston Properties Limited Partnership partners’ capital— 1,774,632 and 1,768,004 general partner units and 156,901,331 and 156,780,294 limited partner units outstanding at March 31, 2026 and December 31, 2025, respectively
4,486,430 4,230,155
8 unchanged sentences
(unaudited and in thousands, except for per unit amounts)
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three months ended March 31,
Lease $ 818,156 $ 811,102
3 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
−Removed: 3,821 3,649 12,424 12,090
Total revenue 872,148 865,215
11 unchanged sentences
Interest and other income (loss) 8,885 7,750
−Removed: Gains from investments in securities 2,400 2,198 4,635 4,785
+Added: Losses from investments in securities ( 566 ) ( 365 )
Unrealized gain (loss) on non-real estate investments 188 ( 483 )
−Removed: Impairment losses ( 65,988 ) — ( 65,988 ) ( 13,615 )
Loss from early extinguishment of debt — ( 338 )
Interest expense ( 152,093 ) ( 163,444 )
−Removed: Net income (loss) ( 112,224 ) 110,156 97,327 327,109
+Added: Net income 134,668 88,608
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships ( 19,869 ) ( 18,749 )
−Removed: Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) $ 94,919 $ 40,625 $ 276,826
+Added: Net income attributable to Boston Properties Limited Partnership $ 114,799 $ 69,859
Basic earnings per common unit attributable to Boston Properties Limited Partnership
−Removed: Net income (loss) $ ( 0.74 ) $ 0.54 $ 0.23 $ 1.58
+Added: Net income $ 0.65 $ 0.40
Weighted average number of common units outstanding 176,318 175,752
Diluted earnings per common unit attributable to Boston Properties Limited Partnership
−Removed: Net income (loss) $ ( 0.74 ) $ 0.54 $ 0.23 $ 1.58
+Added: Net income $ 0.65 $ 0.40
Weighted average number of common and common equivalent units outstanding
2 unchanged sentences
BOSTON PROPERTIES LIMITED PARTNERSHIP
−Removed: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
+Added: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in thousands)
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
−Removed: Net income (loss) $ ( 112,224 ) $ 110,156 $ 97,327 $ 327,109
+Added: Three months ended March 31,
+Added: Net income $ 134,668 $ 88,608
Other comprehensive income (loss):
2 unchanged sentences
Other comprehensive income (loss) 7,749 ( 10,195 )
−Removed: Comprehensive income (loss) ( 111,827 ) 80,970 83,585 321,651
+Added: Comprehensive income 142,417 78,413
Comprehensive income attributable to noncontrolling interests ( 20,013 ) ( 18,893 )
−Removed: Comprehensive income (loss) attributable to Boston Properties Limited Partnership $ ( 129,824 ) $ 65,589 $ 26,451 $ 270,936
+Added: Comprehensive income attributable to Boston Properties Limited Partnership $ 122,404 $ 59,520
_______________
8 unchanged sentences
Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units
−Removed: Equity, June 30, 2025 1,768 156,598 $ 4,340,850 $ ( 15,059 ) $ 2,003,993 $ 6,329,784 $ 1,285,061
−Removed: Net activity from contributions and unearned compensation — 6 632 — — 632 3,551
−Removed: Allocated net income (loss) for the period — — ( 117,095 ) — 17,853 ( 99,242 ) ( 12,982 )
−Removed: Distributions — — ( 110,880 ) — — ( 110,880 ) ( 12,950 )
−Removed: Conversion of redeemable partnership units — 28 876 — — 876 ( 876 )
−Removed: Adjustment to reflect redeemable partnership units at redemption value — — ( 138,431 ) — — ( 138,431 ) 138,431
−Removed: Effective portion of interest rate contracts — — — ( 1,151 ) — ( 1,151 ) ( 129 )
−Removed: Amortization of interest rate contracts — — — 1,379 144 1,523 154
−Removed: Capped call transactions premium — — ( 35,000 ) — — ( 35,000 ) —
−Removed: Acquisition of noncontrolling interest in property partnership — — ( 139 ) — ( 43,465 ) ( 43,604 ) —
−Removed: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 212 ) — 1,802 1,590 —
−Removed: Distributions to noncontrolling interests in property partnerships — — — — ( 25,550 ) ( 25,550 ) —
−Removed: Equity, September 30, 2025
−Removed: 1,768 156,632 $ 3,940,601 $ ( 14,831 ) $ 1,954,777 $ 5,880,547 $ 1,400,260
−Removed: Equity, June 30, 2024 1,762 155,336 $ 5,010,460 $ ( 155 ) $ 1,801,676 $ 6,811,981 $ 1,230,848
−Removed: Net activity from contributions and unearned compensation — 6 ( 1,232 ) — — ( 1,232 ) 3,225
−Removed: Allocated net income for the period — — 85,332 — 15,237 100,569 9,587
−Removed: Distributions — — ( 154,820 ) — — ( 154,820 ) ( 17,986 )
−Removed: Conversion of redeemable partnership units — 875 30,992 — — 30,992 ( 30,992 )
−Removed: Adjustment to reflect redeemable partnership units at redemption value — — ( 308,876 ) — — ( 308,876 ) 308,876
−Removed: Effective portion of interest rate contracts — — — ( 28,910 ) — ( 28,910 ) ( 3,353 )
−Removed: Amortization of interest rate contracts — — — 2,637 144 2,781 296
−Removed: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — 23,615 — 72,109 95,724 —
−Removed: Distributions to noncontrolling interests in property partnerships — — — — ( 14,894 ) ( 14,894 ) —
−Removed: Equity, September 30, 2024
−Removed: 1,762 156,217 $ 4,685,471 $ ( 26,428 ) $ 1,874,272 $ 6,533,315 $ 1,500,501
−Removed: BOSTON PROPERTIES LIMITED PARTNERSHIP
−Removed: CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS
−Removed: (unaudited and in thousands)
−Removed: Units Capital
−Removed: General Partner Limited Partner Partners’ Capital (General and Limited Partners) Accumulated
−Removed: Comprehensive Loss Noncontrolling
−Removed: Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units
Equity, December 31, 2025 1,768 156,780 $ 4,230,155 $ ( 12,921 ) $ 1,970,949 $ 6,188,183 $ 1,272,719
6 unchanged sentences
Amortization of interest rate contracts — — — 1,377 144 1,521 155
−Removed: Capped call transactions premium — — ( 35,000 ) — — ( 35,000 ) —
−Removed: Acquisition of noncontrolling interest in property partnership — — ( 139 ) — ( 43,465 ) ( 43,604 ) —
Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 10 ) — 13,934 13,924 —
Distributions to noncontrolling interests in property partnerships — — — — ( 22,610 ) ( 22,610 ) —
−Removed: Equity, September 30, 2025
+Added: Equity, March 31, 2026
1,775 156,901 $ 4,486,430 $ ( 6,082 ) $ 1,982,286 $ 6,462,634 $ 1,033,549
9 unchanged sentences
Distributions to noncontrolling interests in property partnerships — — — — ( 19,525 ) ( 19,525 ) —
−Removed: Equity, September 30, 2024 1,762 156,217 $ 4,685,471 $ ( 26,428 ) $ 1,874,272 $ 6,533,315 $ 1,500,501
+Added: Equity, March 31, 2025
+Added: 1,767 156,556 $ 4,408,383 $ ( 11,379 ) $ 1,938,344 $ 6,335,348 $ 1,280,106
The accompanying notes are an integral part of these consolidated financial statements.
2 unchanged sentences
(unaudited and in thousands)
−Removed: Nine months ended September 30,
+Added: Three months ended March 31,
Cash flows from operating activities:
2 unchanged sentences
Depreciation and amortization 226,305 218,404
−Removed: Impairment losses 65,988 13,615
Amortization of right of use assets - operating leases ( 123 ) 203
1 unchanged sentence
Non-cash compensation expense 25,320 22,917
−Removed: Loss (Income) from unconsolidated joint ventures 153,792 ( 6,376 )
+Added: (Income) loss from unconsolidated joint ventures ( 35,413 ) 2,139
Distributions of net cash flow from operations of unconsolidated joint ventures 10,335 17,053
−Removed: Gains from investments in securities ( 4,635 ) ( 4,785 )
+Added: Losses from investments in securities 566 365
Allowance for current expected credit losses 44 ( 23 )
8 unchanged sentences
Prepaid expenses and other assets ( 79,190 ) ( 73,910 )
−Removed: Right of use assets - operating lease — ( 750 )
Lease liabilities - operating leases ( 4,848 ) ( 162 )
9 unchanged sentences
Tenant improvements ( 67,095 ) ( 60,338 )
−Removed: Proceeds from sale of real estate 21,840 517
−Removed: Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) — 6,086
+Added: Proceeds from sales of real estate 124,661 —
Capital contributions to unconsolidated joint ventures ( 43,167 ) ( 52,611 )
Capital distributions from unconsolidated joint ventures 183 —
+Added: Proceeds from sales of investments in unconsolidated joint ventures 214,733 —
Investment in non-real estate investments ( 412 ) ( 434 )
1 unchanged sentence
Investments in securities, net 1,976 1,031
−Removed: Net cash used in investing activities ( 988,228 ) ( 850,787 )
−Removed: BOSTON PROPERTIES LIMITED PARTNERSHIP
−Removed: CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: (unaudited and in thousands)
−Removed: Nine months ended September 30,
+Added: Net cash provided by (used in) investing activities 5,827 ( 309,143 )
Cash flows from financing activities:
Repayments of mortgage notes payable ( 1,069 ) ( 1,122 )
−Removed: Proceeds from unsecured senior notes — 849,671
Repayment / redemption of unsecured senior notes ( 1,000,000 ) ( 850,000 )
−Removed: Proceeds from unsecured exchangeable senior notes 1,000,000 —
Borrowings on unsecured line of credit — 360,000
+Added: BOSTON PROPERTIES LIMITED PARTNERSHIP
+Added: CONSOLIDATED STATEMENTS OF CASH FLOWS
+Added: (unaudited and in thousands)
+Added: Three months ended March 31,
Repayments of unsecured line of credit — ( 60,000 )
−Removed: Borrowings on unsecured term loan 700,000 —
−Removed: Repayment of unsecured term loan ( 700,000 ) ( 500,000 )
+Added: Borrowings on unsecured term loans — 700,000
+Added: Repayment of unsecured term loans — ( 700,000 )
Payments on finance lease obligations ( 3,452 ) ( 3,344 )
2 unchanged sentences
Deferred financing costs ( 113 ) ( 14,102 )
−Removed: Capped call transactions premium ( 35,000 ) —
Net activity from equity transactions ( 896 ) ( 821 )
Distributions ( 124,089 ) ( 173,118 )
−Removed: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships 67,179 304,323
+Added: Contributions from noncontrolling interests in property partnerships 13,924 5,150
Distributions to noncontrolling interests in property partnerships ( 22,610 ) ( 19,525 )
−Removed: Acquisition of noncontrolling interests in property partnerships ( 43,604 ) —
Net cash used in financing activities ( 1,138,305 ) ( 756,882 )
−Removed: Net decrease in cash and cash equivalents and cash held in escrows ( 396,467 ) ( 141,083 )
+Added: Net increase (decrease) in cash and cash equivalents and cash held in escrows ( 976,012 ) ( 855,989 )
Cash and cash equivalents and cash held in escrows, beginning of period 1,557,266 1,335,196
13 unchanged sentences
Change in real estate included in accounts payable and accrued expenses $ ( 9,163 ) $ 15,198
−Removed: Right of use assets obtained in exchange for lease liabilities - operating lease $ — $ 30,631
−Removed: Lease liability - finance lease reversal for re-assessment event $ — $ ( 38,491 )
−Removed: Right of use asset - finance lease reversal for re-assessment event $ — $ ( 28,962 )
−Removed: BOSTON PROPERTIES LIMITED PARTNERSHIP
−Removed: CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: (unaudited and in thousands)
−Removed: Nine months ended September 30,
Non-cash contributions from noncontrolling interests in property partnerships, net $ 10 $ 281
Capitalized operating lease costs $ 8,049 $ 7,548
−Removed: Investment in unconsolidated joint ventures eliminated upon consolidation $ — $ ( 11,834 )
−Removed: Mortgage notes payable recorded upon consolidation $ — $ 207,093
−Removed: Mortgage note payable converted to unsecured term loan $ — $ 100,000
−Removed: Real estate and intangibles recorded upon consolidation $ — $ ( 220,015 )
−Removed: Real estate contributed in exchange for investment in unconsolidated joint venture $ ( 5,595 ) $ —
−Removed: Investment in unconsolidated joint ventures funded by real estate contributed $ 5,595 $ —
Distributions declared but not paid $ 124,018 $ 172,674
5 unchanged sentences
BXP is a fully integrated, self-administered and self-managed REIT.
−Removed: BXP is the sole general partner of BPLP, its operating partnership, and at September 30, 2025, owned an approximate 89.6 % ( 89.7 % at December 31, 2024) general and limited partnership interest in BPLP.
+Added: BXP is the sole general partner of BPLP, its operating partnership, and at March 31, 2026, owned an approximate 89.4 % ( 89.7 % at December 31, 2025) general and limited partnership interest in BPLP.
Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries.
7 unchanged sentences
Because the number of shares of Common Stock outstanding at all times equals the number of OP Units that BXP owns, one share of Common Stock is generally the economic equivalent of one OP Unit, and the quarterly distribution that may be paid to the holder of an OP Unit equals the quarterly dividend that may be paid to the holder of a share of Common Stock.
−Removed: The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and it has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”) and (2) 2013 - 2025 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit.
−Removed: The three -year measurement periods for the 2012 OPP Units and the 2013 - 2022 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards.
−Removed: Unless and until they are earned, the rights, preferences and privileges of the 2023 - 2025 MYLTIP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2022 MYLTIP Units, which have been earned).
−Removed: Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2023 - 2025 MYLTIP Units.
+Added: The Company uses LTIP Units as a form of time-based, restricted equity compensation and as a form of performance-based equity compensation for employees, and it has previously granted LTIP Units in the form of (1) 2012 outperformance plan awards (“2012 OPP Units”), (2) 2013 - 2026 multi-year, long-term incentive program awards (also referred to as “MYLTIP Units”) and (3) 2025 outperformance plan awards (“2025 OPP Units”), each of which, upon the satisfaction of certain performance-based and time-based vesting conditions, is convertible into one OP Unit.
+Added: The measurement periods for the 2012 OPP Units and the 2013 - 2023 MYLTIP Units have ended and BXP’s total stockholder return (“TSR”) was sufficient for employees to earn and therefore become eligible to vest in a portion of the awards.
+Added: Unless and until they are earned, the rights, preferences and privileges of the 2024 - 2026 MYLTIP Units and the 2025 OPP Units differ from other LTIP Units granted to employees (including the 2012 OPP Units and the 2013 - 2023 MYLTIP Units, which have been earned).
+Added: Therefore, unless specifically noted otherwise, all references to LTIP Units exclude the 2024 - 2026 MYLTIP Units and the 2025 OPP Units.
LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2023 MYLTIP Units), whether vested or not, receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13).
−Removed: At September 30, 2025, the Company owned or had joint venture interests in a portfolio of 187 commercial real estate properties (the “Properties”) aggregating approximately 54.6 million net rentable square feet of primarily office properties, including eight properties under construction/redevelopment totaling approximately 3.5 million net rentable square feet.
−Removed: At September 30, 2025, the Properties consisted of:
−Removed: • 163 office properties (including four properties under construction/redevelopment);
−Removed: • 14 retail properties (including one property under construction);
−Removed: • nine residential properties (including three properties under construction);
+Added: At March 31, 2026, the Company owned or had joint venture interests in a portfolio of 164 commercial real estate properties (the “Properties”) aggregating approximately 50.4 million rentable square feet of primarily office properties, including six properties under construction/redevelopment totaling approximately 3.4 million rentable square feet.
+Added: At March 31, 2026, the Properties consisted of:
+Added: • 143 office properties (including three properties under construction/redevelopment);
+Added: • 14 retail properties;
+Added: • six residential properties (including three properties under construction);
Summary of Significant Accounting Policies
3 unchanged sentences
All significant intercompany balances and transactions have been eliminated in consolidation.
−Removed: The Company accounts for all other unconsolidated joint ventures using the equity method of accounting.
−Removed: Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income (loss).
+Added: The Company accounts for all
+Added: other unconsolidated joint ventures using the equity method of accounting.
+Added: Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.
The accompanying interim financial statements are unaudited;
12 unchanged sentences
The assets of each VIE are only available to satisfy such VIE's respective liabilities.
−Removed: The Company has identified 11 entities that are VIEs as of September 30, 2025 and has determined that it is the primary beneficiary for eight of these entities as of September 30, 2025.
+Added: The Company has identified 11 entities that are VIEs as of March 31, 2026 and has determined that it is the primary beneficiary for eight of these entities as of March 31, 2026.
Consolidated Variable Interest Entities
−Removed: As of September 30, 2025, BXP has identified eight consolidated VIEs, including BPLP.
+Added: As of March 31, 2026, BXP has identified eight consolidated VIEs, including BPLP.
Excluding BPLP, the consolidated VIEs consisted of (i) the following six in-service properties:
−Removed: 767 Fifth Avenue (the General Motors Building), 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street and (ii) 290 Binney Street, which is currently under development.
+Added: 767 Fifth Avenue (the General Motors Building), 7 Times Square, 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street and (ii) 290 Binney Street, which is currently under development.
The Company consolidates these VIEs because it is the primary beneficiary.
1 unchanged sentence
In addition, BXP’s only significant asset is its investment in BPLP and, consequently, substantially all of BXP’s assets and liabilities are the assets and liabilities of BPLP.
−Removed: Variable Interest Entities Not Consolidated
−Removed: As of September 30, 2025, BXP has identified three unconsolidated joint venture entities that are classified as VIEs.
+Added: Unconsolidated Variable Interest Entities
+Added: As of March 31, 2026, BXP has identified three unconsolidated joint venture entities that are classified as VIEs.
The CAB 290 Coles Venture LLC, CAB 290 Coles Holdco LLC, and 17 Hartwell JV LLC joint ventures are VIEs because they do not have sufficient equity at risk.
In addition, the Company does not consolidate the entities as it does not have the power to direct the activities that, when taken together, most significantly impact the VIEs’ performance and, therefore, the Company is not considered to be the primary beneficiary.
−Removed: Exchangeable Debt
−Removed: On September 29, 2025, BPLP issued $ 1.0 billion aggregate principal amount of 2.00 % Exchangeable Senior Notes due 2030 (the “Notes”) in a private placement (see Note 6).
−Removed: The Company accounts for the Notes in accordance with Accounting Standards Codification (“ASC”) 470-20, Debt with Conversion and Other Options (after the adoption of Accounting Standards Update (“ASU”) 2020-06, Debt - Debt and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40):
−Removed: Accounting for Contracts in an Entity's Own Equity (“ASU 2020-06”)).
−Removed: The exchange feature embedded within the Notes is eligible for an exception from derivative accounting because it is indexed to BXP’s stock.
−Removed: BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets.
−Removed: such, the exchange feature embedded within the Notes meets the equity classification under ASC 815-40, Derivatives and Hedging—Contracts in Entity's Own Equity, therefore, the exchange feature is not bifurcated.
−Removed: At each reporting period, the Company calculates the effect of the Notes on its dilutive earnings per common share / common unit using the if-converted method (See Note 12).
−Removed: Concurrently with the pricing of the Notes, the Company entered into capped call transactions (“Capped Call Transactions”) with certain financial institutions.
−Removed: The Capped Call Transactions cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the Notes.
−Removed: Similar to the exchange feature embedded in the Notes, the Capped Call Transactions meet all the conditions for equity classification, and therefore, the related premiums paid are recorded as a reduction to stockholders' equity for BXP and partners’ capital for BPLP.
Fair Value Measurements
The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes.
−Removed: The table below presents for September 30, 2025 and December 31, 2024, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”).
−Removed: Financial Instrument Level
−Removed: Unsecured commercial paper Level 1
−Removed: Investment in securities Level 1
−Removed: Unsecured senior notes (1) Level 1
−Removed: Unsecured exchangeable senior notes (1) Level 1
−Removed: Related party notes receivable Level 3
−Removed: Notes receivable Level 3
−Removed: Sales-type lease receivable Level 3
−Removed: Mortgage notes payable Level 3
−Removed: Unsecured line of credit Level 3
−Removed: Unsecured term loans Level 3
−Removed: _______________
−Removed: (1) If trading volume for the period is low, the valuation could be categorized as Level 2.
−Removed: Because the Company’s valuations of its financial instruments are based on the above Levels and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates.
+Added: Because the Company’s valuations of its financial instruments are based on the Levels as defined in the Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements” ( “ASC 820” ) and involve the use of estimates, the actual fair values of its financial instruments may differ materially from those estimates.
In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.
−Removed: At September 30, 2025 and December 31, 2024, the Company had $ 750.0 million and $ 500.0 million, respectively, outstanding under its unsecured commercial paper program (See Note 6).
−Removed: Due to their short-term maturity and stated interest rates that approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at September 30, 2025 and December 31, 2024.
−Removed: The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 9.4 million and $ 7.1 million at September 30, 2025 and December 31, 2024, respectively.
+Added: At March 31, 2026 and December 31, 2025, the Company had $ 750.0 million outstanding under its unsecured commercial paper program.
+Added: Due to their short-term maturity and stated interest rates that approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at March 31, 2026 and December 31, 2025.
+Added: The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 11.5 million and $ 10.9 million at March 31, 2026 and December 31, 2025, respectively.
The non-real estate investments utilize net asset value as the practical expedient.
−Removed: Non-Recurring Fair Value
−Removed: The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of September 30, 2025 and December 31, 2024 (in thousands):
−Removed: September 30, 2025 December 31, 2024
+Added: Financial Assets and Liabilities Not Measured at Fair Value
+Added: The following table presents the Levels at which the Company’s non-recurring fair value financial instruments are categorized as defined in ASC 820, as well as the Company’s aggregate carrying value and corresponding estimate of fair value as of March 31, 2026 and December 31, 2025 (in thousands):
+Added: March 31, 2026 December 31, 2025
+Added: Level Financial Instrument Carrying
Amount Estimated
1 unchanged sentence
Amount Estimated
−Removed: Related party notes receivable, net (1)
−Removed: $ 88,879 $ 87,987 $ 88,779 $ 89,213
−Removed: Note receivable, net 8,898 8,515 4,947 6,187
−Removed: Sales-type lease receivable, net 15,430 13,863 14,657 13,632
+Added: Level 3 Related party note receivable, net $ 31,447 $ 31,935 $ 28,346 $ 28,716
+Added: Level 3 Note receivable, net 10,071 10,591 9,373 9,858
+Added: Level 3 Sales-type lease receivable, net 15,921 13,955 15,672 13,911
Total $ 57,439 $ 56,481 $ 53,391 $ 52,485
−Removed: Mortgage notes payable, net $ 4,279,482 $ 3,971,687 $ 4,276,609 $ 3,808,095
−Removed: Unsecured senior notes, net 9,803,336 9,494,698 10,645,077 10,005,606
−Removed: Unsecured exchangeable senior notes, net 975,080 999,132 — —
−Removed: Unsecured line of credit — — — —
−Removed: Unsecured term loans, net 796,798 796,312 798,813 799,580
−Removed: Unsecured commercial paper 750,000 750,000 500,000 500,000
+Added: Level 1 Unsecured senior notes, net (1)
+Added: $ 8,808,674 $ 8,415,599 $ 9,806,100 $ 9,554,844
+Added: Level 1 Unsecured exchangeable senior notes, net (1)
+Added: 977,387 912,005 976,263 958,745
+Added: Level 1 Unsecured commercial paper 750,000 750,000 750,000 750,000
+Added: Subtotal $ 10,536,061 $ 10,077,604 $ 11,532,363 $ 11,263,589
+Added: Level 3 Mortgage notes payable, net $ 4,280,639 $ 3,994,557 $ 4,280,067 $ 4,010,151
+Added: Level 3 Unsecured line of credit — — — —
+Added: Level 3 Unsecured term loan, net 797,309 796,446 797,053 805,687
+Added: Subtotal $ 5,077,948 $ 4,791,003 $ 5,077,120 $ 4,815,838
Total $ 15,614,009 $ 14,868,607 $ 16,609,483 $ 16,079,427
_______________
−Removed: (1) See Note 14.
−Removed: During the three months ended September 30, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated its properties that were under negotiation for sale with third-parties.
−Removed: Based on shorter-than-expected hold periods, the Company reduced the carrying values of the properties that exceeded their fair value and recognized non-cash impairment losses (See Note 3).
−Removed: As a result, during the three and nine months ended September 30, 2025, BXP and BPLP recognized aggregate impairment losses of approximately $ 68.9 million and $ 66.0 million, respectively.
−Removed: The Company’s estimated fair value was based on Level 3 inputs as defined in ASC 820, including pending offers from third-parties, as pending offers are classified as Level 3 inputs and there were no other unobservable inputs utilized in the consolidated impairment analysis.
−Removed: Recurring Fair Value
+Added: (1) If trading volume for the period is low, the valuation could be categorized as Level 2.
+Added: Recurring Fair Value - Derivatives
In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7).
5 unchanged sentences
As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
−Removed: The following table presents the aggregate fair value of the Company’s interest rate swaps as of September 30, 2025 and December 31, 2024 (in thousands):
−Removed: Fair value September 30, 2025 December 31, 2024
+Added: The following table presents the aggregate fair value of the Company’s interest rate swaps as of March 31, 2026 and December 31, 2025 (in thousands):
+Added: Fair value March 31, 2026 December 31, 2025
Interest rate swaps $ ( 3,845 ) $ ( 8,283 )
+Added: Recurring Fair Value - Investments
The Company accounts for investments in equity securities at fair value, with gains or losses resulting from changes in fair value recognized currently in earnings.
1 unchanged sentence
The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future.
−Removed: At September 30, 2025 and December 31, 2024, the Company had maintained approximately $ 43.4 million and $ 39.4 million, respectively, in separate accounts, which are not restricted as to their use.
−Removed: The Company recognized gains of approximately $ 2.4 million and $ 2.2 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended September 30, 2025 and September 30, 2024, respectively, and approximately $ 4.6 million and $ 4.8 million during the nine months ended September 30, 2025 and September 30, 2024, respectively, primarily due to the observable change in fair value.
−Removed: Reclassification
−Removed: Certain prior year amounts have been reclassified to conform to the current year presentation.
−Removed: Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):
−Removed: September 30, 2025 December 31, 2024
+Added: At March 31, 2026 and December 31, 2025, the Company had maintained approximately $ 41.9 million and $ 44.4 million, respectively, in separate accounts, which are not restricted as to their use.
+Added: The Company recognized losses of approximately $ 0.6 million and $ 0.4 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended March 31, 2026 and March 31, 2025, respectively, primarily due to the observable change in fair value.
+Added: Real estate consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
+Added: March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025
Land $ 5,222,387 $ 5,243,760 $ 5,129,873 $ 5,151,246
2 unchanged sentences
Land held for future development (1)
−Removed: Buildings and improvements 17,312,118 17,149,702
−Removed: Tenant improvements 4,042,562 3,866,371
−Removed: Furniture, fixtures and equipment 60,353 57,136
−Removed: Construction in progress 1,322,608 764,640
−Removed: Total 29,303,594 28,578,312
−Removed: Accumulated depreciation ( 8,008,908 ) ( 7,528,057 )
493,212 518,492 493,212 518,492
−Removed: _______________
−Removed: (1) Includes pre-development costs.
−Removed: Real estate consisted of the following at September 30, 2025 and December 31, 2024 (in thousands):
−Removed: September 30, 2025 December 31, 2024
−Removed: Land $ 5,215,723 $ 5,224,015
−Removed: Right of use assets - finance leases 372,747 372,922
−Removed: Right of use assets - operating leases 321,063 334,767
−Removed: Land held for future development (1) 562,909 714,050
Buildings and improvements 16,873,371 16,908,060 16,608,403 16,643,092
7 unchanged sentences
(1) Includes pre-development costs.
−Removed: On January 16, 2025, the Company partially placed in-service Reston Next Retail, a retail project with approximately 30,000 net rentable square feet located in Reston, Virginia.
−Removed: On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts.
−Removed: On July 1, 2025, the property was completed and fully placed in-service.
−Removed: On July 17, 2025, the Company completed and fully placed in-service Reston Next Office Phase II, an approximately 87,000 net rentable square foot property comprised of office and retail space located in Reston, Virginia.
−Removed: On July 31, 2025, the Company elected to commence vertical construction of 343 Madison Avenue (See Note 9).
−Removed: 343 Madison is an approximately 46 -story, 930,000 rentable square feet office development located in New York City, New York with direct access to Grand Central Station.
−Removed: On June 27, 2025, the Company entered into a joint venture with a third-party to redevelop, own and operate 17 Hartwell Avenue in Lexington, Massachusetts.
−Removed: The Company sold the land at 17 Hartwell Avenue to the joint venture for approximately $ 21.8 million in cash.
−Removed: Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and began accounting for the joint venture on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture (See Note 5 ).
−Removed: BXP and BPLP recognized gains upon sale of the real estate of approximately $ 18.4 million and $ 18.5 million, respectively, during the nine months ended September 30, 2025, within Gains on Sales of Real Estate on the respective Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.
−Removed: 17 Hartwell Avenue contributed approximate ly $ 0.3 million of net loss to the Company for the period from January 1, 2025 through June 26, 2025, and contributed approximately $( 0.1 ) million and $ 0.2 million of net income (loss) to the Company for the three and nine months ended September 30, 2024 , respectively.
−Removed: 17 Hartwell Avenue was an approximately 30,000 net rentable square feet office property that was taken out of service during the three months ended June 30, 2024, and was held for future redevelopment.
−Removed: The building has been demolished.
−Removed: During the three months ended September 30, 2025, in conjunction with the Company’s strategy to sell non-core assets, the Company evaluated its properties that were under negotiation for sale with third-parties (See Note 2).
−Removed: BXP recognized impairment losses of approximately $ 68.9 million during the three and nine months ended September 30, 2025.
−Removed: The impairment losses consisted of the following (in thousands):
−Removed: Property Location Property Type Amount
−Removed: Plaza at Almaden (1)
−Removed: San Jose, CA Land $ 25,515
−Removed: 1330 Connecticut Avenue Washington, DC Office 20,358
−Removed: Shady Grove – Parcel 3 Rockville, MD Land 13,913
−Removed: North First Business Park San Jose, CA Office 9,115
+Added: On January 16, 2026, the Company fully placed in-service Reston Next Retail, located in Reston, Virginia.
+Added: Reston Next Retail is a retail development with approximately 30,000 net rentable square feet.
+Added: The following table represents the assets that were sold during the three months ended March 31, 2026 and the gains (losses) on sales of real estate recognized by each of BXP and BPLP (dollars in thousands):
+Added: Gross Sale Price Net Cash Proceeds (1)
+Added: Gain (Loss) on Sale (2)
+Added: Property Location Date Disposed Square Feet BXP BPLP
+Added: North First Business Park (3)
+Added: San Jose, CA January 14, 2026 191,000 $ 50,500 $ 49,437 $ ( 229 ) $ ( 229 )
+Added: Shady Grove Parcel 1 (3)
+Added: Rockville, MD February 5, 2026 N/A 24,650 23,695 ( 744 ) ( 744 )
191,000 75,150 73,132 ( 973 ) ( 973 )
−Removed: (1) See Note 14.
−Removed: BPLP recognized impairment losses of approximately $ 66.0 million during the three and nine months ended September 30, 2025.
−Removed: The impairment losses consisted of the following (in thousands):
−Removed: Property Location Property Type Amount
−Removed: Plaza at Almaden (1)
−Removed: San Jose, CA Land $ 25,515
−Removed: 1330 Connecticut Avenue Washington, DC Office 17,460
−Removed: Shady Grove – Parcel 3 Rockville, MD Land 13,913
−Removed: North First Business Park San Jose, CA Office 9,100
+Added: The Lofts at Atlantic Wharf (4)
+Added: Boston, MA February 25, 2026 87,000 55,500 54,209 14,765 14,765
87,000 55,500 54,209 14,765 14,765
−Removed: (1) See Note 14.
−Removed: The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and nine months ended September 30, 2025 and 2024 and included within the Company's Consolidated Statements of Operations (in thousands):
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Total Dispositions 278,000 $ 130,650 $ 127,341 $ 13,792 $ 13,792
+Added: _______________
+Added: (1) Excludes approximately $ 2.7 million of additional payment obligations related to sales that occurred in prior periods.
+Added: (2) Excludes approximately $ 0.3 million of loss in connection with the sale of the Company’s entire 50 % ownership interest in the joint venture entity that owned Gateway Commons as a result of the Company's outstanding receivable balance for development and construction management fees that were forfeited (see Note 5), and $ 0.1 million of loss related to sales that occurred in prior periods .
+Added: (3) The Company had previously recognized impairment losses for these properties.
+Added: (4) The fair value of the real estate disposed exceeded the carrying value.
+Added: The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three months ended March 31, 2026 and 2025 and included within the Company's Consolidated Statements of Operations (in thousands):
+Added: Three months ended March 31,
Lease Revenue 2026 2025
4 unchanged sentences
Investments in Unconsolidated Joint Ventures
−Removed: The investments in unconsolidated joint ventures consist of the following at September 30, 2025 and December 31, 2024:
+Added: The investments in unconsolidated joint ventures consist of the following at March 31, 2026 and December 31, 2025:
Carrying Value of Investment (1)
−Removed: Entity Properties Nominal % Ownership September 30, 2025 December 31,
+Added: Entity Property Nominal % Ownership March 31, 2026 December 31,
(in thousands)
−Removed: Square 407 Limited Partnership Market Square North 50.00 % $ ( 23,691 ) $ ( 11,924 )
WP Project Developer LLC Wisconsin Place Land and Infrastructure 33.33 % (2)
+Added: $ 28,768 $ 29,085
500 North Capitol Venture LLC 500 North Capitol Street, NW 30.00 % ( 12,894 ) ( 12,655 )
6 unchanged sentences
BNY Tower Holdings LLC Dock 72 50.00 % (3)
+Added: 82,392 83,547
CA-Colorado Center, LLC Colorado Center 50.00 % 68,220 69,959
5 unchanged sentences
Safeco Plaza REIT LLC Safeco Plaza 33.67 % (6)
+Added: ( 2,772 ) ( 2,557 )
360 PAS Holdco LLC 360 Park Avenue South 71.11 % (7)
+Added: 100,534 104,778
PR II/BXP Reston Gateway LLC Skymark - Reston Next Residential 20.00 % 14,273 14,506
−Removed: 751 Gateway Holdings LLC 751 Gateway 49.00 % 118,509 99,701
200 Fifth Avenue JV LLC 200 Fifth Avenue 26.69 % 80,016 74,747
ABXP Worldgate Investments LLC 13100 and 13150 Worldgate Drive 50.00 % 22,215 21,995
−Removed: CAB 290 Coles Venture LLC 290 Coles Street - Common Equity 19.46 % (9) 19,813 N/A
−Removed: CAB 290 Coles Holdco LLC 290 Coles Street - Preferred Equity — % (9)(10) 12,014 N/A
−Removed: 17 Hartwell Avenue JV LLC 17 Hartwell Avenue 20.00 % (9) 7,398 N/A
+Added: CAB 290 Coles Venture LLC 290 Coles Street - Common Equity 19.46 % (8)
19,943 19,928
+Added: CAB 290 Coles Holdco LLC 290 Coles Street - Preferred Equity — % (8)(9)
61,460 30,362
−Removed: (1) Investments with deficit balances aggregating approximately $ 50.5 million and $ 33.5 million at September 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
+Added: 17 Hartwell Avenue JV LLC 17 Hartwell Avenue 20.00 % (8)
+Added: 13,022 10,567
+Added: $ 838,640 $ 983,710
+Added: _______________
+Added: (1) Investments with deficit balances aggregating approximately $ 16.1 million and $ 15.6 million at March 31, 2026 and December 31, 2025, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33 % interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
−Removed: (3) In conjunction with the execution of the mortgage loan signed on September 30, 2025 (described below), Podium Venture LLC and Office Venture LLC were created for structuring purposes and did not change any of the partner rights previously held by the partners of Podium Developer LLC or Office Tower Developer LLC, respectively.
(3) This investment includes net equity balances from the amenity joint venture.
−Removed: (5) During the three months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment.
−Removed: (6) On September 17, 2025, the joint venture completed the sale of Beach Cities Media Campus, a land parcel, located in El Segundo, California.
+Added: The amenity joint venture had a deficit balance of approximately $ 0.4 million at March 31, 2026 and December 31, 2025.
+Added: (4) The Company sold its entire ownership interest during the three months ended March 31, 2026 (See “Dispositions” below in this Note 5.)
+Added: (5) The Company completed the sale of the property on September 17, 2025 and is in the process of dissolving this joint venture.
(6) The Company’s ownership includes (1) a 33.0 % direct interest in the joint venture, and (2) an additional 1.0 % interest in each of the two entities through which each partner owns its interest in the joint venture.
6 unchanged sentences
The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
(in thousands)
Real estate and development in process, net (1) (2)
+Added: $ 4,258,444 $ 4,786,058
Other assets (3)
+Added: 616,427 672,776
Total assets $ 4,874,871 $ 5,458,834
2 unchanged sentences
Other liabilities (4)
+Added: 159,592 189,125
Members’/Partners’ equity 2,056,731 2,364,644
2 unchanged sentences
Basis differentials (2) (5)
+Added: ( 106,556 ) ( 101,096 )
Carrying value of the Company’s investments in unconsolidated joint ventures (6)
$ 838,640 $ 983,710
−Removed: (1) At September 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $ 18.1 million and $ 19.0 million, respectively.
−Removed: (2) At September 30, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $ 14.3 million and $ 14.1 million, respectively.
−Removed: (3) At September 30, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $ 30.5 million.
+Added: _______________
+Added: (1) At March 31, 2026 and December 31, 2025, this amount included right of use assets - operating leases totaling approximately $ 17.6 million and $ 17.9 million, respectively.
+Added: (2) During the year ended December 31, 2025, the joint ventures that own Safeco Plaza and Gateway Commons recognized property-level impairment losses in accordance with ASC 360, “Property, Plant and Equipment”.
+Added: In prior periods, the Company had impaired its equity method investments to the estimated fair values for these joint ventures;
+Added: the amounts were recognized as basis differences.
+Added: (3) At March 31, 2026 and December 31, 2025, this amount included sales-type lease receivable, net totaling approximately $ 14.4 million.
+Added: (4) At March 31, 2026 and December 31, 2025, this amount included lease liabilities - operating leases totaling approximately $ 30.4 million and $ 30.5 million, respectively.
(5) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities.
−Removed: Basis differentials result from impairments of investments, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture.
−Removed: During the thee months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $ 145.1 million.
−Removed: During the year ended December 31, 2024, the Company recognized an other-than-temporary impairment loss on its investments in Colorado Center, Gateway Commons and Safeco Plaza of approximately $ 168.4 million, $ 126.1 million, and $ 46.8 million, respectively.
−Removed: In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the joint venture level.
−Removed: The Company’s basis differences include:
−Removed: September 30, 2025 December 31, 2024
+Added: Basis differentials result from impairments of investments, impairments at the property level, acquisitions through joint ventures with no change in control and upon the transfer of assets that were previously owned by the Company into a joint venture.
+Added: During the year ended December 31, 2025, the joint ventures that own Gateway Commons and Safeco Plaza recognized property level impairments of approximately $ 425.8 million and $ 319.5 million, respectively.
+Added: During the year ended December 31, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $ 145.1 million.
+Added: The Company’s basis differentials include:
+Added: March 31, 2026 December 31, 2025
Property (in thousands)
1 unchanged sentence
200 Fifth Avenue 47,766 48,289
−Removed: Gateway Commons ( 216,170 ) ( 74,500 )
Safeco Plaza 34,654 32,905
+Added: 7750 Wisconsin Avenue — 7,506
+Added: Gateway Commons — ( 700 )
Dock 72 ( 87,370 ) ( 88,420 )
3 unchanged sentences
Total basis differentials $ ( 106,556 ) $ ( 101,096 )
−Removed: These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.
−Removed: (5) Investments with deficit balances aggregating approximately $ 50.5 million and $ 33.5 million at September 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
+Added: These basis differentials (excluding land, which is not depreciable) will be amortized over the remaining lives of the related assets and liabilities.
+Added: (6) Investments with deficit balances aggregating approximately $ 16.1 million and $ 15.6 million at March 31, 2026 and December 31, 2025, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three months ended March 31,
(in thousands)
Total revenue (1)
+Added: $ 102,192 $ 130,687
Operating 47,931 53,729
3 unchanged sentences
Other income (expense)
−Removed: Loss from early extinguishment of debt — — ( 62 ) —
+Added: Losses from early extinguishment of debt — ( 62 )
Interest expense ( 39,680 ) ( 44,432 )
Unrealized loss on derivative instruments — ( 8,325 )
−Removed: Gain on sale of real estate (2) 4,762 — 4,762 —
+Added: Loss on sale of real estate (2)
Net loss $ ( 17,301 ) $ ( 18,410 )
Company’s share of net loss $ ( 6,866 ) $ ( 5,796 )
−Removed: Gain on sale / consolidation (3) — — — 21,696
−Removed: Impairment loss on investment (4) ( 145,133 ) — ( 145,133 ) —
+Added: Gains on sales of investments (3)
Basis differential (4)
1 unchanged sentence
_______________
−Removed: (1) Includes straight-line rent adjustments of approximately $ 3.7 million and $ 2.6 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $ 12.4 million and $ 16.5 million for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: (2) During the three and nine months ended September 30, 2025, the joint venture recorded a gain on sale of real estate related to the Beach Cities Media Campus.
−Removed: As a result of the historical basis difference, the Company recognized a gain on sale of real estate totaling approximately $ 2.2 million, which consists of its share of the gain on sale reported by the joint venture as well as an adjustment for a basis differential.
−Removed: (3) During the nine months ended September 30, 2024, the Company acquired its joint venture partner’s 50 % economic interest in 901 New York Avenue.
−Removed: (4) During the three and nine months ended September 30, 2025, the Company recognized an other-than-temporary impairment loss on its investment in Gateway Commons of approximately $ 145.1 million.
−Removed: (5) Includes depreciation and amortization of approximately $( 3.1 ) million and $ 3.9 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $( 7.4 ) million and $ 6.8 million for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: Includes unrealized losses on derivative instruments of approximately $ 0.4 million and $ 5.1 million for the three months ended September 30, 2025 and 2024, respectively, and approximately $ 3.9 million and $ 4.9 million for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: On February 27, 2025, a joint venture in which the Company has a 50 % ownership interest entered into a $ 252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland.
−Removed: The loan is scheduled to mature on March 1, 2035, bears interest at a fixed rate of 5.49 % per annum, and requires monthly principal and interest payments.
−Removed: The proceeds from the loan were used to repay the existing $ 252.0 million construction loan collateralized by the property.
−Removed: The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $ 0.1 million related to unamortized finance costs during the nine months ended September 30, 2025.
−Removed: 7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet.
−Removed: On March 5, 2025, the Company acquired a 19.46 % ownership interest in a joint venture that is developing 290 Coles Street located in Jersey City, New Jersey for a gross purchase price of approximately $ 20.0 million.
−Removed: Additionally, the Company agreed to fund up to $ 65.0 million of the required capital through a preferred equity investment.
−Removed: The Company’s preferred equity investment will earn a 13.0 % IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.
−Removed: As of September 30, 2025, the Company has funded approximately $ 11.9 million of the required capital through the preferred equity investment.
−Removed: On March 5, 2025, the joint venture entered into a $ 225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement.
−Removed: The loan bears interest at a variable rate equal to Term SOFR plus 2.50 % per annum and is scheduled to mature on March 5, 2029 with an additional one -year extension option, subject to certain conditions.
−Removed: When completed, 290 Coles Street is expected to be a 670 -unit residential property with retail space aggregating approximately 560,000 net rentable square feet.
−Removed: On June 27, 2025, the Company entered into a joint venture to redevelop, own, and operate 17 Hartwell Avenue in Lexington, Massachusetts.
−Removed: The third-party partner contributed approximately $ 23.0 million of cash, which was used by the joint venture to purchase the land at 17 Hartwell Avenue from the Company for approximately $ 21.8 million in cash.
−Removed: The Company contributed development costs of approximately $ 5.6 million for its 20 % ownership interest in the joint venture.
−Removed: Additionally, on June 27, 2025, the joint venture entered into a $ 98.7 million construction loan.
−Removed: The loan bears interest at a fixed rate of 6.75 % per annum and is scheduled to mature on July 10, 2030.
−Removed: When completed, 17 Hartwell Avenue is expected to be a 312 -unit residential property with garage and retail space (See Note 3).
−Removed: On August 7, 2025, a joint venture in which the Company has a 71.11 % ownership interest completed and fully placed in-service 360 Park Avenue South, a 20 -story office building with ground floor retail located in New York City, New York, aggregating approximately 450,000 net rentable square feet.
−Removed: On August 20, 2025, two joint ventures in which the Company has a 50 % ownership interest, each extended the maturity dates of their respective construction loans which were secured by the 100 Causeway Street and Hub on Causeway - Podium properties, to October 20, 2025 and October 23, 2025 , respectively.
−Removed: Subsequently, on September 30, 2025, they entered into a new $ 465.0 million mortgage loan secured by the two properties.
−Removed: The new loan is scheduled to mature on April 9, 2031, bears interest at a weighted average fixed rate of 5.733 % per annum, and requires monthly interest only payments.
−Removed: The proceeds from the new loan and available cash were used to repay the existing $ 490.0 million construction loans secured by the properties.
−Removed: 100 Causeway Street and Hub on Causeway - Podium are office properties with approximately 634,000 and 383,000 net rentable square feet, respectively, located in Boston, Massachusetts.
−Removed: On September 17, 2025, a joint venture in which the Company has a 50 % ownership interest, completed the sale of Beach Cities Media Campus, a land parcel located in El Segundo, California, for a gross sale price of approximately $ 56.0 million.
−Removed: Net cash proceeds totaled approximately $ 53.1 million, of which BXP received approximately $ 26.6 million.
−Removed: The joint venture recognized a gain on sale of real estate totaling approximately $ 4.8 million of which the Company’s share was approximately $ 2.2 million.
−Removed: The Company’s investments in unconsolidated joint ventures are reviewed for indicators of impairment on a quarterly basis and the Company records impairment charges when events or circumstances indicate that a decline in the fair values below the carrying amounts has occurred and such decline is other-than-temporary.
−Removed: During the three months ended September 30, 2025, the Company evaluated key indicators related to certain investments in unconsolidated joint ventures, including strategic initiatives outlined in the Company’s September 8, 2025 Investor Day which include the sale of non-strategic assets, changes in cash flows, declining market conditions and leasing activities, continued actual and projected operating deficits and receipts and considerations of third-party joint venture property appraisals.
−Removed: Such evaluation of key impairment indicators resulted in the Company determining that the decline in value for the joint venture that owns Gateway Commons was other-than-temporary and therefore, the Company recorded an impairment charge of approximately $ 145.1 million during the three and nine months ended September 30, 2025.
−Removed: The Company determined the fair value of the investment was categorized within Level 3 of the fair value hierarchy as it utilized significant unobservable inputs in its assessment including broker opinions of value and discounted cash flows.
−Removed: The Company’s exit capitalization and discount rate ranges used to estimate fair value in its discounted cash flows models were 6.5 % - 7.5 % and 10.0 % - 11.0 %, respectively.
+Added: (1) Includes straight-line rent adjustments of approximately $ 0.5 million and $ 3.4 million for the three months ended March 31, 2026 and 2025, respectively.
+Added: (2) Related to a sale that occurred in a prior period.
+Added: (3) During the three months ended March 31, 2026, the Company completed the sale of its entire 50 % interest in each of Gateway Commons and 7750 Wisconsin Avenue (See “Dispositions” below).
+Added: (4) Includes depreciation and amortization of approximately $( 1.0 ) million and $( 1.4 ) million for the three months ended March 31, 2026 and 2025, respectively.
+Added: Includes unrealized losses on derivative instruments of approximately $ 2.2 million for the three months ended March 31, 2025.
+Added: The following table represents the Company’s share of the investments that were sold during the three months ended March 31, 2026 and the gains on sales of investments recognized (dollars in thousands):
+Added: Property Ownership Sold Location Date Disposed Square Feet Gross Sale Price Net Cash Proceeds Gain on Sale
+Added: Gateway Commons (1)
+Added: 50.00 % South San Francisco, CA January 2, 2026 792,700 $ 150,000 $ 131,440 $ 6,394
+Added: 7750 Wisconsin Avenue (2)
+Added: 50.00 % Bethesda/Chevy Chase, MD March 19, 2026 735,600 215,000 83,293 34,840
+Added: 1,528,300 $ 365,000 $ 214,733 $ 41,234
+Added: _______________
+Added: (1) The Company had previously recognized an other-than-temporary impairment loss on its investment.
+Added: (2) Gross sale price includes the partner’s assumption of the Company’s share of the mortgage note, which was $ 126.0 million.
Unsecured Senior Notes
−Removed: On January 15, 2025, BPLP repaid $ 850.0 million in aggregate principal amount of its 3.200 % senior notes due January 15, 2025.
−Removed: The repayment was completed with available cash and the proceeds from BPLP’s August 2024 offering of 5.750 % unsecured senior notes due 2035.
−Removed: The repayment price was approximately $ 863.6 million, which was equal to the stated principal plus approximately $ 13.6 million of accrued and unpaid interest to, but not including, the repayment date.
−Removed: Unsecured Exchangeable Senior Notes
−Removed: On September 29, 2025, BPLP completed the issuance and sale of $ 1.0 billion aggregate principal amount of its 2.00 % Exchangeable Senior Notes due 2030 in a private placement.
−Removed: The Notes bear interest at a rate of 2.00 % per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026.
−Removed: The Notes will mature on October 1, 2030 , unless earlier repurchased, exchanged or redeemed.
−Removed: Net proceeds after the initial offering costs were approximately $ 975.1 million.
−Removed: Interest expense related to these Notes was approximately $ 0.1 million for the three and nine months ended September 30, 2025, and includes debt issuance cost amortization of approximately $ 28,000 for both periods.
−Removed: Including the debt issuance cost amortization, the GAAP interest rate on these Notes is approximately 2.498 %.
−Removed: The unamortized debt issuance costs related to these Notes were approximately $ 24.9 million at September 30, 2025.
−Removed: Before July 1, 2030, noteholders will have the right to exchange their Notes only upon the occurrence of certain events.
−Removed: From and after July 1, 2030 , noteholders may exchange their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date of the Notes.
−Removed: Exchanges will be settled in cash up to the aggregate principal amount of the Notes to be exchanged and, if applicable, cash, shares of BXP’s common stock or a combination thereof, at BPLP’s election, in respect of the remainder (if any) of BPLP’s exchange obligations in excess of the aggregate principal amount of the Notes being exchanged.
−Removed: The initial exchange rate is 10.8180 shares of BXP’s common stock per $ 1,000 principal amount of Notes, which represents an initial exchange price of approximately $ 92.44 per share of BXP’s common stock.
−Removed: The initial exchange price represents a premium of approximately 22.5 % over the last reported sale price of $ 75.46 per share of BXP’s common stock on September 24, 2025.
−Removed: The exchange rate and exchange price of the Notes will be subject to adjustment upon the occurrence of certain events.
−Removed: The Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at BPLP’s option at any time, and from time to time, on or after October 6, 2028 and on or before the 41st scheduled trading day immediately before the maturity date of the notes, but only if the last reported sale price per share of BXP’s common stock exceeds 130 % of the exchange price of the Notes for a specified period of time and certain liquidity conditions are satisfied.
−Removed: BPLP may also redeem the Notes, in whole or in part (subject to certain limitations), for cash at any time, and from time to time, if BXP’s Board of Directors (or a committee thereof) determines such redemption is necessary to preserve BXP’s status as a real estate investment trust.
−Removed: In either case, the redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.
−Removed: In conjunction with the issuance of the Notes, the Company entered into Capped Call Transactions with certain financial institutions.
−Removed: The Capped Call Transactions cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the Notes.
−Removed: The Capped Call Transactions are expected generally to reduce the potential dilution to BXP’s common stock upon any exchange of Notes and/or offset any cash payments BPLP is required to make in excess of the principal amount of exchanged Notes, as the case may be, with such reduction and/or offset subject to a cap.
−Removed: The cap price of the Capped Call Transactions is initially $ 105.64 per share, and is subject to certain adjustments under the terms of the Capped Call Transactions.
−Removed: The Capped Call Transactions will expire upon the maturity of the Notes, if not earlier exercised or terminated.
−Removed: A portion of the proceeds from the Notes were used to pay the premiums of the Capped Call Transactions of approximately $ 35.0 million, which was recorded as a reduction to stockholders' equity for BXP and partners’ capital for BPLP (See Note 2).
−Removed: Unsecured Credit Facility and Unsecured Term Loans
−Removed: On March 28, 2025, BPLP amended and restated its revolving credit agreement (as amended and restated, the “2025 Credit Facility”).
−Removed: The 2025 Credit Facility provides for aggregate borrowings of up to $ 2.950 billion through an unsecured revolving credit facility and an unsecured term loan facility, subject to customary conditions.
−Removed: Among other things, the amendment and restatement (1) increased the total commitment of the revolving line of credit (the “Revolving Facility”) from $ 2.0 billion to $ 2.250 billion, (2) extended the maturity date of the Revolving Facility from June 15, 2026 to March 29, 2030 , and (3) added a $ 700.0 million unsecured term loan facility (the “Term Loan Facility”) with an initial maturity date of March 30, 2029 , with two , six -month extension options, each subject to customary conditions.
−Removed: In addition, BPLP may increase the total commitment under the 2025 Credit Facility to a maximum commitment amount of up to $ 3.5 billion through increase(s) in the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase(s) and other customary conditions.
−Removed: In connection with the amendment and restatement, the Company recognized a loss from early extinguishment of debt of approximately $ 0.3 million related to unamortized origination costs during the nine months ended September 30, 2025 .
−Removed: At BPLP’s option, loans under the 2025 Credit Facility that are advanced in U.S.
−Removed: dollars will bear interest at a rate per annum equal to Term SOFR, Daily Simple SOFR or a Base Rate (each as defined in the Tenth Amended and Restated Credit Agreement, which governs the 2025 Credit Facility (the “Credit Agreement”)), in each case, plus a margin based on BPLP’s credit rating ranging from (i) for Term SOFR and Daily Simple SOFR loans, (a) under the Revolving Facility, 70.0 to 140.0 basis points, or (b) under the Term Loan Facility, 75.0 to 160.0 basis points (plus a SOFR conversion adjustment of 10 basis points), and (ii) for Base Rate loans, (a) under the Revolving Facility, 0 to 40.0 basis points, or (b) under the Term Loan Facility, 0 to 60.0 basis points.
−Removed: At BPLP’s option, loans under the Revolving Facility can also be denominated in Euros, Sterling or Canadian Dollars and such loans will bear interest at a rate per annum equal to (1) in the case of loans denominated in Euro, EURIBOR, (2) in the case of loans denominated in Canadian Dollars, Term CORRA (as adjusted), and (3) in the case of loans denominated in Sterling, SONIA (as adjusted), plus, in each case, a margin based on BPLP’s credit rating as described above for loans under the Revolving Facility.
−Removed: On April 22, 2025, BPLP amended the 2025 Credit Facility to remove the SOFR conversion adjustment of 10 basis points (as described in clause (i)(b) above), which is no longer applicable to the Term Loan Facility.
−Removed: Other than the foregoing, the material terms of the 2025 Credit Facility remained unchanged.
−Removed: Pursuant to the 2025 Credit Facility, BPLP is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10 % to 0.30 % based on BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70 % to 1.40 % based on BPLP ’s credit rating.
−Removed: Based on BPLP’s September 30, 2025 credit rating, (1) for SOFR-based loans under the Revolving Facility, the per annum interest rate margin is 0.85 %, (2) for SOFR-based loans under the Term Loan Facility, the per annum interest rate margin is 0.95 %, (3) for Base Rate-based loans under both the Revolving Facility and Term Loan Facility, the margin is zero basis points and (4) the facility fee for commitments under the Revolving Facility is 0.20 % per annum.
−Removed: The 2025 Credit Facility contains customary representations and warranties, affirmative and negative covenants, and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay all outstanding amounts and the cancellation of all commitments outstanding under the Credit Agreement.
−Removed: Among other covenants, the 2025 Credit Facility requires that BPLP maintain:
−Removed: (1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one
−Removed: year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments.
−Removed: At September 30, 2025, BPLP was in compliance with each of these financial restrictions and requirements.
−Removed: At closing on March 28, 2025, BPLP drew the full $ 700.0 million of the Term Loan Facility under the 2025 Credit Facility, the proceeds of which were used to fully repay the remaining $ 700.0 million of borrowings outstanding under it’s $ 1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”).
−Removed: The 2023 Unsecured Term Loan was scheduled to mature on May 16, 2025.
−Removed: There was no prepayment penalty associated with the repayment of the 2023 Unsecured Term Loan.
−Removed: At September 30, 2025, BPLP did not have any outstanding balance under the Revolving Facility and had $ 700.0 million outstanding under the Term Loan Facility.
−Removed: The 2025 Credit Facility is used as a backstop for BPLP’s $ 750.0 million unsecured commercial paper program (the “Commercial Paper Program”) (See “ Unsecured Commercial Paper” below).
−Removed: As such, BPLP intends to maintain, at a minimum, availability under the 2025 Credit Facility in an amount equal to the amount of unsecured commercial paper notes outstanding.
−Removed: On September 27, 2024, BPLP entered into a credit agreement that provides for a $ 100.0 million unsecured term loan facility (the “2024 Unsecured Term Loan”).
−Removed: Upon entry into the credit agreement, BPLP exercised its option to draw $ 100.0 million under the 2024 Unsecured Term Loan.
−Removed: The 2024 Unsecured Term Loan had an initial maturity date of September 26, 2025 with three , one -year extension options, subject to customary conditions.
−Removed: On September 26, 2025, BPLP exercised its option to extend the maturity date of the 2024 Unsecured Term Loan to September 26, 2026.
−Removed: All other terms of the 2024 Unsecured Term Loan remain unchanged.
−Removed: Unsecured Commercial Paper
−Removed: On March 28, 2025, BPLP increased the amount by which it may issue unsecured commercial paper notes under the Commercial Paper Program from $ 500.0 million to $ 750.0 million.
−Removed: Other than the increase in the program’s maximum capacity, all other terms of the Commercial Paper Program remain unchanged.
−Removed: Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $ 750.0 million with varying maturities of up to one year .
−Removed: Amounts available under the Commercial Paper Program may be borrowed, repaid, and re-borrowed from time to time.
−Removed: The notes are sold in private placements and rank pari passu with all of BPLP’s other unsecured senior indebtedness, including its outstanding senior notes.
−Removed: The Commercial Paper Program is backstopped by available capacity under the 2025 Credit Facility.
−Removed: At September 30, 2025, BPLP had an aggregate of $ 750.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.51 % per annum and had a weighted-average maturity of 43 days from the issuance date.
+Added: The following summarizes the unsecured senior notes outstanding as of March 31, 2026 (dollars in thousands):
+Added: Coupon/Stated Rate Effective Rate (1)
+Added: Principal Amount Maturity Date (2)
+Added: 10 Year Unsecured Senior Notes 2.750 % 3.495 % $ 1,000,000 October 1, 2026
+Added: 5 Year Unsecured Senior Notes 6.750 % 6.924 % 750,000 December 1, 2027
+Added: 10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028
+Added: 10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029
+Added: 10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030
+Added: 10.75 Year Unsecured Senior Notes 3.250 % 3.343 % 1,250,000 January 30, 2031
+Added: 11 Year Unsecured Senior Notes 2.550 % 2.671 % 850,000 April 1, 2032
+Added: 12 Year Unsecured Senior Notes 2.450 % 2.524 % 850,000 October 1, 2033
+Added: 10.7 Year Unsecured Senior Notes 6.500 % 6.619 % 750,000 January 15, 2034
+Added: 10 Year Unsecured Senior Notes 5.750 % 5.842 % 850,000 January 15, 2035
+Added: Total principal 8,850,000
+Added: Net unamortized discount 7,786
+Added: Deferred financing costs, net 33,540
+Added: Total $ 8,808,674
+Added: _______________
+Added: (1) Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.
+Added: (2) No principal amounts are due prior to maturity.
+Added: On February 2, 2026, BPLP repaid $ 1.0 billion in aggregate principal amount of its 3.650 % senior notes due February 1, 2026, at par.
+Added: The repayment was completed with available cash.
Derivative Instruments and Hedging Activities
BPLP’s agreements with derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation.
−Removed: As of September 30, 2025, the Company had not posted any collateral related to the agreements.
+Added: As of March 31, 2026, the Company had not posted any collateral related to the agreements.
Effective Hedge Instruments
−Removed: On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $ 300.0 million to replace $ 300.0 million of interest rate swap contracts that expired on April 1, 2025 thus continuing to reduce its exposure to the variability in future cash flows attributable to changes in the interest rates associated with its $ 100.0 million 2024 Unsecured Term Loan and the $ 200.0 million mortgage secured by the Company’s Santa Monica Business Park properties, located in Santa Monica, California.
−Removed: The interest rate swap was entered into to fix Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan and mortgage, at a fixed interest rate of 3.6775 % per annum for the period commencing on April 7, 2025, the effective date, and ending on April 6, 2026 .
−Removed: For the three months ended September 30, 2025 and the period from April 7, 2025 through September 30, 2025, the Company recognized approximately $( 0.5 ) million and $( 1.0 ) million, respectively, of interest expense related to this interest rate swap contract.
BPLP assesses the effectiveness of its derivatives both at inception and on an ongoing basis.
1 unchanged sentence
BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and they are carried at their estimated fair value on a recurring basis (See Note 2).
−Removed: The Company did not have any undesignated hedges during the three and nine months ended September 30, 2025.
−Removed: BPLP’s derivative contracts consisted of the following at September 30, 2025 (dollars in thousands):
+Added: The Company did not have any undesignated hedges during the three months ended March 31, 2026.
+Added: BPLP’s derivative contracts consisted of the following at March 31, 2026 (dollars in thousands):
Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location
1 unchanged sentence
Interest Rate Swaps $ 600,000 December 15, 2023 October 26, 2028 3.790 % — 3.798 % Other liabilities $ ( 3,843 )
−Removed: Interest Rate Swaps 300,000 April 7, 2025 April 6, 2026 3.678 % — 3.678 % Prepaid expenses and other assets 199
−Removed: $ 900,000 $ ( 8,510 )
−Removed: The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three and nine months ended September 30, 2025 and 2024 (in thousands):
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Interest Rate Swaps 300,000 April 7, 2025 April 6, 2026 3.678 % — 3.678 % Other liabilities ( 2 )
$ 900,000 $ ( 3,845 )
+Added: The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three months ended March 31, 2026 and 2025 (in thousands):
+Added: Three months ended March 31,
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss) (1)
+Added: $ 6,073 $ ( 13,276 )
Amount of gain (loss) related to the effective portion subsequently reclassified to earnings (2)
+Added: $ 1,676 $ 3,081
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing $ — $ —
3 unchanged sentences
BPLP has formally documented all of its relationships between hedge instruments and hedging items, as well as its risk-management objectives and strategy for undertaking various hedge transactions.
−Removed: While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity.
+Added: While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income and equity.
Commitments and Contingencies
1 unchanged sentence
In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of the Company’s subsidiaries to complete construction of the building, to pay tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises.
−Removed: The Company had letter of credit and performance obligations related to lender and development requirements that totaled approximately $ 23.5 million at September 30, 2025.
+Added: The Company had letters of credit and performance obligations related to lender and development requirements that totaled approximately $ 32.5 million at March 31, 2026.
Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.
3 unchanged sentences
In some cases, the Company earns a fee from the applicable joint venture for providing the guarantee.
−Removed: In connection with the sale of Metropolitan Square, an approximately 657,000 square foot office building in Washington, DC in which the Company had a 20 % equity interest, the Company agreed to become a co-lender of up to $ 20.0 million under a mezzanine loan.
−Removed: The mezzanine loan has a maximum principal amount of $ 100.0 million, and it is subordinate only to an existing senior loan.
−Removed: The mezzanine loan may be drawn upon for future lease-up, operating and other costs on an as-needed basis, and amounts borrowed will bear interest at a per annum rate of 12 %, compounded monthly.
−Removed: As of September 30, 2025, the Company has funded approximately $ 9.0 million under the mezzanine loan.
+Added: The Company has two mezzanine loan receivables with maximum commitments of $ 20.0 million and $ 50.0 million.
+Added: As of March 31, 2026, the Company has funded approximately $ 10.2 million and $ 21.5 million, respectively, under the mezzanine loans.
Legal Matters
3 unchanged sentences
In addition, the Company is subject to the following legal proceedings:
+Added: Property Acquisition in New York City
In connection with the acquisition of an office property in New York City in 2010, the Company entered into an agreement with the seller pursuant to which the seller could earn various fees (i.e., Fixed, Additional and Final Fees) based on the future leasing performance of the property.
7 unchanged sentences
For the Additional Fee and Final Fee, the seller submitted a request for the appointment of a Special Referee on January 7, 2025.
+Added: On February 18, 2025, a Special Referee was appointed to determine damages for the Additional and Final Fee.
+Added: The parties held a five-day hearing with the Special Referee during July and August 2025 before filing opening and post-trial briefs in September and October 2025.
+Added: The Special Referee held an additional hearing in December 2025.
Separately, the Company filed a notice of appeal on January 15, 2025 to preserve the Company’s ability to appeal the grant of summary judgment on the question of whether the Company is liable for payment of the Additional Fee and Final Fee.
−Removed: The issue of an award of damages for the Additional Fee and the Final Fee remains outstanding with the court pending a determination by the Special Referee, which the court appointed on February 18, 2025.
+Added: The First Department granted the Company’s request extending the time to perfect the appeal to September 2026.
The Company disputes the seller’s calculations and intends to continue defending itself vigorously.
However, there can be no assurance that the Company will prevail in the lawsuit.
−Removed: If the court ultimately agrees with the seller’s calculations, then amounts due to the seller could theoretically be as high as the additional $ 31 million claimed in the seller’s complaint, plus interest.
+Added: If the court ultimately agrees with the seller’s calculations, then amounts due to the seller could theoretically be as high as the additional $ 25 million claimed in the seller’s revised complaint, plus interest.
Although the Company disputes those calculations, there can be no assurance that the Company’s ultimate liability will not be material.
+Added: Brammer Bio MA, LLC
On April 26, 2024, Brammer Bio MA, LLC (“Brammer”), a subsidiary of Thermo Fisher Scientific Inc.
9 unchanged sentences
On July 16, 2024, the single justice assigned to the appeal issued an order declining to rule on the substance of the appeal petition, deferring instead to the full appellate panel.
−Removed: On August 12, 2025, the clerk of the Massachusetts Appeals Court completed the procedural steps that were necessary in order for Brammer’s appeal to be heard before the full appellate panel.
−Removed: The parties are now proceeding through the briefing process, with a hearing likely to take place sometime in the first quarter of 2026.
+Added: On August 12, 2025, the clerk of the Massachusetts Appeals Court
+Added: completed the procedural steps that were necessary in order for Brammer’s appeal to be heard before the full appellate panel.
+Added: The parties have completed the briefing process, and the anticipated hearing date is likely to take place sometime in the second quarter of 2026.
The remainder of the case continues to proceed in the trial court on the standard litigation timeline.
3 unchanged sentences
Although the Company is unable to estimate a range of loss for all related matters for which losses are reasonably possible, if the court grants injunctive relief or awards monetary damages to Brammer, it could have a material adverse effect on the Company’s results of operations and financial condition.
+Added: New York Police Department Paid Detail Program
The Company is a named defendant in an alleged collective and class action wage and hour lawsuit filed on behalf of certain individuals who provided off-duty, uniformed security services at the Company’s buildings in New York City pursuant to the New York Police Department’s Paid Detail Program.
−Removed: In addition to the Company, the plaintiffs also named as defendants more than ninety ( 90 ) other entities and institutions in the city.
+Added: In addition to the Company, the plaintiffs also named as defendants more than ninety ( 90 ) other companies.
The plaintiffs filed the lawsuit in the United States District Court for the Southern District of New York on January 23, 2025, and brought the claims under the Fair Labor Standards Act, the New York Labor Law and the Freelance Isn’t Free Act.
−Removed: The plaintiffs subsequently amended the complaint on February 7, 2025 and on February 24, 2025.
−Removed: The plaintiffs have advised the defendants and the court that they intend to file a motion for leave to file a Third Amended Complaint.
−Removed: The deadline for plaintiffs to file that motion is December 15, 2025.
−Removed: Each of the complaints filed to date alleges that the plaintiffs were not paid certain wages owed to them or were not paid in a timely manner and that the plaintiffs did not receive certain wage payment notices and wage statements required by law.
−Removed: The Company has not yet filed a responsive pleading as no responsive pleading is yet due, and discovery has not yet commenced.
+Added: The plaintiffs subsequently filed a first amended complaint and a second amended complaint on February 13, 2025 and February 24, 2025, respectively.
+Added: On December 15, 2025, the plaintiffs filed a motion for leave to file a Third Amended Complaint, which sought to add approximately eighty-five ( 85 ) new defendants to the lawsuit.
+Added: By court order on February 6, 2026, the court directed the plaintiffs to file the Third Amended Complaint by March 11, 2026 as the operative pleading.
+Added: The plaintiffs filed the Third Amended Complaint on or about March 11, 2026 and proceeded to serve the Third Amended Complaint on the new defendants to be added to the lawsuit by the court-ordered deadline of April 10, 2026.
+Added: Consistent with the prior complaints, the Third Amended Complaint alleges that the plaintiffs were not paid certain wages owed to them or were not paid in a timely manner and that the plaintiffs did not receive certain wage payment notices required by law.
+Added: Pursuant to the current schedule under the court’s February 6, 2026 order, the defendants must answer, move or otherwise respond to the Third Amended Complaint by July 9, 2026.
+Added: If motions are made in lieu of an answer, the briefing period will run through January 6, 2027.
+Added: The Company has not yet filed a responsive pleading and discovery has not yet commenced.
As a result, the Company is unable to estimate a range of loss for which losses are reasonably possible.
2 unchanged sentences
Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company.
−Removed: As of September 30, 2025, the noncontrolling interests in BPLP consisted of the following:
−Removed: OP Units LTIP Units (1) 2023 MYLTIP Units 2024 MYLTIP Units 2025 MYLTIP Units
+Added: As of March 31, 2026, the noncontrolling interests in BPLP consisted of the following:
+Added: OP Units LTIP Units (1)
+Added: 2024 MYLTIP Units 2025 MYLTIP Units 2026 MYLTIP Units 2025 OPP Units
15,675,504 3,111,708 330,479 354,940 458,393 711,864
1 unchanged sentence
Noncontrolling Interest—Common Units
−Removed: During the nine months ended September 30, 2025, 143,823 OP Units were presented by the holders for redemption (including an aggregate of 37,944 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.
−Removed: At September 30, 2025, BPLP had outstanding the 2023 - 2025 MYLTIP Units.
−Removed: Prior to the end of the respective three -year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth ( 10 %) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions.
−Removed: After the three-year performance period for each plan has ended, (1) the number of MYLTIP Units, both vested and unvested, that MYLTIP award recipients have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an OP Unit and (2) with respect to the 2023 - 2025 MYLTIP Units, the Company will make a “catch-up” cash payment on the MYLTIP Units that are ultimately earned in an amount equal to the regular and special dividends, if any, declared during the performance period on a number of shares of Common Stock equal to the number of 2023 - 2025 MYLTIP Units that are earned, less the distributions actually paid during the performance period on all of the awarded 2023 - 2025 MYLTIP Units.
−Removed: On January 31, 2025, the three -year measurement period for the Company’s 2022 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 59 % of target, or an aggregate of approximately $ 5.4 million (after giving effect to employee separations).
−Removed: As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.
−Removed: The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2025 and during the nine months ended September 30, 2024:
−Removed: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit
−Removed: September 30, 2025 October 31, 2025 $ 0.70 $ 0.070
−Removed: June 30, 2025 July 31, 2025 $ 0.98 $ 0.098
+Added: During the three months ended March 31, 2026, 49,365 OP Units were presented by the holders for redemption (including an aggregate of 12,349 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.
+Added: At March 31, 2026, BPLP had outstanding the 2024 - 2026 MYLTIP Units and the 2025 OPP Units.
+Added: Prior to the end of the respective performance period for each plan, holders of LTIP Units issued pursuant to these awards are entitled to receive per unit distributions equal to one-tenth ( 10 %) of the regular quarterly distributions payable on an LTIP Unit, but will not be entitled to receive any special distributions.
+Added: After the performance period for each plan has ended, (1) the number of LTIP Units, both vested and unvested, that the MYLTIP Unit or 2025 OPP Unit
+Added: recipients, as applicable, have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an LTIP Unit and (2) the Company will make a “catch-up” payment on the LTIP Units that are ultimately earned, if any, in an amount equal to the regular and special dividends, if any, declared during the respective performance period on a number of shares of Common Stock equal to the number of 2024 - 2026 MYLTIP Units or 2025 OPP Units that are earned, less the distributions actually paid during the performance period of each respective award, which (a) for the earned 2024 - 2026 MYLTIP Units will be payable in the form of cash and (b) for the earned 2025 OPP Units will be in the form of additional earned 2025 OPP Units, provided that if the total number of earned 2025 OPP Units would exceed the total number of 2025 OPP Units granted, then such excess shall be paid in cash.
+Added: The following table shows the results for the 2023 MYLTIP awards (after giving effect to employee separation) at the end of its respective three -year measurement period (Aggregate value is shown in millions):
+Added: Measurement Date Final Payout as a % of Target Aggregate Value Forfeited Units
+Added: 2023 MYLTIP Awards February 6, 2026 95 % $ 9.9 168,717
+Added: The following table presents BPLP’s distributions on the OP Units, LTIP Units, MYLTIP Units and 2025 OPP Units paid or declared in 2026 and during the three months ended March 31, 2025:
+Added: Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit and 2025 OPP Units
March 31, 2026 April 30, 2026 $ 0.70 $ 0.070
December 31, 2025 January 29, 2026 $ 0.70 $ 0.070
−Removed: September 30, 2024 October 31, 2024 $ 0.98 $ 0.098
−Removed: June 28, 2024 July 31, 2024 $ 0.98 $ 0.098
March 31, 2025 April 30, 2025 $ 0.98 $ 0.098
3 unchanged sentences
BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock.
−Removed: Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 74.34 per share on September 30, 2025, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2022 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at September 30, 2025 was approximately $ 1.4 billion.
+Added: Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 51.90 per share on March 31, 2026, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2023 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at March 31, 2026 was approximately $ 1.0 billion.
Noncontrolling Interests—Property Partnerships
The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties.
−Removed: The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion and $ 1.9 billion at September 30, 2025 and December 31, 2024, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
−Removed: On August 27, 2025, the Company acquired its partner’s 45 % ownership interest in the consolidated entity that is developing the 343 Madison Avenue project located in New York City, New York for approximately $ 43.5 million of cash.
−Removed: The acquisition price is equal to the partner’s aggregate unreturned capital contributions to the joint venture and as a result there was no gain on sale recognized in stockholders’ equity for BXP or partners’ capital for BPLP other than transaction costs.
−Removed: Prior to the acquisition, the Company had a 55 % ownership interest in the joint venture (See Note 3).
+Added: The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion at March 31, 2026 and December 31, 2025, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
Stockholders’ Equity / Partners’ Capital
−Removed: As of September 30, 2025, BXP had 158,400,414 shares of Common Stock outstanding.
−Removed: As of September 30, 2025, BXP owned 1,767,998 general partnership units and 156,632,416 limited partnership units in BPLP.
−Removed: On May 17, 2023, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $ 600.0 million of its Common Stock through sales agents over a three -year period.
+Added: As of March 31, 2026, BXP had 158,675,963 shares of Common Stock outstanding.
+Added: As of March 31, 2026, BXP owned 1,774,632 general partnership units and 156,901,331 limited partnership units in BPLP.
+Added: On March 6, 2026, BXP renewed and increased the size of its “at the market” (“ATM”) stock offering program.
+Added: Pursuant to the ATM program, BXP may sell from time to time up to an aggregate of $ 1.0 billion of its Common Stock through sales agents over a three -year period.
Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis.
This program replaced BXP’s prior $ 600.0 million ATM stock offering program that was scheduled to expire on May 17, 2026.
−Removed: BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction.
+Added: BXP intends to use the net proceeds from any offering for general business purposes, which may
+Added: include investment opportunities and debt reduction.
No shares of Common Stock have been issued under this ATM stock offering program.
−Removed: During the nine months ended September 30, 2025, BXP issued 143,823 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.
−Removed: The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2025 and during the nine months ended September 30, 2024:
+Added: During the three months ended March 31, 2026, BXP issued 49,365 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.
+Added: The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2026 and during the three months ended March 31, 2025:
Record Date Payment Date Dividend (Per Share) Distribution (Per Unit)
−Removed: September 30, 2025 October 31, 2025 $ 0.70 $ 0.70
−Removed: June 30, 2025 July 31, 2025 $ 0.98 $ 0.98
March 31, 2026 April 30, 2026 $ 0.70 $ 0.70
December 31, 2025 January 29, 2026 $ 0.70 $ 0.70
−Removed: September 30, 2024 October 31, 2024 $ 0.98 $ 0.98
−Removed: June 28, 2024 July 31, 2024 $ 0.98 $ 0.98
March 31, 2025 April 30, 2025 $ 0.98 $ 0.98
1 unchanged sentence
Segment Information
−Removed: Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODM”).
−Removed: The CODM decides how resources should be allocated and assesses performance on a recurring basis, at least quarterly.
+Added: Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODMs”).
+Added: The CODMs decide how resources should be allocated and assesses performance on a recurring basis, at least quarterly.
The Company’s CODMs are its Chief Executive Officer and President.
2 unchanged sentences
The Company’s share of NOI is used by the CODMs to evaluate the profitability and performance of each geographic area on a consistent and comparable basis, supporting decisions on capital resource allocation, including in connection with development, redevelopment, acquisition and disposition activities in each segment.
−Removed: Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc.
−Removed: and net income (loss) attributable to Boston Properties Limited Partnership.
+Added: Additionally, the Company believes its share of NOI is useful as a profit or loss measure and believes it provides useful information regarding its results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income attributable to BXP, Inc.
+Added: and net income attributable to Boston Properties Limited Partnership.
Asset information by segment is not reported because the Company and the CODMs are not provided with the segment asset information and therefore do not use this measure to assess performance or allocate resources.
2 unchanged sentences
The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level:
−Removed: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains on sales of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment losses, loss from early extinguishment of debt, interest expense and net (income) loss attributable to noncontrolling interests.
+Added: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains on sales of real estate, interest and other income (loss), unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, losses from investments in securities, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests.
The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.
2 unchanged sentences
The Company shows the different property types as the revenue from each type is derived from non-comparable lease structures.
−Removed: The following tables present reconciliations of Company’s share of NOI to Net Income (Loss) Attributable to BXP, Inc.
−Removed: and Net Income (Loss) Attributable to Boston Properties Limited Partnership for the three and nine months ended September 30, 2025 and 2024.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: The following tables present reconciliations of the Company’s share of NOI to Net Income Attributable to BXP, Inc.
+Added: and Net Income Attributable to Boston Properties Limited Partnership for the three months ended March 31, 2026 and 2025.
+Added: Three months ended March 31,
(in thousands)
2 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
−Removed: 3,821 3,649 12,424 12,090
Income (loss) from unconsolidated joint ventures 35,413 ( 2,139 )
1 unchanged sentence
Interest and other income (loss) 8,885 7,750
−Removed: Gains from investments in securities 2,400 2,198 4,635 4,785
Unrealized gain (loss) on non-real estate investments 188 ( 483 )
3 unchanged sentences
Payroll and related costs from management services contracts
−Removed: 3,821 3,649 12,424 12,090
Transaction costs 129 768
2 unchanged sentences
Net operating income from unconsolidated joint ventures 22,370 32,682
−Removed: Impairment losses 68,901 — 68,901 13,615
+Added: Losses from investments in securities 566 365
Loss from early extinguishment of debt — 338
Interest expense 152,093 163,444
−Removed: Net income (loss) ( 116,840 ) 108,452 89,206 322,005
+Added: Net income 133,006 86,905
Noncontrolling interests in property partnerships 19,869 18,749
Noncontrolling interest—common units of the Operating Partnership
−Removed: ( 12,981 ) 9,587 4,054 28,596
−Removed: Net income (loss) attributable to BXP, Inc.
−Removed: $ ( 121,712 ) $ 83,628 $ 28,450 $ 243,126
−Removed: Three months ended September 30, Nine months ended September 30,
+Added: Net income attributable to BXP, Inc.
$ 101,576 $ 61,177
+Added: Three months ended March 31,
(in thousands)
2 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
−Removed: 3,821 3,649 12,424 12,090
Income (loss) from unconsolidated joint ventures 35,413 ( 2,139 )
1 unchanged sentence
Interest and other income (loss) 8,885 7,750
−Removed: Gains from investments in securities 2,400 2,198 4,635 4,785
Unrealized gain (loss) on non-real estate investments 188 ( 483 )
3 unchanged sentences
Payroll and related costs from management services contracts
−Removed: 3,821 3,649 12,424 12,090
Transaction costs 129 768
2 unchanged sentences
Net operating income from unconsolidated joint ventures 22,370 32,682
−Removed: Impairment losses 65,988 — 65,988 13,615
+Added: Losses from investments in securities 566 365
Loss from early extinguishment of debt — 338
Interest expense 152,093 163,444
−Removed: Net income (loss) ( 112,224 ) 110,156 97,327 327,109
+Added: Net income 134,668 88,608
Noncontrolling interests in property partnerships 19,869 18,749
−Removed: Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) $ 94,919 $ 40,625 $ 276,826
−Removed: The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and nine months ended September 30, 2025 and 2024.
−Removed: Three months ended September 30, Nine months ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Net income attributable to Boston Properties Limited Partnership $ 114,799 $ 69,859
+Added: The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three months ended March 31, 2026 and 2025.
+Added: Three months ended March 31,
(in thousands)
3 unchanged sentences
Total rental revenue $ 858,071 $ 850,941
−Removed: The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands).
−Removed: For the three months ended September 30, 2025:
−Removed: Boston Los Angeles New York San Francisco Seattle Washington, DC Total
−Removed: Rental Revenue:
−Removed: Office $ 302,589 $ 17,735 $ 263,212 $ 127,441 $ 14,394 $ 106,994 $ 832,365
−Removed: Residential 4,633 — — 3,316 — 4,896 12,845
−Removed: Hotel 13,162 — — — — — 13,162
−Removed: Total 320,384 17,735 263,212 130,757 14,394 111,890 858,372
−Removed: % of Grand Totals 37.32 % 2.07 % 30.66 % 15.23 % 1.68 % 13.04 % 100.00 %
−Removed: Rental Expenses:
−Removed: Office 113,087 1,613 113,951 53,077 3,304 40,609 325,641
−Removed: Residential 1,943 — — 1,982 — 2,170 6,095
−Removed: Hotel 9,628 — — — — — 9,628
−Removed: Total 124,658 1,613 113,951 55,059 3,304 42,779 341,364
−Removed: % of Grand Totals 36.52 % 0.47 % 33.38 % 16.13 % 0.97 % 12.53 % 100.00 %
−Removed: Net operating income $ 195,726 $ 16,122 $ 149,261 $ 75,698 $ 11,090 $ 69,111 $ 517,008
−Removed: % of Grand Totals 37.85 % 3.12 % 28.87 % 14.64 % 2.15 % 13.37 % 100.00 %
−Removed: Net operating income attributable to noncontrolling interests in property partnerships ( 16,574 ) — ( 34,930 ) — — — ( 51,504 )
−Removed: Company’s share of net operating income from unconsolidated joint ventures 8,903 6,876 1,423 4,146 2,545 6,782 30,675
−Removed: Company’s share of net operating income $ 188,055 $ 22,998 $ 115,754 $ 79,844 $ 13,635 $ 75,893 $ 496,179
−Removed: % of Grand Totals 37.89 % 4.64 % 23.33 % 16.09 % 2.75 % 15.30 % 100.00 %
−Removed: For the three months ended September 30, 2024:
−Removed: Boston Los Angeles New York San Francisco Seattle Washington, DC Total
−Removed: Rental Revenue:
−Removed: Office $ 300,613 $ 18,661 $ 258,295 $ 128,929 $ 10,821 $ 104,290 $ 821,609
−Removed: Residential 4,219 — — 3,152 — 4,746 12,117
−Removed: Hotel 15,082 — — — — — 15,082
−Removed: Total 319,914 18,661 258,295 132,081 10,821 109,036 848,808
−Removed: % of Grand Totals 37.69 % 2.20 % 30.43 % 15.56 % 1.27 % 12.85 % 100.00 %
−Removed: Rental Expenses:
−Removed: Office 107,876 7,344 111,419 52,410 3,382 39,478 321,909
−Removed: Residential 1,621 — — 2,346 — 2,021 5,988
−Removed: Hotel 9,833 — — — — — 9,833
−Removed: Total 119,330 7,344 111,419 54,756 3,382 41,499 337,730
−Removed: % of Grand Totals 35.34 % 2.17 % 32.99 % 16.21 % 1.00 % 12.29 % 100.00 %
−Removed: Net operating income $ 200,584 $ 11,317 $ 146,876 $ 77,325 $ 7,439 $ 67,537 $ 511,078
−Removed: % of Grand Totals 39.25 % 2.21 % 28.74 % 15.13 % 1.46 % 13.21 % 100.00 %
−Removed: Net operating income attributable to noncontrolling interests in property partnerships ( 10,823 ) — ( 33,664 ) — — — ( 44,487 )
−Removed: Company’s share of net operating income from unconsolidated joint ventures 9,099 6,835 3,472 4,285 1,899 6,329 31,919
−Removed: Company’s share of net operating income $ 198,860 $ 18,152 $ 116,684 $ 81,610 $ 9,338 $ 73,866 $ 498,510
−Removed: % of Grand Totals 39.89 % 3.64 % 23.41 % 16.37 % 1.87 % 14.82 % 100.00 %
−Removed: For the nine months ended September 30, 2025:
+Added: The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three months ended March 31, 2026 and 2025 (dollars in thousands).
+Added: For the three months ended March 31, 2026:
Boston Los Angeles New York San Francisco Seattle Washington, DC Total
14 unchanged sentences
Net operating income attributable to noncontrolling interests in property partnerships ( 16,055 ) — ( 35,655 ) — — — ( 51,710 )
−Removed: Company’s share of net operating income from unconsolidated joint ventures 26,424 21,281 6,447 12,925 7,079 20,230 94,386
+Added: Company’s share of net operating income (loss) from unconsolidated joint ventures 8,762 6,803 788 ( 529 ) 1,834 4,712 22,370
Company’s share of net operating income $ 171,932 $ 16,921 $ 114,510 $ 79,320 $ 9,486 $ 84,498 $ 476,667
% of Grand Totals 36.07 % 3.55 % 24.02 % 16.64 % 1.99 % 17.73 % 100.00 %
−Removed: For the nine months ended September 30, 2024:
+Added: For the three months ended March 31, 2025:
Boston Los Angeles New York San Francisco Seattle Washington, DC Total
18 unchanged sentences
Earnings Per Share / Common Unit
−Removed: The following table provides a reconciliation of both the net income (loss) attributable to BXP, Inc.
−Removed: and the number of common shares used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income (loss) attributable to BXP, Inc.
−Removed: by the weighted-average number of common shares outstanding during the period.
+Added: The following table provides a reconciliation of both the net income attributable to BXP, Inc.
+Added: and net income attributable to Boston Properties Limited Partnership and the number of common shares / units used in the computation of basic earnings per share (“EPS”), which is calculated by dividing net income attributable to BXP, Inc.
+Added: or net income attributable to Boston Properties Limited Partnership by the weighted-average number of common shares / units outstanding during the period.
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities.
As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities.
−Removed: Participating securities are included in the computation of basic EPS of BXP using the two-class method.
−Removed: Participating securities are included in the computation of diluted EPS of BXP using the if-converted method if the impact is dilutive.
−Removed: Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation.
−Removed: Other potentially dilutive common shares, including restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock (See Note 2), and the related impact on earnings, are considered when calculating diluted EPS.
−Removed: Three months ended September 30, 2025
−Removed: (Numerator) Shares
−Removed: (Denominator) Per Share
−Removed: (in thousands, except for per share amounts)
−Removed: Basic Earnings:
−Removed: Net income (loss) attributable to BXP, Inc.
−Removed: $ ( 121,712 ) 158,345 $ ( 0.77 )
−Removed: Effect of Dilutive Securities:
−Removed: Stock Based Compensation — — —
−Removed: Diluted Earnings:
−Removed: Net income (loss) attributable to BXP, Inc.
−Removed: $ ( 121,712 ) 158,345 $ ( 0.77 )
−Removed: Three months ended September 30, 2024
−Removed: (Numerator) Shares
−Removed: (Denominator) Per Share
−Removed: (in thousands, except for per share amounts)
−Removed: Basic Earnings:
−Removed: Net income attributable to BXP, Inc.
−Removed: $ 83,628 157,725 $ 0.53
−Removed: Effect of Dilutive Securities:
−Removed: Stock Based Compensation
−Removed: Diluted Earnings:
+Added: Participating securities are included in the computation of basic EPS using the two-class method.
+Added: Participating securities are included in the computation of diluted EPS using the if-converted method if the impact is dilutive.
+Added: Because the 2012 OPP Units and 2013 - 2023 MYLTIP Units required, and the 2024 - 2026 MYLTIP Units and 2025 OPP Units require, the Company to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, the Company excludes such units from the diluted EPS calculation.
+Added: Other potentially dilutive common shares, including restricted common stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
+Added: The following tables calculate BXP and BPLP’s earnings per share / unit for the three months ended March 31, 2026 and 2025.
+Added: Three months ended March 31,
+Added: Computation of Basic and Diluted Earnings Per Share:
+Added: (amounts presented in thousands, except per share data)
Net income attributable to BXP, Inc.
$ 101,576 $ 61,177
−Removed: Nine months ended September 30, 2025
−Removed: (Numerator) Shares
−Removed: (Denominator) Per Share
−Removed: (in thousands, except for per share amounts)
−Removed: Basic Earnings:
+Added: Allocation of undistributed earnings to participating securities
Net income attributable to BXP, Inc.
−Removed: $ 28,450 158,287 $ 0.18
+Added: - basic 101,576 61,177
Effect of Dilutive Securities:
Stock Based Compensation
−Removed: Diluted Earnings:
Net income attributable to BXP, Inc.
−Removed: $ 28,450 158,787 $ 0.18
−Removed: Nine months ended September 30, 2024
−Removed: (Numerator) Shares
−Removed: (Denominator) Per Share
−Removed: (in thousands, except for per share amounts)
−Removed: Basic Earnings:
−Removed: Net income attributable to BXP, Inc.
−Removed: $ 243,126 157,250 $ 1.55
+Added: - diluted $ 101,576 $ 61,177
+Added: Weighted average common shares outstanding 158,555 158,202
+Added: Allocation of undistributed earnings to participating securities
+Added: Weighted average common shares outstanding - basic 158,555 158,202
Effect of Dilutive Securities:
Stock Based Compensation (1)
−Removed: — 297 ( 0.01 )
−Removed: Diluted Earnings:
+Added: Weighted average common shares outstanding - diluted 159,056 158,632
Net income attributable to BXP, Inc.
+Added: - basic earnings per share $ 0.64 $ 0.39
+Added: Net income attributable to BXP, Inc.
+Added: - diluted earnings per share $ 0.64 $ 0.39
_______________
−Removed: The following table provides a reconciliation of both the net income (loss) attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income (loss) attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period.
−Removed: Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities.
−Removed: As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities.
−Removed: Participating securities are included in the computation of basic earnings per common unit using the two-class method.
−Removed: Participating securities are included in the computation of diluted earnings per common unit using the if-converted method if the impact is dilutive.
−Removed: Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BPLP excludes such units from the diluted earnings per common unit calculation.
−Removed: Other potentially dilutive common units (See Note 2) and the related impact on earnings are considered when calculating diluted earnings per common unit.
−Removed: Included in the number of units (the denominator) below are approximately 17,556,000 and 17,721,000 redeemable common units for the three months ended September 30, 2025 and 2024, respectively, and 17,555,000 and 18,119,000 redeemable common units for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: Three months ended September 30, 2025
−Removed: (Numerator) Units
−Removed: (Denominator) Per Unit
−Removed: (in thousands, except for per unit amounts)
−Removed: Basic Earnings:
−Removed: Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) 175,901 $ ( 0.74 )
−Removed: Effect of Dilutive Securities:
−Removed: Stock Based Compensation
−Removed: Diluted Earnings:
−Removed: Net income (loss) attributable to Boston Properties Limited Partnership $ ( 130,077 ) 175,901 $ ( 0.74 )
−Removed: Three months ended September 30, 2024
−Removed: (Numerator) Units
−Removed: (Denominator) Per Unit
−Removed: (in thousands, except for per unit amounts)
−Removed: Basic Earnings:
−Removed: Net income attributable to Boston Properties Limited Partnership $ 94,919 175,446 $ 0.54
−Removed: Effect of Dilutive Securities:
−Removed: Stock Based Compensation
−Removed: Diluted Earnings:
−Removed: Net income attributable to Boston Properties Limited Partnership $ 94,919 175,934 $ 0.54
−Removed: Nine months ended September 30, 2025
−Removed: (Numerator) Units
−Removed: (Denominator) Per Unit
−Removed: (in thousands, except for per unit amounts)
−Removed: Basic Earnings:
+Added: (1) During the three months ended March 31, 2026 and 2025, there were approximately 1,117,298 and 665,381 unvested performance-based restricted common stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
+Added: Three months ended March 31,
+Added: Computation of Basic and Diluted Earnings Per Unit:
+Added: (amounts presented in thousands, except per unit data)
Net income attributable to Boston Properties Limited Partnership $ 114,799 $ 69,859
+Added: Allocation of undistributed earnings to participating securities
+Added: Net income attributable to Boston Properties Limited Partnership - basic 114,799 69,859
Effect of Dilutive Securities:
Stock Based Compensation
−Removed: Diluted Earnings:
−Removed: Net income attributable to Boston Properties Limited Partnership $ 40,625 176,342 $ 0.23
−Removed: Nine months ended September 30, 2024
−Removed: (Numerator) Units
−Removed: (Denominator) Per Unit
−Removed: (in thousands, except for per unit amounts)
−Removed: Basic Earnings:
−Removed: Net income attributable to Boston Properties Limited Partnership $ 276,826 175,369 $ 1.58
+Added: Net income attributable to Boston Properties Limited Partnership - diluted $ 114,799 $ 69,859
+Added: Weighted average common units outstanding 176,318 175,752
+Added: Allocation of undistributed earnings to participating securities
+Added: Weighted average common units outstanding - basic 176,318 175,752
Effect of Dilutive Securities:
Stock Based Compensation (1)
−Removed: Diluted Earnings:
−Removed: Net income attributable to Boston Properties Limited Partnership $ 276,826 175,666 $ 1.58
+Added: Weighted average common units outstanding - diluted 176,819 176,182
+Added: Net income attributable to Boston Properties Limited Partnership basic earnings per unit $ 0.65 $ 0.40
+Added: Net income attributable to Boston Properties Limited Partnership diluted earnings per unit $ 0.65 $ 0.40
+Added: Redeemable common units included in weighted average common units 17,763 17,550
+Added: _______________
+Added: (1) During the three months ended March 31, 2026 and 2025, there were approximately 1,117,298 and 665,381 unvested performance-based restricted common stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per unit because to do so would have been antidilutive for the period.
Stock Option and Incentive Plan
−Removed: On January 22, 2025, BXP’s Compensation Committee approved the 2025 Multi-Year Long-Term Incentive Program (the “2025 MYLTIP”) awards under the BXP, Inc.
+Added: On February 3, 2026, BXP’s Compensation Committee approved the 2026 Multi-Year Long-Term Incentive Program (the “2026 MYLTIP”) awards under the BXP, Inc.
2021 Stock Incentive Plan (the “2021 Plan”) to certain executive officers of BXP.
The 2026 MYLTIP awards consist of three components.
−Removed: Two of the components are each weighted 40% and utilize BXP’s TSR and BXP’s diluted Funds from Operations (“FFO”) per share growth, respectively, over a three -year measurement period as the performance metrics and the third component, weighted 20%, utilizes an average leverage ratio as the performance metric.
+Added: Two of the components are each weighted 40% and utilize BXP’s TSR and BXP’s diluted Funds from Operations (“FFO”) per share growth, respectively, over a three -year measurement period as market condition and performance metrics, respectively, and the third component utilizes a leverage ratio as the performance metric.
Earned awards will range from zero to a maximum of 458,393 LTIP Units depending on BXP’s performance under the three components, with a target of approximately 229,195 LTIP Units.
−Removed: Under ASC 718 “Compensation – Stock Compensation,” the 2025 MYLTIP awards have an aggregate value of approximately $ 12.7 million.
−Removed: On January 31, 2025, the three -year measurement period for the Company’s 2022 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 59 % of target, or an aggregate of approximately $ 5.4 million (after giving effect to employee separations).
−Removed: As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.
−Removed: During the nine months ended September 30, 2025, BXP issued 55,571 shares of restricted common stock and BPLP issued 406,646 LTIP Units and 354,940 2025 MYLTIP Units to employees, the life sciences advisory board members and non-employee directors under the 2021 Plan.
+Added: Under ASC 718 “Compensation – Stock Compensation” (“ASC 718”), the 2026 MYLTIP awards have an aggregate value of approximately $ 14.6 million.
+Added: 2023 MYLTIP Measurement Period Results
+Added: The following table shows the results for the 2023 MYLTIP awards (after giving effect to employee separations) at the end of its respective three -year measurement period (Aggregate value is shown in millions):
+Added: Measurement Date Final Payout as a % of Target Aggregate Value Forfeited Units
+Added: 2023 MYLTIP Awards February 6, 2026 95 % $ 9.9 168,717
+Added: Issuances (Restricted Stock, LTIP Units and MYLTIP Units)
+Added: The following table shows information for restricted common stock issued by BXP, Inc.
+Added: and LTIP Units and 2026 MYLTIP Units that were issued by BPLP during the three months ended March 31, 2026 (Value is shown in millions):
+Added: Issuance Shares / Units Value
+Added: Restricted Common Stock (1)
+Added: LTIP Units (2) (3)
+Added: 431,092 $ 24.9
+Added: 2026 MYLTIP Units (2)
+Added: 458,393 $ 14.6
+Added: ______________
+Added: (1) The value is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange.
(2) The grantees paid $ 0.25 per LTIP Unit and 2026 MYLTIP Unit.
1 unchanged sentence
The aggregate value of the LTIP Units is included in noncontrolling interests in the Consolidated Balance Sheets of BXP and BPLP.
−Removed: A substantial majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments.
−Removed: Restricted common stock is measured at fair value on the date of grant based on the number of shares granted and the closing price of BXP’s Common Stock on the date of grant as quoted on the New York Stock Exchange.
−Removed: Such value is recognized as an expense ratably over the corresponding employee service period.
−Removed: The shares of restricted common stock granted during the nine months ended September 30, 2025 were valued at approximately $ 4.0 million.
−Removed: The LTIP Units granted were valued at
−Removed: approximately $ 27.0 million using a Monte Carlo simulation method model.
−Removed: Because the 2012 OPP Units and 2013 - 2025 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method.
+Added: LTIP Units granted were valued using a Monte Carlo simulation method model in accordance with the provisions of ASC 718.
+Added: A majority of the grants of restricted common stock and LTIP Units to employees vest in four equal annual installments.
+Added: Because the 2012 OPP Units, 2025 OPP Units and 2013 - 2026 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method.
Under the graded vesting attribution method, each portion of the award that vests at a different date is accounted for as a separate award and recognized over the period appropriate to that portion so that the compensation cost for each portion should be recognized in full by the time that portion vests.
1 unchanged sentence
Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in BXP, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets.
−Removed: Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $ 4.4 million and $ 4.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 39.0 million and $ 38.5 million for the nine months ended September 30, 2025 and 2024, respectively.
−Removed: At September 30, 2025, there was (1) an aggregate of approximately $ 24.3 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $ 0.7 million of unrecognized compensation expense related to unvested 2023 - 2025 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.3 years.
+Added: Aggregate stock-based compensation expense associated with restricted common stock, LTIP Units, OPP Units and MYLTIP Units was approximately $ 26.0 million and $ 23.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
+Added: At March 31, 2026, there was (1) an aggregate of approximately $ 37.2 million of unrecognized compensation expense related to unvested restricted common stock and LTIP Units and (2) an aggregate of approximately $ 34.7 million of unrecognized compensation expense related to unvested 2024 - 2026 MYLTIP Units and 2025 OPP Units that is expected to be recognized over a weighted-average period of approximately 3.2 years.
Subsequent Events
−Removed: On October 8, 2025, a joint venture in which the Company has a 50 % ownership interest repaid the construction loan collateralized by its Dock 72 property.
−Removed: At the time of the repayment, the loan had an outstanding principal balance of approximately $ 198.4 million, bore interest at a variable rate equal to SOFR plus 2.50 % per annum and was scheduled to mature on December 18, 2025 .
−Removed: The repayment was completed with available cash and proceeds from capital contributions.
−Removed: Dock 72 is an office building with approximately 669,000 net rentable square feet located in Brooklyn, New York.
−Removed: On October 17, 2025, the Company completed the sale of Plaza at Almaden, a land parcel located in San Jose, California for a gross sale price of approximately $ 13.5 million.
−Removed: Net proceeds totaled approximately $ 12.7 million (See Note 3).
−Removed: On October 17, 2025, a joint venture in which the Company has a 25 % ownership interest refinanced the mortgage loan secured by its 3 Hudson Boulevard property located in New York City, New York.
−Removed: The new loan consists of a (1) senior loan provided by a third-party lender with a principal amount of $ 108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25 % per annum and (2) mezzanine loan provided by the Company with a maximum commitment of $ 50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25 % per annum.
−Removed: As of the closing, the Company had funded approximately $ 17.6 million of the mezzanine loan.
−Removed: The senior loan and mezzanine loan are interest-only, mature on November 9, 2027 and have a one -year extension option, subject to certain conditions.
−Removed: The previous mortgage loan (1) had an outstanding principal balance of $ 80.0 million and approximately $ 51.4 million of unpaid accrued interest (including default interest), (2) matured on August 7, 2024 and was in maturity default and (3) bore interest at a variable rate equal to Term SOFR plus 3.61 % per annum plus a default rate equal to an additional 4.0 % per annum.
−Removed: The Company provided the previous mortgage financing to the joint venture and elected to waive the unpaid accrued default interest of approximately $ 5.8 million.
−Removed: The Company determined it was not reasonably probable that it would collect the default interest and therefore had been reserving for it within Interest and Other Income (Loss) on its Consolidated Balance Sheets.
−Removed: The previous loan has been reflected as a Related Party Note Receivable on the Company’s Consolidated Balance Sheets.
+Added: On April 17, 2026, the Company completed the sale of Kingstowne Retail located in Alexandria, Virginia for a gross sale price of $ 19.7 million.
+Added: Kingstowne Retail is a retail property with approximately 88,000 net rentable square feet.
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.