What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-07 · 398 added, 774 removed, 602 unchanged (66% of the section changed)

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Accordingly, investors should use caution in relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends.

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

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

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

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• risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change;

• risks associated with cyber security breaches, incidents, and compromises, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings;

• risks associated with our use of AI and cyber security breaches, incidents and compromises, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings;

• risks associated with legal proceedings and other claims that could result in substantial monetary damages and other costs;

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• risks associated with our dependence on key personnel whose continued service is not guaranteed.

Investors are also urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including the risks and uncertainties described in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 including those described under the caption “Risk Factors,” (ii) our subsequent filings under the Exchange Act and (iii) the risk factors set forth in this Form 10-Q in Part II, Item 1A, if any.

Investors are also urged to carefully review the disclosures we make concerning these risks and other factors

that may affect our business and operating results, including the risks and uncertainties described in (i) our Annual

Report on Form 10-K for the fiscal year ended December 31, 2025 including those described under the caption

“Risk Factors,” (ii) our subsequent filings under the Exchange Act and (iii) the risk factors set forth in this Quarterly Report on Form 10-Q in Part II, Item 1A, if any.

Other sections of this report may include additional factors that could adversely affect our business and financial performance.

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Given these risks and uncertainties, investors should not unduly rely on forward-looking statements as a prediction of actual results.

Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements.

Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements.

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

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

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

BXP is one of the largest publicly traded office REITs (based on total market capitalization as of March 31, 2026) in the United States that develops, owns, and manages primarily premier workplaces.

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

- Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.

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We therefore caution investors that our use and definition of “premier workplaces” may be different than the use and definition of similar expressions and traditional classifications that may be used by other companies.

When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under generally accepted accounting principles (“GAAP”), current and anticipated vacancy in our properties and the market overall (including

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

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

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

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

When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under GAAP, current and anticipated vacancy in our properties and the market overall (including sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors.

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

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

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This outperformance is evident in BXP’s portfolio where we derive approximately 90% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

As of March 31, 2026, our CBD assets were 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

As of March 31, 2026, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.6 years, and (2) our 20 largest clients, based on square feet, was approximately 9.1 years.

Through year-end 2027, we have relatively low exposure to contractual lease expirations with approximately 6.3% of our share of the square footage of our in-service portfolio expiring.

During the first quarter of 2026, BXP continued to successfully execute on the multi-year strategic action plan introduced at our September 2025 Investor Day.

The action plan focuses on earnings growth, which we expect will be achieved through a combination of increased occupancy and development deliveries, and reducing leverage through asset sales and retention of cash flow.

Our progress reflects steady advancement across these key priorities.

Growth in Funds from Operations (“FFO”) per share depends in large part on the success of our leasing activity.

Leasing momentum remained strong during the first quarter of 2026, as we signed leases for more than 1.1 million square feet.

Consistent with the strategic asset sales plan outlined at our September 2025 Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales through May 1, 2026, including approximately $358.1 million in 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities.

During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP’s ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD.

The aggregate gross sales price of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of approximately $54.7 million, in each case based on BXP’s share.

Leasing conditions across BXP’s portfolio remain constructive, supported by continued client demand in premier office locations and tangible progress in leasing execution.

Leasing activity has been increasingly concentrated in our highest‑quality, well‑located CBD assets, including Midtown Manhattan, the Back Bay of Boston, Reston Town Center, and select submarkets in San Francisco, where tightening availability and improving demand dynamics are translating into meaningful leasing momentum.

Demand has also broadened in certain West Coast markets, particularly within South of Market San Francisco and Santa Monica, reflecting renewed interest from expanding and relocating clients.

Looking ahead, leasing for vacant space in our in-service buildings and coverage of near‑term lease expirations are expected to be the primary drivers of occupancy and same‑store revenue growth.

We have a manageable level of remaining 2026 expirations, a growing pipeline of active negotiations, and a meaningful volume of executed leases scheduled to commence this year.

Together, these factors provide increased visibility into continued occupancy improvement and support our expectation of achieving year‑end 2026 occupancy targets consistent with those outlined at our September 2025 Investor Day.

On the supply side, new office construction has effectively slowed to a halt across most of our markets, which we expect will result in improved long‑term supply‑demand fundamentals and reinforcement of the relative competitiveness of institutional, well‑amenitized assets.

Capital markets sentiment toward the office sector has continued to improve, as reflected in increasing private market transaction activity and greater availability of both debt and equity capital at more attractive pricing.

This backdrop is expected to support our leasing momentum, facilitate orderly execution of strategic asset sales, and enable continued capital recycling initiatives throughout 2026.

Leasing Activity and Occupancy

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

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

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

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

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

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

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

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

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

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

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

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

In the first quarter of 2026, we executed 68 leases totaling more than 1.1 million square feet with a weighted-average lease term of approximately 8.7 years.

At March 31, 2026, BXP’s total in-service portfolio occupancy was 87.4%, an increase of 70 basis points from the fourth quarter of 2025.

Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from the fourth quarter of 2025.

The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 91% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025.

An overview of the leasing activity in each of our regions for the three months ended March 31, 2026 is set forth in the table below.

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

Leases commenced (1)

Region Leases executed (2)

Total Second generation space vacant < 1 Year Change in second generation cash rents, net (3)

Leases executed (1)

Region Total Second generation space vacant < 2 Year (2)

Change in second generation cash rents, net (3)

Occupancy Leased (4)

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Total / Weighted Average 1,148,892 840,250 (3.18) % 87.4 % 90.9 %

1 st generation leases (5)

2 nd generation leases with new clients (2)

Leases executed during the period, in square feet (1)

Second generation leasing information :

Weighted Average Lease Term 96 Months

Weighted Average Free Rent Period 187 Days

Total Transaction Costs Per Square Foot (6)

Lease costs per year of term $14.26

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

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

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

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

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

(1) Represents leases executed during the three months ended March 31, 2026 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development.

(2) Second generation leases are defined as leases for in-service spaces that have previously been leased.

(3) Represents the increase (decrease) in net rent (gross rent less operating expenses) under the new leases versus expired leases on the 840,250 square feet of second generation leases that had been occupied within the 24 months preceding the execution of the new leases;

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

The calculation for the increase (decrease) of gross rent is based on current quarter expenses.

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

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

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

(5) First generation leases are defined as leases for development and redevelopment space that have not previously been leased.

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

The table below details the vacancy activity in our portfolio, including 100% of the unconsolidated joint ventures, that commenced revenue recognition during the three months ended March 31, 2026:

Three months ended March 31, 2026

(Square Feet)

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1 st generation leases (3)

198,797 289,050

2 nd generation leases with new clients (4)

688,867 1,725,910

2 nd generation lease renewals (4)

268,991 1,000,261

Total space leased (3) 1,156,655 3,015,221

Total leases commenced during the period (5)

Vacant space available for lease at the end of the period 5,756,769

Second generation leasing information :

Leases commencing during the period, in square feet 957,858 2,726,171

Weighted Average Lease Term 96 Months 80 Months

Weighted Average Free Rent Period 215 Days 174 Days

Total Transaction Costs Per Square Foot (5) $77.47 $78.92

Increase (Decrease) in Gross Rents (6) (4.48) % (3.38) %

Increase (Decrease) in Net Rents (7) (7.13) % (5.38) %

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

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

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

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

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

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

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

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

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

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

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

(1) Total square feet from property dispositions during the three months ended March 31, 2026 consists of 260,762 square feet at Gateway Commons and 79,382 square feet at North First Business Park.

Total square feet from properties taken out of service during the three months ended March 31, 2026 consists of 49,219 square feet at Santa Monica Business Park.

(2) Total square feet from properties placed in service during the three months ended March 31, 2026 consists of 30,284 square feet at Reston Next Retail.

(3) First generation leases are defined as leases for development and redevelopment spaces that have not previously been leased.

(4) Second generation leases are defined as leases for in-service spaces that have previously been leased.

(5) Leases for 302,194 square feet were signed during the three months ended March 31, 2026.

Investment Activity

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

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

The project is 100% leased.

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

The project is 92% leased.

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

The project is 38% leased.

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

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

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

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

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

In 2025, BXP commenced vertical construction on 343 Madison Avenue in New York City, New York.

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

BXP is currently in active negotiations for additional leases, that, if executed, are expected to increase pre-leasing at the property to approximately 56%.

As of May 1, 2026, the project was 29% pre-leased.

BXP anticipates placing 290 Binney Street, a 573,000 square foot, state-of-the-art life sciences building located in Cambridge, Massachusetts within the Kendall Square submarket, into service in the second quarter of 2026.

The property is 100% pre-leased to AstraZeneca.

Critical Accounting Estimates

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Results of Operations

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

At March 31, 2026 and 2025, we owned or had joint venture interests in a portfolio of 164 and 185 commercial real estate properties, respectively (in each case, the “Total Property Portfolio”).

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

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

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

Therefore, the comparison of operating results for the three months ended March 31, 2026 and 2025 shows separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

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

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

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

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

We use NOI internally as a performance measure and believe it provides useful information to investors regarding our results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc.

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

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

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

and net income attributable to Boston Properties Limited Partnership.

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

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

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

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

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

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

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

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

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

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

or net income attributable to Boston Properties Limited Partnership (determined in accordance with

GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

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

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

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

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

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

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

Results of Operations for the Three Months Ended March 31, 2026 and 2025

Net income attributable to BXP, Inc.

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

and net income attributable to Boston Properties Limited Partnership increased approximately $40.4 million and $44.9 million, respectively, for the three months ended March 31, 2026 compared to 2025, as detailed in the following tables and for the reasons discussed below under the heading “ Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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

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

to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the three months ended March 31, 2026 and 2025.

For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 41.

Nine months ended September 30,

Three months ended March 31,

2026 2025 Increase/

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Interest expense 152,093 163,444 (11,351) (6.94) %

490,526 474,727 15,799 3.33 %

Loss from early extinguishment of debt — 338 (338) (100.00) %

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

Losses from investments in securities 566 365 201 55.07 %

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

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Unrealized gain (loss) on non-real estate investments 188 (483) 671 138.92 %

Gains from investments in securities 4,635 4,785 (150) (3.13) %

Interest and other income (loss)

8,885 7,750 1,135 14.65 %

Gains on sales of real estate 13,402 — 13,402 100.00 %

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Net Operating Income (“NOI”) $ 506,007 $ 511,798 $ (5,791) (1.13) %

Nine months ended September 30,

Three months ended March 31,

2026 2025 Increase/

9 unchanged sentences

Loss from early extinguishment of debt — 338 (338) (100.00) %

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

Losses from investments in securities 566 365 201 55.07 %

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

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Unrealized gain (loss) on non-real estate investments 188 (483) 671 138.92 %

Gains from investments in securities 4,635 4,785 (150) (3.13) %

Interest and other income (loss)

8,885 7,750 1,135 14.65 %

Gains on sales of real estate 13,402 — 13,402 100.00 %

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Net Operating Income (“NOI”) $ 506,007 $ 511,798 $ (5,791) (1.13) %

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

Comparison of the three months ended March 31, 2026 to the three months ended March 31, 2025

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

The Same Property Portfolio consists of 139 properties totaling approximately 40.8 million net rentable square feet, excluding unconsolidated joint ventures.

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

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

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

Same Property Portfolio Properties Acquired Portfolio Properties

The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2025 and owned and in-service through March 31, 2026.

The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after January 1, 2025 or disposed of on or prior to March 31, 2026.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the three months ended March 31, 2026 and 2025 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold.

We did not acquire any properties during the three months ended March 31, 2026 and 2025.

Same Property Portfolio Properties

Placed In-Service

Portfolio Properties in or Held for Development or Redevelopment Portfolio Properties Sold Portfolio Total Property Portfolio

Portfolio Properties in or Held for

Development or

Redevelopment

Portfolio Properties Sold Portfolio Total Property Portfolio

2026 2025 Increase/

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809,351 784,345 25,006 3.19 % 1,555 88 2,899 8,631 77 5,982 813,882 799,046 14,836 1.86 %

Parking and Other

98,126 97,512 614 0.63 % 1,163 937 12 101 (73) 1,147 — — 99,228 99,697 (469) (0.47) %

Parking and Other Revenue 30,498 29,285 1,213 4.14 % — — 138 576 — 89 30,636 29,950 686 2.29 %

Total Rental Revenue (1)

839,849 813,630 26,219 3.22 % 1,555 88 3,037 9,207 77 6,071 844,518 828,996 15,522 1.87 %

Real Estate Operating Expenses 335,016 316,171 18,845 5.96 % 990 457 5,806 5,973 60 3,080 341,872 325,681 16,191 4.97 %

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Residential Net Operating Income (2)

1,922 1,363 559 41.01 % — — — — 320 5,088 2,242 6,451 (4,209) (65.25) %

Hotel Net Operating Income (2)

1,119 2,032 (913) (44.93) % — — — — — — 1,119 2,032 (913) (44.93) %

Net Operating Income (Loss) $ 507,874 $ 500,854 $ 7,020 1.40 % $ 565 $ (369) $ (2,769) $ 3,234 $ 337 $ 8,079 $ 506,007 $ 511,798 $ (5,791) (1.13) %

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(2) For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 41.

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

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

Residential Net Operating Income for the three months ended March 31, 2026 and 2025 is comprised of Residential Revenue of $4,452 and $12,348 less Residential Expenses of $2,210 and $5,897, respectively.

Hotel Net Operating Income for the three months ended March 31, 2026 and 2025 is comprised of Hotel Revenue of $9,101 and $9,597 less Hotel Expenses of $7,982 and $7,565, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

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

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

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $12.4 million for the three months ended March 31, 2026 compared to 2025.

The increase resulted from our average revenue per square foot increasing by approximately $0.86, contributing approximately $7.7 million, and our average occupancy increasing from 88.3% to 88.9%, contributing approximately $4.7 million.

Termination Income

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

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

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

Termination income increased by approximately $12.6 million for the three months ended March 31, 2026 compared to 2025.

Termination income for the three months ended March 31, 2026 and 2025 related to seven and two clients, respectively, across the Same Property Portfolio and totaled approximately $12.8 million and $0.2 million, respectively.

Parking and Other Revenue

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

Parking and other revenue increased by approximately $1.2 million for the three months ended March 31, 2026 compared to 2025.

Parking revenue increased by approximately $1.3 million, partially offset by a decrease in other revenue of approximately $0.1 million.

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

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

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

Real Estate Operating Expenses

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

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

The increase in utilities was primarily in the Boston region.

Properties Acquired Portfolio

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

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

Square Feet Rental Revenue Real Estate Operating Expenses

Name Date acquired 2025 2024 Change 2025 2024 Change

(dollars in thousands)

901 New York Avenue January 8, 2024 508,130 $ 24,955 $ 24,588 $ 367 $ 9,763 $ 9,157 $ 606

Real estate operating expenses from the Same Property Portfolio increased by approximately $18.8 million, or 6.0%, for the three months ended March 31, 2026 compared to 2025, primarily due to increases in (1) utilities and roads/grounds/security expenses of approximately $9.7 million, or 14.7%, and (2) real estate operating expenses of approximately $9.1 million, or 3.7%.

The increase in utilities and roads/grounds/security expenses was primarily attributable to colder temperatures and increased snow removal during the three months ended March 31, 2026 compared to 2025.

Properties Placed In-Service Portfolio

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

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

The table below lists the properties that were placed in-service or partially placed in-service between January 1, 2025 and March 31, 2026.

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

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(dollars in thousands)

180 CityPoint Third Quarter, 2023 Third Quarter, 2024 329,195 $ 11,593 $ 10,475 1,118 $ 5,061 $ 4,313 $ 748

103 CityPoint Fourth Quarter, 2023 Fourth Quarter, 2024 112,841 2 2 — 1,128 531 597

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

Reston Next Office Phase II Third Quarter, 2024 Third Quarter, 2025 86,629 $ 420 $ 57 $ 363 $ 220 $ 53 $ 167

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

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

Reston Next Retail First Quarter, 2025 First Quarter, 2026 30,284 — — — 56 13 43

1050 Winter Street Second Quarter, 2025 Third Quarter, 2025 162,274 1,135 31 1,104 714 391 323

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Properties In or Held for Development or Redevelopment Portfolio

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

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

The table below lists the properties that were in or held for development or redevelopment between January 1, 2025 and March 31, 2026.

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

Name Square Feet 2025 2024 Change 2025 2024 Change

Square Feet 2026 2025 Change 2026 2025 Change

(dollars in thousands)

Held for Development or Redevelopment (1)

Lexington Office Park March 31, 2023 167,000 $ 299 $ 211 $ 88 $ 682 $ 569 $ 113

Shady Grove Innovation District (2) March 31, 2024 129,000 2 82 (80) 382 587 (205)

1100 Winter Street (3) September 30, 2024 293,000 2,495 9,348 (6,853) 2,576 3,109 (533)

1000 & 1100 Winter Street December 31, 2025 567,000 1,365 3,870 (2,505) 2,469 2,263 206

Kingstowne One September 30, 2024 154,000 590 412 178 319 391 (72)

Reston Corporate Center January 1, 2025 261,000 13 9,553 (9,540) 1,610 2,908 (1,298)

Reservoir Place (4) March 31, 2025 361,000 2,418 7,434 (5,016) 3,351 4,022 (671)

1,365,000 6,339 28,768 (22,429) 10,329 12,850 (2,521)

Redevelopment

171 Dartmouth Street March 28, 2024 N/A — — — 261 174 87

— — — — 261 174 87

Reservoir Place (2)

March 31, 2025 361,000 43 1,875 (1,832) 991 1,244 (253)

Santa Monica Business Park (3)

March 31, 2026 260,000 740 2,839 (2,099) 1,345 1,506 (161)

1,509,000 $ 3,037 $ 9,207 $ (6,170) $ 5,806 $ 5,973 $ (167)

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

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

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

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

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

(3) This portion of Santa Monica Business Park is comprised of two buildings, 2850 Ocean Park and 2800 28th Street.

Properties Sold Portfolio

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

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

The table below lists the properties we sold between January 1, 2025 and March 31, 2026.

Rental Revenue Real Estate Operating Expenses

Name Date Sold Property Type Square Feet 2025 2024 Change 2025 2024 Change

Name Date Sold Square Feet 2026 2025 Change 2026 2025 Change

(dollars in thousands)

17 Hartwell Avenue (1) June 27, 2025 Office 30,000 $ (4) $ 604 $ (608) $ 215 $ 323 $ (108)

17 Hartwell Avenue June 27, 2025 30,000 $ — $ (4) $ 4 $ — $ 117 $ (117)

Almaden Boulevard October 17, 2025 N/A — 90 (90) — 124 (124)

Land Parcels at Broad Run December 1, 2025 N/A — — — — 13 (13)

3625 Peterson Way December 11, 2025 N/A — 614 (614) — 283 (283)

North First Business Park January 14, 2026 191,000 77 663 (586) 61 486 (425)

Shady Grove Parcel 1 February 5, 2026 N/A — — — (1) 82 (83)

Total Land 221,000 77 1,363 (1,286) 60 1,105 (1,045)

Proto Kendall Square December 18, 2025 166,700 — 3,005 (3,005) — 1,143 (1,143)

Signature at Reston Town Center December 19, 2025 517,800 — 4,716 (4,716) — 1,949 (1,949)

The Lofts at Atlantic Wharf February 25, 2026 87,000 863 1,124 (261) 543 665 (122)

Total Residential 771,500 863 8,845 (7,982) 543 3,757 (3,214)

Non-Strategic Office:

140 Kendrick Street December 17, 2025 409,200 — 4,708 (4,708) — 1,975 (1,975)

Total Non-Strategic Office 409,200 — 4,708 (4,708) — 1,975 (1,975)

1,401,700 $ 940 $ 14,916 $ (13,976) $ 603 $ 6,837 $ (6,234)

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

Residential Net Operating Income

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

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

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

Net operating income for our residential same property increased by approximately $0.6 million for the three months ended March 31, 2026 compared to 2025.

The following reflects our occupancy and rate information for our residential same property for the three months ended March 31, 2026 and 2025.

Average Monthly Rental Rate (1)

Average Rental Rate Per Occupied Square Foot Average Physical Occupancy (2)

Average Economic Occupancy (3)

Region 2026 2025 Change (%) 2026 2025 Change (%) 2026 2025 Change (%) 2026 2025 Change (%)

Boston $ 3,601 $ 3,473 3.7 % $ 5.72 $ 5.53 3.4 % 95.8 % 95.1 % 0.7 % 95.7 % 94.8 % 0.9 %

San Francisco $ 3,086 $ 3,115 (0.9) % $ 3.92 $ 3.93 (0.3) % 91.7 % 90.6 % 1.2 % 90.1 % 89.2 % 1.0 %

Washington, DC $ 3,056 $ 2,822 8.3 % $ 3.16 $ 2.90 9.0 % 95.1 % 95.8 % (0.7) % 94.9 % 95.8 % (0.9) %

_______________

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By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Market Rents used by us in calculating Economic Occupancy are based on the current market rates set by the managers of our residential properties based on their experience in renting their residential property’s units and publicly available market data.

“Market Rents” used by us in calculating Average Economic Occupancy are based on the current market rates set by the managers of our residential properties based on their experience in renting their residential property’s units and publicly available market data.

Actual market rents and trends in such rents for a region as reported by others may vary materially from Market Rents used by us.

1 unchanged sentence

Hotel Net Operating Income

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

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

The Boston Marriott Cambridge hotel had Net Operating Income of approximately $1.1 million for the three months ended March 31, 2026, representing a decrease of approximately $0.9 million compared to the three months ended March 31, 2025.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the three months ended March 31, 2026 and 2025.

Occupancy 73.7 % 74.9 % (1.6) %

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Development and Management Services Revenue

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

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

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

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

Development and management services revenue decreased by approximately $0.6 million for the three months ended March 31, 2026 compared to 2025.

Management services revenue decreased by approximately $1.1 million, partially offset by development services revenue increasing by approximately $0.5 million.

The decrease in management services revenue primarily related to a leasing commission earned from an unconsolidated joint venture in New York City in 2025 that did not recur in 2026.

The increase in development services revenue was primarily related to an increase in fees associated with tenant improvement projects.

General and Administrative Expense

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

General and administrative expense increased by approximately $7.1 million for the three months ended March 31, 2026 compared to 2025 primarily due to increases in compensation expense of approximately $6.1 million and approximately $1.0 million increase in other general and administrative expenses.

The increase in compensation expense includes an approximately $2.9 million non-cash increase related to the December 2025 issuance of the 2025 Outperformance Plan Awards (“2025 OPP Units”) offset by an approximately $0.2 million decrease in the value of our deferred compensation plan.

The increase in other general and administrative expenses is primarily due to an increase in state and local taxes.

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

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

Capitalized wages for the three months ended March 31, 2026 and 2025 were approximately $4.1 million and $4.4 million, respectively.

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

Transaction Costs

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

Transaction costs decreased by approximately $0.6 million for the three months ended March 31, 2026 compared to 2025.

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

Depreciation and Amortization Expense

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

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

2025 2024 Change

(in thousands)

Same Property Portfolio $ 647,040 $ 637,576 $ 9,464

Properties Acquired Portfolio 10,405 10,763 (358)

Properties Placed In-Service Portfolio 16,305 5,885 10,420

Properties in or Held for Development or Redevelopment Portfolio 6,285 6,852 (567)

Properties Sold Portfolio 38 72 (34)

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

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

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

2025 2024 Change

(in thousands)

Depreciation and amortization expense increased by approximately $7.9 million for the three months ended March 31, 2026 compared to 2025, for BXP and BPLP, as detailed below (in thousands).

Portfolio BXP

2026 2025 Change 2026 2025 Change

Same Property Portfolio $ 224,576 $ 212,994 $ 11,582 $ 222,914 $ 211,291 $ 11,623

Properties Acquired Portfolio 10,405 10,763 (358)

Properties Placed In-Service Portfolio 595 223 372 595 223 372

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Income (Loss) from Unconsolidated Joint Ventures

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

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

For the three months ended March 31, 2026 compared to 2025, income (loss) from unconsolidated joint ventures increased by approximately $37.6 million primarily due to the approximately $41.2 million gain on sales of investments realized in connection with the sales of 7750 Wisconsin Avenue and Gateway Commons during the three months ended March 31, 2026 (See Note 5 to the Consolidated Financial Statements).

Gains on Sales of Real Estate

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

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

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

(dollars in thousands)

17 Hartwell Avenue (2) June 27, 2025 Office 30,000 $ 21,840 $ 21,840 $ 18,390

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).

During the three months ended March 31, 2025, there were no assets sold.

For additional information on these sales, refer to Note 3 to the Consolidated Financial Statements.

Gain (Loss) on Sale (1)

Property Location Date Disposed Square Feet BXP BPLP

North First Business Park (2)

San Jose, CA January 14, 2026 191,000 $ (229) $ (229)

Shady Grove Parcel 1 (2)

Rockville, MD February 5, 2026 N/A (744) (744)

191,000 (973) (973)

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

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

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

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

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

(dollars in thousands)

17 Hartwell Avenue (2) June 27, 2025 Office 30,000 $ 21,840 $ 21,840 $ 18,489

The Lofts at Atlantic Wharf (3)

Boston, MA February 25, 2026 87,000 14,765 14,765

87,000 14,765 14,765

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

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

Total Dispositions 278,000 $ 13,792 $ 13,792

_______________

(1) Excludes approximately $0.3 million of loss in connection with the sale of our entire 50% ownership interest in the joint venture entity that owned Gateway Commons as a result of our outstanding receivable balance for development and construction management fees that were forfeited (see Note 5 to the Consolidated Financial Statements), and $0.1 million of loss related to sales that occurred in prior periods.

(2) We had previously recognized impairment losses for these properties.

(3) The fair value of the real estate disposed exceeded the carrying value.

Interest and Other Income (Loss)

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

Gains from Investments in Securities

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

Interest and other income (loss) increased by approximately $1.1 million for the three months ended March 31, 2026 compared to 2025, due primarily to a reserve related to the unpaid default interest on one of our related party notes receivable during the three months ended March 31, 2025 of approximately $3.0 million, partially offset by a decrease in our outstanding cash balances and corresponding lower interest income.

Losses from Investments in Securities

Losses from investments in securities for the three months ended March 31, 2026 and 2025 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

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

2 unchanged sentences

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

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

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

During the three months ended March 31, 2026 and 2025, we recognized losses of approximately $0.6 million and $0.4 million, respectively, on these investments.

By comparison, our general and administrative expense decreased by approximately $0.6 million and $0.4 million during the three months ended March 31, 2026 and 2025, respectively, as a result of decreases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain (Loss) on Non-Real Estate Investments

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

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

During the three months ended March 31, 2026 and 2025, we recognized an unrealized gain (loss) of approximately $0.2 million and $(0.5) million, respectively, due to the observable changes in the fair value of the investments.

Loss on Sales-Type Lease

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

During the three months ended March 31, 2025, we recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease for land at our Reston Next property located in Reston, Virginia.

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

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

Impairment Losses

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

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

Name Location Property Type Impairment Loss

in thousands)

Plaza at Almaden (1)

San Jose, CA Land $ 25,515

1330 Connecticut Avenue Washington, DC Office 20,358

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

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

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

______________

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

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

Name Location Property Type Impairment Loss

(in thousands)

Plaza at Almaden (1)

San Jose, CA Land $ 25,515

1330 Connecticut Avenue Washington, DC Office 17,460

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

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

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

______________

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

Loss From Early Extinguishment of Debt

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

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

On March 28, 2025, BPLP amended and restated its revolving credit agreement (“2025 Credit Facility”).

As a result of the amendment and restatement, during the three months ended March 31, 2025, we recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs.

Interest Expense

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

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

Interest expense decreased by approximately $11.4 million for the three months ended March 31, 2026 compared to 2025, as detailed below.

Component Change in interest expense for the three months ended March 31, 2026 compared to March 31, 2025

(in thousands)

Increases to interest expense due to:

Issuance of $850 million in aggregate principal of 5.750% senior notes due 2035 on August 26, 2024 $ 31,921

Unsecured commercial paper 11,933

Increase in interest due to finance leases 8,433

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

Issuance of $1.0 billion in aggregate principal of 2.000% exchangeable senior notes due 2030 on September 29, 2025 $ 5,000

Total increases to interest expense 53,455

Decreases to interest expense due to:

Repayment of $850 million in aggregate principal of the 3.200% senior notes due 2025 on January 15, 2025 (19,580)

Mortgage loan financings (1) (10,136)

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

Redemption of $700 million in aggregate principal of 3.800% senior notes due 2024 on February 1, 2024 (2,237)

Amortization expense of financing fees (1,004)

Other interest expense (excluding senior notes) (84)

Total decreases to interest expense (37,656)

Total change in interest expense $ 15,799

______________

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

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

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

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

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

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

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

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

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

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

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

Noncontrolling Interests in Property Partnerships

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

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

2025 2024 Change

(in thousands)

767 Fifth Avenue (the General Motors Building) (1) $ 7,808 $ 9,242 $ (1,434)

7 Times Square (formerly Times Square Tower) (2) 9,318 12,651 (3,333)

601 Lexington Avenue 6,852 6,951 (99)

100 Federal Street 8,816 8,713 103

Atlantic Wharf Office Building 12,279 11,750 529

343 Madison Avenue (3) (1) (27) 26

300 Binney Street (4) 10,764 412 10,352

290 Binney Street (5) 866 591 275

$ 56,702 $ 50,283 $ 6,419

______________

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

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

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

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

(5) Property is currently in development.

Noncontrolling Interest—Common Units of the Operating Partnership

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

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

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

Net income (loss) attributable to BXP, Inc.

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

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

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

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

Three months ended September 30,

2025 2024 Increase/

(in thousands)

Net Income (Loss) Attributable to BXP, Inc.

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

Net (Income) Loss Attributable to Noncontrolling Interests:

Noncontrolling interest—common units of the Operating Partnership

(12,981) 9,587 (22,568) (235.40) %

Noncontrolling interests in property partnerships

17,853 15,237 2,616 17.17 %

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

Other Expenses:

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

Impairment losses 68,901 — 68,901 100.00 %

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

Other Income:

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

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

Interest and other income (loss)

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

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

Other Expenses:

Depreciation and amortization expense 236,147 222,890 13,257 5.95 %

Transaction costs

1,431 188 1,243 661.17 %

Payroll and related costs from management services contracts

3,821 3,649 172 4.71 %

General and administrative expense

36,188 33,352 2,836 8.50 %

Other Revenue:

Direct reimbursements of payroll and related costs from management services contracts

3,821 3,649 172 4.71 %

Development and management services revenue

9,317 6,770 2,547 37.62 %

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

Three months ended September 30,

2025 2024 Increase/

(in thousands)

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

Net Income Attributable to Noncontrolling Interests:

Noncontrolling interests in property partnerships

17,853 15,237 2,616 17.17 %

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

Other Expenses:

Interest expense

164,299 163,194 1,105 0.68 %

Impairment losses 65,988 — 65,988 100.00 %

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

Other Income:

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

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

Interest and other income (loss)

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

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

Other Expenses:

Depreciation and amortization expense 234,444 221,186 13,258 5.99 %

Transaction costs

1,431 188 1,243 661.17 %

Payroll and related costs from management services contracts

3,821 3,649 172 4.71 %

General and administrative expense

36,188 33,352 2,836 8.50 %

Other Revenue:

Direct reimbursements of payroll and related costs from management services contracts

3,821 3,649 172 4.71 %

Development and management services revenue

9,317 6,770 2,547 37.62 %

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

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

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

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

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

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

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

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

Same Property Portfolio Properties

Placed In-Service

Portfolio Properties in or Held for

Development or

Redevelopment

Portfolio Properties Sold Portfolio Total Property Portfolio

2025 2024 Increase/

Change 2025 2024 2025 2024 2025 2024 2025 2024 Increase/

(dollars in thousands)

Rental Revenue:

Lease Revenue (Excluding Termination Income)

$ 778,973 $ 765,674 $ 13,299 1.74 % $ 16,784 $ 3,577 $ 546 $ 6,308 $ — $ (10) $ 796,303 $ 775,549 $ 20,754 2.68 %

Termination Income

1,241 5,140 (3,899) (75.86) % — — — 6,980 — — 1,241 12,120 (10,879) (89.76) %

Lease Revenue

780,214 770,814 9,400 1.22 % 16,784 3,577 546 13,288 — (10) 797,544 787,669 9,875 1.25 %

Parking and Other Revenue 34,818 32,779 2,039 6.22 % 11 81 (8) 1,080 — — 34,821 33,940 881 2.60 %

Total Rental Revenue (1) 815,032 803,593 11,439 1.42 % 16,795 3,658 538 14,368 — (10) 832,365 821,609 10,756 1.31 %

Real Estate Operating Expenses 317,950 315,681 2,269 0.72 % 4,543 2,065 3,148 4,060 — 103 325,641 321,909 3,732 1.16 %

Net Operating Income (Loss), Excluding Residential and Hotel 497,082 487,912 9,170 1.88 % 12,252 1,593 (2,610) 10,308 — (113) 506,724 499,700 7,024 1.41 %

Residential Net Operating Income (2) 6,750 6,129 621 10.13 % — — — — — — 6,750 6,129 621 10.13 %

Hotel Net Operating Income (2) 3,534 5,249 (1,715) (32.67) % — — — — — — 3,534 5,249 (1,715) (32.67) %

Net Operating Income (Loss) $ 507,366 $ 499,290 $ 8,076 1.62 % $ 12,252 $ 1,593 $ (2,610) $ 10,308 $ — $ (113) $ 517,008 $ 511,078 $ 5,930 1.16 %

_______________

(1) Rental Revenue is equal to Revenue less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Revenue per the Consolidated Statements of Operations, excluding the residential and hotel revenue that is noted below.

We use Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provide investors with information regarding our performance that is not immediately apparent from the most directly comparable GAAP measures and allows investors to compare operating performance between periods.

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

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

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

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

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

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

Termination Income

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

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

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

Parking and Other Revenue

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

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

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

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

Real Estate Operating Expenses

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

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

Properties Placed In-Service Portfolio

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

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

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

Name Square Feet 2025 2024 Change 2025 2024 Change

(dollars in thousands)

180 CityPoint Third Quarter, 2023 Third Quarter, 2024 329,195 $ 3,799 $ 3,627 $ 172 $ 1,694 $ 1,525 $ 169

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

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

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

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

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

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

Properties in or Held for Development or Redevelopment Portfolio

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

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

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

Name Square Feet 2025 2024 Change 2025 2024 Change

(dollars in thousands)

Held for Development or Redevelopment (1)

Lexington Office Park March 31, 2023 167,000 $ 252 $ 248 $ 4 $ 419 $ 446 $ (27)

15825 Shady Grove Road March 31, 2024 79,000 — 57 (57) 93 130 (37)

1100 Winter Street (2) September 30, 2024 293,000 822 7,230 (6,408) 860 907 (47)

Kingstowne One September 30, 2024 154,000 398 419 (21) 348 324 24

Reston Corporate Center January 1, 2025 261,000 — 3,095 (3,095) 433 888 (455)

Reservoir Place (3) March 31, 2025 361,000 (934) 3,319 (4,253) 995 1,365 (370)

1,315,000 $ 538 $ 14,368 $ (13,830) $ 3,148 $ 4,060 $ (912)

______________

(1) These properties are no longer considered “in-service” because each property’s occupied percentage is less than 50% and we anticipate a future development/redevelopment of the property.

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

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

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

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

Properties Sold Portfolio

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

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

Rental Revenue Real Estate Operating Expenses

Name Date Sold Property Type Square Feet 2025 2024 Change 2025 2024 Change

(dollars in thousands)

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

Residential Net Operating Income

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

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

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

Region 2025 2024 Change (%) 2025 2024 Change (%) 2025 2024 Change (%) 2025 2024 Change (%)

Boston $ 3,634 $ 3,513 3.4 % $ 5.77 $ 5.61 2.9 % 95.7 % 94.6 % 1.2 % 95.8 % 94.3 % 1.6 %

San Francisco $ 3,004 $ 2,968 1.2 % $ 3.80 $ 3.76 1.1 % 90.9 % 89.9 % 1.1 % 89.0 % 87.5 % 1.7 %

Washington, DC $ 3,081 $ 2,869 7.4 % $ 3.19 $ 2.95 8.1 % 95.3 % 96.0 % (0.7) % 95.2 % 95.9 % (0.7) %

_______________

(1) Average Monthly Rental Rate is calculated as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP, by (B) the number of occupied units for each month within the applicable fiscal period.

(2) Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.

(3) Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage.

Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents.

Vacancy loss is determined by valuing vacant units at current Market Rents.

Actual market rents and trends in such rents for a region as reported by others may vary materially from Market Rents used by us.

Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Hotel Net Operating Income

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

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

Occupancy 82.8 % 82.7 % 0.1 %

Average daily rate $ 328.68 $ 356.44 (7.8) %

REVPAR $ 272.00 $ 294.86 (7.8) %

Other Operating Revenue and Expense Items

Development and Management Services Revenue

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

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

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

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

General and Administrative Expense

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

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

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

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

Transaction Costs

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

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

Depreciation and Amortization Expense

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

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

2025 2024 Change

(in thousands)

Same Property Portfolio $ 228,757 $ 218,679 10,078

Properties Placed In-Service Portfolio 5,289 1,703 3,586

Properties in or Held for Development or Redevelopment Portfolio 2,101 2,489 (388)

Properties Sold Portfolio — 19 (19)

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

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

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

2025 2024 Change

(in thousands)

Same Property Portfolio $ 227,054 $ 216,975 $ 10,079

Properties Placed In-Service Portfolio 5,289 1,703 3,586

Properties in or Held for Development or Redevelopment Portfolio 2,101 2,489 (388)

Properties Sold Portfolio — 19 (19)

$ 234,444 $ 221,186 $ 13,258

Direct Reimbursements of Payroll and Related Costs From Management Services Contracts and Payroll and Related Costs From Management Service Contracts

We have determined that amounts reimbursed for payroll and related costs received from third parties in connection with management services contracts should be reflected on a gross basis instead of on a net basis as we have determined that we are the principal under these arrangements.

We anticipate that these two financial statement line items will generally offset each other.

Other Income and Expense Items

Loss from Unconsolidated Joint Ventures

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

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

Gains on Sales of Real Estate

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

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

Interest and Other Income (Loss)

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

Gains from Investments in Securities

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

In order to reduce our market risk relating to these plans, we typically acquire, in a separate account that is not restricted as to its use, similar or identical investments as those selected by each officer or non-employee director.

This enables us to generally match our liabilities to participants under our deferred compensation plans with equivalent assets and thereby limit our market risk.

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

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

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

Unrealized Gain on Non-Real Estate Investments

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

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

Impairment Losses

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

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

Name Location Property Type Impairment Loss

(in thousands)

Plaza at Almaden (1)

San Jose, CA Land $ 25,515

1330 Connecticut Avenue Washington, DC Office 20,358

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

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

______________

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

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

Name Location Property Type Impairment Loss

(in thousands)

Plaza at Almaden (1)

San Jose, CA Land $ 25,515

1330 Connecticut Avenue Washington, DC Office 17,460

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

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

_____________

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

Interest Expense

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

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

(in thousands)

Increases to interest expense due to:

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

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

Unsecured commercial paper 1,696

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

Amortization expense of financing fees 1,023

Other interest expense (excluding senior notes) 63

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Decreases to interest expense due to:

Repayment of $850 million in aggregate principal of 3.200% senior notes due 2025 on January 15, 2025 (6,880)

Mortgage loan financings (1) (4,145)

Increase in capitalized interest related to development projects (6,174)

Repayment of $1.0 billion in aggregate principal of 3.650% senior notes due 2026 on February 2, 2026 (6,138)

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

Mortgage loan financings (1)

Repayment of $850 million in aggregate principal of 3.200% senior notes due 2025 on January 15, 2025 (1,058)

Decrease in interest due to finance leases (194)

Amortization expense of financing fees (56)

Total decreases to interest expense (19,133)

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

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

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

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

Interest capitalized for the three months ended March 31, 2026 and 2025 was approximately $16.5 million and $10.3 million, respectively.

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

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

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

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

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

At March 31, 2026, our variable rate debt consisted of (1) BPLP’s $2.95 billion 2025 Credit Facility and (2) BPLP’s $750.0 million unsecured commercial paper program (“Commercial Paper Program”).

As of March 31, 2026, there were $700.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

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

For a summary of our consolidated debt as of March 31, 2026 refer to the heading “ Liquidity and Capital Resources—Debt” within “ Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Noncontrolling Interests in Property Partnerships

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

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

Noncontrolling interests in property partnerships increased by approximately $1.1 million for the three months ended March 31, 2026 compared to 2025, as detailed below.

Property Noncontrolling Interests in Property Partnerships for the three months ended March 31,

2026 2025 Change

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767 Fifth Avenue (the General Motors Building) $ 3,108 $ 2,583 $ 525

7 Times Square (formerly Times Square Tower) 2,198 2,326 (128)

7 Times Square 3,115 3,102 13

601 Lexington Avenue 2,622 2,582 40

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$ 19,869 $ 18,749 $ 1,120

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

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

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

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

_______________

(1) On August 27, 2025, we acquired our partner’s 45% ownership interest.

(2) Property is currently in development.

Noncontrolling Interest—Common Units of the Operating Partnership

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

For BXP, noncontrolling interest—common units of the Operating Partnership increased by approximately $4.6 million for the three months ended March 31, 2026 compared to 2025 primarily due to an increase in allocable income, which was the result of recognizing greater gains on sales of real estate during 2026.

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

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

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

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

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

• amounts that become due under the Commercial Paper Program;

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

• proceeds from the sales of real estate and interests in joint ventures owning real estate, including proceeds generated from BXP’s asset sales program;

• long-term secured and unsecured indebtedness (including unsecured exchangeable indebtedness);

• sales of real estate and interests in joint ventures owning real estate;

• private equity sources, including institutional investors;

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We draw on multiple financing sources to fund our long-term capital needs.

We use BPLP’s 2025 Credit Facility primarily as a bridge facility to fund acquisition opportunities, refinance outstanding indebtedness, fund short-term development costs and for working capital.

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

We use BPLP’s Revolving Facility primarily as a bridge facility to fund acquisition opportunities, refinance outstanding indebtedness, fund short-term development costs and for working capital.

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

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

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Balance Sheet & Financing Activity

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

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

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

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

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

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

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

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

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

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

As of May 1, 2026, we had available cash of approximately $464.0 million (of which approximately $120.2 million was attributable to our consolidated joint venture partners).

Our liquidity and capital resources depend on a wide range of factors, and we believe that our access to capital and our strong liquidity, including the approximately $1.5 billion available under BPLP’s Revolving Facility (after deducting the $750.0 million being used as a backstop for the Commercial Paper Program) as of May 1, 2026, and our available cash are sufficient to fund our near-term capital needs on existing development and redevelopment projects, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements (see “REIT Tax Distribution Considerations” below) and still allow us to act opportunistically on attractive investment opportunities.

From January 1, 2025 through May 1, 2026, we completed 17 sales transactions of which our share of the aggregate gross sales price was approximately $1.5 billion and our share of the net proceeds was approximately $1.2 billion.

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

Depending on then-current interest rates, the overall conditions in the public and private debt and equity markets, and our existing and expected leverage at the time, we may decide to access one or more of these capital sources.

Doing so may result in greater cash and cash equivalents pending our use of the proceeds.

We have not sold any shares under BXP’s $600.0 million “at the market” equity offering program.

On March 6, 2026, BXP renewed and increased the size of its “at the market” (“ATM”) stock offering program to $1.0 billion (See Note 10 to the Consolidated Financial Statements).

We have not sold any shares under the ATM equity offering program.

Construction & Redevelopment Activities

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

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

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

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

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

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

As of March 31, 2026, we have six properties under development or redevelopment.

Our share of the estimated total investment for these projects is approximately $3.7 billion, of which approximately $2.3 billion remained to be invested as of March 31, 2026.

The commercial space in the pipeline, which excludes residential units, was approximately 61% pre-leased as of May 1, 2026.

The following table presents information on properties under construction/redevelopment as of March 31, 2026 (dollars in thousands):

Construction/Redevelopment Properties Estimated Stabilization Date Location # of Buildings Estimated Square Feet Investment to Date (1)(2)(3)

Estimated Total Investment (1)(2)

Total Available (1)

Outstanding at March 31, 2026

Estimated Future Equity Requirement (1)(2)(4)

Percentage Leased (5)

725 12th Street (Redevelopment) Q4 2030 Washington, DC 1 320,000 $ 97,519 $ 349,600 $ — $ — $ 252,081 87 %

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290 Binney Street (55% ownership) Q2 2026 Cambridge, MA 1 573,000 379,970 508,000 — — 128,030 100 % (6)

651 Gateway (50% ownership) (Redevelopment) Q3 2027 South San Francisco, CA 1 327,000 134,783 167,100 — — 32,317 21 % (7)

Total Laboratory/Life Sciences Properties under Construction/Redevelopment 1 573,000 379,970 508,000 — — 128,030 100 %

Residential (7)

17 Hartwell Avenue (312 units) (20% ownership) Q2 2028 Lexington, MA 1 347,000 14,645 35,900 19,747 — 1,508 — %

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121 Broadway Street (439 units) Q2 2029 Cambridge, MA 1 490,000 322,118 597,800 — — 275,682 — %

121 Broadway Street - Retail — 1,550 — — — — — — %

290 Coles Street (670 Units) (19.46% ownership) Q3 2029 Jersey City, NJ 1 693,000 20,906 88,700 56,400 — 11,394 — % (8)

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Total Residential Properties under Construction 3 1,546,650 357,669 722,400 76,147 — 288,584 — %

Reston Next Retail Q4 2026 Reston, VA 1 30,000 26,823 31,600 — — 4,777 70 % (9)

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

Total Properties under Construction/Redevelopment 6 3,369,650 $ 1,181,259 $ 3,551,000 $ 76,147 $ — $ 2,293,594 61 % (9)

(1) Represents our share.

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

(2) Each of Investment to Date, Estimated Total Investment and Estimated Future Equity Requirement represent our share of acquisition expenses, as applicable, and reflects our share of the estimated net revenue/expenses that we expect to incur prior to stabilization of the project, including any amounts actually received or paid through March 31, 2026.

(3) Includes approximately $102.4 million of unpaid but accrued construction costs and leasing commissions.

(4) Excludes approximately $102.4 million of unpaid but accrued construction costs and leasing commissions.

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

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

We have the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million.

(5) Represents percentage leased as of May 1, 2026, including leases with future commencement dates.

(6) The Estimated Total Investment reflects our 55% share of joint venture costs related to 290 Binney Street.

In addition, we have the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million.

We have entered into a contract to sell the electrical vault to a third-party for a fixed price of $84.1 million upon completion.

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

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

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

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

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

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

We have invested $133.1 million for the vault as of March 31, 2026.

(7) Residential Projects are shown in gross square feet beginning first quarter 2026.

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

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We contributed $20.0 million of common equity at closing.

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

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

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

(10) Percentage leased excludes the residential units.

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

As of March 31, 2026, approximately $60.0 million of preferred equity has been contributed.

(9) Percentage leased excludes residential units.

REIT Tax Distribution Considerations

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

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

Cash and cash equivalents and cash held in escrows aggregated approximately $581.3 million and $479.2 million at March 31, 2026 and 2025, respectively, representing an increase of approximately $102.0 million.

The following table sets forth changes in cash flows:

Nine months ended September 30,

Three months ended March 31,

2026 2025 Change

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Net cash provided by operating activities $ 156,466 $ 210,036 $ (53,570)

Net cash used in investing activities (988,228) (850,787) (137,441)

Net cash provided by (used in) investing activities 5,827 (309,143) 314,970

Net cash used in financing activities (1,138,305) (756,882) (381,423)

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

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

The weighted-average term of our in-place leases, including leases signed by our unconsolidated joint ventures, excluding residential units, was approximately 7.6 years as of March 31, 2026, with occupancy rates historically in the range of approximately 86% to 92%.

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

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

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

Nine months ended September 30,

Cash is provided by investing activities from sales of real estate and sales of investments in unconsolidated joint ventures.

Cash provided by (used in) investing activities for the three months ended March 31, 2026 and March 31, 2025 is detailed below:

Three months ended March 31,

(in thousands)

Construction in progress (1)

$ (190,438) $ (138,796)

Building, pre-development and other capital improvements (2)

(30,765) (57,395)

Tenant improvements (67,095) (60,338)

Proceeds from sale of real estate (3) 21,840 517

Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) (4) — 6,086

Proceeds from sales of real estate (3)

Capital contributions to unconsolidated joint ventures (4)

(43,167) (52,611)

Capital distributions from unconsolidated joint ventures 183 —

Proceeds from sales of investments in unconsolidated joint ventures (5)

Investment in non-real estate investments (412) (434)

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Investments in securities, net 1,976 1,031

Net cash used in investing activities $ (988,228) $ (850,787)

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

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

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

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

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

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

Net cash provided by (used in) investing activities $ 5,827 $ (309,143)

Cash provided by (used in) investing activities changed primarily due to the following:

(1) Construction in progress for the three months ended March 31, 2026 included ongoing expenditures associated with Reston Next Retail which was fully placed in-service during the three months ended March 31, 2026.

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

Construction in progress for the three months ended March 31, 2025 included ongoing expenditures associated with Reston Next Office Phase II and Reston Next Retail, which were partially placed in-service during the three months ended March 31, 2025.

In addition, we incurred costs associated with our continued development/redevelopment of 290 Binney Street, 121 Broadway Street, 725 12th Street and 1050 Winter Street.

(2) Building, pre-development and other capital improvements for the three months ended March 31, 2025 included approximately $18.0 million of pre-development expenditures associated with the 343 Madison Avenue project.

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

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

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

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

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

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

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

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

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

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

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

(3) Proceeds from sales of real estate for the three months ended March 31, 2026 was primarily from three transactions (See Note 3 to the Consolidated Financial Statements).

(4) Capital contributions to unconsolidated joint ventures for the three months ended March 31, 2026 consisted primarily of cash contributions of approximately $30.3 million and $6.1 million to our 290 Coles Street and 200 Fifth Avenue joint ventures, respectively.

Capital contributions to unconsolidated joint ventures for the three months ended March 31, 2025 consisted primarily of cash contributions of approximately $21.2 million, $20.0 million and $6.2 million to our 751 Gateway, 290 Coles Street and 360 Park Avenue South joint ventures, respectively.

On March 5, 2025, we entered into a new joint venture for the development of 290 Coles Street.

(5) Proceeds from sales of investments in unconsolidated joint ventures for the three months ended March 31, 2026 was primarily from two transactions (See Note 5 to the Consolidated Financial Statements).

Cash used in financing activities for the three months ended March 31, 2026 totaled approximately $1.1 billion.

This amount consisted primarily of the repayment of BPLP’s $1.0 billion in aggregate principal amount of its 3.650% unsecured senior notes due February 1, 2026 and the payment of our regular dividends and distributions to our shareholders and unitholders.

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

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

September 30, 2025

March 31, 2026

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

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_______________

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

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

(1) Values are based on the closing price per share of BXP’s common stock on the New York Stock Exchange on March 31, 2026 of $51.90.

(2) Includes long-term incentive plan units (including 2012 OPP Units and 2013 - 2023 MYLTIP Units but excludes the 2024 - 2026 MYLTIP Units and 2025 OPP Units because the performance periods had not ended as of March 31, 2026).

(3) See page 62 for additional information.

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(1) our consolidated debt;

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

(2) the product of (x) the closing price per share of BXP common stock on March 31, 2026, as reported by the New York Stock Exchange, multiplied by (y) the sum of:

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

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(iv) the number of OP Units issuable upon conversion of 2012 OPP Units, and 2013 - 2023 MYLTIP Units that were issued in the form of LTIP Units.

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

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

The calculation of consolidated market capitalization does not include LTIP Units issued in the form of 2012 and 2025 OPP Units or MYLTIP Units unless and until certain performance thresholds are achieved and they are earned.

Because their performance periods have not yet ended, the 2024 - 2026 MYLTIP Units and 2025 OPP Units are not included in this calculation as of March 31, 2026.

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

BXP’s Share of Debt is defined as our consolidated debt plus our share of debt from our unconsolidated joint ventures (calculated based upon our ownership percentage), minus our partners’ share of debt from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests adjusted for basis differentials).

Management believes that BXP’s Share of Debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes our partners’ share of debt from consolidated joint ventures, in each case presented on the same basis.

Management believes that BXP’s Share

of Debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes our partners’ share of debt from consolidated joint ventures, in each case presented on the same basis.

We have several significant joint ventures and presenting various measures of financial condition in this manner can help investors better understand our financial condition and/or results of operations after taking into account our economic interest in these joint ventures.

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However, for a company like BXP, whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of our outstanding indebtedness.

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

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

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

The following table summarizes certain information with respect to our indebtedness outstanding as of March 31, 2026 and 2025 (dollars in thousands).

Interest Rate Amount

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

Stated GAAP (1)

Maturity Date 3/31/2026 3/31/2025

Unsecured Senior Notes (2)

Unsecured Senior Notes (3) 3.200 % 3.350 % January 15, 2025 N/A $ 850,000

Unsecured Senior Notes 3.650 % 3.766 % February 1, 2026 $ 1,000,000 1,000,000

Unsecured Senior Notes (3)

3.650 % 3.766 % February 1, 2026 N/A $ 1,000,000

Unsecured Senior Notes 2.750 % 3.495 % October 1, 2026 $ 1,000,000 1,000,000

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Carrying Amount 8,808,674 9,797,824

Interest Rate Amount

Stated GAAP (1)

Maturity Date 3/31/2026 3/31/2025

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

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Carrying Amount 977,387 N/A

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

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

Unsecured Commercial Paper (4)

4.01 % 4.02 % Various 750,000 500,000

Unsecured Line of Credit (Revolving Credit Facility) (5)

— % — % March 29, 2030 — 300,000

Unsecured Term Loans

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

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

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

2024 Unsecured Term Loan (6)

4.73 % 4.88 % September 26, 2026 100,000 100,000

Unsecured Term Loan Facility (7)

4.62 % 4.75 % March 30, 2029 700,000 700,000

Total Principal Amount 800,000 800,000

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Mortgage Notes

767 Fifth Avenue (the General Motors Building) (60% ownership) (8)(9) 3.43 % 3.64 % June 9, 2027 2,300,000 2,300,000

Santa Monica Business Park (8)(10) 5.24 % 5.36 % October 8, 2028 200,000 200,000

90 Broadway, 325 Main Street, 355 Main Street, and Cambridge East Garage (also known as Kendall Center Green Garage) (8)(11) 6.04 % 6.27 % October 26, 2028 600,000 600,000

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

Interest Rate Amount

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

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

767 Fifth Avenue (the General Motors Building) (60% ownership) (2)(8)

3.43 % 3.64 % June 9, 2027 2,300,000 2,300,000

Santa Monica Business Park (2)(9)

5.28 % 5.40 % October 8, 2028 200,000 200,000

90 Broadway, 325 Main Street, 355 Main Street, and Cambridge East Garage (also known as Kendall Center Green Garage) (2)(10)

6.04 % 6.27 % October 26, 2028 600,000 600,000

901 New York Avenue (11)

5.00 % 5.06 % January 5, 2029 196,994 201,191

601 Lexington Avenue (55% ownership) (2)

2.79 % 2.93 % January 9, 2032 1,000,000 1,000,000

Total Principal Amount 4,296,994 4,301,191

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

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

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

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

(3) These unsecured senior notes were repaid at maturity, see Note 6 to the Consolidated Financial Statements.

(4) At March 31, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.10% per annum, and they had a weighted-average maturity of 40 days from the date of issuance.

At May 1, 2026, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.12% per annum and had a weighted-average maturity of 42 days, from the date of issuance.

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

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

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

September 30, 2025 October 31, 2025

The table below provides the principal indebtedness outstanding and remaining capacity under the unsecured line of credit at March 31, 2026 and May 1, 2026 (dollars in thousands).

March 31, 2026 May 1, 2026

Facility Outstanding Remaining Capacity Outstanding Remaining Capacity

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BPLP entered into an interest rate swap contract to fix SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026.

We did not purchase a new interest rate swap contract.

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

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

(8) The mortgage loan requires interest only payments with a balloon payment due at maturity.

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

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

As of March 31, 2026, the maximum funding obligation under the guarantee was approximately $6.4 million.

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

1 unchanged sentence

BPLP entered into an interest rate swap contract to fix Daily Simple SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026.

We did not purchase a new interest rate swap contract.

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

3 unchanged sentences

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

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

Carrying Amount

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767 Fifth Avenue (the General Motors Building) (60% ownership) (1)

2,295,866 $ 918,361

601 Lexington Avenue (55% ownership) 992,215 446,497

3 unchanged sentences

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

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

September 30, 2025 September 30, 2024

The table below provides the debt statistics of our outstanding consolidated indebtedness at March 31, 2026 and March 31, 2025.

March 31, 2026 March 31, 2025

Weighted Average Weighted Average

% of Total Debt Stated Rates GAAP Rates (1) Maturity (years) % of Total Debt Stated Rates GAAP Rates (1) Maturity (years)

% of Total Debt Stated Rates GAAP Rates (1)

Maturity (years) % of Total Debt Stated Rates GAAP Rates (1)

Maturity (years)

Floating Rate Debt (2)

9.27 % 4.30 % 4.37 % 1.5 9.55 % 5.12 % 5.19 % 2.9

Fixed Rate Debt (3)

90.73 % 3.86 % 4.00 % 4.0 90.45 % 3.95 % 4.12 % 4.6

Consolidated Debt 100.00 % 3.90 % 4.04 % 3.7 100.00 % 4.06 % 4.22 % 4.5

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

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

At March 31, 2026, the unsecured commercial paper notes outstanding bore a weighted-average interest rate of approximately 4.10% per annum and had a weighted-average maturity of 40 days from the date of issuance.

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

Derivative Instruments and Hedging Activities

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

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

For a description of these interest rate swaps, see Note 7 to the Consolidated Financial Statements.

As of March 31, 2026, we had $900.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $(3.8) million, see Note 7 to the Consolidated Financial Statements.

Investment in Unconsolidated Joint Ventures - Secured Debt

We have investments in unconsolidated joint ventures with our effective ownership interests ranging from approximately 19% to approximately 71%.

Sixteen of these ventures have mortgage indebtedness.

Thirteen of these ventures have mortgage indebtedness.

We exercise significant influence over, but do not control, these entities.

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See also Note 5 to the Consolidated Financial Statements.

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

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

At March 31, 2026, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $2.7 billion (of which our proportionate share is approximately $1.1 billion).

The table below summarizes the outstanding debt of these joint venture properties at March 31, 2026.

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

1 unchanged sentence

(dollars in thousands)

360 Park Avenue South 71.11 % 6.65 % 6.96 % Term SOFR+2.50% $ 220,000 $ (1,354) $ 218,646 $ 155,479 (2)(3)(4) December 13, 2027

Market Square North 50.00 % 6.61 % 6.78 % SOFR+2.41% 125,000 (25) 124,975 62,487 (2)(3)(5) November 10, 2025

360 Park Avenue South 71.11 % 6.17 % 6.49 % Term SOFR+2.50% $ 220,000 $ (1,053) $ 218,947 $ 155,693 (2)(3)(4)

December 13, 2027

1265 Main Street 50.00 % 3.77 % 3.84 % N/A 32,447 (160) 32,287 16,144 January 1, 2032

Colorado Center 50.00 % 3.56 % 3.59 % N/A 550,000 (330) 549,670 274,835 (2) August 9, 2027

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

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

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

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

Safeco Plaza 33.67 % 4.82 % 6.21 % SOFR+2.32% 250,000 (312) 249,688 84,070 (2)(8) September 1, 2026

500 North Capitol Street, NW 30.00 % 6.83 % 7.16 % N/A 105,000 (192) 104,808 31,399 (2)(9) June 5, 2026

200 Fifth Avenue 26.69 % 4.34 % 5.60 % Term SOFR+1.41% 600,000 (5,296) 594,704 154,183 (2)(10) November 24, 2028

3 Hudson Boulevard 25.00 % 11.86 % 11.86 % Term SOFR+7.61% 80,000 — 80,000 20,000 (2)(11) August 7, 2024

Skymark - Reston Next Residential 20.00 % 6.28 % 6.60 % SOFR+2.00% 140,000 (277) 139,723 27,945 (2)(3)(12) May 13, 2026

17 Hartwell Avenue 20.00 % 6.75 % 6.87 % N/A — — — — (2)(13) July 10, 2030

290 Coles Street 19.46 % N/A N/A Term SOFR+2.50% — — — — (2)(3)(14) March 5, 2029

Colorado Center 50.00 % 3.56 % 3.59 % N/A 550,000 (240) 549,760 274,880 (2)

August 9, 2027

The Hub on Causeway - Podium & 100 Causeway Street 50.00 % 5.73 % 5.94 % N/A 465,000 (4,773) 460,227 230,113 (2)

April 9, 2031

Hub50House 50.00 % 4.43 % 4.51 % SOFR+1.35% 185,000 (848) 184,152 92,076 (2)(5)

June 17, 2032

Safeco Plaza 33.67 % 4.82 % 6.21 % SOFR+2.32% 250,000 (143) 249,857 84,127 (2)(6)

September 1, 2026

500 North Capitol Street, NW 30.00 % 6.83 % 7.16 % N/A 105,000 (51) 104,949 31,473 (2)(7)

200 Fifth Avenue 26.69 % 4.34 % 5.60 % Term SOFR+1.41% 596,511 (4,454) 592,057 154,296 (8)

November 24, 2028

3 Hudson Boulevard 25.00 % 8.92 % 10.73 % Term SOFR+5.25% 108,000 (3,128) 104,872 26,218 (2)(3)(9)(10)

November 9, 2027

3 Hudson Boulevard 25.00 % 10.92 % 10.92 % Term SOFR+7.25% 21,493 — 21,493 5,373 (2)(3)(9)

November 9, 2027

Skymark - Reston Next Residential 20.00 % 5.67 % 5.99 % SOFR+2.00% 140,000 (53) 139,947 27,989 (2)(3)(11)

17 Hartwell Avenue 20.00 % 6.75 % 6.87 % N/A — — — — (2)(12)

July 10, 2030

290 Coles Street 19.46 % N/A N/A Term SOFR+2.50% — — — — (2)(3)(13)

March 5, 2029

Total $ 2,673,451 $ (14,903) $ 2,658,548 $ 1,098,382

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(3) The loan includes certain extension options, subject to certain conditions.

(4) The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in Term SOFR rate to a cap of 5.00% per annum on a notional amount of $220.0 million through January 15, 2026.

(5) The loan bears interest at a variable rate equal to the greater of (1) the sum of (x) SOFR and (y) 2.41% or (2) 2.80% per annum.

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

On October 8, 2025, this loan was repaid.

(4) The joint venture entered into an interest rate cap agreement to cap Term SOFR rate at 5.00% per annum on a notional amount of $220.0 million through January 15, 2027.

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

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(8) The joint venture entered into interest rate swap contracts with notional amounts aggregating $600.0 million through June 2028, resulting in a fixed rate of approximately 4.34% per annum through the expiration of the interest rate swap contracts.

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

(11) As of September 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $126.8 million.

On October 17, 2025, the joint venture refinanced the loan including the accrued and unpaid interest.

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

As of the closing, we have funded approximately $17.6 million of the mezzanine loan.

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

(9) The indebtedness consists of (x) a $108.0 million senior loan with a third-party lender and (y) a mezzanine loan provided by us with a maximum commitment of $50.0 million.

As of March 31, 2026, we have funded approximately $21.5 million of the mezzanine loan.

The loan is reflected as Related Party Notes Receivable, Net on our Consolidated Balance Sheets.

(10) The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in the Term SOFR rate to a cap of 6.00% per annum on a notional amount of $108.0 million through November 9, 2027.

(11) The construction financing has a borrowing capacity of $140.0 million.

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Funds from Operations

Pursuant to the revised definition of FFO adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate FFO for each of BXP and BPLP by adjusting net income (loss) attributable to BXP, Inc.

and net income (loss) attributable to Boston Properties Limited Partnership (computed in accordance with GAAP), respectively, for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and our share of real estate-related depreciation and amortization.

and net income attributable to Boston Properties Limited Partnership (computed in accordance with GAAP), respectively, for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and our share of real estate-related depreciation and amortization.

FFO is a non-GAAP financial measure.

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Our computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income (loss) attributable to BXP, Inc.

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

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

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

We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc.

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

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

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

The following table presents a reconciliation of net income attributable to BXP, Inc.

to FFO attributable to BXP, Inc.

for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

(in thousands)

Net income (loss) attributable to BXP, Inc.

Net income attributable to BXP, Inc.

$ 101,576 $ 61,177

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Non-real estate depreciation and amortization 2,131 2,130

Impairment losses (1) 68,901 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain on non-real estate investments 178 94

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Gains on sales of real estate 13,402 —

Unrealized gain (loss) on non-real estate investments 188 (483)

Noncontrolling interests in property partnerships 19,869 18,749

5 unchanged sentences

Weighted average shares outstanding—basic 158,555 158,202

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(2) During the three months ended September 30, 2025, we recognized an other-than-temporary impairment loss on our investment in Gateway Commons of approximately $145.1 million (See Note 5 to the Consolidated Financial Statements).

The following tables presents a reconciliation of net income (loss) attributable to BXP, Inc.

The following tables present a reconciliation of net income attributable to BXP, Inc.

to Diluted FFO attributable to BXP, Inc.

for income (numerator) and shares/units (denominator) for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

for income (numerator) and shares/units (denominator) for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

(in thousands)

Net income (loss) attributable to BXP, Inc.

Net income attributable to BXP, Inc.

$ 101,576 $ 61,177

7 unchanged sentences

Non-real estate depreciation and amortization 2,131 2,130

Impairment losses (1) 68,901 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain on non-real estate investments 178 94

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Gains on sales of real estate 13,402 —

Unrealized gain (loss) on non-real estate investments 188 (483)

Noncontrolling interests in property partnerships 19,869 18,749

6 unchanged sentences

$ 252,292 $ 260,678

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(3) BXP’s share of diluted Funds from Operations was 90.05% and 89.93% for the three months ended September 30, 2025 and 2024, respectively.

Three months ended September 30,

_______________

(1) BXP’s share of diluted Funds from Operations was 89.95% and 90.04% for the three months ended March 31, 2026 and 2025, respectively.

Three months ended March 31,

shares/units (in thousands)

7 unchanged sentences

_______________

(1) BXP’s share of diluted Funds from Operations was 90.05% and 89.93% for the three months ended September 30, 2025 and 2024, respectively.

The following table presents a reconciliation of net income (loss) attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

(1) BXP’s share of diluted Funds from Operations was 89.95% and 90.04% for the three months ended March 31, 2026 and 2025, respectively.

The following table presents a reconciliation of net income attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

(in thousands)

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

Net income attributable to Boston Properties Limited Partnership $ 114,799 $ 69,859

Noncontrolling interests in property partnerships 19,869 18,749

5 unchanged sentences

Non-real estate depreciation and amortization 2,131 2,130

Impairment losses (1) 65,988 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain on non-real estate investments 178 94

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Gains on sales of real estate 13,402 —

Unrealized gain (loss) on non-real estate investments 188 (483)

Noncontrolling interests in property partnerships 19,869 18,749

Funds from Operations attributable to Boston Properties Limited Partnership (1)

$ 280,480 $ 289,513

Weighted average shares outstanding—basic 176,318 175,752

_______________

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(1) Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2023 MYLTIP Units).

The following tables presents a reconciliation of net income (loss) attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended September 30, 2025 and 2024:

Three months ended September 30,

The following tables present a reconciliation of net income attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

(in thousands)

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

Net income attributable to Boston Properties Limited Partnership $ 114,799 $ 69,859

Noncontrolling interests in property partnerships 19,869 18,749

5 unchanged sentences

Non-real estate depreciation and amortization 2,131 2,130

Impairment losses (1) 65,988 —

Impairment losses included within loss from unconsolidated joint ventures (2) 145,133 —

Gain on sale / consolidation included within loss from unconsolidated joint ventures 2,236 —

Gain on sale of real estate 1,932 517

Unrealized gain on non-real estate investments 178 94

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Gains on sales of real estate 13,402 —

Unrealized gain (loss) on non-real estate investments 188 (483)

Noncontrolling interests in property partnerships 19,869 18,749

Funds from Operations attributable to Boston Properties Limited Partnership (1)

280,480 289,513

Effect of Dilutive Securities:

2 unchanged sentences

_______________

(1) During the three months ended September 30, 2025, we recognized impairment losses related to four properties (See Note 3 to the Consolidated Financial Statements).

(1) Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2023 MYLTIP Units).

Three months ended September 30,

Three months ended March 31,

shares/units (in thousands)

8 unchanged sentences

Contract terms are generally between three and five years.

During the three months ended September 30, 2025, we paid approximately $133.4 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended September 30, 2025, we and our unconsolidated joint venture partners incurred approximately $114.3 million of new tenant-related obligations associated with approximately 1.4 million square feet of second generation leases, or approximately $82 per square foot.

During the three months ended September 30, 2025, we signed approximately 133,100 square feet of first generation leases.

The tenant-related obligations for the development properties are included within the projects’ “Estimated Total Investment” referred to in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” In aggregate, during the three months ended September 30, 2025, we signed leases for approximately 1.5 million square feet of space and incurred aggregate tenant-related obligations of approximately $134.4 million, or approximately $88 per square foot.

During the three months ended March 31, 2026, we paid approximately $105.5 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended March 31, 2026, we and our unconsolidated joint venture partners incurred approximately $108.9 million of new tenant-related obligations associated with approximately 1.0 million square feet of second generation leases, or approximately $114 per square foot.

During the three months ended

March 31, 2026, we signed approximately 194,800 square feet of first generation leases.

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis