2 unchanged sentences
(unaudited and in thousands, except for share and par value amounts)
−Removed: March 31, 2026 December 31, 2025
−Removed: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 8,083,218 and $ 8,005,124 at March 31, 2026 and December 31, 2025, respectively)
+Added: June 30, 2026 December 31, 2025
+Added: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 8,169,231 and $ 8,005,124 at June 30, 2026 and December 31, 2025, respectively)
$ 28,606,910 $ 28,241,879
−Removed: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2026 and December 31, 2025, respectively)
+Added: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at June 30, 2026 and December 31, 2025, respectively)
371,889 372,470
Right of use assets - operating leases 290,726 325,841
−Removed: accumulated depreciation (amounts related to VIEs of $( 1,805,748 ) and $( 1,763,988 ) at March 31, 2026 and December 31, 2025, respectively)
+Added: accumulated depreciation (amounts related to VIEs of $( 1,836,395 ) and $( 1,763,988 ) at June 30, 2026 and December 31, 2025, respectively)
( 8,277,690 ) ( 8,040,311 )
Total real estate 20,991,835 20,899,879
−Removed: Cash and cash equivalents (amounts related to VIEs of $ 193,689 and $ 255,631 at March 31, 2026 and December 31, 2025, respectively)
+Added: Cash and cash equivalents (amounts related to VIEs of $ 286,535 and $ 255,631 at June 30, 2026 and December 31, 2025, respectively)
493,949 1,478,206
−Removed: Cash held in escrows (amounts related to VIEs of $ 5,381 and $ 10,319 at March 31, 2026 and December 31, 2025, respectively)
+Added: Cash held in escrows (amounts related to VIEs of $ 5,218 and $ 10,319 at June 30, 2026 and December 31, 2025, respectively)
59,514 79,060
Investments in securities 46,526 44,614
−Removed: Tenant and other receivables, net (amounts related to VIEs of $ 38,754 and $ 30,989 at March 31, 2026 and December 31, 2025, respectively)
+Added: Tenant and other receivables, net (amounts related to VIEs of $ 34,292 and $ 30,989 at June 30, 2026 and December 31, 2025, respectively)
90,679 92,625
2 unchanged sentences
Sales-type lease receivable, net 16,170 15,672
−Removed: Accrued rental income, net (amounts related to VIEs of $ 474,838 and $ 470,734 at March 31, 2026 and December 31, 2025, respectively)
+Added: Accrued rental income, net (amounts related to VIEs of $ 479,569 and $ 470,734 at June 30, 2026 and December 31, 2025, respectively)
1,573,959 1,538,515
−Removed: Deferred charges, net (amounts related to VIEs of $ 202,275 and $ 204,924 at March 31, 2026 and December 31, 2025, respectively)
+Added: Deferred charges, net (amounts related to VIEs of $ 199,438 and $ 204,924 at June 30, 2026 and December 31, 2025, respectively)
848,273 847,690
−Removed: Prepaid expenses and other assets (amounts related to VIEs of $ 48,202 and $ 14,509 at March 31, 2026 and December 31, 2025, respectively)
+Added: Prepaid expenses and other assets (amounts related to VIEs of $ 11,990 and $ 14,509 at June 30, 2026 and December 31, 2025, respectively)
122,830 108,105
3 unchanged sentences
LIABILITIES AND EQUITY
−Removed: Mortgage notes payable, net (amounts related to VIEs of $ 3,288,081 and $ 3,286,870 at March 31, 2026 and December 31, 2025, respectively)
+Added: Mortgage notes payable, net (amounts related to VIEs of $ 3,289,291 and $ 3,286,870 at June 30, 2026 and December 31, 2025, respectively)
$ 4,281,198 $ 4,280,067
4 unchanged sentences
Unsecured commercial paper 750,000 750,000
−Removed: Lease liabilities - finance leases (amounts related to VIEs of $ 21,106 and $ 21,074 at March 31, 2026 and December 31, 2025, respectively)
+Added: Lease liabilities - finance leases (amounts related to VIEs of $ 21,164 and $ 21,074 at June 30, 2026 and December 31, 2025, respectively)
353,436 360,039
Lease liabilities - operating leases 386,487 389,213
−Removed: Accounts payable and accrued expenses (amounts related to VIEs of $ 80,255 and $ 88,849 at March 31, 2026 and December 31, 2025, respectively)
+Added: Accounts payable and accrued expenses (amounts related to VIEs of $ 77,945 and $ 88,849 at June 30, 2026 and December 31, 2025, respectively)
474,141 480,017
2 unchanged sentences
109,523 125,345
−Removed: Other liabilities (amounts related to VIEs of $ 85,594 and $ 95,209 at March 31, 2026 and December 31, 2025, respectively)
+Added: Other liabilities (amounts related to VIEs of $ 114,331 and $ 95,209 at June 30, 2026 and December 31, 2025, respectively)
364,082 386,074
1 unchanged sentence
(unaudited and in thousands, except for share and par value amounts)
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
+Added: Liabilities held for sale 6,130 —
Total liabilities 17,436,219 18,473,924
Commitments and contingencies (See Note 8)
−Removed: Redeemable deferred stock units— 116,733 and 111,701 units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively
+Added: Redeemable deferred stock units— 119,549 and 111,701 units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively
Stockholders’ equity attributable to BXP, Inc.:
1 unchanged sentence
Preferred stock, $ 0.01 par value, 50,000,000 shares authorized, none issued or outstanding
−Removed: Common stock, $ 0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively
+Added: Common stock, $ 0.01 par value, 250,000,000 shares authorized, 159,600,410 and 158,627,198 issued and 159,521,510 and 158,548,298 outstanding at June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital
1 unchanged sentence
Dividends in excess of earnings ( 1,727,547 ) ( 1,674,995 )
−Removed: Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025
+Added: Treasury common stock at cost, 78,900 shares at June 30, 2026 and December 31, 2025
( 2,722 ) ( 2,722 )
−Removed: Accumulated other comprehensive loss ( 6,082 ) ( 12,921 )
+Added: Accumulated other comprehensive income (loss) 2,148 ( 12,921 )
Total stockholders’ equity attributable to BXP, Inc.
8 unchanged sentences
(unaudited and in thousands, except for per share amounts)
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Lease $ 831,678 $ 805,935 $ 1,649,834 $ 1,617,037
3 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
+Added: 3,901 4,104 8,771 8,603
Total revenue 895,699 868,457 1,767,847 1,733,672
11 unchanged sentences
Interest and other income (loss) 6,137 8,063 15,022 15,813
−Removed: Losses from investments in securities ( 566 ) ( 365 )
+Added: Gains from investments in securities 4,385 2,600 3,819 2,235
Unrealized gain (loss) on non-real estate investments ( 75 ) ( 39 ) 113 ( 522 )
+Added: Impairment loss ( 18,036 ) — ( 18,036 ) —
Loss from early extinguishment of debt — — — ( 338 )
16 unchanged sentences
(unaudited and in thousands)
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Net income $ 102,464 $ 119,141 $ 235,470 $ 206,046
14 unchanged sentences
Common Stock Additional Paid-in Capital Dividends in Excess of Earnings Treasury Stock,
−Removed: at cost Accumulated Other Comprehensive Loss Noncontrolling Interests - Common Units Noncontrolling Interests - Property Partnerships Total
+Added: at cost Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests - Common Units Noncontrolling Interests - Property Partnerships Total
Shares Amount
+Added: Equity, March 31, 2026 158,676 $ 1,587 $ 6,843,822 $ ( 1,684,492 ) $ ( 2,722 ) $ ( 6,082 ) $ 583,922 $ 1,982,286 $ 7,718,321
+Added: Redemption of operating partnership units to common stock 837 8 25,991 — — — ( 25,999 ) — —
+Added: Allocated net income for the period — — — 68,610 — — 7,733 26,121 102,464
+Added: Dividends/distributions declared — — — ( 111,665 ) — — ( 12,709 ) — ( 124,374 )
+Added: Net activity from stock option and incentive plan 9 — ( 204 ) — — — 14,043 — 13,839
+Added: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 61 ) — — — — 28,229 28,168
+Added: Distributions to noncontrolling interests in property partnerships — — — — — — — ( 17,965 ) ( 17,965 )
+Added: Effective portion of interest rate contracts — — — — — 6,848 746 — 7,594
+Added: Amortization of interest rate contracts — — — — — 1,382 150 144 1,676
+Added: Reallocation of noncontrolling interest — — 12,123 — — — ( 12,123 ) — —
+Added: Equity, June 30, 2026
+Added: 159,522 $ 1,595 $ 6,881,671 $ ( 1,727,547 ) $ ( 2,722 ) $ 2,148 $ 555,763 $ 2,018,815 $ 7,729,723
+Added: Equity, March 31, 2025 158,323 $ 1,583 $ 6,846,015 $ ( 1,513,555 ) $ ( 2,722 ) $ ( 11,379 ) $ 591,555 $ 1,938,344 $ 7,849,841
+Added: Redemption of operating partnership units to common stock 4 1 124 — — — ( 125 ) — —
+Added: Allocated net income for the period — — — 88,984 — — 10,057 20,100 119,141
+Added: Dividends/distributions declared — — — ( 155,199 ) — — ( 18,158 ) — ( 173,357 )
+Added: Shares issued pursuant to stock purchase plan — — ( 62 ) — — — — — ( 62 )
+Added: Net activity from stock option and incentive plan 39 — 3,111 — — — 10,736 — 13,847
+Added: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 3,441 ) — — — — 63,882 60,441
+Added: Distributions to noncontrolling interests in property partnerships — — — — — — — ( 18,477 ) ( 18,477 )
+Added: Effective portion of interest rate contracts — — — — — ( 5,075 ) ( 561 ) — ( 5,636 )
+Added: Amortization of interest rate contracts — — — — — 1,395 153 144 1,692
+Added: Reallocation of noncontrolling interest — — 9,006 — — — ( 9,006 ) — —
+Added: Equity, June 30, 2025
+Added: 158,366 $ 1,584 $ 6,854,753 $ ( 1,579,770 ) $ ( 2,722 ) $ ( 15,059 ) $ 584,651 $ 2,003,993 $ 7,847,430
+Added: CONSOLIDATED STATEMENTS OF EQUITY
+Added: (unaudited and in thousands)
+Added: Common Stock Additional Paid-in Capital Dividends in Excess of Earnings Treasury Stock,
+Added: at cost Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests - Common Units Noncontrolling Interests - Property Partnerships Total
+Added: Shares Amount
Equity, December 31, 2025 158,548 $ 1,585 $ 6,836,243 $ ( 1,674,995 ) $ ( 2,722 ) $ ( 12,921 ) $ 566,563 $ 1,970,949 $ 7,684,702
9 unchanged sentences
Reallocation of noncontrolling interest — — 15,294 — — — ( 15,294 ) — —
−Removed: Equity, March 31, 2026
+Added: Equity, June 30, 2026
159,522 $ 1,595 $ 6,881,671 $ ( 1,727,547 ) $ ( 2,722 ) $ 2,148 $ 555,763 $ 2,018,815 $ 7,729,723
10 unchanged sentences
Reallocation of noncontrolling interest — — 13,832 — — — ( 13,832 ) — —
−Removed: Equity, March 31, 2025
+Added: Equity, June 30, 2025
158,366 $ 1,584 $ 6,854,753 $ ( 1,579,770 ) $ ( 2,722 ) $ ( 15,059 ) $ 584,651 $ 2,003,993 $ 7,847,430
2 unchanged sentences
(unaudited and in thousands)
−Removed: Three months ended March 31,
+Added: Six months ended June 30,
Cash flows from operating activities:
2 unchanged sentences
Depreciation and amortization 464,944 443,926
+Added: Impairment loss 18,036 —
Amortization of right of use assets - operating leases ( 43 ) 289
3 unchanged sentences
Distributions of net cash flow from operations of unconsolidated joint ventures 61,010 25,857
−Removed: Losses from investments in securities 566 365
+Added: Gains from investments in securities ( 3,819 ) ( 2,235 )
Allowance for current expected credit losses 134 ( 6 )
24 unchanged sentences
Investment in non-real estate investments ( 1,103 ) ( 1,430 )
−Removed: Issuance of note receivables (including related party) ( 3,849 ) ( 600 )
+Added: Issuance of notes receivable (including related party) ( 9,946 ) ( 1,800 )
Investments in securities, net 1,890 864
−Removed: Net cash provided by (used in) investing activities 5,827 ( 309,143 )
+Added: Net cash used in investing activities ( 348,881 ) ( 612,404 )
Cash flows from financing activities:
2 unchanged sentences
Borrowings on unsecured line of credit — 520,000
−Removed: Repayments of unsecured line of credit — ( 60,000 )
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
−Removed: Three months ended March 31,
+Added: Six months ended June 30,
+Added: Repayments of unsecured line of credit — ( 335,000 )
Borrowings on unsecured term loans — 700,000
9 unchanged sentences
Net cash used in financing activities ( 1,257,446 ) ( 758,132 )
−Removed: Net increase (decrease) in cash and cash equivalents and cash held in escrows ( 976,012 ) ( 855,989 )
+Added: Net decrease in cash and cash equivalents and cash held in escrows ( 1,003,803 ) ( 807,355 )
Cash and cash equivalents and cash held in escrows, beginning of period 1,557,266 1,335,196
15 unchanged sentences
Capitalized operating lease costs $ 16,098 $ 15,096
+Added: Real estate contributed in exchange for investment in unconsolidated joint venture $ — $ ( 5,595 )
+Added: Investment in unconsolidated joint ventures funded by real estate contributed $ — $ 5,595
Dividends and distributions declared but not paid $ 123,857 $ 172,732
5 unchanged sentences
(unaudited and in thousands, except for unit amounts)
−Removed: March 31, 2026 December 31, 2025
−Removed: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 8,083,218 and $ 8,005,124 at March 31, 2026 and December 31, 2025, respectively)
+Added: June 30, 2026 December 31, 2025
+Added: Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 8,169,231 and $ 8,005,124 at June 30, 2026 and December 31, 2025, respectively)
$ 28,251,536 $ 27,884,397
−Removed: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2026 and December 31, 2025, respectively)
+Added: Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at June 30, 2026 and December 31, 2025, respectively)
371,889 372,470
Right of use assets - operating leases 290,726 325,841
−Removed: accumulated depreciation (amounts related to VIEs of $( 1,805,748 ) and $( 1,763,988 ) at March 31, 2026 and December 31, 2025, respectively)
+Added: accumulated depreciation (amounts related to VIEs of $( 1,836,395 ) and $( 1,763,988 ) at June 30, 2026 and December 31, 2025, respectively)
( 8,141,495 ) ( 7,906,629 )
Total real estate 20,772,656 20,676,079
−Removed: Cash and cash equivalents (amounts related to VIEs of $ 193,689 and $ 255,631 at March 31, 2026 and December 31, 2025, respectively)
+Added: Cash and cash equivalents (amounts related to VIEs of $ 286,535 and $ 255,631 at June 30, 2026 and December 31, 2025, respectively)
493,949 1,478,206
−Removed: Cash held in escrows (amounts related to VIEs of $ 5,381 and $ 10,319 at March 31, 2026 and December 31, 2025, respectively)
+Added: Cash held in escrows (amounts related to VIEs of $ 5,218 and $ 10,319 at June 30, 2026 and December 31, 2025, respectively)
59,514 79,060
Investments in securities 46,526 44,614
−Removed: Tenant and other receivables, net (amounts related to VIEs of $ 38,754 and $ 30,989 at March 31, 2026 and December 31, 2025, respectively)
+Added: Tenant and other receivables, net (amounts related to VIEs of $ 34,292 and $ 30,989 at June 30, 2026 and December 31, 2025, respectively)
90,679 92,625
Note receivable, net 12,185 9,373
−Removed: Related party notes receivables, net 31,447 28,346
+Added: Related party notes receivable, net 35,337 28,346
Sales-type lease receivable, net 16,170 15,672
−Removed: Accrued rental income, net (amounts related to VIEs of $ 474,838 and $ 470,734 at March 31, 2026 and December 31, 2025, respectively)
+Added: Accrued rental income, net (amounts related to VIEs of $ 479,569 and $ 470,734 at June 30, 2026 and December 31, 2025, respectively)
1,573,959 1,538,515
−Removed: Deferred charges, net (amounts related to VIEs of $ 202,275 and $ 204,924 at March 31, 2026 and December 31, 2025, respectively)
+Added: Deferred charges, net (amounts related to VIEs of $ 199,438 and $ 204,924 at June 30, 2026 and December 31, 2025, respectively)
848,273 847,690
−Removed: Prepaid expenses and other assets (amounts related to VIEs of $ 48,202 and $ 14,509 at March 31, 2026 and December 31, 2025, respectively)
+Added: Prepaid expenses and other assets (amounts related to VIEs of $ 11,990 and $ 14,509 at June 30, 2026 and December 31, 2025, respectively)
122,830 108,105
3 unchanged sentences
LIABILITIES AND CAPITAL
−Removed: Mortgage notes payable, net (amounts related to VIEs of $ 3,288,081 and $ 3,286,870 at March 31, 2026 and December 31, 2025, respectively)
+Added: Mortgage notes payable, net (amounts related to VIEs of $ 3,289,291 and $ 3,286,870 at June 30, 2026 and December 31, 2025, respectively)
$ 4,281,198 $ 4,280,067
4 unchanged sentences
Unsecured commercial paper 750,000 750,000
−Removed: Lease liabilities - finance leases (amounts related to VIEs of $ 21,106 and $ 21,074 at March 31, 2026 and December 31, 2025, respectively)
+Added: Lease liabilities - finance leases (amounts related to VIEs of $ 21,164 and $ 21,074 at June 30, 2026 and December 31, 2025, respectively)
353,436 360,039
Lease liabilities - operating leases 386,487 389,213
−Removed: Accounts payable and accrued expenses (amounts related to VIEs of $ 80,255 and $ 88,849 at March 31, 2026 and December 31, 2025, respectively)
+Added: Accounts payable and accrued expenses (amounts related to VIEs of $ 77,945 and $ 88,849 at June 30, 2026 and December 31, 2025, respectively)
474,141 480,017
2 unchanged sentences
109,523 125,345
−Removed: Other liabilities (amounts related to VIEs of $ 85,594 and $ 95,209 at March 31, 2026 and December 31, 2025, respectively)
+Added: Other liabilities (amounts related to VIEs of $ 114,331 and $ 95,209 at June 30, 2026 and December 31, 2025, respectively)
364,082 386,074
+Added: Liabilities held for sale 6,130 —
Total liabilities 17,436,219 18,473,924
2 unchanged sentences
(unaudited and in thousands, except for unit amounts)
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Commitments and contingencies (See Note 8)
−Removed: Redeemable deferred stock units— 116,733 and 111,701 units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively
+Added: Redeemable deferred stock units— 119,549 and 111,701 units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively
Noncontrolling interests:
−Removed: Redeemable partnership units— 15,675,504 and 15,590,009 common units and 3,111,708 and 2,662,140 long term incentive units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively
+Added: Redeemable partnership units— 14,867,831 and 15,590,009 common units and 3,102,888 and 2,662,140 long term incentive units outstanding at redemption value at June 30, 2026 and December 31, 2025, respectively
1,233,605 1,272,719
−Removed: Boston Properties Limited Partnership partners’ capital— 1,774,632 and 1,768,004 general partner units and 156,901,331 and 156,780,294 limited partner units outstanding at March 31, 2026 and December 31, 2025, respectively
+Added: Boston Properties Limited Partnership partners’ capital— 1,774,922 and 1,768,004 general partner units and 157,746,588 and 156,780,294 limited partner units outstanding at June 30, 2026 and December 31, 2025, respectively
4,255,976 4,230,155
−Removed: Accumulated other comprehensive loss ( 6,082 ) ( 12,921 )
+Added: Accumulated other comprehensive income (loss) 2,148 ( 12,921 )
Total partners’ capital 4,258,124 4,217,234
6 unchanged sentences
(unaudited and in thousands, except for per unit amounts)
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Lease $ 831,678 $ 805,935 $ 1,649,834 $ 1,617,037
3 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
+Added: 3,901 4,104 8,771 8,603
Total revenue 895,699 868,457 1,767,847 1,733,672
11 unchanged sentences
Interest and other income (loss) 6,137 8,063 15,022 15,813
−Removed: Losses from investments in securities ( 566 ) ( 365 )
+Added: Gains from investments in securities 4,385 2,600 3,819 2,235
Unrealized gain (loss) on non-real estate investments ( 75 ) ( 39 ) 113 ( 522 )
+Added: Impairment loss ( 16,752 ) — ( 16,752 ) —
Loss from early extinguishment of debt — — — ( 338 )
15 unchanged sentences
(unaudited and in thousands)
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Net income $ 105,423 $ 120,943 $ 240,091 $ 209,551
14 unchanged sentences
General Partner Limited Partner Partners’ Capital (General and Limited Partners) Accumulated
−Removed: Comprehensive Loss Noncontrolling
+Added: Comprehensive Income (Loss) Noncontrolling
Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units
−Removed: Equity, December 31, 2025 1,768 156,780 $ 4,230,155 $ ( 12,921 ) $ 1,970,949 $ 6,188,183 $ 1,272,719
+Added: Equity, March 31, 2026 1,775 156,901 $ 4,486,430 $ ( 6,082 ) $ 1,982,286 $ 6,462,634 $ 1,033,549
Net activity from contributions and unearned compensation — 10 ( 204 ) — — ( 204 ) 14,043
7 unchanged sentences
Distributions to noncontrolling interests in property partnerships — — — — ( 17,965 ) ( 17,965 ) —
+Added: Equity, June 30, 2026
+Added: 1,775 157,747 $ 4,255,976 $ 2,148 $ 2,018,815 $ 6,276,939 $ 1,233,605
Equity, March 31, 2025 1,767 156,556 $ 4,408,383 $ ( 11,379 ) $ 1,938,344 $ 6,335,348 $ 1,280,106
+Added: Net activity from contributions and unearned compensation 1 38 3,049 — — 3,049 10,736
+Added: Allocated net income for the period — — 90,786 — 20,100 110,886 10,057
+Added: Distributions — — ( 155,199 ) — — ( 155,199 ) ( 18,158 )
+Added: Conversion of redeemable partnership units — 4 125 — — 125 ( 125 )
+Added: Adjustment to reflect redeemable partnership units at redemption value — — ( 2,853 ) — — ( 2,853 ) 2,853
+Added: Effective portion of interest rate contracts — — — ( 5,075 ) — ( 5,075 ) ( 561 )
+Added: Amortization of interest rate contracts — — — 1,395 144 1,539 153
+Added: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 3,441 ) — 63,882 60,441 —
+Added: Distributions to noncontrolling interests in property partnerships — — — — ( 18,477 ) ( 18,477 ) —
+Added: Equity, June 30, 2025
1,768 156,598 $ 4,340,850 $ ( 15,059 ) $ 2,003,993 $ 6,329,784 $ 1,285,061
+Added: BOSTON PROPERTIES LIMITED PARTNERSHIP
+Added: CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS
+Added: (unaudited and in thousands)
+Added: Units Capital
+Added: General Partner Limited Partner Partners’ Capital (General and Limited Partners) Accumulated
+Added: Comprehensive Income (Loss) Noncontrolling
+Added: Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units
Equity, December 31, 2025 1,768 156,780 $ 4,230,155 $ ( 12,921 ) $ 1,970,949 $ 6,188,183 $ 1,272,719
8 unchanged sentences
Distributions to noncontrolling interests in property partnerships — — — — ( 40,575 ) ( 40,575 ) —
−Removed: Equity, March 31, 2025
+Added: Equity, June 30, 2026
1,775 157,747 $ 4,255,976 $ 2,148 $ 2,018,815 $ 6,276,939 $ 1,233,605
+Added: Equity, December 31, 2024 1,762 156,413 $ 4,391,985 $ ( 2,072 ) $ 1,933,545 $ 6,323,458 $ 1,378,573
+Added: Net activity from contributions and unearned compensation 2 73 4,751 — — 4,751 31,725
+Added: Allocated net income for the period — — 153,666 — 38,849 192,515 17,036
+Added: Distributions — — ( 310,356 ) — — ( 310,356 ) ( 36,307 )
+Added: Conversion of redeemable partnership units 4 112 3,801 — — 3,801 ( 3,801 )
+Added: Adjustment to reflect redeemable partnership units at redemption value — — 100,725 — — 100,725 ( 100,725 )
+Added: Effective portion of interest rate contracts — — — ( 17,025 ) — ( 17,025 ) ( 1,887 )
+Added: Amortization of interest rate contracts — — — 4,038 288 4,326 447
+Added: Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 3,722 ) — 69,313 65,591 —
+Added: Distributions to noncontrolling interests in property partnerships — — — — ( 38,002 ) ( 38,002 ) —
+Added: Equity, June 30, 2025 1,768 156,598 $ 4,340,850 $ ( 15,059 ) $ 2,003,993 $ 6,329,784 $ 1,285,061
The accompanying notes are an integral part of these consolidated financial statements.
2 unchanged sentences
(unaudited and in thousands)
−Removed: Three months ended March 31,
+Added: Six months ended June 30,
Cash flows from operating activities:
2 unchanged sentences
Depreciation and amortization 461,626 440,520
+Added: Impairment loss 16,752 —
Amortization of right of use assets - operating leases ( 43 ) 289
3 unchanged sentences
Distributions of net cash flow from operations of unconsolidated joint ventures 61,010 25,857
−Removed: Losses from investments in securities 566 365
+Added: Gains from investments in securities ( 3,819 ) ( 2,235 )
Allowance for current expected credit losses 134 ( 6 )
24 unchanged sentences
Investment in non-real estate investments ( 1,103 ) ( 1,430 )
−Removed: Issuance of note receivables (including related party) ( 3,849 ) ( 600 )
+Added: Issuance of notes receivable (including related party) ( 9,946 ) ( 1,800 )
Investments in securities, net 1,890 864
−Removed: Net cash provided by (used in) investing activities 5,827 ( 309,143 )
+Added: Net cash used in investing activities ( 348,881 ) ( 612,404 )
Cash flows from financing activities:
1 unchanged sentence
Repayment / redemption of unsecured senior notes ( 1,000,000 ) ( 850,000 )
−Removed: Borrowings on unsecured line of credit — 360,000
BOSTON PROPERTIES LIMITED PARTNERSHIP
1 unchanged sentence
(unaudited and in thousands)
−Removed: Three months ended March 31,
+Added: Six months ended June 30,
+Added: Borrowings on unsecured line of credit — 520,000
Repayments of unsecured line of credit — ( 335,000 )
10 unchanged sentences
Net cash used in financing activities ( 1,257,446 ) ( 758,132 )
−Removed: Net increase (decrease) in cash and cash equivalents and cash held in escrows ( 976,012 ) ( 855,989 )
+Added: Net decrease in cash and cash equivalents and cash held in escrows ( 1,003,803 ) ( 807,355 )
Cash and cash equivalents and cash held in escrows, beginning of period 1,557,266 1,335,196
15 unchanged sentences
Capitalized operating lease costs $ 16,098 $ 15,096
+Added: Real estate contributed in exchange for investment in unconsolidated joint venture $ — $ ( 5,595 )
+Added: Investment in unconsolidated joint ventures funded by real estate contributed $ — $ 5,595
Distributions declared but not paid $ 123,857 $ 172,732
5 unchanged sentences
BXP is a fully integrated, self-administered and self-managed REIT.
−Removed: BXP is the sole general partner of BPLP, its operating partnership, and at March 31, 2026, owned an approximate 89.4 % ( 89.7 % at December 31, 2025) general and limited partnership interest in BPLP.
+Added: BXP is the sole general partner of BPLP, its operating partnership, and at June 30, 2026, owned an approximate 89.9 % ( 89.7 % at December 31, 2025) general and limited partnership interest in BPLP.
Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries.
12 unchanged sentences
LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2023 MYLTIP Units), whether vested or not, receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13).
−Removed: At March 31, 2026, the Company owned or had joint venture interests in a portfolio of 164 commercial real estate properties (the “Properties”) aggregating approximately 50.4 million rentable square feet of primarily office properties, including six properties under construction/redevelopment totaling approximately 3.4 million rentable square feet.
−Removed: At March 31, 2026, the Properties consisted of:
−Removed: • 143 office properties (including three properties under construction/redevelopment);
+Added: At June 30, 2026, the Company owned or had joint venture interests in a portfolio of 164 commercial real estate properties (the “Properties”) aggregating approximately 51.1 million rentable square feet of primarily office properties, including six properties under construction/redevelopment totaling approximately 3.5 million rentable square feet.
+Added: At June 30, 2026, the Properties consisted of:
+Added: • 143 office properties (including two properties under construction/redevelopment);
• 13 retail properties;
−Removed: • six residential properties (including three properties under construction);
+Added: • seven residential properties (including four properties under construction);
Summary of Significant Accounting Policies
20 unchanged sentences
The assets of each VIE are only available to satisfy such VIE's respective liabilities.
−Removed: The Company has identified 11 entities that are VIEs as of March 31, 2026 and has determined that it is the primary beneficiary for eight of these entities as of March 31, 2026.
+Added: The Company has identified nine entities that are VIEs as of June 30, 2026 and has determined that it is the primary beneficiary for eight of these entities as of June 30, 2026.
Consolidated Variable Interest Entities
−Removed: As of March 31, 2026, BXP has identified eight consolidated VIEs, including BPLP.
−Removed: Excluding BPLP, the consolidated VIEs consisted of (i) the following six in-service properties:
−Removed: 767 Fifth Avenue (the General Motors Building), 7 Times Square, 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street and (ii) 290 Binney Street, which is currently under development.
+Added: As of June 30, 2026, BXP has identified eight consolidated VIEs, including BPLP.
+Added: Excluding BPLP, the consolidated VIEs consisted of the following in-service properties:
+Added: 767 Fifth Avenue (the General Motors Building), 7 Times Square, 601 Lexington Avenue, 290 Binney Street, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street.
The Company consolidates these VIEs because it is the primary beneficiary.
2 unchanged sentences
Unconsolidated Variable Interest Entities
−Removed: As of March 31, 2026, BXP has identified three unconsolidated joint venture entities that are classified as VIEs.
−Removed: The CAB 290 Coles Venture LLC, CAB 290 Coles Holdco LLC, and 17 Hartwell JV LLC joint ventures are VIEs because they do not have sufficient equity at risk.
−Removed: In addition, the Company does not consolidate the entities as it does not have the power to direct the activities that, when taken together, most significantly impact the VIEs’ performance and, therefore, the Company is not considered to be the primary beneficiary.
+Added: As of June 30, 2026, BXP has identified one unconsolidated joint venture entity that is classified as a VIE.
+Added: The Worldgate Multifamily JV LLC joint venture is a VIE because it does not have sufficient equity at risk.
+Added: In addition, the Company does not consolidate the entity as it does not have the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and, therefore, the Company is not considered to be the primary beneficiary.
Fair Value Measurements
2 unchanged sentences
In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.
−Removed: At March 31, 2026 and December 31, 2025, the Company had $ 750.0 million outstanding under its unsecured commercial paper program.
−Removed: Due to their short-term maturity and stated interest rates that approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at March 31, 2026 and December 31, 2025.
−Removed: The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 11.5 million and $ 10.9 million at March 31, 2026 and December 31, 2025, respectively.
+Added: At June 30, 2026 and December 31, 2025, the Company had $ 750.0 million outstanding under its unsecured commercial paper program.
+Added: Due to their short-term maturity and stated interest rates that approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at June 30, 2026 and December 31, 2025.
+Added: The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 12.1 million and $ 10.9 million at June 30, 2026 and December 31, 2025, respectively.
The non-real estate investments utilize net asset value as the practical expedient.
Financial Assets and Liabilities Not Measured at Fair Value
−Removed: The following table presents the Levels at which the Company’s non-recurring fair value financial instruments are categorized as defined in ASC 820, as well as the Company’s aggregate carrying value and corresponding estimate of fair value as of March 31, 2026 and December 31, 2025 (in thousands):
−Removed: March 31, 2026 December 31, 2025
+Added: The following table presents the Levels at which the Company’s non-recurring fair value financial instruments are categorized as defined in ASC 820, as well as the Company’s aggregate carrying value and corresponding estimate of fair value as of June 30, 2026 and December 31, 2025 (in thousands):
+Added: June 30, 2026 December 31, 2025
Level Financial Instrument Carrying
2 unchanged sentences
Amount Estimated
−Removed: Level 3 Related party note receivable, net $ 31,447 $ 31,935 $ 28,346 $ 28,716
+Added: Level 3 Related party notes receivable, net $ 35,337 $ 35,724 $ 28,346 $ 28,716
Level 3 Note receivable, net 12,185 12,870 9,373 9,858
14 unchanged sentences
(1) If trading volume for the period is low, the valuation could be categorized as Level 2.
+Added: Non-Recurring Fair Value - Impairment
+Added: On May 27, 2026, the Company entered into an agreement to sell its leasehold interest and improvements thereon commonly known as Sumner Square to a third party (See Notes 3 and 14) and on May 29, 2026, the sale met the Company’s “held for sale” criteria.
+Added: Following the classification of an asset as “held for sale”, the assets are written down to the lower of carrying value or its estimated fair value, less the costs to sell.
+Added: As a result, BXP and BPLP recognized a non-cash impairment loss of approximately $ 18.0 million and $ 16.8 million, respectively, during the three months ended June 30, 2026.
+Added: The Company’s estimated fair value was based on Level 3 inputs as defined in ASC 820, including an accepted offer from a third party, as offers are classified as Level 3 inputs and there were no other unobservable inputs utilized in the consolidated impairment analysis.
Recurring Fair Value - Derivatives
3 unchanged sentences
To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.
−Removed: Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties.
+Added: Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy,
+Added: the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties.
The Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.
As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
−Removed: The following table presents the aggregate fair value of the Company’s interest rate swaps as of March 31, 2026 and December 31, 2025 (in thousands):
−Removed: Fair value March 31, 2026 December 31, 2025
+Added: The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2026 and December 31, 2025 (in thousands):
+Added: Fair value June 30, 2026 December 31, 2025
Interest rate swaps $ 1,579 $ ( 8,283 )
3 unchanged sentences
The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future.
−Removed: At March 31, 2026 and December 31, 2025, the Company had maintained approximately $ 41.9 million and $ 44.4 million, respectively, in separate accounts, which are not restricted as to their use.
−Removed: The Company recognized losses of approximately $ 0.6 million and $ 0.4 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended March 31, 2026 and March 31, 2025, respectively, primarily due to the observable change in fair value.
−Removed: Real estate consisted of the following at March 31, 2026 and December 31, 2025 (in thousands):
−Removed: March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025
+Added: At June 30, 2026 and December 31, 2025, the Company had maintained approximately $ 46.4 million and $ 44.4 million, respectively, in separate accounts, which are not restricted as to their use.
+Added: The Company recognized gains of approximately $ 4.4 million and $ 2.6 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended June 30, 2026 and June 30, 2025, respectively, and approximately $ 3.8 million and $ 2.2 million during the six months ended June 30, 2026 and June 30, 2025, respectively, primarily due to the observable change in fair value.
+Added: Real estate consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
+Added: June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025
Land $ 5,264,893 $ 5,243,760 $ 5,172,907 $ 5,151,246
12 unchanged sentences
(1) Includes pre-development costs.
+Added: Held for Sale and Impairment
+Added: On May 27, 2026, the Company entered into an agreement to sell its leasehold interest and improvements thereon commonly known as Sumner Square to a third party and on May 29, 2026, the sale met the Company’s “held for sale” criteria (See Note 14).
+Added: The Company generally considers assets to be “held for sale” when the transaction has been approved by BXP’s Board of Directors, or a committee thereof, the asset is available for immediate sale in present condition and there are no known significant contingencies relating to the sale, such that a sale of the property within one year is considered probable.
+Added: Following the classification of an asset as “held for sale,” no further depreciation or amortization is recorded on the assets, and the assets are written down to the lower of carrying value or estimated fair market value, less the costs to sell.
+Added: This write down resulted in an impairment (See Note 2).
+Added: Sumner Square is an approximately 211,000 net rentable square foot office property located in Washington, DC.
+Added: At June 30, 2026, the assets and liabilities of Sumner Square consisted of (in thousands):
+Added: Real estate, at cost $ 58,674
+Added: Right of use assets - operating leases 18,658
+Added: Accumulated depreciation ( 33,054 )
+Added: Total real estate 44,278
+Added: Tenant and other receivables, net 459
+Added: Accrued rental income, net 15,482
+Added: Deferred charges, net 2,307
+Added: Prepaid expenses and other assets 18
+Added: Assets held for sale $ 62,544
+Added: Lease liabilities - operating leases $ 75
+Added: Accounts payable and accrued expenses 1,355
+Added: Other liabilities 4,700
+Added: Liabilities held for sale $ 6,130
On January 16, 2026, the Company fully placed in-service Reston Next Retail, located in Reston, Virginia.
−Removed: Reston Next Retail is a retail development with approximately 30,000 net rentable square feet.
−Removed: The following table represents the assets that were sold during the three months ended March 31, 2026 and the gains (losses) on sales of real estate recognized by each of BXP and BPLP (dollars in thousands):
+Added: Reston Next Retail is a retail development project with approximately 30,000 net rentable square feet.
+Added: On April 30, 2026, the Company fully placed in-service 290 Binney Street, located in Cambridge, Massachusetts.
+Added: 290 Binney Street is owned by a consolidated joint venture in which the Company has a 55 % ownership interest.
+Added: 290 Binney Street is a laboratory/life sciences development project with approximately 573,000 net rentable square feet.
+Added: On June 13, 2026, the Company commenced the redevelopment of a portion of Reservoir Place, located in Waltham, Massachusetts.
+Added: The redevelopment consists of approximately 363,000 net rentable square feet of office space that was previously removed from the Company’s in-service portfolio in anticipation of a future redevelopment.
+Added: The following table represents the assets that were sold during the six months ended June 30, 2026 and the gains (losses) on sales of real estate recognized by each of BXP and BPLP (dollars in thousands):
Gross Sale Price Net Cash Proceeds (1)
5 unchanged sentences
Rockville, MD February 5, 2026 N/A 24,650 23,676 ( 763 ) ( 763 )
−Removed: 191,000 75,150 73,132 ( 973 ) ( 973 )
+Added: Subtotal 191,000 75,150 73,113 ( 992 ) ( 992 )
The Lofts at Atlantic Wharf (4)
Boston, MA February 25, 2026 87,000 55,500 54,207 14,764 14,764
−Removed: 87,000 55,500 54,209 14,765 14,765
+Added: Subtotal 87,000 55,500 54,207 14,764 14,764
+Added: Kingstowne Retail (4)
+Added: Alexandria, VA April 17, 2026 88,300 19,700 19,306 7,029 7,048
+Added: Subtotal 88,300 19,700 19,306 7,029 7,048
Total Dispositions 366,300 $ 150,350 $ 146,626 $ 20,801 $ 20,820
2 unchanged sentences
(2) Excludes approximately $ 0.3 million of loss in connection with the sale of the Company’s entire 50 % ownership interest in the joint venture entity that owned Gateway Commons as a result of the Company's outstanding receivable balance for development and construction management fees that were forfeited (see Note 5), and $ 0.1 million of loss related to sales that occurred in prior periods .
−Removed: (3) The Company had previously recognized impairment losses for these properties.
+Added: (3) The Company had previously recognized an impairment loss for this property.
(4) The fair value of the real estate disposed exceeded the carrying value.
−Removed: The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three months ended March 31, 2026 and 2025 and included within the Company's Consolidated Statements of Operations (in thousands):
−Removed: Three months ended March 31,
+Added: The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2026 and 2025 and included within the Company's Consolidated Statements of Operations (in thousands):
+Added: Three months ended June 30, Six months ended June 30,
Lease Revenue 2026 2025 2026 2025
4 unchanged sentences
Investments in Unconsolidated Joint Ventures
−Removed: The investments in unconsolidated joint ventures consist of the following at March 31, 2026 and December 31, 2025:
+Added: The investments in unconsolidated joint ventures consist of the following at June 30, 2026 and December 31, 2025:
Carrying Value of Investment (1)
−Removed: Entity Property Nominal % Ownership March 31, 2026 December 31,
+Added: Entity Property Nominal % Ownership June 30, 2026 December 31,
(in thousands)
22 unchanged sentences
200 Fifth Avenue JV LLC 200 Fifth Avenue 26.69 % 79,039 74,747
−Removed: ABXP Worldgate Investments LLC 13100 and 13150 Worldgate Drive 50.00 % 22,215 21,995
−Removed: CAB 290 Coles Venture LLC 290 Coles Street - Common Equity 19.46 % (8)
+Added: ABXP Worldgate Investments LLC 13100 Worldgate Drive 50.00 % (8)
16,139 21,995
+Added: CAB 290 Coles Venture LLC 290 Coles Street - Common Equity 19.46 % 19,778 19,928
CAB 290 Coles Holdco LLC 290 Coles Street - Preferred Equity — % (9)
68,320 30,362
−Removed: 17 Hartwell Avenue JV LLC 17 Hartwell Avenue 20.00 % (8)
−Removed: 13,022 10,567
+Added: 17 Hartwell JV LLC 17 Hartwell Avenue 20.00 % 16,650 10,567
+Added: Worldgate Multifamily JV LLC
+Added: 13150 Worldgate Drive 20.00 % (10)
$ 806,064 $ 983,710
_______________
−Removed: (1) Investments with deficit balances aggregating approximately $ 16.1 million and $ 15.6 million at March 31, 2026 and December 31, 2025, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
+Added: (1) Investments with deficit balances aggregating approximately $ 14.0 million and $ 15.6 million at June 30, 2026 and December 31, 2025, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.
(2) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33 % interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.
(3) This investment includes net equity balances from the amenity joint venture.
−Removed: The amenity joint venture had a deficit balance of approximately $ 0.4 million at March 31, 2026 and December 31, 2025.
−Removed: (4) The Company sold its entire ownership interest during the three months ended March 31, 2026 (See “Dispositions” below in this Note 5.)
−Removed: (5) The Company completed the sale of the property on September 17, 2025 and is in the process of dissolving this joint venture.
+Added: The amenity joint venture had a deficit balance of approximately $ 0.4 million at June 30, 2026 and December 31, 2025.
+Added: (4) The Company sold its entire ownership interest during the six months ended June 30, 2026 (See “Dispositions” below in this Note 5).
+Added: (5) The joint venture completed the sale of the property on September 17, 2025 and is in the process of being dissolved.
(6) The Company’s ownership includes (1) a 33.0 % direct interest in the joint venture, and (2) an additional 1.0 % interest in each of the two entities through which each partner owns its interest in the joint venture.
(7) The Company’s ownership includes (1) a 35.79 % direct interest in the joint venture, (2) an additional 35.02 % indirect ownership in the joint venture, and (3) an additional 1.0 % interest in the entity through which the partner owns its interest in the joint venture.
+Added: (8) The joint venture completed the sale of 13150 Worldgate Drive during the three months ended June 30, 2026 (See “Dispositions” below in this Note 5).
+Added: (9) The Company has fully funded the first $ 65.0 million of required capital through its preferred equity investment accruing at a 13.0 % internal rate of return and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.
(10) This entity is a VIE (See Note 2).
−Removed: (9) The Company agreed to fund up to $ 65.0 million of the required capital through its preferred equity investment.
−Removed: The Company’s preferred equity investment will earn and accrue a 13.0 % internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.
Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.
1 unchanged sentence
The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
(in thousands)
16 unchanged sentences
_______________
−Removed: (1) At March 31, 2026 and December 31, 2025, this amount included right of use assets - operating leases totaling approximately $ 17.6 million and $ 17.9 million, respectively.
+Added: (1) At June 30, 2026 and December 31, 2025, this amount included right of use assets - operating leases totaling approximately $ 17.3 million and $ 17.9 million, respectively.
(2) During the year ended December 31, 2025, the joint ventures that own Safeco Plaza and Gateway Commons recognized property-level impairment losses in accordance with ASC 360, “Property, Plant and Equipment”.
1 unchanged sentence
the amounts were recognized as basis differences.
−Removed: (3) At March 31, 2026 and December 31, 2025, this amount included sales-type lease receivable, net totaling approximately $ 14.4 million.
−Removed: (4) At March 31, 2026 and December 31, 2025, this amount included lease liabilities - operating leases totaling approximately $ 30.4 million and $ 30.5 million, respectively.
+Added: (3) At June 30, 2026 and December 31, 2025, this amount included sales-type lease receivable, net totaling approximately $ 14.5 million and $ 14.4 million, respectively.
+Added: (4) At June 30, 2026 and December 31, 2025, this amount included lease liabilities - operating leases totaling approximately $ 30.4 million and $ 30.5 million, respectively.
(5) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities.
3 unchanged sentences
The Company’s basis differentials include:
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Property (in thousands)
10 unchanged sentences
These basis differentials (excluding land, which is not depreciable) will be amortized over the remaining lives of the related assets and liabilities.
−Removed: (6) Investments with deficit balances aggregating approximately $ 16.1 million and $ 15.6 million at March 31, 2026 and December 31, 2025, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
+Added: (6) Investments with deficit balances aggregating approximately $ 14.0 million and $ 15.6 million at June 30, 2026 and December 31, 2025, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.
The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
(in thousands)
8 unchanged sentences
Interest expense ( 36,648 ) ( 45,103 ) ( 76,328 ) ( 89,535 )
+Added: Loss on interest rate contract ( 35 ) — ( 35 ) —
Unrealized loss on derivative instruments — ( 4,904 ) — ( 13,229 )
−Removed: Loss on sale of real estate (2)
+Added: Gain on sale of real estate (2)
+Added: 2,716 — 2,714 —
Net loss $ ( 13,056 ) $ ( 23,918 ) $ ( 30,357 ) $ ( 42,328 )
1 unchanged sentence
Gains on sales of investments (3)
+Added: 325 — 41,559 —
Basis differential (4)
+Added: 720 4,366 1,765 8,023
Income (loss) from unconsolidated joint ventures $ ( 2,448 ) $ ( 3,324 ) $ 32,965 $ ( 5,463 )
_______________
−Removed: (1) Includes straight-line rent adjustments of approximately $ 0.5 million and $ 3.4 million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: (2) Related to a sale that occurred in a prior period.
−Removed: (3) During the three months ended March 31, 2026, the Company completed the sale of its entire 50 % interest in each of Gateway Commons and 7750 Wisconsin Avenue (See “Dispositions” below).
−Removed: (4) Includes depreciation and amortization of approximately $( 1.0 ) million and $( 1.4 ) million for the three months ended March 31, 2026 and 2025, respectively.
−Removed: Includes unrealized losses on derivative instruments of approximately $ 2.2 million for the three months ended March 31, 2025.
−Removed: The following table represents the Company’s share of the investments that were sold during the three months ended March 31, 2026 and the gains on sales of investments recognized (dollars in thousands):
+Added: (1) Includes straight-line rent adjustments of approximately $ 9.3 million and $ 4.5 million for the three months ended June 30, 2026 and 2025, respectively, and approximately $ 9.7 million and $ 7.9 million for the six months ended June 30, 2026 and 2025, respectively.
+Added: (2) The joint venture completed the sale of 13150 Worldgate Drive during the three months ended June 30, 2026 (See “Dispositions” below in this Note 5).
+Added: (3) During the six months ended June 30, 2026, the Company completed the sale of its entire 50 % interest in each of Gateway Commons and 7750 Wisconsin Avenue (See “Dispositions” below in this Note 5).
+Added: (4) Includes depreciation and amortization of approximately $( 0.9 ) million and $( 3.0 ) million for the three months ended June 30, 2026 and 2025, respectively, and approximately $( 1.9 ) million and $( 4.4 ) million for the six months ended June 30, 2026 and 2025, respectively.
+Added: Includes unrealized losses on derivative instruments of approximately $( 1.3 ) million and $( 3.5 ) million for the three and six months ended June 30, 2025.
+Added: New Joint Venture
+Added: On June 4, 2026, the Company entered into a joint venture with a third party to develop, own, and operate a residential property at 13150 Worldgate Drive located in Herndon, Virginia.
+Added: The Company contributed approximately $ 4.4 million in cash to the joint venture for a 20 % ownership interest.
+Added: Concurrently, the joint venture acquired 13150 Worldgate Drive from a different joint venture (See “Dispositions” below in this Note 5) for a gross purchase price of approximately $ 21.3 million, including approximately $ 3.1 million of pre-development costs.
+Added: The joint venture also entered into an approximately $ 68.2 million construction loan.
+Added: The loan bears interest at a fixed rate of 6.25 % per annum and matures on June 10, 2031 .
+Added: When completed, 13150 Worldgate Drive is expected to be a 359 -unit residential property with a parking garage.
+Added: On May 8, 2026, a joint venture in which the Company has a 20 % ownership interest extended the maturity date of the $ 140.0 million construction loan collateralized by its Skymark - Reston Next Residential property (“Skymark”).
+Added: The loan was scheduled to mature on May 13, 2026 and bore interest at a variable rate equal to Term
+Added: SOFR plus 2.00 % per annum.
+Added: The loan now matures on November 13, 2026 , and will continue to bear interest at Term SOFR plus 2.00 % per annum.
+Added: The loan continues to provide two extension options, subject to certain conditions.
+Added: Skymark is a 508 -unit residential property located in Reston, Virginia.
+Added: On June 3, 2026, a joint venture in which the Company has a 30 % ownership interest modified the loans collateralized by its 500 North Capitol Street property.
+Added: The loans consist of a mortgage note payable (Note A) equal to $ 70.0 million and a mortgage note payable (Note B) equal to $ 35.0 million and both were scheduled to mature on June 5, 2026 .
+Added: Note A bore interest at a fixed rate of 6.23 % per annum and Note B bore interest at a fixed rate of 8.03 % per annum.
+Added: The loans will now mature on December 31, 2026 , and both loans bear interest at a fixed rate of 6.88 % per annum.
+Added: The Company is the lender for $ 10.5 million of Note B which is reflected in Related party notes receivable, net on the Company’s Consolidated Balance Sheets.
+Added: 500 North Capitol Street is an office property with approximately 231,000 net rentable square feet located in Washington, DC.
+Added: On June 18, 2026, a joint venture in which the Company has a 33.67 % ownership interest modified the $ 250.0 million mortgage loan collateralized by its Safeco Plaza property.
+Added: The loan was scheduled to mature on September 1, 2026 and bore interest at a variable rate equal to the greater of (x) 2.35 % or (y) SOFR plus 2.32 % per annum.
+Added: The joint venture had entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in the SOFR rate at a cap of 2.50 % per annum on a notional amount of $ 250.0 million through September 1, 2026.
+Added: The loan now matures on November 30, 2028 and bears interest at a fixed rate equal to 4.00 % per annum.
+Added: In connection with the loan modification, the joint venture terminated the interest rate cap agreement.
+Added: Safeco Plaza is an office tower with approximately 763,000 net rentable square feet located in Seattle, Washington.
+Added: The following table represents the Company’s share of the sales that occurred during the six months ended June 30, 2026 (dollars in thousands):
+Added: Company’s share
Property Ownership Sold Location Date Disposed Square Feet Gross Sale Price Net Cash Proceeds Gain on Sale
3 unchanged sentences
50.00 % Bethesda/Chevy Chase, MD March 19, 2026 735,600 215,000 83,293 34,840
+Added: 13150 Worldgate Drive (4)
+Added: 50.00 % Herndon, VA June 4, 2026 N/A 10,275 10,248 832
1,528,300 $ 375,275 $ 225,306 $ 42,391
1 unchanged sentence
(1) The Company had previously recognized an other-than-temporary impairment loss on its investment.
+Added: (2) Net cash proceeds and gain on sale includes $ 0.2 million of proceeds from 751 Gateway Boulevard.
+Added: The Company sold its 49 % ownership interest in 751 Gateway Boulevard on December 30, 2025.
(3) Gross sale price includes the partner’s assumption of the Company’s share of the mortgage note, which was $ 126.0 million.
+Added: (4) The joint venture sold this property and the Company still has an ownership interest in the joint venture that had owned the property.
Unsecured Senior Notes
−Removed: The following summarizes the unsecured senior notes outstanding as of March 31, 2026 (dollars in thousands):
+Added: The following summarizes the unsecured senior notes outstanding as of June 30, 2026 (dollars in thousands):
Coupon/Stated Rate Effective Rate (1)
21 unchanged sentences
BPLP’s agreements with derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation.
−Removed: As of March 31, 2026, the Company had not posted any collateral related to the agreements.
+Added: As of June 30, 2026, the Company had not posted any collateral related to the agreements.
Effective Hedge Instruments
BPLP assesses the effectiveness of its derivatives both at inception and on an ongoing basis.
−Removed: If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive loss” in the Company’s Consolidated Balance Sheets and is subsequently reclassified into “Interest expense” in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings.
+Added: If the hedges are deemed to be effective, the fair value is recorded in Accumulated other comprehensive income (loss) in the Company’s Consolidated Balance Sheets and is subsequently reclassified into Interest expense in the Company’s Consolidated Statements of Operations in the period that the hedged forecasted transactions affect earnings.
BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and they are carried at their estimated fair value on a recurring basis (See Note 2).
−Removed: The Company did not have any undesignated hedges during the three months ended March 31, 2026.
−Removed: BPLP’s derivative contracts consisted of the following at March 31, 2026 (dollars in thousands):
+Added: The Company did not have any undesignated hedges during the three and six months ended June 30, 2026.
+Added: BPLP’s derivative contracts consisted of the following at June 30, 2026 (dollars in thousands):
Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location
Effective Date Maturity Date Low High Fair Value
−Removed: Interest Rate Swaps $ 600,000 December 15, 2023 October 26, 2028 3.790 % — 3.798 % Other liabilities $ ( 3,843 )
−Removed: Interest Rate Swaps 300,000 April 7, 2025 April 6, 2026 3.678 % — 3.678 % Other liabilities ( 2 )
+Added: Interest Rate Swaps $ 600,000 December 15, 2023 October 26, 2028 3.790 % — 3.798 % Prepaid expenses and other assets $ 1,579
+Added: The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three and six months ended June 30, 2026 and 2025 (in thousands):
+Added: Three months ended June 30, Six months ended June 30,
2026 2025 2026 2025
−Removed: The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three months ended March 31, 2026 and 2025 (in thousands):
−Removed: Three months ended March 31,
Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss) (1)
11 unchanged sentences
In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of the Company’s subsidiaries to complete construction of the building, to pay tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises.
−Removed: The Company had letters of credit and performance obligations related to lender and development requirements that totaled approximately $ 32.5 million at March 31, 2026.
+Added: The Company had letters of credit and performance obligations related to lender and development requirements that totaled approximately $ 28.5 million at June 30, 2026.
Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.
4 unchanged sentences
The Company has two mezzanine loan receivables with maximum commitments of $ 20.0 million and $ 50.0 million.
−Removed: As of March 31, 2026, the Company has funded approximately $ 10.2 million and $ 21.5 million, respectively, under the mezzanine loans.
+Added: As of June 30, 2026, the Company has funded approximately $ 12.3 million and $ 25.4 million, respectively, under the mezzanine loans, which is reflected in Note receivable, net and Related party notes receivable, net, respectively, in the Company’s Consolidated Balance Sheets.
Legal Matters
17 unchanged sentences
Separately, the Company filed a notice of appeal on January 15, 2025 to preserve the Company’s ability to appeal the grant of summary judgment on the question of whether the Company is liable for payment of the Additional Fee and Final Fee.
−Removed: The First Department granted the Company’s request extending the time to perfect the appeal to September 2026.
+Added: The First Department granted the Company’s request extending the time to perfect the appeal to December 2026.
The Company disputes the seller’s calculations and intends to continue defending itself vigorously.
5 unchanged sentences
and an abutter to the Company’s 290 Binney Street development project located in Cambridge, Massachusetts, filed a complaint in Superior Court in Suffolk County, Massachusetts against the Company relating to certain ongoing construction activities.
−Removed: In the first quarter of 2023, the Company commenced development of 290 Binney Street, an approximately 573,000 net rentable square foot laboratory/life sciences property that is 100 % pre-leased to AstraZeneca Pharmaceuticals (“AstraZeneca”).
+Added: In the first quarter of 2023, the Company commenced development of 290 Binney Street, an approximately 573,000 net rentable square foot laboratory/life sciences property that is 100 % pre-leased to AstraZeneca Pharmaceuticals (“AstraZeneca”) (See Note 3).
The Company has a 55 % interest in the joint venture that owns 290 Binney Street.
8 unchanged sentences
completed the procedural steps that were necessary in order for Brammer’s appeal to be heard before the full appellate panel.
−Removed: The parties have completed the briefing process, and the anticipated hearing date is likely to take place sometime in the second quarter of 2026.
+Added: The hearing on the appeal was held on May 5, 2026, with a decision likely to be issued sometime before the end of 2026.
The remainder of the case continues to proceed in the trial court on the standard litigation timeline.
1 unchanged sentence
However, there can be no assurance the Company will prevail in the litigation.
−Removed: If the Company is enjoined from further construction activities, it could suffer delays in construction that could result in its failure to deliver a completed building on the schedule contemplated by the Company’s lease with AstraZeneca or at all, and this could result in owing financial penalties to AstraZeneca and other third parties.
Although the Company is unable to estimate a range of loss for all related matters for which losses are reasonably possible, if the court grants injunctive relief or awards monetary damages to Brammer, it could have a material adverse effect on the Company’s results of operations and financial condition.
1 unchanged sentence
The Company is a named defendant in an alleged collective and class action wage and hour lawsuit filed on behalf of certain individuals who provided off-duty, uniformed security services at the Company’s buildings in New York City pursuant to the New York Police Department’s Paid Detail Program.
−Removed: In addition to the Company, the plaintiffs also named as defendants more than ninety ( 90 ) other companies.
+Added: In addition to the Company, the plaintiffs also initially named as defendants more than ninety ( 90 ) other companies.
The plaintiffs filed the lawsuit in the United States District Court for the Southern District of New York on January 23, 2025, and brought the claims under the Fair Labor Standards Act, the New York Labor Law and the Freelance Isn’t Free Act.
3 unchanged sentences
The plaintiffs filed the Third Amended Complaint on or about March 11, 2026 and proceeded to serve the Third Amended Complaint on the new defendants to be added to the lawsuit by the court-ordered deadline of April 10, 2026.
+Added: In sum, the plaintiffs have now named and joined over 170 defendants in this litigation under the Third Amended Complaint.
Consistent with the prior complaints, the Third Amended Complaint alleges that the plaintiffs were not paid certain wages owed to them or were not paid in a timely manner and that the plaintiffs did not receive certain wage payment notices required by law.
−Removed: Pursuant to the current schedule under the court’s February 6, 2026 order, the defendants must answer, move or otherwise respond to the Third Amended Complaint by July 9, 2026.
−Removed: If motions are made in lieu of an answer, the briefing period will run through January 6, 2027.
−Removed: The Company has not yet filed a responsive pleading and discovery has not yet commenced.
+Added: Pursuant to the current court-ordered schedule, the defendants’ deadline to answer, move or otherwise respond to the Third Amended Complaint was July 16, 2026.
+Added: On July 16, 2026, a group of approximately fourteen ( 14 ) defendants, including the Company, together filed a Motion to Dismiss the Third Amended Complaint.
+Added: A substantial number of the other defendants joined the Motion to Dismiss by the court-ordered July 23, 2026 deadline to do so.
+Added: The briefing period for the motion is scheduled to run through January 20, 2027.
+Added: Discovery has not yet commenced.
As a result, the Company is unable to estimate a range of loss for which losses are reasonably possible.
2 unchanged sentences
Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company.
−Removed: As of March 31, 2026, the noncontrolling interests in BPLP consisted of the following:
+Added: As of June 30, 2026, the noncontrolling interests in BPLP consisted of the following:
OP Units LTIP Units (1)
3 unchanged sentences
Noncontrolling Interest—Common Units
−Removed: During the three months ended March 31, 2026, 49,365 OP Units were presented by the holders for redemption (including an aggregate of 12,349 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.
−Removed: At March 31, 2026, BPLP had outstanding the 2024 - 2026 MYLTIP Units and the 2025 OPP Units.
+Added: During the six months ended June 30, 2026, 885,882 OP Units were presented by the holders for redemption (including an aggregate of 48,866 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.
+Added: At June 30, 2026, BPLP had outstanding the 2024 - 2026 MYLTIP Units and the 2025 OPP Units.
Prior to the end of the respective performance period for each plan, holders of LTIP Units issued pursuant to these awards are entitled to receive per unit distributions equal to one-tenth ( 10 %) of the regular quarterly distributions payable on an LTIP Unit, but will not be entitled to receive any special distributions.
−Removed: After the performance period for each plan has ended, (1) the number of LTIP Units, both vested and unvested, that the MYLTIP Unit or 2025 OPP Unit
−Removed: recipients, as applicable, have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an LTIP Unit and (2) the Company will make a “catch-up” payment on the LTIP Units that are ultimately earned, if any, in an amount equal to the regular and special dividends, if any, declared during the respective performance period on a number of shares of Common Stock equal to the number of 2024 - 2026 MYLTIP Units or 2025 OPP Units that are earned, less the distributions actually paid during the performance period of each respective award, which (a) for the earned 2024 - 2026 MYLTIP Units will be payable in the form of cash and (b) for the earned 2025 OPP Units will be in the form of additional earned 2025 OPP Units, provided that if the total number of earned 2025 OPP Units would exceed the total number of 2025 OPP Units granted, then such excess shall be paid in cash.
+Added: After the performance period for each plan has ended, (1) the number of LTIP Units, both vested and unvested, that the MYLTIP Unit or 2025 OPP Unit recipients,
+Added: as applicable, have earned, if any, based on the establishment of a performance pool, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on an LTIP Unit and (2) the Company will make a “catch-up” payment on the LTIP Units that are ultimately earned, if any, in an amount equal to the regular and special dividends, if any, declared during the respective performance period on a number of shares of Common Stock equal to the number of 2024 - 2026 MYLTIP Units or 2025 OPP Units that are earned, less the distributions actually paid during the performance period of each respective award, which (a) for the earned 2024 - 2026 MYLTIP Units will be payable in the form of cash and (b) for the earned 2025 OPP Units will be in the form of additional earned 2025 OPP Units, provided that if the total number of earned 2025 OPP Units would exceed the total number of 2025 OPP Units granted, then such excess shall be paid in cash.
The following table shows the results for the 2023 MYLTIP awards (after giving effect to employee separation) at the end of its respective three -year measurement period (Aggregate value is shown in millions):
1 unchanged sentence
2023 MYLTIP Awards February 6, 2026 95 % $ 9.9 168,717
−Removed: The following table presents BPLP’s distributions on the OP Units, LTIP Units, MYLTIP Units and 2025 OPP Units paid or declared in 2026 and during the three months ended March 31, 2025:
+Added: The following table presents BPLP’s distributions on the OP Units, LTIP Units, MYLTIP Units and 2025 OPP Units paid or declared in 2026 and during the six months ended June 30, 2025:
Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit and 2025 OPP Units
+Added: June 30, 2026 July 31, 2026 $ 0.70 $ 0.070
March 31, 2026 April 30, 2026 $ 0.70 $ 0.070
December 31, 2025 January 29, 2026 $ 0.70 $ 0.070
+Added: June 30, 2025 July 31, 2025 $ 0.98 $ 0.098
March 31, 2025 April 30, 2025 $ 0.98 $ 0.098
3 unchanged sentences
BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock.
−Removed: Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 51.90 per share on March 31, 2026, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2023 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at March 31, 2026 was approximately $ 1.0 billion.
+Added: Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 66.31 per share on June 30, 2026, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2023 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at June 30, 2026 was approximately $ 1.2 billion.
Noncontrolling Interests—Property Partnerships
The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties.
−Removed: The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion at March 31, 2026 and December 31, 2025, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
+Added: The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion at June 30, 2026 and December 31, 2025, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.
Stockholders’ Equity / Partners’ Capital
−Removed: As of March 31, 2026, BXP had 158,675,963 shares of Common Stock outstanding.
−Removed: As of March 31, 2026, BXP owned 1,774,632 general partnership units and 156,901,331 limited partnership units in BPLP.
+Added: As of June 30, 2026, BXP had 159,521,510 shares of Common Stock outstanding.
+Added: As of June 30, 2026, BXP owned 1,774,922 general partnership units and 157,746,588 limited partnership units in BPLP.
On March 6, 2026, BXP renewed and increased the size of its “at the market” (“ATM”) stock offering program.
Pursuant to the ATM program, BXP may sell from time to time up to an aggregate of $ 1.0 billion of its Common Stock through sales agents over a three -year period.
−Removed: Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward basis.
+Added: Under the ATM stock offering program, BXP may also engage in forward sale transactions with affiliates of certain sales agents for the sale of its Common Stock on a forward
This program replaced BXP’s prior $ 600.0 million ATM stock offering program that was scheduled to expire on May 17, 2026.
−Removed: BXP intends to use the net proceeds from any offering for general business purposes, which may
−Removed: include investment opportunities and debt reduction.
+Added: BXP intends to use the net proceeds from any offering for general business purposes, which may include investment opportunities and debt reduction.
No shares of Common Stock have been issued under this ATM stock offering program.
−Removed: During the three months ended March 31, 2026, BXP issued 49,365 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.
−Removed: The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2026 and during the three months ended March 31, 2025:
+Added: During the six months ended June 30, 2026, BXP issued 885,882 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.
+Added: The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2026 and during the six months ended June 30, 2025:
Record Date Payment Date Dividend (Per Share) Distribution (Per Unit)
+Added: June 30, 2026 July 31, 2026 $ 0.70 $ 0.70
March 31, 2026 April 30, 2026 $ 0.70 $ 0.70
December 31, 2025 January 29, 2026 $ 0.70 $ 0.70
+Added: June 30, 2025 July 31, 2025 $ 0.98 $ 0.98
March 31, 2025 April 30, 2025 $ 0.98 $ 0.98
2 unchanged sentences
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Makers (“CODMs”).
−Removed: The CODMs decide how resources should be allocated and assesses performance on a recurring basis, at least quarterly.
+Added: The CODMs decide how resources should be allocated and assess performance on a recurring basis, at least quarterly.
The Company’s CODMs are its Chief Executive Officer and President.
8 unchanged sentences
The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level:
−Removed: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains on sales of real estate, interest and other income (loss), unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, losses from investments in securities, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests.
+Added: development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains on sales of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests.
The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.
3 unchanged sentences
The following tables present reconciliations of the Company’s share of NOI to Net Income Attributable to BXP, Inc.
−Removed: and Net Income Attributable to Boston Properties Limited Partnership for the three months ended March 31, 2026 and 2025.
−Removed: Three months ended March 31,
+Added: and Net Income Attributable to Boston Properties Limited Partnership for the three and six months ended June 30, 2026 and 2025.
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
(in thousands)
2 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
+Added: 3,901 4,104 8,771 8,603
Income (loss) from unconsolidated joint ventures ( 2,448 ) ( 3,324 ) 32,965 ( 5,463 )
1 unchanged sentence
Interest and other income (loss) 6,137 8,063 15,022 15,813
+Added: Gains from investments in securities 4,385 2,600 3,819 2,235
Unrealized gain (loss) on non-real estate investments ( 75 ) ( 39 ) 113 ( 522 )
3 unchanged sentences
Payroll and related costs from management services contracts
+Added: 3,901 4,104 8,771 8,603
Transaction costs ( 62 ) 357 67 1,125
2 unchanged sentences
Net operating income from unconsolidated joint ventures 22,028 31,029 44,398 63,711
−Removed: Losses from investments in securities 566 365
+Added: Impairment loss 18,036 — 18,036 —
Loss from early extinguishment of debt — — — 338
3 unchanged sentences
Noncontrolling interest—common units of the Operating Partnership
+Added: 7,779 10,064 19,294 17,036
Net income attributable to BXP, Inc.
$ 68,564 $ 88,977 $ 170,186 $ 150,161
−Removed: Three months ended March 31,
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
(in thousands)
2 unchanged sentences
Direct reimbursements of payroll and related costs from management services contracts
+Added: 3,901 4,104 8,771 8,603
Income (loss) from unconsolidated joint ventures ( 2,448 ) ( 3,324 ) 32,965 ( 5,463 )
1 unchanged sentence
Interest and other income (loss) 6,137 8,063 15,022 15,813
+Added: Gains from investments in securities 4,385 2,600 3,819 2,235
Unrealized gain (loss) on non-real estate investments ( 75 ) ( 39 ) 113 ( 522 )
3 unchanged sentences
Payroll and related costs from management services contracts
+Added: 3,901 4,104 8,771 8,603
Transaction costs ( 62 ) 357 67 1,125
2 unchanged sentences
Net operating income from unconsolidated joint ventures 22,028 31,029 44,398 63,711
−Removed: Losses from investments in securities 566 365
+Added: Impairment loss 16,752 — 16,752 —
Loss from early extinguishment of debt — — — 338
3 unchanged sentences
Net income attributable to Boston Properties Limited Partnership $ 79,302 $ 100,843 $ 194,101 $ 170,702
−Removed: The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three months ended March 31, 2026 and 2025.
−Removed: Three months ended March 31,
+Added: The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and six months ended June 30, 2026 and 2025.
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
(in thousands)
Revenue $ 895,699 $ 868,457 $ 1,767,847 $ 1,733,672
−Removed: Development and management services 9,207 9,775
+Added: Development and management services revenue 7,633 8,846 16,840 18,621
Direct reimbursements of payroll and related costs from management services contracts 3,901 4,104 8,771 8,603
Total rental revenue $ 884,165 $ 855,507 $ 1,742,236 $ 1,706,448
−Removed: The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three months ended March 31, 2026 and 2025 (dollars in thousands).
−Removed: For the three months ended March 31, 2026:
+Added: The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and six months ended June 30, 2026 and 2025 (dollars in thousands).
+Added: For the three months ended June 30, 2026:
Boston Los Angeles New York San Francisco Seattle Washington, DC Total
17 unchanged sentences
% of Grand Totals 40.72 % 3.37 % 24.70 % 16.03 % 1.90 % 13.28 % 100.00 %
−Removed: For the three months ended March 31, 2025:
+Added: For the three months ended June 30, 2025:
Boston Los Angeles New York San Francisco Seattle Washington, DC Total
17 unchanged sentences
% of Grand Totals 39.32 % 3.59 % 23.32 % 16.31 % 2.31 % 15.15 % 100.00 %
+Added: For the six months ended June 30, 2026:
+Added: Boston Los Angeles New York San Francisco Seattle Washington, DC Total
+Added: Rental Revenue:
+Added: Office $ 629,531 $ 32,685 $ 544,607 $ 255,296 $ 22,014 $ 225,966 $ 1,710,099
+Added: Residential 872 — — 7,263 — — 8,135
+Added: Hotel 24,002 — — — — — 24,002
+Added: Total 654,405 32,685 544,607 262,559 22,014 225,966 1,742,236
+Added: % of Grand Totals 37.56 % 1.88 % 31.26 % 15.07 % 1.26 % 12.97 % 100.00 %
+Added: Rental Expenses:
+Added: Office 239,067 12,976 237,624 98,358 6,737 81,245 676,007
+Added: Residential 655 — — 3,561 — — 4,216
+Added: Hotel 17,351 — — — — — 17,351
+Added: Total 257,073 12,976 237,624 101,919 6,737 81,245 697,574
+Added: % of Grand Totals 36.85 % 1.86 % 34.06 % 14.61 % 0.97 % 11.65 % 100.00 %
+Added: Net operating income $ 397,332 $ 19,709 $ 306,983 $ 160,640 $ 15,277 $ 144,721 $ 1,044,662
+Added: % of Grand Totals 38.03 % 1.89 % 29.39 % 15.38 % 1.46 % 13.85 % 100.00 %
+Added: Net operating income attributable to noncontrolling interests in property partnerships ( 39,231 ) — ( 72,814 ) — — — ( 112,045 )
+Added: Company’s share of net operating income (loss) from unconsolidated joint ventures 17,582 14,077 3,903 ( 1,091 ) 3,728 6,199 44,398
+Added: Company’s share of net operating income $ 375,683 $ 33,786 $ 238,072 $ 159,549 $ 19,005 $ 150,920 $ 977,015
+Added: % of Grand Totals 38.44 % 3.46 % 24.37 % 16.33 % 1.95 % 15.45 % 100.00 %
+Added: For the six months ended June 30, 2025:
+Added: Boston Los Angeles New York San Francisco Seattle Washington, DC Total
+Added: Rental Revenue:
+Added: Office $ 609,111 $ 34,781 $ 527,514 $ 251,188 $ 24,103 $ 210,501 $ 1,657,198
+Added: Residential 8,529 — — 6,858 — 9,493 24,880
+Added: Hotel 24,370 — — — — — 24,370
+Added: Total 642,010 34,781 527,514 258,046 24,103 219,994 1,706,448
+Added: % of Grand Totals 37.63 % 2.04 % 30.91 % 15.12 % 1.41 % 12.89 % 100.00 %
+Added: Rental Expenses:
+Added: Office 228,120 13,446 224,637 98,184 5,982 80,796 651,165
+Added: Residential 3,481 — — 4,944 — 4,050 12,475
+Added: Hotel 16,930 — — — — — 16,930
+Added: Total 248,531 13,446 224,637 103,128 5,982 84,846 680,570
+Added: % of Grand Totals 36.51 % 1.98 % 33.01 % 15.15 % 0.88 % 12.47 % 100.00 %
+Added: Net operating income $ 393,479 $ 21,335 $ 302,877 $ 154,918 $ 18,121 $ 135,148 $ 1,025,878
+Added: % of Grand Totals 38.36 % 2.08 % 29.52 % 15.10 % 1.77 % 13.17 % 100.00 %
+Added: Net operating income attributable to noncontrolling interests in property partnerships ( 31,029 ) — ( 70,235 ) — — — ( 101,264 )
+Added: Company’s share of net operating income from unconsolidated joint ventures 17,521 14,405 5,024 8,779 4,534 13,448 63,711
+Added: Company’s share of net operating income $ 379,971 $ 35,740 $ 237,666 $ 163,697 $ 22,655 $ 148,596 $ 988,325
+Added: % of Grand Totals 38.44 % 3.62 % 24.05 % 16.56 % 2.29 % 15.04 % 100.00 %
Earnings Per Share / Common Unit
3 unchanged sentences
Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are also participating securities.
−Removed: As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units and MYLTIP Units are considered participating securities.
+Added: As such, unvested restricted common stock of BXP and BPLP’s LTIP Units, 2012 OPP Units, 2025 OPP Units and MYLTIP Units are considered participating securities.
Participating securities are included in the computation of basic EPS using the two-class method.
2 unchanged sentences
Other potentially dilutive common shares, including restricted common stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.
−Removed: The following tables calculate BXP and BPLP’s earnings per share / unit for the three months ended March 31, 2026 and 2025.
−Removed: Three months ended March 31,
+Added: The following tables calculate BXP and BPLP’s earnings per share / unit for the three and six months ended June 30, 2026 and 2025.
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Computation of Basic and Diluted Earnings Per Share:
14 unchanged sentences
Stock Based Compensation (1)
+Added: 462 483 481 456
Weighted average common shares outstanding - diluted 159,629 158,795 159,344 158,713
4 unchanged sentences
_______________
−Removed: (1) During the three months ended March 31, 2026 and 2025, there were approximately 1,117,298 and 665,381 unvested performance-based restricted common stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
−Removed: Three months ended March 31,
+Added: (1) During the three and six months ended June 30, 2026 and 2025, there were approximately 1,107,247 and 685,436 unvested performance-based restricted common stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the period.
+Added: Three months ended June 30, Six months ended June 30,
+Added: 2026 2025 2026 2025
Computation of Basic and Diluted Earnings Per Unit:
11 unchanged sentences
Stock Based Compensation (1)
+Added: 462 483 481 456
Weighted average common units outstanding - diluted 176,936 176,354 176,878 176,268
3 unchanged sentences
_______________
−Removed: (1) During the three months ended March 31, 2026 and 2025, there were approximately 1,117,298 and 665,381 unvested performance-based restricted common stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per unit because to do so would have been antidilutive for the period.
+Added: (1) During the three and six months ended June 30, 2026 and 2025, there were approximately 1,107,247 and 685,436 unvested performance-based restricted common stock and LTIP Units, respectively, that were not included in the computation of diluted earnings per unit because to do so would have been antidilutive for the period.
Stock Option and Incentive Plan
11 unchanged sentences
The following table shows information for restricted common stock issued by BXP, Inc.
−Removed: and LTIP Units and 2026 MYLTIP Units that were issued by BPLP during the three months ended March 31, 2026 (Value is shown in millions):
+Added: and LTIP Units and 2026 MYLTIP Units that were issued by BPLP during the six months ended June 30, 2026 (Value is shown in millions):
Issuance Shares / Units Value
Restricted Common Stock (1)
+Added: 100,272 $ 6.4
LTIP Units (2) (3)
13 unchanged sentences
Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in BXP, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets.
−Removed: Aggregate stock-based compensation expense associated with restricted common stock, LTIP Units, OPP Units and MYLTIP Units was approximately $ 26.0 million and $ 23.0 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
−Removed: At March 31, 2026, there was (1) an aggregate of approximately $ 37.2 million of unrecognized compensation expense related to unvested restricted common stock and LTIP Units and (2) an aggregate of approximately $ 34.7 million of unrecognized compensation expense related to unvested 2024 - 2026 MYLTIP Units and 2025 OPP Units that is expected to be recognized over a weighted-average period of approximately 3.2 years.
+Added: Aggregate stock-based compensation expense associated with restricted common stock, LTIP Units, OPP Units and MYLTIP Units was approximately $ 15.5 million and $ 11.6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 41.5 million and $ 34.6 million for the six months ended June 30, 2026 and 2025, respectively.
+Added: At June 30, 2026, there was (1) an aggregate of approximately $ 28.9 million of unrecognized compensation expense related to unvested restricted common stock and LTIP Units and (2) an aggregate of approximately $ 28.3 million of unrecognized compensation expense related to unvested 2024 - 2026 MYLTIP Units and 2025 OPP Units that is expected to be recognized over a weighted-average period of approximately 3.0 years.
Subsequent Events
−Removed: On April 17, 2026, the Company completed the sale of Kingstowne Retail located in Alexandria, Virginia for a gross sale price of $ 19.7 million.
−Removed: Kingstowne Retail is a retail property with approximately 88,000 net rentable square feet.
+Added: On July 28, 2026, the Company entered into a $ 1.2 billion construction loan for the development of 343 Madison Avenue located in New York City, New York.
+Added: The loan matures on July 28, 2030 and provides for a one -year extension option, subject to customary conditions.
+Added: The loan bears interest at a variable rate of Term SOFR plus 2.50 % per annum, which may be reduced to Term SOFR plus 2.25 % per annum upon the achievement of certain leasing and construction milestones.
+Added: 343 Madison Avenue is an office development project with approximately 930,000 rentable square feet.
+Added: On August 5, 2026, the Company completed the sale of its leasehold interest and improvements thereon commonly known as Sumner Square to a third party for a gross sale price of $ 63.0 million.
+Added: Sumner Square is an approximately 211,000 net rentable square foot office property located in Washington, DC (See Notes 2 and 3).
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.