What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-06 compared with 2026-05-07 · 649 added, 260 removed, 740 unchanged (55% of the section changed)

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

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

BXP is one of the largest publicly traded office REITs (based on total market capitalization as of June 30, 2026) in the United States that develops, owns, and manages primarily premier workplaces.

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

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We generate revenue and cash primarily by leasing premier workplaces to our clients.

We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees.

As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets.

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

Over the past several years, BXP’s experience and performance has diverged from the larger market and media sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy.

Over the past several years, BXP’s experience and performance has diverged from the larger market sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy.

We believe this divergence validates our strategy and differentiates BXP from other office companies.

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This outperformance is evident in BXP’s portfolio where we derive approximately 91% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs.

We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of March 31, 2026, multiplied by twelve.

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

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

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

As of June 30, 2026, our CBD assets were 90.7% occupied and 93.6% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

As of June 30, 2026, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.7 years, and (2) our 20 largest clients, based on square feet, was approximately 9.4 years.

Through year-end 2027, we have relatively low exposure to contractual lease expirations with approximately 4.6% of our share of the square footage of our in-service portfolio expiring.

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

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

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

Our progress reflects steady advancement across these key priorities.

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

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

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

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

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

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

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

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

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

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

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

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

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

Leasing momentum remained strong during the second quarter of 2026, as we signed leases for approximately 1.8 million square feet.

During the second quarter of 2026, we continued to advance our strategic asset sales plan and remain ahead of our original disposition objectives.

Since January 1, 2026, we have generated approximately $432 million of net sale proceeds and approximately $1.3 billion since our Investor Conference.

In addition, five assets are currently under contract for sale, representing approximately $180 million of expected net proceeds, including approximately $120 million anticipated to close during 2026.

We also continue to actively market several additional assets.

Based on assets currently under contract and those being marketed, we estimate that net disposition proceeds in 2026 could aggregate up to an additional $440 million by year end.

We also continue to evaluate additional capital raising opportunities to further enhance liquidity and funding flexibility.

Leasing conditions across BXP's portfolio remain constructive, supported by continued demand for premier office assets and improving leasing execution.

Activity is increasingly concentrated in BXP’s premier office locations, including Midtown Manhattan, Boston's Back Bay, Reston Town Center, and select San Francisco submarkets, where tightening availability and improving demand are contributing to leasing momentum.

At the same time, discussion surrounding the impact of artificial intelligence on office-using employment has become more balanced and constructive, contributing to a more favorable demand backdrop.

Collectively, these trends support BXP's view that premier workplaces in gateway markets remain well-positioned to capture evolving tenant demand.

While overall leasing conditions remain favorable, recovery trends continue to differ across markets and property types.

Life science leasing demand remains below historical levels, particularly among earlier-stage

companies, and certain markets continue to experience a more measured pace of leasing activity.

Additionally, elevated financing costs and broader economic uncertainty continue to influence real estate investment and occupier decision-making.

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

We have a modest 300,000 square feet of leases expiring prior to December 31, 2026, a strong pipeline of active negotiations, and a meaningful volume totaling 1.1 million square feet of executed leases scheduled to commence this year.

Together, these factors provide increased visibility into continued occupancy improvement and position us ahead of the occupancy trajectory for 2026 outlined at our September 2025 Investor Day, reinforcing our confidence in achieving our stated goals.

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

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

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

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

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

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

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

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

In the second quarter of 2026, we executed 106 leases totaling approximately 1.8 million square feet with a weighted-average lease term of approximately 9.9 years.

The amount leased is approximately 129% of our historical 10-year average for the second quarter.

Notable signed leases for projects under development include:

• an approximately 148,000 square foot lease with McDermott Will & Schulte at 343 Madison Avenue in New York City, New York, bringing the pre-leased percentage of the project to 50%, and

• an approximately 322,000 square foot lease with Boston Dynamics at Reservoir Place in Waltham, Massachusetts.

At June 30, 2026, BXP’s total in-service portfolio occupancy was 88.4%, an increase of 100 basis points from the first quarter of 2026.

Total portfolio leased percentage was 91.3% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 40 basis points from the first quarter of 2026.

The spread between leased and occupied square footage was 290 basis points, representing approximately 1.3 million square feet of leases yet to commence, of which approximately 85% is expected to commence before year-end 2026.

An overview of the leasing activity in each of our regions for the three months ended June 30, 2026 is set forth in the table below.

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

Leases executed (1)

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

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

Change in second generation cash rents, net (3)

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Total / Weighted Average 1,755,161 877,841 1.58 % 88.4 % 91.3 %

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(1) Represents leases executed during the three months ended June 30, 2026 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development/redevelopment.

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

(3) Represents the increase (decrease) in net rent (gross rent less operating expenses) under the new leases versus expired leases on the 877,841 square feet of second generation leases that had been occupied within the 24 months preceding the execution of the new leases;

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

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

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

The table below details the leasing activity and second generation leasing information for leases executed, including 100% of the unconsolidated joint venture properties, during the three and six months ended June 30, 2026:

Three months ended June 30, 2026 Six months ended June 30, 2026

(Square Feet)

1 st generation leases (1)

551,047 745,798

2 nd generation leases with new clients (2)

734,967 1,317,235

2 nd generation leases renewals (2)

469,147 841,020

Leases executed during the period, in square feet (3)

1,755,161 2,904,053

Second generation leasing information :

Weighted Average Lease Term 96 Months

Weighted Average Free Rent Period 187 Days

Weighted Average Lease Term 83 Months 92 Months

Weighted Average Free Rent Period 172 Days 185 Days

Total Transaction Costs Per Square Foot (4)

$99.12 $109.65

Lease costs per year of term $14.32 $14.30

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

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

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

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

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

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

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

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

(3) Represents leases executed during the three months ended June 30, 2026 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development/redevelopment.

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

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

Three months ended March 31, 2026

The table below details the vacancy activity in our portfolio, including 100% of the unconsolidated joint venture properties, that commenced revenue recognition during the three and six months ended June 30, 2026:

Three months ended June 30, 2026 Six months ended June 30, 2026

(Square Feet)

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Vacant space from properties placed (and partially placed) in-service (2)

572,578 602,862

Leases expiring or terminated during the period 1,629,883 3,820,382

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1 st generation leases (3)

775,869 896,626

2 nd generation leases with new clients (4)

825,784 1,619,957

2 nd generation lease renewals (4)

970,125 2,471,973

Total leases commenced during the period (5)

2,571,778 4,988,556

Vacant space available for lease at the end of the period 5,387,452 5,387,452

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

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

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

(1) Total square feet from property dispositions during the six months ended June 30, 2026 consists of 260,762 square feet at Gateway Commons and 79,382 square feet at North First Business Park.

Total square feet from properties taken out of service during the six months ended June 30, 2026 consists of 49,219 square feet at Santa Monica Business Park.

(2) Total square feet from properties placed in service during the three months ended June 30, 2026 consists of 572,578 square feet at 290 Binney Street.

Total square feet from properties placed in service during the six months ended June 30, 2026 consists of 572,578 square feet at 290 Binney Street and 30,284 square feet at Reston Next Retail.

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

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

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

(5) Leases for 296,406 and 598,600 square feet were signed during the three and six months ended June 30, 2026, respectively.

Investment Activity

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

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

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

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

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

The property is 100% pre-leased to AstraZeneca.

BXP fully placed in-service 290 Binney Street in Cambridge, Massachusetts.

290 Binney Street is a 16-story, 572,578 square foot laboratory/life sciences property that is 100% leased to AstraZeneca.

BXP commenced the redevelopment of Reservoir Place, an approximately 363,000 square foot project located in Waltham, Massachusetts, that is 89% pre-leased to Boston Dynamics.

Boston Dynamics plans to transform the property into a premier center for robotics and AI innovation.

As part of BXP’s strategy to use residential entitlements to maximize the value of its land holdings, BXP raised private equity from an institutional investor and formed a joint venture that commenced the development of a 4.7-acre land parcel into a 359-unit multi-family residential project in Herndon, Virginia.

BXP has a 20% ownership interest in the joint venture and is serving as the development manager.

On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York (see Note 14 to the Consolidated Financial Statements).

The financing represents a significant milestone in the capitalization of the project and supports its ongoing construction.

In addition, the loan significantly reduces BXP's remaining equity requirement to complete its development pipeline from approximately $2.1 billion to approximately $900 million.

Critical Accounting Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations discuss our Consolidated Financial Statements, which have been prepared in accordance with GAAP.

The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

statements and the reported amounts of revenue and expenses during the reporting period.

Actual results may differ from those estimates and assumptions.

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Results of Operations

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

At June 30, 2026 and 2025, we owned or had joint venture interests in a portfolio of 164 and 186 commercial real estate properties, respectively (in each case, the “Total Property Portfolio”).

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

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

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

Therefore, the comparison of operating results for the three and six months ended June 30, 2026 and 2025 shows separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

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

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

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

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

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

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

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

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

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

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

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

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

depreciation expense upon the sale of these properties.

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

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

Results of Operations for the Six Months Ended June 30, 2026 and 2025

Net income attributable to BXP, Inc.

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

and net income attributable to Boston Properties Limited Partnership increased by approximately $20.0 million and $23.4 million, respectively, for the six months ended June 30, 2026 compared to 2025, as set forth in the following tables and for the reasons discussed below under the heading “ Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

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

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

to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the six months ended June 30, 2026 and 2025.

For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48 .

Three months ended March 31,

Six months ended June 30,

2026 2025 Increase/

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Interest expense

305,518 326,227 (20,709) (6.35) %

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

Losses from investments in securities 566 365 201 55.07 %

Impairment loss 18,036 — 18,036 100.00 %

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

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Unrealized gain (loss) on non-real estate investments 113 (522) 635 121.65 %

Gains from investments in securities 3,819 2,235 1,584 70.87 %

Interest and other income (loss) 15,022 15,813 (791) (5.00) %

8,885 7,750 1,135 14.65 %

Gains on sales of real estate 20,399 18,390 2,009 10.92 %

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Net Operating Income (“NOI”) $ 1,044,662 $ 1,025,878 $ 18,784 1.83 %

Three months ended March 31,

Six months ended June 30,

2026 2025 Increase/

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

Losses from investments in securities 566 365 201 55.07 %

Impairment loss 16,752 — 16,752 100.00 %

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

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Unrealized gain (loss) on non-real estate investments 113 (522) 635 121.65 %

Gains from investments in securities 3,819 2,235 1,584 70.87 %

Interest and other income (loss) 15,022 15,813 (791) (5.00) %

8,885 7,750 1,135 14.65 %

Gains on sales of real estate 20,418 18,489 1,929 10.43 %

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Net Operating Income (“NOI”) $ 1,044,662 $ 1,025,878 $ 18,784 1.83 %

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

Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025

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

The Same Property Portfolio consists of 138 properties totaling approximately 40.7 million net rentable square feet, excluding unconsolidated joint ventures.

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

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

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

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

The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2025 and owned and in service through June 30, 2026.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the six months ended June 30, 2026 and 2025 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold.

We did not acquire any properties during the six months ended June 30, 2026 and 2025.

Same Property Portfolio Properties

Placed In-Service

Portfolio Properties in or Held for

Development or

Redevelopment

Portfolio Properties Sold Portfolio Total Property Portfolio

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

2026 2025 Increase/

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1,614,221 1,562,620 51,601 3.30 % 21,463 516 5,440 16,233 936 13,423 1,642,060 1,592,792 49,268 3.09 %

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

Parking and Other

66,982 62,926 4,056 6.45 % 811 — 246 1,289 — 191 68,039 64,406 3,633 5.64 %

Total Rental Revenue (1)

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(2) For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48.

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

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

Residential Net Operating Income for the six months ended June 30, 2026 and 2025 is comprised of Residential Revenue of $8,135 and $24,880 less Residential Expenses of $4,216 and $12,475, respectively.

Hotel Net Operating Income for the six months ended June 30, 2026 and 2025 is comprised of Hotel Revenue of $24,002 and $24,370 less Hotel Expenses of $17,351 and $16,930, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

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

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

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $36.8 million for the six months ended June 30, 2026 compared to 2025.

The increase was a result of our average revenue per square foot increasing by approximately $1.08, contributing approximately $19.5 million, and our average occupancy increasing from 88.1% to 89.1%, contributing approximately $17.3 million.

Termination Income

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

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

Termination income increased by approximately $14.9 million for the six months ended June 30, 2026 compared to 2025.

Termination income for the six months ended June 30, 2026 and 2025 related to 18 and three clients, respectively, across the Same Property Portfolio and totaled approximately $15.7 million and $0.8 million, respectively.

Parking and Other Revenue

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

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

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

Parking and other revenue increased by approximately $4.1 million for the six months ended June 30, 2026 compared to 2025.

Parking and other revenue increased by approximately $3.4 million and $0.7 million, respectively.

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

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

Real Estate Operating Expenses

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

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

Real estate operating expenses from the Same Property Portfolio increased by approximately $28.8 million, or 4.6%, for the six months ended June 30, 2026 compared to 2025.

Properties Placed In-Service Portfolio

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

The table below lists the properties that were placed in-service or partially placed in-service between January 1, 2025 and June 30, 2026.

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

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1050 Winter Street Second Quarter, 2025 Third Quarter, 2025 162,274 2,863 398 2,465 1,443 715 728

290 Binney Street Second Quarter, 2026 Second Quarter, 2026 572,578 17,880 — 17,880 2,113 — 2,113

851,765 $ 22,274 $ 516 $ 21,758 $ 4,125 $ 852 $ 3,273

Properties in or Held for Development or Redevelopment Portfolio

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

The table below lists the properties that were in or held for development or redevelopment between January 1, 2025 and June 30, 2026.

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

Square Feet 2026 2025 Change 2026 2025 Change

Name Square Feet 2026 2025 Change 2026 2025 Change

Held for Development or Redevelopment (1)

(dollars in thousands)

2 unchanged sentences

Kingstowne One September 30, 2024 154,000 937 323 614 614 696 (82)

Reservoir Place (2)

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

Santa Monica Business Park (2)

1 unchanged sentence

1,148,000 5,580 14,170 (8,590) 8,828 9,026 (198)

Redevelopment

Reservoir Place (3)

March 31, 2025 363,000 106 3,352 (3,246) 1,771 2,356 (585)

363,000 106 3,352 (3,246) 1,771 2,356 (585)

1,511,000 $ 5,686 $ 17,522 $ (11,836) $ 10,599 $ 11,382 $ (783)

_____________

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

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

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

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

(3) Reservoir Place is an approximately 528,000 square foot office building, of which approximately 165,000 square feet remains in-service.

Reservoir Place commenced redevelopment during the six months ended June 30, 2026.

Properties Sold Portfolio

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

The table below lists the properties we sold between January 1, 2025 and June 30, 2026.

Rental Revenue Real Estate Operating Expenses

5 unchanged sentences

3625 Peterson Way December 11, 2025 N/A — 1,228 (1,228) — 554 (554)

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

North First Business Park (1)

January 14, 2026 191,000 77 1,113 (1,036) 61 968 (907)

Shady Grove Parcel 1 February 5, 2026 N/A — — — (1) 137 (138)

4 unchanged sentences

Total Residential 771,500 863 18,021 (17,158) 543 7,531 (6,988)

Non-Strategic Office:

Non-Strategic Office / Retail

140 Kendrick Street December 17, 2025 409,200 — 9,611 (9,611) — 4,114 (4,114)

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

Kingstowne Retail April 17, 2026 88,300 859 1,475 (616) 319 540 (221)

Total Non-Strategic Office / Retail 497,500 859 11,086 (10,227) 319 4,654 (4,335)

1,490,000 $ 1,799 $ 31,635 $ (29,836) $ 922 $ 14,332 $ (13,410)

______________

(1) Rental revenue for the six months ended June 30, 2025 includes approximately $0.4 million of termination income.

Residential Net Operating Income

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

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

Net operating income for our residential same property increased by approximately $1.7 million for the six months ended June 30, 2026 compared to 2025.

The following reflects our occupancy and rental rate information, by region, for our residential same property for the six months ended June 30, 2026 and 2025.

Average Monthly Rental Rate (1)

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

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

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

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

Actual market rents and trends in such rents for a

region as reported by others may vary materially from Market Rents used by us.

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

Hotel Net Operating Income

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

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

The Boston Marriott Cambridge hotel had net operating income of approximately $6.7 million for the six months ended June 30, 2026, representing a decrease of approximately $0.8 million compared to the six months ended June 30, 2025, which was partially attributable to an increase in operating expenses.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the six months ended June 30, 2026 and 2025.

2026 2025 Change (%)

Occupancy 79.3 % 78.8 % 0.6 %

3 unchanged sentences

Development and Management Services Revenue

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

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

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

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

Development and management services revenue decreased by approximately $1.8 million for the six months ended June 30, 2026 compared to 2025.

Management services revenue and development services revenue decreased by approximately $1.6 million and $0.2 million, respectively.

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

General and Administrative Expense

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

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

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

General and administrative expense increased by approximately $15.0 million for the six months ended June 30, 2026 compared to 2025 primarily due to increases in compensation expense and other general and administrative expenses of approximately $13.6 million and $1.4 million, respectively.

The increase in compensation expense includes an approximately $5.8 million non-cash increase related to the December 2025 issuance of the 2025 Outperformance Plan Awards (“2025 OPP Units”) and an approximately $1.6 million increase in the value of our deferred compensation plan.

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

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

Capitalized wages for each of the six months ended June 30, 2026 and 2025 were approximately $8.6 million and $9.2 million, respectively.

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

Transaction Costs

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

Transaction costs decreased by approximately $1.1 million for the six months ended June 30, 2026 compared to 2025.

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

Depreciation and Amortization Expense

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

Depreciation and amortization expense increased by approximately $21.0 million and $21.1 million for the six months ended June 30, 2026 compared to 2025, for BXP and BPLP, respectively, as detailed below (in thousands).

Portfolio BXP

10 unchanged sentences

Income (Loss) from Unconsolidated Joint Ventures

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

For the six months ended June 30, 2026 compared to 2025, income (loss) from unconsolidated joint ventures increased by approximately $38.4 million primarily due to approximately $42.4 million from gains on sales related to three transactions during the six months ended June 30, 2026 (See Note 5 to the Consolidated Financial Statements).

Gains on Sales of Real Estate

The following table represents the assets that were sold during the three months ended March 31, 2026 and the gains (losses) on sales of real estate recognized by each of BXP and BPLP (dollars in thousands).

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

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

Gains on sales of real estate increased by approximately $2.0 million and $1.9 million for the six months ended June 30, 2026 compared to 2025, for BXP and BPLP, respectively, as detailed below.

For additional information on the sales that occurred during the six months ended June 30, 2026, refer to Note 3 to the Consolidated Financial Statements.

Gain (Loss) on Sale (1)

4 unchanged sentences

Rockville, MD February 5, 2026 N/A (763) (763)

191,000 (973) (973)

Subtotal 191,000 (992) (992)

The Lofts at Atlantic Wharf (3)

Boston, MA February 25, 2026 87,000 14,764 14,764

87,000 14,765 14,765

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

Kingstowne Retail (3)

Alexandria, VA April 17, 2026 88,300 7,029 7,048

Total 366,300 $ 20,801 $ 20,820

17 Hartwell Avenue (3)

Lexington, MA June 27, 2025 30,000 $ 18,390 $ 18,489

Total 30,000 $ 18,390 $ 18,489

_______________

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

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

(1) For the six months ended June 30, 2026, the total excludes approximately $0.3 million of loss in connection with the sale of our entire 50% ownership interest in the joint venture entity that owned Gateway Commons as a result of our outstanding receivable balance for development and construction management fees that were forfeited (see Note 5 to the Consolidated Financial Statements), and $0.1 million of loss related to sales that occurred in prior periods.

(2) We had previously recognized an impairment loss for this property.

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

Interest and Other Income (Loss)

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

Losses from Investments in Securities

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

Interest and other income (loss) decreased by approximately $0.8 million for the six months ended June 30, 2026 compared to 2025, due primarily to lower interest income partially offset by a reserve related to the unpaid default interest on one of our related party notes receivable during the six months ended June 30, 2025 of approximately $4.3 million.

Gains from Investments in Securities

Gains from investments in securities for the six months ended June 30, 2026 and 2025 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

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

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

In order to reduce our market risk relating to these plans, we typically acquire, similar or identical investments as those selected by each officer or non-employee director and hold them in a separate account that is unrestricted as to its use.

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

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

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

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

During the six months ended June 30, 2026 and 2025, we recognized gains of approximately $3.8 million and $2.2 million, respectively, on these investments.

By comparison, our general and administrative expense increased by approximately $3.8 million and $2.2 million during the six months ended June 30, 2026 and 2025, respectively, as a result of increases in our liability under our deferred compensation plans that were associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain (Loss) on Non-Real Estate Investments

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

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

During the six months ended June 30, 2026 and 2025, we recognized an unrealized gain (loss) of approximately $0.1 million and $(0.5) million, respectively, due to the observable changes in the fair value of the investments.

Loss on Sales-Type Lease

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

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

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

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

Impairment Loss

On May 27, 2026, we entered into an agreement to sell our leasehold interest and improvements thereon commonly known as the Sumner Square to a third party and on May 29, 2026, the sale met our “held for sale” criteria.

Following the classification of the assets as “held for sale,” the assets are written down to the lower of carrying value or estimated fair value, less the costs to sell.

As a result, BXP and BPLP recognized a non-cash impairment loss of approximately $18.0 million and $16.8 million, respectively, during the six months ended June 30, 2026 (See Notes 2, 3 and 14 to the Consolidated Financial Statements).

Loss From Early Extinguishment of Debt

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

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

On March 28, 2025, BPLP amended and restated its revolving credit agreement.

As a result of the amendment and restatement, during the six months ended June 30, 2025, we recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs.

Interest Expense

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

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

Interest expense decreased by approximately $20.7 million for the six months ended June 30, 2026 compared to 2025, as detailed below.

Component Change in interest expense for the six months ended June 30, 2026 compared to June 30, 2025

(in thousands)

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Issuance of $1.0 billion in aggregate principal of 2.000% exchangeable senior notes due 2030 on September 29, 2025 $ 10,000

Unsecured commercial paper 1,696

Amortization expense of financing fees 2,062

Unsecured commercial paper 563

Other interest expense (excluding senior notes) 115

1 unchanged sentence

Decreases to interest expense due to:

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

Repayment of $1.0 billion in aggregate principal of 3.650% senior notes due 2026 on February 2, 2026 (15,348)

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

Increase in capitalized interest related to development projects (6,894)

Mortgage loan financings (1)

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

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

Decrease in interest due to finance leases (390)

5 unchanged sentences

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

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

Interest capitalized for the six months ended June 30, 2026 and 2025 was approximately $29.4 million and $22.5 million, respectively.

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

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

At June 30, 2026, our variable rate debt consisted of (1) the $100.0 million unsecured term loan facility (“2024 Unsecured Term Loan”), (2) BPLP’s $2.95 billion unsecured credit facility (“2025 Credit Facility”) and (3) BPLP’s $750.0 million unsecured commercial paper program (“Commercial Paper Program”).

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

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

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

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

As of June 30, 2026, there were $100.0 million, $700.0 million and $750.0 million outstanding under the 2024 Unsecured Term Loan, 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have an aggregate of $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bear interest at variable rates.

However, $600.0 million of this debt has been hedged with interest rate swaps to fix SOFR, the base rate for the mortgage collateralized by 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties, for the applicable debt term.

For a summary of our consolidated debt as of June 30, 2026 refer to the heading “ Liquidity and Capital Resources—Debt” within “ Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Noncontrolling Interests in Property Partnerships

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

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

Noncontrolling interests in property partnerships increased by approximately $7.1 million for the six months ended June 30, 2026 compared to 2025, as detailed below.

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

2026 2025 Change

1 unchanged sentence

767 Fifth Avenue (the General Motors Building) (1)

$ 7,660 $ 4,800 $ 2,860

7 Times Square (2)

5,245 7,120 (1,875)

601 Lexington Avenue 6,057 5,666 391

7 unchanged sentences

______________

(1) The increase was primarily due to a decrease in repairs and maintenance expense.

(2) The decrease was primarily due to the expiration of a tax credit.

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

(2) Property is currently in development.

(4) Property was fully placed in-service on April 30, 2026.

Noncontrolling Interest—Common Units of the Operating Partnership

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

For BXP, noncontrolling interest—common units of the Operating Partnership increased by approximately $2.3 million for the six months ended June 30, 2026 compared to 2025 due to an increase in allocable income.

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

Results of Operations for the Three Months Ended June 30, 2026 and 2025

Net income attributable to BXP, Inc.

and net income attributable to Boston Properties Limited Partnership decreased approximately $20.4 million and $21.5 million, respectively, for the three months ended June 30, 2026 compared to 2025, as detailed in the following tables and for the reasons discussed below under the heading “ Comparison of the three months ended June 30, 2026 to the three months ended June 30, 2025” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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

to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the three months ended June 30, 2026 and 2025.

For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48.

Three months ended June 30,

2026 2025 Increase/

(in thousands)

Net Income Attributable to BXP, Inc.

$ 68,564 $ 88,977 $ (20,413) (22.94) %

Net Income Attributable to Noncontrolling Interests:

Noncontrolling interest—common units of the Operating Partnership

7,779 10,064 (2,285) (22.70) %

Noncontrolling interests in property partnerships

26,121 20,100 6,021 29.96 %

Net Income 102,464 119,141 (16,677) (14.00) %

Other Expenses:

Interest expense 153,425 162,783 (9,358) (5.75) %

Impairment loss 18,036 — 18,036 100.00 %

Unrealized loss on non-real estate investments 75 39 36 92.31 %

Loss from unconsolidated joint ventures 2,448 3,324 (876) (26.35) %

Other Income:

Gains from investments in securities 4,385 2,600 1,785 68.65 %

Interest and other income (loss)

6,137 8,063 (1,926) (23.89) %

Gain on sale of real estate 6,997 18,390 (11,393) (61.95) %

Other Expenses:

Depreciation and amortization expense 236,977 223,819 13,158 5.88 %

Transaction costs

(62) 357 (419) (117.37) %

Payroll and related costs from management services contracts

3,901 4,104 (203) (4.95) %

General and administrative expense

50,444 42,516 7,928 18.65 %

Other Revenue:

Direct reimbursements of payroll and related costs from management services contracts

3,901 4,104 (203) (4.95) %

Development and management services revenue

7,633 8,846 (1,213) (13.71) %

Net Operating Income (“NOI”) $ 538,655 $ 514,080 $ 24,575 4.78 %

Three months ended June 30,

2026 2025 Increase/

(in thousands)

Net Income Attributable to Boston Properties Limited Partnership $ 79,302 $ 100,843 $ (21,541) (21.36) %

Net Income Attributable to Noncontrolling Interests:

Noncontrolling interests in property partnerships

26,121 20,100 6,021 29.96 %

Net Income 105,423 120,943 (15,520) (12.83) %

Other Expenses:

Interest expense

153,425 162,783 (9,358) (5.75) %

Impairment loss 16,752 — 16,752 100.00 %

Unrealized loss on non-real estate investments 75 39 36 92.31 %

Loss from unconsolidated joint ventures 2,448 3,324 (876) (26.35) %

Other Income:

Gains from investments in securities 4,385 2,600 1,785 68.65 %

Interest and other income (loss)

6,137 8,063 (1,926) (23.89) %

Gains on sales of real estate 7,016 18,489 (11,473) (62.05) %

Other Expenses:

Depreciation and amortization expense 235,321 222,116 13,205 5.95 %

Transaction costs

(62) 357 (419) (117.37) %

Payroll and related costs from management services contracts

3,901 4,104 (203) (4.95) %

General and administrative expense

50,444 42,516 7,928 18.65 %

Other Revenue:

Direct reimbursements of payroll and related costs from management services contracts

3,901 4,104 (203) (4.95) %

Development and management services revenue

7,633 8,846 (1,213) (13.71) %

Net Operating Income (“NOI”) $ 538,655 $ 514,080 $ 24,575 4.78 %

Comparison of the three months ended June 30, 2026 to the three months ended June 30, 2025

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

The Same Property Portfolio consists of 138 properties totaling approximately 40.7 million net rentable square feet, excluding unconsolidated joint ventures.

The Same Property Portfolio includes properties acquired or placed in-service on or prior to April 1, 2025 and owned and in-service through June 30, 2026.

The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after April 1, 2025 or disposed of on or prior to June 30, 2026.

This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the three months ended June 30, 2026 and 2025 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment, or sold.

We did not acquire any properties during the three months ended June 30, 2026 and 2025.

Same Property Portfolio Properties

Placed In-Service

Portfolio Properties in or Held for

Development or

Redevelopment

Portfolio Properties Sold Portfolio Total Property Portfolio

2026 2025 Increase/

Change 2026 2025 2026 2025 2026 2025 2026 2025 Increase/

(dollars in thousands)

Rental Revenue:

Lease Revenue (Excluding Termination Income)

$ 802,747 $ 778,461 $ 24,286 3.12 % $ 19,908 $ 428 $ 2,541 $ 7,602 $ 154 $ 6,345 $ 825,350 $ 792,836 $ 32,514 4.10 %

Termination Income

2,828 559 2,269 405.90 % — — — — — 350 2,828 909 1,919 211.11 %

Lease Revenue

805,575 779,020 26,555 3.41 % 19,908 428 2,541 7,602 154 6,695 828,178 793,745 34,433 4.34 %

Parking and Other Revenue 36,484 33,642 2,842 8.45 % 811 — 108 713 — 102 37,403 34,457 2,946 8.55 %

Total Rental Revenue (1)

842,059 812,662 29,397 3.62 % 20,719 428 2,649 8,315 154 6,797 865,581 828,202 37,379 4.51 %

Real Estate Operating Expenses 326,187 316,247 9,940 3.14 % 3,135 395 4,793 5,409 20 3,433 334,135 325,484 8,651 2.66 %

Net Operating Income (Loss), Excluding Residential and Hotel 515,872 496,415 19,457 3.92 % 17,584 33 (2,144) 2,906 134 3,364 531,446 502,718 28,728 5.71 %

Residential Net Operating Income (2)

1,677 552 1,125 203.80 % — — — — — 5,402 1,677 5,954 (4,277) (71.83) %

Hotel Net Operating Income (2)

5,532 5,408 124 2.29 % — — — — — — 5,532 5,408 124 2.29 %

Net Operating Income (Loss) $ 523,081 $ 502,375 $ 20,706 4.12 % $ 17,584 $ 33 $ (2,144) $ 2,906 $ 134 $ 8,766 $ 538,655 $ 514,080 $ 24,575 4.78 %

_______________

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

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

(2) For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 48.

Residential Net Operating Income for the three months ended June 30, 2026 and 2025 is comprised of Residential Revenue of $3,683 and $12,532 less Residential Expenses of $2,006 and $6,578, respectively.

Hotel Net Operating Income for the three months ended June 30, 2026 and 2025 is comprised of Hotel Revenue of $14,901 and $14,773 less Hotel Expenses of $9,369 and $9,365, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $24.3 million for the three months ended June 30, 2026 compared to 2025.

The increase resulted from our average revenue per square foot increasing by approximately $1.47, contributing approximately $13.2 million, and our average occupancy increasing from 88.0% to 89.2%, contributing approximately $11.1 million.

Termination Income

Termination income increased by approximately $2.3 million for the three months ended June 30, 2026 compared to 2025.

Termination income for the three months ended June 30, 2026 and 2025 related to 13 and two clients, respectively, across the Same Property Portfolio and totaled approximately $2.8 million and $0.6 million, respectively.

Parking and Other Revenue

Parking and other revenue increased by approximately $2.8 million for the three months ended June 30, 2026 compared to 2025.

Parking and other revenue increased by approximately $2.0 million and $0.8 million, respectively.

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

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

Real Estate Operating Expenses

Real estate operating expenses from the Same Property Portfolio increased by approximately $9.9 million, or 3.1%, for the three months ended June 30, 2026 compared to 2025.

Properties Placed In-Service Portfolio

The table below lists the properties that were placed in-service or partially placed in-service between April 1, 2025 and June 30, 2026.

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

Name Square Feet 2026 2025 Change 2026 2025 Change

(dollars in thousands)

Reston Next Office Phase II Third Quarter, 2024 Third Quarter, 2025 86,629 $ 1,111 $ 61 $ 1,050 $ 203 $ 55 $ 148

Reston Next Retail First Quarter, 2025 First Quarter, 2026 30,284 — — — 90 16 74

1050 Winter Street Second Quarter, 2025 Third Quarter, 2025 162,274 1,728 367 1,361 729 324 405

290 Binney Street Second Quarter, 2026 Second Quarter, 2026 572,578 17,880 — 17,880 2,113 — 2,113

851,765 $ 20,719 $ 428 $ 20,291 $ 3,135 $ 395 $ 2,740

Properties In or Held for Development or Redevelopment Portfolio

The table below lists the properties that were in or held for development or redevelopment between April 1, 2025 and June 30, 2026.

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

Name Square Feet 2026 2025 Change 2026 2025 Change

Held for Development or Redevelopment (1)

(dollars in thousands)

Lexington Office Park March 31, 2023 167,000 $ 286 $ 227 $ 59 $ 329 $ 378 $ (49)

1000 & 1100 Winter Street December 31, 2025 567,000 1,222 3,749 (2,527) 2,086 2,008 78

Kingstowne One September 30, 2024 154,000 347 (89) 436 295 305 (10)

Santa Monica Business Park (2)

March 31, 2026 260,000 731 2,951 (2,220) 1,303 1,606 (303)

1,148,000 2,586 6,838 (4,252) 4,013 4,297 (284)

Redevelopment

Reservoir Place (3)

March 31, 2025 363,000 63 1,477 (1,414) 780 1,112 (332)

363,000 63 1,477 (1,414) 780 1,112 (332)

1,511,000 $ 2,649 $ 8,315 $ (5,666) $ 4,793 $ 5,409 $ (616)

______________

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

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

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

(3) Reservoir Place is an approximately 528,000 square foot office building, of which approximately 165,000 square feet remains in-service.

Reservoir Place commenced redevelopment during the three months ended June 30, 2026.

Properties Sold Portfolio

The table below lists the properties we sold between April 1, 2025 and June 30, 2026.

Rental Revenue Real Estate Operating Expenses

Name Date Sold Square Feet 2026 2025 Change 2026 2025 Change

(dollars in thousands)

17 Hartwell Avenue June 27, 2025 30,000 $ — $ — $ — $ — $ 98 $ (98)

Almaden Boulevard October 17, 2025 N/A — 101 (101) — 125 (125)

Land Parcels at Broad Run December 1, 2025 N/A — — — — 11 (11)

3625 Peterson Way December 11, 2025 N/A — 614 (614) — 271 (271)

North First Business Park (1)

January 14, 2026 191,000 — 450 (450) — 482 (482)

Shady Grove Parcel 1 February 5, 2026 N/A — — — — 55 (55)

Total Land 221,000 — 1,165 (1,165) — 1,042 (1,042)

Proto Kendall Square December 18, 2025 166,700 — 3,064 (3,064) — 983 (983)

Signature at Reston Town Center December 19, 2025 517,800 — 4,777 (4,777) — 2,101 (2,101)

The Lofts at Atlantic Wharf February 25, 2026 87,000 — 1,335 (1,335) — 690 (690)

Total Residential 771,500 — 9,176 (9,176) — 3,774 (3,774)

Non-Strategic Office / Retail

140 Kendrick Street December 17, 2025 409,200 — 4,903 (4,903) — 2,139 (2,139)

Kingstowne Retail April 17, 2026 88,300 154 729 (575) 20 252 (232)

Total Non-Strategic Office / Retail 497,500 154 5,632 (5,478) 20 2,391 (2,371)

1,490,000 $ 154 $ 15,973 $ (15,819) $ 20 $ 7,207 $ (7,187)

______________

(1) Rental revenue for the three months ended June 30, 2025 includes approximately $0.4 million of termination income.

Residential Net Operating Income

Net operating income for our residential same property increased by approximately $1.1 million for the three months ended June 30, 2026 compared to 2025.

The following reflects our occupancy and rental rate information, by region, for our residential same property for the three months ended June 30, 2026 and 2025.

Average Monthly Rental Rate (1)

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

Average Economic Occupancy (3)

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

San Francisco $ 3,270 $ 2,996 9.1 % $ 4.12 $ 3.76 9.6 % 92.1 % 89.6 % 2.8 % 91.9 % 87.9 % 4.6 %

_______________

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

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

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

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

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

Actual market rents and trends

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

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

Hotel Net Operating Income

The Boston Marriott Cambridge hotel had Net Operating Income of approximately $5.5 million for the three months ended June 30, 2026, representing an increase of approximately $0.1 million compared to the three months ended June 30, 2025.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the three months ended June 30, 2026 and 2025.

Occupancy 84.8 % 82.8 % 2.4 %

Average daily rate $ 374.01 $ 373.26 0.2 %

REVPAR $ 317.08 $ 308.90 2.6 %

Other Operating Revenue and Expense Items

Development and Management Services Revenue

Development and management services revenue decreased by approximately $1.2 million for the three months ended June 30, 2026 compared to 2025.

Development services revenue and management services revenue decreased by approximately $0.7 million and $0.5 million, respectively.

The decrease in development services revenue is primarily related to decreases in fees associated with tenant improvement projects in the Boston and New York regions.

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

General and Administrative Expense

General and administrative expense increased by approximately $7.9 million for the three months ended June 30, 2026 compared to 2025 primarily due to increases in compensation expense and other general and administrative expenses of approximately $7.4 million and $0.5 million, respectively.

The increase in compensation expense includes an approximately $2.9 million non-cash increase related to the December 2025 issuance of the 2025 OPP Units and an approximately $1.8 million increase in the value of our deferred compensation plan.

Capitalized wages for the three months ended June 30, 2026 and 2025 were approximately $4.6 million and $4.7 million, respectively.

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

Transaction Costs

Transaction costs decreased by approximately $0.4 million for the three months ended June 30, 2026 compared to 2025.

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

Depreciation and Amortization Expense

Depreciation and amortization expense increased by approximately $13.2 million for the three months ended June 30, 2026 compared to 2025, for BXP and BPLP, as detailed below (in thousands).

Portfolio BXP

2026 2025 Change 2026 2025 Change

Same Property Portfolio $ 228,897 $ 216,265 $ 12,632 $ 227,241 $ 214,562 $ 12,679

Properties Placed In-Service Portfolio 5,651 247 5,404 5,651 247 5,404

Properties in or Held for Development or Redevelopment Portfolio 2,407 2,847 (440) 2,407 2,847 (440)

Properties Sold Portfolio 22 4,460 (4,438) 22 4,460 (4,438)

$ 236,977 $ 223,819 $ 13,158 $ 235,321 $ 222,116 $ 13,205

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

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

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

Other Income and Expense Items

Loss from Unconsolidated Joint Ventures

For the three months ended June 30, 2026 compared to 2025, loss from unconsolidated joint ventures decreased by approximately $0.9 million primarily due to the approximately $0.8 million gain on sale of real estate in connection with the sale of 13150 Worldgate Drive, during the three months ended June 30, 2026 (See Note 5 to the Consolidated Financial Statements).

Gains on Sales of Real Estate

For the three months ended June 30, 2026 compared to 2025, gains on sales of real estate for BXP and BPLP decreased by approximately $11.4 million and $11.5 million, respectively, as detailed below (dollars in thousands).

For additional information on the sale that occurred during the three months ended June 30, 2026, refer to Note 3 to the Consolidated Financial Statements.

Gain on Sale (1)

Property Location Date Disposed Square Feet BXP BPLP

Kingstowne Retail Alexandria, VA April 17, 2026 88,300 $ 7,029 $ 7,048

Total 88,300 $ 7,029 $ 7,048

17 Hartwell Avenue Lexington, MA June 27, 2025 30,000 $ 18,390 $ 18,489

Total 30,000 $ 18,390 $ 18,489

_______________

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

For the three months ended June 30, 2026, amounts exclude approximately $32,000 of loss related to sales that occurred in prior periods.

Interest and Other Income (Loss)

Interest and other income (loss) decreased by approximately $1.9 million for the three months ended June 30, 2026 compared to 2025, due primarily to lower interest income partially offset by a reserve related to the unpaid default interest on one of our related party notes receivable during the three months ended June 30, 2025 of approximately $1.2 million.

Gains from Investments in Securities

Gains from investments in securities for the three months ended June 30, 2026 and 2025 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors.

In order to reduce our market risk relating to these plans, we typically acquire similar or identical investments as those selected by each officer or non-employee director and hold them in a separate account that is unrestricted as to its use.

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

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

During the three months ended June 30, 2026 and 2025, we recognized gains of approximately $4.4 million and $2.6 million, respectively, on these investments.

By comparison, our general and administrative expense increased by approximately $4.4 million and $2.6 million during the three months ended June 30, 2026 and 2025, respectively, as a result of increases in our liability under our deferred compensation plans that were associated with the

performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Loss on Non-Real Estate Investments

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

During the three months ended June 30, 2026 and 2025, we recognized an unrealized loss of approximately $75,000 and $39,000, respectively, due to the observable changes in the fair value of the investments.

Impairment Loss

Following the classification of the assets as “held for sale,” the assets are written down to the lower of carrying value or estimated fair value, less the costs to sell.

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 (See Notes 2, 3 and 14 to the Consolidated Financial Statements).

Interest Expense

Interest expense decreased by approximately $9.4 million for the three months ended June 30, 2026 compared to 2025, as detailed below.

Component Change in interest expense for the three months ended June 30, 2026 compared to June 30, 2025

(in thousands)

Increases to interest expense due to:

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

Amortization expense of financing fees 1,039

Other interest expense (excluding senior notes) 52

Total increases to interest expense 6,091

Decreases to interest expense due to:

Repayment of $1.0 billion in aggregate principal of 3.650% senior notes due 2026 on February 2, 2026 (9,210)

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

Unsecured commercial paper (1,133)

Increase in capitalized interest related to development projects (720)

Mortgage loan financings (1)

Decrease in interest due to finance leases (196)

Total decreases to interest expense (15,449)

Total change in interest expense $ (9,358)

______________

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

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

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

Interest capitalized for the three months ended June 30, 2026 and 2025 was approximately $12.9 million and $12.1 million, respectively.

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

At June 30, 2026, our variable rate debt consisted of (1) the $100.0 million 2024 Unsecured Term Loan, (2) BPLP’s $2.95 billion 2025 Credit Facility and (3) BPLP’s $750.0 million Commercial Paper Program.

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

As of June 30, 2026, there were $100.0 million, $700.0 million and $750.0 million outstanding under the 2024 Unsecured Term Loan, 2025 Credit Facility and Commercial Paper Program, respectively.

Noncontrolling Interests in Property Partnerships

Noncontrolling interests in property partnerships increased by approximately $6.0 million for the three months ended June 30, 2026 compared to 2025, as detailed below.

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

2026 2025 Change

(in thousands)

767 Fifth Avenue (the General Motors Building) (1)

$ 4,552 $ 2,217 $ 2,335

7 Times Square (2)

2,130 4,018 (1,888)

601 Lexington Avenue 3,435 3,084 351

100 Federal Street 3,131 2,964 167

Atlantic Wharf Office Building 4,314 3,910 404

343 Madison Avenue (3)

300 Binney Street 3,647 3,610 37

290 Binney Street (4)

4,912 294 4,618

$ 26,121 $ 20,100 $ 6,021

_______________

(1) The increase was primarily due to a decrease in repairs and maintenance expense.

(2) The decrease was primarily due to the expiration of a tax credit.

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

(4) Property was fully placed in-service on April 30, 2026.

Noncontrolling Interest—Common Units of the Operating Partnership

For BXP, noncontrolling interest—common units of the Operating Partnership decreased by approximately $2.3 million for the three months ended June 30, 2026 compared to 2025 primarily due to a decrease in allocable income, which was primarily the result of recognizing a greater gain on sales of real estate during the three months ended June 30, 2025, as well as a decrease in the noncontrolling interest’s ownership percentage.

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

Liquidity and Capital Resources

2 unchanged sentences

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

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

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

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

• $2.3 billion of mortgage debt that is secured by 767 Fifth Avenue in New York City (BXP holds a 60% ownership interest) and matures on June 9, 2027;

• amounts that become due under the Commercial Paper Program;

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

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

• fund mezzanine debt obligations;

20 unchanged sentences

We believe these capital sources will continue to meet our short-term liquidity needs.

A material adverse change in one or more sources of capital may adversely affect our net cash flows and our ability to repay or refinance existing indebtedness as it matures.

An adverse change in one or more sources of capital may have a material adverse effect on our net cash flows and our ability to repay or refinance existing indebtedness as it matures.

Balance Sheet & Financing Activity

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

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

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

As of July 31, 2026, we had available cash of approximately $345.7 million (of which approximately $93.3 million was attributable to our consolidated joint venture partners).

Our liquidity and capital resources depend on a wide range of factors.

We believe that our access to capital and our strong liquidity, including the approximately $1.3 billion available under BPLP’s Revolving Facility (after deducting the $750.0 million being used as a backstop for the Commercial Paper Program), and our available cash, are generally sufficient to fund our near-term capital needs on existing development and redevelopment projects, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements (see “REIT Tax Distribution Considerations” below) and still allow us to act opportunistically on attractive investment opportunities.

Specifically with respect to the mortgage debt secured by 767 Fifth Avenue, we expect to refinance the loan in the commercial mortgage market and have received several lender quotes to refinance the debt at or prior to its maturity.

However, there can be no assurance that we will be able to refinance the loans on terms favorable to us, or at all.

From January 1, 2025 through August 5, 2026, we completed 19 sales transactions of which our share of the aggregate gross sales price was approximately $1.5 billion and our share of the net proceeds was approximately $1.3 billion.

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

1 unchanged sentence

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

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

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

We have not sold any shares under BXP’s $1.0 billion “at the market” equity offering program.

Construction & Redevelopment Activities

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

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

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

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

As of June 30, 2026, we have six properties under development or redevelopment.

Our share of the estimated total investment for these projects is approximately $3.3 billion, of which approximately $900 million remained to be invested after the closing of a $1.2 billion construction loan secured by 343 Madison Avenue on July 28, 2026 (See Note 14 to the Consolidated Financial Statements).

The commercial space in the pipeline, which excludes residential units, was approximately 65% pre-leased as of July 31, 2026.

The following table presents information on properties under construction/redevelopment as of June 30, 2026 (dollars in thousands):

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

1 unchanged sentence

Total Available (1)

Outstanding at March 31, 2026

Outstanding at June 30, 2026

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

Percentage Leased (5)

Reservoir Place (Redevelopment) (6)

Q2 2027 Waltham, MA — 363,000 $ 11,954 $ 87,000 $ — $ — $ 75,046 89 %

725 12th Street (Redevelopment) Q4 2030 Washington, DC 1 320,000 109,553 349,600 — — 240,047 87 %

343 Madison Avenue Q2 2031 New York, NY 1 930,000 346,101 1,971,000 — — 1,624,899 29 %

343 Madison Avenue (7)

Q2 2031 New York, NY 1 930,000 429,623 1,971,000 — — 1,541,377 50 %

Total Office Properties under Construction/Redevelopment 2 1,613,000 551,130 2,407,600 — — 1,856,470 66 %

Laboratory/Life Sciences

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

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

Residential (8)

5 unchanged sentences

290 Coles Street - Retail — 13,000 — — — — — — %

Worldgate Drive (359 units) (20% ownership) Q2 2030 Herndon, VA 1 347,000 4,435 26,400 13,639 — 8,326 — %

Total Residential Properties under Construction 4 1,893,650 434,179 748,800 89,808 16,027 242,948 — %

Total Properties under Construction/Redevelopment (10)

6 3,506,650 $ 985,309 $ 3,156,400 $ 89,808 $ 16,027 $ 2,099,418 65 % (11)

(1) Represents our share.

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

(3) Includes approximately $94.7 million of unpaid but accrued construction costs and leasing commissions.

(4) Excludes approximately $94.7 million of unpaid but accrued construction costs and leasing commissions.

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

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

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

(5) Represents percentage leased as of July 31, 2026, including leases with future commencement dates.

(6) Reservoir Place is an approximately 528,000 square foot office building, of which approximately 165,000 square feet remains in-service (see Note 3 to the Consolidated Financial Statements).

(7) On July 28, 2026, we closed on a $1.2 billion construction loan reducing our future equity spend for this project to approximately $341 million (see Note 14 to the Consolidated Financial Statements).

(8) Residential Projects are shown in gross square feet.

(9) Total Available Financing and Outstanding at June 30, 2026 includes our share of the $225 million construction loan and $65 million of preferred equity.

We provided the preferred equity, which accrues at a 13% internal rate of return and has been fully funded.

(10) In connection with the development of 290 Binney Street (see Note 3 to the Consolidated Financial Statements), we have the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million.

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

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

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

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

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

The budget represents our 19.46% ownership of the project budget and financings which includes our share of preferred equity.

We contributed $20.0 million of common equity at closing.

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

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

We have invested $147.1 million for the vault as of June 30, 2026.

(11) Percentage leased excludes residential units.

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

Holders of common and LTIP units (other than unearned MYLTIP units) of limited partnership interest in BPLP receive the same distribution per unit that is paid per share of BXP common stock.

To the extent that we sell assets at a gain and cannot efficiently use the proceeds in a tax deferred manner for either our development activities or acquisitions, BXP would, at the appropriate time, decide whether it is better to declare a special dividend, adopt a stock repurchase program, reduce indebtedness or retain the cash for future investment opportunities.

Holders of common and LTIP units (other than unearned MYLTIP units and 2025 OPP Units) of limited partnership interest in BPLP receive the same distribution per unit that is paid per share of BXP common stock.

If we sell assets at a gain and cannot efficiently use the proceeds in a tax deferred manner for either our development activities or acquisitions, we will, at the appropriate time, decide whether it is better to declare a special dividend, adopt a stock repurchase program, reduce indebtedness or retain the cash for future investment opportunities.

Such a decision will depend on many factors including, among others, the timing, availability and terms of development and acquisition opportunities, our then-current and anticipated leverage, the cost and availability of capital from other sources, the price of BXP’s common stock and REIT distribution requirements.

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

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

Cash and cash equivalents and cash held in escrows aggregated approximately $553.5 million and $527.8 million at June 30, 2026 and 2025, respectively, representing an increase of approximately $25.6 million.

The following table sets forth changes in cash flows:

Three months ended March 31,

Six months ended June 30,

2026 2025 Change

1 unchanged sentence

Net cash provided by operating activities $ 602,524 $ 563,181 $ 39,343

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

Net cash used in investing activities (348,881) (612,404) 263,523

Net cash used in financing activities (1,257,446) (758,132) (499,314)

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

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

The weighted-average term of our in-place leases, including leases signed by our unconsolidated joint ventures, excluding residential units, was approximately 7.7 years as of June 30, 2026, with occupancy rates historically in the range of approximately 86% to 92%.

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

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

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

Three months ended March 31,

Cash used in investing activities for the six months ended June 30, 2026 and June 30, 2025 is detailed below:

Six months ended June 30,

(in thousands)

5 unchanged sentences

Proceeds from sales of real estate (3)

143,936 21,840

Capital contributions to unconsolidated joint ventures (4)

3 unchanged sentences

Investment in non-real estate investments (1,103) (1,430)

Issuance of note receivables (including related party) (3,849) (600)

Issuance of notes receivables (including related party) (9,946) (1,800)

Investments in securities, net 1,890 864

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

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

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

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

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

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

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

Net cash used in investing activities $ (348,881) $ (612,404)

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

(1) Construction in progress for the six months ended June 30, 2026 included ongoing expenditures associated with Reston Next Retail and 290 Binney Street, which were fully placed in-service during the six months ended June 30, 2026.

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

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

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

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

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

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

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

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

(3) Proceeds from sales of real estate for the six months ended June 30, 2026 were primarily from four transactions (See Note 3 to the Consolidated Financial Statements).

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

On June 27, 2025, we entered into a new joint venture for the redevelopment of 17 Hartwell Avenue.

(4) Capital contributions to unconsolidated joint ventures for the six months ended June 30, 2026 consisted primarily of cash contributions of approximately $35.5 million, $9.8 million, $6.1 million, $6.0 million and $4.4 million to our 290 Coles Street, 360 Park Avenue South, 17 Hartwell Avenue, 200 Fifth Avenue and 13150 Worldgate Drive joint ventures, respectively.

On June 4, 2026, we entered into a new joint venture for the development of 13150 Worldgate Drive (See Note 5 to the Consolidated Financial Statements).

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

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

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

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

(5) Capital distributions from unconsolidated joint ventures for the six months ended June 30, 2026 consisted of cash distributions, resulting from excess net proceeds from ABXP Worldgate Investments LLC’s sale of 13150 Worldgate Drive (See Note 5 to the Consolidated Financial Statements).

(6) Proceeds from sales of investments in unconsolidated joint ventures for the six months ended June 30, 2026 were primarily from two transactions (See Note 5 to the Consolidated Financial Statements).

Cash used in financing activities for the six months ended June 30, 2026 totaled approximately $1.3 billion.

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

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

March 31, 2026

June 30, 2026

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

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_______________

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

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

(1) Values are based on the closing price per share of BXP’s common stock on the New York Stock Exchange on June 30, 2026 of $66.31.

(2) Includes long-term incentive plan units (including 2012 OPP Units and 2013 - 2023 MYLTIP Units but excluding the 2024 - 2026 MYLTIP Units and 2025 OPP Units because the performance periods had not ended as of June 30, 2026).

(3) See page 80 for additional information.

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(1) our consolidated debt;

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

(2) the product of (x) the closing price per share of BXP common stock on June 30, 2026, as reported by the New York Stock Exchange, multiplied by (y) the sum of:

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

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

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

Because their performance periods have not yet ended, the 2024 - 2026 MYLTIP Units and 2025 OPP Units are not included in this calculation as of June 30, 2026.

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

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

Management believes that BXP’s Share

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

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

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

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

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

The following table summarizes certain information with respect to our indebtedness outstanding as of June 30, 2026 and 2025 (dollars in thousands).

Interest Rate Amount

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Unsecured Senior Notes 3.250 % 3.343 % January 30, 2031 1,250,000 1,250,000

Interest Rate Amount

Stated GAAP (1)

Maturity Date 6/30/2026 6/30/2025

Unsecured Senior Notes 2.550 % 2.671 % April 1, 2032 850,000 850,000

5 unchanged sentences

Carrying Amount 8,811,158 9,800,577

Interest Rate Amount

Stated GAAP (1)

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

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

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

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

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

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

(3) These unsecured senior notes were repaid at maturity, see Note 6 to the Consolidated Financial Statements.

(4) At March 31, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.10% per annum, and they had a weighted-average maturity of 40 days from the date of issuance.

At May 1, 2026, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.12% per annum and had a weighted-average maturity of 42 days, from the date of issuance.

(4) At June 30, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.11% per annum, and they had a weighted-average maturity of 41 days from the date of issuance.

At July 31, 2026, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-

average rate of approximately 4.08% per annum and had a weighted-average maturity of 45 days, from the date of issuance.

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

1 unchanged sentence

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

The table below provides the principal indebtedness outstanding and remaining capacity under the unsecured line of credit at March 31, 2026 and May 1, 2026 (dollars in thousands).

March 31, 2026 May 1, 2026

The table below provides the principal indebtedness outstanding and remaining capacity under the unsecured line of credit at June 30, 2026 and July 31, 2026 (dollars in thousands).

June 30, 2026 July 31, 2026

Facility Outstanding Remaining Capacity Outstanding Remaining Capacity

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(6) The 2024 Unsecured Term Loan bears interest at a variable rate of SOFR+1.05% per annum.

BPLP entered into an interest rate swap contract to fix SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026.

We did not purchase a new interest rate swap contract.

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

BPLP entered into an interest rate swap contract to fix SOFR at a weighted-average, fixed interest rate of 3.6775% per annum.

The interest rate swap contract ended on April 6, 2026.

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

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

As of March 31, 2026, the maximum funding obligation under the guarantee was approximately $6.4 million.

As of June 30, 2026, the maximum funding obligation under the guarantee was approximately $6.4 million.

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

(9) The mortgage loan bears interest at a variable rate of Daily Simple SOFR+1.60% per annum.

BPLP entered into an interest rate swap contract to fix Daily Simple SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026.

We did not purchase a new interest rate swap contract.

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

BPLP entered into an interest rate swap contract to fix Daily Simple SOFR at a weighted-average fixed interest rate of 3.6775% per annum.

The interest rate swap contract ended on April 6, 2026.

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

BPLP entered into three interest rate swap contracts with notional amounts aggregating $600.0 million to fix Daily Compounded SOFR at a weighted-average fixed interest rate of 3.7925% for the period commencing on December 15, 2023 and ending on October 26, 2028.

BPLP entered into interest rate swap contracts with notional amounts aggregating $600.0 million to fix Daily Compounded SOFR at a weighted-average fixed interest rate of 3.7925% through October 26, 2028.

The stated interest rate reflects the weighted-average fixed interest rate based on the interest rate swap contracts plus 2.25% per annum.

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

The following table lists our mortgage notes, net outstanding and our partners’ share, based on their respective ownership percentage, from our consolidated joint ventures as of March 31, 2026 (dollars in thousands).

Carrying Amount

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

The table below provides the debt statistics of our outstanding consolidated indebtedness at March 31, 2026 and March 31, 2025.

March 31, 2026 March 31, 2025

The table below provides the debt statistics of our outstanding consolidated indebtedness at June 30, 2026 and June 30, 2025.

June 30, 2026 June 30, 2025

Weighted Average Weighted Average

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_______________

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

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

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

At March 31, 2026, the unsecured commercial paper notes outstanding bore a weighted-average interest rate of approximately 4.10% per annum and had a weighted-average maturity of 40 days from the date of issuance.

At June 30, 2026, the unsecured commercial paper notes outstanding bore a weighted-average interest rate of approximately 4.11% per annum and had a weighted-average maturity of 41 days from the date of issuance.

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

Derivative Instruments and Hedging Activities

As of March 31, 2026, we had $900.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $(3.8) million, see Note 7 to the Consolidated Financial Statements.

As of June 30, 2026, we had $600.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $1.6 million, see Note 7 to the Consolidated Financial Statements.

Investment in Unconsolidated Joint Ventures - Secured Debt

We have investments in unconsolidated joint ventures with our effective ownership interests ranging from approximately 19% to approximately 71%.

Thirteen of these ventures have mortgage indebtedness.

Fourteen of these ventures have mortgage indebtedness.

We exercise significant influence over, but do not control, these entities.

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See also Note 5 to the Consolidated Financial Statements.

At March 31, 2026, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $2.7 billion (of which our proportionate share is approximately $1.1 billion).

The table below summarizes the outstanding debt of these joint venture properties at March 31, 2026.

At June 30, 2026, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $2.7 billion (of which our proportionate share is approximately $1.1 billion).

The table below summarizes the outstanding debt of these joint venture properties at June 30, 2026.

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

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June 17, 2032

Safeco Plaza 33.67 % 4.82 % 6.21 % SOFR+2.32% 250,000 (143) 249,857 84,127 (2)(6)

September 1, 2026

Safeco Plaza 33.67 % 4.00 % 4.09 % N/A 250,000 (58) 249,942 84,156 (2)(6)

November 30, 2028

500 North Capitol Street, NW 30.00 % 6.88 % 7.21 % N/A 105,000 (182) 104,818 31,445 (2)(7)

December 31, 2026

200 Fifth Avenue 26.69 % 4.34 % 5.60 % Term SOFR+1.41% 593,848 (4,048) 589,800 154,082 (8)

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November 9, 2027

Skymark - Reston Next Residential 20.00 % 5.67 % 5.99 % SOFR+2.00% 140,000 (53) 139,947 27,989 (2)(3)(11)

Skymark - Reston Next Residential 20.00 % 5.62 % 5.64 % Term SOFR+2.00% 140,000 (86) 139,914 27,983 (2)(3)(11)

November 13, 2026

17 Hartwell Avenue 20.00 % 6.75 % 6.87 % N/A 2,558 (466) 2,092 178 (2)(12)

July 10, 2030

290 Coles Street 19.46 % N/A N/A Term SOFR+2.50% — — — — (2)(3)(13)

13150 Worldgate Drive 20.00 % N/A N/A N/A — — — — (2)(13)

June 10, 2031

290 Coles Street 19.46 % 6.15 % 6.46 % Term SOFR+2.50% 14,743 (1,660) 13,083 2,546 (2)(3)(14)

March 5, 2029

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

(6) The loan bears interest at a variable rate equal to the greater of (x) 2.35% or (y) SOFR plus 2.32% per annum.

The joint venture 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.

(7) The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum.

(6) The joint venture modified the loan and terminated the related interest rate cap agreement (See Note 5 to the Consolidated Financial Statements).

(7) The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) and (y) a $35.0 million mortgage loan payable (Note B), both of which bear interest at a fixed rate of 6.88% per annum.

We provided $10.5 million of the Note B mortgage financing to the joint venture.

Our portion of the loan is reflected as Related Party Notes Receivable, Net on our Consolidated Balance Sheets.

Our portion of the loan is reflected as Related Party Notes Receivable, Net on our Consolidated Balance Sheets (See Note 5 to the Consolidated Financial Statements).

(8) The joint venture entered into interest rate swap contracts with notional amounts aggregating $600.0 million through June 12, 2028, resulting in a fixed rate of approximately 4.34% per annum through the expiration of the interest rate swap contracts.

(9) The indebtedness consists of (x) a $108.0 million senior loan with a third-party lender and (y) a mezzanine loan provided by us with a maximum commitment of $50.0 million.

As of March 31, 2026, we have funded approximately $21.5 million of the mezzanine loan.

As of June 30, 2026, we have funded approximately $25.4 million of the mezzanine loan.

The loan is reflected as Related Party Notes Receivable, Net on our Consolidated Balance Sheets.

(10) The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in the Term SOFR rate to a cap of 6.00% per annum on a notional amount of $108.0 million through November 9, 2027.

(11) The construction financing has a borrowing capacity of $140.0 million (See Note 5 to the Consolidated Financial Statements).

(12) The construction financing has a borrowing capacity of $98.7 million.

(13) No amounts have been drawn under the $68.2 million construction loan.

(13) No amounts have been drawn under the $225.0 million construction loan.

(14) The construction financing has a borrowing capacity of $225.0 million.

State and Local Tax Matters

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to FFO attributable to BXP, Inc.

for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

for the three months ended June 30, 2026 and 2025:

Three months ended June 30,

(in thousands)

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Non-real estate depreciation and amortization 2,131 2,131

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Impairment loss 18,036 —

Gains on sales included within loss from unconsolidated joint ventures 1,157 —

Gains on sales of real estate 6,997 18,390

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

Unrealized loss on non-real estate investments (75) (39)

Noncontrolling interests in property partnerships 26,121 20,100

7 unchanged sentences

to Diluted FFO attributable to BXP, Inc.

for income (numerator) and shares/units (denominator) for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

for income (numerator) and shares/units (denominator) for the three months ended June 30, 2026 and 2025:

Three months ended June 30,

(in thousands)

9 unchanged sentences

Non-real estate depreciation and amortization 2,131 2,131

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Impairment loss 18,036 —

Gains on sales included within loss from unconsolidated joint ventures 1,157 —

Gains on sales of real estate 6,997 18,390

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

Unrealized loss on non-real estate investments (75) (39)

Noncontrolling interests in property partnerships 26,121 20,100

7 unchanged sentences

_______________

(1) BXP’s share of diluted Funds from Operations was 89.95% and 90.04% for the three months ended March 31, 2026 and 2025, respectively.

Three months ended March 31,

(1) BXP’s share of diluted Funds from Operations was 90.22% and 90.04% for the three months ended June 30, 2026 and 2025, respectively.

Three months ended June 30,

shares/units (in thousands)

7 unchanged sentences

_______________

(1) BXP’s share of diluted Funds from Operations was 89.95% and 90.04% for the three months ended March 31, 2026 and 2025, respectively.

The following table presents a reconciliation of net income attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

(1) BXP’s share of diluted Funds from Operations was 90.22% and 90.04% for the three months ended June 30, 2026 and 2025, respectively.

Three months ended June 30,

(in thousands)

7 unchanged sentences

Non-real estate depreciation and amortization 2,131 2,131

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Impairment loss 16,752 —

Gains on sales included within loss from unconsolidated joint ventures 1,157 —

Gains on sales of real estate 7,016 18,489

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

Unrealized loss on non-real estate investments (75) (39)

Noncontrolling interests in property partnerships 26,121 20,100

4 unchanged sentences

(1) Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2023 MYLTIP Units).

The following tables present a reconciliation of net income attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended March 31, 2026 and 2025:

Three months ended March 31,

Three months ended June 30,

(in thousands)

7 unchanged sentences

Non-real estate depreciation and amortization 2,131 2,131

Loss on sales-type lease — 2,490

Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 41,233 —

Impairment loss 16,752 —

Gains on sales included within loss from unconsolidated joint ventures 1,157 —

Gains on sales of real estate 7,016 18,489

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

Unrealized loss on non-real estate investments (75) (39)

Noncontrolling interests in property partnerships 26,121 20,100

6 unchanged sentences

(1) Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2023 MYLTIP Units).

Three months ended March 31,

Three months ended June 30,

shares/units (in thousands)

8 unchanged sentences

Contract terms are generally between three and five years.

During the three months ended March 31, 2026, we paid approximately $105.5 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended March 31, 2026, we and our unconsolidated joint venture partners incurred approximately $108.9 million of new tenant-related obligations associated with approximately 1.0 million square feet of second generation leases, or approximately $114 per square foot.

During the three months ended June 30, 2026, we paid approximately $139.4 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended June 30, 2026, we and our unconsolidated joint venture partners incurred approximately $119.4 million of new tenant-related obligations associated with approximately 1.2 million square feet of second generation leases, or approximately $99 per square foot.

During the three months ended

March 31, 2026, we signed approximately 194,800 square feet of first generation leases.

June 30, 2026, we signed approximately 551,000 square feet of first generation leases.

The tenant-related obligations for the development properties are included within the projects’ “Estimated Total Investment” referred to in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis