What changed in this filing

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Item 9A. Controls and Procedures

2025-02-27 compared with 2024-02-27 · 124 added, 124 removed, 543 unchanged (31% of the section changed)

Controls and Procedures.

Boston Properties, Inc.

As of the end of the period covered by this report, an evaluation was carried out by our management, with the participation of Boston Properties, Inc.’s Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934).

Based upon that evaluation, Boston Properties, Inc.’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report.

In addition, no change in Boston Properties, Inc.’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during the fourth quarter of Boston Properties, Inc.’s fiscal year ended December 31, 2023 that has materially affected, or is reasonably likely to materially affect, Boston Properties, Inc.’s internal control over financial reporting.

As of the end of the period covered by this report, an evaluation was carried out by our management, with the participation of BXP, Inc.’s Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934).

Based upon that evaluation, BXP, Inc.’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report.

In addition, no change in BXP, Inc.’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during the fourth quarter of BXP, Inc.’s fiscal year ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, BXP, Inc.’s internal control over financial reporting.

Management’s Report on Internal Control over Financial Reporting is set forth on page 102 of this Annual Report on Form 10-K and is incorporated herein by reference.

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Boston Properties Limited Partnership

As of the end of the period covered by this report, an evaluation was carried out by the management of Boston Properties, Inc., the sole general partner of Boston Properties Limited Partnership, with the participation of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934).

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of Boston Properties, Inc.

As of the end of the period covered by this report, an evaluation was carried out by the management of BXP, Inc., the sole general partner of Boston Properties Limited Partnership, with the participation of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), of the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934).

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of BXP, Inc.

concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report.

5 unchanged sentences

Not Applicable.

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Directors, Executive Officers and Corporate Governance.

The information required by Item 10 will be included in the Proxy Statement to be filed relating to Boston Properties, Inc.’s 2024 Annual Meeting of Stockholders and is incorporated herein by reference.

We have adopted an insider trading policy governing the purchase, sale and other dispositions of our securities that applies to all of our directors, officers, employees, other covered persons and BXP, Inc.

We believe that our insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to BXP, Inc.

A copy of the insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

The other information required by Item 10 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

Executive Compensation.

The information required by Item 11 will be included in the Proxy Statement to be filed relating to Boston Properties, Inc.’s 2024 Annual Meeting of Stockholders and is incorporated herein by reference.

The information required by Item 11 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters .

The following table summarizes Boston Properties, Inc.’s equity compensation plans as of December 31, 2023.

The following table summarizes BXP, Inc.’s equity compensation plans as of December 31, 2024.

Equity Compensation Plan Information

12 unchanged sentences

(4) Includes information related to the 1999 Non-Qualified Employee Stock Purchase Plan (ESPP).

The ESPP was adopted by the Board of Directors of BXP on October 29, 1998.

The ESPP has not been approved by BXP’s stockholders.

The ESPP was adopted by the Board of Directors of BXP on October 29, 1998 and approved by BXP’s stockholders on May 22, 2024.

The ESPP is available to all our employees that are employed on the first day of a purchase period.

1 unchanged sentence

Each eligible employee may contribute no more than $25,000 per year to purchase our common stock under the ESPP.

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Additional information concerning security ownership of certain beneficial owners and management required by Item 12 will be included in the Proxy Statement to be filed relating to Boston Properties, Inc.’s 2024 Annual Meeting of Stockholders and is incorporated herein by reference.

Additional information concerning security ownership of certain beneficial owners and management required by Item 12 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

Certain Relationships and Related Transactions, and Director Independence.

The information required by Item 13 will be included in the Proxy Statement to be filed relating to Boston Properties, Inc.’s 2024 Annual Meeting of Stockholders and is incorporated herein by reference.

The information required by Item 13 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

Principal Accountant Fees and Services.

The information required by Item 14 will be included in the Proxy Statement to be filed relating to Boston Properties, Inc.’s 2024 Annual Meeting of Stockholders and is incorporated herein by reference.

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The information required by Item 14 will be included in the Proxy Statement to be filed relating to BXP, Inc.’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

Exhibits and Financial Statement Schedules.

(a) Financial Statement Schedule

Boston Properties, Inc.

Schedule 3—Real Estate and Accumulated Depreciation

8 unchanged sentences

601 Lexington Avenue Office New York, NY 990,529 241,600 494,782 568,356 289,639 1,015,099 — — 1,304,738 398,796 1977/1997/2021 2001 (1)

Salesforce Tower Office San Francisco, CA — 200,349 946,205 7,623 200,349 953,828 — — 1,154,177 159,274 2018 2013 (1)

200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 288,694 257,203 918,918 — — 1,176,121 370,980 1976 2010 (1)

Salesforce Tower Office San Francisco, CA — 200,349 946,205 7,655 200,349 953,860 — — 1,154,209 188,376 2018 2013 (1)

250 West 55th Street Office New York, NY — 285,263 603,167 51,331 285,263 654,498 — — 939,761 215,386 2014 2007 (1)

100 Federal Street Office Boston, MA — 131,067 435,954 138,639 131,067 574,593 — — 705,660 189,447 1971-1975/2017 2012 (1)

Times Square Tower Office New York, NY — 165,413 380,438 140,281 169,193 516,939 — — 686,132 256,942 2004 2000 (1)

7 Times Square (formerly Times Square Tower) Office New York, NY — 165,413 380,438 149,990 169,193 526,648 — — 695,841 264,411 2004 2000 (1)

Madison Centre Office Seattle, WA — 104,641 564,336 5,126 104,641 569,462 — — 674,103 56,212 2017 2022 (1)

1 unchanged sentence

Santa Monica Business Park Office Los Angeles, CA 198,021 46,360 410,421 177,576 210,471 423,775 111 — 634,357 18,660 1976-1980 2023 (1)

125 Broadway Office Cambridge, MA — 126,364 433,662 4,000 126,364 437,662 — — 564,026 20,717 2000 2022 (1)

Reston Next Office Reston, VA — 35,549 525,277 5,860 2,901 563,785 — — 566,686 51,052 2022 1998 (1)

11 unchanged sentences

535 Mission Street Office San Francisco, CA — 40,933 148,378 6,325 40,934 154,702 — — 195,636 50,973 2015 2013 (1)

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Boston Properties, Inc.

Schedule 3—Real Estate and Accumulated Depreciation

6 unchanged sentences

140 Kendrick Street Office Needham, MA — 18,095 66,905 72,615 19,092 138,523 — — 157,615 52,387 2000/2023 2004 (1)

901 New York Avenue Office Washington, DC 201,692 65,808 72,970 13,225 65,808 86,195 — — 152,003 4,253 2004 2024 (1)

1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 39,773 27,135 120,931 — — 148,066 58,777 1984/2018 2004 (1)

880 Winter Street Office Waltham, MA — 15,597 37,255 95,265 15,597 132,520 — — 148,117 10,056 1998/2022 2019 (1)

One Freedom Square Office Reston, VA — 9,929 84,504 47,580 11,293 130,720 — — 142,013 73,356 2000 2003 (1)

Two Freedom Square Office Reston, VA — 13,930 77,739 46,236 15,420 122,485 — — 137,905 50,676 2001 2003 (1)

Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 4,665 18,062 113,662 — — 131,724 54,480 2003-2006 2007 (1)

One and Two Reston Overlook Office Reston, VA — 16,456 66,192 49,596 16,179 116,065 — — 132,244 64,247 1999 2000 (1)

Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 4,296 18,062 113,293 — — 131,355 57,756 2003-2006 2007 (1)

Weston Corporate Center Office Weston, MA — 25,753 92,312 1,630 25,854 93,841 — — 119,695 44,575 2010 2001 (1)

Discovery Square Office Reston, VA — 11,198 71,782 33,904 12,533 104,351 — — 116,884 62,220 2001 2003 (1)

Shady Grove Innovation District

Office Rockville, MD — 52,030 64,212 ( 284 ) 26,834 35,014 54,110 — 115,958 5,526 1968-1985 2021 (1)

Weston Corporate Center Office Weston, MA — 25,753 92,312 1,038 25,854 93,249 — — 119,103 41,485 2010 2001 (1)

355 Main Street Office Cambridge, MA 594,869 18,863 53,346 41,772 21,173 92,808 — — 113,981 39,649 1981/1996/2013 2006 (1)

17Fifty Presidents Street Office Reston, VA — — 113,362 162 — 113,524 — — 113,524 21,016 2020 2013 (1)

200 West Street Office Waltham, MA — 16,148 24,983 71,199 16,813 95,160 357 — 112,330 28,192 1999/2021 1997 (1)

Discovery Square Office Reston, VA — 11,198 71,782 21,744 12,533 92,191 — — 104,724 57,015 2001 2003 (1)

10 CityPoint Office Waltham, MA — 1,953 85,752 7,023 2,288 92,440 — — 94,728 26,693 2016 1997 (1)

90 Broadway Office Cambridge, MA — (2) 19,104 52,078 22,742 20,785 73,139 — — 93,924 31,538 1983/1998/2013 2006 (1)

Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 22,745 11,097 82,727 — — 93,824 48,609 2003 1999 (1)

153 & 211 Second Avenue Office Waltham, MA — 33,233 55,940 718 33,233 55,940 718 — 89,891 6,186 1964-2006 2021 (1)

90 Broadway Office Cambridge, MA — (2) 19,104 52,078 22,168 20,785 72,565 — — 93,350 33,396 1983/1998/2013 2006 (1)

Sumner Square Office Washington, DC — 624 28,745 60,966 27,441 62,894 — — 90,335 29,739 1985 1999 (1)

230 CityPoint Office Waltham, MA — 13,189 49,823 25,075 13,807 74,280 — — 88,087 41,800 1992 2005 (1)

77 CityPoint Office Waltham, MA — 13,847 60,383 10,648 14,023 70,855 — — 84,878 30,750 2008 2001 (1)

Sumner Square Office Washington, DC — 624 28,745 51,253 27,837 52,785 — — 80,622 32,911 1985 1999 (1)

20 CityPoint Office Waltham, MA — 4,887 72,764 7,072 4,887 79,836 — — 84,723 16,456 2020 2007 (1)

2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,565 16,741 57,850 — — 74,591 21,469 1987/2003 2011 (1)

Wisconsin Place Office Chevy Chase, MD — — 53,349 26,100 — 79,449 — — 79,449 31,223 2009 2004 (1)

2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,565 16,741 57,850 — — 74,591 23,427 1987/2003 2011 (1)

Reston Corporate Center Office Reston, VA — 9,135 50,857 4,489 10,148 54,333 — — 64,481 35,620 1984 1998 (1)

890 Winter Street Office Waltham, MA — 13,913 28,557 19,104 13,913 47,661 — — 61,574 9,397 1999 2019 (1)

255 Main Street Office Cambridge, MA — 134 25,110 33,766 548 58,462 — — 59,010 45,819 1987 1997 (1)

University Place Office Cambridge, MA — — 37,091 15,149 4,145 48,095 — — 52,240 38,992 1985 1998 (1)

890 Winter Street Office Waltham, MA — 13,913 28,557 8,507 13,913 37,064 — — 50,977 7,296 1999 2019 (1)

Capital Gallery Office Washington, DC — 4,725 29,565 10,374 8,662 36,002 — — 44,664 25,075 1981/2006 2007 (1)

4 unchanged sentences

The Point Office Waltham, MA — 6,395 10,040 546 6,492 10,489 — — 16,981 2,969 2015 2007 (1)

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Boston Properties, Inc.

690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 4,723 2015 2012 (1)

Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 3,885 2014 2010 (1)

Schedule 3—Real Estate and Accumulated Depreciation

3 unchanged sentences

Land Building

690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 4,280 2015 2012 (1)

33 Hayden Avenue Office Lexington, MA — 266 3,234 11,502 425 14,577 — — 15,002 9,090 1979 1997 (1)

Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 3,587 2014 2010 (1)

92-100 Hayden Avenue Office Lexington, MA — 594 6,748 1,922 778 8,486 — — 9,264 7,388 1985 1997 (1)

17 Hartwell Avenue Office Lexington, MA — 26 150 9,206 65 6,175 3,142 — 9,382 3,831 1968 1997 (1)

250 Binney Street Office Cambridge, MA — 110 4,483 3,593 273 7,913 — 8,186 7,244 1983 1997 (1)

453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,286 5,477 2,376 — — 7,853 1,086 1977 2012 (1)

32 Hartwell Avenue Office Lexington, MA — 168 1,943 6,394 314 8,191 — — 8,505 3,291 1968/1979/1987 1997 (1)

453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,286 5,477 2,376 — — 7,853 1,300 1977 2012 (1)

125 Broadway Life Sciences Cambridge, MA — 126,364 433,662 5,580 126,364 439,242 — — 565,606 38,051 2000 2022 (1)

180 CityPoint Life Sciences Waltham, MA — 10,908 211,883 — 10,908 211,883 — — 222,791 6,212 2024 2006 (1)

300 Binney Street Life Sciences Cambridge, MA — 18,080 51,262 148,974 18,080 200,236 — — 218,316 7,923 2024 2009 (1)

880 Winter Street Life Sciences Waltham, MA — 15,597 37,255 95,615 15,597 132,870 — — 148,467 18,179 1998/2022 2019 (1)

200 West Street Life Sciences Waltham, MA — 16,148 24,983 77,709 16,813 101,670 357 — 118,840 33,730 1999/2021 1997 (1)

153 & 211 Second Avenue Life Sciences Waltham, MA — 33,233 55,940 2,352 33,233 58,292 — — 91,525 7,583 1964-2006 2021 (1)

103 CityPoint Life Sciences Waltham, MA — 4,672 77,515 — 4,672 77,515 — — 82,187 569 2024 2007 (1)

250 Binney Street Life Sciences Cambridge, MA — 110 4,483 3,593 273 7,913 — — 8,186 7,473 1983 1997 (1)

33 Hayden Avenue Life Sciences Lexington, MA — 266 3,234 11,502 425 14,577 — — 15,002 10,250 1979 1997 (1)

92-100 Hayden Avenue Life Sciences Lexington, MA — 594 6,748 1,817 778 8,381 — — 9,159 7,456 1985 1997 (1)

The Skylyne Residential Oakland, CA — — 239,077 1,792 — 240,869 — — 240,869 26,207 2020 N/A (1)

6 unchanged sentences

290 Binney Street Development Cambridge, MA — — — 575,958 1,054 — — 574,904 575,958 — N/A 1997 N/A

180 CityPoint Development Waltham, MA — — — 214,754 10,908 108,970 — 94,876 214,754 541 N/A 2006 N/A

300 Binney Street Development Cambridge, MA — 18,080 51,262 38,454 18,080 27,805 — 61,911 107,796 6,719 2013 2009 N/A

103 CityPoint Development Waltham, MA — — — 88,190 4,672 3,025 8,672 71,821 88,190 18 N/A 2007 N/A

121 Broadway Development Cambridge, MA — — — 102,843 — — — 102,843 102,843 — N/A 1997 N/A

Reston Next Office Phase II Development Reston, VA — — — 45,434 1,692 3,030 — 40,712 45,434 14 N/A 1998 N/A

725 12th Street Development Washington, DC — 26,997 8,369 522 — — — 35,888 35,888 — 1992 2024 N/A

Reston Next Retail Development Reston, VA — — — 10,293 — — — 10,293 10,293 — N/A 1998 N/A

3 unchanged sentences

3625-3635 Peterson Way Land Santa Clara, CA — 63,206 — 5,185 — — 68,391 — 68,391 — N/A 2016 N/A

Kendall Center Master Plan Land Cambridge, MA — — — 48,857 — — 48,857 — 48,857 — N/A 1997 N/A

North First Master Plan Land San Jose, CA — 35,004 — 4,600 — — 39,604 — 39,604 — N/A 2007 N/A

3 unchanged sentences

Reston Gateway Master Plan Land Reston, VA — — — 17,199 — — 17,199 — 17,199 — N/A 1998 N/A

Kendall Center Master Plan Land Cambridge, MA — — — 16,301 — — 16,301 — 16,301 — N/A 1997 N/A

Weston Quarry Land Weston, MA — — — 1,252 — — 1,252 — 1,252 — N/A 2001 N/A

Schedule 3—Real Estate and Accumulated Depreciation

December 31, 2024

(dollars in thousands)

Property Name Type Location Encumbrances Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives (Years)

Land Building

Broad Run Business Park Land Loudoun County, VA — — — 1,188 — — 1,188 — 1,188 — N/A 1998 N/A

1 unchanged sentence

$ 4,276,609 (3) $ 5,716,458 $ 15,848,823 $ 6,955,895 $ 6,002,805 (4) $ 21,039,681 (5) $ 714,050 (6) $ 764,640 $ 28,521,176 $ 7,485,502

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Total Real Estate does not include Furniture, Fixtures and Equipment totaling approximately $ 57,136 .

4 unchanged sentences

(2) This property is encumbered with the mortgage note shown at 355 Main Street.

See Note 7 to the Consolidated Financial Statements.

(3) Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $( 25.7 ) million.

2 unchanged sentences

(6) Includes pre-development costs.

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Boston Properties, Inc.

Real Estate and Accumulated Depreciation

13 unchanged sentences

Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment.

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Boston Properties Limited Partnership

9 unchanged sentences

601 Lexington Avenue Office New York, NY 990,529 241,600 494,782 531,270 279,281 988,371 — — 1,267,652 385,988 1977/1997/2021 2001 (1)

Salesforce Tower Office San Francisco, CA — 200,349 946,205 7,623 200,349 953,828 — — 1,154,177 159,274 2018 2013 (1)

200 Clarendon Street and Garage Office Boston, MA — 219,543 667,884 288,694 257,203 918,918 — — 1,176,121 370,980 1976 2010 (1)

Salesforce Tower Office San Francisco, CA — 200,349 946,205 7,655 200,349 953,860 — — 1,154,209 188,376 2018 2013 (1)

250 West 55th Street Office New York, NY — 285,263 603,167 51,331 285,263 654,498 — — 939,761 215,386 2014 2007 (1)

1 unchanged sentence

Madison Centre Office Seattle, WA — 104,641 564,336 5,126 104,641 569,462 674,103 56,212 2017 2022 (1)

Times Square Tower Office New York, NY — 165,413 380,438 102,302 159,694 488,459 — — 648,153 244,067 2004 2000 (1)

Carnegie Center Office Princeton, NJ — 142,666 316,856 162,582 90,501 472,803 58,800 — 622,104 262,096 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1)

7 Times Square (formerly Times Square Tower) Office New York, NY — 165,413 380,438 112,011 159,694 498,168 — — 657,862 250,824 2004 2000 (1)

Santa Monica Business Park Office Los Angeles, CA 198,021 46,360 410,421 177,482 210,471 423,681 111 — 634,263 18,660 1976-1980 2023 (1)

125 Broadway Office Cambridge, MA — 126,364 433,662 4,000 126,364 437,662 — — 564,026 20,717 2000 2022 (1)

Carnegie Center Office Princeton, NJ — 142,666 316,856 169,851 90,501 479,895 58,977 — 629,373 274,543 1983-2016 1998/1999/2000/2007/2014/2017/2019 (1)

Reston Next Office Reston, VA — 35,549 525,277 5,860 2,901 563,785 — — 566,686 51,052 2022 1998 (1)

1 unchanged sentence

2100 Pennsylvania Avenue Office Washington, DC — 185,203 324,206 4,433 185,203 328,639 — — 513,842 34,319 2023 N/A (1)

Fountain Square Office Reston, VA — 56,853 306,298 49,874 56,853 356,172 — — 413,025 111,481 1986-1990 2012 (1)

599 Lexington Avenue Office New York, NY — 81,040 100,507 242,168 81,040 342,675 — — 423,715 202,504 1986 1997 (1)

Fountain Square Office Reston, VA — 56,853 306,298 56,795 56,853 363,093 — — 419,946 125,277 1986-1990 2012 (1)

510 Madison Avenue Office New York, NY — 103,000 253,665 37,287 103,000 290,952 — — 393,952 111,209 2012 2010 (1)

1 unchanged sentence

680 Folsom Street Office San Francisco, CA — 72,545 219,766 12,577 72,545 232,343 — — 304,888 87,930 2014 2012 (1)

145 Broadway Office Cambridge, MA — 121 273,013 26,156 23,164 276,126 — — 299,290 35,390 2019 1997 (1)

2200 Pennsylvania Avenue Office Washington, DC — — 183,541 116,540 101,734 198,347 — — 300,081 75,450 2011 2008 (1)

145 Broadway Office Cambridge, MA — 121 273,013 26,777 23,164 276,747 — — 299,911 43,888 2019 1997 (1)

South of Market and Democracy Tower Office Reston, VA — 13,603 237,479 30,760 13,603 268,239 — — 281,842 118,676 2008-2009 2003 (1)

4 unchanged sentences

140 Kendrick Street Office Needham, MA — 18,095 66,905 68,625 18,095 135,530 — — 153,625 50,959 2000/2023 2004 (1)

880 Winter Street Office Waltham, MA — 15,597 37,255 95,265 15,597 132,520 — — 148,117 10,056 1998/2022 2019 (1)

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901 New York Avenue Office Washington, DC 201,692 65,808 72,970 13,225 65,808 86,195 — — 152,003 4,253 2004 2024 (1)

1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 35,160 25,982 117,471 — — 143,453 57,126 1984/2018 2004 (1)

Boston Properties Limited Partnership

4 unchanged sentences

Property Name Type Location Encumbrances Land Building

1330 Connecticut Avenue Office Washington, DC — 25,982 82,311 35,311 25,982 117,622 — — 143,604 51,767 1984/2018 2004 (1)

One Freedom Square Office Reston, VA — 9,929 84,504 41,943 9,883 126,493 — — 136,376 71,339 2000 2003 (1)

Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 4,501 18,021 113,539 — — 131,560 54,432 2003-2006 2007 (1)

Two Freedom Square Office Reston, VA — 13,930 77,739 40,024 13,866 117,827 — — 131,693 48,454 2001 2003 (1)

Shady Grove Innovation District

Office Rockville, MD — 52,030 64,212 10,676 26,834 34,954 65,130 — 126,918 4,701 1968-1985 2021 (1)

Kingstowne Towne Center Office Alexandria, VA — 18,021 109,038 4,132 18,021 113,170 — — 131,191 57,705 2003-2006 2007 (1)

One and Two Reston Overlook Office Reston, VA — 16,456 66,192 45,178 15,074 112,752 — — 127,826 62,667 1999 2000 (1)

Weston Corporate Center Office Weston, MA — 25,753 92,312 1,630 25,854 93,841 — — 119,695 44,575 2010 2001 (1)

Shady Grove Innovation District

Office Rockville, MD — 52,030 64,212 ( 284 ) 26,834 35,014 54,110 — 115,958 5,526 1968-1985 2021 (1)

355 Main Street Office Cambridge, MA 594,869 18,863 53,346 41,474 21,098 92,585 — — 113,683 39,544 1981/1996/2013 2006 (1)

17Fifty Presidents Street Office Reston, VA — — 113,362 162 — 113,524 — — 113,524 21,016 2020 2013 (1)

200 West Street Office Waltham, MA — 16,148 24,983 68,538 16,148 93,164 357 — 109,669 27,290 1999/2021 1997 (1)

Discovery Square Office Reston, VA — 11,198 71,782 28,359 11,146 100,193 — — 111,339 60,237 2001 2003 (1)

1 unchanged sentence

90 Broadway Office Cambridge, MA — (2) 19,104 52,078 21,989 20,741 72,430 — — 93,171 33,338 1983/1998/2013 2006 (1)

153 & 211 Second Avenue Office Waltham, MA — 33,233 55,940 718 33,233 55,940 718 — 89,891 6,186 1964-2006 2021 (1)

Waltham Weston Corporate Center Office Waltham, MA — 10,385 60,694 19,758 10,350 80,487 — — 90,837 47,541 2003 1999 (1)

Sumner Square Office Washington, DC — 624 28,745 58,886 26,921 61,334 — — 88,255 28,998 1985 1999 (1)

230 CityPoint Office Waltham, MA — 13,189 49,823 23,458 13,403 73,067 — — 86,470 41,224 1992 2005 (1)

77 CityPoint Office Waltham, MA — 13,847 60,383 10,543 13,997 70,776 — — 84,773 30,716 2008 2001 (1)

Sumner Square Office Washington, DC — 624 28,745 49,173 27,317 51,225 — — 78,542 32,209 1985 1999 (1)

20 CityPoint Office Waltham, MA — 4,887 72,764 7,072 4,887 79,836 — — 84,723 16,456 2020 2007 (1)

2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,565 16,741 57,850 — — 74,591 21,469 1987/2003 2011 (1)

Wisconsin Place Office Chevy Chase, MD — — 53,349 26,100 — 79,449 — — 79,449 31,223 2009 2004 (1)

2440 West El Camino Real Office Mountain View, CA — 16,741 51,285 6,565 16,741 57,850 — — 74,591 23,427 1987/2003 2011 (1)

Reston Corporate Center Office Reston, VA — 9,135 50,857 1,878 9,496 52,374 — — 61,870 34,685 1984 1998 (1)

890 Winter Street Office Waltham, MA — 13,913 28,557 19,104 13,913 47,661 — — 61,574 9,397 1999 2019 (1)

255 Main Street Office Cambridge, MA — 134 25,110 32,110 134 57,220 — — 57,354 45,229 1987 1997 (1)

University Place Office Cambridge, MA — — 37,091 13,699 4,145 46,645 — — 50,790 37,845 1985 1998 (1)

890 Winter Street Office Waltham, MA — 13,913 28,557 8,507 13,913 37,064 — — 50,977 7,296 1999 2019 (1)

North First Business Park Office San Jose, CA — 23,398 13,069 6,093 23,372 19,188 — — 42,560 17,845 1981 2007 (1)

5 unchanged sentences

690 Folsom Street Office San Francisco, CA — 3,219 11,038 1,877 3,219 12,915 — — 16,134 4,723 2015 2012 (1)

33 Hayden Avenue Office Lexington, MA — 266 3,234 10,865 266 14,099 — — 14,365 8,873 1979 1997 (1)

Avant Retail Office Reston, VA — 1,499 6,647 2,577 1,499 9,224 — — 10,723 3,885 2014 2010 (1)

92-100 Hayden Avenue Office Lexington, MA — 594 6,748 1,193 595 7,940 — — 8,535 7,140 1985 1997 (1)

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17 Hartwell Avenue Office Lexington, MA — 26 150 9,049 26 6,057 3,142 — 9,225 3,774 1968 1997 (1)

32 Hartwell Avenue Office Lexington, MA — 168 1,943 5,808 168 7,751 — — 7,919 3,080 1968/1979/1987 1997 (1)

453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,286 5,477 2,376 — — 7,853 1,300 1977 2012 (1)

125 Broadway Life Sciences Cambridge, MA — 126,364 433,662 5,580 126,364 439,242 — — 565,606 38,051 2000 2022 (1)

180 CityPoint Life Sciences Waltham, MA — 10,908 211,883 — 10,908 211,883 — — 222,791 6,212 2024 2006 (1)

Boston Properties Limited Partnership

4 unchanged sentences

Property Name Type Location Encumbrances Land Building

32 Hartwell Avenue Office Lexington, MA — 168 1,943 5,817 168 7,760 — — 7,928 2,731 1968/1979/1987 1997 (1)

453 Ravendale Drive Office Mountain View, CA — 5,477 1,090 1,286 5,477 2,376 — — 7,853 1,086 1977 2012 (1)

250 Binney Street Office Cambridge, MA — 110 4,483 2,939 110 7,422 — 7,532 7,026 1983 1997 (1)

17 Hartwell Avenue Office Lexington, MA — 26 150 5,907 26 6,057 — — 6,083 3,701 1968 1997 (1)

300 Binney Street Life Sciences Cambridge, MA — 18,080 51,262 148,974 18,080 200,236 — — 218,316 7,923 2024 2009 (1)

880 Winter Street Life Sciences Waltham, MA — 15,597 37,255 95,615 15,597 132,870 — — 148,467 18,179 1998/2022 2019 (1)

200 West Street Life Sciences Waltham, MA — 16,148 24,983 75,048 16,148 99,674 357 — 116,179 32,778 1999/2021 1997 (1)

153 & 211 Second Avenue Life Sciences Waltham, MA — 33,233 55,940 2,352 33,233 58,292 — — 91,525 7,583 1964-2006 2021 (1)

103 CityPoint Life Sciences Waltham, MA — 4,672 77,515 ( 2 ) 4,670 77,515 — — 82,185 569 2024 2007 (1)

33 Hayden Avenue Life Sciences Lexington, MA — 266 3,234 10,865 266 14,099 — — 14,365 10,022 1979 1997 (1)

92-100 Hayden Avenue Life Sciences Lexington, MA — 594 6,748 1,088 595 7,835 — — 8,430 7,194 1985 1997 (1)

250 Binney Street Life Sciences Cambridge, MA — 110 4,483 2,939 110 7,422 — — 7,532 7,243 1983 1997 (1)

The Skylyne Residential Oakland, CA — — 239,077 1,792 — 240,869 — — 240,869 26,207 2020 N/A (1)

6 unchanged sentences

290 Binney Street Development Cambridge, MA — — — 575,542 638 — — 574,904 575,542 — N/A 1997 N/A

180 CityPoint Development Waltham, MA — — — 214,754 10,908 108,970 — 94,876 214,754 541 N/A 2006 N/A

300 Binney Street Development Cambridge, MA — 18,080 51,262 38,454 18,080 27,805 — 61,911 107,796 6,719 2013 2009 N/A

103 CityPoint Development Waltham, MA — — — 88,188 4,670 3,025 8,672 71,821 88,188 18 N/A 2007 N/A

121 Broadway Development Cambridge, MA — — — 102,843 — — — 102,843 102,843 — N/A 1997 N/A

Reston Next Office Phase II Development Reston, VA — — — 45,434 1,692 3,030 — 40,712 45,434 14 N/A 1998 N/A

725 12th Street Development Washington, DC — 26,997 8,369 522 — — — 35,888 35,888 — 1992 2024 N/A

Reston Next Retail Development Reston, VA — — — 10,293 — — — 10,293 10,293 — N/A 1998 N/A

3 unchanged sentences

3625-3635 Peterson Way Land Santa Clara, CA — 63,206 — 5,185 — — 68,391 — 68,391 — N/A 2016 N/A

Kendall Center Master Plan Land Cambridge, MA — — — 48,857 — — 48,857 — 48,857 — N/A 1997 N/A

North First Master Plan Land San Jose, CA — 35,004 — 4,600 — — 39,604 — 39,604 — N/A 2007 N/A

3 unchanged sentences

Reston Gateway Master Plan Land Reston, VA — — — 17,199 — — 17,199 — 17,199 — N/A 1998 N/A

Kendall Center Master Plan Land Cambridge, MA — — — 16,301 — — 16,301 — 16,301 — N/A 1997 N/A

Weston Quarry Land Weston, MA — — — 1,252 — — 1,252 — 1,252 — N/A 2001 N/A

1 unchanged sentence

Reston Overlook Master Plan Land Reston, VA — — — 80 — — 80 — 80 — N/A 2000 N/A

Boston Properties Limited Partnership

Schedule 3—Real Estate and Accumulated Depreciation

December 31, 2024

(dollars in thousands)

Original Costs Capitalized Subsequent to Acquisition Land and Improvements Building and Improvements Land Held for Development Development and Construction in Progress Total Accumulated Depreciation Year(s) Built/Renovated Year(s) Acquired Depreciable Lives

Property Name Type Location Encumbrances Land Building

$ 4,276,609 (3) $ 5,716,458 $ 15,848,823 $ 6,589,630 $ 5,908,096 (4) $ 20,768,125 (5) $ 714,050 (6) $ 764,640 $ 28,154,911 $ 7,355,327

2 unchanged sentences

Office type includes office, life sciences, and retail properties.

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The aggregate cost and accumulated depreciation for tax purposes was approximately $ 28.9 billion and $ 7.1 billion, respectively.

1 unchanged sentence

(2) This property is encumbered with the mortgage note shown at 355 Main Street.

See Note 7 to the Consolidated Financial Statements.

(3) Includes unamortized deferred financing costs and fair value debt adjustment totaling approximately $( 25.7 ) million.

2 unchanged sentences

(6) Includes pre-development costs.

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Boston Properties Limited Partnership

14 unchanged sentences

Real Estate and Accumulated Depreciation amounts do not include Furniture, Fixtures and Equipment.

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2.1 — Transfer Agreement, dated May 31, 2013, by and among BP 767 Fifth LLC, Sungate Fifth Avenue LLC, 767 LLC and BP/DC 767 Fifth LLC.

12 unchanged sentences

filed on March 22, 2013.)

3.5 — Third Amended and Restated By-laws of Boston Properties, Inc.

(Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Boston Properties, Inc.

filed on May 19, 2016.)

3.6 — Amendment No.

1 to Third Amended and Restated By-laws of Boston Properties, Inc.

(Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Boston Properties, Inc.

and Boston Properties Limited Partnership filed on March 24, 2020.)

3.5 — Certificate of Amendment to Boston Properties, Inc.’s Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of Boston Properties, Inc.

and Boston Properties Limited Partnership filed on June 20, 2024.)

3.6 — Amended and Restated By-laws of BXP, Inc.

(Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of BXP, Inc.

and Boston Properties Limited Partnership filed on July 25, 2024.)

3.7 — Form of Certificate of Designations for Series A Preferred Stock.

2 unchanged sentences

(Incorporated by reference to Exhibit 4.3 to Boston Properties, Inc.’s Registration Statement on Form S-11, File No.

4.2 — Description of the Securities of Boston Properties, Inc.

and Boston Properties Limited Partnership (Incorporated by reference to Exhibit 4.2 to the Annual Report on Form 10-K of Boston Properties, Inc and Boston Properties Limited Partnership filed on February 25, 2022.)

4.2 — Description of the Securities of BXP, Inc.

and Boston Properties Limited Partnership (Filed herewith.)

4.3 — Indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York, as Trustee.

16 unchanged sentences

filed on December 4, 2017.)

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4.8 — Supplemental Indenture No.

38 unchanged sentences

and Boston Properties Limited Partnership filed on May 15, 2023.)

4.16 — Supplemental Indenture No.

26, dated as of August 26, 2024, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee;

including a form of the 5.750% Senior Note due 2035.

(Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of BXP, Inc.

and Boston Properties Limited Partnership filed on August 26, 2024.)

10.1 — Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of June 29, 1998.

10 unchanged sentences

(Incorporated by reference to Exhibit 10.3 to Boston Properties, Inc.’s Current Report on Form 8-K filed on January 29, 2008.)

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10.6 — Ninety-Eighth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of October 21, 2010.

2 unchanged sentences

(Incorporated by reference to Exhibit 10.7 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 28, 2018.)

10.8 — Two Hundred Nineteenth Amendment to the Second Amended and Restated Agreement of Limited Partnership of Boston Properties Limited Partnership, dated as of June 20, 2024 and effective as of July 1, 2024 (Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc.

and Boston Properties Limited Partnership filed on June 20, 2024.)

10.9* — Second Amendment and Restatement of Boston Properties, Inc.

21 unchanged sentences

and Boston Properties Limited Partnership filed on August 6, 2021.)

10.16* — Fourth Amendment to the Boston Properties, Inc.

1999 Non-Qualified Employee Stock Purchase Plan .

(Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Boston Properties, Inc.

and Boston Properties Limited Partnership filed on May 24, 2024.)

10.17* — Boston Properties Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2009.

27 unchanged sentences

(Incorporated by reference to Exhibit 10.7 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.)

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10.26* — Second Amendment to Employment Agreement, dated as of December 15, 2008, by and between Boston Properties, Inc.

(Incorporated by reference to Exhibit 10.33 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.)

10.25* — Employment Agreement by and between Robert E.

Pester and Boston Properties, Inc.

dated as of December 16, 2002.

(Incorporated by reference to Exhibit 10.14 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on February 27, 2003.)

10.26* — First Amendment to Employment Agreement, dated as of November 1, 2007, by and between Boston Properties, Inc.

and Robert E.

(Incorporated by reference to Exhibit 10.9 to Boston Properties, Inc.’s Quarterly Report on Form 10-Q filed on November 9, 2007.)

10.27* — Second Amendment to Employment Agreement, dated as of December 15, 2008, by and between Boston Properties, Inc.

and Robert E.

(Incorporated by reference to Exhibit 10.40 to Boston Properties, Inc.’s Annual Report on Form 10-K filed on March 2, 2009.)

10.27* — Amended and Restated Employment Agreement by and between Owen D.

43 unchanged sentences

and Boston Properties Limited Partnership filed on June 16, 2021.)

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10.42 — First Amendment to Ninth Amended and Restated Credit Agreement, dated as of June 1, 2023, among Boston Properties Limited Partnership and the lenders identified therein.

1 unchanged sentence

and Boston Properties Limited Partnership filed on June 6, 2023.)

10.43 — Second Amendment to Ninth Amended and Restated Credit Agreement, dated as of June 27, 2024, among Boston Properties Limited Partnership and the lenders identified therein.

(Incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of BXP, Inc.

and Boston Properties Limited Partnership filed on November 5, 2024.)

10.44 — Third Amendment to Ninth Amended and Restated Credit Agreement, dated as of August 2, 2024, among Boston Properties Limited Partnership and the lenders identified therein.

(Incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q of BXP, Inc.

and Boston Properties Limited Partnership filed on November 5, 2024.)

10.45 — Credit Agreement, dated as of January 4, 2023, among Boston Properties Limited Partnership and the lenders identified therein.

1 unchanged sentence

and Boston Properties Limited Partnership filed on January 9, 2023.)

21.1 — Subsidiaries of Boston Properties, Inc.

10.46 — First Amendment to Credit Agreement, dated as of August 2 , 2024, among Boston Properties Limited Partnership and the lenders identified therein.

(Incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q of BXP, Inc.

and Boston Properties Limited Partnership filed on November 5, 2024.)

19.1 — BXP, Inc.

Insider Trading Policy (Filed herewith.)

21.1 — Subsidiaries of BXP, Inc.

and Boston Properties Limited Partnership (Filed herewith.)

23.1 — Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting firm for Boston Properties, Inc.

23.1 — Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting firm for BXP, Inc.

(Filed herewith.)

1 unchanged sentence

(Filed herewith.)

31.1 — Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Boston Properties, Inc.

31.1 — Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of BXP, Inc.

pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(Filed herewith.)

31.2 — Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Boston Properties, Inc.

31.2 — Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of BXP, Inc.

pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

4 unchanged sentences

(Filed herewith.)

32.1 — Section 1350 Certification of Chief Executive Officer of Boston Properties, Inc.

32.1 — Section 1350 Certification of Chief Executive Officer of BXP, Inc.

pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(Furnished herewith.)

32.2 — Section 1350 Certification of Chief Financial Officer of Boston Properties, Inc.

32.2 — Section 1350 Certification of Chief Financial Officer of BXP, Inc.

pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

5 unchanged sentences

97.1 — Compensation Recovery Policy of Boston Properties, Inc.

(Filed herewith).

( Incorporated by reference to Exhibit 97.1 to the Annual Report on F orm 10-K of BXP, I n c.

and Boston Properties Limited Partnership filed on February 27, 202 4 .

101.SCH — Inline XBRL Taxonomy Extension Schema Document.

13 unchanged sentences

Not Applicable.

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Pursuant to the requirements of the Securities Exchange Act of 1934, Boston Properties, Inc.

Pursuant to the requirements of the Securities Exchange Act of 1934, BXP, Inc.

has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BOSTON PROPERTIES, INC.

February 27, 2025 /s/ M ICHAEL E.

1 unchanged sentence

(duly authorized officer and principal financial officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Boston Properties, Inc., and in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of BXP, Inc., and in the capacities and on the dates indicated.

February 27, 2025

2 unchanged sentences

Director and President

/s/ K ELLY A.

/s/ B RUCE W .

1 unchanged sentence

/s/ D IANE J.

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/s/ M ATTHEW J.

/s/ T IMOTHY J.

/s/ W ILLIAM H.

8 unchanged sentences

Principal Accounting Officer

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Pursuant to the requirements of the Securities Exchange Act of 1934, Boston Properties Limited Partnership has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BOSTON PROPERTIES LIMITED PARTNERSHIP

Boston Properties, Inc., its General Partner

BXP, Inc., its General Partner

February 27, 2025 /s/ M ICHAEL E.

1 unchanged sentence

(duly authorized officer and principal financial officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Boston Properties, Inc., as general partner of Boston Properties Limited Partnership, and in the capacities and on the dates indicated.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of BXP, Inc., as general partner of Boston Properties Limited Partnership, and in the capacities and on the dates indicated.

February 27, 2025

2 unchanged sentences

Director and President

/s/ K ELLY A.

/s/ B RUCE W .

1 unchanged sentence

/s/ D IANE J.

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/s/ M ATTHEW J.

/s/ T IMOTHY J.

/s/ W ILLIAM H.

9 unchanged sentences

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-K

Item 9A. Controls and Procedures