What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-06 compared with 2025-05-06 · 380 added, 233 removed, 941 unchanged (39% of the section changed)

2 unchanged sentences

(unaudited and in thousands, except for share and par value amounts)

March 31, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,920,052 and $ 7,797,430 at March 31, 2025 and December 31, 2024, respectively)

June 30, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,917,248 and $ 7,797,430 at June 30, 2025 and December 31, 2024, respectively)

$ 28,428,074 $ 27,870,623

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2025 and December 31, 2024, respectively)

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at June 30, 2025 and December 31, 2024, respectively)

372,839 372,922

Right of use assets - operating leases (amounts related to VIEs of $ 136,123 and $ 140,558 at March 31, 2025 and December 31, 2024, respectively)

Right of use assets - operating leases (amounts related to VIEs of $ 131,751 and $ 140,558 at June 30, 2025 and December 31, 2024, respectively)

325,670 334,767

accumulated depreciation (amounts related to VIEs of $( 1,660,324 ) and $( 1,628,274 ) at March 31, 2025 and December 31, 2024, respectively)

accumulated depreciation (amounts related to VIEs of $( 1,698,752 ) and $( 1,628,274 ) at June 30, 2025 and December 31, 2024, respectively)

( 7,863,743 ) ( 7,528,057 )

Total real estate 21,262,840 21,050,255

Cash and cash equivalents (amounts related to VIEs of $ 238,137 and $ 373,737 at March 31, 2025 and December 31, 2024, respectively)

Cash and cash equivalents (amounts related to VIEs of $ 319,475 and $ 373,737 at June 30, 2025 and December 31, 2024, respectively)

446,953 1,254,882

Cash held in escrows (amounts related to VIEs of $ 5,305 and $ 4,979 at March 31, 2025 and December 31, 2024, respectively)

Cash held in escrows (amounts related to VIEs of $ 4,997 and $ 4,979 at June 30, 2025 and December 31, 2024, respectively)

80,888 80,314

Investments in securities 41,062 39,706

Tenant and other receivables, net (amounts related to VIEs of $ 29,067 and $ 20,435 at March 31, 2025 and December 31, 2024, respectively)

Tenant and other receivables, net (amounts related to VIEs of $ 31,572 and $ 20,435 at June 30, 2025 and December 31, 2024, respectively)

109,683 107,453

2 unchanged sentences

Sales-type lease receivable, net 15,188 14,657

Accrued rental income, net (amounts related to VIEs of $ 443,953 and $ 435,110 at March 31, 2025 and December 31, 2024, respectively)

Accrued rental income, net (amounts related to VIEs of $ 452,950 and $ 435,110 at June 30, 2025 and December 31, 2024, respectively)

1,509,347 1,466,220

Deferred charges, net (amounts related to VIEs of $ 209,654 and $ 211,726 at March 31, 2025 and December 31, 2024, respectively)

Deferred charges, net (amounts related to VIEs of $ 208,365 and $ 211,726 at June 30, 2025 and December 31, 2024, respectively)

809,033 813,345

Prepaid expenses and other assets (amounts related to VIEs of $ 46,605 and $ 15,036 at March 31, 2025 and December 31, 2024, respectively)

Prepaid expenses and other assets (amounts related to VIEs of $ 18,569 and $ 15,036 at June 30, 2025 and December 31, 2024, respectively)

89,624 70,839

2 unchanged sentences

LIABILITIES AND EQUITY

Mortgage notes payable, net (amounts related to VIEs of $ 3,283,239 and $ 3,282,027 at March 31, 2025 and December 31, 2024, respectively)

Mortgage notes payable, net (amounts related to VIEs of $ 3,284,449 and $ 3,282,027 at June 30, 2025 and December 31, 2024, respectively)

$ 4,278,788 $ 4,276,609

3 unchanged sentences

Unsecured commercial paper 750,000 500,000

Lease liabilities - finance leases (amounts related to VIEs of $ 20,965 and $ 20,931 at March 31, 2025 and December 31, 2024, respectively)

Lease liabilities - finance leases (amounts related to VIEs of $ 21,010 and $ 20,931 at June 30, 2025 and December 31, 2024, respectively)

365,897 370,885

Lease liabilities - operating leases (amounts related to VIEs of $ 160,805 and $ 157,691 at March 31, 2025 and December 31, 2024, respectively)

Lease liabilities - operating leases (amounts related to VIEs of $ 163,981 and $ 157,691 at June 30, 2025 and December 31, 2024, respectively)

399,174 392,686

Accounts payable and accrued expenses (amounts related to VIEs of $ 123,169 and $ 115,808 at March 31, 2025 and December 31, 2024, respectively)

Accounts payable and accrued expenses (amounts related to VIEs of $ 144,822 and $ 115,808 at June 30, 2025 and December 31, 2024, respectively)

480,158 401,874

2 unchanged sentences

120,975 128,098

Other liabilities (amounts related to VIEs of $ 108,335 and $ 126,202 at March 31, 2025 and December 31, 2024, respectively)

Other liabilities (amounts related to VIEs of $ 93,554 and $ 126,202 at June 30, 2025 and December 31, 2024, respectively)

416,838 450,796

Total liabilities 17,766,779 18,137,324

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CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands, except for share and par value amounts)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Commitments and contingencies (See Note 8)

Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively

Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively

Stockholders’ equity attributable to BXP, Inc.:

1 unchanged sentence

Preferred stock, $ 0.01 par value, 50,000,000 shares authorized, none issued or outstanding

Common stock, $ 0.01 par value, 250,000,000 shares authorized, 158,402,227 and 158,253,895 issued and 158,323,327 and 158,174,995 outstanding at March 31, 2025 and December 31, 2024, respectively

Common stock, $ 0.01 par value, 250,000,000 shares authorized, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

1 unchanged sentence

Dividends in excess of earnings ( 1,579,770 ) ( 1,419,575 )

Treasury common stock at cost, 78,900 shares at March 31, 2025 and December 31, 2024

Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024

( 2,722 ) ( 2,722 )

8 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except for per share amounts)

Three months ended March 31,

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

2025 2024 2025 2024

Lease $ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145

3 unchanged sentences

Direct reimbursements of payroll and related costs from management services contracts

4,104 4,148 8,603 8,441

Total revenue 868,457 850,482 1,733,672 1,689,921

8 unchanged sentences

Income (loss) from unconsolidated joint ventures ( 3,324 ) ( 5,799 ) ( 5,463 ) 13,387

Gain on sale of real estate 18,390 — 18,390 —

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

Interest and other income (loss) 8,063 10,788 15,813 25,317

Gains (losses) from investments in securities ( 365 ) 2,272

Gains from investments in securities 2,600 315 2,235 2,587

Unrealized gain (loss) on non-real estate investments ( 39 ) 58 ( 522 ) 454

16 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

Three months ended March 31,

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

2025 2024 2025 2024

Net income $ 119,141 $ 106,949 $ 206,046 $ 213,553

11 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOLIDATED STATEMENTS OF EQUITY

3 unchanged sentences

Shares Amount

Equity, December 31, 2024

158,175 $ 1,582 $ 6,836,093 $ ( 1,419,575 ) $ ( 2,722 ) $ ( 2,072 ) $ 591,270 $ 1,933,545 $ 7,938,121

Equity, March 31, 2025 158,323 $ 1,583 $ 6,846,015 $ ( 1,513,555 ) $ ( 2,722 ) $ ( 11,379 ) $ 591,555 $ 1,938,344 $ 7,849,841

Redemption of operating partnership units to common stock 4 1 124 — — — ( 125 ) — —

8 unchanged sentences

Reallocation of noncontrolling interest — — 9,006 — — — ( 9,006 ) — —

Equity, June 30, 2025

158,366 $ 1,584 $ 6,854,753 $ ( 1,579,770 ) $ ( 2,722 ) $ ( 15,059 ) $ 584,651 $ 2,003,993 $ 7,847,430

Equity, March 31, 2024 157,049 $ 1,570 $ 6,752,648 $ ( 890,177 ) $ ( 2,722 ) $ ( 3,620 ) $ 684,969 $ 1,734,904 $ 8,277,572

Redemption of operating partnership units to common stock 41 1 1,450 — — — ( 1,451 ) — —

Allocated net income for the period — — — 79,615 — — 9,509 17,825 106,949

Dividends/distributions declared — — — ( 153,956 ) — — ( 18,842 ) — ( 172,798 )

Net activity from stock option and incentive plan 8 — 2,499 — — — 14,041 — 16,540

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — 1,244 — — — — 66,237 67,481

Distributions to noncontrolling interests in property partnerships — — — — — — — ( 17,434 ) ( 17,434 )

Effective portion of interest rate contracts — — — — — 835 101 — 936

Amortization of interest rate contracts — — — — — 2,630 307 144 3,081

Reallocation of noncontrolling interest — — 10,845 — — — ( 10,845 ) — —

Equity, June 30, 2024

157,098 $ 1,571 $ 6,768,686 $ ( 964,518 ) $ ( 2,722 ) $ ( 155 ) $ 677,789 $ 1,801,676 $ 8,282,327

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited and in thousands)

Common Stock Additional Paid-in Capital Dividends in Excess of Earnings Treasury Stock,

at cost Accumulated Other Comprehensive Loss Noncontrolling Interests - Common Units Noncontrolling Interests - Property Partnerships Total

Shares Amount

Equity, December 31, 2024 158,175 $ 1,582 $ 6,836,093 $ ( 1,419,575 ) $ ( 2,722 ) $ ( 2,072 ) $ 591,270 $ 1,933,545 $ 7,938,121

Redemption of operating partnership units to common stock 116 2 3,799 — — — ( 3,801 ) — —

Allocated net income for the period — — — 150,161 — — 17,036 38,849 206,046

Dividends/distributions declared — — — ( 310,356 ) — — ( 36,307 ) — ( 346,663 )

Shares issued pursuant to stock purchase plan 6 — 408 — — — — — 408

Net activity from stock option and incentive plan 69 — 4,343 — — — 31,725 — 36,068

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — ( 3,722 ) — — — — 69,313 65,591

Distributions to noncontrolling interests in property partnerships — — — — — — — ( 38,002 ) ( 38,002 )

Effective portion of interest rate contracts — — — — — ( 17,025 ) ( 1,887 ) — ( 18,912 )

Amortization of interest rate contracts — — — — — 4,038 447 288 4,773

Reallocation of noncontrolling interest — — 13,832 — — — ( 13,832 ) — —

Equity, June 30, 2025

158,366 $ 1,584 $ 6,854,753 $ ( 1,579,770 ) $ ( 2,722 ) $ ( 15,059 ) $ 584,651 $ 2,003,993 $ 7,847,430

Equity, December 31, 2023 156,941 $ 1,569 $ 6,715,149 $ ( 816,152 ) $ ( 2,722 ) $ ( 21,147 ) $ 666,580 $ 1,640,704 $ 8,183,981

Redemption of operating partnership units to common stock 77 2 2,752 — — — ( 2,754 ) — —

8 unchanged sentences

Reallocation of noncontrolling interest — — ( 1,902 ) — — — 1,902 — —

Equity, March 31, 2024

Equity, June 30, 2024

157,098 $ 1,571 $ 6,768,686 $ ( 964,518 ) $ ( 2,722 ) $ ( 155 ) $ 677,789 $ 1,801,676 $ 8,282,327

The accompanying notes are an integral part of these consolidated financial statements.

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Three months ended March 31,

Six months ended June 30,

Cash flows from operating activities:

8 unchanged sentences

Distributions of net cash flow from operations of unconsolidated joint ventures 25,857 21,153

(Gains) losses from investments in securities 365 ( 2,272 )

Gains from investments in securities ( 2,235 ) ( 2,587 )

Allowance for current expected credit losses ( 6 ) 36

1 unchanged sentence

Loss from early extinguishments of debt 338 —

Gain on sale of real estate ( 18,390 ) —

Loss on sales-type lease 2,490 —

14 unchanged sentences

Construction in progress ( 278,667 ) ( 313,602 )

Building and other capital improvements ( 57,395 ) ( 32,087 )

Building, pre-development and other capital improvements ( 129,031 ) ( 66,799 )

Tenant improvements ( 139,748 ) ( 117,848 )

Proceeds from sale of real estate 21,840 —

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

4 unchanged sentences

Net cash used in investing activities ( 612,404 ) ( 553,504 )

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six months ended June 30,

Cash flows from financing activities:

3 unchanged sentences

Repayments of unsecured line of credit ( 335,000 ) —

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CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Three months ended March 31,

Borrowings on unsecured term loans 700,000 —

26 unchanged sentences

Right of use assets obtained in exchange for lease liabilities - operating lease $ — $ 30,631

Lease liability - finance lease reversal for re-assessment event $ — $ ( 38,491 )

Right of use asset - finance lease reversal for re-assessment event $ — $ ( 28,962 )

Non-cash contributions from noncontrolling interests in property partnerships, net $ ( 2,393 ) $ 60,410

2 unchanged sentences

Mortgage note payable recorded upon consolidation $ — $ 207,093

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six months ended June 30,

Real estate and intangibles recorded upon consolidation $ — $ ( 220,015 )

Real estate contributed in exchange for investment in unconsolidated joint venture $ ( 5,595 ) $ —

Investment in unconsolidated joint ventures funded by real estate contributed $ 5,595 $ —

Dividends and distributions declared but not paid $ 172,732 $ 172,172

2 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES LIMITED PARTNERSHIP

1 unchanged sentence

(unaudited and in thousands, except for unit amounts)

March 31, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,920,052 and $ 7,797,430 at March 31, 2025 and December 31, 2024, respectively)

June 30, 2025 December 31, 2024

Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $ 7,917,248 and $ 7,797,430 at June 30, 2025 and December 31, 2024, respectively)

$ 28,061,966 $ 27,504,358

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at March 31, 2025 and December 31, 2024, respectively)

Right of use assets - finance leases (amounts related to VIEs of $ 21,000 and $ 21,000 at June 30, 2025 and December 31, 2024, respectively)

372,839 372,922

Right of use assets - operating leases (amounts related to VIEs of $ 136,123 and $ 140,558 at March 31, 2025 and December 31, 2024, respectively)

Right of use assets - operating leases (amounts related to VIEs of $ 131,751 and $ 140,558 at June 30, 2025 and December 31, 2024, respectively)

325,670 334,767

accumulated depreciation (amounts related to VIEs of $( 1,660,324 ) and $( 1,628,274 ) at March 31, 2025 and December 31, 2024, respectively)

accumulated depreciation (amounts related to VIEs of $( 1,698,752 ) and $( 1,628,274 ) at June 30, 2025 and December 31, 2024, respectively)

( 7,730,220 ) ( 7,397,882 )

Total real estate 21,030,255 20,814,165

Cash and cash equivalents (amounts related to VIEs of $ 238,137 and $ 373,737 at March 31, 2025 and December 31, 2024, respectively)

Cash and cash equivalents (amounts related to VIEs of $ 319,475 and $ 373,737 at June 30, 2025 and December 31, 2024, respectively)

446,953 1,254,882

Cash held in escrows (amounts related to VIEs of $ 5,305 and $ 4,979 at March 31, 2025 and December 31, 2024, respectively)

Cash held in escrows (amounts related to VIEs of $ 4,997 and $ 4,979 at June 30, 2025 and December 31, 2024, respectively)

80,888 80,314

Investments in securities 41,062 39,706

Tenant and other receivables, net (amounts related to VIEs of $ 29,067 and $ 20,435 at March 31, 2025 and December 31, 2024, respectively)

Tenant and other receivables, net (amounts related to VIEs of $ 31,572 and $ 20,435 at June 30, 2025 and December 31, 2024, respectively)

109,683 107,453

2 unchanged sentences

Sales-type lease receivable, net 15,188 14,657

Accrued rental income, net (amounts related to VIEs of $ 443,953 and $ 435,110 at March 31, 2025 and December 31, 2024, respectively)

Accrued rental income, net (amounts related to VIEs of $ 452,950 and $ 435,110 at June 30, 2025 and December 31, 2024, respectively)

1,509,347 1,466,220

Deferred charges, net (amounts related to VIEs of $ 209,654 and $ 211,726 at March 31, 2025 and December 31, 2024, respectively)

Deferred charges, net (amounts related to VIEs of $ 208,365 and $ 211,726 at June 30, 2025 and December 31, 2024, respectively)

809,033 813,345

Prepaid expenses and other assets (amounts related to VIEs of $ 46,605 and $ 15,036 at March 31, 2025 and December 31, 2024, respectively)

Prepaid expenses and other assets (amounts related to VIEs of $ 18,569 and $ 15,036 at June 30, 2025 and December 31, 2024, respectively)

89,624 70,839

2 unchanged sentences

LIABILITIES AND CAPITAL

Mortgage notes payable, net (amounts related to VIEs of $ 3,283,239 and $ 3,282,027 at March 31, 2025 and December 31, 2024, respectively)

Mortgage notes payable, net (amounts related to VIEs of $ 3,284,449 and $ 3,282,027 at June 30, 2025 and December 31, 2024, respectively)

$ 4,278,788 $ 4,276,609

3 unchanged sentences

Unsecured commercial paper 750,000 500,000

Lease liabilities - finance leases (amounts related to VIEs of $ 20,965 and $ 20,931 at March 31, 2025 and December 31, 2024, respectively)

Lease liabilities - finance leases (amounts related to VIEs of $ 21,010 and $ 20,931 at June 30, 2025 and December 31, 2024, respectively)

365,897 370,885

Lease liabilities - operating leases (amounts related to VIEs of $ 160,805 and $ 157,691 at March 31, 2025 and December 31, 2024, respectively)

Lease liabilities - operating leases (amounts related to VIEs of $ 163,981 and $ 157,691 at June 30, 2025 and December 31, 2024, respectively)

399,174 392,686

Accounts payable and accrued expenses (amounts related to VIEs of $ 123,169 and $ 115,808 at March 31, 2025 and December 31, 2024, respectively)

Accounts payable and accrued expenses (amounts related to VIEs of $ 144,822 and $ 115,808 at June 30, 2025 and December 31, 2024, respectively)

480,158 401,874

2 unchanged sentences

120,975 128,098

Other liabilities (amounts related to VIEs of $ 108,335 and $ 126,202 at March 31, 2025 and December 31, 2024, respectively)

Other liabilities (amounts related to VIEs of $ 93,554 and $ 126,202 at June 30, 2025 and December 31, 2024, respectively)

416,838 450,796

Total liabilities 17,766,779 18,137,324

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BOSTON PROPERTIES LIMITED PARTNERSHIP

1 unchanged sentence

(unaudited and in thousands, except for unit amounts)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Commitments and contingencies (See Note 8)

Redeemable deferred stock units— 133,051 and 128,227 units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively

Redeemable deferred stock units— 103,473 and 128,227 units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively

Noncontrolling interests:

Redeemable partnership units— 15,624,856 and 15,730,882 common units and 2,794,004 and 2,335,229 long term incentive units outstanding at redemption value at March 31, 2025 and December 31, 2024, respectively

Redeemable partnership units— 15,707,557 and 15,730,882 common units and 2,720,300 and 2,335,229 long term incentive units outstanding at redemption value at June 30, 2025 and December 31, 2024, respectively

1,285,061 1,378,573

Boston Properties Limited Partnership partners’ capital— 1,767,422 and 1,762,411 general partner units and 156,555,905 and 156,412,584 limited partner units outstanding at March 31, 2025 and December 31, 2024, respectively

Boston Properties Limited Partnership partners’ capital— 1,767,941 and 1,762,411 general partner units and 156,598,336 and 156,412,584 limited partner units outstanding at June 30, 2025 and December 31, 2024, respectively

4,340,850 4,391,985

5 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES LIMITED PARTNERSHIP

1 unchanged sentence

(unaudited and in thousands, except for per unit amounts)

Three months ended March 31,

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

2025 2024 2025 2024

Lease $ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145

3 unchanged sentences

Direct reimbursements of payroll and related costs from management services contracts

4,104 4,148 8,603 8,441

Total revenue 868,457 850,482 1,733,672 1,689,921

8 unchanged sentences

Income (loss) from unconsolidated joint ventures ( 3,324 ) ( 5,799 ) ( 5,463 ) 13,387

Gain on sale of real estate 18,489 — 18,489 —

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

Interest and other income (loss) 8,063 10,788 15,813 25,317

Gains (losses) from investments in securities ( 365 ) 2,272

Gains from investments in securities 2,600 315 2,235 2,587

Unrealized gain (loss) on non-real estate investments ( 39 ) 58 ( 522 ) 454

14 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES LIMITED PARTNERSHIP

1 unchanged sentence

(unaudited and in thousands)

Three months ended March 31,

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

2025 2024 2025 2024

Net income $ 120,943 $ 108,652 $ 209,551 $ 216,953

9 unchanged sentences

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES LIMITED PARTNERSHIP

5 unchanged sentences

Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units

Equity, December 31, 2024 1,762 156,413 $ 4,391,985 $ ( 2,072 ) $ 1,933,545 $ 6,323,458 $ 1,378,573

Equity, March 31, 2025 1,767 156,556 $ 4,408,383 $ ( 11,379 ) $ 1,938,344 $ 6,335,348 $ 1,280,106

Net activity from contributions and unearned compensation 1 38 3,049 — — 3,049 10,736

7 unchanged sentences

Distributions to noncontrolling interests in property partnerships — — — — ( 18,477 ) ( 18,477 ) —

Equity, June 30, 2025

1,768 156,598 $ 4,340,850 $ ( 15,059 ) $ 2,003,993 $ 6,329,784 $ 1,285,061

Equity, March 31, 2024 1,762 155,287 $ 5,004,678 $ ( 3,620 ) $ 1,734,904 $ 6,735,962 $ 1,300,409

Net activity from contributions and unearned compensation — 8 2,499 — — 2,499 14,041

Allocated net income for the period — — 81,318 — 17,825 99,143 9,509

Distributions — — ( 153,956 ) — — ( 153,956 ) ( 18,842 )

Conversion of redeemable partnership units — 41 1,451 — — 1,451 ( 1,451 )

Adjustment to reflect redeemable partnership units at redemption value — — 73,226 — — 73,226 ( 73,226 )

Effective portion of interest rate contracts — — — 835 — 835 101

Amortization of interest rate contracts — — — 2,630 144 2,774 307

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — 1,244 — 66,237 67,481 —

Distributions to noncontrolling interests in property partnerships — — — — ( 17,434 ) ( 17,434 ) —

Equity, June 30, 2024

1,762 155,336 $ 5,010,460 $ ( 155 ) $ 1,801,676 $ 6,811,981 $ 1,230,848

BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CAPITAL AND NONCONTROLLING INTERESTS

(unaudited and in thousands)

Units Capital

General Partner Limited Partner Partners’ Capital (General and Limited Partners) Accumulated

Comprehensive Loss Noncontrolling

Interests - Property Partnerships Total Capital Noncontrolling Interests - Redeemable Partnership Units

Equity, December 31, 2024 1,762 156,413 $ 4,391,985 $ ( 2,072 ) $ 1,933,545 $ 6,323,458 $ 1,378,573

8 unchanged sentences

Distributions to noncontrolling interests in property partnerships — — — — ( 38,002 ) ( 38,002 ) —

Equity, March 31, 2024

Equity, June 30, 2025

1,768 156,598 $ 4,340,850 $ ( 15,059 ) $ 2,003,993 $ 6,329,784 $ 1,285,061

Equity, December 31, 2023 1,755 155,185 $ 4,973,951 $ ( 21,147 ) $ 1,640,704 $ 6,593,508 $ 1,347,575

Net activity from contributions and unearned compensation 5 76 5,361 — — 5,361 28,310

Allocated net income for the period — — 162,898 — 35,046 197,944 19,009

Distributions — — ( 307,864 ) — — ( 307,864 ) ( 37,706 )

Conversion of redeemable partnership units 2 75 2,754 — — 2,754 ( 2,754 )

Adjustment to reflect redeemable partnership units at redemption value — — 126,034 — — 126,034 ( 126,034 )

Effective portion of interest rate contracts — — — 15,481 — 15,481 1,806

Amortization of interest rate contracts — — — 5,511 288 5,799 642

Proceeds from sale of interest in property partnerships and contributions from noncontrolling interests in property partnerships — — 47,326 — 163,097 210,423 —

Distributions to noncontrolling interests in property partnerships — — — — ( 37,459 ) ( 37,459 ) —

Equity, June 30, 2024 1,762 155,336 $ 5,010,460 $ ( 155 ) $ 1,801,676 $ 6,811,981 $ 1,230,848

The accompanying notes are an integral part of these consolidated financial statements.

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BOSTON PROPERTIES LIMITED PARTNERSHIP

1 unchanged sentence

(unaudited and in thousands)

Three months ended March 31,

Six months ended June 30,

Cash flows from operating activities:

8 unchanged sentences

Distributions of net cash flow from operations of unconsolidated joint ventures 25,857 21,153

(Gains) losses from investments in securities 365 ( 2,272 )

Gains from investments in securities ( 2,235 ) ( 2,587 )

Allowance for current expected credit losses ( 6 ) 36

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Loss from early extinguishments of debt 338 —

Gain on sale of real estate ( 18,489 ) —

Loss on sales-type lease 2,490 —

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Construction in progress ( 278,667 ) ( 313,602 )

Building and other capital improvements ( 57,395 ) ( 32,087 )

Building, pre-development and other capital improvements ( 129,031 ) ( 66,799 )

Tenant improvements ( 139,748 ) ( 117,848 )

Proceeds from sale of real estate 21,840 —

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

4 unchanged sentences

Net cash used in investing activities ( 612,404 ) ( 553,504 )

BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six months ended June 30,

Cash flows from financing activities:

3 unchanged sentences

Repayments of unsecured line of credit ( 335,000 ) —

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BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Three months ended March 31,

Borrowings on unsecured term loan 700,000 —

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Right of use assets obtained in exchange for lease liabilities - operating lease $ — $ 30,631

Lease liability - finance lease reversal for re-assessment event $ — $ ( 38,491 )

Right of use asset - finance lease reversal for re-assessment event $ — $ ( 28,962 )

Non-cash contributions from noncontrolling interests in property partnerships, net $ ( 2,393 ) $ 60,410

2 unchanged sentences

Mortgage notes payable recorded upon consolidation $ — $ 207,093

BOSTON PROPERTIES LIMITED PARTNERSHIP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six months ended June 30,

Real estate and intangibles recorded upon consolidation $ — $ ( 220,015 )

Real estate contributed in exchange for investment in unconsolidated joint venture $ ( 5,595 ) $ —

Investment in unconsolidated joint ventures funded by real estate contributed $ 5,595 $ —

Distributions declared but not paid $ 172,732 $ 172,172

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The accompanying notes are an integral part of these consolidated financial statements.

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AND BOSTON PROPERTIES LIMITED PARTNERSHIP

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BXP is a fully integrated, self-administered and self-managed REIT.

BXP is the sole general partner of BPLP, its operating partnership, and at March 31, 2025, owned an approximate 89.6 % ( 89.7 % at December 31, 2024) general and limited partnership interest in BPLP.

BXP is the sole general partner of BPLP, its operating partnership, and at June 30, 2025, owned an approximate 89.6 % ( 89.7 % at December 31, 2024) general and limited partnership interest in BPLP.

Unless stated otherwise or the context requires, the “Company” refers to BXP and its subsidiaries, including BPLP and its consolidated subsidiaries.

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LTIP Units (including the earned 2012 OPP Units and the earned 2013 - 2022 MYLTIP Units), whether vested or not, receive the same quarterly per unit distributions as OP Units, which equal per share dividends on Common Stock (See Notes 9 and 13).

At March 31, 2025, the Company owned or had joint venture interests in a portfolio of 185 commercial real estate properties (the “Properties”) aggregating approximately 53.4 million net rentable square feet of primarily office properties, including nine properties under construction/redevelopment totaling approximately 3.0 million net rentable square feet.

At March 31, 2025, the Properties consisted of:

At June 30, 2025, the Company owned or had joint venture interests in a portfolio of 186 commercial real estate properties (the “Properties”) aggregating approximately 53.7 million net rentable square feet of primarily office properties, including ten properties under construction/redevelopment totaling approximately 3.3 million net rentable square feet (See Note 14).

At June 30, 2025, the Properties consisted of:

• 162 office properties (including six properties under construction/redevelopment);

• 14 retail properties (including one property under construction);

• eight residential properties (including two properties under construction);

• nine residential properties (including three properties under construction);

Summary of Significant Accounting Policies

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Accordingly, the Company’s share of the earnings of these joint ventures and companies is included in consolidated net income.

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The accompanying interim financial statements are unaudited;

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The assets of each VIE are only available to satisfy such VIE's respective liabilities.

The Company has identified 11 entities that are VIEs as of March 31, 2025 and has determined that it is the primary beneficiary for nine of these entities as of March 31, 2025.

The Company has identified 12 entities that are VIEs as of June 30, 2025 and has determined that it is the primary beneficiary for nine of these entities as of June 30, 2025.

Consolidated Variable Interest Entities

As of March 31, 2025, BXP has identified nine consolidated VIEs, including BPLP.

As of June 30, 2025, BXP has identified nine consolidated VIEs, including BPLP.

Excluding BPLP, the consolidated VIEs consisted of (i) the following six in-service properties:

767 Fifth Avenue (the General Motors Building), 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street, (ii) 343 Madison Avenue, which is categorized as land held for future development and (iii) 290 Binney Street, which is currently under development.

767 Fifth Avenue (the General Motors Building), 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue, 300 Binney Street, Atlantic Wharf Office Building and 100 Federal Street, (ii) 343 Madison Avenue, which is categorized as land held for future development (See Note 14) and (iii) 290 Binney Street, which is currently under development.

The Company consolidates these VIEs because it is the primary beneficiary.

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Variable Interest Entities Not Consolidated

As of March 31, 2025, BXP has identified two unconsolidated joint venture entities that are classified as VIEs.

The CAB 290 Coles Venture LLC and CAB 290 Coles Holdco LLC joint ventures are VIEs because the Company does not consolidate the entities as it does not have the power to direct the activities that, when taken together, most significantly impact the VIEs’ performance and, therefore, the Company is not considered to be the primary beneficiary.

As of June 30, 2025, BXP has identified three unconsolidated joint venture entities that are classified as VIEs.

The CAB 290 Coles Venture LLC, CAB 290 Coles Holdco LLC, and 17 Hartwell JV LLC joint ventures are VIEs because they do not have sufficient equity at risk.

In addition, the Company does not consolidate the entities as it does not have the power to direct the activities that, when taken together, most significantly impact the VIEs’ performance and, therefore, the Company is not considered to be the primary beneficiary.

Fair Value Measurements

The Company follows the authoritative guidance for fair value measurements when valuing its financial instruments for disclosure purposes.

The table below presents for March 31, 2025 and December 31, 2024, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”).

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The table below presents for June 30, 2025 and December 31, 2024, the financial instruments that are being valued for disclosure purposes, as well as the Level at which they are categorized as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” (“ASC 820”).

Financial Instrument Level

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Unsecured senior notes (1) Level 1

Related party note receivable Level 3

Related party notes receivable Level 3

Notes receivable Level 3

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In addition, the Company’s estimated fair values for these instruments as of the end of the applicable reporting period are not projections of, nor necessarily indicative of, estimated or actual fair values in future reporting periods.

At March 31, 2025 and December 31, 2024, the Company had $ 500.0 million outstanding under its unsecured commercial paper program (See Note 6).

Due to their short-term maturity and stated interest rates at approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at March 31, 2025 and December 31, 2024.

The Company’s non-real estate investments are shown within Prepaid and Other Assets on the Consolidated Balance Sheets and were approximately $ 7.7 million and $ 7.1 million at March 31, 2025 and December 31, 2024, respectively.

At June 30, 2025 and December 31, 2024, the Company had $ 750.0 million and $ 500.0 million, respectively, outstanding under its unsecured commercial paper program (See Note 6).

Due to their short-term maturity and stated interest rates that approximate current market rates, the fair value of outstanding commercial paper borrowings approximates the Company's carrying amount at June 30, 2025 and December 31, 2024.

The Company’s non-real estate investments are shown within Prepaid Expenses and Other Assets on the Consolidated Balance Sheets and were approximately $ 8.6 million and $ 7.1 million at June 30, 2025 and December 31, 2024, respectively.

The non-real estate investments utilize net asset value as the practical expedient.

Non-Recurring Fair Value

The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of March 31, 2025 and December 31, 2024 (in thousands):

March 31, 2025 December 31, 2024

The following table presents the aggregate carrying value of the Company’s non-recurring fair value financial instruments and the Company’s corresponding estimate of fair value as of June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024

Amount Estimated

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Recurring Fair Value

In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Notes 7 and 14).

In addition to the financial instruments noted above, the Company uses interest rate swap agreements to manage its interest rate risk (See Note 7).

The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.

This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses

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observable market-based inputs, including interest rate curves.

analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.

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As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The following table presents the aggregate fair value of the Company’s interest rate swaps as of March 31, 2025 and December 31, 2024 (in thousands):

Fair value March 31, 2025 December 31, 2024

The following table presents the aggregate fair value of the Company’s interest rate swaps as of June 30, 2025 and December 31, 2024 (in thousands):

Fair value June 30, 2025 December 31, 2024

Interest rate swaps $ ( 7,782 ) $ 5,252

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The Company’s obligation under the plans is that of an unsecured promise to pay the deferred compensation to the plan participants in the future.

At March 31, 2025 and December 31, 2024, the Company had maintained approximately $ 38.1 million and $ 39.4 million, respectively, in separate accounts, which are not restricted as to their use.

The Company recognized gains (losses) of approximately $( 0.4 ) million and $ 2.3 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended March 31, 2025 and March 31, 2024, respectively, primarily due to the observable change in fair value.

Real estate consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):

March 31, 2025 December 31, 2024

At June 30, 2025 and December 31, 2024, the Company had maintained approximately $ 40.9 million and $ 39.4 million, respectively, in separate accounts, which are not restricted as to their use.

The Company recognized gains of approximately $ 2.6 million and $ 0.3 million on its investments in the accounts associated with the Company’s deferred compensation plans during the three months ended June 30, 2025 and June 30, 2024, respectively, and approximately $ 2.2 million and $ 2.6 million during the six months ended June 30, 2025 and June 30, 2024, respectively, primarily due to the observable change in fair value.

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation.

Real estate consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024

Land $ 5,319,076 $ 5,318,724

11 unchanged sentences

(1) Includes pre-development costs.

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Real estate consisted of the following at March 31, 2025 and December 31, 2024 (in thousands):

March 31, 2025 December 31, 2024

Real estate consisted of the following at June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024

Land $ 5,224,406 $ 5,224,015

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On January 16, 2025, the Company partially placed in-service Reston Next Retail, a retail project with approximately 30,000 net rentable square feet located in Reston, Virginia.

On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street in Waltham, Massachusetts.

1050 Winter Street is a redevelopment of an approximately 162,000 net rentable square foot office property.

The project is fully pre-leased (See Note 14).

The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three months ended March 31, 2025 and 2024 and included within the Company's Consolidated Statements of Operations (in thousands):

Three months ended March 31,

On March 31, 2025, the Company commenced the redevelopment of 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts.

On April 5, 2025, 1050 Winter Street was partially placed in-service (See Note 14).

The project is fully pre-leased.

On June 27, 2025, the Company entered into a joint venture with a third party to redevelop, own and operate 17 Hartwell Avenue in Lexington, Massachusetts.

The Company sold the land at 17 Hartwell Avenue to the joint venture for approximately $ 21.8 million in cash.

Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and is accounting for the joint venture on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture (See Note 5 ).

The Company recognized a gain upon sale of the real estate of approximately $ 18.4 million for BXP and $ 18.5 million for BPLP during the three and six months ended June 30, 2025, within Gain on Sale of Real Estate on the respective Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.

17 Hartwell Avenue contributed approximately $ 0.1 million and $ 0.3 million of net loss to the Company for the period from April 1, 2025 through June 26, 2025 and January 1, 2025 through June 26, 2025, respectively, and contributed approximately $ 23,000 and $ 0.3 million of net income to the Company for the three and six months ended June 30, 2024 , respectively.

17 Hartwell Avenue was an approximately 30,000 net rentable square feet office property, that was taken out of service during the three months ended June 30, 2024, and was held for future redevelopment.

The Company commenced demolition of the building during the three months ended June 30, 2025.

The following table summarizes the components of lease revenue recognized under the Company’s operating and sales-type leases for the three and six months ended June 30, 2025 and 2024 and included within the Company's Consolidated Statements of Operations (in thousands):

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

Lease Revenue 2025 2024 2025 2024

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$ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145

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Investments in Unconsolidated Joint Ventures

The investments in unconsolidated joint ventures consist of the following at March 31, 2025 and December 31, 2024:

The investments in unconsolidated joint ventures consist of the following at June 30, 2025 and December 31, 2024:

Carrying Value of Investment (1)

Entity Properties Nominal % Ownership March 31, 2025 December 31,

Entity Properties Nominal % Ownership June 30, 2025 December 31,

(in thousands)

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CAB 290 Coles Holdco LLC 290 Coles Street - Preferred Equity — % (6)(7) 1,615 N/A

17 Hartwell Avenue JV LLC 17 Hartwell Avenue 20.00 % (6) 6,065 N/A

$ 1,112,904 $ 1,060,074

_______________

(1) Investments with deficit balances aggregating approximately $ 48.2 million and $ 33.5 million at March 31, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

(1) Investments with deficit balances aggregating approximately $ 48.1 million and $ 33.5 million at June 30, 2025 and December 31, 2024, respectively, are included within Other Liabilities in the Company’s Consolidated Balance Sheets.

(2) The Company’s wholly-owned subsidiary that owns Wisconsin Place Office also owns a 33.33 % interest in the joint venture entity that owns the land, parking garage and infrastructure of the project.

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(6) This entity is a VIE (See Note 2).

(7) T he Company agreed to fund up to $ 65.0 million of the required capital through its preferred equity investment.

The Company’s preferred equity investment is expected to earn a 13.0 % internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

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(7) The Company agreed to fund up to $ 65.0 million of the required capital through its preferred equity investment.

The Company’s preferred equity investment will earn a 13.0 % internal rate of return (“IRR”) and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.

Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to an additional promoted interest or payments.

Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to receive an additional promoted interest or payments.

The combined summarized balance sheets of the Company’s unconsolidated joint ventures are as follows:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in thousands)

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_______________

(1) At March 31, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $ 18.7 million and $ 19.0 million, respectively.

(2) At March 31, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $ 14.2 million and $ 14.1 million, respectively.

(3) At March 31, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $ 30.5 million.

(1) At June 30, 2025 and December 31, 2024, this amount included right of use assets - operating leases totaling approximately $ 18.4 million and $ 19.0 million, respectively.

(2) At June 30, 2025 and December 31, 2024, this amount included sales-type lease receivable, net totaling approximately $ 14.3 million and $ 14.1 million, respectively.

(3) At June 30, 2025 and December 31, 2024, this amount included lease liabilities - operating leases totaling approximately $ 30.5 million.

(4) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level, which is typically amortized over the life of the related assets and liabilities.

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The Company’s basis differences include:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Property (in thousands)

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Platform 16 ( 142,676 ) ( 142,698 )

Other basis differentials 36,449 36,336

Total basis differentials ( 275,446 ) ( 284,469 )

These basis differentials (excluding land) will be amortized over the remaining lives of the related assets and liabilities.

An additional $ 35.8 million and $ 36.3 million of other basis differentials are not included above at March 31, 2025 and December 31, 2024, respectively.

(5) Investments with deficit balances aggregating approximately $ 48.2 million and $ 33.5 million at March 31, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

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(5) Investments with deficit balances aggregating approximately $ 48.1 million and $ 33.5 million at June 30, 2025 and December 31, 2024, respectively, are reflected within Other Liabilities in the Company’s Consolidated Balance Sheets.

The combined summarized statements of operations of the Company’s unconsolidated joint ventures are as follows:

Three months ended March 31,

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

2025 2024 2025 2024

(in thousands)

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_______________

(1) Includes straight-line rent adjustments of approximately $ 3.4 million and $ 7.7 million for the three months ended March 31, 2025 and 2024, respectively.

(2) Includes depreciation and amortization of approximately $( 1.4 ) million and $ 2.9 million for the three months ended March 31, 2025 and 2024, respectively.

Includes unrealized gain (loss) on derivative instruments of approximately $( 2.2 ) million and $ 2.7 million for the three months ended March 31, 2025 and 2024, respectively.

(1) Includes straight-line rent adjustments of approximately $ 4.5 million and $ 6.2 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $ 7.9 million and $ 13.8 million for the six months ended June 30, 2025 and 2024, respectively.

(2) Includes depreciation and amortization of approximately $( 3.0 ) million and $ 3.0 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $( 4.4 ) million and $ 5.9 million for the six months ended June 30, 2025 and 2024, respectively.

Includes unrealized gain (loss) on derivative instruments of approximately $( 1.3 ) million and $ 0.2 million for the three months ended June 30, 2025 and 2024, respectively, and approximately $( 3.5 ) million and $ 2.9 million for the six months ended June 30, 2025 and 2024, respectively.

On February 27, 2025, a joint venture in which the Company has a 50 % ownership interest, entered into a $ 252.0 million mortgage loan secured by 7750 Wisconsin Avenue in Bethesda, Maryland.

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The proceeds from the loan were used to repay the existing $ 252.0 million construction loan collateralized by the property.

The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $ 0.1 million related to unamortized finance costs during the three months ended March 31, 2025.

The repayment resulted in the joint venture recognizing a loss from early extinguishment of debt of approximately $ 0.1 million related to unamortized finance costs during the six months ended June 30, 2025.

7750 Wisconsin Avenue is an office property with approximately 736,000 net rentable square feet.

1 unchanged sentence

Additionally, the Company agreed to fund up to $ 65.0 million of the required capital through a preferred equity investment.

The Company’s preferred equity investment is expected to earn a 13.0 % IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

The Company’s preferred equity investment will earn a 13.0 % IRR and is to be redeemed, in full, upon the earlier of two years after stabilization of the property or March 5, 2030.

As of June 30, 2025, the Company has funded approximately $ 1.6 million of the required capital through the preferred equity investment.

On March 5, 2025, the joint venture entered into a $ 225.0 million construction loan, which will fund construction costs after the funding of all common and preferred equity investments required by the construction loan agreement.

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When completed, 290 Coles Street is expected to be a 670 -unit residential property with retail space aggregating approximately 560,000 net rentable square feet.

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On June 27, 2025, the Company entered into a joint venture to redevelop, own, and operate 17 Hartwell Avenue in Lexington, Massachusetts.

The third party partner contributed approximately $ 23.0 million of cash, which was used by the joint venture to purchase the land at 17 Hartwell Avenue from the Company for approximately $ 21.8 million in cash.

The Company contributed development costs of approximately $ 5.6 million for its 20 % ownership interest in the joint venture.

Additionally, on June 27, 2025, the joint venture entered into a $ 98.7 million construction loan.

The loan bears interest at a fixed rate of 6.75 % per annum and is scheduled to mature on July 10, 2030.

When completed, 17 Hartwell Avenue is expected to be a 312 -unit residential property with garage and retail space (See Note 3).

Unsecured Senior Notes

The following summarizes the unsecured senior notes outstanding as of March 31, 2025 (dollars in thousands):

Coupon/Stated Rate Effective Rate(1) Principal Amount Maturity Date(2)

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

10 Year Unsecured Senior Notes 2.750 % 3.495 % 1,000,000 October 1, 2026

5 Year Unsecured Senior Notes 6.750 % 6.924 % 750,000 December 1, 2027

10 Year Unsecured Senior Notes 4.500 % 4.628 % 1,000,000 December 1, 2028

10 Year Unsecured Senior Notes 3.400 % 3.505 % 850,000 June 21, 2029

10.5 Year Unsecured Senior Notes 2.900 % 2.984 % 700,000 March 15, 2030

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

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

12 Year Unsecured Senior Notes 2.450 % 2.524 % 850,000 October 1, 2033

10.7 Year Unsecured Senior Notes 6.500 % 6.619 % 750,000 January 15, 2034

10 Year Unsecured Senior Notes 5.750 % 5.842 % 850,000 January 15, 2035

Total principal 9,850,000

Net unamortized discount 10,265

Deferred financing costs, net 41,911

Total $ 9,797,824

_______________

(1) Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.

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

On January 15, 2025, BPLP repaid $ 850.0 million in aggregate principal amount of its 3.200 % senior notes due January 15, 2025.

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In addition, BPLP may increase the total commitment under the 2025 Credit Facility to a maximum commitment amount of up to $ 3.5 billion through increase(s) in the Revolving Facility and/or by incurring one or more term loans, in each case, subject to syndication of the increase(s) and other customary conditions.

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

At BPLP’s option, loans under the 2025 Credit Facility that are advanced in U.S.

dollars will bear interest at a rate per annum equal to Term SOFR, Daily Simple SOFR or a Base Rate (each as defined in the Tenth Amended and Restated Credit Agreement, which governs the 2025 Credit Facility (the “Credit Agreement”)), in each case, plus a margin based on BPLP’s credit rating ranging from (i) for Term SOFR and Daily Simple SOFR loans, (a) under the Revolving Facility, 70.0 to 140.0 basis points, or (b) under the Term Loan Facility, 75.0 to 160.0 basis

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points (plus a SOFR conversion adjustment of 10 basis points) (See Note 14), and (ii) for Base Rate loans, (a) under the Revolving Facility, 0 to 40.0 basis points, or (b) under the Term Loan Facility, 0 to 60.0 basis points.

points (plus a SOFR conversion adjustment of 10 basis points), and (ii) for Base Rate loans, (a) under the Revolving Facility, 0 to 40.0 basis points, or (b) under the Term Loan Facility, 0 to 60.0 basis points.

At BPLP’s option, loans under the Revolving Facility can also be denominated in Euros, Sterling or Canadian Dollars and such loans will bear interest at a rate per annum equal to (1) in the case of loans denominated in Euro, EURIBOR, (2) in the case of loans denominated in Canadian Dollars, Term CORRA (as adjusted), and (3) in the case of loans denominated in Sterling, SONIA (as adjusted), plus, in each case, a margin based on BPLP’s credit rating as described above for loans under the Revolving Facility.

On April 22, 2025, BPLP amended the 2025 Credit Facility to remove the SOFR conversion adjustment of 10 basis points (as described in clause (i)(b) above), which is no longer applicable to the Term Loan Facility.

Other than the foregoing, the material terms of the 2025 Credit Facility remained unchanged.

Pursuant to the 2025 Credit Facility, BPLP is obligated to pay (1) in quarterly installments a facility fee on the total commitment under the Revolving Facility at a rate per annum ranging from 0.10 % to 0.30 % based on BPLP’s credit rating and (2) an annual fee on the undrawn amount of each letter of credit ranging from 0.70 % to 1.40 % based on BPLP ’s credit rating.

Based on BPLP’s March 31, 2025 credit rating, (1) for SOFR-based loans under the Revolving Facility, the per annum interest rate margin is 0.850 %, (2) for SOFR-based loans under the Term Loan Facility, the per annum interest rate margin is 1.05 % (as adjusted) (See Note 14), (3) for Base Rate-based loans under both the Revolving Facility and Term Loan Facility, the margin is zero basis points and (4) the facility fee for commitments under the Revolving Facility is 0.20 % per annum.

Based on BPLP’s June 30, 2025 credit rating, (1) for SOFR-based loans under the Revolving Facility, the per annum interest rate margin is 0.85 %, (2) for SOFR-based loans under the Term Loan Facility, the per annum interest rate margin is 0.95 %, (3) for Base Rate-based loans under both the Revolving Facility and Term Loan Facility, the margin is zero basis points and (4) the facility fee for commitments under the Revolving Facility is 0.20 % per annum.

The 2025 Credit Facility contains customary representations and warranties, affirmative and negative covenants, and events of default provisions, including the failure to pay indebtedness, breaches of covenants and bankruptcy and other insolvency events, which could result in the acceleration of the obligation to repay all outstanding amounts and the cancellation of all commitments outstanding under the Credit Agreement.

1 unchanged sentence

(1) a leverage ratio not to exceed 60%, however, the leverage ratio may increase to no greater than 65% provided that it is reduced back to 60% within one year, (2) a secured debt leverage ratio not to exceed 55%, (3) a fixed charge coverage ratio of at least 1.40, (4) an unsecured debt leverage ratio not to exceed 60%, however, the unsecured debt leverage ratio may increase to no greater than 65% provided that it is reduced to 60% within one year, (5) an unsecured debt interest coverage ratio of at least 1.75 and (6) limitations on permitted investments.

At March 31, 2025, BPLP was in compliance with each of these financial restrictions and requirements.

At June 30, 2025, BPLP was in compliance with each of these financial restrictions and requirements.

At closing on March 28, 2025, BPLP drew the full $ 700.0 million of the Term Loan Facility under the 2025 Credit Facility, the proceeds of which were used to fully repay the remaining $ 700.0 million of borrowings outstanding under it’s $ 1.2 billion unsecured term loan facility (the “2023 Unsecured Term Loan”).

1 unchanged sentence

There was no prepayment penalty associated with the repayment of the 2023 Unsecured Term Loan.

At March 31, 2025, BPLP had $ 300.0 million and $ 700.0 million outstanding under the Revolving Facility and Term Loan Facility, respectively.

At June 30, 2025, BPLP had $ 185.0 million and $ 700.0 million outstanding under the Revolving Facility and Term Loan Facility, respectively.

The 2025 Credit Facility is used as a backstop for BPLP’s $ 750.0 million unsecured commercial paper program (the “Commercial Paper Program”) (See “ Unsecured Commercial Paper” below).

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The Commercial Paper Program is backstopped by available capacity under the 2025 Credit Facility.

At March 31, 2025, BPLP had an aggregate of $ 500.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.66 % per annum and had a weighted-average maturity of 48 days from the issuance date.

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At June 30, 2025, BPLP had an aggregate of $ 750.0 million of unsecured commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.73 % per annum and had a weighted-average maturity of 49 days from the issuance date.

Derivative Instruments and Hedging Activities

BPLP’s agreements with derivative counterparties contain provisions whereby if BPLP defaults on the underlying indebtedness, including defaults where repayment of the indebtedness has not been accelerated by the lender, then BPLP could also be declared in default of the swap derivative obligation.

As of March 31, 2025, the Company had not posted any collateral related to the agreements.

As of June 30, 2025, the Company had not posted any collateral related to the agreements.

Effective Hedge Instruments

On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $ 300.0 million to replace $ 300.0 million of interest rate swap contracts that expired on April 1, 2025 thus continuing to reduce its exposure to the variability in future cash flows attributable to changes in the interest rates associated with its $ 100.0 million unsecured term loan facility (the “2024 Unsecured Term Loan”) and the $ 200.0 million mortgage secured by the Company’s Santa Monica Business Park properties, located in Santa Monica, California.

The interest rate swap was entered into to fix Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan and mortgage, at a fixed interest rate of 3.6775 % per annum for the period commencing on April 7, 2025, the effective date, and ending on April 6, 2026 .

For the period from April 7, 2025 through June 30, 2025, the Company recognized approximately $( 0.5 ) million of interest expense related to this interest rate swap contract.

BPLP assesses the effectiveness of its derivatives both at inception and on an ongoing basis.

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BPLP’s derivative financial instruments are cash flow hedges that are designated as effective hedges, and they are carried at their estimated fair value on a recurring basis (See Note 2).

The Company did not incur any ineffectiveness during the three months ended March 31, 2025.

BPLP’s and SMBP LLC’s derivative contracts consisted of the following at March 31, 2025 (dollars in thousands) (See Note 14):

The Company did not have any undesignated hedges during the three and six months ended June 30, 2025.

BPLP’s derivative contracts consisted of the following at June 30, 2025 (dollars in thousands):

Derivative Instrument Aggregate Notional Amount Strike Rate Range Balance Sheet Location

1 unchanged sentence

Interest Rate Swaps $ 600,000 December 15, 2023 October 26, 2028 3.790 % — 3.798 % Other liabilities $ ( 8,411 )

Interest Rate Swaps 100,000 September 27, 2024 April 1, 2025 2.688 % — 2.688 % N/A —

700,000 ( 4,079 )

Interest Rate Swaps 200,000 December 14, 2023 April 1, 2025 2.661 % — 2.688 % N/A —

Interest Rate Swaps 300,000 April 7, 2025 April 6, 2026 3.678 % — 3.678 % Prepaid expenses and other assets 629

$ 900,000 $ ( 7,782 )

The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three and six months ended June 30, 2025 and 2024 (in thousands):

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

2025 2024 2025 2024

(1) A consolidated subsidiary of the Company that is the borrower under the mortgage loan collateralized by its Santa Monica Business Park property.

The following table presents the location in the financial statements of the gains or (losses) recognized as a result of the Company’s cash flow hedges for the three months ended March 31, 2025 and 2024 (in thousands):

Three months ended March 31,

Amount of gain (loss) related to the effective portion recognized in other comprehensive income (loss) (1) $ ( 5,636 ) $ 936 $ ( 18,912 ) $ 17,287

6 unchanged sentences

While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity.

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Commitments and Contingencies

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In addition, in the normal course of business, the Company guarantees to certain tenants the obligations of the Company’s subsidiaries to complete construction of the building, to pay tenant improvement allowances and brokerage commissions in connection with their leases and limited costs arising from delays in delivery of their premises.

The Company had letter of credit and performance obligations related to lender and development requirements that total approximately $ 20.3 million at March 31, 2025.

The Company had letter of credit and performance obligations related to lender and development requirements that totaled approximately $ 20.3 million at June 30, 2025.

Certain of the Company’s joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint venture.

From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, either the Company or its partners may be entitled to receive an additional promoted interest or payments.

From time to time, under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, one or more partners could be entitled to an additional promoted interest or payments.

From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to (1) guarantee portions of the principal, interest and other amounts in connection with their borrowings, (2) provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and (3) provide guarantees to lenders, tenants and other third parties for the completion of development projects.

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The mezzanine loan may be drawn upon for future lease-up, operating and other costs on an as-needed basis, and amounts borrowed will bear interest at a per annum rate of 12 %, compounded monthly.

As of March 31, 2025, the Company has funded approximately $ 5.5 million under the mezzanine loan.

As of June 30, 2025, the Company has funded approximately $ 6.7 million under the mezzanine loan.

Legal Matters

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Separately, the Company filed a notice of appeal on January 15, 2025 to preserve the Company’s ability to appeal the grant of summary judgment on the question of whether the Company is liable for payment of the Additional Fee and Final Fee.

The Company has until July 15, 2025 (six months from the notice of appeal) to perfect the appeal.

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The Company subsequently

entered into a stipulation that extended the deadline to perfect the appeal from July 15, 2025 (six months from the notice of appeal) to September 13, 2025.

The issue of an award of damages for the Additional Fee and the Final Fee remains outstanding with the court pending a determination by the Special Referee, which the court appointed on February 18, 2025.

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Although the Company believes it has meritorious defenses to the claims and intends to defend against them vigorously, there can be no assurance that the Company will prevail in the lawsuit.

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Noncontrolling Interests

Noncontrolling interests relate to the interests in BPLP not owned by BXP and interests in consolidated property partnerships not wholly-owned by the Company.

As of March 31, 2025, the noncontrolling interests in BPLP consisted of the following:

As of June 30, 2025, the noncontrolling interests in BPLP consisted of the following:

OP Units LTIP Units (1) 2023 MYLTIP Units 2024 MYLTIP Units 2025 MYLTIP Units

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Noncontrolling Interest—Common Units

During the three months ended March 31, 2025, 112,308 OP Units were presented by the holders for redemption (including an aggregate of 9,425 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.

At March 31, 2025, BPLP had outstanding the 2023 - 2025 MYLTIP Units.

During the six months ended June 30, 2025, 116,204 OP Units were presented by the holders for redemption (including an aggregate of 13,038 OP Units issued upon conversion of LTIP Units, 2012 OPP Units and MYLTIP Units) and were redeemed by BXP in exchange for an equal number of shares of Common Stock.

At June 30, 2025, BPLP had outstanding the 2023 - 2025 MYLTIP Units.

Prior to the end of the respective three -year performance period for each plan, holders of MYLTIP Units are entitled to receive per unit distributions equal to one-tenth ( 10 %) of the regular quarterly distributions payable on an OP Unit, but will not be entitled to receive any special distributions.

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As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.

The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2025 and during the three months ended March 31, 2024:

The following table presents BPLP’s distributions on the OP Units and LTIP Units and MYLTIP Units paid or declared in 2025 and during the six months ended June 30, 2024:

Record Date Payment Date Distributions per OP Unit and LTIP Unit Distributions per MYLTIP Unit

June 30, 2025 July 31, 2025 $ 0.98 $ 0.098

March 31, 2025 April 30, 2025 $ 0.98 $ 0.098

December 31, 2024 January 30, 2025 $ 0.98 $ 0.098

June 28, 2024 July 31, 2024 $ 0.98 $ 0.098

March 28, 2024 April 30, 2024 $ 0.98 $ 0.098

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BXP may, in its sole discretion, elect to assume and satisfy the redemption obligation by paying either cash or issuing one share of Common Stock.

Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 67.19 per share on March 31, 2025, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2022 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at March 31, 2025 was approximately $ 1.3 billion.

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Based on the last reported price of a share of Common Stock on the New York Stock Exchange of $ 67.47 per share on June 30, 2025, the value of the OP Units (other than OP Units owned by BXP), and LTIP Units (including the 2012 OPP Units and 2013 - 2022 MYLTIP Units), assuming in each case that all conditions had been met for the conversion thereof, had all of such units been redeemed at June 30, 2025 was approximately $ 1.3 billion.

Noncontrolling Interests—Property Partnerships

The noncontrolling interests in property partnerships consist of the outside equity interests in ventures that are consolidated with the financial results of the Company because the Company exercises control over the entities that own the properties.

The equity interests in these ventures that are not owned by the Company, totaling approximately $ 1.9 billion at March 31, 2025 and December 31, 2024, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets.

The equity interests in these ventures that are not owned by the Company, totaling approximately $ 2.0 billion and $ 1.9 billion at June 30, 2025 and December 31, 2024, respectively, are included in Noncontrolling Interests—Property Partnerships on the accompanying Consolidated Balance Sheets (See Note 14).

Stockholders’ Equity / Partners’ Capital

As of March 31, 2025, BXP had 158,323,327 shares of Common Stock outstanding.

As of March 31, 2025, BXP owned 1,767,422 general partnership units and 156,555,905 limited partnership units in BPLP.

As of June 30, 2025, BXP had 158,366,277 shares of Common Stock outstanding.

As of June 30, 2025, BXP owned 1,767,941 general partnership units and 156,598,336 limited partnership units in BPLP.

On May 17, 2023, BXP renewed its “at the market” (“ATM”) stock offering program through which it may sell from time to time up to an aggregate of $ 600.0 million of its Common Stock through sales agents over a three -year period.

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No shares of Common Stock have been issued under this ATM stock offering program.

During the three months ended March 31, 2025, BXP issued 112,308 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2025 and during the three months ended March 31, 2024:

During the six months ended June 30, 2025, BXP issued 116,204 shares of Common Stock in connection with the redemption of an equal number of redeemable OP Units from limited partners.

The following table presents BXP’s dividends per share and BPLP’s distributions per OP Unit and LTIP Unit paid or declared in 2025 and during the six months ended June 30, 2024:

Record Date Payment Date Dividend (Per Share) Distribution (Per Unit)

June 30, 2025 July 31, 2025 $ 0.98 $ 0.98

March 31, 2025 April 30, 2025 $ 0.98 $ 0.98

December 31, 2024 January 30, 2025 $ 0.98 $ 0.98

June 28, 2024 July 31, 2024 $ 0.98 $ 0.98

March 28, 2024 April 30, 2024 $ 0.98 $ 0.98

11 unchanged sentences

Asset values for the Company’s properties are reported in the Consolidated Balance Sheets at historical cost, which may not reflect current market values.

Therefore, depreciation and amortization expense is not allocated among

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Therefore, depreciation and amortization expense is not allocated among segments.

The following are not included in the Company’s share of NOI as they are not necessarily linked to the operating performance of a real estate asset and are often incurred at the corporate level as opposed to the property level:

development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, interest and other income (loss), gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests.

development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gain on sale of real estate, interest and other income (loss), gains from investments in securities, unrealized gain (loss) on non-real estate investments, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss on sales-type lease, impairment loss, loss from early extinguishment of debt, interest expense and net income attributable to noncontrolling interests.

The Company’s share of NOI presented may not be comparable to what is reported by other REITs or real estate companies that define NOI differently.

3 unchanged sentences

The following tables present reconciliations of Company’s share of NOI to Net Income Attributable to BXP, Inc.

and Net Income Attributable to Boston Properties Limited Partnership for the three months ended March 31, 2025 and 2024.

Three months ended March 31,

and Net Income Attributable to Boston Properties Limited Partnership for the three and six months ended June 30, 2025 and 2024.

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

2025 2024 2025 2024

(in thousands)

2 unchanged sentences

Direct reimbursements of payroll and related costs from management services contracts

4,104 4,148 8,603 8,441

Income (loss) from unconsolidated joint ventures ( 3,324 ) ( 5,799 ) ( 5,463 ) 13,387

Gain on sale of real estate 18,390 — 18,390 —

Interest and other income (loss) 8,063 10,788 15,813 25,317

Gains (losses) from investments in securities ( 365 ) 2,272

Gains from investments in securities 2,600 315 2,235 2,587

Unrealized gain (loss) on non-real estate investments ( 39 ) 58 ( 522 ) 454

3 unchanged sentences

Payroll and related costs from management services contracts

4,104 4,148 8,603 8,441

Transaction costs 357 189 1,125 702

8 unchanged sentences

Noncontrolling interest—common units of the Operating Partnership

10,064 9,509 17,036 19,009

Net income attributable to BXP, Inc.

$ 88,977 $ 79,615 $ 150,161 $ 159,498

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Three months ended March 31,

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

2025 2024 2025 2024

(in thousands)

2 unchanged sentences

Direct reimbursements of payroll and related costs from management services contracts

4,104 4,148 8,603 8,441

Income (loss) from unconsolidated joint ventures ( 3,324 ) ( 5,799 ) ( 5,463 ) 13,387

Gain on sale of real estate 18,489 — 18,489 —

Interest and other income (loss) 8,063 10,788 15,813 25,317

Gains (losses) from investments in securities ( 365 ) 2,272

Gains from investments in securities 2,600 315 2,235 2,587

Unrealized gain (loss) on non-real estate investments ( 39 ) 58 ( 522 ) 454

3 unchanged sentences

Payroll and related costs from management services contracts

4,104 4,148 8,603 8,441

Transaction costs 357 189 1,125 702

8 unchanged sentences

Net income attributable to Boston Properties Limited Partnership $ 100,843 $ 90,827 $ 170,702 $ 181,907

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three months ended March 31, 2025 and 2024.

Three months ended March 31,

The following table presents a reconciliation of Revenue from the Consolidated Financial Statements to Rental Revenue for the three and six months ended June 30, 2025 and 2024.

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

2025 2024 2025 2024

(in thousands)

3 unchanged sentences

Total rental revenue $ 855,507 $ 839,982 $ 1,706,448 $ 1,668,974

The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three months ended March 31, 2025 and 2024 (dollars in thousands).

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For the three months ended March 31, 2025:

The following tables present the Company’s share of NOI for each geographic segment by property type, including Office (which includes office, life sciences and retail), Residential and Hotel for the three and six months ended June 30, 2025 and 2024 (dollars in thousands).

For the three months ended June 30, 2025:

Boston Los Angeles New York San Francisco Seattle Washington, DC Total

17 unchanged sentences

% of Grand Totals 39.32 % 3.59 % 23.32 % 16.31 % 2.31 % 15.15 % 100.00 %

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For the three months ended March 31, 2024:

For the three months ended June 30, 2024:

Boston Los Angeles New York San Francisco Seattle Washington, DC Total

17 unchanged sentences

% of Grand Totals 36.91 % 3.80 % 24.35 % 17.97 % 1.86 % 15.11 % 100.00 %

For the six months ended June 30, 2025:

Boston Los Angeles New York San Francisco Seattle Washington, DC Total

Rental Revenue:

Office $ 609,111 $ 34,781 $ 527,514 $ 251,188 $ 24,103 $ 210,501 $ 1,657,198

Residential 8,529 — — 6,858 — 9,493 24,880

Hotel 24,370 — — — — — 24,370

Total 642,010 34,781 527,514 258,046 24,103 219,994 1,706,448

% of Grand Totals 37.63 % 2.04 % 30.91 % 15.12 % 1.41 % 12.89 % 100.00 %

Rental Expenses:

Office 228,120 13,446 224,637 98,184 5,982 80,796 651,165

Residential 3,481 — — 4,944 — 4,050 12,475

Hotel 16,930 — — — — — 16,930

Total 248,531 13,446 224,637 103,128 5,982 84,846 680,570

% of Grand Totals 36.51 % 1.98 % 33.01 % 15.15 % 0.88 % 12.47 % 100.00 %

Net operating income $ 393,479 $ 21,335 $ 302,877 $ 154,918 $ 18,121 $ 135,148 $ 1,025,878

% of Grand Totals 38.36 % 2.08 % 29.52 % 15.10 % 1.77 % 13.17 % 100.00 %

Net operating income attributable to noncontrolling interests in property partnerships ( 31,029 ) — ( 70,235 ) — — — ( 101,264 )

Company’s share of net operating income from unconsolidated joint ventures 17,521 14,405 5,024 8,779 4,534 13,448 63,711

Company’s share of net operating income $ 379,971 $ 35,740 $ 237,666 $ 163,697 $ 22,655 $ 148,596 $ 988,325

% of Grand Totals 38.44 % 3.62 % 24.05 % 16.56 % 2.29 % 15.04 % 100.00 %

For the six months ended June 30, 2024:

Boston Los Angeles New York San Francisco Seattle Washington, DC Total

Rental Revenue:

Office $ 565,818 $ 38,873 $ 522,614 $ 264,323 $ 21,430 $ 208,008 $ 1,621,066

Residential 8,468 — — 7,276 — 9,166 24,910

Hotel 22,998 — — — — — 22,998

Total 597,284 38,873 522,614 271,599 21,430 217,174 1,668,974

% of Grand Totals 35.80 % 2.33 % 31.31 % 16.27 % 1.28 % 13.01 % 100.00 %

Rental Expenses:

Office 214,079 13,334 215,957 95,610 6,371 78,807 624,158

Residential 3,136 — — 4,387 — 3,902 11,425

Hotel 15,854 — — — — — 15,854

Total 233,069 13,334 215,957 99,997 6,371 82,709 651,437

% of Grand Totals 35.77 % 2.05 % 33.15 % 15.35 % 0.98 % 12.70 % 100.00 %

Net operating income $ 364,215 $ 25,539 $ 306,657 $ 171,602 $ 15,059 $ 134,465 $ 1,017,537

% of Grand Totals 35.80 % 2.51 % 30.14 % 16.86 % 1.48 % 13.21 % 100.00 %

Net operating income attributable to noncontrolling interests in property partnerships ( 21,980 ) — ( 71,981 ) — — — ( 93,961 )

Company’s share of net operating income from unconsolidated joint ventures 17,448 14,283 9,142 9,565 3,814 12,765 67,017

Company’s share of net operating income $ 359,683 $ 39,822 $ 243,818 $ 181,167 $ 18,873 $ 147,230 $ 990,593

% of Grand Totals 36.31 % 4.02 % 24.61 % 18.29 % 1.91 % 14.86 % 100.00 %

Earnings Per Share / Common Unit

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Because the 2012 OPP Units and 2013 - 2022 MYLTIP Units required, and the 2023 - 2025 MYLTIP Units require, BXP to outperform certain performance thresholds, unless such thresholds have been met by the end of the applicable reporting period, BXP excludes such units from the diluted EPS calculation.

Other potentially dilutive common shares, including stock options, restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.

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Three months ended March 31, 2025

Other potentially dilutive common shares, including restricted stock and other securities of BPLP that are exchangeable for BXP’s Common Stock, and the related impact on earnings, are considered when calculating diluted EPS.

Three months ended June 30, 2025

(Numerator) Shares

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$ 88,977 158,795 $ 0.56

Three months ended March 31, 2024

Three months ended June 30, 2024

(Numerator) Shares

9 unchanged sentences

$ 79,615 157,291 $ 0.51

Six months ended June 30, 2025

(Numerator) Shares

(Denominator) Per Share

(in thousands, except for per share amounts)

Basic Earnings:

Net income attributable to BXP, Inc.

$ 150,161 158,257 $ 0.95

Effect of Dilutive Securities:

Stock Based Compensation

Diluted Earnings:

Net income attributable to BXP, Inc.

$ 150,161 158,713 $ 0.95

Six months ended June 30, 2024

(Numerator) Shares

(Denominator) Per Share

(in thousands, except for per share amounts)

Basic Earnings:

Net income attributable to BXP, Inc.

$ 159,498 157,011 $ 1.02

Effect of Dilutive Securities:

Stock Based Compensation

— 199 ( 0.01 )

Diluted Earnings:

Net income attributable to BXP, Inc.

$ 159,498 157,210 $ 1.01

The following table provides a reconciliation of both the net income attributable to Boston Properties Limited Partnership and the number of common units used in the computation of basic earnings per common unit, which is calculated by dividing net income attributable to Boston Properties Limited Partnership by the weighted-average number of common units outstanding during the period.

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Other potentially dilutive common units and the related impact on earnings are considered when calculating diluted earnings per common unit.

Included in the number of units (the denominator) below are approximately 17,550,000 and 18,272,000 redeemable common units for the three months ended March 31, 2025 and 2024, respectively.

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Three months ended March 31, 2025

Included in the number of units (the denominator) below are approximately 17,559,000 and 18,369,000 redeemable common units for the three months ended June 30, 2025 and 2024, respectively, and 17,555,000 and 18,321,000 redeemable common units for the six months ended June 30, 2025 and 2024, respectively.

Three months ended June 30, 2025

(Numerator) Units

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Net income attributable to Boston Properties Limited Partnership $ 100,843 176,354 $ 0.57

Three months ended March 31, 2024

Three months ended June 30, 2024

(Numerator) Units

7 unchanged sentences

Net income attributable to Boston Properties Limited Partnership $ 90,827 175,660 $ 0.52

Six months ended June 30, 2025

(Numerator) Units

(Denominator) Per Unit

(in thousands, except for per unit amounts)

Basic Earnings:

Net income attributable to Boston Properties Limited Partnership $ 170,702 175,812 $ 0.97

Effect of Dilutive Securities:

Stock Based Compensation — 456 —

Diluted Earnings:

Net income attributable to Boston Properties Limited Partnership $ 170,702 176,268 $ 0.97

Six months ended June 30, 2024

(Numerator) Units

(Denominator) Per Unit

(in thousands, except for per unit amounts)

Basic Earnings:

Net income attributable to Boston Properties Limited Partnership $ 181,907 175,332 $ 1.04

Effect of Dilutive Securities:

Stock Based Compensation — 199 —

Diluted Earnings:

Net income attributable to Boston Properties Limited Partnership $ 181,907 175,531 $ 1.04

Stock Option and Incentive Plan

4 unchanged sentences

Earned awards will range from zero to a maximum of 354,940 LTIP Units depending on BXP’s performance under the three components, with a target of approximately 177,470 LTIP Units.

Under ASC 718, the 2025 MYLTIP awards have an aggregate value of approximately $ 12.7 million.

Under ASC 718 “Compensation – Stock Compensation,” the 2025 MYLTIP awards have an aggregate value of approximately $ 12.7 million.

On January 31, 2025, the three -year measurement period for the Company’s 2022 MYLTIP awards ended and, based on BXP’s absolute and relative TSR performance, the final payout was determined to be 59 % of target, or an aggregate of approximately $ 5.4 million (after giving effect to employee separations).

As a result, an aggregate of 177,919 2022 MYLTIP Units that had been previously granted were automatically forfeited.

During the three months ended March 31, 2025, BXP issued 49,486 shares of restricted common stock and BPLP issued 390,825 LTIP Units and 354,940 2025 MYLTIP Units to employees and the life sciences advisory board members under the 2021 Plan.

Employees and life sciences advisory board members paid $ 0.25 per LTIP Unit and 2025 MYLTIP Unit.

During the six months ended June 30, 2025, BXP issued 55,571 shares of restricted common stock and BPLP issued 406,646 LTIP Units and 354,940 2025 MYLTIP Units to employees, the life sciences advisory board members and non-employee directors under the 2021 Plan.

The grantees paid $ 0.25 per LTIP Unit and 2025 MYLTIP Unit.

When issued, LTIP Units are not economically equivalent in value to a share of Common Stock, but over time can increase in value to one-for-one parity with Common Stock if there is sufficient appreciation in the value of the Company’s assets.

3 unchanged sentences

Such value is recognized as an expense ratably over the corresponding employee service period.

The shares of restricted common stock

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granted during the three months ended March 31, 2025 were valued at approximately $ 3.6 million.

The LTIP Units granted were valued at approximately $ 26.0 million using a Monte Carlo simulation method model.

The shares of restricted common stock granted during the six months ended June 30, 2025 were valued at approximately $ 4.0 million.

The LTIP Units granted were valued at

approximately $ 27.0 million using a Monte Carlo simulation method model.

Because the 2012 OPP Units and 2013 - 2025 MYLTIP Units are subject to both a service condition and a market condition, the Company recognizes the related compensation expense under the graded vesting attribution method.

2 unchanged sentences

Dividends paid on both vested and unvested shares of restricted stock are charged directly to Dividends in Excess of Earnings in BXP, Inc.’s Consolidated Balance Sheets and Partners’ Capital in Boston Properties Limited Partnership’s Consolidated Balance Sheets.

Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $ 23.0 million and $ 18.5 million for the three months ended March 31, 2025 and 2024, respectively.

At March 31, 2025, there was (1) an aggregate of approximately $ 36.7 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $ 3.8 million of unrecognized compensation expense related to unvested 2023 - 2025 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.8 years.

Aggregate stock-based compensation expense associated with restricted stock, LTIP Units and MYLTIP Units was approximately $ 11.6 million and $ 16.0 million for the three months ended June 30, 2025 and 2024, respectively, and $ 34.6 million and $ 34.5 million for the six months ended June 30, 2025 and 2024, respectively.

At June 30, 2025, there was (1) an aggregate of approximately $ 28.3 million of unrecognized compensation expense related to unvested restricted stock and LTIP Units and (2) an aggregate of approximately $ 0.8 million of unrecognized compensation expense related to unvested 2023 - 2025 MYLTIP Units that is expected to be recognized over a weighted-average period of approximately 2.6 years.

Subsequent Events

On April 5, 2025, the Company partially placed in-service 1050 Winter Street in Waltham, Massachusetts.

1050 Winter Street is a redevelopment of an approximately 162,000 net rentable square foot office property.

The project is fully pre-leased.

On April 8, 2025, BPLP entered into an interest rate swap contract with a notional amount of $ 300.0 million to replace $ 300.0 million of interest rate swap contracts that expired on April 1, 2025 .

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

On April 22, 2025, BPLP amended the Credit Agreement governing its 2025 Credit Facility to remove the SOFR conversion adjustment of 10 basis points previously applicable to the Term Loan Facility.

Other than the foregoing, the material terms of the Credit Agreement remained unchanged (See Note 6).

T able of Contents

On July 1, 2025, the Company completed and fully placed in-service 1050 Winter Street, an approximately 162,000 net rentable square foot office property located in Waltham, Massachusetts (See Note 3).

On July 28, 2025, the Company sent notice to its partner that it has elected to acquire its partner’s 45 % interest in the 343 Madison Avenue project at cost, or approximately $ 43.5 million, during the third quarter of 2025.

In addition, on July 31, 2025, the Company elected to proceed with full vertical construction of 343 Madison Avenue in New York City, New York.

343 Madison Avenue will be a 46 -story, 930,000 rentable square foot office development located in Manhattan with direct access to Grand Central Station.

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 1. Financial Statements