Equibles

8-K

BXP, Inc. (BXP)

8-K 2026-01-28 For: 2026-01-27
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 27, 2026

BXP, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact Name of Registrants As Specified in its Charter)

BXP, Inc. Delaware 1-13087 04-2473675
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
Boston Properties Limited Partnership Delaware 0-50209 04-3372948
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrants’ telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered
BXP, Inc. Common Stock, par value $0.01 per share BXP New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

BXP, Inc.:

Emerging growth company ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

BXP, Inc. ☐         Boston Properties Limited Partnership ☐

Item 2.02.    Results of Operations and Financial Condition.

The information in this Item 2.02 - “Results of Operations and Financial Condition” is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On January 27, 2026, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the fourth quarter and full year ended 2025. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
*99.1 BXP, Inc. Supplemental Operating and Financial Data for the quarter ended December 31, 2025.
*99.2 Press release dated January 27, 2026.
*101.SCH Inline XBRL Taxonomy Extension Schema Document.
*101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
*101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
*104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

______________

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

BXP, INC.
By: /s/    MICHAEL E. LABELLE
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer
BOSTON PROPERTIES LIMITED PARTNERSHIP
By: BXP, Inc., its General Partner
By: /s/    MICHAEL E. LABELLE
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
and Treasurer

Date: January 27, 2026

Document

Exhibit 99.1

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Supplemental Operating and Financial Data

for the Quarter Ended December 31, 2025

THE COMPANY

BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, including properties owned by joint ventures, BXP’s portfolio totals 52.6 million square feet and 179 properties, including 8 properties under construction/redevelopment. BXP’s properties include 157 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  BXP has earned a thirteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES

This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 57.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 61.

GENERAL INFORMATION

Corporate Headquarters Trading Symbol Investor Relations Inquiries
800 Boylston Street BXP BXP, Inc. Inquiries should be directed to
Suite 1900 800 Boylston Street, Suite 1900 Helen Han
Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations
www.bxp.com New York Stock Exchange investors.bxp.com at 617.236.3429 or
(t) 617.236.3300 investorrelations@bxp.com hhan@bxp.com
(t) 617.236.3429
Michael E. LaBelle
Executive Vice President, Chief Financial Officer
at 617.236.3352 or
mlabelle@bxp.com

(Cover photo: 100 Causeway Street, Boston, MA)

Q4 2025
Table of contents Page
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OVERVIEW
Company Profile 1
Guidance and assumptions 2
FINANCIAL INFORMATION
Financial Highlights 3
Consolidated Balance Sheets 5
Consolidated Income Statements 6
Funds From Operations (FFO) 7
Funds Available for Distribution (FAD) 8
Net Operating Income (NOI) 9
Same Property Net Operating Income (NOI) by Reportable Segment 11
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions 13
Acquisitions and Dispositions 14
DEVELOPMENT ACTIVITY
Construction in Progress 15
Land Parcels and Purchase Options 17
LEASING ACTIVITY
Leasing Activity 18
PROPERTY STATISTICS
Portfolio Overview 19
Residential and Hotel Performance 20
In-Service Property Listing 21
Top 20 Clients Listing and Portfolio Client Diversification 25
Occupancy by Location 26
DEBT AND CAPITALIZATION
Capital Structure 27
Debt Analysis 29
Senior Unsecured Debt Covenant Compliance Ratios 30
Net Debt to EBITDAre 31
Debt Ratios 32
JOINT VENTURES
Consolidated Joint Ventures 33
Unconsolidated Joint Ventures 35
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties 39
Boston 40
Los Angeles 42
New York 44
San Francisco 46
Seattle 48
Washington, DC 50
CBD 52
Suburban 54
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 56
Definitions 57
Reconciliations 61
Consolidated Income Statement - Prior Year 69
Q4 2025
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Company profile

SNAPSHOT

(as of December 31, 2025)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 179
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 52.6 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units and Outperformance Plan (OPP) units) on an as-converted basis 1, 2 176.8 million
Closing Price, at the end of the quarter $67.48 per share
Dividend - Quarter/Annualized $0.70/$2.80 per share
Dividend Yield 4.1%
Consolidated Market Capitalization 2 $28.5 billion
BXP’s Share of Market Capitalization 2, 3 $28.4 billion
Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s)

STRATEGY

BXP’s primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our business strategy are to:

•continue to embrace our leadership position in the premier workplace segment and leverage our strength in portfolio quality, client relationships, development skills, market penetration, and sustainability to profitably build market share;

•maintain a keen focus on select dynamic gateway markets that exhibit the strongest economic growth and investment characteristics over time - currently Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC;

•invest in the highest quality buildings (primarily premier workplaces) with unique amenities and desirable locations that are able to maintain high occupancy rates and achieve premium rental rates through economic cycles;

•maintain scale and a full-service real estate capability (leasing, development, construction, marketing, legal, and property management) in our markets to ensure we (1) see all relevant investment deal flow, (2) maintain an ability to execute on all types of real estate opportunities, such as acquisitions, dispositions, repositioning and development, throughout the real estate investment cycle, (3) provide superior service to our clients and (4) develop and manage our assets in the most sustainable manner possible;

•ensure a strong balance sheet to maintain consistent access to capital and the ability to make new investments at opportune times;

•pursue attractive asset class adjacencies where we have a track record of success, such as life sciences and residential development;

•recycle capital for future investment through disposing of assets that no longer meet our investment profile or provide an opportunity for an attractive sale price relative to reinvestment;

•maintain a leadership position in sustainability innovation to minimize emissions from BXP’s development and in-service portfolio, as well as to provide clients sustainable solutions for their space use needs; and

•foster a culture and reputation of integrity, excellence and purposefulness, making us the employer of choice for talented real estate professionals, the landlord and developer of choice for our clients, as well as the counterparty of choice for real estate industry participants.

MANAGEMENT

Board of Directors
Owen D. Thomas Chairman of the Board Owen D. Thomas Chief Executive Officer
Douglas T. Linde Douglas T. Linde President
Joel I. Klein Lead Independent Director Raymond A. Ritchey Senior Executive Vice President
Bruce W. Duncan Chair of Audit Committee Michael E. LaBelle Executive Vice President, Chief Financial Officer and Treasurer
Diane J. Hoskins Chair of Sustainability Committee Rodney C. Diehl Executive Vice President, West Coast Regions
Mary E. Kipp Donna D. Garesche Executive Vice President, Chief Human Resources Officer
Matthew J. Lustig Chair of Nominating & Corporate Bryan J. Koop Executive Vice President, Boston Region
Governance Committee Peter V. Otteni Executive Vice President, Co-Head of the Washington, DC
Timothy J. Naughton Chair of Compensation Committee Region
Julie G. Richardson Hilary J. Spann Executive Vice President, New York Region
William H. Walton, III John J. Stroman Executive Vice President, Co-Head of the Washington, DC
Derek A. (Tony) West Region
Colin D. Joynt Senior Vice President, Chief Information Officer
Eric G. Kevorkian Senior Vice President, Chief Legal Officer and Secretary
Michael R. Walsh Senior Vice President, Chief Accounting Officer
James J. Whalen Senior Vice President, Chief Technology Officer

___________________

1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.

2For additional detail, see page 28.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q4 2025
Guidance and assumptions

GUIDANCE

BXP’s guidance for first quarter and full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below.  Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on January 27, 2026 and those referenced during the related conference call.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 60. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

First Quarter 2026 Full Year 2026
Low High Low High
Projected EPS (diluted) $ 0.32 $ 0.34 $ 2.08 $ 2.29
Add:
Projected Company share of real estate depreciation and amortization 1.27 1.27 5.10 5.10
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.03) (0.03) (0.30) (0.35)
Projected FFO per share (diluted) $ 1.56 $ 1.58 $ 6.88 $ 7.04

ASSUMPTIONS

(dollars in thousands)

Full Year 2026
Low High
Operating property activity:
Average In-service portfolio occupancy 1 87.50 % 88.50 %
Change in BXP’s Share of Same Property net operating income (excluding termination income) 1.25 % 2.25 %
Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) — % 0.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 44,000 $ 52,000
Taking Buildings Out-of-Service $ (13,000) $ (13,000)
BXP’s Share of incremental net operating income related to asset sales over prior year 2 $ (74,000) $ (70,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 130,000 $ 150,000
Termination income $ 11,000 $ 15,000
Other revenue (expense):
Development, management services and other revenue $ 30,000 $ 34,000
General and administrative expense 2 $ (183,000) $ (176,000)
Consolidated net interest expense $ (593,000) $ (581,000)
Unconsolidated joint venture interest expense $ (63,000) $ (60,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (194,000) $ (186,000)

_______________

1 Excludes development properties placed into service in 2026.

2 Excludes estimated changes in the market value of the Company’s deferred compensation plan and gains (losses) from investments in securities.

Q4 2025
Financial highlights

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

Three Months Ended
31-Dec-25 30-Sep-25
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712)
Net income (loss) attributable to BXP, Inc. per share - diluted $ 1.56 $ (0.77)
FFO attributable to BXP, Inc. 1 $ 280,155 $ 276,674
Diluted FFO per share 1 $ 1.76 $ 1.74
Dividends per common share $ 0.70 $ 0.70
Funds available for distribution to common shareholders and common unitholders (FAD) 2 $ 134,515 $ 201,772
Selected items:
Revenue $ 877,097 $ 871,510
Recoveries from clients $ 140,571 $ 146,082
Service income from clients $ 2,756 $ 2,786
BXP’s Share of revenue 3 $ 843,736 $ 839,345
BXP’s Share of straight-line rent 3 $ 21,586 $ 23,859
BXP’s Share of fair value lease revenue 3, 4 $ 3,030 $ 3,019
BXP’s Share of termination income 3 $ 8,732 $ 1,382
Ground rent expense $ 3,579 $ 3,777
Capitalized interest $ 14,670 $ 13,491
Capitalized wages $ 4,155 $ 3,657
Income (loss) from unconsolidated joint ventures 5 $ 50,232 $ (148,329)
BXP’s share of FFO from unconsolidated joint ventures 6 $ 12,956 $ 11,840
Net income attributable to noncontrolling interests in property partnerships $ 18,479 $ 17,853
FFO attributable to noncontrolling interests in property partnerships 7 $ 40,564 $ 40,468
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 5,108 $ 5,619
Below-market rents (included within Other Liabilities) $ 18,796 $ 21,290
Accrued rental income liability (included within Other Liabilities) $ 97,370 $ 101,001
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8 2.91 2.78
Interest Coverage Ratio (including capitalized interest) 8 2.66 2.56
Fixed Charge Coverage Ratio 8 2.41 2.25
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9 7.86 8.21
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10 (0.7) % 1.7 %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10 1.3 % 2.6 %
FAD Payout Ratio 2 92.09 % 61.37 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 60.1 % 60.8 %
Occupancy % of In-Service Properties 11 86.7 % 86.0 %
Leased % of In-Service Properties 12 89.4 % 88.8 %
Capitalization:
Consolidated Debt $ 16,609,483 $ 16,604,696
BXP’s Share of Debt 13 $ 16,466,789 $ 16,613,274
Consolidated Market Capitalization $ 28,539,947 $ 29,747,934
Consolidated Debt/Consolidated Market Capitalization 58.20 % 55.82 %
BXP’s Share of Market Capitalization 13 $ 28,397,253 $ 29,756,512
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13 57.99 % 55.83 %

_____________

1For a quantitative reconciliation of FFO attributable to BXP, Inc. and Diluted FFO per share, see page 7.

2For a quantitative reconciliation of FAD, see page 8. FAD Payout Ratio equals distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

5For the three months ended December 31, 2025, includes gains on sales of approximately $51.4 million. For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million.

6For a quantitative reconciliation for the three months ended December 31, 2025, see page 37.

7For a quantitative reconciliation for the three months ended December 31, 2025, see page 34.

8For a quantitative reconciliation for the three months ended December 31, 2025 and September 30, 2025, see page 32.

9For a quantitative reconciliation for the three months ended December 31, 2025 and September 30, 2025, see page 31.

10For a quantitative reconciliation for the three months ended December 31, 2025 and September 30, 2025, see pages 11, 67 and 68.

Q4 2025
Financial highlights (continued)

11Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

12Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. Excludes hotel and residential properties.

13For a quantitative reconciliation for December 31, 2025, see page 28.

Q4 2025
Consolidated Balance Sheets

(unaudited and in thousands)

31-Dec-25 30-Sep-25
ASSETS
Real estate $ 26,248,130 $ 26,724,267
Construction in progress 1,475,257 1,322,608
Land held for future development 518,492 562,909
Right of use assets - finance leases 372,470 372,747
Right of use assets - operating leases 325,841 321,063
Less accumulated depreciation (8,040,311) (8,008,908)
Total real estate 20,899,879 21,294,686
Cash and cash equivalents 1,478,206 861,066
Cash held in escrows 79,060 77,663
Investments in securities 44,614 43,604
Tenant and other receivables, net 92,625 136,743
Note receivable, net 9,373 8,898
Related party note receivables, net 28,346 88,879
Sales-type lease receivable, net 15,672 15,430
Accrued rental income, net 1,538,515 1,532,403
Deferred charges, net 847,690 802,785
Prepaid expenses and other assets 108,105 137,561
Investments in unconsolidated joint ventures 999,309 999,764
Assets held for sale 24,770 —
Total assets $ 26,166,164 $ 25,999,482
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,280,067 $ 4,279,482
Unsecured senior notes, net 9,806,100 9,803,336
Unsecured exchangeable senior notes, net 976,263 975,080
Unsecured line of credit — —
Unsecured term loans, net 797,053 796,798
Unsecured commercial paper 750,000 750,000
Lease liabilities - finance leases 360,039 363,207
Lease liabilities - operating leases 389,213 379,792
Accounts payable and accrued expenses 480,017 484,798
Dividends and distributions payable 123,753 123,259
Accrued interest payable 125,345 120,128
Other liabilities 386,074 406,820
Liabilities held for sale — —
Total liabilities 18,473,924 18,482,700
Commitments and contingencies — —
Redeemable deferred stock units 7,538 8,006
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,627,198 and 158,479,314 issued and 158,548,298 and 158,400,414 outstanding at December 31, 2025 and September 30, 2025, respectively 1,585 1,584
Additional paid-in capital 6,836,243 6,827,889
Dividends in excess of earnings (1,674,995) (1,812,361)
Treasury common stock at cost, 78,900 shares at December 31, 2025 and September 30, 2025 (2,722) (2,722)
Accumulated other comprehensive loss (12,921) (14,831)
Total stockholders’ equity attributable to BXP, Inc. 5,147,190 4,999,559
Noncontrolling interests:
Common units of the Operating Partnership 566,563 554,440
Property partnerships 1,970,949 1,954,777
Total equity 7,684,702 7,508,776
Total liabilities and equity $ 26,166,164 $ 25,999,482
Q4 2025
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Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Dec-25 30-Sep-25
Revenue
Lease $ 809,150 $ 809,820
Parking and other 35,393 34,404
Insurance proceeds 7,490 986
Hotel revenue 12,464 13,162
Development and management services 8,641 9,317
Direct reimbursements of payroll and related costs from management services contracts 3,959 3,821
Total revenue 877,097 871,510
Expenses
Operating 182,761 187,820
Real estate taxes 149,611 142,992
Restoration expenses related to insurance claims 7,321 924
Hotel operating 9,041 9,628
General and administrative 1 37,801 36,188
Payroll and related costs from management services contracts 3,959 3,821
Transaction costs 122 1,431
Depreciation and amortization 232,015 236,147
Total expenses 622,631 618,951
Other income (expense)
Income (loss) from unconsolidated joint ventures 2 50,232 (148,329)
Gains on sales of real estate 3 156,410 1,932
Gains from investments in securities 1 846 2,400
Unrealized gain (loss) on non-real estate investments (2) 178
Interest and other income (loss) 12,351 7,620
Impairment losses 4 (16,902) (68,901)
Interest expense (162,612) (164,299)
Net income (loss) 294,789 (116,840)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships (18,479) (17,853)
Noncontrolling interest - common units of the Operating Partnership 5 (27,824) 12,981
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712)
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic $ 1.56 $ (0.77)
Net income (loss) attributable to BXP, Inc. per share - diluted $ 1.56 $ (0.77)

_____________

1Includes $0.8 million and $2.4 million for the three months ended December 31, 2025 and September 30, 2025, respectively, related to the Company’s deferred compensation plan.

2For the three months ended December 31, 2025, includes gains on sales of approximately $51.4 million. For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million.

3For additional detail, see page 14.

4Primarily related to impairment losses recognized in the relevant periods for properties / land that were sold or expected to be sold.

5For additional detail, see page 7.

Q4 2025
Funds from operations (FFO) 1

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

Three Months Ended
31-Dec-25 30-Sep-25
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712)
Add:
Noncontrolling interest - common units of the Operating Partnership 27,824 (12,981)
Noncontrolling interests in property partnerships 18,479 17,853
Net income (loss) 294,789 (116,840)
Add:
Depreciation and amortization expense 232,015 236,147
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (22,085) (22,615)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 14,173 17,272
Corporate-related depreciation and amortization (581) (582)
Non-real estate related amortization 2,130 2,130
Impairment losses 16,902 68,901
Impairment loss included within income (loss) from unconsolidated joint ventures — 145,133
Less:
Gains on sales of real estate 156,410 1,932
Gains on sale / consolidation included within income (loss) from unconsolidated joint ventures 3 51,449 2,236
Unrealized gain (loss) on non-real estate investments (2) 178
Noncontrolling interests in property partnerships 18,479 17,853
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 311,007 307,347
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 30,852 30,673
FFO attributable to BXP, Inc. $ 280,155 $ 276,674
BXP, Inc.’s percentage share of Basic FFO 90.08 % 90.02 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.92 % 9.98 %
Basic FFO per share $ 1.77 $ 1.75
Weighted average shares outstanding - basic 158,457 158,345
Diluted FFO per share $ 1.76 $ 1.74
Weighted average shares outstanding - diluted 159,115 158,928

RECONCILIATION TO DILUTED FFO

Three Months Ended
31-Dec-25 30-Sep-25
Basic FFO $ 311,007 $ 307,347
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 311,007 307,347
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 30,727 30,581
BXP, Inc.’s share of Diluted FFO $ 280,280 $ 276,766

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
31-Dec-25 30-Sep-25
Shares/units for Basic FFO 175,905 175,901
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 658 583
Shares/units for Diluted FFO 176,563 176,484
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,448 17,556
BXP, Inc.’s share of shares/units for Diluted FFO 159,115 158,928
BXP, Inc.’s percentage share of Diluted FFO 90.12 % 90.05 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For a quantitative reconciliation for the three months ended December 31, 2025, see page 34.

3For a quantitative reconciliation for the three months ended December 31, 2025, see page 37.

Q4 2025
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
31-Dec-25 30-Sep-25
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712)
Add:
Noncontrolling interest - common units of the Operating Partnership 27,824 (12,981)
Noncontrolling interests in property partnerships 18,479 17,853
Net income (loss) 294,789 (116,840)
Add:
Depreciation and amortization expense 232,015 236,147
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (22,085) (22,615)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 14,173 17,272
Corporate-related depreciation and amortization (581) (582)
Non-real estate related amortization 2,130 2,130
Impairment losses 16,902 68,901
Impairment loss included within income (loss) from unconsolidated joint ventures — 145,133
Less:
Gains on sales of real estate 156,410 1,932
Gains on sale / consolidation included within loss from unconsolidated joint ventures 3 51,449 2,236
Unrealized gain (loss) on non-real estate investments (2) 178
Noncontrolling interests in property partnerships 18,479 17,853
Basic FFO 311,007 307,347
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 4,488 4,999
BXP’s Share of hedge amortization, net of costs 1 1,712 1,781
BXP’s Share of fair value interest adjustment 1 509 638
BXP’s Share of straight-line ground rent expense adjustment 1, 5 (3,118) (407)
Stock-based compensation 4,497 4,404
Non-real estate depreciation and amortization (1,549) (1,548)
Unearned portion of capitalized fees from consolidated joint ventures 6 829 938
BXP’s Share of non-cash loss from early extinguishments of debt 1 54 —
Less:
BXP’s Share of straight-line rent 1 21,586 23,859
BXP’s Share of fair value lease revenue 1, 7 3,030 3,019
BXP’s Share of non-cash termination income adjustment 1 (4,121) —
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1 145,389 64,715
BXP’s Share of maintenance capital expenditures 1, 8 17,171 23,341
BXP’s Share of amortization and accretion related to sales type lease 1 268 265
Hotel improvements, equipment upgrades and replacements 591 1,181
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 134,515 $ 201,772
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 123,881 123,830
FAD Payout Ratio1 (B÷A) 92.09 % 61.37 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For a quantitative reconciliation for the three months ended December 31, 2025, see page 34.

3For additional information for the three months ended December 31, 2025, see page 37.

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $39.0 million, which it expects to incur by the end of 2027 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 63 for additional information.

7Represents the net adjustment for above- and below-market leases that are amortized over the terms of the respective leases in place at the property acquisition dates.

8Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

Q4 2025
Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

Three Months Ended
31-Dec-25 31-Dec-24
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 27,824 (25,031)
Noncontrolling interest in property partnerships 18,479 17,233
Net income (loss) 294,789 (237,817)
Add:
Interest expense 162,612 170,390
Impairment losses 16,902 —
Unrealized loss on non-real estate investments 2 2
Depreciation and amortization expense 232,015 226,043
Transaction costs 122 707
Payroll and related costs from management services contracts 3,959 4,398
General and administrative expense 37,801 32,504
Less:
Interest and other income (loss) 12,351 20,452
Gains (losses) from investments in securities 846 (369)
Gains on sales of real estate 156,410 85
Income (loss) from unconsolidated joint ventures 50,232 (349,553)
Direct reimbursements of payroll and related costs from management services contracts 3,959 4,398
Development and management services revenue 8,641 8,784
Net Operating Income (NOI) 515,763 512,430
Add:
BXP’s share of NOI from unconsolidated joint ventures 1 28,183 30,782
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2 51,665 48,259
BXP’s Share of NOI 492,281 494,953
Less:
Termination income 8,947 914
BXP’s share of termination income from unconsolidated joint ventures 1 72 521
Add:
Partners’ share of termination income from consolidated joint ventures 2 287 11
BXP’s Share of NOI (excluding termination income) $ 483,549 $ 493,529
Net Operating Income (NOI) $ 515,763 $ 512,430
Less:
Termination income 8,947 914
NOI from non Same Properties (excluding termination income) 3 13,872 17,950
Same Property NOI (excluding termination income) 492,944 493,566
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2 51,378 48,248
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3 4,460 2,865
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1 28,111 30,261
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 2,959 3,983
BXP’s Share of Same Property NOI (excluding termination income) $ 471,178 $ 474,461

_____________

1For a quantitative reconciliation for the three months ended December 31, 2025, see page 66.

2For a quantitative reconciliation for the three months ended December 31, 2025, see pages 63-64.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to December 31, 2025 and therefore are no longer a part of the Company’s property portfolio.

Q4 2025
Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

Three Months Ended
31-Dec-25 31-Dec-24
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 27,824 (25,031)
Noncontrolling interest in property partnerships 18,479 17,233
Net income (loss) 294,789 (237,817)
Add:
Interest expense 162,612 170,390
Impairment losses 16,902 —
Unrealized loss on non-real estate investments 2 2
Depreciation and amortization expense 232,015 226,043
Transaction costs 122 707
Payroll and related costs from management services contracts 3,959 4,398
General and administrative expense 37,801 32,504
Less:
Interest and other income (loss) 12,351 20,452
Gains (losses) from investments in securities 846 (369)
Gains on sales of real estate 156,410 85
Income (loss) from unconsolidated joint ventures 50,232 (349,553)
Direct reimbursements of payroll and related costs from management services contracts 3,959 4,398
Development and management services revenue 8,641 8,784
Net Operating Income (NOI) 515,763 512,430
Less:
Straight-line rent 25,710 19,732
Fair value lease revenue 1,983 1,277
Amortization and accretion related to sales type lease 240 254
Termination income 8,947 914
Add:
Straight-line ground rent expense adjustment 1 531 586
Lease transaction costs that qualify as rent inducements 2 4,615 3,512
NOI - cash (excluding termination income) 484,029 494,351
Less:
NOI - cash from non Same Properties (excluding termination income) 3 10,672 32,432
Same Property NOI - cash (excluding termination income) 473,357 461,919
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4 47,115 49,077
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3 3,382 9,121
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5 26,891 29,808
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 2,308 3,285
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 454,207 $ 448,486

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(3,770) and $146 for the three months ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company has remaining lease payments aggregating approximately $25.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to December 31, 2025 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended December 31, 2025, see page 64.

5For a quantitative reconciliation for the three months ended December 31, 2025, see page 66.

Q4 2025
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
31-Dec-25 31-Dec-24 Change Change 31-Dec-25 31-Dec-24 Change Change
Rental Revenue 2 $ 819,205 $ 797,512 $ 17,615 $ 17,861
Less: Termination income 8,947 824 — —
Rental revenue (excluding termination income) 2 810,258 796,688 1.7 % 17,615 17,861 (1.4) %
Less: Operating expenses and real estate taxes 322,998 308,521 14,477 4.7 % 11,931 12,462 (531) (4.3) %
NOI (excluding termination income) 2, 3 $ 487,260 $ 488,167 (0.2) % $ 5,684 $ 5,399 5.3 %
Rental revenue (excluding termination income) 2 $ 810,258 $ 796,688 1.7 % $ 17,615 $ 17,861 (1.4) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 24,684 35,595 (10,911) (30.7) % (1) 1 (2) (200.0) %
Add: Lease transaction costs that qualify as rent inducements 4 4,565 3,363 1,202 35.7 % — — — — %
Subtotal 790,139 764,456 25,683 3.4 % 17,616 17,860 (244) (1.4) %
Less: Operating expenses and real estate taxes 322,998 308,521 14,477 4.7 % 11,931 12,462 (531) (4.3) %
Add: Straight-line ground rent expense 5 531 586 (55) (9.4) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 467,672 $ 456,521 2.4 % $ 5,685 $ 5,398 5.3 %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
31-Dec-25 31-Dec-24 Change Change 31-Dec-25 31-Dec-24 Change Change
Rental Revenue 2 $ 836,820 $ 815,373 $ 45,382 $ 47,347
Less: Termination income 8,947 824 72 521
Rental revenue (excluding termination income) 2 827,873 814,549 1.6 % 45,310 46,826 (3.2) %
Less: Operating expenses and real estate taxes 334,929 320,983 13,946 4.3 % 20,158 20,548 (390) (1.9) %
NOI (excluding termination income) 2, 3 $ 492,944 $ 493,566 (0.1) % $ 25,152 $ 26,278 (4.3) %
Rental revenue (excluding termination income) 2 $ 827,873 $ 814,549 1.6 % $ 45,310 $ 46,826 (3.2) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 24,683 35,596 (10,913) (30.7) % 690 199 491 246.7 %
Add: Lease transaction costs that qualify as rent inducements 4 4,565 3,363 1,202 35.7 % — 308 (308) (100.0) %
Subtotal 807,755 782,316 25,439 3.3 % 44,620 46,935 (2,315) (4.9) %
Less: Operating expenses and real estate taxes 334,929 320,983 13,946 4.3 % 20,158 20,548 (390) (1.9) %
Add: Straight-line ground rent expense 5 531 586 (55) (9.4) % 121 136 (15) (11.0) %
NOI - cash (excluding termination income) 2, 3 $ 473,357 $ 461,919 2.5 % $ 24,583 $ 26,523 (7.3) %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
31-Dec-25 31-Dec-24 Change Change 31-Dec-25 31-Dec-24 Change Change
Rental Revenue 2 $ 82,202 $ 79,669 $ 800,000 $ 783,051
Less: Termination income 287 11 8,732 1,334
Rental revenue (excluding termination income) 2 81,915 79,658 2.8 % 791,268 781,717 1.2 %
Less: Operating expenses and real estate taxes 34,997 34,275 722 2.1 % 320,090 307,256 12,834 4.2 %
NOI (excluding termination income) 2, 3 $ 46,918 $ 45,383 3.4 % $ 471,178 $ 474,461 (0.7) %
Rental revenue (excluding termination income) 2 $ 81,915 $ 79,658 2.8 % $ 791,268 $ 781,717 1.2 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 3,312 5,216 (1,904) (36.5) % 22,061 30,579 (8,518) (27.9) %
Add: Lease transaction costs that qualify as rent inducements 4 127 (211) 338 160.2 % 4,438 3,882 556 14.3 %
Subtotal 78,730 74,231 4,499 6.1 % 773,645 755,020 18,625 2.5 %
Less: Operating expenses and real estate taxes 34,997 34,275 722 2.1 % 320,090 307,256 12,834 4.2 %
Add: Straight-line ground rent expense 5 — — — — % 652 722 (70) (9.7) %
NOI - cash (excluding termination income) 2, 3 $ 43,733 $ 39,956 9.5 % $ 454,207 $ 448,486 1.3 %

All values are in US Dollars.

___________________

1Includes 100% share of consolidated joint ventures that are a Same Property.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

3For a quantitative reconciliation of net income (loss) attributable to BXP, Inc. to net operating income (NOI) (excluding termination income) and NOI - cash (excluding termination income), see pages 9-10.

Q4 2025
Same property net operating income (NOI) by reportable segment (continued)

4Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the Company’s FAD calculation on page 8.

5Excludes the straight-line impact of approximately $(3,770) and $146 for the three months ended December 31, 2025 and 2024, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Q4 2025
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
31-Dec-25 30-Sep-25
Maintenance capital expenditures $ 18,157 $ 25,996
Planned capital expenditures associated with acquisition properties 8,247 5,020
Repositioning capital expenditures 2,399 10,084
Hotel improvements, equipment upgrades and replacements 591 1,181
Subtotal 29,394 42,281
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 629 349
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 10 116
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 1,615 3,004
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs 3 2
BXP’s Share of Capital Expenditures 1 $ 28,415 $ 39,740

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
31-Dec-25 30-Sep-25
Square feet 1,219,771 957,858
Tenant improvements and lease commissions PSF $ 128.74 $ 77.47

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2Includes 100% of unconsolidated joint ventures.

Q4 2025
Acquisitions and dispositions

For the period from January 1, 2025 through December 31, 2025

(dollars in thousands)

ACQUISITIONS

BXP’s Share of Investment
Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)
290 Coles Street (670 Units) (19.46% ownership) 1 Jersey City, NJ March 5, 2025 560,000 $ 20,000 $ 68,700 $ 88,700 N/A
343 Madison Avenue 2 New York, NY August 27, 2025 930,000 43,532 843,418 886,950 N/A
2100 M Street 3 Washington, D.C. December 15, 2025 320,000 55,000 328,500 383,500 N/A
Total Acquisitions 1,810,000 $ 118,532 $ 1,240,618 $ 1,359,150 — %

DISPOSITIONS

Property Location Date Disposed Square Feet BXP’s Share of Gross Sales Price BXP’s Share of Net Cash Proceeds BXP’s Share of Book Gain (Loss) 4
Land:
17 Hartwell Avenue 5 Lexington, MA June 27, 2025 30,000 $ 21,840 $ 21,840 $ 18,390
Beach Cities Media Campus (50% ownership) El Segundo, CA September 17, 2025 N/A 28,188 26,753 2,416
Land Parcels at New Dominion Technology Park Fairfax County, VA October 15, 2025 N/A 250 248 248
Almaden Boulevard San Jose, CA October 17, 2025 N/A 13,500 12,659 124
Land Parcels at Broad Run Loudoun County, VA December 1, 2025 N/A 37,500 36,613 35,418
3625 Peterson Way San Jose, CA December 11, 2025 N/A 90,000 79,908 10,662
30,000 191,278 178,021 67,258
Residential:
Proto Kendall Square Cambridge, MA December 18, 2025 166,717 171,500 169,413 53,276
Signature at Reston Town Center Reston, VA December 19, 2025 517,783 236,000 234,327 49,584
684,500 407,500 403,740 102,860
Non-Strategic Office Sales:
Market Square North (50% ownership) Washington, DC November 10, 2025 417,298 62,500 — 24,261
140 Kendrick Street Needham, MA December 17, 2025 409,197 132,000 122,860 7,306
751 Gateway Boulevard (49% ownership) South San Francisco, CA December 30, 2025 230,592 147,000 143,451 27,008
1,057,087 341,500 266,311 58,575
Total Dispositions 1,771,587 $ 940,278 $ 848,072 $ 228,693

___________________

1The Company has agreed to fund up to $65.0 million in preferred equity. The joint venture has also entered into a $225.0 million construction loan, of which the Company’s share is approximately $43.8 million. As of December 31, 2025, $29.9 million of preferred equity has been contributed and no amounts have been drawn under the construction loan.

2The Company acquired its partner’s 45% ownership interest at cost, resulting in the Company owning 100% of the project. See page 15 for additional details.

3This property is held for future development and therefore, reflected in the Company’s owned land parcels on page 17.

4Excludes approximately $1.7 million of gain related to a sale that occurred in a prior period.

5The Company entered into a joint venture with a third party to redevelop, own and operate 17 Hartwell Avenue. The Company sold 17 Hartwell Avenue to the joint venture for approximately $21.8 million in cash. The Company also contributed development costs of approximately $5.6 million for its 20% ownership interest. The Company will be the development manager for the project. Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and is accounting for the joint venture entity 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 entity. The Company recognized a gain upon sale of the real estate of approximately $18.4 million, as the fair value of the real estate exceeded its carrying value.

Q4 2025
Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT DECEMBER 31, 2025 1

Actual/Estimated BXP’s share
Initial Occupancy Stabilization Date Square Feet Investment to Date 2 Estimated Total Investment 2 Total Financing Amount Drawn Estimated Future Equity Requirement 2 Percentage Leased 3 Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Location
Office
725 12th Street Q1 2029 Q4 2030 Washington, DC 320,000 $ 84,459 $ 349,600 $ — $ — $ 265,141 87 % — % N/A
343 Madison Avenue Q3 2029 Q2 2031 New York, NY 930,000 304,640 1,971,000 — — 1,666,360 29 % — % N/A
Total Office Properties under Construction 1,250,000 389,099 2,320,600 — — 1,931,501 44 % — % N/A
Lab/Life Sciences
290 Binney Street (55% ownership) 6 Q2 2026 Q2 2026 Cambridge, MA 573,000 354,590 508,000 — — 153,410 100 % — % N/A
651 Gateway (50% ownership) 7 Q1 2024 Q3 2027 South San Francisco, CA 327,000 134,754 167,100 — — 32,346 N/A 27 % $ 16
Total Lab/Life Sciences Properties under Construction 900,000 489,344 675,100 — — 185,756 100 % 10 % 16
Residential
17 Hartwell Avenue (312 units) (20% ownership) Q2 2027 Q2 2028 Lexington, MA 288,000 11,494 35,900 19,747 — 4,659 — % — % N/A
17 Hartwell Avenue - Retail 2,100 — — — — — — % — % N/A
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 274,681 597,800 — — 323,119 — % — % N/A
290 Coles Street (670 units) (19.46% ownership) 8 Q2 2028 Q3 2029 Jersey City, NJ 547,000 20,707 88,700 56,400 — 11,593 — % — % N/A
290 Coles Street - Retail 13,000 — — — — — — % — % N/A
Total Residential Properties under Construction 1,342,100 306,882 722,400 76,147 — 339,371 — % — % N/A
Retail
Reston Next Retail Q1 2026 Q4 2026 Reston, VA 30,000 27,477 31,600 — — 4,123 70 % — % (28)
Total Retail Property under Construction 30,000 27,477 31,600 — — 4,123 70 % — % (28)
Total Properties Under Construction 3,522,100 $ 1,212,802 $ 3,749,700 $ 76,147 $ — $ 2,460,751 61 % 9 3 % $ (12)

PROJECTS FULLY PLACED IN-SERVICE DURING 2025

Actual/Estimated BXP’s share
Estimated Total Investment 2 Amount Drawn at 12/31/2025 Estimated Future Equity Requirement 2 Net Operating Income (Loss) 5 (BXP’s share)
Initial Occupancy Stabilization Date Investment to Date 2 Total Financing Percentage
Location Square Feet Leased 3
1050 Winter Street Q2 2025 Q3 2025 Waltham, MA 162,274 $ 8,453 $ 38,700 $ — $ — $ 30,247 100 % $ 610
Reston Next Office Phase II Q1 2025 Q1 2027 Reston, VA 86,629 51,045 61,000 — — 9,955 92 % (12)
360 Park Avenue South (71% ownership) Q4 2024 Q4 2026 New York, NY 448,112 395,073 418,300 156,470 156,470 23,227 59 % (628)
Total Projects Fully Placed In-Service 697,015 $ 454,571 $ 518,000 $ 156,470 $ 156,470 $ 63,429 73 % $ (30)

________________

1A project is classified as Construction in Progress when (1) construction or supply contracts have been signed, physical improvements have commenced or a lease has been signed and (2) capitalized interest has commenced.

2Includes income (loss) and interest carry on debt and equity investment.

3Represents percentage leased as of January 23, 2026, including leases with future commencement dates.

4Represents the portion of the project that no longer qualifies for capitalization of interest in accordance with GAAP.

Q4 2025
Construction in progress (continued)

5Amounts represent Net Operating Income (Loss) for the three months ended December 31, 2025. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 57.

6The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $125.0 million for the vault as of December 31, 2025.

7On January 1, 2025, in accordance with the Company’s accounting policy, the Company ceased interest capitalization of its equity method investment. As of December 31, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction. As such, the Company continues to reflect the project as under construction. On January 2, 2026, this property was sold.

8On March 5, 2025 we acquired a 19.46% interest in 290 Coles Street. The budget represents the Company’s 19.46% ownership of the project budget and financings which includes the Company’s share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of December 31, 2025, $29.9 million of preferred equity has been contributed.

9 Total percentage leased excludes Residential.

Q4 2025
Land parcels and purchase options

as of December 31, 2025

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location Approximate Developable Square Feet 2
Office
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
San Jose, CA 3 1,360,000
Reston, VA 1,278,000
San Jose, CA (55% ownership) 1,088,000
Waltham, MA 899,000
San Francisco, CA 850,000
Springfield, VA 576,000
South San Francisco, CA (50% ownership) 4 451,000
Lexington, MA 420,000
Washington, DC 320,000
Rockville, MD 150,000
Boston, MA 25,000
Total Office 11,140,000
Residential
Reston, VA 1,193,000
Rockville, MD 894,000
Herndon, VA (50% ownership) 611,000
Weston, MA 600,000
Washington, DC (50% ownership) 520,000
Waltham, MA 274,000
Total Residential 4,092,000
Total Owned Land Parcels 15,232,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location Approximate Developable Square Feet 2
Office
Waltham, MA 5 1,200,000
Boston, MA 668,000
Cambridge, MA 573,000
Total Office 2,441,000
Residential
Boston, MA 632,000
Total Residential 632,000
Total Land Purchase Options 3,073,000

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the year ended December 31, 2025, approximately 921,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property.

2Represents 100% of consolidated and unconsolidated projects.

3On January 14, 2026, the land parcel was sold.

4On January 2, 2026, the land parcel was sold.

5The Company expects to be a 50% partner in the future development of these sites.

Q4 2025
Leasing activity

for the three months ended December 31, 2025

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 6,891,687
Less:
Property dispositions/properties taken out of service 1 404,671
Add:
Leases expiring or terminated during the period 1,152,272
Total space available for lease 7,639,288
1st generation leases 77,390
2nd generation leases with new clients 672,061
2nd generation lease renewals 547,710
Total leases commenced during the period 1,297,161
Vacant space available for lease at the end of the period 6,342,127
Net (increase)/decrease in available space 549,560
2nd generation leasing information: 2
Leases commencing during the period (SF) 1,219,771
Weighted average lease term (months) 108
Weighted average free rent period (days) 242
Total transaction costs per square foot 3 128.74
Increase (decrease) in gross rents 4 (3.46)
Increase (decrease) in net rents 5 (5.46)

All values are in US Dollars.

All leases commencing occupancy (SF) Incr (decr) in 2nd generation cash rents Total square feet of leases executed in the quarter 7
1st generation 2nd generation total 6 gross 4,6 net 5,6
Boston 53,003 277,375 330,378 9.37 % 15.35 % 363,248
Los Angeles — 9,117 9,117 (4.67) % (6.27) % 2,971
New York 23,038 463,333 486,371 (2.33) % (3.91) % 563,236
San Francisco — 148,903 148,903 (22.15) % (30.47) % 368,189
Seattle — 26,039 26,039 (6.91) % (9.51) % 4,393
Washington, DC 1,349 295,004 296,353 (11.21) % (15.91) % 509,103
Total / Weighted Average 77,390 1,219,771 1,297,161 (3.46) % (5.46) % 1,811,140

_____________

1Total vacant square feet of properties taken out of service in Q4 2025 consists of 102,980 at Market Square North, 89,851 at 140 Kendrick Street and 211,840 at 1000 Winter Street.

2 2nd generation leases are defined as leases for space that has previously been leased. Of the 1,219,771 square feet of 2nd generation leases that commenced in Q4 2025, leases for 944,351 square feet were signed in prior periods.

3 Total transaction costs include tenant improvements and leasing commissions, but exclude free rent concessions.

4 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 898,799 square feet of 2nd generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

5 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 898,799 square feet of 2nd generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6 Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

7 Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 275,420.

Q4 2025
Portfolio overview

for the three months ended December 31, 2025

(dollars in thousands)

Rentable square footage of in-service properties by location and unit type 1, 2, 3

Office Retail Residential Hotel Total
Boston 13,994,327 1,086,320 397,924 330,000 15,808,571
Los Angeles 2,183,915 123,534 — — 2,307,449
New York 12,538,840 488,017 — — 13,026,857
San Francisco 7,008,970 349,648 318,171 — 7,676,789
Seattle 1,503,381 13,171 — — 1,516,552
Washington, DC 7,741,424 593,604 417,036 — 8,752,064
Total 44,970,857 2,654,294 1,133,131 330,000 49,088,282
% of Total 91.61 % 5.41 % 2.31 % 0.67 % 100.00 %

Rentable square footage of in-service properties, excluding hotel and residential properties 1, 3

Total
Rentable square feet of in-service properties 2 49,088,282
Less:
Rentable square feet from residential and hotel properties 2 1,489,832
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4 3,649,644
Partners’ share of rentable square feet from consolidated joint venture properties 5 3,117,910
BXP’s Share of rentable square feet, excluding residential and hotel properties 1 40,830,896

Rental revenue of in-service properties by unit type 1, 3

Office Retail Residential Hotel 6 Total
Consolidated $ 778,507 $ 61,393 $ 12,235 $ 12,362 $ 864,497
Less:
Partners’ share from consolidated joint ventures 7 79,235 8,381 — — 87,616
Add:
BXP’s share from unconsolidated joint ventures 8 47,792 2,566 3,650 — 54,008
BXP’s Share of Rental revenue 1 $ 747,064 $ 55,578 $ 15,885 $ 12,362 $ 830,889
% of Total 89.91 % 6.69 % 1.91 % 1.49 % 100.00 %

Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 9

CBD Suburban Total
Boston 33.67 % 5.12 % 38.79 %
Los Angeles 3.73 % — % 3.73 %
New York 21.79 % 1.79 % 23.58 %
San Francisco 15.09 % 2.23 % 17.32 %
Seattle 1.97 % — % 1.97 %
Washington, DC 14.52 % 0.09 % 14.61 %
Total 90.77 % 9.23 % 100.00 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2Includes 100% of the rentable square footage of the Company’s In-Service Properties.

3For additional detail relating to the Company’s In-Service Properties, see pages 21-24.

4Represents the partners’ share of the rentable square feet from unconsolidated joint venture properties (calculated based upon the partners’ percentage ownership interest).

5Represents the partners’ share of the rentable square feet from consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

6Excludes approximately $102 of revenue from retail clients that is included in Retail.

7See page 64 for additional information.

8See page 66 for additional information.

9BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of NOI (excluding termination income), see page 9.

Q4 2025
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
31-Dec-25 30-Sep-25 31-Dec-25 30-Sep-25
Rental Revenue 2 $ 12,818 $ 12,845 $ 12,464 $ 13,162
Less: Operating expenses and real estate taxes 7,618 6,095 9,041 9,628
Net Operating Income (NOI) 2 5,200 6,750 3,423 3,534
Add: BXP’s share of NOI from unconsolidated joint ventures 2,337 2,211 N/A N/A
BXP’s Share of NOI 2 $ 7,537 $ 8,961 $ 3,423 $ 3,534
Rental Revenue 2 $ 12,818 $ 12,845 $ 12,464 $ 13,162
Less: Straight line rent and fair value lease revenue 40 139 (2) (2)
Add: Lease transaction costs that qualify as rent inducements 50 149 — —
Subtotal 12,828 12,855 12,466 13,164
Less: Operating expenses and real estate taxes 7,618 6,095 9,041 9,628
NOI - cash basis 2 5,210 6,760 3,425 3,536
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,337 2,211 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 7,547 $ 8,971 $ 3,425 $ 3,536

RESIDENTIAL RENTAL RATES AND OCCUPANCY 2, 3 - Year-over-Year

Residential Units Three Months Ended Percent Change
31-Dec-25 31-Dec-24
Boston 526
Average Monthly Rental Rate $ 4,549 $ 4,466 1.86 %
Average Rental Rate Per Occupied Square Foot $ 6.00 $ 5.91 1.52 %
Average Physical Occupancy 93.85 % 94.74 % (0.94) %
Average Economic Occupancy 93.66 % 94.57 % (0.96) %
San Francisco 402
Average Monthly Rental Rate $ 2,985 $ 2,860 4.37 %
Average Rental Rate Per Occupied Square Foot $ 3.79 $ 3.63 4.41 %
Average Physical Occupancy 92.29 % 91.29 % 1.10 %
Average Economic Occupancy 90.34 % 88.86 % 1.67 %
Washington, DC 4 508
Average Monthly Rental Rate $ 2,871 $ 1,913 50.08 %
Average Rental Rate Per Occupied Square Foot $ 3.53 $ 2.44 44.67 %
Average Physical Occupancy 93.96 % 32.48 % 189.29 %
Average Economic Occupancy 92.05 % 23.70 % 288.40 %
Total residential units 1,436

HOTEL RENTAL RATES AND OCCUPANCY 3 - Year-over-Year

Hotel Rooms Three Months Ended Percent Change
31-Dec-25 31-Dec-24
Boston Marriott Cambridge 437
Average Occupancy 74.50 % 74.30 % 0.27 %
Average Daily Rate $ 322.91 $ 332.10 (2.77) %
Revenue Per Available Room $ 240.69 $ 246.76 (2.46) %

_____________

1Includes retail space.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

3Excludes retail space. For comparative purposes, rental rates and occupancy information do not include Proto Kendall Square, which was sold on December 18, 2025, and Signature at Reston, which was sold on December 19, 2025. For additional detail, see page 14.

4Represents Skymark, which was completed and fully placed in-service on December 13, 2024.

Q4 2025
In-service property listing as of December 31, 2025
--- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
CBD
BOSTON
Office
200 Clarendon Street CBD Boston MA 1 1,700,914 99.9 % 100.0 % $ 89.66
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,274,213 95.7 % 97.2 % 74.02
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,943 92.5 % 98.5 % 77.82
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 81.29
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 100.0 % 100.0 % 88.40
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 633,818 100.0 % 100.0 % 75.72
Prudential Center (retail shops) 5 CBD Boston MA 1 590,080 95.7 % 96.0 % 94.49
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 100.0 % 100.0 % 62.34
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 94.8 % 94.8 % 65.89
888 Boylston Street - The Prudential Center CBD Boston MA 1 377,574 96.2 % 96.2 % 83.84
Star Market at the Prudential Center 5 CBD Boston MA 1 60,015 100.0 % 100.0 % 63.11
Subtotal 11 8,413,491 97.5 % 98.7 % $ 80.84
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 94.41
325 Main Street East Cambridge MA 1 406,824 96.5 % 99.3 % 115.16
125 Broadway 6 East Cambridge MA 1 271,000 100.0 % 100.0 % 152.64
355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 86.33
300 Binney Street (55% ownership) 6, 7 East Cambridge MA 1 239,908 100.0 % 100.0 % 163.02
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 81.08
255 Main Street East Cambridge MA 1 215,394 82.5 % 82.5 % 92.24
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 103.51
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 78.35
250 Binney Street 6 East Cambridge MA 1 67,362 100.0 % 100.0 % 94.35
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 62.20
Subtotal 11 2,696,483 98.0 % 98.4 % $ 104.98
Subtotal Boston CBD 22 11,109,974 97.6 % 98.6 % $ 86.77
Residential
Hub50House (440 units) (50% ownership) 4 CBD Boston MA 1 320,444
The Lofts at Atlantic Wharf (86 units) CBD Boston MA 1 87,096
Subtotal 2 407,540
Hotel
Boston Marriott Cambridge (437 rooms) East Cambridge MA 1 334,260
Subtotal 1 334,260
LOS ANGELES
Office
Colorado Center (50% ownership) 4 West Los Angeles CA 6 1,130,066 89.6 % 90.3 % $ 79.58
Santa Monica Business Park West Los Angeles CA 14 1,104,377 83.4 % 83.8 % 73.63
Santa Monica Business Park Retail 5 West Los Angeles CA 7 73,006 86.8 % 86.8 % 77.70
Subtotal 27 2,307,449 86.5 % 87.0 % $ 76.79
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 98.8 % 99.8 % $ 169.80
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682 99.9 % 99.9 % 100.90
399 Park Avenue Park Avenue NY 1 1,567,470 100.0 % 100.0 % 109.68
599 Lexington Avenue Park Avenue NY 1 1,104,276 89.8 % 97.0 % 86.27 Q4 2025
--- ---
In-service property listing (continued) as of December 31, 2025
--- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
7 Times Square (formerly Times Square Tower) (55% ownership) Times Square NY 1 1,238,724 80.2 % 86.2 % 77.40
250 West 55th Street Times Square / West Side NY 1 966,976 98.3 % 98.7 % 103.01
200 Fifth Avenue (26.69% ownership) 4 Midtown South NY 1 846,506 59.0 % 91.7 % 98.80
360 Park Avenue South (71.11% ownership) 4, 7 Midtown South NY 1 448,112 33.2 % 58.9 % 99.17
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 42.7 % 42.7 % 37.60
510 Madison Avenue Fifth/Madison Avenue NY 1 352,589 80.3 % 99.9 % 124.79
Subtotal 10 10,835,191 86.2 % 92.1 % $ 111.63
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 114.90
Embarcadero Center Four CBD San Francisco CA 1 945,594 87.9 % 95.3 % 106.58
Embarcadero Center One CBD San Francisco CA 1 838,051 70.1 % 71.9 % 96.18
Embarcadero Center Two CBD San Francisco CA 1 804,891 73.4 % 73.4 % 84.56
Embarcadero Center Three CBD San Francisco CA 1 786,411 75.6 % 79.9 % 93.19
680 Folsom Street CBD San Francisco CA 2 522,406 65.8 % 65.8 % 83.09
535 Mission Street CBD San Francisco CA 1 303,322 86.3 % 92.6 % 96.15
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 76.45
Subtotal 9 5,647,437 81.9 % 84.4 % $ 100.83
Residential
The Skylyne (402 units) CBD Oakland CA 1 330,996
Subtotal 1 330,996
SEATTLE
Office
Safeco Plaza (33.67% ownership) 4 CBD Seattle WA 1 762,541 77.5 % 79.1 % $ 49.77
Madison Centre CBD Seattle WA 1 754,011 82.1 % 83.6 % 60.66
Subtotal 2 1,516,552 79.8 % 81.3 % $ 55.33
WASHINGTON, DC
Office
901 New York Avenue East End Washington DC 1 524,021 82.4 % 82.4 % $ 69.54
2100 Pennsylvania Avenue CBD Washington DC 1 475,849 95.0 % 95.0 % 83.12
2200 Pennsylvania Avenue CBD Washington DC 1 460,039 89.3 % 92.4 % 72.10
1330 Connecticut Avenue CBD Washington DC 1 253,375 95.9 % 95.9 % 71.42
Sumner Square CBD Washington DC 1 208,797 92.9 % 92.9 % 50.67
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 96.8 % 96.8 % 87.49
Capital Gallery Southwest Washington DC 1 176,909 77.3 % 89.1 % 58.37
Subtotal 7 2,329,890 89.8 % 91.3 % $ 72.64
Reston Next Reston VA 2 1,063,299 97.9 % 99.6 % $ 63.21
South of Market Reston VA 3 624,387 100.0 % 100.0 % 57.48
Fountain Square Reston VA 2 524,113 95.0 % 98.5 % 54.58
One Freedom Square Reston VA 1 427,646 87.8 % 87.8 % 55.00
Two Freedom Square Reston VA 1 423,222 100.0 % 100.0 % 55.65
One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 54.13
One Reston Overlook Reston VA 1 319,519 100.0 % 100.0 % 50.90
17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 74.81
Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 69.25
Fountain Square Retail 5 Reston VA 1 196,421 90.9 % 90.9 % 52.46
Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 56.54
Reston Next Office Phase II 7 Reston VA 1 86,629 6.0 % 92.2 % 55.60 Q4 2025
--- ---
In-service property listing (continued) as of December 31, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
Avant Retail 5 Reston VA 1 26,179 100.0 % 100.0 % 67.23
Subtotal 18 4,728,269 94.9 % 97.3 % $ 58.97
7750 Wisconsin Avenue (50% ownership) 4 Bethesda/Chevy Chase MD 1 735,573 100.0 % 100.0 % $ 38.99
Wisconsin Place Office Montgomery County MD 1 295,845 52.6 % 52.6 % 53.45
Subtotal 2 1,031,418 86.4 % 86.4 % $ 41.94
Subtotal Washington, DC CBD 27 8,089,577 92.4 % 94.2 % $ 60.73
Residential
Skymark (508 units) (20% ownership) 4, 7 Reston VA 1 417,036
Subtotal 1 417,036
CBD Total 102 40,996,012 89.8 % 8 92.5 % 8 $ 88.03 8
BXP’s Share of CBD 90.6 % 8 92.8 % 8
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center 9 Route 128 Mass Turnpike MA 2 435,917 79.7 % 79.7 % $ 42.20
Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 12.6 % 12.6 % 48.08
180 CityPoint 6 Route 128 Mass Turnpike MA 1 329,195 55.2 % 78.3 % 92.51
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 73.0 % 73.0 % 45.34
230 CityPoint Route 128 Mass Turnpike MA 1 299,304 97.0 % 97.0 % 49.20
200 West Street 6 Route 128 Mass Turnpike MA 1 273,361 86.1 % 86.1 % 93.54
880 Winter Street 6 Route 128 Mass Turnpike MA 1 243,614 92.3 % 92.3 % 101.41
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 98.6 % 98.6 % 60.78
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 62.39
77 CityPoint Route 128 Mass Turnpike MA 1 209,382 90.2 % 90.2 % 56.92
890 Winter Street Route 128 Mass Turnpike MA 1 180,155 88.6 % 88.6 % 46.25
Reservoir Place 10 Route 128 Mass Turnpike MA 1 164,993 55.0 % 55.0 % 42.68
153 & 211 Second Avenue 11 Route 128 Mass Turnpike MA 2 154,093 84.2 % 84.2 % 52.45
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 58.99
103 CityPoint 6, 7 Route 128 Mass Turnpike MA 1 112,842 — % — % —
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 52.86
The Point 5 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 66.81
33 Hayden Avenue 6 Route 128 Northwest MA 1 80,872 100.0 % 100.0 % 81.72
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 27.50
100 Hayden Avenue 6 Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 66.22
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.83
Subtotal 23 3,956,797 75.9 % 77.8 % $ 61.47
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 72.4 % 78.4 % $ 40.13
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 27.5 % 66.3 % 44.06
212 Carnegie Center Princeton NJ 1 148,942 69.9 % 72.5 % 36.02
214 Carnegie Center Princeton NJ 1 146,799 62.8 % 62.8 % 38.57
506 Carnegie Center Princeton NJ 1 139,050 95.1 % 95.1 % 40.93
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.84
202 Carnegie Center Princeton NJ 1 134,068 73.7 % 73.7 % 40.91
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 42.13
101 Carnegie Center Princeton NJ 1 122,791 81.8 % 98.7 % 40.53 Q4 2025
--- ---
In-service property listing (continued) as of December 31, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.88
502 Carnegie Center Princeton NJ 1 121,460 94.8 % 94.8 % 39.49
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 34.78
104 Carnegie Center Princeton NJ 1 101,969 72.2 % 73.4 % 38.42
103 Carnegie Center Princeton NJ 1 96,322 69.1 % 69.1 % 37.59
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 36.78
211 Carnegie Center Princeton NJ 1 47,025 — % — % —
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 34.09
Subtotal 17 2,191,666 71.8 % 76.5 % $ 39.44
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4, 12 South San Francisco CA 5 792,728 67.1 % 67.1 % $ 74.53
Mountain View Research Park 13 Mountain View CA 16 571,884 53.9 % 57.6 % 63.94
2440 West El Camino Real Mountain View CA 1 142,711 56.3 % 56.3 % 77.30
North First Business Park 14 San Jose CA 5 191,033 58.4 % 58.4 % 27.95
Subtotal 27 1,698,356 60.8 % 62.0 % $ 66.55
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 157,163 53.5 % 70.5 % $ 38.39
Kingstowne Retail 5 Springfield VA 1 88,288 100.0 % 100.0 % 31.41
Subtotal 2 245,451 70.2 % 81.1 % $ 34.82
Suburban Total 69 8,092,270 71.4 % 74.2 % $ 55.60
BXP’s Share of Suburban 71.4 % 74.4 %
Total In-Service Properties: 171 49,088,282 86.7 % 8 89.4 % 8 $ 83.47 8
BXP’s Share of Total In-Service Properties: 3 87.0 % 8 89.3 % 8

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

2Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 39-55.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4This is an unconsolidated joint venture property.

5This is a retail property.

6Classified as a laboratory/life sciences property.

7Not included in the Same Property analysis.

8Excludes hotel and residential properties. For additional detail, see page 20.

9Bay Colony Corporate Center includes 1050 Winter Street, an approximately 162,274 net rentable square feet redevelopment that was fully placed in-service during the third quarter of 2025. 1050 Winter Street is not included in the Same Property analysis. 1000 Winter Street was removed from the in-service property listing during the fourth quarter of 2025.

10During the first quarter of 2025, approximately 361,000 net rentable square feet was taken out of service to be held for future redevelopment.

11211 Second Avenue is classified as a laboratory/life sciences property.

12Includes 681 Gateway, which is a laboratory/life sciences property. Gateway Commons was sold on January 2, 2026.

13Includes 453 Ravendale Drive.

14The property was sold on January 14, 2026.

Q4 2025
Top 20 clients listing and portfolio client diversification

as of December 31, 2025

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.42 % 6.2
2 Google 2.94 % 11.3
3 Akamai Technologies 2.22 % 8.8
4 Kirkland & Ellis 1.94 % 12.1
5 Biogen 1.86 % 2.4
6 Snap 1.64 % 7.9
7 Fannie Mae 1.55 % 11.6
8 Millennium Management 1.46 % 10.3
9 Ropes & Gray 1.37 % 12.6
10 Weil Gotshal & Manges 1.25 % 8.2
11 Microsoft 1.16 % 7.7
12 Arnold & Porter Kaye Scholer 1.11 % 6.5
13 Allen Overy Shearman Sterling 0.99 % 16.5
14 Wellington Management 0.96 % 10.0
15 Bain Capital 0.95 % 6.1
16 Morrison & Foerster 0.93 % 4.8
17 Wilmer Cutler Pickering Hale 0.88 % 12.9
18 Starr (formerly C.V. Starr & Co) 0.86 % 8.3
19 Leidos 0.86 % 7.6
20 Accenture 0.84 % 2.0
BXP’s Share of Annualized Rental Obligations 29.20 %
BXP’s Share of Square Feet 1 22.54 %
Weighted Average Remaining Lease Term (years) 8.9

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 573,000
Starr 343 Madison Avenue 274,000
Sidley Austin 4 2100 M Street 234,000
McDermott Will & Schulte 725 12th Street, NW 152,000
Cooley 725 12th Street, NW 126,000

CLIENT DIVERSIFICATION 2

chart-1c8fc4bead4f41d9a24.jpg

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2Based on BXP’s Share of Annualized Rental Obligations.

3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.

4The lease and the commencement of the development are subject to various conditions.

Q4 2025
Occupancy by location

as of December 31, 2025

TOTAL IN-SERVICE OFFICE PROPERTIES 1 - Quarter-over-Quarter

CBD Suburban Total
Location 31-Dec-25 30-Sep-25 31-Dec-25 30-Sep-25 31-Dec-25 30-Sep-25
Boston 97.6 % 97.3 % 75.9 % 71.6 % 91.9 % 89.7 %
Los Angeles 86.5 % 86.7 % — % — % 86.5 % 86.7 %
New York 86.2 % 84.9 % 71.8 % 72.6 % 83.8 % 82.8 %
San Francisco 81.9 % 80.7 % 60.8 % 69.2 % 77.0 % 77.8 %
Seattle 79.8 % 82.6 % — % — % 79.8 % 82.6 %
Washington, DC 92.4 % 91.9 % 70.2 % 68.5 % 91.7 % 91.3 %
Total Portfolio 89.8 % 89.3 % 71.4 % 71.2 % 86.7 % 86.0 %

chart-6314371adda5469ca62.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2 - Year-over-Year

CBD Suburban Total
Location 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24
Boston 97.6 % 95.9 % 77.1 % 79.6 % 92.4 % 91.8 %
Los Angeles 86.5 % 84.9 % — % — % 86.5 % 84.9 %
New York 88.5 % 90.8 % 71.8 % 69.5 % 85.6 % 87.1 %
San Francisco 81.9 % 84.3 % 60.8 % 66.6 % 77.0 % 80.2 %
Seattle 79.8 % 81.6 % — % — % 79.8 % 81.6 %
Washington, DC 93.3 % 92.5 % 70.2 % 71.8 % 92.6 % 91.9 %
Total Portfolio 90.6 % 90.9 % 71.9 % 73.7 % 87.5 % 88.0 %

chart-127118e21ed140aebfc.jpg

_____________

1Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Includes 100% of joint venture properties. Does not include residential units and hotel.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q4 2025
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,298,063
Unsecured Line of Credit —
Unsecured Term Loans 800,000
Unsecured Commercial Paper 750,000
Unsecured Senior Notes, at face value 9,850,000
Unsecured Exchangeable Senior Notes, at face value 1,000,000
Outstanding Principal 16,698,063
Discount on Unsecured Senior Notes (8,371)
Deferred Financing Costs, Net (80,209)
Consolidated Debt $ 16,609,483

MORTGAGE NOTES PAYABLE

Interest Rate
Property Maturity Date GAAP 1 Stated 2 Outstanding Principal
767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% $ 2,300,000
Santa Monica Business Park October 8, 2028 5.40% 5.28% 200,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000
901 New York Avenue January 5, 2029 5.06% 5.00% 198,063
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,298,063

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

Interest Rate
Maturity Date GAAP 1 Stated Outstanding Principal
Unsecured Senior Notes February 1, 2026 3.77% 3.65% $ 1,000,000
Unsecured Senior Notes October 1, 2026 3.50% 2.75% 1,000,000
Unsecured Senior Notes (“green bonds”) December 1, 2027 6.92% 6.75% 750,000
Unsecured Senior Notes (“green bonds”) December 1, 2028 4.63% 4.50% 1,000,000
Unsecured Senior Notes (“green bonds”) June 21, 2029 3.51% 3.40% 850,000
Unsecured Senior Notes March 15, 2030 2.98% 2.90% 700,000
Unsecured Senior Notes January 30, 2031 3.34% 3.25% 1,250,000
Unsecured Senior Notes (“green bonds”) April 1, 2032 2.67% 2.55% 850,000
Unsecured Senior Notes (“green bonds”) October 1, 2033 2.52% 2.45% 850,000
Unsecured Senior Notes (“green bonds”) January 15, 2034 6.62% 6.50% 750,000
Unsecured Senior Notes January 15, 2035 5.84% 5.75% 850,000
$ 9,850,000

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES 3, 4

Interest Rate
Maturity Date GAAP 1 Stated Outstanding Principal
Unsecured Exchangeable Senior Notes October 1, 2030 2.50% 2.00% $ 1,000,000
$ 1,000,000 Q4 2025
--- ---
Capital structure (continued)

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 5
Common Stock 158,548 158,548 $ 10,698,819
Common Operating Partnership Units 18,252 18,252 1,231,645
Total Equity 176,800 $ 11,930,464
Consolidated Debt (A) $ 16,609,483
Add: BXP’s share of unconsolidated joint venture debt 6 1,221,666
Less: Partners’ share of consolidated debt 7 1,364,360
BXP’s Share of Debt 8 (B) $ 16,466,789
Consolidated Market Capitalization (C) $ 28,539,947
BXP’s Share of Market Capitalization 8 (D) $ 28,397,253
Consolidated Debt/Consolidated Market Capitalization (A÷C) 58.20 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 8 (B÷D) 57.99 %

_____________

1The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (excluding capped calls classified as equity) and adjustments required to reflect loans and swaps at their fair values upon consolidation.

2The stated interest rate includes the effects of hedging transactions.

3All unsecured senior notes and unsecured exchangeable senior notes are rated BBB (negative), and Baa2 (stable) by S&P and Moody’s, respectively.

4The GAAP interest rate excludes capped call transactions that are classified as equity. The initial exchange rate of the unsecured exchangeable senior notes is 10.8180 shares of BXP’s common stock per $1,000 principal amount of notes, which represents an initial exchange price of approximately $92.44 per share of BXP’s common stock. In conjunction with the issuance of the unsecured exchangeable senior notes, the Company entered into capped call transactions to cover, subject to customary adjustments, the number of shares of BXP’s common stock initially underlying the unsecured exchangeable senior notes. The capped call transactions are expected generally to reduce the potential dilution to BXP’s common stock upon any exchange of notes and/or offset any cash payments BPLP is required to make in excess of the principal amount of exchanged notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $105.64 per share, which represents a premium of 40% over the last reported sale price of $75.46 per share of BXP’s common stock on September 24, 2025, and is subject to certain adjustments under the terms of the capped call transactions. The capped call transactions will expire upon the maturity of the unsecured exchangeable senior notes, if not earlier exercised or terminated, and the premiums associated with the purchase were classified as equity.

5Values are based on the December 31, 2025 closing price of $67.48 per share of BXP common stock.

6Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 35.

7Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 33.

8See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q4 2025
Debt analysis 1

as of December 31, 2025

(dollars in thousands)

chart-401d9b72023b481a963.jpg

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

Facility Outstanding at December 31, 2025 Remaining Capacity at December 31, 2025
Unsecured Line of Credit $ 2,250,000 $ — $ 2,250,000
Less:
Unsecured Commercial Paper 2 750,000
Letters of Credit 5,086
Total Remaining Capacity $ 1,494,914

UNSECURED TERM LOANS

Maturity Date Facility Outstanding Principal
2024 Unsecured Term Loan 3 September 26, 2026 $ 100,000 $ 100,000
Unsecured Term Loan Facility 4 March 30, 2029 $ 700,000 700,000
$ 800,000

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Unsecured Debt 74.23 % 3.94 % 4.06 % 4.0
Secured Debt 25.77 % 3.80 % 3.99 % 2.8
Consolidated Debt 100.00 % 3.91 % 4.04 % 3.7

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Floating Rate Debt 2 8.71 % 4.52 % 4.58 % 1.6
Fixed Rate Debt 3, 6 91.29 % 3.85 % 3.99 % 3.9
Consolidated Debt 100.00 % 3.91 % 4.04 % 3.7

_____________

1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 35.

2The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At December 31, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 3.99% per annum and had a weighted-average maturity of 45 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

3The $100.0 million 2024 Unsecured Term Loan is subject to an interest rate swap contract that effectively fixes Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan, at a fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026. The term loan has two one-year extension options (subject to customary conditions).

4The Unsecured Term Loan Facility has two six-month extension options, each subject to customary conditions.

5The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (excluding capped calls classified as equity) and adjustments required to reflect loans and swaps at their fair values upon consolidation.

6The Fixed Rate Debt includes the effects of hedging transactions, excluding capped calls treated as equity.

Q4 2025
Senior unsecured debt covenant compliance ratios

In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.

This section presents such ratios as of December 31, 2025 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

Senior Notes Issued Prior to December 4, 2017 Senior Notes Issued On or After December 4, 2017
Test Actual
Total Outstanding Debt/Total Assets 1 Less than 60% 48.9 % 45.9 %
Secured Debt/Total Assets Less than 50% 15.4 % 14.4 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.05 3.05
Unencumbered Assets/ Unsecured Debt Greater than 150% 222.8 % 239.2 %

_____________

1Capitalized Property Value for senior notes issued prior to December 4, 2017 is determined for each property and is the greater of (A) annualized EBITDA capitalized at an 8.0% rate for CBD properties and a 9.0% rate for non-CBD properties, and (B) the undepreciated book value as determined under GAAP. Capitalized property value for senior notes issued on or after December 4, 2017 is determined for each property and is the greater of (x) annualized EBITDA capitalized at 7.0% and (y) the undepreciated book value as determined under GAAP.

Q4 2025
Net Debt to EBITDAre

(dollars in thousands)

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre – cash 1

Three Months Ended
31-Dec-25 30-Sep-25
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (121,712)
Add:
Noncontrolling interest - common units of the Operating Partnership 27,824 (12,981)
Noncontrolling interest in property partnerships 18,479 17,853
Net income (loss) 294,789 (116,840)
Add:
Interest expense 162,612 164,299
Loss from early extinguishments of debt — —
Depreciation and amortization expense 232,015 236,147
Impairment losses 16,902 68,901
Less:
Gains on sales of real estate 156,410 1,932
Income (loss) from unconsolidated joint ventures 2 50,232 (148,329)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 3 29,496 32,054
EBITDAre 1 529,172 530,958
Less:
Partners’ share of EBITDAre from consolidated joint ventures 4 52,588 52,484
BXP’s Share of EBITDAre 1 (A) 476,584 478,474
Add:
Stock-based compensation expense 4,497 4,404
BXP’s Share of straight-line ground rent expense adjustment 1 (3,118) (407)
BXP’s Share of lease transaction costs that qualify as rent inducements 1 4,488 4,999
Less:
BXP’s Share of non-cash termination income adjustment 1 (4,121) —
BXP’s Share of straight-line rent 1 21,586 23,859
BXP’s Share of fair value lease revenue 1 3,030 3,019
BXP’s Share of amortization and accretion related to sales type lease 1 268 265
BXP’s Share of non-cash loss from early extinguishments of debt 1 54 —
BXP’s Share of EBITDAre – cash 1 $ 461,634 $ 460,327
BXP’s Share of EBITDAre (Annualized) 5 (A x 4) $ 1,906,336 $ 1,913,896

Reconciliation of BXP’s Share of Net Debt 1

31-Dec-25 30-Sep-25
Consolidated debt $ 16,609,483 $ 16,604,696
Less:
Cash and cash equivalents 1,478,206 861,066
Cash held in escrow for 1031 exchange — —
Net debt 1 15,131,277 15,743,630
Add:
BXP’s share of unconsolidated joint venture debt 3 1,221,666 1,372,439
Partners’ share of cash and cash equivalents from consolidated joint ventures 115,917 88,172
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 108,177 98,449
Partners’ share of consolidated joint venture debt 4 1,364,360 1,363,861
BXP’s share of related party note receivables 15,000 30,500
BXP’s Share of Net Debt 1 (B) $ 14,981,323 $ 15,711,431
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 7.86 8.21

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For the three months ended December 31, 2025, includes gains on sales of approximately $51.4 million. For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million.

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended December 31, 2025, see pages 35 and 65.

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended December 31, 2025, see pages 33 and 63.

5BXP’s Share of EBITDAre (Annualized) is calculated as the product of such amount for the quarter multiplied by four (4).

Q4 2025
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
31-Dec-25 30-Sep-25
BXP’s Share of interest expense 1 $ 167,074 $ 172,497
Less:
BXP’s Share of hedge amortization, net of costs 1 1,712 1,781
BXP’s share of fair value interest adjustment 1 509 638
BXP’s Share of amortization of financing costs 1 5,995 4,700
Adjusted interest expense excluding capitalized interest (A) 158,858 165,378
Add:
BXP’s Share of capitalized interest 1 14,657 14,239
Adjusted interest expense including capitalized interest (B) $ 173,515 $ 179,617
BXP’s Share of EBITDAre – cash 1, 2 (C) $ 461,634 $ 460,327
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.91 2.78
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.66 2.56

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
31-Dec-25 30-Sep-25
BXP’s Share of interest expense 1 $ 167,074 $ 172,497
Less:
BXP’s Share of hedge amortization, net of costs 1 1,712 1,781
BXP’s Share of fair value interest adjustment 1 509 638
BXP’s Share of amortization of financing costs 1 5,995 4,700
Add:
BXP’s Share of capitalized interest 1 14,657 14,239
BXP’s Share of maintenance capital expenditures 1 17,171 23,341
Hotel improvements, equipment upgrades and replacements 591 1,181
Total Fixed Charges (A) $ 191,277 $ 204,139
BXP’s Share of EBITDAre – cash 1, 2 (B) $ 461,634 $ 460,327
Fixed Charge Coverage Ratio (B÷A) 2.41 2.25

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

2For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 31.

Q4 2025
Consolidated joint ventures

d

as of December 31, 2025

(unaudited and in thousands)

BALANCE SHEET INFORMATION

767 Fifth Avenue Total Consolidated
ASSETS (The GM Building) 1 Norges Joint Ventures 1, 2 Joint Ventures
Real estate, net $ 3,153,156 $ 3,162,636 $ 6,315,792
Cash and cash equivalents 74,333 191,521 265,854
Other assets 327,884 477,294 805,178
Total assets $ 3,555,373 $ 3,831,451 $ 7,386,824
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,294,984 $ 991,878 $ 3,286,862
Other liabilities 64,433 152,620 217,053
Total liabilities 2,359,417 1,144,498 3,503,915
Equity:
BXP, Inc. 719,035 1,193,032 1,912,067
Noncontrolling interests 476,921 1,493,921 1,970,842 3
Total equity 1,195,956 2,686,953 3,882,909
Total liabilities and equity $ 3,555,373 $ 3,831,451 $ 7,386,824
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 29,733 $ 86,184 $ 115,917
Partners’ share of consolidated debt 4 $ 918,015 5 $ 446,345 $ 1,364,360

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street.

3Amount excludes certain preferred shareholders’ capital.

4Amounts represent the partners’ share based on their respective ownership percentages.

5Amount adjusted for basis differentials.

Q4 2025
Consolidated joint ventures (continued)

for the three months ended December 31, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,677 $ 109,195 $ 185,872
Straight-line rent 3,600 6,580 10,180
Fair value lease revenue (27) — (27)
Termination income 716 3 719
Total lease revenue 80,966 115,778 196,744
Parking and other — 1,639 1,639
Insurance proceeds 5,980 — 5,980
Total rental revenue 3 86,946 117,417 204,363
Expenses
Operating 29,454 45,069 74,523
Restoration costs related to insurance claim 5,390 — 5,390
Net Operating Income (NOI) 52,102 72,348 124,450
Other income (expense)
Development and management services revenue — 7 7
Losses from investments in securities — (7) (7)
Interest and other income 743 1,706 2,449
Interest expense (21,395) (7,712) (29,107)
Depreciation and amortization expense (18,661) (30,780) (49,441)
General and administrative expense (64) (174) (238)
Total other income (expense) (39,377) (36,960) (76,337)
Net income $ 12,725 $ 35,388 $ 48,113

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage 60% 55%
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of FFO (The GM Building) Norges Joint Ventures 1 Joint Ventures
Net income $ 12,725 $ 35,388 $ 48,113
Add: Depreciation and amortization expense 18,661 30,780 49,441
Entity FFO $ 31,386 $ 66,168 $ 97,554
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 4,010 $ 14,469 $ 18,479
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,875 14,210 22,085
Partners’ share FFO 4 $ 11,885 $ 28,679 $ 40,564
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 8,715 $ 20,919 $ 29,634
Depreciation and amortization expense - BXP’s basis difference 63 405 468
BXP’s share of depreciation and amortization expense 10,723 16,165 26,888
BXP’s share of FFO $ 19,501 $ 37,489 $ 56,990

_____________

1 Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4 Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

Q4 2025
Unconsolidated joint ventures 1

as of December 31, 2025

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Mezzanine/Construction Loans Payable, Net Interest Rate
Property Net Equity Maturity Date Stated GAAP 2
Boston
The Hub on Causeway - Podium 50.00 % $ 54,742 $ 61,827 April 9, 2031 5.73 % 5.94 %
100 Causeway Street 50.00 % 48,924 168,168 April 9, 2031 5.73 % 5.94 %
Hub50House 50.00 % 33,942 92,059 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 12,021 — — — — %
1265 Main Street 50.00 % 3,091 16,268 January 1, 2032 3.77 % 3.84 %
17 Hartwell Avenue 3 20.00 % 10,567 — July 10, 2030 N/A N/A
Los Angeles
Colorado Center 50.00 % 69,959 274,857 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Campus 4 50.00 % 272 — — — % — %
New York
360 Park Avenue South 71.11 % 104,778 155,586 December 13, 2027 6.25 % 6.56 %
Dock 72 5 50.00 % 83,547 — — — % — %
200 Fifth Avenue 26.69 % 74,747 154,502 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 6 25.00 % 109,451 30,685 November 9, 2027 9.31 % 10.54 %
290 Coles Street - Common Equity 7 19.46 % 19,928 — March 5, 2029 N/A N/A
290 Coles Street - Preferred Equity 8 — % 30,362 — — — % — %
San Francisco
Platform 16 55.00 % 58,561 — — — % — %
Gateway Commons 9 50.00 % 125,576 — — — % — %
Seattle
Safeco Plaza 33.67 % (2,557) 84,098 September 1, 2026 4.82 % 6.21 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 47,144 124,213 February 27, 2035 5.49 % 5.54 %
1001 6th Street 50.00 % 45,724 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 21,995 — — — % — %
Wisconsin Place Parking Facility 33.33 % 29,085 — — — % — %
500 North Capitol Street, N.W. 10 30.00 % (12,655) 31,436 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 14,506 27,967 May 13, 2026 5.87 % 6.19 %
983,710
Investments with deficit balances reflected within Other Liabilities 15,599
Investments in Unconsolidated Joint Ventures $ 999,309
Mortgage/Mezzanine/Construction Loans Payable, Net $ 1,221,666

chart-ee70cab4cbf14607a2b.jpg

Q4 2025
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 2 Maturity (years)
Floating Rate Debt 24.78 % 6.10 % 6.68 % 1.5
Fixed Rate Debt 75.22 % 4.69 % 4.99 % 5.6
Total Debt 100.00 % 5.04 % 5.41 % 4.6

_____________

1Amounts represent BXP’s share based on its ownership percentage.

2The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, which includes mortgage recording fees, the effects of hedging transactions (if any) and adjustments required under Accounting Standards Codification 805 “Business Combinations” to reflect loans at their fair values (if any).

3No amounts have been drawn under the $98.7 million construction facility.

4On September 17, 2025, the joint venture completed the sale of Beach Cities Media Campus, a land parcel located in El Segundo, California. For further information, see page 14.

5This investment includes a net deficit balance from the amenity joint venture.

6The indebtedness consists of (x) a senior loan with a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (y) a mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of December 31, 2025, the Company has funded approximately $18.4 million of the mezzanine loan. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

7No amounts have been drawn under the $225.0 million construction facility.

8The Company will fund the first $65.0 million of required capital through its preferred equity investment. The Company’s preferred equity investment will earn and accrue a 13% internal rate of return and is to be redeemed, in full, upon the earlier of two years after stabilization or March 5, 2030.

9On January 2, 2026, the Company completed the sale of its interest in Gateway Commons, located in South San Francisco, California.

10 The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

Q4 2025
Unconsolidated joint ventures (continued)

for the three months ended December 31, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 27,722 $ 20,543 $ 17,094 $ 18,761 $ 8,010 $ 21,302 $ 113,432
Straight-line rent 318 (1,507) 2,097 (539) 263 117 749
Fair value lease revenue — — 1,300 — 1,095 — 2,395
Termination income — — — 144 — — 144
Amortization and accretion related to sales-type lease 56 — — — — — 56
Total lease revenue 28,096 19,036 20,491 18,366 9,368 21,419 116,776
Parking and other (5) 2,038 137 312 620 910 4,012
Total rental revenue 3 28,091 21,074 20,628 18,678 9,988 22,329 120,788
Expenses
Operating 10,390 7,664 17,020 11,208 4,233 6,748 57,263
Net operating income 17,701 13,410 3,608 7,470 5,755 15,581 63,525
Other income (expense)
Development and management services revenue — — 406 96 — (1) 501
Interest and other income (loss) 272 1,052 784 26 123 124 2,381
Interest expense (9,496) (5,052) (9,032) — (3,952) (8,645) (36,177)
Unrealized gain/loss on derivative instruments — — 281 4 — — — 281
Transaction costs (47) — (10) — (3) — (60)
Depreciation and amortization expense (8,486) (5,329) (11,030) (6,282) (4,999) (5,244) (41,370)
General and administrative expense — (33) (262) (9) (3) — (307)
Gain on sale — 359 — 67,697 — — 68,056
Loss from early extinguishment of debt — — (109) — — — (109)
Impairment losses on real estate 5 — — — (425,750) (319,474) — (745,224)
Total other income (expense) (17,757) (9,003) (18,972) (364,222) (328,308) (13,766) (752,028)
Net income (loss) $ (56) $ 4,407 $ (15,364) $ (356,752) $ (322,553) $ 1,815 $ (688,503)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss) $ (31) $ 2,200 $ (8,697) $ (179,166) $ (108,601) $ 1,190 $ (293,105)
Basis differential
Straight-line rent $ — $ 91 6 $ 106 6 $ — $ — $ — $ 197
Fair value lease revenue — 305 6 15 6 — — — 320
Fair value interest adjustment — — (509) — — — (509)
Amortization of financing costs — — 111 — — — 111
Unrealized gain/loss on derivative instruments — — (75) 4 — — — (75)
Depreciation and amortization expense (4) 520 6 675 6 2,566 6 759 (96) 4,420
Gain on sale — — — (6,165) — 24,261 18,096
Impairment losses on real estate 7 — — — 212,875 107,567 — 320,442
Preferred interest 8 — — 335 — — — 335
Total basis differential 9 (4) 916 6 658 6 209,276 6 108,326 24,165 343,337
Income (loss) from unconsolidated joint ventures (35) 3,116 (8,039) 30,110 (275) 25,355 50,232
Add:
BXP’s share of depreciation and amortization expense 4,245 2,144 6 4,354 6 559 6 926 1,945 14,173
Less:
BXP’s share of gains on sale 10 — 180 — 27,008 — 24,261 51,449
BXP’s share of FFO $ 4,210 $ 5,080 $ (3,685) $ 3,661 $ 651 $ 3,039 $ 12,956

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.

2 Lease revenue includes recoveries from clients and service income from clients.

3 See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4 The previous owner of 200 Fifth Avenue had not elected hedge accounting. Upon the Company acquiring an ownership interest in the property, it elected hedge accounting and any changes in value is recognized as a basis differential to the Company. As of December 10, 2025, in connection with the termination of the historical swaps, the Company entered into new swaps and elected hedge accounting for them and therefore no longer needs to recognize the basis differential related to derivative instruments.

5 Represents current period impairment losses in accordance with ASC 360.

6 The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

Q4 2025
Unconsolidated joint ventures (continued)

7 Basis differential of current period impairment losses. In prior quarters, the Company impaired its equity method of investment to the estimated fair value.

8 Represents interest earned on the Company’s preferred equity investment in 290 Coles Street, see page 36.

9 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.

10 For additional information, see page 14.

Q4 2025
Lease expirations - All in-service properties1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2026 1,147,014 80,859,580 74.47 2.83 %
2027 1,716,010 123,723,784 74.49 4.33 %
2028 2,866,543 200,961,008 89.11 5.88 %
2029 3,492,503 223,286,884 75.68 7.69 %
2030 2,459,645 182,322,704 77.21 6.16 %
2031 2,627,911 212,950,652 86.89 6.39 %
2032 2,649,951 186,805,011 76.96 6.33 %
2033 2,843,154 225,839,466 84.37 6.98 %
2034 3,193,989 254,170,730 91.95 7.21 %
2035 2,382,994 155,011,145 80.58 5.01 %
Thereafter 12,521,937 822,003,209 81.11 26.41 %

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2026 79,579 13,919,872 207.61 2.83 %
2027 116,203 9,423,077 88.72 4.48 %
2028 91,933 9,516,516 105.56 3.80 %
2029 170,943 17,196,779 103.83 6.99 %
2030 171,690 13,328,725 98.53 5.71 %
2031 111,213 11,527,346 112.51 4.32 %
2032 103,313 8,028,036 79.01 4.29 %
2033 412,734 30,276,171 79.81 16.01 %
2034 359,056 34,854,316 132.74 11.08 %
2035 334,520 16,353,375 56.12 12.30 %
Thereafter 256,025 37,833,321 181.00 8.82 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2026 1,226,593 94,779,452 82.22 2.83 %
2027 1,832,213 133,146,861 75.34 4.34 %
2028 2,958,476 210,477,524 89.75 5.76 %
2029 3,663,446 240,483,663 77.18 7.65 %
2030 2,631,335 195,651,429 78.36 6.13 %
2031 2,739,124 224,477,998 87.92 6.27 %
2032 2,753,264 194,833,047 77.04 6.21 %
2033 3,255,888 256,115,637 83.80 7.50 %
2034 3,553,045 289,025,046 95.49 7.43 %
2035 2,717,514 171,364,520 77.36 5.44 %
Thereafter 12,777,962 859,836,530 83.13 25.39 %

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Gateway Commons and North First Business Park, which were sold on January 2, 2026 and January 14, 2026, respectively.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - Boston region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 355,123 21,306,321 69.12 21,471,233 69.66
2027 409,527 29,918,115 73.45 30,332,727 74.46
2028 894,620 84,795,886 97.85 88,200,674 101.77
2029 1,195,676 72,651,008 68.40 77,005,995 72.50
2030 1,203,360 82,712,270 69.65 87,233,304 73.46
2031 676,899 41,912,210 68.82 44,863,129 73.67
2032 1,060,681 82,607,633 77.88 100,575,208 94.82
2033 449,562 39,738,227 94.43 46,086,664 109.51
2034 1,444,356 112,795,426 87.59 125,632,787 97.56
2035 699,098 53,965,235 85.82 70,775,404 112.55
Thereafter 4,295,147 287,534,933 83.73 357,611,783 104.14

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 24,905 3,370,000 137.05 3,347,524 136.13
2027 48,727 5,649,025 133.19 5,712,753 134.69
2028 38,824 5,708,974 147.05 5,798,112 149.34
2029 61,901 8,637,552 141.08 8,781,277 143.42
2030 98,923 6,439,566 102.30 6,593,704 104.75
2031 14,668 1,196,760 81.59 1,292,196 88.10
2032 57,916 4,558,018 79.51 4,988,975 87.03
2033 287,788 21,337,445 83.88 24,047,446 94.53
2034 164,155 10,971,762 83.21 12,040,392 91.32
2035 119,685 8,545,370 71.40 8,940,259 74.70
Thereafter 106,486 10,192,914 106.20 12,399,517 129.19

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 380,028 24,676,321 74.14 24,818,757 74.57
2027 458,254 35,567,140 79.08 36,045,480 80.14
2028 933,444 90,504,860 99.96 93,998,786 103.81
2029 1,257,577 81,288,560 72.36 85,787,272 76.36
2030 1,302,283 89,151,836 71.30 93,827,008 75.04
2031 691,567 43,108,970 69.12 46,155,325 74.01
2032 1,118,597 87,165,651 77.97 105,564,183 94.42
2033 737,350 61,075,672 90.45 70,134,110 103.87
2034 1,608,511 123,767,188 87.18 137,673,179 96.98
2035 818,783 62,510,605 83.51 79,715,663 106.50
Thereafter 4,401,633 297,727,847 84.35 370,011,300 104.82

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 73,407 4,712,036 67.62 4,712,036 67.62
Q2 2026 60,457 2,564,188 67.26 2,729,109 71.58
Q3 2026 93,980 5,379,664 67.55 5,379,655 67.55
Q4 2026 127,279 8,650,434 71.62 8,650,434 71.62
Total 2026 355,123 21,306,321 69.12 21,471,233 69.66
Q1 2027 36,389 2,599,733 71.44 2,649,844 72.82
Q2 2027 65,671 4,948,165 77.93 5,035,441 79.30
Q3 2027 117,274 9,301,615 79.32 9,358,767 79.80
Q4 2027 190,193 13,068,602 68.71 13,288,674 69.87
Total 2027 409,527 29,918,115 73.45 30,332,727 74.46

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 3,224 725,429 225.01 725,429 225.01
Q2 2026 11,216 1,481,672 135.92 1,481,672 135.92
Q3 2026 959 15,000 15.64 15,000 15.64
Q4 2026 9,506 1,147,900 120.76 1,125,424 118.39
Total 2026 24,905 3,370,000 137.05 3,347,524 136.13
Q1 2027 19,196 2,909,536 151.57 2,948,670 153.61
Q2 2027 2,875 732,022 254.62 741,480 257.91
Q3 2027 10,503 974,192 92.75 980,801 93.38
Q4 2027 16,153 1,033,276 105.02 1,041,802 105.88
Total 2027 48,727 5,649,025 133.19 5,712,753 134.69

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 76,631 5,437,465 74.58 5,437,465 74.58
Q2 2026 71,673 4,045,860 82.52 4,210,781 85.89
Q3 2026 94,939 5,394,664 66.93 5,394,655 66.93
Q4 2026 136,785 9,798,334 75.20 9,775,858 75.03
Total 2026 380,028 24,676,321 74.14 24,818,757 74.57
Q1 2027 55,585 5,509,269 99.11 5,598,514 100.72
Q2 2027 68,546 5,680,187 85.58 5,776,921 87.04
Q3 2027 127,777 10,275,807 80.42 10,339,568 80.92
Q4 2027 206,346 14,101,878 70.50 14,330,476 71.64
Total 2027 458,254 35,567,140 79.08 36,045,480 80.14

All values are in US Dollars. `

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 160,386 11,506,583 71.74 11,513,311 71.79
2027 8,133 352,932 43.40 366,637 45.08
2028 299,852 16,041,475 79.39 17,135,800 84.81
2029 417,056 17,908,698 73.97 19,514,626 80.61
2030 54,433 3,364,671 61.81 3,873,202 71.16
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,983,851 86.01 13,253,593 103.79
2033 186,894 6,578,697 70.40 11,108,262 118.87
2034 3,739 236,697 63.30 299,537 80.11
2035 — — — — —
Thereafter 494,641 38,649,280 78.14 45,954,721 92.91

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 19,188 135,600 14.13 135,600 14.13
2027 — — — — —
2028 — — — — —
2029 38,118 2,313,480 60.69 2,504,232 65.70
2030 11,364 2,046,076 180.05 2,192,977 192.98
2031 — — — — —
2032 — — — — —
2033 — — — — —
2034 19,993 248,448 24.85 248,448 24.85
2035 8,043 502,290 62.45 664,161 82.58
Thereafter 5,827 690,081 118.43 639,835 109.81

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 179,574 11,642,183 68.49 11,648,911 68.53
2027 8,133 352,932 43.40 366,637 45.08
2028 299,852 16,041,475 79.39 17,135,800 84.81
2029 455,174 20,222,178 72.17 22,018,858 78.58
2030 65,797 5,410,747 82.23 6,066,179 92.20
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,983,851 86.01 13,253,593 103.79
2033 186,894 6,578,697 70.40 11,108,262 118.87
2034 23,732 485,145 35.32 547,985 39.89
2035 8,043 502,290 62.45 664,161 82.58
Thereafter 500,468 39,339,361 78.61 46,594,556 93.10

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 153,742 11,191,534 72.79 11,191,534 72.79
Q2 2026 3,708 129,389 34.89 132,362 35.70
Q3 2026 — — — — —
Q4 2026 2,936 185,660 63.24 189,416 64.51
Total 2026 160,386 11,506,583 71.74 11,513,311 71.79
Q1 2027 — — — — —
Q2 2027 1,860 135,258 72.72 139,099 74.78
Q3 2027 1,770 112,694 63.67 119,460 67.49
Q4 2027 4,503 104,981 23.31 108,078 24.00
Total 2027 8,133 352,932 43.40 366,637 45.08

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 — — — — —
Q2 2026 — — — — —
Q3 2026 19,188 135,600 14.13 135,600 14.13
Q4 2026 — — — — —
Total 2026 19,188 135,600 14.13 135,600 14.13
Q1 2027 — — — — —
Q2 2027 — — — — —
Q3 2027 — — — — —
Q4 2027 — — — — —
Total 2027 — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 153,742 11,191,534 72.79 11,191,534 72.79
Q2 2026 3,708 129,389 34.89 132,362 35.70
Q3 2026 19,188 135,600 14.13 135,600 14.13
Q4 2026 2,936 185,660 63.24 189,416 64.51
Total 2026 179,574 11,642,183 68.49 11,648,911 68.53
Q1 2027 — — — — —
Q2 2027 1,860 135,258 72.72 139,099 74.78
Q3 2027 1,770 112,694 63.67 119,460 67.49
Q4 2027 4,503 104,981 23.31 108,078 24.00
Total 2027 8,133 352,932 43.40 366,637 45.08

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - New York region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 128,687 7,271,075 60.15 7,274,892 60.18
2027 427,093 23,282,589 61.62 23,825,963 63.06
2028 328,519 24,069,554 87.89 24,039,533 87.78
2029 955,993 63,386,029 85.24 65,031,842 87.45
2030 594,153 49,924,632 95.80 50,363,828 96.64
2031 654,483 46,913,130 83.95 49,238,712 88.11
2032 352,472 18,846,238 71.88 19,502,109 74.38
2033 406,297 39,198,603 107.46 42,295,005 115.95
2034 1,307,124 111,798,801 108.12 121,615,481 117.62
2035 1,035,766 67,843,034 98.75 74,383,203 108.27
Thereafter 4,141,966 279,134,720 93.58 325,123,263 109.00

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 15,044 9,468,098 762.13 9,468,098 762.13
2027 8,162 33,000 7.35 33,000 7.35
2028 2,424 211,395 326.75 211,395 326.75
2029 9,577 1,805,467 318.37 1,956,628 345.02
2030 3,439 510,270 148.38 620,962 180.56
2031 20,784 5,213,956 360.39 5,747,106 397.24
2032 16,361 1,554,466 101.98 1,776,959 116.57
2033 20,928 4,542,680 217.06 5,132,010 245.22
2034 139,214 21,234,002 249.70 25,500,984 299.88
2035 114,671 4,716,204 63.14 6,302,790 84.38
Thereafter 105,007 23,795,421 347.28 15,354,312 224.08

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 143,731 16,739,173 125.57 16,742,990 125.60
2027 435,255 23,315,589 60.99 23,858,963 62.41
2028 330,943 24,280,949 88.46 24,250,928 88.35
2029 965,570 65,191,496 87.00 66,988,470 89.40
2030 597,592 50,434,902 96.15 50,984,790 97.19
2031 675,267 52,127,086 90.92 54,985,818 95.91
2032 368,833 20,400,704 73.53 21,279,068 76.70
2033 427,225 43,741,283 113.41 47,427,015 122.96
2034 1,446,338 133,032,803 118.88 147,116,465 131.47
2035 1,150,437 72,559,238 95.26 80,685,993 105.93
Thereafter 4,246,973 302,930,141 99.28 340,477,575 111.58

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 60,985 4,165,115 73.04 4,165,115 73.04
Q2 2026 10,822 366,447 36.74 367,467 36.84
Q3 2026 28,061 1,233,635 49.21 1,235,172 49.27
Q4 2026 28,819 1,505,880 52.25 1,507,139 52.30
Total 2026 128,687 7,271,075 60.15 7,274,892 60.18
Q1 2027 94,754 5,540,708 73.50 6,068,918 80.51
Q2 2027 175,713 8,082,213 46.00 8,161,446 46.45
Q3 2027 66,455 2,934,939 45.27 2,985,379 46.05
Q4 2027 90,171 6,724,729 108.65 6,610,220 106.80
Total 2027 427,093 23,282,589 61.62 23,825,963 63.06

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 6,552 5,700,000 1,449.94 5,700,000 1,449.94
Q2 2026 715 30,000 41.96 30,000 41.96
Q3 2026 3,244 2,711,835 835.95 2,711,835 835.95
Q4 2026 4,533 1,026,263 226.40 1,026,263 226.40
Total 2026 15,044 9,468,098 762.13 9,468,098 762.13
Q1 2027 8,162 33,000 7.35 33,000 7.35
Q2 2027 — — — — —
Q3 2027 — — — — —
Q4 2027 — — — — —
Total 2027 8,162 33,000 7.35 33,000 7.35

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 67,537 9,865,115 161.85 9,865,115 161.85
Q2 2026 11,537 396,447 37.09 397,467 37.18
Q3 2026 31,305 3,945,470 139.35 3,947,007 139.41
Q4 2026 33,352 2,532,143 75.92 2,533,402 75.96
Total 2026 143,731 16,739,173 125.57 16,742,990 125.60
Q1 2027 102,916 5,573,708 69.78 6,101,918 76.39
Q2 2027 175,713 8,082,213 46.00 8,161,446 46.45
Q3 2027 66,455 2,934,939 45.27 2,985,379 46.05
Q4 2027 90,171 6,724,729 108.65 6,610,220 106.80
Total 2027 435,255 23,315,589 60.99 23,858,963 62.41

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 353,052 32,600,434 92.34 34,628,279 98.08
2027 478,518 47,195,949 98.63 47,553,238 99.38
2028 393,369 43,113,894 109.60 45,360,237 115.31
2029 528,345 48,765,212 92.30 52,206,840 98.81
2030 374,718 32,945,790 87.92 36,872,704 98.40
2031 984,303 107,217,904 108.93 115,470,079 117.31
2032 332,665 29,435,824 88.48 34,858,927 104.79
2033 625,313 68,292,168 109.21 75,587,284 120.88
2034 132,269 11,392,747 86.13 14,218,877 107.50
2035 21,961 2,462,432 112.13 3,379,652 153.89
Thereafter 518,856 51,346,716 98.96 67,971,087 131.00

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 13,146 531,711 40.45 539,077 41.01
2027 14,385 744,862 51.78 797,991 55.47
2028 17,049 1,300,076 76.26 1,326,747 77.82
2029 5,810 394,460 67.89 506,392 87.16
2030 19,021 1,495,661 78.63 1,784,441 93.81
2031 28,791 2,112,059 73.36 2,218,692 77.06
2032 6,357 445,253 70.04 491,452 77.31
2033 9,383 1,056,784 112.63 1,117,442 119.09
2034 — — — — —
2035 — — — — —
Thereafter — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $/PSF
2026 366,198 33,132,145 35,167,356 96.03
2027 492,903 47,940,811 97.26 48,351,229 98.09
2028 410,418 44,413,970 108.22 46,686,984 113.75
2029 534,155 49,159,672 92.03 52,713,232 98.69
2030 393,739 34,441,451 87.47 38,657,145 98.18
2031 1,013,094 109,329,963 107.92 117,688,771 116.17
2032 339,022 29,881,077 88.14 35,350,379 104.27
2033 634,696 69,348,952 109.26 76,704,726 120.85
2034 132,269 11,392,747 86.13 14,218,877 107.50
2035 21,961 2,462,432 112.13 3,379,652 153.89
Thereafter 518,856 51,346,716 98.96 67,971,087 131.00

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Excludes Gateway Commons and North First Business Park, which were sold on January 2, 2025 and January 14, 2025, respectively.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 83,579 7,245,429 86.69 7,511,490 89.87
Q2 2026 182,071 17,032,359 93.55 19,218,914 105.56
Q3 2026 65,637 6,781,521 103.32 6,338,592 96.57
Q4 2026 21,765 1,541,125 70.81 1,559,283 71.64
Total 2026 353,052 32,600,434 92.34 34,628,279 98.08
Q1 2027 151,808 13,161,268 86.70 12,731,987 83.87
Q2 2027 26,245 2,882,512 109.83 2,962,525 112.88
Q3 2027 55,320 4,839,897 87.49 4,986,406 90.14
Q4 2027 245,145 26,312,273 107.33 26,872,321 109.62
Total 2027 478,518 47,195,949 98.63 47,553,238 99.38

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 — — — — —
Q2 2026 1,821 37,056 20.35 37,056 20.35
Q3 2026 60 21,814 363.57 21,814 363.57
Q4 2026 11,265 472,841 41.97 480,207 42.63
Total 2026 13,146 531,711 40.45 539,077 41.01
Q1 2027 — — — — —
Q2 2027 7,246 152,766 21.08 194,985 26.91
Q3 2027 5,733 464,547 81.03 473,320 82.56
Q4 2027 1,406 127,549 90.72 129,686 92.24
Total 2027 14,385 744,862 51.78 797,991 55.47

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 83,579 7,245,429 86.69 7,511,490 89.87
Q2 2026 183,892 17,069,415 92.82 19,255,970 104.71
Q3 2026 65,697 6,803,335 103.56 6,360,406 96.81
Q4 2026 33,030 2,013,966 60.97 2,039,490 61.75
Total 2026 366,198 33,132,145 90.48 35,167,356 96.03
Q1 2027 151,808 13,161,268 86.70 12,731,987 83.87
Q2 2027 33,491 3,035,278 90.63 3,157,510 94.28
Q3 2027 61,053 5,304,444 86.88 5,459,726 89.43
Q4 2027 246,551 26,439,822 107.24 27,002,007 109.52
Total 2027 492,903 47,940,811 97.26 48,351,229 98.09

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Excludes Gateway Commons and North First Business Park, which were sold on January 2, 2026 and January 14, 2026, respectively.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - Seattle region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 71,003 4,066,114 60.49 4,118,206 61.26
2027 83,714 4,806,546 59.97 4,919,470 61.38
2028 601,382 17,180,628 56.81 17,863,556 59.06
2029 234,469 11,588,392 54.40 12,011,170 56.38
2030 34,778 2,005,208 57.66 2,175,712 62.56
2031 23,485 898,162 53.96 996,832 59.89
2032 81,126 4,741,857 69.96 5,460,054 80.56
2033 — — — — —
2034 — — — — —
2035 60,774 1,474,670 72.07 1,812,099 88.56
Thereafter 3,151 163,925 52.02 194,814 61.83

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 — — — — —
2027 — — — — —
2028 945 55,873 59.12 55,873 59.12
2029 1,121 7,306 19.36 7,306 19.36
2030 653 5,322 24.21 5,598 25.46
2031 6,734 288,475 67.26 322,123 75.10
2032 — — — — —
2033 — — — — —
2034 — — — — —
2035 — — — — —
Thereafter — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 71,003 4,066,114 60.49 4,118,206 61.26
2027 83,714 4,806,546 59.97 4,919,470 61.38
2028 602,327 17,236,501 56.81 17,919,429 59.06
2029 235,590 11,595,698 54.34 12,018,476 56.32
2030 35,431 2,010,530 57.45 2,181,310 62.33
2031 30,219 1,186,637 56.68 1,318,955 63.00
2032 81,126 4,741,857 69.96 5,460,054 80.56
2033 — — #DIV/0! — #DIV/0!
2034 — — — — —
2035 60,774 1,474,670 72.07 1,812,099 88.55
Thereafter 3,151 163,925 52.02 194,814 61.83

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 1,309 30,009 68.05 30,009 68.05
Q2 2026 39,138 2,313,668 59.12 2,330,096 59.54
Q3 2026 — — — — —
Q4 2026 30,556 1,722,437 62.31 1,758,102 63.60
Total 2026 71,003 4,066,114 60.49 4,118,206 61.26
Q1 2027 5,929 437,914 73.86 447,994 75.56
Q2 2027 12,713 761,501 59.90 777,900 61.19
Q3 2027 12,172 707,004 58.08 737,433 60.58
Q4 2027 52,900 2,900,128 58.78 2,956,142 59.91
Total 2027 83,714 4,806,546 59.97 4,919,470 61.38

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 — — — — —
Q2 2026 — — — — —
Q3 2026 — — — — —
Q4 2026 — — — — —
Total 2026 — — — — —
Q1 2027 — — — — —
Q2 2027 — — — — —
Q3 2027 — — — — —
Q4 2027 — — — — —
Total 2027 — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 1,309 30,009 68.05 30,009 68.05
Q2 2026 39,138 2,313,668 59.12 2,330,096 59.54
Q3 2026 — — — — —
Q4 2026 30,556 1,722,437 62.31 1,758,102 63.60
Total 2026 71,003 4,066,114 60.49 4,118,206 61.26
Q1 2027 5,929 437,914 73.86 447,994 75.56
Q2 2027 12,713 761,501 59.90 777,900 61.19
Q3 2027 12,172 707,004 58.08 737,433 60.58
Q4 2027 52,900 2,900,128 58.78 2,956,142 59.91
Total 2027 83,714 4,806,546 59.97 4,919,470 61.38

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 78,763 4,109,053 54.09 4,197,692 55.26
2027 309,025 18,167,653 58.79 17,558,217 56.82
2028 348,801 15,759,571 72.70 17,379,401 80.18
2029 160,964 8,987,545 55.84 9,687,705 60.19
2030 198,203 11,370,133 60.17 12,559,335 66.46
2031 280,989 15,468,896 56.41 17,299,141 63.08
2032 576,340 40,189,608 69.73 45,629,081 79.17
2033 1,175,088 72,031,771 61.43 84,928,428 72.43
2034 306,501 17,947,059 58.55 21,230,685 69.27
2035 565,395 29,265,774 51.76 34,190,074 60.47
Thereafter 3,068,176 165,173,635 61.17 211,238,413 78.23

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 7,296 414,463 56.81 414,463 56.81
2027 44,929 2,996,190 66.69 2,992,015 66.59
2028 32,691 2,240,198 68.53 2,270,968 69.47
2029 54,416 4,038,514 74.22 5,053,994 92.88
2030 38,290 2,831,830 73.96 2,949,057 77.02
2031 40,236 2,716,096 67.50 2,936,273 72.98
2032 22,679 1,470,299 64.83 1,694,589 74.72
2033 94,635 3,339,262 35.29 3,564,246 37.66
2034 35,694 2,400,104 67.24 2,615,967 73.29
2035 92,121 2,589,511 29.10 3,793,978 42.63
Thereafter 38,705 3,154,905 81.51 3,927,580 101.47

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 86,059 4,523,516 54.33 4,612,155 55.39
2027 353,954 21,163,843 59.79 20,550,232 58.06
2028 381,492 17,999,769 72.16 19,650,369 78.77
2029 215,380 13,026,059 60.48 14,741,699 68.45
2030 236,493 14,201,963 62.49 15,508,392 68.24
2031 321,225 18,184,992 57.83 20,235,414 64.35
2032 599,019 41,659,907 69.55 47,323,670 79.00
2033 1,269,723 75,371,033 59.48 88,492,674 69.84
2034 342,195 20,347,163 59.46 23,846,652 69.69
2035 657,516 31,855,285 48.68 37,984,052 58.04
Thereafter 3,106,881 168,328,540 61.45 215,165,993 78.55

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of December 31, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 12,853 601,813 59.84 606,685 60.33
Q2 2026 25,998 1,201,947 46.23 1,236,460 47.56
Q3 2026 6,223 355,481 57.12 359,743 57.81
Q4 2026 33,689 1,949,811 57.88 1,994,804 59.21
Total 2026 78,763 4,109,053 54.09 4,197,692 55.26
Q1 2027 55,629 3,314,675 59.59 2,176,911 39.13
Q2 2027 69,152 3,529,206 51.04 3,630,138 52.50
Q3 2027 143,034 8,886,900 62.13 9,198,255 64.31
Q4 2027 41,210 2,436,872 59.13 2,552,913 61.95
Total 2027 309,025 18,167,653 58.79 17,558,217 56.82

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 1,739 69,560 40.00 69,560 40.00
Q2 2026 — — — — —
Q3 2026 3,074 183,399 59.66 183,399 59.66
Q4 2026 2,483 161,504 65.04 161,504 65.04
Total 2026 7,296 414,463 56.81 414,463 56.81
Q1 2027 15,902 1,199,464 75.43 1,182,160 74.34
Q2 2027 10,423 822,028 78.87 824,347 79.09
Q3 2027 15,460 745,682 48.23 752,258 48.66
Q4 2027 3,144 229,017 72.84 233,251 74.19
Total 2027 44,929 2,996,190 66.69 2,992,015 66.59

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2026 14,592 671,373 56.92 676,245 57.33
Q2 2026 25,998 1,201,947 46.23 1,236,460 47.56
Q3 2026 9,297 538,880 57.96 543,142 58.42
Q4 2026 36,172 2,111,315 58.37 2,156,308 59.61
Total 2026 86,059 4,523,516 54.33 4,612,155 55.39
Q1 2027 71,531 4,514,139 63.11 3,359,071 46.96
Q2 2027 79,575 4,351,234 54.68 4,454,485 55.98
Q3 2027 158,494 9,632,582 60.78 9,950,513 62.78
Q4 2027 44,354 2,665,889 60.10 2,786,164 62.82
Total 2027 353,954 21,163,843 59.79 20,550,232 58.06

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - CBD properties 1, 2, 3

as of December 31, 2025

Boston
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 245,016 15,222,101 76.95 15,364,546 77.67
2027 285,322 24,483,625 88.44 24,792,339 89.56
2028 656,046 74,683,666 118.91 77,561,516 123.50
2029 764,054 56,806,290 90.18 59,096,536 93.82
2030 1,123,793 78,819,713 73.53 82,213,946 76.70
2031 57,461 4,222,312 84.60 4,639,667 92.96
2032 863,930 72,093,887 83.51 88,880,537 102.95
2033 595,005 45,980,725 86.29 52,653,567 98.81
2034 1,282,127 99,489,282 91.00 109,573,822 100.23
2035 755,667 57,962,820 84.57 74,347,247 108.48
Thereafter 4,033,399 283,444,927 89.65 350,825,234 110.96

All values are in US Dollars.

Los Angeles
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 179,574 11,642,183 68.49 11,648,911 68.53
2027 8,133 352,932 43.40 366,637 45.08
2028 299,852 16,041,475 79.39 17,135,800 84.81
2029 455,174 20,222,178 72.17 22,018,858 78.58
2030 65,797 5,410,747 82.23 6,066,180 92.20
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,983,851 86.01 13,253,593 103.79
2033 186,894 6,578,697 70.4 11,108,262 118.87
2034 23,732 485,145 35.32 547,985 39.90
2035 8,043 502,290 62.45 664,161 82.58
Thereafter 500,468 39,339,361 78.61 46,594,556 93.10

All values are in US Dollars.

New York
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 52,409 13,118,998 312.45 13,118,998 312.45
2027 189,833 13,916,036 101.66 14,328,788 104.68
2028 224,415 20,041,628 119.32 20,087,941 119.59
2029 790,423 58,866,662 102.52 60,445,103 105.27
2030 472,449 45,424,762 113.73 45,718,562 114.46
2031 488,777 44,505,788 115.06 47,017,136 121.55
2032 255,707 15,894,602 96.73 16,632,650 101.22
2033 386,305 42,178,417 122.34 45,731,675 132.64
2034 1,446,338 133,032,803 118.88 147,116,465 131.47
2035 991,452 66,204,863 109.85 73,565,808 122.06
Thereafter 3,926,614 289,897,798 106.15 326,293,612 119.47

All values are in US Dollars.

Q4 2025
Lease expirations - CBD properties (continued) 1, 2, 3

as of December 31, 2025

San Francisco
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 311,367 29,762,619 95.59 31,779,672 102.06
2027 352,981 37,461,987 106.13 38,402,330 108.79
2028 360,329 41,420,779 114.95 43,469,706 120.64
2029 518,060 48,243,562 93.12 51,732,648 99.86
2030 301,921 28,448,253 94.22 31,941,465 105.79
2031 980,836 107,387,680 109.49 115,829,833 118.09
2032 339,022 29,881,077 88.14 35,350,378 104.27
2033 634,696 69,348,952 109.26 76,704,726 120.85
2034 132,269 11,392,747 86.13 14,218,877 107.50
2035 21,961 2,462,432 112.13 3,379,652 153.89
Thereafter 518,856 51,346,716 98.96 67,971,087 131.00

All values are in US Dollars.

Seattle
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 71,003 4,066,114 60.49 4,118,206 61.26
2027 83,714 4,806,546 59.97 4,919,470 61.38
2028 602,327 17,236,501 56.81 17,919,429 59.06
2029 235,590 11,595,698 54.34 12,018,476 56.32
2030 35,431 2,010,530 57.45 2,181,310 62.33
2031 30,219 1,186,637 56.68 1,318,955 63.00
2032 81,126 4,741,857 69.96 5,460,054 80.56
2033 — — — — —
2034 — — — — —
2035 60,774 1,474,670 72.07 1,812,099 88.56
Thereafter 3,151 163,925 52.02 194,814 61.83

All values are in US Dollars.

Washington, DC
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 66,132 3,687,816 58.23 3,772,419 59.56
2027 338,378 20,348,675 60.14 19,730,234 58.31
2028 381,492 17,999,770 72.16 19,650,369 78.77
2029 201,795 12,422,847 61.56 14,096,427 69.86
2030 212,441 13,294,716 65.42 14,501,768 71.36
2031 306,862 17,625,488 58.73 19,608,713 65.34
2032 599,019 41,659,906 69.55 47,323,670 79.00
2033 1,197,979 73,587,603 61.56 86,690,804 72.52
2034 333,733 20,013,598 59.97 23,441,245 70.24
2035 657,516 31,855,286 48.68 37,984,053 58.04
Thereafter 3,106,881 168,328,540 61.45 215,165,993 78.55

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Lease expirations - Suburban properties 1, 2, 3

as of December 31, 2025

Boston
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 135,012 9,454,221 70.03 9,454,211 70.02
2027 172,932 11,083,515 64.09 11,253,140 65.07
2028 277,398 15,821,195 57.03 16,437,270 59.26
2029 493,523 24,482,270 49.61 26,690,736 54.08
2030 178,490 10,332,123 57.89 11,613,063 65.06
2031 634,106 38,886,658 67.77 41,515,657 72.36
2032 254,667 15,071,764 59.18 16,683,646 65.51
2033 142,345 15,094,946 106.04 17,480,543 122.80
2034 326,384 24,277,906 74.38 28,099,357 86.09
2035 63,116 4,547,784 72.05 5,368,415 85.06
Thereafter 368,234 14,282,920 38.79 19,186,066 52.10

All values are in US Dollars.

New York
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 91,322 3,620,175 39.64 3,623,992 39.68
2027 245,422 9,399,553 38.30 9,530,175 38.83
2028 106,528 4,239,321 39.80 4,162,988 39.08
2029 175,147 6,324,834 36.11 6,543,368 37.36
2030 125,143 5,010,140 40.04 5,266,229 42.08
2031 186,490 7,621,299 40.87 7,968,683 42.73
2032 113,126 4,506,103 39.83 4,646,418 41.07
2033 40,920 1,562,865 38.19 1,695,341 41.43
2034 — — — — —
2035 158,985 6,354,375 39.97 7,120,185 44.79
Thereafter 320,359 13,032,343 40.68 14,183,963 44.28

All values are in US Dollars.

San Francisco
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 54,831 3,369,526 61.45 3,387,684 61.78
2027 139,922 10,478,824 74.89 9,948,900 71.10
2028 50,089 2,993,191 59.76 3,217,278 64.23
2029 16,095 916,110 56.92 980,584 60.92
2030 91,818 5,993,199 65.27 6,715,680 73.14
2031 32,258 1,942,282 60.21 1,858,938 57.63
2032 — — — — —
2033 — — — — —
2034 — — — — —
2035 — — — — —
Thereafter — — — — —

All values are in US Dollars.

Q4 2025
Lease expirations - Suburban properties (continued) 1, 2, 3

as of December 31, 2025

Washington, DC
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2026 19,927 835,700 41.94 839,736 42.14
2027 15,576 815,169 52.33 819,999 52.65
2028 — — — — —
2029 13,585 603,212 44.40 645,271 47.50
2030 24,052 907,248 37.72 1,006,624 41.85
2031 14,363 559,504 38.95 626,700 43.63
2032 — — — — —
2033 71,744 1,783,430 24.86 1,801,870 25.12
2034 8,462 333,564 39.42 405,407 47.91
2035 — — — — —
Thereafter — — — — —

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 57.

2Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Gateway Commons and North First Business Park, which were sold on January 2, 2026 and January 14, 2026, respectively.

3Does not include data for leases expiring in a particular year when leases for the same space have already been signed with replacement clients with future commencement dates. In those cases, the data is included in the year in which the replacement lease expires.

4Represents rentable square footage that is anticipated to become vacant in the noted period.

Q4 2025
Research coverage

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.

Equity Research Coverage
Bank of America Merrill Lynch Jeffrey Spector / Jana Galan 646.855.1363 / 646.855.5042
Barclays Brendan Lynch 212.526.9428
BMO Capital John Kim 212.885.4115
BTIG Tom Catherwood 212.738.6140
Cantor Richard Anderson 929.441.6927
Citi Nicholas Joseph / Seth Bergey 212.816.1909 / 212.816.2066
Deutsche Bank Omotayo Okusanya 212.250.9284
Evercore ISI Steve Sakwa 212.446.9462
Goldman Sachs Caitlin Burrows 212.902.4736
Green Street Advisors Dylan Burzinski 949.640.8780
Jefferies Joel Dickstein 212.778.8771
J.P. Morgan Securities Anthony Paolone 212.622.6682
Keybanc Capital Market Todd Thomas / Upal Rana 917.368.2286 / 917.368.2316
Ladenburg Thalmann Floris van Dijkum 212.409.2075
Mizuho Securities Vikram Malhotra 212.209.9300
Morgan Stanley Ronald Kamdem 212.296.8319
Piper Sandler Companies Alexander Goldfarb 212.466.7937
Scotiabank GBM Nicholas Yulico 212.225.6904
Truist Securities Michael Lewis 212.319.5659
UBS US Equity Research Michael Goldsmith 212.713.2951
Wells Fargo Securities Blaine Heck 410.662.2556
Wolfe Research Ally Yaseen 646.582.9253 Debt Research Coverage
--- --- ---
Barclays Srinjoy Banerjee 212.526.3521
J.P. Morgan Securities Mark Streeter 212.834.5086
US Bank Bill Stafford 877.558.2605
Wells Fargo Kevin McClure 704.410.1100 Rating Agencies
--- --- ---
Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Michael Souers 212.438.2508
Q4 2025
--- ---
Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 61.

The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint venture properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

Annualized Rental Obligations

Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).

Average Economic Occupancy

Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Average Monthly Rental Rates

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

Average Physical Occupancy

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

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2022 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards or Outperformance Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2023, 2024 and 2025 MYLTIP Units and 2025 Outperformance Units are not included.

The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like BXP, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.

Q4 2025
Definitions (continued)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net income (loss) attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment losses and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc.

In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.

The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to BXP, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations.  The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to BXP, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.

Q4 2025
Definitions (continued)

Funds from Operations (FFO)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.  In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income (loss) attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

In-Service Properties

The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company anticipates a future development/redevelopment of the property.

Interest Coverage Ratio

Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like BXP, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Net Debt

Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAre.  BXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.

Q4 2025
Definitions (continued)

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income (loss) attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment losses, loss from early extinguishment of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate or sales type leases, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, and interest and other income (loss). In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.

The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.

Rental Obligations

Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.

Rental Revenue

Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.

Same Properties

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

Q4 2025
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
31-Dec-25 30-Sep-25
Revenue $ 877,097 $ 871,510
Partners’ share of revenue from consolidated joint ventures (JVs) (87,619) (88,181)
BXP’s share of revenue from unconsolidated JVs 54,258 56,016
BXP’s Share of revenue $ 843,736 $ 839,345
Straight-line rent $ 25,710 $ 30,105
Partners’ share of straight-line rent from consolidated JVs (4,401) (7,906)
BXP’s share of straight-line rent from unconsolidated JVs 277 1,660
BXP’s Share of straight-line rent $ 21,586 $ 23,859
Fair value lease revenue 1 $ 1,983 $ 1,906
Partners’ share of fair value lease revenue from consolidated JVs 1 11 11
BXP’s share of fair value lease revenue from unconsolidated JVs 1 1,036 1,102
BXP’s Share of fair value lease revenue 1 $ 3,030 $ 3,019
Lease termination income $ 8,947 $ 1,241
Partners’ share of termination income from consolidated JVs (287) —
BXP’s share of termination income from unconsolidated JVs 72 141
BXP’s Share of termination income $ 8,732 $ 1,382
Non-cash termination income adjustment $ (4,121) $ —
Partners’ share of non-cash termination income adjustment from consolidated JVs — —
BXP’s share of non-cash termination income adjustment from unconsolidated JVs — —
BXP’s Share of non-cash termination income adjustment $ (4,121) $ —
Hedge amortization, net of costs $ 1,590 $ 1,590
Partners’ share of hedge amortization, net of costs from consolidated JVs (144) (144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs 266 335
BXP’s Share of hedge amortization, net of costs $ 1,712 $ 1,781
Straight-line ground rent expense adjustment $ (3,239) $ (530)
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs — —
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs 121 123
BXP’s Share of straight-line ground rent expense adjustment $ (3,118) $ (407)
Depreciation and amortization $ 232,015 $ 236,147
Noncontrolling interests in property partnerships’ share of depreciation and amortization (22,085) (22,615)
BXP’s share of depreciation and amortization from unconsolidated JVs 14,173 17,272
BXP’s Share of depreciation and amortization $ 224,103 $ 230,804
Lease transaction costs that qualify as rent inducements 2 $ 4,615 $ 5,894
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 (127) (895)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 — —
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 4,488 $ 4,999
2nd generation tenant improvements and leasing commissions $ 156,837 $ 72,022
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (11,526) (8,374)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 78 1,067
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 145,389 $ 64,715 Q4 2025
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 18,157 $ 25,996
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (1,615) (3,004)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 629 349
BXP’s Share of maintenance capital expenditures 3 $ 17,171 $ 23,341
Interest expense $ 162,612 $ 164,299
Partners’ share of interest expense from consolidated JVs (12,024) (12,016)
BXP’s share of interest expense from unconsolidated JVs 16,486 20,214
BXP’s Share of interest expense $ 167,074 $ 172,497
Capitalized interest $ 14,670 $ 13,491
Partners’ share of capitalized interest from consolidated JVs (13) (21)
BXP’s share of capitalized interest from unconsolidated JVs — 769
BXP’s Share of capitalized interest $ 14,657 $ 14,239
Amortization of financing costs $ 5,972 $ 4,764
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 521 434
BXP’s Share of amortization of financing costs $ 5,995 $ 4,700
Fair value interest adjustment $ — $ 139
Partners’ share of fair value of interest adjustment from consolidated JVs — —
BXP’s share of fair value interest adjustment from unconsolidated JVs 509 499
BXP’s Share of fair value interest adjustment $ 509 $ 638
Amortization and accretion related to sales type lease $ 240 $ 236
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — —
BXP’s share of amortization and accretion related to sales type lease from unconsolidated JVs 28 29
BXP’s Share of amortization and accretion related to sales type lease $ 268 $ 265
Non-cash loss from early extinguishment of debt $ — $ —
Partners’ share of non-cash loss from early extinguishment of debt from consolidated JVs — —
BXP’s share of non-cash loss from early extinguishment of debt from unconsolidated JVs 54 —
BXP’s Share of non-cash loss from early extinguishment of debt $ 54 $ —

_____________

1Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP. Lease transaction costs are generally included in 2nd generation tenant improvements and leasing commissions in the period the lease commences.

3Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.

Q4 2025
Reconciliations (continued)

for the three months ended December 31, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,677 $ 109,195 $ 185,872
Straight-line rent 3,600 6,580 10,180
Fair value lease revenue (27) — (27)
Termination income 716 3 719
Total lease revenue 80,966 115,778 196,744
Parking and other — 1,639 1,639
Insurance proceeds 5,980 — 5,980
Total rental revenue 3 86,946 117,417 204,363
Expenses
Operating 29,454 45,069 74,523
Restoration costs related to insurance claim 5,390 — 5,390
Net Operating Income (NOI) 52,102 72,348 124,450
Other income (expense)
Development and management services revenue — 7 7
Losses from investments in securities — (7) (7)
Interest and other income 743 1,706 2,449
Interest expense (21,395) (7,712) (29,107)
Depreciation and amortization expense (18,661) (30,780) (49,441)
General and administrative expense (64) (174) (238)
Total other income (expense) (39,377) (36,960) (76,337)
Net income $ 12,725 $ 35,388 $ 48,113
BXP’s nominal ownership percentage 60% 55%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 20,167 $ 31,498 $ 51,665
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 31,935 $ 40,850 $ 72,785
Unearned portion of capitalized fees 5 $ 590 $ 239 $ 829
Partners’ share of select items 4
Partners’ share of hedge amortization $ 144 $ — $ 144
Partners’ share of amortization of financing costs $ 346 $ 152 $ 498
Partners’ share of depreciation and amortization related to capitalized fees $ 436 $ 541 $ 977
Partners’ share of capitalized interest $ — $ 13 $ 13
Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ (127) $ (127)
Partners’ share of management and other fees $ 673 $ 1,089 $ 1,762
Partners’ share of basis differential depreciation and amortization expense $ (25) $ (182) $ (207)
Partners’ share of basis differential interest and other adjustments $ (4) $ 7 $ 3
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 4,010 $ 14,469 $ 18,479
Add:
Partners’ share of interest expense after BXP’s basis differential 8,554 3,470 12,024
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,875 14,210 22,085
Partners’ share of EBITDAre $ 20,439 $ 32,149 $ 52,588
Q4 2025
--- ---
Reconciliations (continued)

for the three months ended December 31, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures
Rental revenue 3 $ 34,778 $ 52,838 $ 87,616
Less: Termination income 286 1 287
Rental revenue (excluding termination income) 3 34,492 52,837 87,329
Less: Operating expenses (including partners’ share of management and other fees) 14,611 21,370 35,981
Income allocation to private REIT shareholders — (30) (30)
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 19,881 $ 31,497 $ 51,378
Rental revenue (excluding termination income) 3 $ 34,492 $ 52,837 $ 87,329
Less: Straight-line rent 1,440 2,961 4,401
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements — 127 127
Subtotal 33,063 50,003 83,066
Less: Operating expenses (including partners’ share of management and other fees) 14,611 21,370 35,981
Income allocation to private REIT shareholders — (30) (30)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 18,452 $ 28,663 $ 47,115
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 34,778 $ 52,838 $ 87,616
Add: Development and management services revenue — 3 3
Revenue $ 34,778 $ 52,841 $ 87,619

_________

1Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street.

2 Lease revenue includes recoveries from clients and service income from clients.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4Amounts represent the partners’ share based on their respective ownership percentage.

5Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.

6Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.

Q4 2025
Reconciliations (continued)

for the three months ended December 31, 2025

(unaudited and in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 27,722 $ 20,543 $ 17,094 $ 18,761 $ 8,010 $ 21,302 $ 113,432
Straight-line rent 318 (1,507) 2,097 (539) 263 117 749
Fair value lease revenue — — 1,300 — 1,095 — 2,395
Termination income — — — 144 — — 144
Amortization and accretion related to sales-type lease 56 — — — — — 56
Total lease revenue 28,096 19,036 20,491 18,366 9,368 21,419 116,776
Parking and other (5) 2,038 137 312 620 910 4,012
Total rental revenue 3 28,091 21,074 20,628 18,678 9,988 22,329 120,788
Expenses
Operating 10,390 7,664 17,020 4 11,208 4,233 6,748 57,263
Net operating income 17,701 13,410 3,608 7,470 5,755 15,581 63,525
Other income (expense)
Development and management services revenue — — 406 96 — (1) 501
Interest and other income (loss) 272 1,052 784 26 123 124 2,381
Interest expense (9,496) (5,052) (9,032) — (3,952) (8,645) (36,177)
Unrealized gain/loss on derivative instruments — — 281 — — — 281
Transaction costs (47) — (10) — (3) — (60)
Depreciation and amortization expense (8,486) (5,329) (11,030) (6,282) (4,999) (5,244) (41,370)
General and administrative expense — (33) (262) (9) (3) — (307)
Gain on sale of real estate — 359 — 67,697 — — 68,056
Loss from early extinguishment of debt — — (109) — — — (109)
Impairment losses on real estate 5 — — — (425,750) (319,474) — (745,224)
Total other income (expense) (17,757) (9,003) (18,972) (364,222) (328,308) (13,766) (752,028)
Net income (loss) $ (56) $ 4,407 $ (15,364) $ (356,752) $ (322,553) $ 1,815 $ (688,503)
BXP’s share of select items:
BXP’s share of amortization of financing costs $ 139 $ 23 $ 253 $ — $ 28 $ 78 $ 521
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 266 $ — $ 266
BXP’s share of fair value interest adjustment $ — $ — $ 509 $ — $ — $ — $ 509
BXP share of loss from early extinguishment of debt $ — $ 54 $ — $ — $ — $ — $ 54
Reconciliation of BXP’s share of EBITDAre
Income (loss) from unconsolidated joint ventures $ (35) $ 3,116 $ (8,039) $ 30,110 $ (275) $ 25,355 $ 50,232
Add:
BXP’s share of interest expense 4,748 2,526 4,616 — 1,331 3,265 16,486
BXP’s share of depreciation and amortization expense 4,245 2,144 6 4,354 6 559 6 926 1,945 14,173
BXP’s share of loss from early extinguishment of debt — — 54 — — — 54
Less:
BXP’s share of gains on sale 7 — 180 — 27,008 — 24,261 51,449
BXP’s share of EBITDAre $ 8,958 $ 7,606 6 $ 985 6 $ 3,661 6 $ 1,982 $ 6,304 $ 29,496 Q4 2025
--- ---
Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliation of BXP’s share of Net Operating Income (Loss) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3 $ 14,046 $ 10,933 6 $ 7,720 6 $ 9,279 $ 3,363 $ 8,667 $ 54,008
BXP’s share of operating expenses 5,196 3,833 7,314 5,667 1,419 2,396 25,825
BXP’s share of net operating income (loss) 8,850 7,100 6 406 6 3,612 1,944 6,271 28,183
Less:
BXP’s share of termination income — — — 72 — — 72
BXP’s share of net operating income (loss) (excluding termination income) 8,850 7,100 406 3,540 1,944 6,271 28,111
Less:
BXP’s share of straight-line rent 159 (663) 6 879 6 (270) 89 83 277
BXP’s share of fair value lease revenue — 305 6 362 6 — 369 — 1,036
BXP’s share of amortization and accretion related to sales type lease 28 — — — — — 28
Add:
BXP’s share of straight-line ground rent expense adjustment — — 121 — — — 121
BXP’s share of lease transaction costs that qualify as rent inducements — — — — — — —
BXP’s share of net operating income (loss) - cash (excluding termination income) $ 8,663 $ 7,458 6 $ (714) 6 $ 3,810 $ 1,486 $ 6,188 $ 26,891
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 14,046 $ 10,933 6 $ 7,720 6 $ 9,279 $ 3,363 $ 8,667 $ 54,008
Add:
BXP’s share of development and management services revenue — — 203 48 — (1) 250
BXP’s share of revenue $ 14,046 $ 10,933 6 $ 7,923 6 $ 9,327 $ 3,363 $ 8,666 $ 54,258

_____________

1For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 21-24.

2 Lease revenue includes recoveries from clients and service income from clients.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

4Includes approximately $242 of straight-line ground rent expense.

5Represents current period impairment losses in accordance with ASC 360.

6The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

7 For additional information, see page 14.

Q4 2025
Reconciliations (continued)

Reconciliation of Net income (loss) attributable to BXP, Inc. to

BXP’s Share of same property net operating income (NOI)

(dollars in thousands)

Three Months Ended
30-Sep-25 30-Sep-24
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 83,628
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership (12,981) 9,587
Noncontrolling interest in property partnerships 17,853 15,237
Net income (loss) (116,840) 108,452
Add:
Interest expense 164,299 163,194
Impairment losses 68,901 —
Loss from unconsolidated joint ventures 148,329 7,011
Depreciation and amortization expense 236,147 222,890
Transaction costs 1,431 188
Payroll and related costs from management services contracts 3,821 3,649
General and administrative expense 36,188 33,352
Less:
Interest and other income (loss) 7,620 14,430
Unrealized gain on non-real estate investments 178 94
Gains from investments in securities 2,400 2,198
Gain on sale of real estate 1,932 517
Direct reimbursements of payroll and related costs from management services contracts 3,821 3,649
Development and management services revenue 9,317 6,770
Net Operating Income (NOI) 517,008 511,078
Add:
BXP’s share of NOI from unconsolidated joint ventures 30,675 31,919
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 51,504 44,487
BXP’s Share of NOI 496,179 498,510
Less:
Termination income 1,241 12,120
BXP’s share of termination income from unconsolidated joint ventures 141 77
Add:
Partners’ share of termination income from consolidated joint ventures — 18
BXP’s Share of NOI (excluding termination income) $ 494,797 $ 486,331
Net Operating Income (NOI) $ 517,008 $ 511,078
Less:
Termination income 1,241 12,120
NOI from non Same Properties (excluding termination income) 9,642 4,808
Same Property NOI (excluding termination income) 506,125 494,150
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 51,504 44,469
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4,442 —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 30,534 31,842
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 11 274
BXP’s Share of Same Property NOI (excluding termination income) $ 489,586 $ 481,249
Change in BXP’s Share of Same Property NOI (excluding termination income) $ 8,337
Change in BXP’s Share of Same Property NOI (excluding termination income) 1.7 %
Q4 2025
--- ---
Reconciliations (continued)

Reconciliation of Net income (loss) attributable to BXP, Inc. to

BXP’s Share of same property net operating income (NOI) - cash

(dollars in thousands)

Three Months Ended
30-Sep-25 30-Sep-24
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 83,628
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership (12,981) 9,587
Noncontrolling interest in property partnerships 17,853 15,237
Net income (loss) (116,840) 108,452
Add:
Interest expense 164,299 163,194
Impairment losses 68,901 —
Loss from unconsolidated joint ventures 148,329 7,011
Depreciation and amortization expense 236,147 222,890
Transaction costs 1,431 188
Payroll and related costs from management services contracts 3,821 3,649
General and administrative expense 36,188 33,352
Less:
Interest and other income (loss) 7,620 14,430
Unrealized gain on non-real estate investments 178 94
Gains from investments in securities 2,400 2,198
Gain on sale of real estate 1,932 517
Direct reimbursements of payroll and related costs from management services contracts 3,821 3,649
Development and management services revenue 9,317 6,770
Net Operating Income (NOI) 517,008 511,078
Less:
Straight-line rent 30,105 29,578
Fair value lease revenue 1,906 1,298
Amortization and accretion related to sales type lease 236 250
Termination income 1,241 12,120
Add:
Straight-line ground rent expense adjustment 1 531 585
Lease transaction costs that qualify as rent inducements 2 5,894 4,983
NOI - cash (excluding termination income) 489,945 473,400
Less:
NOI - cash from non Same Properties (excluding termination income) 6,681 5,228
Same Property NOI - cash (excluding termination income) 483,264 468,172
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 44,504 38,849
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3,143 —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 27,866 29,568
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (1,154) 57
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 470,923 $ 458,834
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ 12,089
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) 2.6 %

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(1,061) and $(44) for the three months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company has remaining lease payments aggregating approximately $29.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.

Q4 2025
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Dec-24 30-Sep-24
Revenue
Lease $ 798,189 $ 799,471
Parking and other 33,135 34,255
Insurance proceeds 921 —
Hotel revenue 13,144 15,082
Development and management services 8,784 6,770
Direct reimbursements of payroll and related costs from management services contracts 4,398 3,649
Total revenue 858,571 859,227
Expenses
Operating 174,030 178,834
Real estate taxes 148,901 148,809
Restoration expenses related to insurance claims 427 254
Hotel operating 9,601 9,833
General and administrative 32,504 33,352
Payroll and related costs from management services contracts 4,398 3,649
Transaction costs 707 188
Depreciation and amortization 226,043 222,890
Total expenses 596,611 597,809
Other income (expense)
Loss from unconsolidated joint ventures (349,553) (7,011)
Gain on sale of real estate 85 517
Gains (losses) from investments in securities (369) 2,198
Losses from interest rate contracts (2) 94
Unrealized gain (loss) on non-real estate investment 20,452 14,430
Interest expense (170,390) (163,194)
Net income (loss) (237,817) 108,452
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships (17,233) (15,237)
Noncontrolling interest - common units of the Operating Partnership 25,031 (9,587)
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 83,628
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic $ (1.45) $ 0.53
Net income (loss) attributable to BXP, Inc. per share - diluted $ (1.45) $ 0.53

69

Document

Exhibit 99.2

bxp-color.gif

BXP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Executed More Than 1.8 Million SF of Leases in Q4 for a Total of More Than 5.5 Million SF in 2025, Increased Total Portfolio Occupancy By 70 Basis Points and Completed More Than $1.0 Billion in Dispositions

BOSTON, MA, January 27, 2026 - BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the fourth quarter and year ended December 31, 2025.

Financial Highlights

Fourth Quarter 2025:

•Revenue increased 2.2% to $877.1 million for the quarter ended December 31, 2025, compared to $858.6 million for the quarter ended December 31, 2024.

•Net income (loss) attributable to BXP, Inc. of $248.5 million, or $1.56 per diluted share (EPS), for the quarter ended December 31, 2025, compared to $(230.0) million, or $(1.45) per diluted share, for the quarter ended December 31, 2024.

◦EPS exceeded the midpoint of BXP’s guidance by $0.74 per diluted share primarily due to the gains on sales recognized in connection with the disposition activity completed in the fourth quarter.

•Funds from Operations (FFO) of $280.2 million, or $1.76 per diluted share, for the quarter ended December 31, 2025, compared to FFO of $284.0 million, or $1.79 per diluted share, for the quarter ended December 31, 2024.

◦FFO for the fourth quarter was less than the midpoint of BXP’s guidance by $0.05 primarily due to non-cash straight-line rent reserves related to two clients and higher general and administrative (“G&A”) costs.

Year Ended December 31, 2025:

•Net income attributable to BXP, Inc. of $276.8 million, or $1.74 per diluted share (EPS), for the year ended December 31, 2025, compared to $14.3 million, or $0.09 per diluted share, for the year ended December 31, 2024.

•FFO of $1.1 billion, or $6.85 per diluted share, for the year ended December 31, 2025, compared to FFO of $1.1 billion, or $7.10 per diluted share, for the year ended December 31, 2024.

–more–

Guidance

BXP provided updated guidance for first quarter 2026 EPS of $0.32 - $0.34 and FFO of $1.56 - $1.58 per diluted share, and full year 2026 EPS of $2.08 - $2.29 and FFO of $6.88 - $7.04 per diluted share.

The midpoint of our full-year 2026 guidance is $0.11 per share greater than our 2025 FFO per share and includes the following assumptions:

•Projected growth in same-property NOI, driven by higher occupancy and improved leasing activity.

•Incremental NOI from development deliveries to be placed into service during the year.

•A reduction in NOI associated with removing three properties from service for redevelopment into residential use.

•Higher G&A expense of $0.07 per share, primarily related to non-cash amortization expense associated with the 2025 Outperformance Plan.

•Net earnings dilution from strategic asset sales, net of reduced interest expense from the investment of sale proceeds, of $0.06 to $0.08 per share consistent with the range previously communicated at Investor Day. These transactions remain aligned with BXP’s long-term strategy to optimize the portfolio, enhance operating performance, and strengthen balance sheet flexibility.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

•Executed 87 leases in the fourth quarter totaling more than 1.8 million square feet with a weighted-average lease term of 11.3 years. Notable leases for existing and future developments include:

◦an approximately 274,000 square foot lease with Starr, a global investment and insurance organization, at 343 Madison Avenue in New York, New York

◦an approximately 234,000 square foot lease with Sidley Austin LLP, a global law firm, for 2100 M Street in Washington, DC.

•Full-year 2025 leasing totaled more than 5.5 million square feet with a weighted-average lease term of 10.1 years.

•For the fourth quarter, BXP’s CBD portfolio of premier workplaces was 89.8% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Both occupancy and leased percentage for our CBD portfolio increased by 50 basis points from Q3 2025. Approximately 90.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the fourth quarter was 86.7%, an increase of 70 basis points from Q3 2025. BXP’s total portfolio was 89.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 60 basis points from Q3 2025.

–more–

Transactions

•Consistent with the strategic asset sales plan outlined at our Investor Day in September 2025, as of January 23, 2026 BXP has completed property sales with an aggregated gross sales price of approximately $1.14 billion which generated aggregate net proceeds in excess of $1.0 billion. These asset sales enhance balance sheet flexibility and support our capital needs and strategic priorities, and fall into the following categories:

◦Land Sales: Multiple land dispositions across the Boston, San Francisco and Washington, DC regions, generated aggregate net proceeds of approximately $227.1 million and an aggregate gain on sale of approximately $67.0 million, reflecting monetization of non-core land assets.

◦Residential Sales: The sales of Proto in Cambridge, Massachusetts and Signature in Reston, Virginia, generated aggregate net proceeds of approximately $403.7 million and an aggregate gain on sale of approximately $102.9 million, advancing BXP’s strategy to recycle capital from stabilized residential assets.

◦Non-Strategic Office Sales: The sale of 140 Kendrick Street in Needham, Massachusetts, and BXP’s ownership interests in Gateway Commons in South San Francisco, California and Market Square North in Washington, DC, generated aggregate net proceeds of approximately $397.2 million and an aggregate gain on sale of approximately $65.6 million, consistent with BXP’s focus on optimizing and enhancing the quality of our portfolio and prioritizing premier workplaces in our gateway markets.

•BXP also completed the acquisition of 2100 M Street in Washington, DC for a purchase price of $55.0 million. BXP plans to demolish and redevelop the property into an approximately 320,000 square foot premier workplace. In conjunction with closing, BXP signed a lease agreement with global law firm, Sidley Austin, for approximately 234,000 square feet of the “to-be-constructed” premier workplace. Located in the West End, one of Washington, DC’s most desirable business districts, 2100 M Street offers convenient access to the Metro, major parkways, and is walking distance from a wide range of nearby amenities.

Development

•In 2025, BXP demonstrated its ability to deploy capital into high-quality, premier assets by commencing construction on 343 Madison Avenue in New York City, New York. 343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace located on one of the best office development sites in Manhattan with direct access to Grand Central Station. The project is currently 29% pre-leased, and BXP is in active discussions with other prospective clients.

•BXP placed three development projects into service reflecting continued execution on its development pipeline and the successful delivery of premier workplace assets.

◦1050 Winter Street, an approximately 162,000 square foot office building located in the urban edge of Boston, Massachusetts. The project is 100% leased.

◦Reston Next Office Phase II, an approximately 87,000 square foot boutique premier workplace located in Reston, Virginia. The project is 92% leased.

◦360 Park Avenue South, an approximately 448,000 square foot premier workplace located in New York City, New York. The project is 59% leased.

–more–

Balance Sheet & Liquidity

•Throughout 2025, BXP further strengthened its balance sheet by addressing debt maturities, and sourcing additional liquidity in the capital markets. In the aggregate, BXP’s share of 2025 debt market activities totaled approximately $4.6 billion, underscoring BXP’s consistent access to debt capital and healthy relationships with banks. Notable transactions during 2025 include:

◦Executed a new $252.0 million non-recourse CMBS financing secured by 7750 Wisconsin Avenue in Bethesda, Maryland in February 2025

◦Upsized the Commercial Paper Program from $500.0 million to $750.0 million in March 2025

◦Extended the $700.0 million Term Loan to 2030 (inclusive of extension options) in March 2025

◦Upsized the Revolving Line of Credit from $2.0 billion to $2.25 billion and extended its maturity date to 2030 in March 2025

◦Issued $1.0 billion of 2.00% Exchangeable Senior Notes due 2030 in September 2025

◦Executed a new $465.0 million non-recourse CMBS financing secured by The Hub on Causeway in Boston, Massachusetts in October 2025

EPS and FFO per Share Guidance:

BXP’s guidance for the first quarter and full year 2026 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

First Quarter 2026 Full Year 2026
Low High Low High
Projected EPS (diluted) $ 0.32 $ 0.34 $ 2.08 $ 2.29
Add:
Projected Company share of real estate depreciation and amortization 1.27 1.27 5.10 5.10
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.03) (0.03) (0.30) (0.35)
Projected FFO per share (diluted) $ 1.56 $ 1.58 $ 6.88 $ 7.04

–more–

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended December 31, 2025. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, January 28, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter results and earnings guidance, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI12ccd26f9512425caab4294be5763e57 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s fourth quarter 2025 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2025, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 52.6 million square feet and 179 properties, including eight properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the U.S. Government, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These

–more–

forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

–more–

BXP, INC.<br><br>CONSOLIDATED BALANCE SHEETS<br><br>(Unaudited)
December 31, 2025 December 31, 2024
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 26,248,130 $ 26,391,933
Construction in progress 1,475,257 764,640
Land held for future development 518,492 714,050
Right of use assets - finance leases 372,470 372,922
Right of use assets - operating leases 325,841 334,767
Less: accumulated depreciation (8,040,311) (7,528,057)
Total real estate 20,899,879 21,050,255
Cash and cash equivalents 1,478,206 1,254,882
Cash held in escrows 79,060 80,314
Investments in securities 44,614 39,706
Tenant and other receivables, net 92,625 107,453
Note receivable, net 9,373 4,947
Related party note receivables, net 28,346 88,779
Sales-type lease receivable, net 15,672 14,657
Accrued rental income, net 1,538,515 1,466,220
Deferred charges, net 847,690 813,345
Prepaid expenses and other assets 108,105 70,839
Investments in unconsolidated joint ventures 999,309 1,093,583
Assets held for sale 24,770 —
Total assets $ 26,166,164 $ 26,084,980
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,280,067 $ 4,276,609
Unsecured senior notes, net 9,806,100 10,645,077
Unsecured exchangeable senior notes, net 976,263 —
Unsecured line of credit — —
Unsecured term loans, net 797,053 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases 360,039 370,885
Lease liabilities - operating leases 389,213 392,686
Accounts payable and accrued expenses 480,017 401,874
Dividends and distributions payable 123,753 172,486
Accrued interest payable 125,345 128,098
Other liabilities 386,074 450,796
Liabilities held for sale — —
Total liabilities 18,473,924 18,137,324
Commitments and contingencies — —
Redeemable deferred stock units 7,538 9,535
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
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, 158,627,198 and 158,253,895 issued and 158,548,298 and 158,174,995 outstanding at December 31, 2025 and December 31, 2024, respectively 1,585 1,582
Additional paid-in capital 6,836,243 6,836,093
Dividends in excess of earnings (1,674,995) (1,419,575)
Treasury common stock at cost, 78,900 shares at December 31, 2025 and December 31, 2024 (2,722) (2,722)
Accumulated other comprehensive loss (12,921) (2,072)
Total stockholders’ equity attributable to BXP, Inc. 5,147,190 5,413,306
Noncontrolling interests:
Common units of the Operating Partnership 566,563 591,270
Property partnerships 1,970,949 1,933,545
Total equity 7,684,702 7,938,121
Total liabilities and equity $ 26,166,164 $ 26,084,980

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
(in thousands, except for per share amounts)
Revenue
Lease $ 809,150 $ 798,189 $ 3,236,007 $ 3,176,805
Parking and other 42,883 34,056 143,314 135,142
Hotel 12,464 13,144 49,996 51,224
Development and management services 8,641 8,784 36,579 28,060
Direct reimbursements of payroll and related costs from management services contracts 3,959 4,398 16,383 16,488
Total revenue 877,097 858,571 3,482,279 3,407,719
Expenses
Operating
Rental 339,693 323,358 1,335,069 1,286,838
Hotel 9,041 9,601 35,599 35,288
General and administrative 37,801 32,504 168,789 159,983
Payroll and related costs from management services contracts 3,959 4,398 16,383 16,488
Transaction costs 122 707 2,678 1,597
Depreciation and amortization 232,015 226,043 912,088 887,191
Total expenses 622,631 596,611 2,470,606 2,387,385
Other income (expense)
Income (loss) from unconsolidated joint ventures 50,232 (349,553) (103,560) (343,177)
Gains on sales of real estate 156,410 85 176,732 602
Loss on sales-type lease — — (2,490) —
Interest and other income (loss) 12,351 20,452 35,784 60,199
Gains (losses) from investments in securities 846 (369) 5,481 4,416
Unrealized gain (loss) on non-real estate investments (2) (2) (346) 546
Impairment losses (16,902) — (85,803) (13,615)
Loss from early extinguishment of debt — — (338) —
Interest expense (162,612) (170,390) (653,138) (645,117)
Net income (loss) 294,789 (237,817) 383,995 84,188
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships (18,479) (17,233) (75,181) (67,516)
Noncontrolling interest—common units of the Operating Partnership (27,824) 25,031 (32,014) (2,400)
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019) $ 276,800 $ 14,272
Basic earnings per common share attributable to BXP, Inc.
Net income (loss) $ 1.56 $ (1.45) $ 1.75 $ 0.09
Weighted average number of common shares outstanding 158,457 158,117 158,330 157,468
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss) $ 1.56 $ (1.45) $ 1.74 $ 0.09
Weighted average number of common and common equivalent shares outstanding 159,115 158,117 158,869 157,793

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended December 31, Year ended December 31,
2025 2024 2025 2024
(in thousands, except for per share amounts)
Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019) $ 276,800 $ 14,272
Add:
Noncontrolling interest - common units of the Operating Partnership 27,824 (25,031) 32,014 2,400
Noncontrolling interests in property partnerships 18,479 17,233 75,181 67,516
Net income (loss) 294,789 (237,817) 383,995 84,188
Add:
Depreciation and amortization expense 232,015 226,043 912,088 887,191
Noncontrolling interests in property partnerships’ share of depreciation and amortization (22,085) (19,905) (86,109) (76,660)
Company’s share of depreciation and amortization from unconsolidated joint ventures 14,173 21,097 65,446 81,904
Corporate-related depreciation and amortization (581) (447) (2,479) (1,710)
Non-real estate related amortization 2,130 2,130 8,521 8,520
Loss on sales-type lease — — 2,490 —
Impairment losses 16,902 — 85,803 13,615
Impairment losses included within Income (loss) from unconsolidated joint ventures — 341,338 145,133 341,338
Less:
Gains on sales of real estate 156,410 85 176,732 602
Gains on sale / consolidation included within income (loss) from unconsolidated joint ventures 51,449 — 53,685 21,696
Unrealized gain (loss) on non-real estate investments (2) (2) (346) 546
Noncontrolling interests in property partnerships 18,479 17,233 75,181 67,516
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 311,007 315,123 1,209,636 1,248,026
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 30,852 31,134 120,601 127,548
Funds from operations attributable to BXP, Inc. $ 280,155 $ 283,989 $ 1,089,035 $ 1,120,478
BXP, Inc.’s percentage share of funds from operations - basic 90.08 % 90.12 % 90.03 % 89.78 %
Weighted average shares outstanding - basic 158,457 158,117 158,330 157,468
FFO per share basic $ 1.77 $ 1.80 $ 6.88 $ 7.12
Weighted average shares outstanding - diluted 159,115 158,525 158,869 157,793
FFO per share diluted $ 1.76 $ 1.79 $ 6.85 $ 7.10

s

(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio % Occupied by Location (1) % Leased by Location (2)
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Boston 97.6 % 95.9 % 98.6 % 97.5 %
Los Angeles 86.5 % 84.9 % 87.0 % 87.4 %
New York 86.2 % 90.8 % 92.1 % 93.6 %
San Francisco 81.9 % 84.3 % 84.4 % 85.2 %
Seattle 79.8 % 81.6 % 81.3 % 83.5 %
Washington, DC 92.4 % 91.9 % 94.2 % 93.6 %
CBD Portfolio 89.8 % 90.9 % 92.5 % 92.8 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024
Boston 91.9 % 89.7 % 93.1 % 91.5 %
Los Angeles 86.5 % 84.9 % 87.0 % 87.4 %
New York 83.8 % 87.1 % 89.4 % 90.0 %
San Francisco 77.0 % 80.8 % 79.2 % 81.7 %
Seattle 79.8 % 81.6 % 81.3 % 83.5 %
Washington, DC 91.7 % 91.4 % 93.8 % 93.0 %
Total Portfolio 86.7 % 87.5 % 89.4 % 89.4 %

(1)Represents signed leases for which revenue recognition has commenced in accordance with GAAP.

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

#

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