Equibles

8-K

BXP, Inc. (BXP)

8-K 2025-07-30 For: 2025-07-29
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): July 29, 2025

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 July 29, 2025, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second quarter 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 June 30, 2025.
*99.2 Press release dated July 29, 2025.
*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: July 29, 2025

Document

Exhibit 99.1

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Supplemental Operating and Financial Data

for the Quarter Ended June 30, 2025

THE COMPANY

BXP, Inc. (NYSE: BXP) (formerly known as Boston Properties, Inc.) (“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 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2025, including properties owned by joint ventures, BXP’s portfolio totals 53.7 million square feet and 186 properties, including 10 properties under construction/redevelopment. BXP’s properties include 162 office properties, 14 retail properties (including one retail property under construction), nine 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, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate 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 56.

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 60.

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: Rendering of 200 Club at 200 Clarendon Street, Boston, MA)

Q2 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 38
Boston 39
Los Angeles 41
New York 43
San Francisco 45
Seattle 47
Washington, DC 49
CBD 51
Suburban 53
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 55
Definitions 56
Reconciliations 60
Consolidated Income Statement - Prior Year 68
Q2 2025
--- ---
Company profile

SNAPSHOT

(as of June 30, 2025)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 186
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 53.7 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2 176.8 million
Closing Price, at the end of the quarter $67.47 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield 5.8%
Consolidated Market Capitalization 2 $27.7 billion
BXP’s Share of Market Capitalization 2, 3 $27.8 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;

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

•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;

•ensure a strong balance sheet to maintain consistent access to capital and the ability to make new investments at opportune times; 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 27.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

Q2 2025
Guidance and assumptions

GUIDANCE

BXP’s guidance for the third quarter and full year 2025 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 July 29, 2025 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, (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 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Third Quarter 2025 Full Year 2025
Low High Low High
Projected EPS (diluted) $ 0.41 $ 0.43 $ 1.74 $ 1.82
Add:
Projected Company share of real estate depreciation and amortization 1.28 1.28 5.20 5.20
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.10) (0.10)
Projected FFO per share (diluted) $ 1.69 $ 1.71 $ 6.84 $ 6.92

ASSUMPTIONS

(dollars in thousands)

Full Year 2025
Low High
Operating property activity:
Average In-service portfolio occupancy 1 86.50 % 88.00 %
Change in BXP’s Share of Same Property net operating income (excluding termination income) — % 0.50 %
Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) 1.00 % 1.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 22,000 $ 24,000
Taking Buildings Out-of-Service $ (17,000) $ (16,000)
BXP’s Share of incremental net operating income related to asset sales over prior year $ — $ —
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 100,000 $ 115,000
Termination income $ 4,000 $ 8,000
Other revenue (expense):
Development, management services and other revenue $ 33,000 $ 37,000
General and administrative expense 2 $ (161,000) $ (158,000)
Consolidated net interest expense $ (625,000) $ (620,000)
Unconsolidated joint venture interest expense $ (78,000) $ (75,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (168,000) $ (160,000)

_______________

1 Excludes development properties expected to be placed into service in 2025.

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

Q2 2025
Financial highlights

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

Three Months Ended
30-Jun-25 31-Mar-25
Net income attributable to BXP, Inc. $ 88,977 $ 61,177
Net income attributable to BXP, Inc. per share - diluted $ 0.56 $ 0.39
FFO attributable to BXP, Inc. 1 $ 271,652 $ 260,591
Diluted FFO per share 1 $ 1.71 $ 1.64
Dividends per common share $ 0.98 $ 0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2 $ 203,592 $ 213,885
Selected items:
Revenue $ 868,457 $ 865,215
Recoveries from clients $ 141,725 $ 143,778
Service income from clients $ 2,848 $ 2,195
BXP’s Share of revenue 3 $ 835,667 $ 836,192
BXP’s Share of straight-line rent 3 $ 20,535 $ 26,687
BXP’s Share of fair value lease revenue 3, 4 $ 3,029 $ 2,876
BXP’s Share of termination income 3 $ 763 $ 446
Ground rent expense $ 3,612 $ 3,653
Capitalized interest $ 12,148 $ 10,317
Capitalized wages $ 4,733 $ 4,443
Loss from unconsolidated joint ventures $ (3,324) $ (2,139)
BXP’s share of FFO from unconsolidated joint ventures 5 $ 13,350 $ 15,188
Net income attributable to noncontrolling interests in property partnerships $ 20,100 $ 18,749
FFO attributable to noncontrolling interests in property partnerships 6 $ 41,045 $ 39,213
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 6,214 $ 6,801
Below-market rents (included within Other Liabilities) $ 23,792 $ 26,294
Accrued rental income liability (included within Other Liabilities) $ 108,834 $ 113,053
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7 2.85 2.83
Interest Coverage Ratio (including capitalized interest) 7 2.62 2.63
Fixed Charge Coverage Ratio 7 2.23 2.38
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8 8.18 8.33
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 9 (0.2) % (0.6) %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 9 1.7 % 1.8 %
FAD Payout Ratio 2 85.15 % 81.03 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 60.5 % 60.6 %
Occupancy % of In-Service Properties 10 86.4 % 86.9 %
Leased % of In-Service Properties 11 89.1 % 89.4 %
Capitalization:
Consolidated Debt $ 15,811,005 $ 15,671,692
BXP’s Share of Debt 12 $ 15,833,687 $ 15,694,371
Consolidated Market Capitalization $ 27,739,296 $ 27,546,987
Consolidated Debt/Consolidated Market Capitalization 57.00 % 56.89 %
BXP’s Share of Market Capitalization 12 $ 27,761,978 $ 27,569,666
BXP’s Share of Debt/BXP’s Share of Market Capitalization 12 57.03 % 56.93 %

_____________

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 56.

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 a quantitative reconciliation for the three months ended June 30, 2025, see page 37.

6For a quantitative reconciliation for the three months ended June 30, 2025, see page 34.

7For a quantitative reconciliation for the three months ended June 30, 2025 and March 31, 2025, see page 32.

8For a quantitative reconciliation for the three months ended June 30, 2025 and March 31, 2025, see page 31.

9For a quantitative reconciliation for the three months ended June 30, 2025 and March 31, 2025, see pages 11, 66 and 67.

10Represents signed leases for which revenue recognition has commenced in accordance with GAAP. Excludes hotel and residential properties.

Q2 2025
Financial highlights (continued)

11Represents 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.

12For a quantitative reconciliation for June 30, 2025, see page 27.

Q2 2025
Consolidated Balance Sheets

(unaudited and in thousands)

30-Jun-25 31-Mar-25
ASSETS
Real estate $ 26,632,189 $ 26,476,490
Construction in progress 1,047,687 907,989
Land held for future development 748,198 730,944
Right of use assets - finance leases 372,839 372,845
Right of use assets - operating leases 325,670 330,129
Less accumulated depreciation (7,863,743) (7,699,234)
Total real estate 21,262,840 21,119,163
Cash and cash equivalents 446,953 398,126
Cash held in escrows 80,888 81,081
Investments in securities 41,062 38,310
Tenant and other receivables, net 109,683 117,353
Note receivable, net 6,711 5,535
Related party note receivables, net 88,825 88,816
Sales-type lease receivable, net 15,188 14,958
Accrued rental income, net 1,509,347 1,490,522
Deferred charges, net 809,033 806,057
Prepaid expenses and other assets 89,624 138,868
Investments in unconsolidated joint ventures 1,161,036 1,137,732
Total assets $ 25,621,190 $ 25,436,521
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,278,788 $ 4,277,710
Unsecured senior notes, net 9,800,577 9,797,824
Unsecured line of credit 185,000 300,000
Unsecured term loans, net 796,640 796,158
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases 365,897 368,379
Lease liabilities - operating leases 399,174 395,638
Accounts payable and accrued expenses 480,158 398,760
Dividends and distributions payable 172,732 172,674
Accrued interest payable 120,975 120,432
Other liabilities 416,838 450,165
Total liabilities 17,766,779 17,577,740
Commitments and contingencies — —
Redeemable deferred stock units 6,981 8,940
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, 158,445,177 and 158,402,227 issued and 158,366,277 and 158,323,327 outstanding at June 30, 2025 and March 31, 2025, respectively 1,584 1,583
Additional paid-in capital 6,854,753 6,846,015
Dividends in excess of earnings (1,579,770) (1,513,555)
Treasury common stock at cost, 78,900 shares at June 30, 2025 and March 31, 2025 (2,722) (2,722)
Accumulated other comprehensive loss (15,059) (11,379)
Total stockholders’ equity attributable to BXP, Inc. 5,258,786 5,319,942
Noncontrolling interests:
Common units of the Operating Partnership 584,651 591,555
Property partnerships 2,003,993 1,938,344
Total equity 7,847,430 7,849,841
Total liabilities and equity $ 25,621,190 $ 25,436,521
Q2 2025
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Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Jun-25 31-Mar-25
Revenue
Lease $ 805,935 $ 811,102
Parking and other 34,709 30,146
Insurance proceeds 90 96
Hotel revenue 14,773 9,597
Development and management services 8,846 9,775
Direct reimbursements of payroll and related costs from management services contracts 4,104 4,499
Total revenue 868,457 865,215
Expenses
Operating 184,942 183,076
Real estate taxes 146,272 148,429
Restoration expenses related to insurance claims 848 73
Hotel operating 9,365 7,565
General and administrative 1 42,516 52,284
Payroll and related costs from management services contracts 4,104 4,499
Transaction costs 357 768
Depreciation and amortization 223,819 220,107
Total expenses 612,223 616,801
Other income (expense)
Loss from unconsolidated joint ventures (3,324) (2,139)
Gain on sale of real estate 18,390 —
Loss on sales-type lease 2 — (2,490)
Gains (losses) from investments in securities 1 2,600 (365)
Unrealized loss on non-real estate investment (39) (483)
Interest and other income (loss) 8,063 7,750
Loss from early extinguishment of debt — (338)
Interest expense (162,783) (163,444)
Net income 119,141 86,905
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (20,100) (18,749)
Noncontrolling interest - common units of the Operating Partnership 3 (10,064) (6,979)
Net income attributable to BXP, Inc. $ 88,977 $ 61,177
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic $ 0.56 $ 0.39
Net income attributable to BXP, Inc. per share - diluted $ 0.56 $ 0.39

_____________

1Includes $2.6 million and $(0.4) million for the three months ended June 30, 2025 and March 31, 2025, respectively, related to the Company’s deferred compensation plan.

2During the three months ended March 31, 2025, the Company recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease at its Reston Next properties located in Reston, Virginia. The ground lease was entered into in 2020 with a third party hotel developer and amended in 2022. The amendment resulted in the derecognition of the assets related to the ground lease and the classification of the ground lease as a sales-type lease resulting in the recognition of a gain on sales-type lease of approximately $10.1 million.

3For additional detail, see page 7.

Q2 2025
Funds from operations (FFO) 1

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

Three Months Ended
30-Jun-25 31-Mar-25
Net income attributable to BXP, Inc. $ 88,977 $ 61,177
Add:
Noncontrolling interest - common units of the Operating Partnership 10,064 6,979
Noncontrolling interests in property partnerships 20,100 18,749
Net income 119,141 86,905
Add:
Depreciation and amortization expense 223,819 220,107
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (20,945) (20,464)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 16,674 17,327
Corporate-related depreciation and amortization (600) (716)
Non-real estate related amortization 2,131 2,130
Loss on sales-type lease — 2,490
Less:
Gain on sales of real estate 18,390 —
Unrealized loss on non-real estate investment (39) (483)
Noncontrolling interests in property partnerships 20,100 18,749
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 301,769 289,513
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 30,117 28,922
FFO attributable to BXP, Inc. $ 271,652 $ 260,591
BXP, Inc.’s percentage share of Basic FFO 90.02 % 90.01 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.98 % 9.99 %
Basic FFO per share $ 1.72 $ 1.65
Weighted average shares outstanding - basic 158,312 158,202
Diluted FFO per share $ 1.71 $ 1.64
Weighted average shares outstanding - diluted 158,795 158,632

RECONCILIATION TO DILUTED FFO

Three Months Ended
30-Jun-25 31-Mar-25
Basic FFO $ 301,769 $ 289,513
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 301,769 289,513
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 30,056 28,835
BXP, Inc.’s share of Diluted FFO $ 271,713 $ 260,678

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
30-Jun-25 31-Mar-25
Shares/units for Basic FFO 175,871 175,752
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 483 430
Shares/units for Diluted FFO 176,354 176,182
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,559 17,550
BXP, Inc.’s share of shares/units for Diluted FFO 158,795 158,632
BXP, Inc.’s percentage share of Diluted FFO 90.04 % 90.04 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For a quantitative reconciliation for the three months ended June 30, 2025, see page 34.

3For a quantitative reconciliation for the three months ended June 30, 2025, see page 37.

Q2 2025
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
30-Jun-25 31-Mar-25
Net income attributable to BXP, Inc. $ 88,977 $ 61,177
Add:
Noncontrolling interest - common units of the Operating Partnership 10,064 6,979
Noncontrolling interests in property partnerships 20,100 18,749
Net income 119,141 86,905
Add:
Depreciation and amortization expense 223,819 220,107
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (20,945) (20,464)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 16,674 17,327
Corporate-related depreciation and amortization (600) (716)
Non-real estate related amortization 2,131 2,130
Loss on sales-type lease — 2,490
Less:
Gain on sales of real estate 18,390 —
Unrealized loss on non-real estate investment (39) (483)
Noncontrolling interests in property partnerships 20,100 18,749
Basic FFO 301,769 289,513
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 3,482 4,301
BXP’s Share of hedge amortization, net of costs 1 1,808 1,804
BXP’s Share of fair value interest adjustment 1 1,217 2,608
BXP’s Share of straight-line ground rent expense adjustment 1, 5 584 177
Stock-based compensation 11,612 23,018
Non-real estate depreciation and amortization (1,531) (1,414)
Unearned portion of capitalized fees from consolidated joint ventures 6 969 825
Non-cash loss from early extinguishments of debt — 338
Less:
BXP’s Share of straight-line rent 1 20,535 26,687
BXP’s Share of fair value lease revenue 1, 7 3,029 2,876
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1 61,423 58,947
BXP’s Share of maintenance capital expenditures 1, 8 30,211 18,307
BXP’s Share of amortization and accretion related to sales type lease 1 261 309
Hotel improvements, equipment upgrades and replacements 859 159
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 203,592 $ 213,885
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 173,357 173,306
FAD Payout Ratio1 (B÷A) 85.15 % 81.03 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For a quantitative reconciliation for the three months ended June 30, 2025, see page 34.

3For additional information for the three months ended June 30, 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 62 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.

Q2 2025
Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

Three Months Ended
30-Jun-25 30-Jun-24
Net income attributable to BXP, Inc. $ 88,977 $ 79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 10,064 9,509
Noncontrolling interest in property partnerships 20,100 17,825
Net income 119,141 106,949
Add:
Interest expense 162,783 149,642
Loss from unconsolidated joint ventures 3,324 5,799
Depreciation and amortization expense 223,819 219,542
Transaction costs 357 189
Payroll and related costs from management services contracts 4,104 4,148
General and administrative expense 42,516 44,109
Less:
Interest and other income (loss) 8,063 10,788
Unrealized gain (loss) on non-real estate investment (39) 58
Gains from investments in securities 2,600 315
Gain on sale of real estate 18,390 —
Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148
Development and management services revenue 8,846 6,352
Net Operating Income (NOI) 514,080 508,717
Add:
BXP’s share of NOI from unconsolidated joint ventures 1 31,029 31,587
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2 51,562 47,391
BXP’s Share of NOI 493,547 492,913
Less:
Termination income 909 841
BXP’s share of termination income from unconsolidated joint ventures 1 (146) —
Add:
Partners’ share of termination income from consolidated joint ventures 2 — 40
BXP’s Share of NOI (excluding termination income) $ 492,784 $ 492,112
Net Operating Income (NOI) $ 514,080 $ 508,717
Less:
Termination income 909 841
NOI from non Same Properties (excluding termination income) 3 13,196 7,201
Same Property NOI (excluding termination income) 499,975 500,675
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2 51,562 47,351
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 4,469 —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1 31,175 31,587
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 (132) (212)
BXP’s Share of Same Property NOI (excluding termination income) $ 484,189 $ 485,123

_____________

1For a quantitative reconciliation for the three months ended June 30, 2025, see page 65.

2For a quantitative reconciliation for the three months ended June 30, 2025, see pages 62-63.

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 June 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

Q2 2025
Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

Three Months Ended
30-Jun-25 30-Jun-24
Net income attributable to BXP, Inc. $ 88,977 $ 79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 10,064 9,509
Noncontrolling interest in property partnerships 20,100 17,825
Net income 119,141 106,949
Add:
Interest expense 162,783 149,642
Loss from unconsolidated joint ventures 3,324 5,799
Depreciation and amortization expense 223,819 219,542
Transaction costs 357 189
Payroll and related costs from management services contracts 4,104 4,148
General and administrative expense 42,516 44,109
Less:
Interest and other income (loss) 8,063 10,788
Unrealized gain (loss) on non-real estate investment (39) 58
Gains from investments in securities 2,600 315
Gain on sale of real estate 18,390 —
Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148
Development and management services revenue 8,846 6,352
Net Operating Income (NOI) 514,080 508,717
Less:
Straight-line rent 24,533 16,094
Fair value lease revenue 1,915 1,363
Amortization and accretion related to sales type lease 232 246
Termination income 909 841
Add:
Straight-line ground rent expense adjustment 1 531 585
Lease transaction costs that qualify as rent inducements 2 4,427 3,471
NOI - cash (excluding termination income) 491,449 494,229
Less:
NOI - cash from non Same Properties (excluding termination income) 3 10,276 17,006
Same Property NOI - cash (excluding termination income) 481,173 477,223
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4 46,250 45,068
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 3,321 —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5 27,909 27,473
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 (1,774) (300)
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 467,927 $ 459,928

_____________

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 $(83) and $4 for the three months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company has remaining lease payments aggregating approximately $30.6 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 June 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended June 30, 2025, see page 63.

5For a quantitative reconciliation for the three months ended June 30, 2025, see page 65.

Q2 2025
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
30-Jun-25 30-Jun-24 Change Change 30-Jun-25 30-Jun-24 Change Change
Rental Revenue 2 $ 807,601 $ 799,437 $ 27,305 $ 27,038
Less: Termination income 909 736 — —
Rental revenue (excluding termination income) 2 806,692 798,701 1.0 % 27,305 27,038 1.0 %
Less: Operating expenses and real estate taxes 318,079 309,486 8,593 2.8 % 15,943 15,578 365 2.3 %
NOI (excluding termination income) 2, 3 $ 488,613 $ 489,215 (0.1) % $ 11,362 $ 11,460 (0.9) %
Rental revenue (excluding termination income) 2 $ 806,692 $ 798,701 1.0 % $ 27,305 $ 27,038 1.0 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 23,619 27,359 (3,740) (13.7) % 140 150 (10) (6.7) %
Add: Lease transaction costs that qualify as rent inducements 4 4,277 3,432 845 24.6 % 149 40 109 272.5 %
Subtotal 787,350 774,774 12,576 1.6 % 27,314 26,928 386 1.4 %
Less: Operating expenses and real estate taxes 318,079 309,486 8,593 2.8 % 15,943 15,578 365 2.3 %
Add: Straight-line ground rent expense 5 531 585 (54) (9.2) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 469,802 $ 465,873 0.8 % $ 11,371 $ 11,350 0.2 %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
30-Jun-25 30-Jun-24 Change Change 30-Jun-25 30-Jun-24 Change Change
Rental Revenue 2 $ 834,906 $ 826,475 $ 51,685 $ 50,638
Less: Termination income 909 736 (146) —
Rental revenue (excluding termination income) 2 833,997 825,739 1.0 % 51,831 50,638 2.4 %
Less: Operating expenses and real estate taxes 334,022 325,064 8,958 2.8 % 20,524 18,839 1,685 8.9 %
NOI (excluding termination income) 2, 3 $ 499,975 $ 500,675 (0.1) % $ 31,307 $ 31,799 (1.5) %
Rental revenue (excluding termination income) 2 $ 833,997 $ 825,739 1.0 % $ 51,831 $ 50,638 2.4 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 23,759 27,509 (3,750) (13.6) % 1,739 4,165 (2,426) (58.2) %
Add: Lease transaction costs that qualify as rent inducements 4 4,426 3,472 954 27.5 % (21) — (21) (100.0) %
Subtotal 814,664 801,702 12,962 1.6 % 50,071 46,473 3,598 7.7 %
Less: Operating expenses and real estate taxes 334,022 325,064 8,958 2.8 % 20,524 18,839 1,685 8.9 %
Add: Straight-line ground rent expense 5 531 585 (54) (9.2) % 136 139 (3) (2.2) %
NOI - cash (excluding termination income) 2, 3 $ 481,173 $ 477,223 0.8 % $ 29,683 $ 27,773 6.9 %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
30-Jun-25 30-Jun-24 Change Change 30-Jun-25 30-Jun-24 Change Change
Rental Revenue 2 $ 83,126 $ 81,125 $ 803,465 $ 795,988
Less: Termination income — 40 763 696
Rental revenue (excluding termination income) 2 83,126 81,085 2.5 % 802,702 795,292 0.9 %
Less: Operating expenses and real estate taxes 36,033 33,734 2,299 6.8 % 318,513 310,169 8,344 2.7 %
NOI (excluding termination income) 2, 3 $ 47,093 $ 47,351 (0.5) % $ 484,189 $ 485,123 (0.2) %
Rental revenue (excluding termination income) 2 $ 83,126 $ 81,085 2.5 % $ 802,702 $ 795,292 0.9 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 5,088 2,538 2,550 100.5 % 20,410 29,136 (8,726) (29.9) %
Add: Lease transaction costs that qualify as rent inducements 4 924 255 669 262.4 % 3,481 3,217 264 8.2 %
Subtotal 78,962 78,802 160 0.2 % 785,773 769,373 16,400 2.1 %
Less: Operating expenses and real estate taxes 36,033 33,734 2,299 6.8 % 318,513 310,169 8,344 2.7 %
Add: Straight-line ground rent expense 5 — — — — % 667 724 (57) (7.9) %
NOI - cash (excluding termination income) 2, 3 $ 42,929 $ 45,068 (4.7) % $ 467,927 $ 459,928 1.7 %

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 56.

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

Q2 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 $(83) and $4 for the three months ended June 30, 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).

Q2 2025
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
30-Jun-25 31-Mar-25
Maintenance capital expenditures $ 32,934 $ 20,186
Planned capital expenditures associated with acquisition properties 5,977 1,349
Repositioning capital expenditures 13,150 19,495
Hotel improvements, equipment upgrades and replacements 859 159
Subtotal 52,920 41,189
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 703 95
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs (85) 146
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 3,426 1,974
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs 23 (38)
BXP’s Share of Capital Expenditures 1 $ 50,089 $ 39,494

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
30-Jun-25 31-Mar-25
Square feet 852,284 916,029
Tenant improvements and lease commissions PSF $ 85.84 $ 74.01

___________________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2Includes 100% of unconsolidated joint ventures.

Q2 2025
Acquisitions and dispositions

For the period from January 1, 2025 through June 30, 2025

(dollars in thousands)

ACQUISITIONS

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
Total Acquisitions 560,000 $ 20,000 $ 68,700 $ 88,700 — %

DISPOSITIONS

Property Location Date Disposed Square Feet Gross Sales Price Net Cash Proceeds Book Gain (Loss)
17 Hartwell Avenue 2 Lexington, MA June 27, 2025 30,000 $ 21,840 $ 21,840 $ 18,390
Total Dispositions 30,000 $ 21,840 $ 21,840 $ 18,390

___________________

1 The 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 June 30, 2025, $1.6 million of preferred equity has been contributed and no amounts have been drawn under the construction loan.

2 The 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 within Gain on Sale of Real Estate on the Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.

Q2 2025
Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT JUNE 30, 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 Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Location Leased 3
Office
360 Park Avenue South (71% ownership) Q4 2024 Q4 2026 New York, NY 450,000 $ 377,847 $ 418,300 $ 156,470 $ 156,470 $ 40,453 28 % 30 % $ 353
Reston Next Office Phase II Q1 2025 Q1 2027 Reston, VA 87,000 50,626 61,000 — — 10,374 95 % 6 % 6
1050 Winter Street Q2 2025 Q3 2025 Waltham, MA 162,000 7,355 38,700 — — 31,345 100 % 34 % 43
725 12th Street Q1 2029 Q4 2030 Washington, DC 320,000 71,335 349,600 — — 278,265 87 % — % N/A
Total Office Properties under Construction 1,019,000 507,163 867,600 156,470 156,470 360,437 64 % 19 % 402
Lab/Life Sciences
290 Binney Street (55% ownership) 6 Q2 2026 Q2 2026 Cambridge, MA 573,000 306,743 508,000 — — 201,257 100 % — % N/A
651 Gateway (50% ownership) 7 Q1 2024 Q3 2027 South San Francisco, CA 327,000 134,490 167,100 — — 32,610 21 % 27 % 81
Total Lab/Life Sciences Properties under Construction 900,000 441,233 675,100 — — 233,867 71 % 10 % 81
Residential
17 Hartwell Avenue (312 units) (20% ownership) Q2 2027 Q2 2028 Lexington, MA 288,000 6,095 35,900 19,747 — 10,058 — % — % N/A
17 Hartwell Avenue - Retail 2,100 — — — — — — % — % N/A
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 173,279 597,800 — — 424,521 — % — % N/A
290 Coles Street (670 units) (19.46% ownership) 8 Q2 2028 Q3 2029 Jersey City, NJ 547,000 20,294 88,700 56,400 — 12,006 — % — % N/A
290 Coles Street - Retail 13,000 — — — — — — % — % N/A
Total Residential Properties under Construction 1,342,100 199,668 722,400 76,147 — 446,585 — % — % N/A
Retail
Reston Next Retail Q4 2025 Q4 2025 Reston, VA 30,000 25,863 26,600 — — 737 45 % — % (16)
Total Retail Property under Construction 30,000 25,863 26,600 — — 737 45 % — % (16)
Total Properties Under Construction at June 30, 2025 (A) 3,291,100 $ 1,173,927 $ 2,291,700 $ 232,617 $ 156,470 $ 1,041,626 67 % 9 14 % $ 467
CONSTRUCTION COMMENCED AFTER JUNE 30, 2025 1
Office
343 Madison Avenue 10 Q3 2029 Q2 2031 New York, NY 930,000 $ 67,618 $ 1,971,000 $ — $ — $ 1,903,382 — % — % N/A
Total Properties Commenced Construction after June 30, 2025 (B) 930,000 $ 67,618 $ 1,971,000 $ — $ — $ 1,903,382 — % — % N/A
Total Properties Under Construction (A) + (B) 4,221,100 $ 1,241,545 $ 4,262,700 $ 232,617 $ 156,470 $ 2,945,008 45 % 9 10 % $ 467

________________

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 July 25, 2025, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended June 30, 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 56.

Q2 2025
Construction in progress (continued)

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 $101.6 million for the vault as of June 30, 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 June 30, 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.

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 June 30, 2025, $1.6 million of preferred equity has been contributed.

9 Total percentage leased excludes Residential.

10The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The investment to date represents the Company’s 55% investment as of June 30, 2025, however, the Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. The Estimated Total Investment and Estimated Future Equity requirements are reflected at 100% of the project cost and includes capitalized interest of approximately $390 million.

Q2 2025
Land parcels and purchase options

as of June 30, 2025

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location Approximate Developable Square Feet 2
San Jose, CA 3 2,830,000
Reston, VA 2,490,000
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
San Jose, CA (55% ownership) 1,088,000
Waltham, MA 899,000
New York, NY (55% ownership) 4 895,000
San Francisco, CA 850,000
Santa Clara, CA 632,000
Springfield, VA 576,000
Washington, DC (50% ownership) 520,000
South San Francisco, CA (50% ownership) 451,000
Rockville, MD 435,000
Lexington, MA 420,000
Herndon, VA (50% ownership) 350,000
El Segundo, CA (50% ownership) 275,000
Dulles, VA 150,000
Total 16,584,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location Approximate Developable Square Feet 2
Boston, MA 1,300,000
Waltham, MA 5 1,200,000
Cambridge, MA 573,000
Total 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 six months ended June 30, 2025, approximately 622,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment.

2Represents 100% of consolidated and unconsolidated projects.

3Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 21-24.

4The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. See page 15 for additional information.

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

Q2 2025
Leasing activity

for the three months ended June 30, 2025

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 6,348,177
Add:
Properties placed (and partially placed) in-service 1 55,604
Leases expiring or terminated during the period 1,079,592
Total space available for lease 7,483,373
1st generation leases 71,334
2nd generation leases with new clients 648,974
2nd generation lease renewals 203,310
Total leases commenced during the period 923,618
Vacant space available for lease at the end of the period 6,559,755
Net (increase)/decrease in available space (211,578)
Second generation leasing information: 2
Leases commencing during the period (SF) 852,284
Weighted average lease term (months) 80
Weighted average free rent period (days) 160
Total transaction costs per square foot 3 85.84
Increase (decrease) in gross rents 4 (9.67)
Increase (decrease) in net rents 5 (14.27)

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 71,334 318,409 389,743 (0.01) % (0.13) % 235,824
Los Angeles — 59,736 59,736 (33.56) % (48.64) % 7,322
New York — 182,473 182,473 (9.45) % (15.18) % 344,170
San Francisco — 157,520 157,520 (13.54) % (18.71) % 159,599
Seattle — 60,884 60,884 — % — % 18,556
Washington, DC — 73,262 73,262 (10.63) % (14.51) % 356,350
Total / Weighted Average 71,334 852,284 923,618 (9.67) % (14.27) % 1,121,821

_____________

1 Total square feet of properties placed in service in Q2 2025 consists of 55,604 at 1050 Winter Street.

2Second generation leases are defined as leases for space that has previously been leased. Of the 852,284 square feet of second generation leases that commenced in Q2 2025, leases for 703,677 square feet were signed in prior periods.

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

4Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 405,494 square feet of second 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.

5Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 405,494 square feet of second 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.

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

7Represents 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 155,936.

Q2 2025
Portfolio overview

for the three months ended June 30, 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 14,481,370 1,145,814 550,114 330,000 16,507,298
Los Angeles 2,183,588 123,534 — — 2,307,122
New York 12,111,055 477,517 — — 12,588,572
San Francisco 7,239,924 349,525 318,171 — 7,907,620
Seattle 1,503,925 13,171 — — 1,517,096
Washington, DC 8,047,670 623,475 910,277 — 9,581,422
Total 45,567,532 2,733,036 1,778,562 330,000 50,409,130
% of Total 90.40 % 5.42 % 3.53 % 0.65 % 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 50,409,130
Less:
Rentable square feet from residential and hotel properties 2 2,174,332
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4 3,851,491
Partners’ share of rentable square feet from consolidated joint venture properties 5 3,117,732
BXP’s Share of rentable square feet, excluding residential and hotel properties 1 41,265,575

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

Office Retail Residential Hotel 6 Total
Consolidated $ 764,989 $ 64,015 $ 11,832 $ 14,671 $ 855,507
Less:
Partners’ share from consolidated joint ventures 7 78,233 10,038 — — 88,271
Add:
BXP’s share from unconsolidated joint ventures 8 48,918 2,792 3,506 — 55,216
BXP’s Share of Rental revenue 1 $ 735,674 $ 56,769 $ 15,338 $ 14,671 $ 822,452
% of Total 89.46 % 6.90 % 1.86 % 1.78 % 100.00 %

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

CBD Suburban Total
Boston 33.27 % 6.11 % 39.38 %
Los Angeles 3.60 % — % 3.60 %
New York 21.86 % 1.57 % 23.43 %
San Francisco 14.57 % 1.65 % 16.22 %
Seattle 2.31 % — % 2.31 %
Washington, DC 14.93 % 0.13 % 15.06 %
Total 90.54 % 9.46 % 100.00 %

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

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 63 for additional information.

8See page 65 for additional information.

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

Q2 2025
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
30-Jun-25 31-Mar-25 30-Jun-25 31-Mar-25
Rental Revenue 2 $ 12,532 $ 12,348 $ 14,773 $ 9,597
Less: Operating expenses and real estate taxes 6,578 5,897 9,365 7,565
Net Operating Income (NOI) 2 5,954 6,451 5,408 2,032
Add: BXP’s share of NOI from unconsolidated joint ventures 2,148 1,986 N/A N/A
BXP’s Share of NOI 2 $ 8,102 $ 8,437 $ 5,408 $ 2,032
Rental Revenue 2 $ 12,532 $ 12,348 $ 14,773 $ 9,597
Less: Straight line rent and fair value lease revenue 142 143 (2) (2)
Add: Lease transaction costs that qualify as rent inducements 149 149 — —
Subtotal 12,539 12,354 14,775 9,599
Less: Operating expenses and real estate taxes 6,578 5,897 9,365 7,565
NOI - cash basis 2 5,961 6,457 5,410 2,034
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,148 1,986 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 8,109 $ 8,443 $ 5,410 $ 2,034

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

Residential Units Three Months Ended Percent Change
30-Jun-25 30-Jun-24
Boston 806
Average Monthly Rental Rate $ 4,066 $ 3,939 3.22 %
Average Rental Rate Per Occupied Square Foot $ 5.93 $ 5.78 2.60 %
Average Physical Occupancy 96.15 % 95.04 % 1.17 %
Average Economic Occupancy 96.23 % 94.72 % 1.59 %
San Francisco 402
Average Monthly Rental Rate $ 2,996 $ 3,061 (2.12) %
Average Rental Rate Per Occupied Square Foot $ 3.76 $ 3.86 (2.59) %
Average Physical Occupancy 89.64 % 87.06 % 2.96 %
Average Economic Occupancy 87.86 % 85.28 % 3.03 %
Washington, DC 4 1,016
Average Monthly Rental Rate $ 2,875 $ 2,822 1.88 %
Average Rental Rate Per Occupied Square Foot $ 3.23 $ 2.90 11.38 %
Average Physical Occupancy 83.01 % 96.00 % (13.53) %
Average Economic Occupancy 80.19 % 96.06 % (16.52) %
Total residential units 2,224

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

Hotel Rooms Three Months Ended Percent Change
30-Jun-25 30-Jun-24
Boston Marriott Cambridge 437
Average Occupancy 82.80 % 80.60 % 2.73 %
Average Daily Rate $ 373.26 $ 372.29 0.26 %
Revenue Per Available Room $ 308.90 $ 299.94 2.99 %

_____________

1Includes retail space.

2See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

3Excludes retail space.

4For the three months ended June 30, 2025, rental rates and occupancy information includes Skymark, which was completed and fully placed in-service on December 13, 2024 and is in its initial lease-up period with expected stabilization in the second quarter of 2026. As of July 25, 2025, the physical occupancy of Skymark was approximately 83.66%.

Q2 2025
In-service property listing as of June 30, 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 1,725,721 99.9 % 99.9 % $ 87.14
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,274,927 97.4 % 97.7 % 73.36
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,546 91.4 % 97.1 % 77.78
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 99.5 % 100.0 % 81.35
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 96.8 % 100.0 % 88.56
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 633,818 98.9 % 100.0 % 75.71
Prudential Center (retail shops) 5, 6 CBD Boston MA 1 601,552 89.8 % 95.0 % 96.95
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 100.0 % 100.0 % 62.95
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 94.8 % 94.8 % 65.79
888 Boylston Street - The Prudential Center CBD Boston MA 1 363,320 100.0 % 100.0 % 84.24
Star Market at the Prudential Center 5 CBD Boston MA 1 60,015 100.0 % 100.0 % 64.51
Subtotal 11 8,435,833 96.9 % 98.6 % $ 80.42
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 93.42
325 Main Street East Cambridge MA 1 415,512 91.2 % 97.2 % 119.26
125 Broadway 7 East Cambridge MA 1 271,000 100.0 % 100.0 % 148.82
355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 86.33
300 Binney Street (55% ownership) 7, 8 East Cambridge MA 1 239,908 100.0 % 100.0 % 159.03
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 80.99
255 Main Street East Cambridge MA 1 215,394 82.5 % 82.5 % 91.34
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 101.94
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 77.35
250 Binney Street 7 East Cambridge MA 1 67,362 100.0 % 100.0 % 82.23
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 61.08
Subtotal 11 2,705,171 97.2 % 98.1 % $ 103.95
Subtotal Boston CBD 22 11,141,004 97.0 % 98.5 % $ 86.20
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
Proto Kendall Square (280 units) East Cambridge MA 1 166,717
Subtotal 3 574,257
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 % $ 77.68
Santa Monica Business Park West Los Angeles CA 14 1,104,050 83.4 % 83.4 % 72.77
Santa Monica Business Park Retail 5 West Los Angeles CA 7 73,006 79.4 % 86.8 % 79.05
Subtotal 27 2,307,122 86.3 % 86.9 % $ 75.46
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 92.3 % 98.5 % $ 169.42
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682 99.4 % 99.4 % 99.93
399 Park Avenue Park Avenue NY 1 1,567,470 100.0 % 100.0 % 104.78 Q2 2025
--- ---
In-service property listing (continued) as of June 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
599 Lexington Avenue Park Avenue NY 1 1,106,336 87.8 % 96.9 % 87.96
7 Times Square (formerly Times Square Tower) (55% ownership) Times Square NY 1 1,238,724 82.0 % 86.5 % 76.61
250 West 55th Street Times Square / West Side NY 1 966,976 99.8 % 99.8 % 99.82
200 Fifth Avenue (26.69% ownership) 4 Flatiron District NY 1 853,312 58.5 % 91.0 % 98.54
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 42.7 % 42.7 % 37.34
510 Madison Avenue Fifth/Madison Avenue NY 1 352,589 80.6 % 93.4 % 122.63
Subtotal 9 10,395,945 87.2 % 93.0 % $ 109.51
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 114.38
Embarcadero Center Four CBD San Francisco CA 1 945,405 88.5 % 93.5 % 105.53
Embarcadero Center One CBD San Francisco CA 1 837,810 71.6 % 72.2 % 96.39
Embarcadero Center Two CBD San Francisco CA 1 801,668 81.6 % 82.7 % 83.66
Embarcadero Center Three CBD San Francisco CA 1 786,411 74.7 % 78.0 % 93.29
680 Folsom Street CBD San Francisco CA 2 522,406 59.2 % 59.2 % 84.38
535 Mission Street CBD San Francisco CA 1 307,205 69.9 % 78.5 % 82.31
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 74.77
Subtotal 9 5,647,667 81.8 % 83.8 % $ 99.79
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 1 762,634 83.8 % 83.9 % $ 49.31
Madison Centre CBD Seattle WA 1 754,462 85.4 % 87.9 % 59.17
Subtotal 2 1,517,096 84.6 % 85.9 % $ 54.25
WASHINGTON, DC
Office
901 New York Avenue East End Washington DC 1 508,130 80.5 % 80.5 % $ 68.79
Market Square North (50% ownership) 4 East End Washington DC 1 417,298 76.2 % 76.2 % 75.54
2100 Pennsylvania Avenue CBD Washington DC 1 475,849 95.0 % 95.0 % 81.16
2200 Pennsylvania Avenue CBD Washington DC 1 459,811 94.9 % 97.5 % 94.70
1330 Connecticut Avenue CBD Washington DC 1 252,413 92.7 % 95.5 % 71.54
Sumner Square CBD Washington DC 1 208,797 94.0 % 94.0 % 50.26
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 96.8 % 96.8 % 86.27
Capital Gallery Southwest Washington DC 1 176,824 80.8 % 92.7 % 57.74
Subtotal 8 2,730,022 88.3 % 89.8 % $ 76.23
Reston Next Reston VA 2 1,063,284 92.1 % 99.6 % $ 61.95
South of Market Reston VA 3 624,387 91.8 % 91.8 % 57.28
Fountain Square Reston VA 2 524,307 94.2 % 96.3 % 53.45
One Freedom Square Reston VA 1 427,646 87.8 % 87.8 % 54.70
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 % 53.65
One Reston Overlook Reston VA 1 319,519 100.0 % 100.0 % 49.82
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 90.4 % 90.8 % 56.09
Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 56.54 Q2 2025
--- ---
In-service property listing (continued) as of June 30, 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 % 66.39
Subtotal 17 4,641,819 94.0 % 96.0 % $ 58.50
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 1 294,665 48.9 % 49.7 % 54.03
Subtotal 2 1,030,238 85.4 % 85.6 % $ 41.88
Subtotal Washington, DC CBD 27 8,402,079 91.1 % 92.7 % $ 62.14
Residential
Signature at Reston (508 units) Reston VA 1 517,783
Skymark (508 units) (20% ownership) 4, 8 Reston VA 1 417,036
Subtotal 2 934,819
CBD Total 103 41,585,245 89.9 % 9 92.5 % 9 $ 86.98 9
BXP’s Share of CBD 90.6 % 9 92.8 % 9
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center Route 128 Mass Turnpike MA 2 546,248 73.0 % 73.0 % $ 52.66
140 Kendrick Street Route 128 Mass Turnpike MA 3 409,197 76.3 % 78.0 % 60.27
Weston Corporate Center Route 128 Mass Turnpike MA 1 357,579 12.5 % 12.5 % 47.00
180 CityPoint 7, 8 Route 128 Mass Turnpike MA 1 329,195 43.2 % 55.2 % 101.02
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 69.8 % 71.4 % 45.83
230 CityPoint Route 128 Mass Turnpike MA 1 296,720 97.7 % 97.7 % 48.97
200 West Street 7 Route 128 Mass Turnpike MA 1 273,361 86.1 % 86.1 % 91.37
880 Winter Street 7 Route 128 Mass Turnpike MA 1 243,614 100.0 % 100.0 % 103.67
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 97.1 % 98.6 % 60.11
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 60.83
77 CityPoint Route 128 Mass Turnpike MA 1 209,382 86.3 % 86.3 % 57.46
890 Winter Street Route 128 Mass Turnpike MA 1 180,155 93.1 % 93.1 % 44.61
Reservoir Place 10 Route 128 Mass Turnpike MA 1 164,994 35.0 % 35.0 % 44.00
153 & 211 Second Avenue 11 Route 128 Mass Turnpike MA 2 137,545 18.5 % 18.5 % 115.26
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 57.36
103 CityPoint 8 Route 128 Mass Turnpike MA 1 112,841 — % — % —
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 52.12
The Point 5 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 62.85
33 Hayden Avenue 7 Route 128 Northwest MA 1 80,872 100.0 % 100.0 % 79.72
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 27.49
100 Hayden Avenue 7 Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 64.60
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.70
Subtotal 26 4,457,777 71.6 % 72.9 % $ 63.25
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 72.4 % 72.4 % $ 40.13
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 33.2 % 66.3 % 39.82
212 Carnegie Center Princeton NJ 1 148,942 82.4 % 82.4 % 37.44
214 Carnegie Center Princeton NJ 1 146,799 62.8 % 62.8 % 38.25
506 Carnegie Center Princeton NJ 1 139,050 77.2 % 95.1 % 41.68
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.84
202 Carnegie Center Princeton NJ 1 134,068 71.9 % 80.0 % 39.27 Q2 2025
--- ---
In-service property listing (continued) as of June 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 42.13
101 Carnegie Center Princeton NJ 1 122,791 99.5 % 100.0 % 40.25
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.83
502 Carnegie Center Princeton NJ 1 121,460 92.7 % 92.7 % 39.72
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 34.28
104 Carnegie Center Princeton NJ 1 102,930 35.6 % 69.9 % 40.64
103 Carnegie Center Princeton NJ 1 96,322 69.1 % 69.1 % 37.46
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 36.50
211 Carnegie Center Princeton NJ 1 47,025 — % — % —
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 34.09
Subtotal 17 2,192,627 71.0 % 76.7 % $ 39.33
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4, 12 South San Francisco CA 5 792,737 73.3 % 75.3 % $ 73.03
751 Gateway (49% ownership) 4, 7 South San Francisco CA 1 230,592 100.0 % 100.0 % 116.11
Mountain View Research Park 13 Mountain View CA 16 571,884 59.0 % 62.7 % 67.62
2440 West El Camino Real Mountain View CA 1 142,711 57.8 % 57.8 % 89.01
North First Business Park 14 San Jose CA 5 191,033 58.4 % 58.4 % 24.42
Subtotal 28 1,928,957 69.6 % 71.6 % $ 76.03
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 156,236 50.6 % 67.7 % $ 39.93
Kingstowne Retail 5 Springfield VA 1 88,288 100.0 % 100.0 % 31.36
Subtotal 2 244,524 68.4 % 79.4 % $ 35.41
Suburban Total 73 8,823,885 70.9 % 73.7 % $ 59.32
BXP’s Share of Suburban 70.2 % 73.1 %
Total In-Service Properties: 176 50,409,130 86.4 % 9 89.1 % 9 $ 82.81 9
BXP’s Share of Total In-Service Properties: 3 86.5 % 9 88.8 % 9

_____________

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 38-54.

3See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

4This is an unconsolidated joint venture property.

5This is a retail property.

6Prudential Center (retail shops) includes 760 Boylston Street, an approximately 118,000 net rentable square feet redevelopment that was completed and fully placed in-service during the second quarter of 2024. 760 Boylston Street is not included in the Same Property analysis.

7Classified as a laboratory/life sciences property.

8Not included in the Same Property analysis.

9Excludes hotel and residential properties. For additional detail, see page 19.

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.

13Includes 453 Ravendale Drive.

14Property held for redevelopment.

Q2 2025
Top 20 clients listing and portfolio client diversification

as of June 30, 2025

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.36 % 6.7
2 Google 2.90 % 11.8
3 Akamai Technologies 2.16 % 9.3
4 Kirkland & Ellis 1.81 % 12.1
5 Biogen 1.79 % 2.9
6 Snap 1.61 % 8.4
7 Fannie Mae 1.50 % 12.2
8 Ropes & Gray 1.40 % 12.5
9 Millennium Management 1.35 % 6.0
10 Wellington Management 1.19 % 10.7
11 Weil Gotshal & Manges 1.17 % 8.9
12 Microsoft 1.14 % 8.2
13 Arnold & Porter Kaye Scholer 1.06 % 7.4
14 Allen Overy Shearman Sterling 1.04 % 16.1
15 Bain Capital 0.94 % 6.6
16 Morrison & Foerster 0.87 % 5.2
17 Bank of America 0.85 % 10.9
18 Wilmer Cutler Pickering Hale 0.85 % 13.4
19 Leidos 0.85 % 7.8
20 Mass Financial Services 0.83 % 12.7
BXP’s Share of Annualized Rental Obligations 28.68 %
BXP’s Share of Square Feet 1 22.28 %
Weighted Average Remaining Lease Term (years) 9.3

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 573,000
Defense Technology Company 1050 Winter Street 162,000
McDermott Will & Emery LLP 725 12th Street, NW 152,000
Cooley 725 12th Street, NW 126,000

CLIENT DIVERSIFICATION 2

chart-be814c96d19243ad876a.jpg

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

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.

Q2 2025
Occupancy by location

as of June 30, 2025

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

CBD Suburban Total
Location 30-Jun-25 31-Mar-25 30-Jun-25 31-Mar-25 30-Jun-25 31-Mar-25
Boston 97.0 % 96.3 % 71.6 % 77.0 % 89.7 % 90.8 %
Los Angeles 86.3 % 83.9 % — % — % 86.3 % 83.9 %
New York 87.2 % 88.1 % 71.0 % 70.0 % 84.4 % 84.9 %
San Francisco 81.8 % 81.7 % 69.6 % 70.5 % 78.7 % 78.9 %
Seattle 84.6 % 81.9 % — % — % 84.6 % 81.9 %
Washington, DC 91.1 % 91.9 % 68.4 % 68.5 % 90.5 % 91.3 %
Total Portfolio 89.9 % 89.8 % 70.9 % 73.6 % 86.4 % 86.9 %

chart-e3b7435048074791a6ba.jpg

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

CBD Suburban Total
Location 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24
Boston 96.9 % 95.3 % 76.0 % 81.6 % 91.2 % 91.6 %
Los Angeles 86.3 % 85.0 % — % — % 86.3 % 85.0 %
New York 87.2 % 90.8 % 71.0 % 69.5 % 84.4 % 87.0 %
San Francisco 81.8 % 84.0 % 69.6 % 70.0 % 78.7 % 80.5 %
Seattle 84.6 % 80.2 % — % — % 84.6 % 80.2 %
Washington, DC 91.1 % 90.7 % 68.4 % 84.5 % 90.5 % 90.5 %
Total Portfolio 89.8 % 90.3 % 73.0 % 75.8 % 86.8 % 87.7 %

chart-5933a73a966046c086ba.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 56.

Q2 2025
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,300,161
Unsecured Line of Credit 185,000
Unsecured Term Loans 800,000
Unsecured Commercial Paper 750,000
Unsecured Senior Notes, at face value 9,850,000
Outstanding Principal 15,885,161
Discount on Unsecured Senior Notes (9,639)
Deferred Financing Costs, Net (64,378)
Fair Value Debt Adjustment (139)
Consolidated Debt $ 15,811,005

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 7.70% 5.10% 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% 200,161
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,300,161

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

Maturity Date Effective Yield (on issue date) Coupon 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

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 4
Common Stock 158,366 158,366 $ 10,684,954
Common Operating Partnership Units 18,428 18,428 1,243,337
Total Equity 176,794 $ 11,928,291
Consolidated Debt (A) $ 15,811,005
Add: BXP’s share of unconsolidated joint venture debt 5 1,386,046
Less: Partners’ share of consolidated debt 6 1,363,364
BXP’s Share of Debt 7 (B) $ 15,833,687
Consolidated Market Capitalization (C) $ 27,739,296
BXP’s Share of Market Capitalization 7 (D) $ 27,761,978
Consolidated Debt/Consolidated Market Capitalization (A÷C) 57.00 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 7 (B÷D) 57.03 %

_____________

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 and adjustments required to reflect loans and swaps at their fair values upon consolidation.

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

Q2 2025
Capital structure (continued)

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

4Values are based on the June 30, 2025 closing price of $67.47 per share of BXP common stock.

5Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 35.

6Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 33.

7See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

Q2 2025
Debt analysis 1

as of June 30, 2025

(dollars in thousands)

chart-cc529ce4d599477f888a.jpg

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

Facility Outstanding at June 30, 2025 Remaining Capacity at June 30, 2025
Unsecured Line of Credit $ 2,250,000 $ 185,000 $ 2,065,000
Less:
Unsecured Commercial Paper 2 750,000
Letters of Credit 5,393
Total Remaining Capacity $ 1,309,607

UNSECURED TERM LOANS

Maturity Date Facility Outstanding Principal
2024 Unsecured Term Loan 3 September 26, 2025 $ 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 72.94 % 4.19 % 4.29 % 4.4
Secured Debt 27.06 % 3.80 % 4.10 % 3.3
Consolidated Debt 100.00 % 4.08 % 4.24 % 4.1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Floating Rate Debt 2 10.32 % 5.02 % 5.09 % 2.2
Fixed Rate Debt 3, 6 89.68 % 3.97 % 4.14 % 4.4
Consolidated Debt 100.00 % 4.08 % 4.24 % 4.1

_____________

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 June 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.73% per annum and had a weighted-average maturity of 49 days from the date of issuance.

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 $100.0 million unsecured term loan has three 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 and adjustments required to reflect loans and swaps at their fair values upon consolidation.

6The Fixed Rate Debt includes the effects of hedging transactions.

Q2 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 June 30, 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% 47.8 % 44.8 %
Secured Debt/Total Assets Less than 50% 16.0 % 15.0 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 2.94 2.94
Unencumbered Assets/ Unsecured Debt Greater than 150% 233.2 % 251.2 %

_____________

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.

Q2 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
30-Jun-25 31-Mar-25
Net income attributable to BXP, Inc. $ 88,977 $ 61,177
Add:
Noncontrolling interest - common units of the Operating Partnership 10,064 6,979
Noncontrolling interest in property partnerships 20,100 18,749
Net income 119,141 86,905
Add:
Interest expense 162,783 163,444
Loss from early extinguishments of debt — 338
Loss on sales-type lease — 2,490
Depreciation and amortization expense 223,819 220,107
Less:
Gain on sales of real estate 18,390 —
Loss from unconsolidated joint ventures (3,324) (2,139)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2 32,222 33,834
EBITDAre 1 522,899 509,257
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3 52,937 50,978
BXP’s Share of EBITDAre 1 (A) 469,962 458,279
Add:
Stock-based compensation expense 11,612 23,018
BXP’s Share of straight-line ground rent expense adjustment 1 584 177
BXP’s Share of lease transaction costs that qualify as rent inducements 1 3,482 4,301
Less:
BXP’s Share of straight-line rent 1 20,535 26,687
BXP’s Share of fair value lease revenue 1 3,029 2,876
BXP’s Share of amortization and accretion related to sales type lease 1 261 309
Non-cash loss from early extinguishments of debt — 338
BXP’s Share of EBITDAre – cash 1 $ 461,815 $ 455,565
BXP’s Share of EBITDAre (Annualized) 4 (A x 4) $ 1,879,848 $ 1,833,116

Reconciliation of BXP’s Share of Net Debt 1

30-Jun-25 31-Mar-25
Consolidated debt $ 15,811,005 $ 15,671,692
Less:
Cash and cash equivalents 446,953 398,126
Cash held in escrow for 1031 exchange — —
Net debt 1 15,364,052 15,273,566
Add:
BXP’s share of unconsolidated joint venture debt 2 1,386,046 1,385,545
Partners’ share of cash and cash equivalents from consolidated joint ventures 143,319 107,015
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 115,199 102,497
Partners’ share of consolidated joint venture debt 3 1,363,364 1,362,866
BXP’s share of related party note receivables 30,500 30,500
BXP’s Share of Net Debt 1 (B) $ 15,384,354 $ 15,270,263
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 8.18 8.33

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2025, see pages 35 and 64.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2025, see pages 33 and 62.

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

Q2 2025
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
30-Jun-25 31-Mar-25
BXP’s Share of interest expense 1 $ 169,763 $ 170,294
Less:
BXP’s Share of hedge amortization, net of costs 1 1,808 1,804
BXP’s share of fair value interest adjustment 1 1,217 2,608
BXP’s Share of amortization of financing costs 1 4,665 4,771
Adjusted interest expense excluding capitalized interest (A) 162,073 161,111
Add:
BXP’s Share of capitalized interest 1 14,016 12,152
Adjusted interest expense including capitalized interest (B) $ 176,089 $ 173,263
BXP’s Share of EBITDAre – cash 1, 2 (C) $ 461,815 $ 455,565
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.85 2.83
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.62 2.63

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
30-Jun-25 31-Mar-25
BXP’s Share of interest expense 1 $ 169,763 $ 170,294
Less:
BXP’s Share of hedge amortization, net of costs 1 1,808 1,804
BXP’s Share of fair value interest adjustment 1 1,217 2,608
BXP’s Share of amortization of financing costs 1 4,665 4,771
Add:
BXP’s Share of capitalized interest 1 14,016 12,152
BXP’s Share of maintenance capital expenditures 1 30,211 18,307
Hotel improvements, equipment upgrades and replacements 859 159
Total Fixed Charges (A) $ 207,159 $ 191,729
BXP’s Share of EBITDAre – cash 1, 2 (B) $ 461,815 $ 455,565
Fixed Charge Coverage Ratio (B÷A) 2.23 2.38

_____________

1See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

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

Q2 2025
Consolidated joint ventures

d

as of June 30, 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 $ 3,168,923 $ 3,389,223 $ 6,558,146
Cash and cash equivalents 107,860 222,612 330,472
Other assets 317,841 471,801 789,642
Total assets $ 3,594,624 $ 4,083,636 $ 7,678,260
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,293,234 $ 991,204 $ 3,284,438
Other liabilities 88,570 347,120 435,690
Total liabilities 2,381,804 1,338,324 3,720,128
Equity:
BXP, Inc. 729,206 1,224,813 1,954,019
Noncontrolling interests 483,614 1,520,499 2,004,113 3
Total equity 1,212,820 2,745,312 3,958,132
Total liabilities and equity $ 3,594,624 $ 4,083,636 $ 7,678,260
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 43,144 $ 100,175 $ 143,319
Partners’ share of consolidated debt 4 $ 917,322 5 $ 446,042 $ 1,363,364

_____________

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, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street. The Company will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The Company is electing to acquire its partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. See page 15 for additional information.

3Amount excludes preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

Q2 2025
Consolidated joint ventures (continued)

for the three months ended June 30, 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 $ 84,205 $ 105,742 $ 189,947
Straight-line rent 2,603 11,569 14,172
Fair value lease revenue (27) — (27)
Termination income — — —
Total lease revenue 86,781 117,311 204,092
Parking and other — 1,708 1,708
Total rental revenue 3 86,781 119,019 205,800
Expenses
Operating 39,702 42,513 82,215
Net Operating Income (NOI) 47,079 76,506 123,585
Other income (expense)
Development and management services revenue — — —
Losses from investments in securities — (3) (3)
Interest and other income 1,215 2,172 3,387
Interest expense (21,176) (7,612) (28,788)
Depreciation and amortization expense (18,792) (28,217) (47,009)
General and administrative expense (59) (55) (114)
Total other income (expense) (38,812) (33,715) (72,527)
Net income $ 8,267 $ 42,791 $ 51,058

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 $ 8,267 $ 42,791 $ 51,058
Add: Depreciation and amortization expense 18,792 28,217 47,009
Entity FFO $ 27,059 $ 71,008 $ 98,067
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 2,217 $ 17,883 $ 20,100
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,908 13,037 20,945
Partners’ share FFO 4 $ 10,125 $ 30,920 $ 41,045
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 6,050 $ 24,908 $ 30,958
Depreciation and amortization expense - BXP’s basis difference 62 416 478
BXP’s share of depreciation and amortization expense 10,822 14,764 25,586
BXP’s share of FFO $ 16,934 $ 40,088 $ 57,022

_____________

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, 343 Madison Avenue, 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 56.

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.

Q2 2025
Unconsolidated joint ventures 1

as of June 30, 2025

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Construction Loans Payable, Net Interest Rate
Property Net Equity Maturity Date Stated GAAP 2
Boston
100 Causeway Street 50.00 % $ 55,852 $ 166,737 September 5, 2025 5.80 % 5.90 %
The Hub on Causeway - Podium 50.00 % 40,492 77,081 September 8, 2025 7.35 % 7.75 %
Hub50House 50.00 % 39,498 92,025 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 14,662 — — — — %
1265 Main Street 50.00 % 3,340 16,513 January 1, 2032 3.77 % 3.84 %
17 Hartwell Avenue 3 20.00 % 6,065 — July 10, 2030 N/A N/A
Los Angeles
Colorado Center 50.00 % 70,222 274,812 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Center 50.00 % 27,068 — — — % — %
New York
360 Park Avenue South 71.11 % 89,769 155,370 December 13, 2027 6.81 % 7.12 %
Dock 72 50.00 % (11,961) 99,069 December 18, 2025 6.83 % 7.10 %
200 Fifth Avenue 26.69 % 74,446 153,684 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 4 25.00 % 111,471 20,000 August 7, 2024 11.93 % 11.93 %
290 Coles Street - Common Equity 5 19.46 % 19,625 — March 5, 2029 N/A N/A
290 Coles Street - Preferred Equity 6 — % 1,615 — — — % — %
San Francisco
Platform 16 55.00 % 57,805 — — — % — %
Gateway Commons 50.00 % 271,454 — — — % — %
751 Gateway 49.00 % 119,634 — — — % — %
Seattle
Safeco Plaza 33.67 % 43 84,041 September 1, 2026 4.82 % 6.68 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 48,072 124,971 February 27, 2035 5.49 % 5.54 %
1001 6th Street 50.00 % 45,837 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 19,632 — — — % — %
Market Square North 50.00 % (23,685) 62,459 November 10, 2025 6.73 % 6.90 %
Wisconsin Place Parking Facility 33.33 % 29,534 — — — % — %
500 North Capitol Street, N.W. 7 30.00 % (12,486) 31,362 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 14,900 27,922 May 13, 2026 6.32 % 6.64 %
1,112,904
Investments with deficit balances reflected within Other Liabilities 48,132
Investments in Unconsolidated Joint Ventures $ 1,161,036
Mortgage/Construction Loans Payable, Net $ 1,386,046

chart-62e9955e8a1140a9baaa.jpg

2025 4 2026 2027 2028 2029 2030 Thereafter
Q2 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 44.41 % 6.41 % 6.83 % 1.0
Fixed Rate Debt 55.59 % 4.65 % 4.98 % 5.9
Total Debt 100.00 % 5.43 % 5.80 % 3.7

_____________

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.

4The Company has provided $80.0 million of mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets. As of June 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest, and default interest, of approximately $126.8 million. Although the loan matured on August 7, 2024, the joint venture is negotiating a new third-party loan, however, there can be no assurance that the joint venture will enter into a new third-party loan on the terms and schedule currently contemplated or at all. The outstanding balance is included within the 2025 principal due at maturity.

5No amounts have been drawn under the $225.0 million construction facility.

6The Company will fund the first $65.0 million of required capital through its preferred equity investment. The Company’s preferred equity investment will earn 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.

7The 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.

Q2 2025
Unconsolidated joint ventures (continued)

for the three months ended June 30, 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 $ 27,501 $ 19,993 $ 14,658 $ 18,361 $ 7,576 $ 23,627 $ 111,716
Straight-line rent 546 (1,332) 4,750 46 630 (185) 4,455
Fair value lease revenue — — 1,300 1 1,291 — 2,592
Termination income — — (1,402) 456 — — (946)
Amortization and accretion related to sales-type lease 57 — — — — — 57
Total lease revenue 28,104 18,661 19,306 18,864 9,497 23,442 117,874
Parking and other 455 2,057 60 322 660 923 4,477
Total rental revenue 3 28,559 20,718 19,366 19,186 10,157 24,365 122,351
Expenses
Operating 10,419 7,403 14,748 10,542 3,407 8,340 54,859
Net operating income 18,140 13,315 4,618 8,644 6,750 16,025 67,492
Other income (expense)
Development and management services revenue — — 530 — — — 530
Interest and other income (loss) 426 1,091 683 (1) 144 208 2,551
Interest expense (10,514) (4,998) (15,444) — (4,206) (9,942) (45,104)
Unrealized gain/loss on derivative instruments — — (4,904) 4 — — — (4,904)
Transaction costs 3 — — — — (4) (1)
Depreciation and amortization expense (8,474) (5,334) (9,415) (9,783) (5,299) (5,847) (44,152)
General and administrative expense (2) (20) (232) (29) (48) — (331)
Loss from early extinguishment of debt — — — — — — —
Total other income (expense) (18,561) (9,261) (28,782) (9,813) (9,409) (15,585) (91,411)
Net income (loss) $ (421) $ 4,054 $ (24,164) $ (1,169) $ (2,659) $ 440 $ (23,919)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss) $ (211) $ 2,023 $ (8,865) $ (691) $ (895) $ 949 $ (7,690)
Basis differential
Straight-line rent $ — $ 91 5 $ 72 5 $ — $ — $ — $ 163
Fair value lease revenue — 305 5 15 5 — — — 320
Fair value interest adjustment — — (499) — — — (499)
Amortization of financing costs — — 110 — — — 110
Unrealized gain/loss on derivative instruments — — 1,308 4 — — — 1,308
Depreciation and amortization expense (7) 566 5 438 5 1,299 5 781 (113) 2,964
Total basis differential 6 (7) 962 5 1,444 5 1,299 5 781 (113) 4,366
Income (loss) from unconsolidated joint ventures (218) 2,985 (7,421) 608 (114) 836 (3,324)
Add:
BXP’s share of depreciation and amortization expense 4,244 2,102 5 3,486 5 3,569 5 1,003 2,270 16,674
BXP’s share of FFO $ 4,026 $ 5,087 $ (3,935) $ 4,177 $ 889 $ 3,106 $ 13,350

_____________

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 56.

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.

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

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

Q2 2025
Lease expirations - All in-service properties1, 2, 3

as of June 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2025 816,130 48,299,503 66.65 1.82 %
2026 1,794,408 121,901,523 79.01 3.87 %
2027 2,080,635 145,436,142 72.34 5.04 %
2028 2,987,289 209,519,628 88.81 5.91 %
2029 3,648,074 226,163,419 74.89 7.57 %
2030 2,646,012 195,888,667 77.89 6.31 %
2031 2,846,133 234,974,010 88.24 6.68 %
2032 2,690,819 184,397,487 76.37 6.05 %
2033 2,849,584 219,409,662 81.51 6.75 %
2034 3,359,132 255,734,250 90.57 7.08 %
Thereafter 13,477,352 869,767,640 81.44 26.78 %

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2025 34,353 3,162,966 92.07 1.41 %
2026 119,446 16,384,931 155.90 4.31 %
2027 120,433 12,023,829 109.29 4.51 %
2028 93,498 9,610,225 104.78 3.76 %
2029 171,501 17,781,670 107.01 6.81 %
2030 171,333 12,374,388 91.42 5.55 %
2031 107,790 10,581,770 113.04 3.84 %
2032 99,134 7,275,217 74.68 3.99 %
2033 462,596 30,682,704 71.49 17.59 %
2034 361,438 34,798,320 131.33 10.86 %
Thereafter 506,366 46,629,839 112.02 17.06 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2025 850,483 51,462,469 67.80 1.79 %
2026 1,913,854 138,286,454 83.92 3.89 %
2027 2,201,068 157,459,971 74.26 5.01 %
2028 3,080,787 219,129,853 89.41 5.79 %
2029 3,819,575 243,945,089 76.56 7.53 %
2030 2,817,345 208,263,055 78.58 6.26 %
2031 2,953,923 245,555,780 89.09 6.51 %
2032 2,789,953 191,672,704 76.31 5.93 %
2033 3,312,180 250,092,366 80.14 7.37 %
2034 3,720,570 290,532,570 94.06 7.30 %
Thereafter 13,983,718 916,397,479 82.58 26.22 %

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 56.

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.

Q2 2025
Lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 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
2025 213,340 12,080,043 57.53 12,080,043 57.53
2026 390,591 24,381,231 71.35 24,684,456 72.24
2027 498,595 35,724,045 72.95 36,531,496 74.59
2028 963,293 91,596,338 97.27 96,859,406 102.86
2029 1,201,099 73,425,234 68.78 78,622,587 73.64
2030 1,277,729 90,939,706 72.07 97,383,741 77.18
2031 666,229 40,415,844 67.37 43,765,254 72.96
2032 982,449 78,210,178 79.61 96,253,483 97.97
2033 518,536 38,949,935 77.22 44,705,466 88.63
2034 1,427,022 110,521,272 86.46 124,352,488 97.29
Thereafter 4,678,397 319,910,549 85.31 401,471,664 107.06

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
2025 30,174 2,682,966 88.92 2,682,966 88.92
2026 37,509 4,359,435 117.21 4,388,107 117.98
2027 55,031 8,242,183 169.19 8,318,823 170.76
2028 38,825 5,801,781 149.43 5,933,160 152.82
2029 76,098 10,027,843 132.95 10,299,798 136.56
2030 98,916 6,258,617 99.44 6,496,512 103.22
2031 8,368 815,243 97.42 894,348 106.88
2032 57,916 4,311,321 75.21 4,933,509 86.06
2033 287,788 21,086,974 82.89 24,092,302 94.71
2034 164,155 10,936,323 82.94 12,038,889 91.30
Thereafter 184,089 13,736,448 79.14 15,255,874 87.89

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
2025 243,514 14,763,009 61.48 14,763,009 61.48
2026 428,100 28,740,666 75.86 29,072,563 76.73
2027 553,626 43,966,228 81.65 44,850,319 83.29
2028 1,002,118 97,398,119 99.33 102,792,566 104.84
2029 1,277,197 83,453,077 73.01 88,922,385 77.79
2030 1,376,645 97,198,323 73.37 103,880,253 78.41
2031 674,597 41,231,087 67.79 44,659,602 73.42
2032 1,040,365 82,521,499 79.36 101,186,992 97.32
2033 806,324 60,036,909 79.12 68,797,768 90.67
2034 1,591,177 121,457,595 86.14 136,391,377 96.73
Thereafter 4,862,486 333,646,997 85.03 416,727,538 106.21

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 56.

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.

Q2 2025
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 181,840 10,093,645 56.56 10,093,645 56.56
Q4 2025 31,500 1,986,398 63.06 1,986,398 63.06
Total 2025 213,340 12,080,043 57.53 12,080,043 57.53
Q1 2026 96,140 6,155,259 67.74 6,181,271 68.03
Q2 2026 67,424 2,867,393 66.74 2,931,807 68.24
Q3 2026 86,965 5,156,151 69.40 5,182,928 69.76
Q4 2026 140,062 10,202,427 76.38 10,388,450 77.78
Total 2026 390,591 24,381,231 71.35 24,684,456 72.24

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 26,400 2,062,547 78.13 2,062,547 78.13
Q4 2025 3,774 620,419 164.39 620,419 164.39
Total 2025 30,174 2,682,966 88.92 2,682,966 88.92
Q1 2026 6,438 472,214 73.35 472,214 73.35
Q2 2026 18,831 1,798,841 97.15 1,798,841 97.15
Q3 2026 4,369 950,421 217.54 962,407 220.28
Q4 2026 7,871 1,137,960 144.58 1,154,646 146.70
Total 2026 37,509 4,359,435 117.21 4,388,107 117.98

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 208,240 12,156,192 59.34 12,156,192 59.34
Q4 2025 35,274 2,606,817 73.90 2,606,817 73.90
Total 2025 243,514 14,763,009 61.48 14,763,009 61.48
Q1 2026 102,578 6,627,473 68.11 6,653,485 68.38
Q2 2026 86,255 4,666,234 75.90 4,730,648 76.94
Q3 2026 91,334 6,106,572 77.62 6,145,335 78.12
Q4 2026 147,933 11,340,387 80.18 11,543,096 81.61
Total 2026 428,100 28,740,666 75.86 29,072,563 76.73

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 56.

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.

Q2 2025
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 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
2025 766 51,290 66.96 51,290 66.96
2026 167,263 12,372,311 73.97 12,723,933 76.07
2027 7,367 303,918 41.25 316,294 42.93
2028 299,852 15,691,082 77.66 17,135,800 84.81
2029 415,771 17,279,142 71.75 19,266,781 80.01
2030 52,026 3,185,235 61.22 3,712,932 71.37
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,682,958 83.66 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
Thereafter 494,641 37,519,827 75.85 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
2025 — — — — —
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 1,333,803 117.37 1,445,678 127.22
2031 — — — — —
2032 — — — — —
2033 — — — — —
2034 19,993 248,448 24.85 248,448 24.85
Thereafter 8,462 815,246 96.34 834,278 98.59

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
2025 766 51,290 66.96 51,290 66.96
2026 186,451 12,507,911 70.72 12,859,533 72.71
2027 7,367 303,918 41.25 316,294 42.93
2028 299,852 15,691,082 77.66 17,135,800 84.81
2029 453,889 19,592,622 70.24 21,771,013 78.05
2030 63,390 4,519,038 71.29 5,158,610 81.38
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,682,958 83.66 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
Thereafter 503,103 38,335,073 76.20 46,788,999 93.00

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 56.

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.

Q2 2025
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 766 51,290 66.96 51,290 66.96
Q4 2025 — — — — —
Total 2025 766 51,290 66.96 51,290 66.96
Q1 2026 160,397 12,007,812 74.86 12,345,046 76.97
Q2 2026 4,993 238,148 47.70 245,135 49.10
Q3 2026 — — — — —
Q4 2026 1,873 126,351 67.46 133,753 71.41
Total 2026 167,263 12,372,311 73.97 12,723,933 76.07

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
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

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 766 51,290 66.96 51,290 66.96
Q4 2025 — — — — —
Total 2025 766 51,290 66.96 51,290 66.96
Q1 2026 160,397 12,007,812 74.86 12,345,046 76.97
Q2 2026 4,993 238,148 47.70 245,135 49.10
Q3 2026 19,188 135,600 14.13 135,600 14.13
Q4 2026 1,873 126,351 67.46 133,753 71.41
Total 2026 186,451 12,507,911 70.72 12,859,533 72.71

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 56.

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.

Q2 2025
Lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 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
2025 109,256 6,199,333 64.00 6,199,333 64.00
2026 284,034 16,781,506 68.37 16,883,260 68.78
2027 533,428 28,653,701 57.87 28,837,721 58.24
2028 322,563 25,931,224 97.85 26,067,888 98.37
2029 935,444 60,349,275 83.27 61,951,552 85.48
2030 589,632 48,856,881 94.57 50,459,034 97.67
2031 965,787 78,828,618 87.51 83,996,851 93.25
2032 337,930 16,639,026 67.19 17,242,038 69.62
2033 397,524 39,587,443 112.17 42,457,696 120.30
2034 1,300,124 106,744,139 103.52 120,131,703 116.51
Thereafter 4,406,531 282,447,443 95.42 325,632,592 110.01

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
2025 4,179 480,000 114.86 480,000 114.86
2026 15,044 9,433,467 759.34 9,466,634 762.01
2027 — — — — —
2028 2,424 211,373 326.71 211,373 326.71
2029 9,577 1,764,406 311.13 1,956,590 345.01
2030 1,512 390,270 258.12 476,962 315.45
2031 20,784 5,069,445 350.40 5,659,918 391.21
2032 12,182 1,061,221 95.91 1,240,514 112.12
2033 19,279 4,274,930 221.74 4,806,982 249.34
2034 139,214 21,144,948 248.66 25,455,598 299.35
Thereafter 219,678 26,475,934 184.87 21,643,408 151.12

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
2025 113,435 6,679,333 66.10 6,679,333 66.10
2026 299,078 26,214,973 101.66 26,349,894 102.18
2027 533,428 28,653,701 57.87 28,837,721 58.24
2028 324,987 26,142,597 98.41 26,279,261 98.92
2029 945,021 62,113,681 85.04 63,908,142 87.49
2030 591,144 49,247,151 95.05 50,935,996 98.31
2031 986,571 83,898,063 91.67 89,656,769 97.96
2032 350,112 17,700,247 68.41 18,482,552 71.44
2033 416,803 43,862,373 117.84 47,264,678 126.98
2034 1,439,338 127,889,087 114.58 145,587,301 130.44
Thereafter 4,626,209 308,923,377 99.55 347,276,000 111.91

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 56.

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.

Q2 2025
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 68,152 2,903,563 52.07 2,903,563 52.07
Q4 2025 41,104 3,295,771 80.18 3,295,771 80.18
Total 2025 109,256 6,199,333 64.00 6,199,333 64.00
Q1 2026 111,659 7,753,439 74.77 7,807,709 75.30
Q2 2026 14,335 907,927 76.77 908,947 76.85
Q3 2026 75,394 4,384,928 85.81 4,397,172 86.05
Q4 2026 82,646 3,735,213 47.38 3,769,433 47.81
Total 2026 284,034 16,781,506 68.37 16,883,260 68.78

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 4,179 480,000 114.86 480,000 114.86
Total 2025 4,179 480,000 114.86 480,000 114.86
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 2,710,371 835.50 2,710,371 835.50
Q4 2026 4,533 993,096 219.08 1,026,263 226.40
Total 2026 15,044 9,433,467 759.34 9,466,634 762.01

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 68,152 2,903,563 52.07 2,903,563 52.07
Q4 2025 45,283 3,775,771 83.38 3,775,771 83.38
Total 2025 113,435 6,679,333 66.10 6,679,333 66.10
Q1 2026 118,211 13,453,439 125.00 13,507,709 125.51
Q2 2026 15,050 937,927 74.78 938,947 74.86
Q3 2026 78,638 7,095,299 130.56 7,107,543 130.78
Q4 2026 87,179 4,728,309 56.72 4,795,696 57.52
Total 2026 299,078 26,214,973 101.66 26,349,894 102.18

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 56.

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.

Q2 2025
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 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
2025 288,156 20,439,323 80.24 20,514,267 80.53
2026 639,395 52,408,633 95.84 53,951,693 98.66
2027 572,812 54,395,181 98.31 55,641,329 100.57
2028 447,336 43,322,120 100.84 46,117,887 107.35
2029 661,895 53,171,387 88.61 57,675,608 96.11
2030 471,642 38,315,953 86.80 43,247,012 97.97
2031 957,738 101,997,950 109.55 111,379,757 119.63
2032 398,702 31,446,150 85.99 37,315,256 102.04
2033 578,058 63,568,065 109.97 70,443,990 121.86
2034 331,223 21,329,587 99.85 26,577,563 124.41
Thereafter 403,137 38,992,009 97.21 51,273,876 127.83

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
2025 — — — — —
2026 16,601 935,613 56.36 949,653 57.20
2027 14,262 743,651 52.14 797,991 55.95
2028 18,613 1,305,884 70.16 1,402,967 75.38
2029 4,246 372,882 87.82 415,007 97.74
2030 19,021 1,553,465 81.67 1,807,635 95.03
2031 36,168 1,843,529 59.95 1,984,157 64.52
2032 6,357 445,253 70.04 491,452 77.31
2033 9,383 1,052,424 112.16 1,117,442 119.09
2034 — — — — —
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
2025 288,156 20,439,323 20,514,267 80.53
2026 655,996 53,344,246 94.68 54,901,346 97.44
2027 587,074 55,138,832 97.15 56,439,320 99.45
2028 465,949 44,628,004 99.57 47,520,854 106.02
2029 666,141 53,544,269 88.60 58,090,615 96.12
2030 490,663 39,869,418 86.59 45,054,647 97.85
2031 993,906 103,841,479 107.97 113,363,914 117.87
2032 405,059 31,891,403 85.72 37,806,708 101.62
2033 587,441 64,620,489 110.00 71,561,432 121.82
2034 331,223 21,329,587 99.85 26,577,563 124.41
Thereafter 403,137 38,992,009 97.21 51,273,876 127.83

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 56.

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.

Q2 2025
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 150,356 11,614,097 84.17 11,614,097 84.17
Q4 2025 137,800 8,825,226 75.59 8,900,170 76.23
Total 2025 288,156 20,439,323 80.24 20,514,267 80.53
Q1 2026 168,907 15,426,361 93.31 16,568,079 100.22
Q2 2026 159,713 14,367,331 100.88 14,367,331 100.88
Q3 2026 279,040 20,531,018 97.42 20,867,820 99.02
Q4 2026 31,735 2,083,923 73.49 2,148,463 75.77
Total 2026 639,395 52,408,633 95.84 53,951,693 98.66

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
Q1 2026 — — — — —
Q2 2026 5,276 447,632 84.84 447,632 84.84
Q3 2026 5,714 247,440 43.30 247,440 43.30
Q4 2026 5,611 240,540 42.87 254,580 45.37
Total 2026 16,601 935,613 56.36 949,653 57.20

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 150,356 11,614,097 84.17 11,614,097 84.17
Q4 2025 137,800 8,825,226 75.59 8,900,170 76.23
Total 2025 288,156 20,439,323 80.24 20,514,267 80.53
Q1 2026 168,907 15,426,361 93.31 16,568,079 100.22
Q2 2026 164,989 14,814,963 100.31 14,814,963 100.31
Q3 2026 284,754 20,778,458 95.99 21,115,260 97.55
Q4 2026 37,346 2,324,463 68.43 2,403,043 70.75
Total 2026 655,996 53,344,246 94.68 54,901,346 97.44

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 56.

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.

Q2 2025
Lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 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
2025 127,919 4,094,541 46.84 4,094,541 46.84
2026 66,610 3,918,588 59.61 4,028,145 61.27
2027 77,785 4,314,913 58.13 4,471,476 60.24
2028 601,382 17,002,949 56.22 17,863,556 59.06
2029 209,607 10,282,070 54.24 10,605,071 55.95
2030 40,707 2,413,273 59.28 2,655,900 65.24
2031 9,930 384,345 56.65 429,121 63.25
2032 70,933 4,211,558 73.14 4,866,692 84.51
2033 — — — — —
2034 — — — — —
Thereafter 63,925 1,638,595 69.39 2,006,913 84.99

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
2025 — — — — —
2026 — — — — —
2027 — — — — —
2028 945 51,431 54.42 55,873 59.12
2029 1,121 7,306 19.36 7,306 19.36
2030 — — — — —
2031 6,734 288,475 67.26 322,123 75.10
2032 — — — — —
2033 — — — — —
2034 — — — — —
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
2025 127,919 4,094,541 46.84 4,094,541 46.84
2026 66,610 3,918,588 59.61 4,028,145 61.27
2027 77,785 4,314,913 58.13 4,471,476 60.24
2028 602,327 17,054,380 56.21 17,919,429 59.06
2029 210,728 10,289,376 54.18 10,612,377 55.88
2030 40,707 2,413,273 59.28 2,655,900 65.24
2031 16,664 672,820 60.76 751,244 67.84
2032 70,933 4,211,558 73.14 4,866,692 84.51
2033 — — — — —
2034 — — — — —
Thereafter 63,925 1,638,595 69.39 2,006,913 84.99

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 56.

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.

Q2 2025
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 22,341 135,972 6.09 135,972 6.09
Q4 2025 105,578 3,958,569 60.84 3,958,569 60.84
Total 2025 127,919 4,094,541 46.84 4,094,541 46.84
Q1 2026 1,309 29,363 66.58 30,009 68.05
Q2 2026 39,138 2,291,477 58.55 2,330,096 59.54
Q3 2026 — — — — —
Q4 2026 26,163 1,597,748 61.07 1,668,040 63.76
Total 2026 66,610 3,918,588 59.61 4,028,145 61.27

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
Q1 2026 — — — — —
Q2 2026 — — — — —
Q3 2026 — — — — —
Q4 2026 — — — — —
Total 2026 — — — — —

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 22,341 135,972 6.09 135,972 6.09
Q4 2025 105,578 3,958,569 60.84 3,958,569 60.84
Total 2025 127,919 4,094,541 46.84 4,094,541 46.84
Q1 2026 1,309 29,363 66.58 30,009 68.05
Q2 2026 39,138 2,291,477 58.55 2,330,096 59.54
Q3 2026 — — — — —
Q4 2026 26,163 1,597,748 61.07 1,668,040 63.76
Total 2026 66,610 3,918,588 59.61 4,028,145 61.27

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 56.

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.

Q2 2025
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 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
2025 76,693 5,434,973 72.55 5,514,419 73.61
2026 246,515 12,039,254 68.47 12,220,039 69.50
2027 390,648 22,044,384 56.43 22,987,088 58.84
2028 352,863 15,975,915 73.13 17,805,305 81.51
2029 224,258 11,656,311 59.08 12,693,778 64.34
2030 214,276 12,177,619 60.15 13,551,570 66.93
2031 238,697 12,806,903 59.15 14,410,457 66.56
2032 654,138 43,207,617 68.22 49,050,655 77.45
2033 1,168,572 70,725,522 60.82 84,634,635 72.78
2034 297,024 16,902,555 56.91 20,309,897 68.38
Thereafter 3,430,721 189,259,217 62.03 235,805,147 77.29

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
2025 — — — — —
2026 31,104 1,520,816 51.93 1,524,849 52.07
2027 51,140 3,037,995 64.59 3,088,298 65.66
2028 32,691 2,239,756 68.51 2,270,526 69.45
2029 42,341 3,295,753 77.84 3,452,773 81.55
2030 40,520 2,838,233 70.05 3,066,320 75.67
2031 35,736 2,565,078 71.78 2,782,925 77.87
2032 22,679 1,457,422 64.26 1,694,589 74.72
2033 146,146 4,268,376 29.21 4,703,427 32.18
2034 38,076 2,468,601 64.83 2,706,254 71.08
Thereafter 94,137 5,602,211 61.55 6,723,460 73.87

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
2025 76,693 5,434,973 72.55 5,514,419 73.61
2026 277,619 13,560,070 66.11 13,744,888 67.01
2027 441,788 25,082,379 57.31 26,075,386 59.58
2028 385,554 18,215,671 72.53 20,075,831 79.94
2029 266,599 14,952,064 62.39 16,146,551 67.38
2030 254,796 15,015,852 61.80 16,617,890 68.39
2031 274,433 15,371,981 60.94 17,193,382 68.16
2032 676,817 44,665,039 68.09 50,745,244 77.35
2033 1,314,718 74,993,898 57.29 89,338,062 68.25
2034 335,100 19,371,156 57.81 23,016,151 68.68
Thereafter 3,524,858 194,861,428 62.02 242,528,607 77.19

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 56.

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.

Q2 2025
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 15,186 685,675 51.16 685,675 51.16
Q4 2025 61,507 4,749,298 77.22 4,828,743 78.51
Total 2025 76,693 5,434,973 72.55 5,514,419 73.61
Q1 2026 28,882 1,004,483 41.15 1,016,234 41.63
Q2 2026 40,827 1,946,512 47.68 1,985,989 48.64
Q3 2026 36,017 2,597,757 84.32 2,601,405 84.44
Q4 2026 140,789 6,490,501 81.36 6,616,411 82.93
Total 2026 246,515 12,039,254 68.47 12,220,039 69.50

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
Q1 2026 14,373 718,606 57.23 718,606 57.23
Q2 2026 — — — — —
Q3 2026 6,247 378,629 60.61 379,381 60.73
Q4 2026 10,484 423,581 40.40 426,863 40.72
Total 2026 31,104 1,520,816 51.93 1,524,849 52.07

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 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 15,186 685,675 51.16 685,675 51.16
Q4 2025 61,507 4,749,298 77.22 4,828,743 78.51
Total 2025 76,693 5,434,973 72.55 5,514,419 73.61
Q1 2026 43,255 1,723,089 46.61 1,734,840 46.93
Q2 2026 40,827 1,946,512 47.68 1,985,989 48.64
Q3 2026 42,264 2,976,386 80.33 2,980,786 80.44
Q4 2026 151,273 6,914,082 76.60 7,043,274 78.03
Total 2026 277,619 13,560,070 66.11 13,744,888 67.01

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 56.

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.

Q2 2025
Lease expirations - CBD properties 1, 2, 3

as of June 30, 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
2025 55,793 4,389,811 83.74 4,389,811 83.74
2026 286,766 19,164,723 80.68 19,338,733 81.41
2027 356,979 31,734,032 92.84 32,279,804 94.44
2028 727,304 81,955,486 116.13 86,509,007 122.59
2029 783,511 57,855,922 89.10 60,778,642 93.60
2030 1,211,970 86,470,785 74.54 91,790,140 79.12
2031 46,791 3,445,168 84.46 3,822,899 93.72
2032 863,930 71,707,705 83.06 88,890,027 102.96
2033 455,958 33,072,604 80.98 37,889,391 92.77
2034 1,264,793 97,623,120 90.08 108,625,452 100.24
Thereafter 4,570,649 317,658,392 87.47 397,133,090 109.35

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
2025 766 51,290 66.96 51,290 66.96
2026 186,451 12,507,911 70.72 12,859,533 72.71
2027 7,367 303,918 41.25 316,294 42.93
2028 299,852 15,691,082 77.66 17,135,800 84.81
2029 453,889 19,592,622 70.24 21,771,013 78.05
2030 63,390 4,519,038 71.29 5,158,610 81.38
2031 7,752 540,350 69.7 638,831 82.41
2032 246,667 10,682,958 83.66 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
Thereafter 503,103 38,335,073 76.2 46,788,999 93.00

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
2025 70,091 5,231,383 90.66 5,231,383 90.66
2026 150,432 20,151,969 184.48 20,239,407 185.28
2027 169,893 13,970,316 106.16 13,924,089 105.80
2028 256,705 23,545,770 119.30 23,594,412 119.54
2029 786,272 56,528,399 98.88 58,010,878 101.47
2030 470,522 44,393,050 111.68 45,831,394 115.30
2031 801,930 76,183,942 104.27 81,678,197 111.79
2032 236,986 13,213,995 90.76 13,836,134 95.03
2033 397,372 43,098,945 122.17 46,423,526 131.59
2034 1,439,338 127,889,087 114.58 145,587,301 130.44
Thereafter 4,307,225 296,312,309 106.42 333,144,764 119.65

All values are in US Dollars.

Q2 2025
Lease expirations - CBD properties (continued) 1, 2, 3

as of June 30, 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
2025 145,797 13,228,646 90.73 13,228,646 90.73
2026 350,881 35,100,466 100.04 36,467,263 103.93
2027 428,428 45,187,421 105.47 46,785,755 109.20
2028 349,001 40,179,075 115.13 42,613,407 122.10
2029 502,652 47,395,949 94.29 51,378,644 102.22
2030 338,386 32,721,948 96.70 37,026,513 109.42
2031 929,661 102,113,731 109.84 111,340,951 119.77
2032 339,022 29,670,038 87.52 35,347,630 104.26
2033 587,441 64,620,489 110.00 71,561,432 121.82
2034 100,631 8,210,504 81.59 10,342,472 102.78
Thereafter 399,054 38,890,342 97.46 51,141,224 128.16

All values are in US Dollars.

Seattle, WA
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 127,919 4,094,541 46.84 4,094,541 46.84
2026 66,610 3,918,588 59.61 4,028,145 61.27
2027 77,785 4,314,913 58.13 4,471,476 60.24
2028 602,327 17,054,380 56.21 17,919,429 59.06
2029 210,728 10,289,377 54.18 10,612,378 55.88
2030 40,707 2,413,273 59.28 2,655,900 65.24
2031 16,664 672,820 60.76 751,244 67.84
2032 70,933 4,211,558 73.14 4,866,692 84.51
2033 — — — — —
2034 — — — — —
Thereafter 63,925 1,638,595 69.39 2,006,913 84.99

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
2025 68,640 5,094,784 76.21 5,174,229 77.39
2026 257,692 12,742,454 68.81 12,905,152 69.69
2027 426,212 24,267,210 57.49 25,255,387 59.83
2028 385,554 18,215,671 72.53 20,075,830 79.94
2029 261,371 14,639,560 62.45 15,809,570 67.44
2030 230,811 14,111,181 64.43 15,611,301 71.28
2031 260,070 14,753,781 62.02 16,561,773 69.62
2032 676,817 44,665,040 68.09 50,745,244 77.35
2033 1,242,974 73,210,468 59.17 87,536,192 70.75
2034 326,638 19,037,591 58.28 22,610,744 69.22
Thereafter 3,524,858 194,861,428 62.02 242,528,607 77.19

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 56.

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.

Q2 2025
Lease expirations - Suburban properties 1, 2, 3

as of June 30, 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
2025 187,721 10,373,198 55.26 10,373,198 55.26
2026 141,334 9,575,942 67.75 9,733,830 68.87
2027 196,647 12,232,196 62.20 12,570,514 63.92
2028 274,814 15,442,634 56.19 16,283,559 59.25
2029 493,686 25,597,155 51.85 28,143,743 57.01
2030 164,675 10,727,539 65.14 12,090,113 73.42
2031 627,806 37,785,919 66.59 40,836,704 71.96
2032 176,435 10,813,794 61.29 12,296,965 69.70
2033 350,366 26,964,305 76.96 30,908,377 88.22
2034 326,384 23,834,474 73.03 27,765,925 85.07
Thereafter 291,837 15,988,605 54.79 19,594,449 67.14

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
2025 43,344 1,447,950 33.41 1,447,950 33.41
2026 148,646 6,063,004 40.79 6,110,488 41.11
2027 363,535 14,683,386 40.39 14,913,632 41.02
2028 68,282 2,596,827 38.03 2,684,849 39.32
2029 158,749 5,585,283 35.18 5,897,263 37.15
2030 120,622 4,854,101 40.24 5,104,603 42.32
2031 184,641 7,714,121 41.78 7,978,572 43.21
2032 113,126 4,486,251 39.66 4,646,418 41.07
2033 19,431 763,429 39.29 841,153 43.29
2034 — — — — —
Thereafter 318,984 12,611,068 39.54 14,131,236 44.30

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
2025 142,359 7,210,677 66.19 7,285,621 66.88
2026 305,115 18,243,779 85.83 18,434,084 86.73
2027 158,646 9,951,411 71.54 9,653,566 69.39
2028 116,948 4,448,929 44.84 4,907,447 49.46
2029 163,489 6,148,319 60.47 6,711,971 66.01
2030 152,277 7,147,469 58.56 8,028,134 65.78
2031 64,245 1,727,749 53.79 2,022,963 62.98
2032 66,037 2,221,365 67.28 2,459,078 74.48
2033 — — — — —
2034 230,592 13,119,082 116.11 16,235,091 143.69
Thereafter 4,083 101,667 49.80 132,652 64.98

All values are in US Dollars.

Q2 2025
Lease expirations - Suburban properties (continued) 1, 2, 3

as of June 30, 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
2025 8,053 340,190 42.24 340,190 42.24
2026 19,927 817,616 41.03 839,736 42.14
2027 15,576 815,169 52.33 819,999 52.65
2028 — — — — —
2029 5,228 312,505 59.78 336,981 64.46
2030 23,985 904,671 37.72 1,006,588 41.97
2031 14,363 618,200 43.04 631,608 43.97
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
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 56.

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.

Q2 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
Citi Nicholas Joseph 212.816.1909
Compass Point Research & Trading, LLC Ken Billingsley 202.534.1393
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 Peter Abramowitz 212.336.7241
J.P. Morgan Securities Anthony Paolone 212.622.6682
Keybanc Capital Market Todd Thomas / Upal Rana 917.368.2286 / 917.368.2316
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 Andrew Rosivach 646.582.9250 Debt Research Coverage
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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
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Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Michael Souers 212.438.2508
Q2 2025
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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 60.

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 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 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.

Q2 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 attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net income attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment loss 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 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.

Q2 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 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 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.

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.

Q2 2025
Definitions (continued)

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, 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 investment, 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. 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.”

Q2 2025
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
30-Jun-25 31-Mar-25
Revenue $ 868,457 $ 865,215
Partners’ share of revenue from consolidated joint ventures (JVs) (88,271) (85,401)
BXP’s share of revenue from unconsolidated JVs 55,481 56,378
BXP’s Share of revenue $ 835,667 $ 836,192
Straight-line rent $ 24,533 $ 30,968
Partners’ share of straight-line rent from consolidated JVs (6,247) (6,432)
BXP’s share of straight-line rent from unconsolidated JVs 2,249 2,151
BXP’s Share of straight-line rent $ 20,535 $ 26,687
Fair value lease revenue 1 $ 1,915 $ 1,864
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 1,103 1,001
BXP’s Share of fair value lease revenue 1 $ 3,029 $ 2,876
Lease termination income $ 909 $ 246
Partners’ share of termination income from consolidated JVs — —
BXP’s share of termination income from unconsolidated JVs (146) 200
BXP’s Share of termination income $ 763 $ 446
Non-cash termination income adjustment (fair value lease amounts) $ — $ —
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs — —
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs — —
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) $ — $ —
Parking and other revenue $ 34,799 $ 30,242
Partners’ share of parking and other revenue from consolidated JVs (769) (653)
BXP’s share of parking and other revenue from unconsolidated JVs 2,022 1,841
BXP’s Share of parking and other revenue $ 36,052 $ 31,430
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 362 358
BXP’s Share of hedge amortization, net of costs $ 1,808 $ 1,804
Straight-line ground rent expense adjustment $ 448 $ 41
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 136 136
BXP’s Share of straight-line ground rent expense adjustment $ 584 $ 177
Depreciation and amortization $ 223,819 $ 220,107
Noncontrolling interests in property partnerships’ share of depreciation and amortization (20,945) (20,464)
BXP’s share of depreciation and amortization from unconsolidated JVs 16,674 17,327
BXP’s Share of depreciation and amortization $ 219,548 $ 216,970
Lease transaction costs that qualify as rent inducements 2 $ 4,427 $ 5,638
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 (924) (1,149)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 (21) (188)
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 3,482 $ 4,301
2nd generation tenant improvements and leasing commissions $ 69,064 $ 65,709
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (9,137) (7,731)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 1,496 969
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 61,423 $ 58,947 Q2 2025
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 32,934 $ 20,186
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (3,426) (1,974)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 703 95
BXP’s Share of maintenance capital expenditures 3 $ 30,211 $ 18,307
Interest expense $ 162,783 $ 163,444
Partners’ share of interest expense from consolidated JVs (11,892) (11,765)
BXP’s share of interest expense from unconsolidated JVs 18,872 18,615
BXP’s Share of interest expense $ 169,763 $ 170,294
Capitalized interest $ 12,148 $ 10,317
Partners’ share of capitalized interest from consolidated JVs (23) (27)
BXP’s share of capitalized interest from unconsolidated JVs 1,891 1,862
BXP’s Share of capitalized interest $ 14,016 $ 12,152
Amortization of financing costs $ 4,737 $ 4,825
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 426 444
BXP’s Share of amortization of financing costs $ 4,665 $ 4,771
Fair value interest adjustment $ 718 $ 2,221
Partners’ share of fair value of interest adjustment from consolidated JVs — —
BXP’s share off fair value interest adjustment from unconsolidated JVs 499 387
BXP’s Share of fair value interest adjustment $ 1,217 $ 2,608
Amortization and accretion related to sales type lease $ 232 $ 281
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — —
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs 29 28
BXP’s Share of amortization and accretion related to sales type lease $ 261 $ 309

_____________

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.

Q2 2025
Reconciliations (continued)

for the three months ended June 30, 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 $ 84,205 $ 105,742 $ 189,947
Straight-line rent 2,603 11,569 14,172
Fair value lease revenue (27) — (27)
Termination income — — —
Total lease revenue 86,781 117,311 204,092
Parking and other — 1,708 1,708
Total rental revenue 3 86,781 119,019 205,800
Expenses
Operating 39,702 42,513 82,215
Net Operating Income (NOI) 47,079 76,506 123,585
Other income (expense)
Development and management services revenue — — —
Losses from investments in securities — (3) (3)
Interest and other income 1,215 2,172 3,387
Interest expense (21,176) (7,612) (28,788)
Depreciation and amortization expense (18,792) (28,217) (47,009)
General and administrative expense (59) (55) (114)
Total other income (expense) (38,812) (33,715) (72,527)
Net income $ 8,267 $ 42,791 $ 51,058
BXP’s nominal ownership percentage 60% 55%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 18,129 $ 33,433 $ 51,562
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 28,950 $ 43,073 $ 72,023
Unearned portion of capitalized fees 5 $ 342 $ 627 $ 969
Partners’ share of select items 4
Partners’ share of parking and other revenue $ — $ 769 $ 769
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 $ 416 $ 527 $ 943
Partners’ share of capitalized interest $ — $ 23 $ 23
Partners’ share of lease transactions costs which will qualify as rent inducements $ (55) $ (869) $ (924)
Partners’ share of management and other fees $ 702 $ 1,029 $ 1,731
Partners’ share of basis differential depreciation and amortization expense $ (25) $ (187) $ (212)
Partners’ share of basis differential interest and other adjustments $ (4) $ 4 $ —
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 2,217 $ 17,883 $ 20,100
Add:
Partners’ share of interest expense after BXP’s basis differential 8,467 3,425 11,892
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,908 13,037 20,945
Partners’ share of EBITDAre $ 18,592 $ 34,345 $ 52,937
Q2 2025
--- ---
Reconciliations (continued)

for the three months ended June 30, 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 $ 34,712 $ 53,559 $ 88,271
Less: Termination income — — —
Rental revenue (excluding termination income) 3 34,712 53,559 88,271
Less: Operating expenses (including partners’ share of management and other fees) 16,583 20,160 36,743
Income allocation to private REIT shareholders — (34) (34)
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 18,129 $ 33,433 $ 51,562
Rental revenue (excluding termination income) 3 $ 34,712 $ 53,559 $ 88,271
Less: Straight-line rent 1,041 5,206 6,247
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements 55 869 924
Subtotal 33,737 49,222 82,959
Less: Operating expenses (including partners’ share of management and other fees) 16,583 20,160 36,743
Income allocation to private REIT shareholders — (34) (34)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 17,154 $ 29,096 $ 46,250
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 34,712 $ 53,559 $ 88,271
Add: Development and management services revenue — — —
Revenue $ 34,712 $ 53,559 $ 88,271

_________

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, 343 Madison Avenue, 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 56.

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.

Q2 2025
Reconciliations (continued)

for the three months ended June 30, 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 $ 27,501 $ 19,993 $ 14,658 $ 18,361 $ 7,576 $ 23,627 $ 111,716
Straight-line rent 546 (1,332) 4,750 46 630 (185) 4,455
Fair value lease revenue — — 1,300 1 1,291 — 2,592
Termination income — — (1,402) 456 — — (946)
Amortization and accretion related to sales-type lease 57 — — — — — 57
Total lease revenue 28,104 18,661 19,306 18,864 9,497 23,442 117,874
Parking and other 455 2,057 60 322 660 923 4,477
Total rental revenue 3 28,559 20,718 19,366 19,186 10,157 24,365 122,351
Expenses
Operating 10,419 7,403 14,748 4 10,542 3,407 8,340 54,859
Net operating income 18,140 13,315 4,618 8,644 6,750 16,025 67,492
Other income (expense)
Development and management services revenue — — 530 — — — 530
Interest and other income (loss) 426 1,091 683 (1) 144 208 2,551
Interest expense (10,514) (4,998) (15,444) — (4,206) (9,942) (45,104)
Unrealized gain/loss on derivative instruments — — (4,904) — — — (4,904)
Transaction costs 3 — — — — (4) (1)
Depreciation and amortization expense (8,474) (5,334) (9,415) (9,783) (5,299) (5,847) (44,152)
General and administrative expense (2) (20) (232) (29) (48) — (331)
Loss from early extinguishment of debt — — — — — — —
Total other income (expense) (18,561) (9,261) (28,782) (9,813) (9,409) (15,585) (91,411)
Net income (loss) $ (421) $ 4,054 $ (24,164) $ (1,169) $ (2,659) $ 440 $ (23,919)
BXP’s share of select items:
BXP’s share of parking and other revenue $ 228 $ 1,029 $ 27 $ 161 $ 222 $ 355 $ 2,022
BXP’s share of amortization of financing costs $ 170 $ 23 $ 111 $ — $ 28 $ 94 $ 426
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 362 $ — $ 362
BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499
BXP’s share of capitalized interest $ — $ — $ 1,891 $ — $ — $ — $ 1,891
Reconciliation of BXP’s share of EBITDAre
Income (loss) from unconsolidated joint ventures $ (218) $ 2,985 $ (7,421) $ 608 $ (114) $ 836 $ (3,324)
Add:
BXP’s share of interest expense 5,258 2,499 5,809 — 1,416 3,890 18,872
BXP’s share of depreciation and amortization expense 4,244 2,102 5 3,486 5 3,569 5 1,003 2,270 16,674
BXP’s share of loss from early extinguishment of debt — — — — — — —
BXP’s share of EBITDAre $ 9,284 $ 7,586 5 $ 1,874 5 $ 4,177 5 $ 2,305 $ 6,996 $ 32,222 Q2 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 $ 14,280 $ 10,755 5 $ 7,258 5 $ 9,530 $ 3,420 $ 9,973 $ 55,216
BXP’s share of operating expenses 5,210 3,702 5,747 5,332 1,143 3,053 24,187
BXP’s share of net operating income (loss) 9,070 7,053 5 1,511 5 4,198 2,277 6,920 31,029
Less:
BXP’s share of termination income — — (374) 228 — — (146)
BXP’s share of net operating income (loss) (excluding termination income) 9,070 7,053 1,885 3,970 2,277 6,920 31,175
Less:
BXP’s share of straight-line rent 274 (575) 5 2,383 5 23 212 (68) 2,249
BXP’s share of fair value lease revenue — 305 5 362 5 1 435 — 1,103
BXP’s share of amortization and accretion related to sales type lease 29 — — — — — 29
Add:
BXP’s share of straight-line ground rent expense adjustment — — 136 — — — 136
BXP’s share of lease transaction costs that qualify as rent inducements — — — — — (21) (21)
BXP’s share of net operating income (loss) - cash (excluding termination income) $ 8,767 $ 7,323 5 $ (724) 5 $ 3,946 $ 1,630 $ 6,967 $ 27,909
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 14,280 $ 10,755 5 $ 7,258 5 $ 9,530 $ 3,420 $ 9,973 $ 55,216
Add:
BXP’s share of development and management services revenue — — 265 — — — 265
BXP’s share of revenue $ 14,280 $ 10,755 5 $ 7,523 5 $ 9,530 $ 3,420 $ 9,973 $ 55,481

_____________

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 56.

4 Includes approximately $272 of straight-line ground rent expense.

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

Q2 2025
Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

Three Months Ended
31-Mar-25 31-Mar-24
Net income attributable to BXP, Inc. $ 61,177 $ 79,883
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 6,979 9,500
Noncontrolling interest in property partnerships 18,749 17,221
Net income 86,905 106,604
Add:
Interest expense 163,444 161,891
Loss from early extinguishment of debt 338 —
Impairment loss — 13,615
Loss on sales-type lease 2,490 —
Depreciation and amortization expense 220,107 218,716
Transaction costs 768 513
Payroll and related costs from management services contracts 4,499 4,293
General and administrative expense 52,284 50,018
Less:
Interest and other income (loss) 7,750 14,529
Unrealized gain (loss) on non-real estate investment (483) 396
Gains (losses) from investments in securities (365) 2,272
Income (loss) from unconsolidated joint ventures (2,139) 19,186
Direct reimbursements of payroll and related costs from management services contracts 4,499 4,293
Development and management services revenue 9,775 6,154
Net Operating Income (NOI) 511,798 508,820
Add:
BXP’s share of NOI from unconsolidated joint ventures 32,682 35,430
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 49,702 46,570
BXP’s Share of NOI 494,778 497,680
Less:
Termination income 246 1,999
BXP’s share of termination income from unconsolidated joint ventures 200 2,659
Add:
Partners’ share of termination income from consolidated joint ventures — (34)
BXP’s Share of NOI (excluding termination income) $ 494,332 $ 492,988
Net Operating Income (NOI) $ 511,798 $ 508,820
Less:
Termination income 246 1,999
NOI from non Same Properties (excluding termination income) 17,605 8,697
Same Property NOI (excluding termination income) 493,947 498,124
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 49,702 46,604
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4,353 —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 32,482 32,771
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) — 201
BXP’s Share of Same Property NOI (excluding termination income) $ 481,080 $ 484,090
Change in BXP’s Share of Same Property NOI (excluding termination income) $ (3,010)
Change in BXP’s Share of Same Property NOI (excluding termination income) (0.6) %
Q2 2025
--- ---
Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

Three Months Ended
31-Mar-25 31-Mar-24
Net income attributable to BXP, Inc. $ 61,177 $ 79,883
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 6,979 9,500
Noncontrolling interest in property partnerships 18,749 17,221
Net income 86,905 106,604
Add:
Interest expense 163,444 161,891
Loss from early extinguishment of debt 338 —
Impairment loss — 13,615
Loss on sales-type lease 2,490 —
Depreciation and amortization expense 220,107 218,716
Transaction costs 768 513
Payroll and related costs from management services contracts 4,499 4,293
General and administrative expense 52,284 50,018
Less:
Interest and other income (loss) 7,750 14,529
Unrealized gain (loss) on non-real estate investment (483) 396
Gains (losses) from investments in securities (365) 2,272
Income (loss) from unconsolidated joint ventures (2,139) 19,186
Direct reimbursements of payroll and related costs from management services contracts 4,499 4,293
Development and management services revenue 9,775 6,154
Net Operating Income (NOI) 511,798 508,820
Less:
Straight-line rent 30,968 40,520
Fair value lease revenue 1,864 1,394
Amortization and accretion related to sales type lease 281 242
Termination income 246 1,999
Add:
Straight-line ground rent expense adjustment 1 (206) 537
Lease transaction costs that qualify as rent inducements 2 5,638 5,312
NOI - cash (excluding termination income) 483,871 470,514
Less:
NOI - cash from non Same Properties (excluding termination income) 12,545 4,418
Same Property NOI - cash (excluding termination income) 471,326 466,096
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 44,430 41,690
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) 3,070 —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 29,250 28,020
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (1,680) (147)
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 460,896 $ 452,573
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ 8,323
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) 1.8 %

_____________

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 $247 and $(17) for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company has remaining lease payments aggregating approximately $30.9 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.

Q2 2025
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Jun-24 31-Mar-24
Revenue
Lease $ 790,555 $ 788,590
Parking and other 33,890 29,693
Insurance proceeds 725 2,523
Hotel revenue 14,812 8,186
Development and management services 6,352 6,154
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,293
Total revenue 850,482 839,439
Expenses
Operating 175,545 169,043
Real estate taxes 144,994 145,027
Restoration expenses related to insurance claim 887 87
Hotel operating 9,839 6,015
General and administrative 44,109 50,018
Payroll and related costs from management services contracts 4,148 4,293
Transaction costs 189 513
Depreciation and amortization 219,542 218,716
Total expenses 599,253 593,712
Other income (expense)
Income (loss) from unconsolidated joint ventures (5,799) 19,186
Gains from investments in securities 315 2,272
Unrealized gain on non-real estate investment 58 396
Interest and other income (loss) 10,788 14,529
Impairment loss — (13,615)
Interest expense (149,642) (161,891)
Net income 106,949 106,604
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (17,825) (17,221)
Noncontrolling interest - common units of the Operating Partnership (9,509) (9,500)
Net income attributable to BXP, Inc. $ 79,615 $ 79,883
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic $ 0.51 $ 0.51
Net income attributable to BXP, Inc. per share - diluted $ 0.51 $ 0.51

68

Document

Exhibit 99.2

bxp-color.gif

BXP ANNOUNCES SECOND QUARTER 2025 RESULTS

Exceeded Q2 Guidance for EPS and FFO and Increased Full Year Guidance, Executed More Than 1.1 Million Square Feet of Leases in Q2 and Announces Development of 343 Madison Avenue in New York City

BOSTON, MA, July 29, 2025 - BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the second quarter ended June 30, 2025.

Financial Highlights

Second Quarter 2025:

•Revenue increased 2.1% to $868.5 million for the quarter ended June 30, 2025, compared to $850.5 million for the quarter ended June 30, 2024.

•Net income attributable to BXP, Inc. of $89.0 million, or $0.56 per diluted share (EPS), for the quarter ended June 30, 2025, compared to $79.6 million, or $0.51 per diluted share, for the quarter ended June 30, 2024.

◦EPS exceeded the midpoint of BXP’s guidance by $0.17 per diluted share primarily due to the gain on sale recognized in connection with the transaction involving 17 Hartwell Avenue discussed below of $0.10 per diluted share, as well as better-than-projected Funds from Operations (FFO) of $0.05 per diluted share.

•Funds from Operations (FFO) of $271.7 million, or $1.71 per diluted share, for the quarter ended June 30, 2025, compared to FFO of $278.4 million, or $1.77 per diluted share, for the quarter ended June 30, 2024.

◦FFO exceeded the midpoint of BXP’s guidance by $0.05 per diluted share primarily due to better-than-projected portfolio performance.

Guidance

BXP provided guidance for third quarter 2025 EPS of $0.41 - $0.43 and FFO of $1.69 - $1.71 per diluted share, and update guidance for full year 2025 EPS of $1.74 - $1.82 and FFO of $6.84 - $6.92 per diluted share.

The midpoint of full year 2025 guidance for EPS increased by $0.12 per diluted share primarily due to the gain on sale in connection with the 17 Hartwell Avenue transaction as well as better-than-projected FFO.

The midpoint of full year 2025 guidance for FFO increased by $0.02 per diluted share due to better-than-projected portfolio performance.

See “EPS and FFO per Share Guidance” below.

–more–

Leasing & Occupancy

•Executed 91 leases in the second quarter totaling more than 1.1 million square feet with a weighted-average lease term of 9.4 years.

•Notable leases for the second quarter include approximately 200,000 square feet on development projects in the Washington, DC region:

◦an approximately 126,000 square foot lease with a global law firm at 725 12th Street, a redevelopment project that is now 87% pre-leased; and

◦an approximately 75,000 square foot lease with a defense technology company at Reston Next Office Phase II, a development project that is now 95% pre-leased.

•BXP’s CBD portfolio of premier workplaces was 89.9% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP) for the second quarter. Approximately 89.0% 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 second quarter was 86.4%. As previously communicated during our Q1 2025 Earnings Call on April 30, 2025, total portfolio occupancy declined in the second quarter by 50 basis points primarily due to the known expiration of a 360,000 square foot lease in the Boston region.

•BXP’s total portfolio percentage leased for the second quarter was 89.1% (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). The difference between leased and occupied square footage has grown to 270 basis points, which represents approximately 1.3 million square feet of space which is expected to commence in 2025 and 2026.

Development

•BXP will be proceeding with full vertical construction of 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. BXP is electing to acquire our partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. In addition, BXP signed a letter of intent with a prospective client for approximately 274,000 square feet, or 30% of the building’s square footage and BXP has other tenant proposals in discussion, underscoring the continued strong demand for the future premier workplace. 343 Madison represents a strong and significant value creation opportunity for shareholders.

Transactions

•As part of BXP’s strategy to use residential entitlements to maximize the value of its land holdings, BXP is redeveloping 17 Hartwell Avenue, into a fully entitled, 312-unit residential project in Lexington, Massachusetts with its investor, Northwestern Mutual. BXP sold 17 Hartwell Avenue to the new venture for approximately $21.8 million in cash. BXP also contributed development costs of approximately $5.6 million for its 20% ownership interest. BXP recognized a gain upon sale of the property of approximately $18.4 million. BXP will be the development manager for the project. In addition, the project entered into a $98.7 million

–more–

construction loan that is scheduled to mature on July 10, 2030, and bears interest at a fixed rate of 6.75% per annum. 17 Hartwell is expected to be completed in mid-2027.

Sustainability & Impact

•In connection with Earth Day, BXP published its 2024 Sustainability & Impact Report, which highlights that, among other things, BXP achieved its net-zero goal of carbon-neutral operations for Scopes 1 and 2 greenhouse gas emissions.

EPS and FFO per Share Guidance:

BXP’s guidance for the third quarter of 2025 and full year 2025 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, (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.

Third Quarter 2025 Full Year 2025
Low High Low High
Projected EPS (diluted) $ 0.41 $ 0.43 $ 1.74 $ 1.82
Add:
Projected Company share of real estate depreciation and amortization 1.28 1.28 5.20 5.20
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.10) (0.10)
Projected FFO per share (diluted) $ 1.69 $ 1.71 $ 6.84 $ 6.92

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 June 30, 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, July 30, 2025 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter results, 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/BI9be06ec42e3a4970aa69a73f7cc59906 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

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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 second 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 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2025, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.7 million square feet and 186 properties, including ten properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release includes references to “BXP’s Share of annualized rental obligations.” We define rental obligations as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements. Further, "annualized rental obligations" is defined as monthly rental obligations, as of the last day of the reporting period, multiplied by twelve (12). "BXP's Share" is based on annualized rental obligations for our consolidated portfolio, plus our share of annualized rental obligations from the unconsolidated joint ventures properties (calculated based on our ownership percentage), minus our partners' share of annualized rental obligations from our consolidated joint venture properties (calculated based on our partners' percentage ownership interests). Our definitions of the foregoing operating metrics may be different than those used by other companies.

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 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, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate 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 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.

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BXP, INC.<br><br>CONSOLIDATED BALANCE SHEETS<br><br>(Unaudited)
June 30, 2025 December 31, 2024
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 26,632,189 $ 26,391,933
Construction in progress 1,047,687 764,640
Land held for future development 748,198 714,050
Right of use assets - finance leases 372,839 372,922
Right of use assets - operating leases 325,670 334,767
Less: accumulated depreciation (7,863,743) (7,528,057)
Total real estate 21,262,840 21,050,255
Cash and cash equivalents 446,953 1,254,882
Cash held in escrows 80,888 80,314
Investments in securities 41,062 39,706
Tenant and other receivables, net 109,683 107,453
Note receivable, net 6,711 4,947
Related party note receivables, net 88,825 88,779
Sales-type lease receivable, net 15,188 14,657
Accrued rental income, net 1,509,347 1,466,220
Deferred charges, net 809,033 813,345
Prepaid expenses and other assets 89,624 70,839
Investments in unconsolidated joint ventures 1,161,036 1,093,583
Total assets $ 25,621,190 $ 26,084,980
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,278,788 $ 4,276,609
Unsecured senior notes, net 9,800,577 10,645,077
Unsecured line of credit 185,000 —
Unsecured term loans, net 796,640 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases 365,897 370,885
Lease liabilities - operating leases 399,174 392,686
Accounts payable and accrued expenses 480,158 401,874
Dividends and distributions payable 172,732 172,486
Accrued interest payable 120,975 128,098
Other liabilities 416,838 450,796
Total liabilities 17,766,779 18,137,324
Commitments and contingencies — —
Redeemable deferred stock units 6,981 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, 158,445,177 and 158,253,895 issued and 158,366,277 and 158,174,995 outstanding at June 30, 2025 and December 31, 2024, respectively 1,584 1,582
Additional paid-in capital 6,854,753 6,836,093
Dividends in excess of earnings (1,579,770) (1,419,575)
Treasury common stock at cost, 78,900 shares at June 30, 2025 and December 31, 2024 (2,722) (2,722)
Accumulated other comprehensive loss (15,059) (2,072)
Total stockholders’ equity attributable to BXP, Inc. 5,258,786 5,413,306
Noncontrolling interests:
Common units of the Operating Partnership 584,651 591,270
Property partnerships 2,003,993 1,933,545
Total equity 7,847,430 7,938,121
Total liabilities and equity $ 25,621,190 $ 26,084,980

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
(in thousands, except for per share amounts)
Revenue
Lease $ 805,935 $ 790,555 $ 1,617,037 $ 1,579,145
Parking and other 34,799 34,615 65,041 66,831
Hotel 14,773 14,812 24,370 22,998
Development and management services 8,846 6,352 18,621 12,506
Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148 8,603 8,441
Total revenue 868,457 850,482 1,733,672 1,689,921
Expenses
Operating
Rental 332,062 321,426 663,640 635,583
Hotel 9,365 9,839 16,930 15,854
General and administrative 42,516 44,109 94,800 94,127
Payroll and related costs from management services contracts 4,104 4,148 8,603 8,441
Transaction costs 357 189 1,125 702
Depreciation and amortization 223,819 219,542 443,926 438,258
Total expenses 612,223 599,253 1,229,024 1,192,965
Other income (expense)
Income (loss) from unconsolidated joint ventures (3,324) (5,799) (5,463) 13,387
Gain on sale of real estate 18,390 — 18,390 —
Loss on sales-type lease — — (2,490) —
Interest and other income (loss) 8,063 10,788 15,813 25,317
Gains (losses) from investments in securities 2,600 315 2,235 2,587
Unrealized gain (loss) on non-real estate investment (39) 58 (522) 454
Impairment loss — — — (13,615)
Loss from early extinguishment of debt — — (338) —
Interest expense (162,783) (149,642) (326,227) (311,533)
Net income 119,141 106,949 206,046 213,553
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships (20,100) (17,825) (38,849) (35,046)
Noncontrolling interest—common units of the Operating Partnership (10,064) (9,509) (17,036) (19,009)
Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498
Basic earnings per common share attributable to BXP, Inc.
Net income $ 0.56 $ 0.51 $ 0.95 $ 1.02
Weighted average number of common shares outstanding 158,312 157,039 158,257 157,011
Diluted earnings per common share attributable to BXP, Inc.
Net income $ 0.56 $ 0.51 $ 0.95 $ 1.01
Weighted average number of common and common equivalent shares outstanding 158,795 157,291 158,713 157,210

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended June 30, Six months ended June 30,
2025 2024 2025 2024
(in thousands, except for per share amounts)
Net income attributable to BXP, Inc. $ 88,977 $ 79,615 $ 150,161 $ 159,498
Add:
Noncontrolling interest - common units of the Operating Partnership 10,064 9,509 17,036 19,009
Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046
Net income 119,141 106,949 206,046 213,553
Add:
Depreciation and amortization expense 223,819 219,542 443,926 438,258
Noncontrolling interests in property partnerships’ share of depreciation and amortization (20,945) (19,203) (41,409) (37,898)
Company’s share of depreciation and amortization from unconsolidated joint ventures 16,674 19,827 34,001 40,050
Corporate-related depreciation and amortization (600) (406) (1,316) (825)
Non-real estate related amortization 2,131 2,130 4,261 4,260
Loss on sales-type lease — — 2,490 —
Impairment loss — — — 13,615
Less:
Gain on sale of real estate 18,390 — 18,390 —
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — — — 21,696
Unrealized gain (loss) on non-real estate investment (39) 58 (522) 454
Noncontrolling interests in property partnerships 20,100 17,825 38,849 35,046
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 301,769 310,956 591,282 613,817
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 30,117 32,557 59,010 64,144
Funds from operations attributable to BXP, Inc. $ 271,652 $ 278,399 $ 532,272 $ 549,673
BXP, Inc.’s percentage share of funds from operations - basic 90.02 % 89.53 % 90.02 % 89.55 %
Weighted average shares outstanding - basic 158,312 157,039 158,257 157,011
FFO per share basic $ 1.72 $ 1.77 $ 3.36 $ 3.50
Weighted average shares outstanding - diluted 158,795 157,291 158,713 157,210
FFO per share diluted $ 1.71 $ 1.77 $ 3.35 $ 3.50

(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)
June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024
Boston 97.0 % 95.9 % 98.5 % 97.5 %
Los Angeles 86.3 % 84.9 % 86.9 % 87.4 %
New York 87.2 % 90.8 % 93.0 % 93.6 %
San Francisco 81.8 % 84.3 % 83.8 % 85.2 %
Seattle 84.6 % 81.6 % 85.9 % 83.5 %
Washington, DC 91.1 % 91.9 % 92.7 % 93.6 %
CBD Portfolio 89.9 % 90.9 % 92.5 % 92.8 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024
Boston 89.7 % 89.7 % 91.2 % 91.5 %
Los Angeles 86.3 % 84.9 % 86.9 % 87.4 %
New York 84.4 % 87.1 % 90.2 % 90.0 %
San Francisco 78.7 % 80.8 % 80.7 % 81.7 %
Seattle 84.6 % 81.6 % 85.9 % 83.5 %
Washington, DC 90.5 % 91.4 % 92.3 % 93.0 %
Total Portfolio 86.4 % 87.5 % 89.1 % 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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