Equibles

8-K

BXP, Inc. (BXP)

8-K 2025-01-28 For: 2025-01-28
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 28, 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 January 28, 2025, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the fourth quarter and full year ended 2024. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
*99.1 BXP, Inc. Supplemental Operating and Financial Data for the quarter ended December 31, 2024.
*99.2 Press release dated January 28, 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: January 28, 2025

Document

Exhibit 99.1

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Supplemental Operating and Financial Data

for the Quarter Ended December 31, 2024

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). Including properties owned by joint ventures, BXP’s portfolio totals 53.3 million square feet and 185 properties, including 7 properties under construction/redevelopment. BXP’s properties include 163 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including one residential property 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 twelfth 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 the impact of changes in general economic and capital market conditions, including continued inflation, high interest rates, supply chain disruptions, labor market 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, 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 geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), 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 (including costs to comply with the Securities and Exchange Commission’s and California’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES

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

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

GENERAL INFORMATION

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

(Cover photo: Rendering of 725 12th Street, Washington, DC)

Q4 2024
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 22
Top 20 Clients Listing and Portfolio Client Diversification 26
Occupancy by Location 27
DEBT AND CAPITALIZATION
Capital Structure 28
Debt Analysis 30
Senior Unsecured Debt Covenant Compliance Ratios 31
Net Debt to EBITDAre 32
Debt Ratios 33
JOINT VENTURES
Consolidated Joint Ventures 34
Unconsolidated Joint Ventures 36
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties 39
Boston 40
Los Angeles 42
New York 44
San Francisco 46
Seattle 48
Washington, DC 50
CBD 52
Suburban 54
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 56
Definitions 57
Reconciliations 61
Consolidated Income Statement - Prior Year 69
Q4 2024
--- ---
Company profile

SNAPSHOT

(as of December 31, 2024)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 185
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 53.3 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, 2 176.2 million
Closing Price, at the end of the quarter $74.36 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield 5.3%
Consolidated Market Capitalization 2 $29.3 billion
BXP’s Share of Market Capitalization 2, 3 $29.3 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
Chair of Compensation Committee Michael E. LaBelle Executive Vice President, Chief Financial Officer and Treasurer
Bruce W. Duncan Chair of Audit Committee Rodney C. Diehl Executive Vice President, West Coast Regions
Carol B. Einiger Donna D. Garesche Executive Vice President, Chief Human Resources Officer
Diane J. Hoskins Chair of Sustainability Committee Bryan J. Koop Executive Vice President, Boston Region
Mary E. Kipp Peter V. Otteni Executive Vice President, Co-Head of the Washington, DC
Matthew J. Lustig Chair of Nominating & Corporate Region
Governance Committee Hilary Spann Executive Vice President, New York Region
Timothy J. Naughton John J. Stroman Executive Vice President, Co-Head of the Washington, DC
William H. Walton, III Region
Derek A. (Tony) West Colin D. Joynt Senior Vice President, Chief Information Officer
Eric G. Kevorkian Senior Vice President, Chief Legal Officer and Secretary
Michael R. Walsh Senior Vice President, Chief Accounting Officer
James J. Whalen Senior Vice President, Chief Technology Officer

___________________

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

2For additional detail, see page 28.

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

Q4 2024
Guidance and assumptions

GUIDANCE

BXP’s guidance for the first 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 January 28, 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 59. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

First Quarter 2025 Full Year 2025
Low High Low High
Projected EPS (diluted) $ 0.33 $ 0.35 $ 1.57 $ 1.75
Add:
Projected Company share of real estate depreciation and amortization 1.30 1.30 5.20 5.20
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — — —
Projected FFO per share (diluted) $ 1.63 $ 1.65 $ 6.77 $ 6.95

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) (1.00) % 0.50 %
Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) — % 1.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 19,000 $ 22,000
Taking Buildings Out-of-Service $ (11,300) $ (11,300)
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) $ 90,000 $ 115,000
Termination income $ 4,000 $ 8,000
Other revenue (expense):
Development, management services and other revenue $ 32,000 $ 38,000
General and administrative expense 2 $ (165,000) $ (159,000)
Consolidated net interest expense $ (625,000) $ (610,000)
Unconsolidated joint venture interest expense $ (80,000) $ (75,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (165,000) $ (155,000)

_______________

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.

Q4 2024
Financial highlights

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

Three Months Ended
31-Dec-24 30-Sep-24
Net income (loss) attributable to BXP, Inc. 1 $ (230,019) $ 83,628
Net income (loss) attributable to BXP, Inc. per share - diluted $ (1.45) $ 0.53
FFO attributable to BXP, Inc. 2 $ 283,989 $ 286,858
Diluted FFO per share 2 $ 1.79 $ 1.81
Dividends per common share $ 0.98 $ 0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 3 $ 209,499 $ 219,130
Selected items:
Revenue $ 858,571 $ 859,227
Recoveries from clients $ 137,021 $ 137,891
Service income from clients $ 2,539 $ 2,430
BXP’s Share of revenue 4 $ 831,378 $ 835,098
BXP’s Share of straight-line rent 4 $ 20,607 $ 25,433
BXP’s Share of fair value lease revenue 4, 5 $ 2,320 $ 2,294
BXP’s Share of termination income 4 $ 1,424 $ 12,179
Ground rent expense $ 3,641 $ 3,690
Capitalized interest $ 10,634 $ 11,625
Capitalized wages $ 4,019 $ 4,233
Loss from unconsolidated joint ventures 1 $ (349,553) $ (7,011)
BXP’s share of FFO from unconsolidated joint ventures 6 $ 12,882 $ 13,746
Net income attributable to noncontrolling interests in property partnerships $ 17,233 $ 15,237
FFO attributable to noncontrolling interests in property partnerships 7 $ 37,138 $ 34,094
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 7,436 $ 8,660
Below-market rents (included within Other Liabilities) $ 28,793 $ 31,295
Accrued rental income liability (included within Other Liabilities) $ 116,909 $ 108,234
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8 2.88 2.95
Interest Coverage Ratio (including capitalized interest) 8 2.66 2.70
Fixed Charge Coverage Ratio 7 2.34 2.44
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9 7.65 7.59
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10 (0.2) % (3.0) %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10 0.9 % (2.0) %
FAD Payout Ratio 3 82.48 % 78.86 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 61.1 % 60.7 %
Occupancy % of In-Service Properties 11 87.5 % 87.0 %
Leased % of In-Service Properties 12 89.4 % 89.1 %
Capitalization:
Consolidated Debt $ 16,220,499 $ 16,215,246
BXP’s Share of Debt 13 $ 16,241,896 $ 16,235,789
Consolidated Market Capitalization $ 29,325,780 $ 30,395,758
Consolidated Debt/Consolidated Market Capitalization 55.31 % 53.35 %
BXP’s Share of Market Capitalization 13 $ 29,347,177 $ 30,416,301
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13 55.34 % 53.38 %

_____________

1For the three months ended December 31, 2024, includes impairment charges totaling approximately $341.3 million related to the Company’s investments in three unconsolidated joint ventures.

2For a quantitative reconciliation of FFO attributable to BXP, Inc. and Diluted FFO per share, see page 7.

3For 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.

4See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

5Represents 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.

6For a quantitative reconciliation for the three months ended December 31, 2024, see page 38.

7For a quantitative reconciliation for the three months ended December 31, 2024, see page 35.

8For a quantitative reconciliation for the three months ended December 31, 2024 and September 30, 2024, see page 33.

9For a quantitative reconciliation for the three months ended December 31, 2024 and September 30, 2024, see page 32.

Q4 2024
Financial highlights (continued)

10For a quantitative reconciliation for the three months ended December 31, 2024 and September 30, 2024, see pages 11, 67 and 68.

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

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

13For a quantitative reconciliation for December 31, 2024, see page 28.

Q4 2024
Consolidated Balance Sheets

(unaudited and in thousands)

31-Dec-24 30-Sep-24
ASSETS
Real estate $ 26,391,933 $ 26,054,928
Construction in progress 764,640 812,122
Land held for future development 714,050 690,774
Right of use assets - finance leases 372,922 372,896
Right of use assets - operating leases 334,767 339,804
Less accumulated depreciation (7,528,057) (7,369,545)
Total real estate 21,050,255 20,900,979
Cash and cash equivalents 1,254,882 1,420,475
Cash held in escrows 80,314 51,009
Investments in securities 39,706 39,186
Tenant and other receivables, net 107,453 99,706
Note receivable, net 4,947 3,937
Related party note receivables, net 88,779 88,788
Sales-type lease receivable, net 14,657 14,429
Accrued rental income, net 1,466,220 1,438,492
Deferred charges, net 813,345 794,571
Prepaid expenses and other assets 70,839 132,078
Investments in unconsolidated joint ventures 1 1,093,583 1,421,886
Total assets $ 26,084,980 $ 26,405,536
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,276,609 $ 4,275,155
Unsecured senior notes, net 10,645,077 10,642,033
Unsecured line of credit — —
Unsecured term loans, net 798,813 798,058
Unsecured commercial paper 500,000 500,000
Lease liabilities - finance leases 370,885 373,260
Lease liabilities - operating leases 392,686 389,444
Accounts payable and accrued expenses 401,874 444,288
Dividends and distributions payable 172,486 172,191
Accrued interest payable 128,098 121,360
Other liabilities 450,796 407,441
Total liabilities 18,137,324 18,123,230
Commitments and contingencies — —
Redeemable deferred stock units 9,535 10,696
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, 158,253,895 and 158,058,798 issued and 158,174,995 and 157,979,898 outstanding at December 31, 2024 and September 30, 2024, respectively 1,582 1,580
Additional paid-in capital 6,836,093 6,822,489
Dividends in excess of earnings (1,419,575) (1,035,710)
Treasury common stock at cost, 78,900 shares at December 31, 2024 and September 30, 2024 (2,722) (2,722)
Accumulated other comprehensive loss (2,072) (26,428)
Total stockholders’ equity attributable to BXP, Inc. 5,413,306 5,759,209
Noncontrolling interests:
Common units of the Operating Partnership 591,270 638,129
Property partnerships 1,933,545 1,874,272
Total equity 7,938,121 8,271,610
Total liabilities and equity $ 26,084,980 $ 26,405,536

_____________

1At December 31, 2024, the balance includes impairment charges totaling approximately $341.3 million related to the Company’s investments in three unconsolidated joint ventures.

Q4 2024
Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Dec-24 30-Sep-24
Revenue
Lease $ 798,189 $ 799,471
Parking and other 33,135 34,255
Insurance proceeds 921 —
Hotel revenue 13,144 15,082
Development and management services 8,784 6,770
Direct reimbursements of payroll and related costs from management services contracts 4,398 3,649
Total revenue 858,571 859,227
Expenses
Operating 174,030 178,834
Real estate taxes 148,901 148,809
Restoration expenses related to insurance claims 427 254
Hotel operating 9,601 9,833
General and administrative 1 32,504 33,352
Payroll and related costs from management services contracts 4,398 3,649
Transaction costs 707 188
Depreciation and amortization 226,043 222,890
Total expenses 596,611 597,809
Other income (expense)
Loss from unconsolidated joint ventures 2 (349,553) (7,011)
Gain on sale of real estate 85 517
Gains (losses) from investments in securities 1 (369) 2,198
Unrealized gain (loss) on non-real estate investment (2) 94
Interest and other income (loss) 20,452 14,430
Interest expense (170,390) (163,194)
Net income (loss) (237,817) 108,452
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships (17,233) (15,237)
Noncontrolling interest - common units of the Operating Partnership 3 25,031 (9,587)
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 83,628
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic $ (1.45) $ 0.53
Net income (loss) attributable to BXP, Inc. per share - diluted $ (1.45) $ 0.53

_____________

1Includes $(0.4) million and $2.2 million for the three months ended December 31, 2024 and September 30, 2024, respectively, related to the Company’s deferred compensation plan.

2For the three months ended December 31, 2024, includes impairment charges totaling approximately $341.3 million related to the Company’s investments in three unconsolidated joint ventures.

3For additional detail, see page 7.

Q4 2024
Funds from operations (FFO) 1

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

Three Months Ended
31-Dec-24 30-Sep-24
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 83,628
Add:
Noncontrolling interest - common units of the Operating Partnership (25,031) 9,587
Noncontrolling interests in property partnerships 17,233 15,237
Net income (loss) (237,817) 108,452
Add:
Depreciation and amortization expense 226,043 222,890
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (19,905) (18,857)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 21,097 20,757
Corporate-related depreciation and amortization (447) (438)
Non-real estate related amortization 2,130 2,130
Impairment loss included within loss from unconsolidated joint ventures 341,338 —
Less:
Gains on sales of real estate 85 517
Unrealized gain (loss) on non-real estate investment (2) 94
Noncontrolling interests in property partnerships 17,233 15,237
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 315,123 319,086
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 31,134 32,228
FFO attributable to BXP, Inc. $ 283,989 $ 286,858
BXP, Inc.’s percentage share of Basic FFO 90.12 % 89.90 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.88 % 10.10 %
Basic FFO per share $ 1.80 $ 1.82
Weighted average shares outstanding - basic 158,117 157,725
Diluted FFO per share $ 1.79 $ 1.81
Weighted average shares outstanding - diluted 158,525 158,213

RECONCILIATION TO DILUTED FFO

Three Months Ended
31-Dec-24 30-Sep-24
Basic FFO $ 315,123 $ 319,086
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 315,123 319,086
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 31,071 32,132
BXP, Inc.’s share of Diluted FFO $ 284,052 $ 286,954

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
31-Dec-24 30-Sep-24
Shares/units for Basic FFO 175,452 175,446
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 408 488
Shares/units for Diluted FFO 175,860 175,934
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,335 17,721
BXP, Inc.’s share of shares/units for Diluted FFO 158,525 158,213
BXP, Inc.’s percentage share of Diluted FFO 90.14 % 89.93 %

_____________

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

2For a quantitative reconciliation for the three months ended December 31, 2024, see page 35.

3For a quantitative reconciliation for the three months ended December 31, 2024, see page 38.

Q4 2024
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
31-Dec-24 30-Sep-24
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 83,628
Add:
Noncontrolling interest - common units of the Operating Partnership (25,031) 9,587
Noncontrolling interests in property partnerships 17,233 15,237
Net income (loss) (237,817) 108,452
Add:
Depreciation and amortization expense 226,043 222,890
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (19,905) (18,857)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 21,097 20,757
Corporate-related depreciation and amortization (447) (438)
Non-real estate related amortization 2,130 2,130
Impairment loss included within loss from unconsolidated joint ventures 341,338 —
Less:
Gains on sales of real estate 85 517
Unrealized gain (loss) on non-real estate investment (2) 94
Noncontrolling interests in property partnerships 17,233 15,237
Basic FFO 315,123 319,086
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 4,039 5,070
BXP’s Share of hedge amortization, net of costs 1 1,812 1,949
BXP’s share of fair value interest adjustment 1 4,748 4,723
BXP’s Share of straight-line ground rent expense adjustment 1, 5 868 679
Stock-based compensation 4,059 4,031
Non-real estate depreciation and amortization (1,683) (1,692)
Unearned portion of capitalized fees from consolidated joint ventures 6 3,040 2,274
Non-cash losses from early extinguishments of debt — —
Less:
BXP’s Share of straight-line rent 1 20,607 25,433
BXP’s Share of fair value lease revenue 1, 7 2,320 2,294
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1 74,864 70,457
BXP’s Share of maintenance capital expenditures 1, 8 23,848 18,220
BXP’s Share of amortization and accretion related to sales type lease 1 281 278
Hotel improvements, equipment upgrades and replacements 587 308
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 209,499 $ 219,130
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 172,804 172,806
FAD Payout Ratio1 (B÷A) 82.48 % 78.86 %

_____________

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

2For a quantitative reconciliation for the three months ended December 31, 2024, see page 35.

3 For additional information for the three months ended December 31, 2024, see page 38.

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 2026 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 63 for additional information.

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

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

Q4 2024
Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

Three Months Ended
31-Dec-24 31-Dec-23
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 119,925
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership (25,031) 13,906
Noncontrolling interest in property partnerships 17,233 19,324
Net income (loss) (237,817) 153,155
Add:
Interest expense 170,390 155,080
Unrealized loss on non-real estate investment 2 93
Loss from interest rate contracts — 79
Depreciation and amortization expense 226,043 212,067
Transaction costs 707 2,343
Payroll and related costs from management services contracts 4,398 4,021
General and administrative expense 32,504 38,771
Less:
Interest and other income (loss) 20,452 20,965
Gains (losses) from investments in securities (369) 3,245
Gains on sales of real estate 85 —
Income (loss) from unconsolidated joint ventures (349,553) 22,250
Direct reimbursements of payroll and related costs from management services contracts 4,398 4,021
Development and management services revenue 8,784 12,728
Net Operating Income (NOI) 512,430 502,400
Add:
BXP’s share of NOI from unconsolidated joint ventures 1 30,782 38,520
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2 48,259 49,263
BXP’s Share of NOI 494,953 491,657
Less:
Termination income 914 10,485
BXP’s share of termination income from unconsolidated joint ventures 1 521 —
Add:
Partners’ share of termination income from consolidated joint ventures 2 11 135
BXP’s Share of NOI (excluding termination income) $ 493,529 $ 481,307
Net Operating Income (NOI) $ 512,430 $ 502,400
Less:
Termination income 914 10,485
NOI from non Same Properties (excluding termination income) 3 25,855 3,495
Same Property NOI (excluding termination income) 485,661 488,420
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2 48,248 49,128
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 2,865 —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1 30,261 38,520
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 (636) 5,898
BXP’s Share of Same Property NOI (excluding termination income) $ 471,175 $ 471,914

_____________

1For a quantitative reconciliation for the three months ended December 31, 2024, see page 66.

2For a quantitative reconciliation for the three months ended December 31, 2024, see pages 63-64.

3Pages 22-25 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to December 31, 2024 and therefore are no longer a part of the Company’s property portfolio.

Q4 2024
Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

Three Months Ended
31-Dec-24 31-Dec-23
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 119,925
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership (25,031) 13,906
Noncontrolling interest in property partnerships 17,233 19,324
Net income (loss) (237,817) 153,155
Add:
Interest expense 170,390 155,080
Unrealized loss on non-real estate investment 2 93
Loss from interest rate contracts — 79
Depreciation and amortization expense 226,043 212,067
Transaction costs 707 2,343
Payroll and related costs from management services contracts 4,398 4,021
General and administrative expense 32,504 38,771
Less:
Interest and other income (loss) 20,452 20,965
Gains (losses) from investments in securities (369) 3,245
Gains on sales of real estate 85 —
Income (loss) from unconsolidated joint ventures (349,553) 22,250
Direct reimbursements of payroll and related costs from management services contracts 4,398 4,021
Development and management services revenue 8,784 12,728
Net Operating Income (NOI) 512,430 502,400
Less:
Straight-line rent 19,732 29,235
Fair value lease revenue 1,277 2,518
Amortization and accretion related to sales type lease 254 238
Termination income 914 10,485
Add:
Straight-line ground rent expense adjustment 1 586 578
Lease transaction costs that qualify as rent inducements 2 3,512 1,276
NOI - cash (excluding termination income) 494,351 461,778
Less:
NOI - cash from non Same Properties (excluding termination income) 3 38,239 1,825
Same Property NOI - cash (excluding termination income) 456,112 459,953
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4 49,077 44,606
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 9,121 —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5 29,808 33,704
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3 (1,264) 5,881
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 447,228 $ 443,170

_____________

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 $146 and $(543) for the three months ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company has remaining lease payments aggregating approximately $30.9 million, all of which it expects to incur by the end of 2026 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 2026 may vary significantly.

2Consist 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 22-25 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to December 31, 2024 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended December 31, 2024, see page 64.

5For a quantitative reconciliation for the three months ended December 31, 2024, see page 66.

Q4 2024
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
31-Dec-24 31-Dec-23 Change Change 31-Dec-24 31-Dec-23 Change Change
Rental Revenue 2 $ 778,277 $ 780,713 $ 25,625 $ 23,627
Less: Termination income 914 10,485 — —
Rental revenue (excluding termination income) 2 777,363 770,228 0.9 % 25,625 23,627 8.5 %
Less: Operating expenses and real estate taxes 301,667 290,796 10,871 3.7 % 15,660 14,639 1,021 7.0 %
NOI (excluding termination income) 2, 3 $ 475,696 $ 479,432 (0.8) % $ 9,965 $ 8,988 10.9 %
Rental revenue (excluding termination income) 2 $ 777,363 $ 770,228 0.9 % $ 25,625 $ 23,627 8.5 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 33,231 30,113 3,118 10.4 % 145 148 (3) (2.0) %
Add: Lease transaction costs that qualify as rent inducements 4 3,179 1,216 1,963 161.4 % 149 — 149 100.0 %
Subtotal 747,311 741,331 5,980 0.8 % 25,629 23,479 2,150 9.2 %
Less: Operating expenses and real estate taxes 301,667 290,796 10,871 3.7 % 15,660 14,639 1,021 7.0 %
Add: Straight-line ground rent expense 5 499 578 (79) (13.7) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 446,143 $ 451,113 (1.1) % $ 9,969 $ 8,840 12.8 %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
31-Dec-24 31-Dec-23 Change Change 31-Dec-24 31-Dec-23 Change Change
Rental Revenue 2 $ 803,902 $ 804,340 $ 52,706 $ 51,888
Less: Termination income 914 10,485 521 —
Rental revenue (excluding termination income) 2 802,988 793,855 1.2 % 52,185 51,888 0.6 %
Less: Operating expenses and real estate taxes 317,327 305,435 11,892 3.9 % 21,288 19,266 2,022 10.5 %
NOI (excluding termination income) 2, 3 $ 485,661 $ 488,420 (0.6) % $ 30,897 $ 32,622 (5.3) %
Rental revenue (excluding termination income) 2 $ 802,988 $ 793,855 1.2 % $ 52,185 $ 51,888 0.6 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 33,376 30,261 3,115 10.3 % 277 4,764 (4,487) (94.2) %
Add: Lease transaction costs that qualify as rent inducements 4 3,328 1,216 2,112 173.7 % 316 (174) 490 281.6 %
Subtotal 772,940 764,810 8,130 1.1 % 52,224 46,950 5,274 11.2 %
Less: Operating expenses and real estate taxes 317,327 305,435 11,892 3.9 % 21,288 19,266 2,022 10.5 %
Add: Straight-line ground rent expense 5 499 578 (79) (13.7) % 136 139 (3) (2.2) %
NOI - cash (excluding termination income) 2, 3 $ 456,112 $ 459,953 (0.8) % $ 31,072 $ 27,823 11.7 %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
31-Dec-24 31-Dec-23 Change Change 31-Dec-24 31-Dec-23 Change Change
Rental Revenue 2 $ 79,669 $ 81,441 $ 776,939 $ 774,787
Less: Termination income 11 135 1,424 10,350
Rental revenue (excluding termination income) 2 79,658 81,306 (2.0) % 775,515 764,437 1.4 %
Less: Operating expenses and real estate taxes 34,275 32,178 2,097 6.5 % 304,340 292,523 11,817 4.0 %
NOI (excluding termination income) 2, 3 $ 45,383 $ 49,128 (7.6) % $ 471,175 $ 471,914 (0.2) %
Rental revenue (excluding termination income) 2 $ 79,658 $ 81,306 (2.0) % $ 775,515 $ 764,437 1.4 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 5,216 4,686 530 11.3 % 28,437 30,339 (1,902) (6.3) %
Add: Lease transaction costs that qualify as rent inducements 4 (211) 164 (375) (228.7) % 3,855 878 2,977 339.1 %
Subtotal 74,231 76,784 (2,553) (3.3) % 750,933 734,976 15,957 2.2 %
Less: Operating expenses and real estate taxes 34,275 32,178 2,097 6.5 % 304,340 292,523 11,817 4.0 %
Add: Straight-line ground rent expense 5 — — — — % 635 717 (82) (11.4) %
NOI - cash (excluding termination income) 2, 3 $ 39,956 $ 44,606 (10.4) % $ 447,228 $ 443,170 0.9 %

All values are in US Dollars.

___________________

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

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

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

Q4 2024
Same property net operating income (NOI) by reportable segment (continued)

4Consist 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 $146 and $(543) for the three months ended December 31, 2024 and 2023, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Q4 2024
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
31-Dec-24 30-Sep-24
Maintenance capital expenditures $ 25,716 $ 21,481
Planned capital expenditures associated with acquisition properties 2,282 1,774
Repositioning capital expenditures 26,126 19,301
Hotel improvements, equipment upgrades and replacements 587 308
Subtotal 54,711 42,864
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 289 66
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 263 577
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 2,157 3,327
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs (13) (75)
BXP’s Share of Capital Expenditures 1 $ 53,119 $ 40,255

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
31-Dec-24 30-Sep-24
Square feet 967,303 1,190,695
Tenant improvements and lease commissions PSF $ 94.74 $ 74.93

___________________

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

2Includes 100% of unconsolidated joint ventures.

Q4 2024
Acquisitions and dispositions

For the period from January 1, 2024 through December 31, 2024

(dollars in thousands)

ACQUISITIONS

Investment
Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)
901 New York Avenue 1 Washington, DC January 8, 2024 523,939 $ 10,000 $ 25,000 $ 35,000 83.9 %
725 12th Street 2 Washington, DC December 27, 2024 300,000 34,000 315,600 349,600 N/A
Total Acquisitions 823,939 $ 44,000 $ 340,600 $ 384,600 83.9 %

DISPOSITIONS

Property Location Date Disposed Square Feet Gross Sales Price Net Cash Proceeds Book Gain (Loss) 4
290 Binney Street (45% ownership) 3 Cambridge, MA March 21, 2024 566,000 $ 1,079,687 $ 141,822 N/A

___________________

1The Company completed the acquisition of its joint venture partner’s 50% economic ownership interest. The property is encumbered by an approximately $207.1 million mortgage, which bears interest at 3.61% per annum and matures on January 5, 2025. Following the acquisition, the Company modified the mortgage loan to among other things provide for two loan extension options totaling five years of additional term, each subject to certain conditions. On December 20, 2024, the Company exercised the first loan extension option, which provides for a term of four years at a fixed interest rate of 5.0% per annum. In addition, following the acquisition, BXP extended the 214,000 square foot lease with anchor client, Finnegan Henderson Farabow Garrett & Dunner, LLP, through 2042 and agreed to complete approximately $25.0 million of building enhancements.

2 Upon acquisition, the Company executed a lease with McDermott Will & Emery LLP and commenced redevelopment, see page 15.

3The Company completed the previously announced sale of a 45% ownership interest to Norges Bank Investment Management (“NBIM”). NBIM’s investment in 290 Binney Street will reduce the Company’s share of the project’s estimated development spend over time by approximately $533.5 million, see page 15. At closing, NBIM paid approximately $142 million, of which $97 million was a special distribution to the Company and represented pre-formation costs, and NBIM will fund all capital calls until reaching 45% of invested capital. The Company retains a 55% ownership interest and provides development, property management, and leasing services for the venture. This transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements.

4Excludes approximately $0.6 million of gains on sales of real estate recognized during the year ended December 31, 2024 related to gain amounts from sales of real estate occurring in prior periods.

Q4 2024
Construction in progress

as of December 31, 2024

(dollars in thousands)

CONSTRUCTION IN PROGRESS 1

Actual/Estimated BXP’s share
Initial Occupancy Stabilization Date Square Feet Investment to Date 2 Estimated Total Investment 2 Total Financing Amount Drawn at 12/31/2024 Estimated Future Equity Requirement 2 Percentage Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Construction Properties Location Leased 3
Office
360 Park Avenue South (71% ownership) Q4 2024 Q4 2026 New York, NY 450,000 $ 359,688 $ 418,300 $ 156,470 $ 156,470 $ 58,612 23 % 30 % $ (608)
Reston Next Office Phase II Q1 2025 Q2 2026 Reston, VA 90,000 45,672 61,000 — — 15,328 7 % 6 % (34)
725 12th Street 6 Q1 2029 Q4 2030 Washington, DC 320,000 51,447 349,600 — — 298,153 47 % — % N/A
Total Office Properties under Construction 860,000 456,807 828,900 156,470 156,470 372,093 30 % 16 % (642)
Lab/Life Sciences
651 Gateway (50% ownership) Q1 2024 Q3 2026 South San Francisco, CA 327,000 132,083 167,100 — — 35,017 21 % 27 % 712
290 Binney Street (55% ownership) 7 Q2 2026 Q2 2026 Cambridge, MA 573,000 212,002 508,000 — — 295,998 100 % — % N/A
Total Lab/Life Sciences Properties under Construction 900,000 344,085 675,100 — — 331,015 71 % 10 % 712
Residential
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 104,364 597,800 — — 493,436 — % — % N/A
Total Residential Properties under Construction 492,000 104,364 597,800 — — 493,436 — % — % N/A
Retail
Reston Next Retail Q4 2025 Q4 2025 Reston, VA 33,000 24,427 26,600 — — 2,173 13 % — % N/A
Total Retail Properties under Construction 33,000 24,427 26,600 — — 2,173 13 % — % N/A
Total Properties Under Construction 2,285,000 $ 929,683 $ 2,128,400 $ 156,470 $ 156,470 $ 1,198,717 50 % 9 10 % $ 70

PROJECTS FULLY PLACED IN-SERVICE DURING 2024

Actual/Estimated BXP’s share
Estimated Total Investment 2 Amount Drawn at 12/31/2024 Estimated Future Equity Requirement 2 Net Operating Income (Loss) 5 (BXP’s share)
Initial Occupancy Stabilization Date Investment to Date 2 Total Financing Percentage
Location Square Feet Leased 3
760 Boylston Street (Redevelopment) Q2 2024 Q2 2024 Boston, MA 118,000 $ 33,809 $ 39,400 $ — $ — $ 5,591 100 % $ 2,120
180 CityPoint Q4 2023 Q2 2026 Waltham, MA 329,195 226,855 290,500 — — 63,645 43 % 2,401
103 CityPoint Q4 2025 Q4 2026 Waltham, MA 112,841 92,364 115,100 — — 22,736 — % (338)
300 Binney Street (Redevelopment) (55% ownership) 8 Q4 2024 Q4 2024 Cambridge, MA 239,908 88,858 106,000 — — 17,142 100 % 3,493
Skymark - Reston Next Residential (508 units) (20% ownership) Q3 2024 Q2 2026 Reston, VA 417,036 43,380 47,700 28,000 26,695 3,015 54 % 8
Total Projects Fully Placed In-Service 1,216,980 $ 485,266 $ 598,700 $ 28,000 $ 26,695 $ 112,129 62 % 9 $ 7,684

________________

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

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

3Represents percentage leased as of January 24, 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 December 31, 2024. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 57.

Q4 2024
Construction in progress (continued)

6BXP acquired 725 12th Street, NW on December 27, 2024 for a gross purchase price of $34.0 million. Concurrently with the acquisition, a lease was executed with McDermott Will & Emery LLP for approximately 152,000 square feet of the redeveloped building.

7The 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 $71.9 million for the vault as of December 31, 2024.

8 Norges Bank Investment Management (NBIM) funded approximately $212.9 million at closing for its investment in 300 Binney Street. The Company withdrew approximately $212.9 million at closing and will fund all future costs of the project.

9 Total percentage leased excludes Residential.

Q4 2024
Land parcels and purchase options

as of December 31, 2024

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location Approximate Developable Square Feet 2
San Jose, CA 3 2,830,000
Reston, VA 2,229,000
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
San Jose, CA (55% ownership) 1,088,000
New York, NY (55% ownership) 895,000
San Francisco, CA 850,000
Lexington, MA 767,000
Waltham, MA 700,000
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 3 435,000
Herndon, VA (50% ownership) 350,000
El Segundo, CA (50% ownership) 275,000
Dulles, VA 150,000
Total 16,471,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location Approximate Developable Square Feet 2
Boston, MA 1,300,000
Waltham, MA 4 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 is no longer actively leasing these properties in anticipation of future redevelopment. During the year ended December 31, 2024, approximately 717,000 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 22-25.

4The Company expects to be a 50% partner in the future development of these sites.

Q4 2024
Leasing activity

for the three months ended December 31, 2024

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 6,321,509
Less:
Property dispositions/properties taken out of service —
Add:
Properties acquired vacant space —
Properties placed (and partially placed) in-service 1 459,149
Leases expiring or terminated during the period 647,734
Total space available for lease 7,428,392
1st generation leases 339,015
2nd generation leases with new clients 605,897
2nd generation lease renewals 361,406
Total leases commenced during the period 1,306,318
Vacant space available for lease at the end of the period 6,122,074
Net (increase)/decrease in available space 199,435
Second generation leasing information: 2
Leases commencing during the period (SF) 967,303
Weighted average lease term (months) 88
Weighted average free rent period (days) 182
Total transaction costs per square foot 3 94.74
Increase (decrease) in gross rents 4 (1.94)
Increase (decrease) in net rents 5 (3.02)

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 225,667 204,261 429,928 (0.30) % (0.33) % 681,891
Los Angeles — 29,524 29,524 (10.69) % (16.23) % 181,625
New York 102,542 472,653 575,195 (3.44) % (5.85) % 574,265
San Francisco — 105,611 105,611 9.35 % 13.17 % 383,291
Seattle — 25,567 25,567 (10.40) % (14.09) % 7,986
Washington, DC 10,806 129,687 140,493 (8.05) % (11.55) % 494,495
Total / Weighted Average 339,015 967,303 1,306,318 (1.94) % (3.02) % 2,323,553

_____________

1Total square feet of properties placed in-service in Q4 2024 consists of 3,858 at RTC Next - Block D Office, 102,542 at 360 Park Avenue South, 112,841 at 103 CityPoint and 239,908 at 300 Binney Street.

2Second generation leases are defined as leases for space that has previously been leased. Of the 967,303 square feet of second generation leases that commenced in Q4 2024, leases for 827,256 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 496,883 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 496,883 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 146,995.

Q4 2024
Portfolio overview

for the three months ended December 31, 2024

(dollars in thousands)

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

Office Retail Residential Hotel Total
Boston 14,849,309 1,151,157 550,114 330,000 16,880,580
Los Angeles 2,184,505 123,534 — — 2,308,039
New York 12,112,676 476,337 — — 12,589,013
San Francisco 7,235,362 342,687 318,171 — 7,896,220
Seattle 1,504,624 13,171 — — 1,517,795
Washington, DC 8,308,623 623,324 910,277 — 9,842,224
Total 46,195,099 2,730,210 1,778,562 330,000 51,033,871
% of Total 90.52 % 5.34 % 3.49 % 0.65 % 100.00 %

Rental revenue of in-service properties by unit type 1

Office Retail Residential Hotel 3 Total
Consolidated $ 759,112 $ 61,423 $ 11,806 $ 13,048 $ 845,389
Less:
Partners’ share from consolidated joint ventures 4 73,185 9,729 — — 82,914
Add:
BXP’s share from unconsolidated joint ventures 5 49,269 2,554 3,050 — 54,873
BXP’s Share of Rental revenue 1 $ 735,196 $ 54,248 $ 14,856 $ 13,048 $ 817,348
% of Total 89.95 % 6.63 % 1.82 % 1.60 % 100.00 %

Percentage of BXP’s Share of net operating income (NOI) (excluding termination income) by location 1, 6

CBD Suburban Total
Boston 31.67 % 6.59 % 38.26 %
Los Angeles 3.49 % — % 3.49 %
New York 22.55 % 1.62 % 24.17 %
San Francisco 14.72 % 2.02 % 16.74 %
Seattle 2.12 % — % 2.12 %
Washington, DC 7 15.12 % 0.10 % 15.22 %
Total 89.67 % 10.33 % 100.00 %

_____________

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

2Includes 100% of the rentable square footage of the Company’s In-Service Properties. For additional detail relating to the Company’s In-Service Properties, see pages 22-25.

3Excludes approximately $96 of revenue from retail clients that is included in Retail.

4See page 64 for additional information.

5See page 66 for additional information.

6BXP’s Share of NOI (excluding termination income) is a non-GAAP financial measure. For a quantitative reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of NOI (excluding termination income), see page 9.

7During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and determined that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD.

Q4 2024
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
31-Dec-24 30-Sep-24 31-Dec-24 30-Sep-24
Rental Revenue 2 $ 12,481 $ 12,117 $ 13,144 $ 15,082
Less: Operating expenses and real estate taxes 6,059 5,988 9,601 9,833
Net Operating Income (NOI) 2 6,422 6,129 3,543 5,249
Add: BXP’s share of NOI from unconsolidated joint ventures 1,835 1,747 N/A N/A
BXP’s Share of NOI 2 $ 8,257 $ 7,876 $ 3,543 $ 5,249
Rental Revenue 2 $ 12,481 $ 12,117 $ 13,144 $ 15,082
Less: Straight line rent and fair value lease revenue 147 149 (2) (2)
Add: Lease transaction costs that qualify as rent inducements 149 149 — —
Subtotal 12,483 12,117 13,146 15,084
Less: Operating expenses and real estate taxes 6,059 5,988 9,601 9,833
NOI - cash basis 2 6,424 6,129 3,545 5,251
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 1,835 1,747 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 8,259 $ 7,876 $ 3,545 $ 5,251

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
31-Dec-24 31-Dec-23
BOSTON
Hub50House (50% ownership), Boston, MA 2 440
Average Monthly Rental Rate $ 4,445 $ 4,331 2.63 %
Average Rental Rate Per Occupied Square Foot $ 6.09 $ 5.94 2.53 %
Average Physical Occupancy 94.32 % 94.92 % (0.63) %
Average Economic Occupancy 94.43 % 94.82 % (0.41) %
Proto Kendall Square, Cambridge, MA 2, 3 280
Average Monthly Rental Rate $ 3,244 $ 3,125 3.81 %
Average Rental Rate Per Occupied Square Foot $ 5.97 $ 5.74 4.01 %
Average Physical Occupancy 94.29 % 95.60 % (1.37) %
Average Economic Occupancy 93.88 % 94.91 % (1.09) %
The Lofts at Atlantic Wharf, Boston, MA 2, 3 86
Average Monthly Rental Rate $ 4,574 $ 4,400 3.95 %
Average Rental Rate Per Occupied Square Foot $ 5.17 $ 4.85 6.60 %
Average Physical Occupancy 96.90 % 93.80 % 3.30 %
Average Economic Occupancy 95.26 % 93.87 % 1.48 %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 3 N/A
Average Occupancy 74.30 % 70.80 % 4.94 %
Average Daily Rate $ 332.10 $ 326.03 1.86 %
Revenue Per Available Room $ 246.76 $ 230.92 6.86 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 3 402
Average Monthly Rental Rate $ 3,289 $ 3,519 (6.54) %
Average Rental Rate Per Occupied Square Foot $ 4.18 $ 4.44 (5.86) %
Average Physical Occupancy 91.29 % 87.56 % 4.26 %
Average Economic Occupancy 88.86 % 85.93 % 3.41 %
Q4 2024
--- ---
Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
31-Dec-24 31-Dec-23
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 3 508
Average Monthly Rental Rate $ 2,899 $ 2,697 7.49 %
Average Rental Rate Per Occupied Square Foot $ 2.98 $ 2.78 7.19 %
Average Physical Occupancy 94.88 % 95.54 % (0.69) %
Average Economic Occupancy 94.97 % 95.37 % (0.42) %
Skymark, Reston, VA 2, 4
Average Monthly Rental Rate 508 $ 1,913 N/A N/A
Average Rental Rate Per Occupied Square Foot $ 2.44 N/A N/A
Average Physical Occupancy 32.48 % N/A N/A
Average Economic Occupancy 23.70 % N/A N/A
Total In-Service Residential Units 2,224

_____________

1Includes retail space.

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

3Excludes retail space.

4This property 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.

Q4 2024
In-service property listing as of December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
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 1,728,956 97.8 % 99.4 % $ 84.94
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,274,927 96.4 % 98.1 % 72.43
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,537 89.0 % 91.1 % 77.44
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 78.57
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 95.4 % 100.0 % 88.41
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 633,818 96.4 % 96.4 % 75.51
Prudential Center (retail shops) 6, 7 CBD Boston MA 1 601,552 89.5 % 95.8 % 95.61
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 99.0 % 100.0 % 60.27
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 94.8 % 94.8 % 64.99
888 Boylston Street - The Prudential Center CBD Boston MA 1 363,320 100.0 % 100.0 % 83.22
Star Market at the Prudential Center 6 CBD Boston MA 1 60,015 100.0 % 100.0 % 63.00
Subtotal 11 8,439,059 95.6 % 97.5 % $ 79.09
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 92.21
325 Main Street East Cambridge MA 1 415,512 91.2 % 94.5 % 117.24
125 Broadway 8 East Cambridge MA 1 271,000 100.0 % 100.0 % 148.36
355 Main Street East Cambridge MA 1 256,966 99.3 % 99.3 % 84.55
300 Binney Street 8, 9 East Cambridge MA 1 239,908 93.7 % 100.0 % 139.97
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 78.81
255 Main Street East Cambridge MA 1 215,394 82.5 % 82.5 % 90.62
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 101.25
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 76.50
250 Binney Street 8 East Cambridge MA 1 67,362 100.0 % 100.0 % 82.04
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 59.32
Subtotal 11 2,705,171 96.6 % 97.6 % $ 100.76
Subtotal Boston CBD 22 11,144,230 95.9 % 97.5 % $ 84.45
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 % $ 76.67
Santa Monica Business Park 9 West Los Angeles CA 14 1,104,967 80.6 % 84.4 % 71.88
Santa Monica Business Park Retail 6, 9 West Los Angeles CA 7 73,006 77.2 % 88.2 % 77.16
Subtotal 27 2,308,039 84.9 % 87.4 % $ 74.52
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 92.1 % 99.1 % $ 167.17
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,670,502 95.7 % 99.3 % 99.56
399 Park Avenue Park Avenue NY 1 1,567,470 99.9 % 100.0 % 103.90 Q4 2024
--- ---
In-service property listing (continued) as of December 31, 2024
--- --- --- --- --- --- --- --- --- --- ---
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 1,106,335 95.8 % 96.6 % 88.39
7 Times Square (formerly Times Square Tower) (55% ownership) Times Square NY 1 1,238,599 80.7 % 86.4 % 74.80
250 West 55th Street Times Square / West Side NY 1 966,976 97.4 % 99.0 % 97.45
200 Fifth Avenue (26.69% ownership) 4 Flatiron District NY 1 855,059 100.0 % 100.0 % 101.95
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 42.7 % 42.7 % 37.11
510 Madison Avenue Fifth/Madison Avenue NY 1 352,589 90.1 % 90.1 % 128.83
Subtotal 9 10,396,386 90.8 % 93.6 % $ 108.54
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 112.27
Embarcadero Center Four CBD San Francisco CA 1 942,640 93.4 % 95.7 % 99.56
Embarcadero Center One CBD San Francisco CA 1 837,522 69.6 % 70.2 % 95.50
Embarcadero Center Two CBD San Francisco CA 1 801,498 88.3 % 88.9 % 84.73
Embarcadero Center Three CBD San Francisco CA 1 785,911 83.1 % 83.1 % 92.37
680 Folsom Street CBD San Francisco CA 2 522,406 59.2 % 59.2 % 81.65
535 Mission Street CBD San Francisco CA 1 307,205 67.8 % 72.7 % 77.43
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 111.90
Subtotal 9 5,643,944 84.3 % 85.2 % $ 97.60
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 1 762,631 83.8 % 86.4 % $ 48.09
Madison Centre CBD Seattle WA 1 755,164 79.5 % 80.5 % 62.84
Subtotal 2 1,517,795 81.6 % 83.5 % $ 55.22
WASHINGTON, DC 10
Office
901 New York Avenue 9 East End Washington DC 1 508,130 84.8 % 84.8 % $ 69.82
Market Square North (50% ownership) 4 East End Washington DC 1 417,298 76.2 % 76.2 % 73.87
2100 Pennsylvania Avenue CBD Washington DC 1 475,849 94.2 % 94.2 % 79.06
2200 Pennsylvania Avenue CBD Washington DC 1 459,811 94.9 % 97.5 % 90.36
1330 Connecticut Avenue CBD Washington DC 1 252,262 92.3 % 95.6 % 70.97
Sumner Square CBD Washington DC 1 208,797 95.6 % 95.6 % 48.97
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 98.5 % 98.5 % 83.49
Capital Gallery Southwest Washington DC 1 176,824 80.8 % 92.7 % 57.19
Subtotal 8 2,729,871 89.2 % 90.7 % $ 74.51
Reston Next Reston VA 2 1,063,284 92.1 % 97.9 % $ 61.68
South of Market Reston VA 3 624,387 99.6 % 100.0 % 56.39
Fountain Square Reston VA 2 524,585 95.1 % 95.9 % 53.65
One Freedom Square Reston VA 1 427,646 86.0 % 86.0 % 55.32
Two Freedom Square Reston VA 1 423,222 99.8 % 99.8 % 53.15
One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 52.89
One Reston Overlook Reston VA 1 319,519 91.3 % 100.0 % 49.67
17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 72.49
Reston Corporate Center 5 Reston VA 2 261,046 100.0 % 100.0 % 49.24
Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 67.15
Fountain Square Retail 6 Reston VA 1 196,421 95.2 % 95.5 % 48.24 Q4 2024
--- ---
In-service property listing (continued) as of December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 53.65
Avant Retail 6 Reston VA 1 26,179 100.0 % 100.0 % 62.11
Subtotal 19 4,903,143 94.9 % 96.9 % $ 56.94
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 1 294,525 47.5 % 49.6 % 50.80
Subtotal 2 1,030,098 85.0 % 85.6 % $ 40.88
Subtotal Washington, DC CBD 29 8,663,112 91.9 % 93.6 % $ 60.52
Residential
Signature at Reston (508 units) Reston VA 1 517,783
Skymark (508 units) (20% ownership) 4, 9 Reston VA 1 417,036
Subtotal 2 934,819
CBD Total 105 41,847,838 90.9 % 12 92.8 % 12 $ 85.67 12
BXP’s Share of CBD 91.2 % 12 92.9 % 12
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center Route 128 Mass Turnpike MA 2 546,248 77.8 % 77.8 % $ 48.49
Reservoir Place Route 128 Mass Turnpike MA 1 526,215 36.6 % 47.6 % 46.31
140 Kendrick Street Route 128 Mass Turnpike MA 3 418,600 73.3 % 74.6 % 57.33
Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 100.0 % 100.0 % 58.57
180 CityPoint 8,9 Route 128 Mass Turnpike MA 1 329,195 43.2 % 43.2 % 94.20
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 75.5 % 75.5 % 45.35
230 CityPoint Route 128 Mass Turnpike MA 1 296,720 97.7 % 97.7 % 47.22
200 West Street 8 Route 128 Mass Turnpike MA 1 273,365 86.1 % 86.1 % 89.12
880 Winter Street 8 Route 128 Mass Turnpike MA 1 243,618 100.0 % 100.0 % 101.88
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 97.1 % 97.1 % 56.79
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 57.93
77 CityPoint Route 128 Mass Turnpike MA 1 209,382 92.7 % 92.7 % 47.19
890 Winter Street Route 128 Mass Turnpike MA 1 180,159 70.6 % 91.0 % 47.89
153 & 211 Second Avenue 8 Route 128 Mass Turnpike MA 2 137,545 18.5 % 18.5 % 71.04
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 57.21
103 CityPoint 9 Route 128 Mass Turnpike MA 1 112,841 — % — % —
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 51.90
The Point 6 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 63.47
33 Hayden Avenue 8 Route 128 Northwest MA 1 80,876 100.0 % 100.0 % 78.64
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 26.94
100 Hayden Avenue 8 Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 64.30
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.49
Subtotal 26 4,827,833 75.6 % 77.7 % $ 59.84
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 65.6 % 72.4 % $ 39.24
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 33.2 % 33.2 % 34.32
212 Carnegie Center Princeton NJ 1 148,942 82.4 % 82.4 % 37.49
214 Carnegie Center Princeton NJ 1 146,799 62.9 % 64.9 % 38.16
506 Carnegie Center Princeton NJ 1 139,050 77.2 % 77.2 % 40.46
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.03 Q4 2024
--- ---
In-service property listing (continued) as of December 31, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
202 Carnegie Center Princeton NJ 1 134,068 71.9 % 80.0 % 39.27
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 41.52
101 Carnegie Center Princeton NJ 1 122,791 82.6 % 100.0 % 40.00
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.39
502 Carnegie Center Princeton NJ 1 121,460 98.6 % 98.6 % 39.07
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 33.96
104 Carnegie Center Princeton NJ 1 102,930 35.6 % 48.3 % 40.72
103 Carnegie Center Princeton NJ 1 96,322 64.6 % 67.1 % 37.19
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 36.24
211 Carnegie Center Princeton NJ 1 47,025 — % — % —
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 33.83
Subtotal 17 2,192,627 69.5 % 72.5 % $ 38.67
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4, 11 South San Francisco CA 5 785,457 70.5 % 72.8 % $ 73.69
751 Gateway (49% ownership) 4, 8 South San Francisco CA 1 230,592 100.0 % 100.0 % 93.51
Mountain View Research Park Mountain View CA 15 542,264 60.7 % 60.7 % 73.92
2440 West El Camino Real Mountain View CA 1 142,711 71.5 % 71.5 % 90.63
453 Ravendale Drive Mountain View CA 1 29,620 100.0 % 100.0 % 52.80
North First Business Park 13 San Jose CA 5 190,636 58.6 % 58.6 % 26.58
Subtotal 28 1,921,280 70.6 % 71.5 % $ 74.11
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 156,005 55.8 % 55.8 % $ 41.48
Kingstowne Retail 6 Springfield VA 1 88,288 100.0 % 100.0 % 31.56
Subtotal 2 244,293 71.8 % 71.8 % $ 36.48
Suburban Total 73 9,186,033 73.0 % 75.0 % $ 57.32
BXP’s Share of Suburban 72.6 % 74.7 %
Total In-Service Properties: 178 51,033,871 87.5 % 12 89.4 % 12 $ 81.21 12
BXP’s Share of Total In-Service Properties: 3 87.3 % 12 89.2 % 12

_____________

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

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

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

4This is an unconsolidated joint venture property.

5Property was taken out of service on January 1, 2025.

6This is a retail property.

7Prudential 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.

8Classified as a laboratory/life sciences property.

9Not included in the Same Property analysis.

10 During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and determined that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD.

11 Includes 681 Gateway, which is a laboratory/life sciences property.

12 Excludes hotel and residential properties. For additional detail, see pages 20-21.

13 Property held for redevelopment.

Q4 2024
Top 20 clients listing and portfolio client diversification

as of December 31, 2024

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.29 % 7.2
2 Google 2.83 % 12.3
3 Biogen 2.49 % 2.4
4 Akamai Technologies 2.13 % 9.8
5 Kirkland & Ellis 1.71 % 12.5
6 Snap 1.59 % 8.9
7 Fannie Mae 1.50 % 12.7
8 Ropes & Gray 1.36 % 12.2
9 Millennium Management 1.33 % 6.4
10 Wellington Management 1.18 % 11.5
11 Weil Gotshal & Manges 1.16 % 9.2
12 Microsoft 1.10 % 8.7
13 Allen Overy Shearman Sterling 1.02 % 16.7
14 Arnold & Porter Kaye Scholer 1.01 % 7.5
15 Bain Capital 0.90 % 7.1
16 Morrison & Foerster 0.90 % 5.8
17 Wilmer Cutler Pickering Hale 0.83 % 13.9
18 Bank of America 0.83 % 11.5
19 Leidos 0.82 % 8.6
20 Aramis (Estee Lauder) 0.80 % 15.3
BXP’s Share of Annualized Rental Obligations 28.79 %
BXP’s Share of Square Feet 1 22.65 %
Weighted Average Remaining Lease Term (years) 9.7

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 573,000
McDermott Will & Emery LLP 725 12th Street, NW 152,000

CLIENT DIVERSIFICATION 2

chart-8afefc75ac2e41b4832.jpg

_____________

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

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

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

Q4 2024
Occupancy by location

as of December 31, 2024

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

CBD Suburban Total
Location 31-Dec-24 30-Sep-24 31-Dec-24 30-Sep-24 31-Dec-24 30-Sep-24
Boston 95.9 % 95.7 % 75.6 % 77.1 % 89.7 % 90.1 %
Los Angeles 84.9 % 84.9 % — % — % 84.9 % 84.9 %
New York 90.8 % 88.9 % 69.5 % 67.3 % 87.1 % 85.1 %
San Francisco 84.3 % 84.2 % 70.6 % 71.2 % 80.8 % 80.9 %
Seattle 81.6 % 80.2 % — % — % 81.6 % 80.2 %
Washington, DC 91.9 % 91.4 % 71.8 % 82.6 % 91.4 % 91.2 %
Total Portfolio 90.9 % 90.1 % 73.0 % 73.6 % 87.5 % 87.0 %

chart-8bb434c61af8441d8b9.jpg

SAME PROPERTY OFFICE PROPERTIES 1, 2, 3 - Year-over-Year

CBD Suburban Total
Location 31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23
Boston 95.9 % 95.9 % 80.0 % 82.0 % 91.3 % 91.9 %
Los Angeles 89.6 % 87.8 % — % — % 89.6 % 87.8 %
New York 90.8 % 91.8 % 69.5 % 81.8 % 87.1 % 90.1 %
San Francisco 84.3 % 87.4 % 70.6 % 77.3 % 80.8 % 84.9 %
Seattle 81.6 % 81.8 % — % — % 81.6 % 81.8 %
Washington, DC 92.4 % 89.6 % 71.8 % 85.6 % 91.8 % 89.4 %
Total Portfolio 91.2 % 91.3 % 75.1 % 81.0 % 88.2 % 89.4 %

chart-b93f5c3c6e47430b850.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.

2During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and determined that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD. Comparative period has been updated to reflect the same presentation.

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

Q4 2024
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,302,313
Unsecured Line of Credit —
Unsecured Term Loans 800,000
Unsecured Commercial Paper 500,000
Unsecured Senior Notes, at face value 10,700,000
Outstanding Principal 16,302,313
Discount on Unsecured Senior Notes (10,885)
Deferred Financing Costs, Net (69,271)
Fair Value Debt Adjustment (1,658)
Consolidated Debt $ 16,220,499

MORTGAGE NOTES PAYABLE

Interest Rate
Property Maturity Date GAAP 1 Stated 2 Outstanding Principal
901 New York Avenue 3 January 5, 2029 7.69% 3.61% $ 202,313
Santa Monica Business Park October 8, 2028 6.65% 4.05% 200,000
767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% 2,300,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,302,313

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 4

Maturity Date Effective Yield (on issue date) Coupon Outstanding Principal
7 Year Unsecured Senior Notes 5 January 15, 2025 3.35% 3.20% $ 850,000
10 Year Unsecured Senior Notes February 1, 2026 3.77% 3.65% 1,000,000
10 Year Unsecured Senior Notes October 1, 2026 3.50% 2.75% 1,000,000
5 Year Unsecured Senior Notes (“green bonds”) December 1, 2027 6.92% 6.75% 750,000
10 Year Unsecured Senior Notes (“green bonds”) December 1, 2028 4.63% 4.50% 1,000,000
10 Year Unsecured Senior Notes (“green bonds”) June 21, 2029 3.51% 3.40% 850,000
10.5 Year Unsecured Senior Notes March 15, 2030 2.98% 2.90% 700,000
10.75 Year Unsecured Senior Notes January 30, 2031 3.34% 3.25% 1,250,000
11 Year Unsecured Senior Notes (“green bonds”) April 1, 2032 2.67% 2.55% 850,000
12 Year Unsecured Senior Notes (“green bonds”) October 1, 2033 2.52% 2.45% 850,000
10.7 Year Unsecured Senior Notes (“green bonds”) January 15, 2034 6.62% 6.50% 750,000
10 Year Unsecured Senior Notes January 15, 2035 5.84% 5.75% 850,000
$ 10,700,000

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 6
Common Stock 158,175 158,175 $ 11,761,893
Common Operating Partnership Units 18,066 18,066 1,343,388
Total Equity 176,241 $ 13,105,281
Consolidated Debt (A) $ 16,220,499
Add: BXP’s share of unconsolidated joint venture debt 7 1,383,764
Less: Partners’ share of consolidated debt 8 1,362,367
BXP’s Share of Debt 9 (B) $ 16,241,896
Consolidated Market Capitalization (C) $ 29,325,780
BXP’s Share of Market Capitalization 9 (D) $ 29,347,177
Consolidated Debt/Consolidated Market Capitalization (A÷C) 55.31 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 9 (B÷D) 55.34 %

_____________

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.

Q4 2024
Capital structure (continued)

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

3On December 20, 2024 the Company exercised an extension option for a term of four years and a fixed interest rate of 5.0% per annum beginning January 5, 2025. The loan has a one-year extension option remaining, subject to certain conditions.

4All unsecured senior notes are rated BBB (negative), and Baa2 (stable) by S&P and Moody’s, respectively.

5On January 15, 2025, the Company repaid $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes.

6Values are based on the December 31, 2024 closing price of $74.36 per share of BXP common stock.

7Amount is calculated based on the Company’s percentage ownership interest in the unconsolidated joint venture entities. For additional detail, see page 36.

8Amount is calculated based on the outside partners’ percentage ownership interest in the consolidated joint venture entities. For additional detail, see page 34.

9See the Definitions and Reconciliations sections of this Supplemental package starting on page 57.

Q4 2024
Debt analysis 1

as of December 31, 2024

(dollars in thousands)

chart-c63c1d237303431eaf6.jpg

2025 2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

Facility Outstanding at December 31, 2024 Remaining Capacity at December 31, 2024
Unsecured Line of Credit $ 2,000,000 $ — $ 2,000,000
Less:
Unsecured Commercial Paper 3 500,000
Letters of Credit 5,393
Total Remaining Capacity $ 1,494,607

UNSECURED TERM LOANS

Maturity Date Facility Outstanding Principal
2023 Unsecured Term Loan May 16, 2025 $ 700,000 $ 700,000
2024 Unsecured Term Loan 4 September 26, 2025 $ 100,000 100,000
$ 800,000

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Unsecured Debt 2 73.63 % 4.11 % 4.23 % 4.4
Secured Debt 26.37 % 3.68 % 4.17 % 3.8
Consolidated Debt 2 100.00 % 4.00 % 4.21 % 4.3

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Floating Rate Debt 3 7.39 % 5.34 % 5.47 % 0.2
Fixed Rate Debt 2, 4, 6 92.61 % 3.89 % 4.11 % 4.6
Consolidated Debt 2 100.00 % 4.00 % 4.21 % 4.3

_____________

1Excludes unconsolidated joint ventures. For information on BXP’s share of unconsolidated joint venture debt, see page 36.

2Includes $850.0 million of unsecured senior notes that was due on January 15, 2025 and repaid upon maturity.

3The $500.0 million 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. The weighted average interest rate of the commercial paper notes outstanding at December 31, 2024 was approximately 4.79% per annum and have a weighted-average maturity of 38 days from the date of issuance.

4The $100.0 million 2024 Unsecured Term Loan is subject to an interest rate swap contract that effectively fix Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan, at a fixed rate of 2.688% for the period ending on April 1, 2025. The $100.0 million unsecured term loan has three one-year extension options (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.

Q4 2024
Senior unsecured debt covenant compliance ratios

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

This section presents such ratios as of December 31, 2024 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

Senior Notes Issued Prior to December 4, 2017 Senior Notes Issued On or After December 4, 2017
Test Actual
Total Outstanding Debt/Total Assets 1 Less than 60% 48.7 % 45.6 %
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% 227.6 % 245.8 %

_____________

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

Q4 2024
Net Debt to EBITDAre

(dollars in thousands)

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

Three Months Ended
31-Dec-24 30-Sep-24
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 83,628
Add:
Noncontrolling interest - common units of the Operating Partnership (25,031) 9,587
Noncontrolling interest in property partnerships 17,233 15,237
Net income (loss) (237,817) 108,452
Add:
Interest expense 170,390 163,194
Depreciation and amortization expense 226,043 222,890
Less:
Gains on sales of real estate 85 517
Loss from unconsolidated joint ventures 2 (349,553) (7,011)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 3 31,733 33,081
EBITDAre 1 539,817 534,111
Less:
Partners’ share of EBITDAre from consolidated joint ventures 4 49,142 46,099
BXP’s Share of EBITDAre 1 (A) 490,675 488,012
Add:
Stock-based compensation expense 4,059 4,031
BXP’s Share of straight-line ground rent expense adjustment 1 868 679
BXP’s Share of lease transaction costs that qualify as rent inducements 1 4,039 5,070
Less:
BXP’s Share of straight-line rent 1 20,607 25,433
BXP’s Share of fair value lease revenue 1 2,320 2,294
BXP’s Share of amortization and accretion related to sales type lease 1 281 278
BXP’s Share of EBITDAre – cash 1 $ 476,433 $ 469,787
BXP’s Share of EBITDAre (Annualized) 5 (A x 4) $ 1,962,700 $ 1,952,048

Reconciliation of BXP’s Share of Net Debt 1

31-Dec-24 30-Sep-24
Consolidated debt $ 16,220,499 $ 16,215,246
Less:
Cash and cash equivalents 1,254,882 1,420,475
Cash held in escrow for 1031 exchange — —
Net debt 1 14,965,617 14,794,771
Add:
BXP’s share of unconsolidated joint venture debt 3 1,383,764 1,382,412
Partners’ share of cash and cash equivalents from consolidated joint ventures 162,171 140,176
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 112,711 103,576
Partners’ share of consolidated joint venture debt 4 1,362,367 1,361,869
BXP’s share of related party note receivables 30,500 30,500
BXP’s Share of Net Debt 1 (B) $ 15,005,974 $ 14,821,414
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 7.65 7.59

_____________

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

2For the three months ended December 31, 2024, includes impairment charges totaling approximately $341.3 million related to the Company’s investments in three unconsolidated joint ventures.

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended December 31, 2024, see pages 36 and 65.

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended December 31, 2024, see pages 34 and 63.

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

Q4 2024
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
31-Dec-24 30-Sep-24
BXP’s Share of interest expense 1 $ 177,237 $ 170,524
Less:
BXP’s Share of hedge amortization, net of costs 1 1,812 1,949
BXP’s share of fair value interest adjustment 1 4,748 4,723
BXP’s Share of amortization of financing costs 1 4,968 4,760
Adjusted interest expense excluding capitalized interest (A) 165,709 159,092
Add:
BXP’s Share of capitalized interest 1 13,169 14,897
Adjusted interest expense including capitalized interest (B) $ 178,878 $ 173,989
BXP’s Share of EBITDAre – cash 1, 2 (C) $ 476,433 $ 469,787
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.88 2.95
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.66 2.70

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
31-Dec-24 30-Sep-24
BXP’s Share of interest expense 1 $ 177,237 $ 170,524
Less:
BXP’s Share of hedge amortization, net of costs 1 1,812 1,949
BXP’s share of fair value interest adjustment 1 4,748 4,723
BXP’s Share of amortization of financing costs 1 4,968 4,760
Add:
BXP’s Share of capitalized interest 1 13,169 14,897
BXP’s Share of maintenance capital expenditures 1 23,848 18,220
Hotel improvements, equipment upgrades and replacements 587 308
Total Fixed Charges (A) $ 203,313 $ 192,517
BXP’s Share of EBITDAre – cash 1, 2 (B) $ 476,433 $ 469,787
Fixed Charge Coverage Ratio (B÷A) 2.34 2.44

_____________

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

2For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 32.

Q4 2024
Consolidated joint ventures

d

as of December 31, 2024

(unaudited and dollars 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 $ 3,169,757 $ 3,192,554 $ 6,362,311
Cash and cash equivalents 123,479 250,619 374,098
Other assets 313,175 449,365 762,540
Total assets $ 3,606,411 $ 3,892,538 $ 7,498,949
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,291,484 $ 990,529 $ 3,282,013
Other liabilities 94,743 339,614 434,357
Total liabilities 2,386,227 1,330,143 3,716,370
Equity:
BXP, Inc. 733,657 1,115,272 1,848,929
Noncontrolling interests 486,527 1,447,123 1,933,650 3
Total equity 1,220,184 2,562,395 3,782,579
Total liabilities and equity $ 3,606,411 $ 3,892,538 $ 7,498,949
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 49,392 $ 112,779 $ 162,171
Partners’ share of consolidated debt 4 $ 916,629 5 $ 445,738 $ 1,362,367

_____________

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.

3Amount excludes preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

Q4 2024
Consolidated joint ventures (continued)

for the three months ended December 31, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,791 $ 116,400 $ 193,191
Straight-line rent 5,353 (7,045) (1,692)
Fair value lease revenue (27) — (27)
Termination income — 25 25
Total lease revenue 82,117 109,380 191,497
Parking and other 58 1,828 1,886
Total rental revenue 3 82,175 111,208 193,383
Expenses
Operating 33,830 43,321 77,151
Net Operating Income (NOI) 48,345 67,887 116,232
Other income (expense)
Development and management services revenue — (1,318) (1,318)
Losses from investments in securities — (20) (20)
Interest and other income 1,272 2,424 3,696
Interest expense (21,395) (7,666) (29,061)
Depreciation and amortization expense (17,494) (27,194) (44,688)
General and administrative expense (15) (139) (154)
Total other income (expense) (37,632) (33,913) (71,545)
Net income $ 10,713 $ 33,974 $ 44,687

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 $ 10,713 $ 33,974 $ 44,687
Add: Depreciation and amortization expense 17,494 27,194 44,688
Entity FFO $ 28,207 $ 61,168 $ 89,375
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 3,253 $ 13,980 $ 17,233
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,347 12,558 19,905
Partners’ share FFO 4 $ 10,600 $ 26,538 $ 37,138
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 7,460 $ 19,994 $ 27,454
Depreciation and amortization expense - BXP’s basis difference 58 395 453
BXP’s share of depreciation and amortization expense 10,089 14,241 24,330
BXP’s share of FFO $ 17,607 $ 34,630 $ 52,237

_____________

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 57.

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

Q4 2024
Unconsolidated joint ventures 1

as of December 31, 2024

(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 % $ 55,810 $ 166,592 September 5, 2025 6.03 % 6.12 %
The Hub on Causeway - Podium 50.00 % 42,310 76,927 September 8, 2025 7.35 % 7.75 %
Hub50House 50.00 % 42,493 91,991 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 14,271 — — — — %
1265 Main Street 50.00 % 3,476 16,753 January 1, 2032 3.77 % 3.84 %
Los Angeles
Colorado Center 3 50.00 % 65,000 274,768 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Center 50.00 % 27,051 — — — % — %
New York
360 Park Avenue South 4, 5 71.11 % 74,592 155,151 December 13, 2027 6.90 % 7.21 %
Dock 72 50.00 % (9,889) 98,938 December 18, 2025 6.84 % 7.12 %
200 Fifth Avenue 26.69 % 70,673 152,686 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 6 25.00 % 112,771 20,000 August 7, 2024 12.53 % 12.53 %
San Francisco
Platform 16 55.00 % 56,265 — — — % — %
Gateway Commons 3 50.00 % 272,000 — — — % — %
751 Gateway 49.00 % 99,701 — — — % — %
Seattle
Safeco Plaza 3 33.67 % — 83,984 September 1, 2026 4.82 % 6.68 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 48,423 125,710 April 26, 2025 5.75 % 5.90 %
1001 6th Street 50.00 % 45,903 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 18,225 — — — % — %
Market Square North 50.00 % (11,924) 62,402 November 10, 2025 6.89 % 7.07 %
Wisconsin Place Parking Facility 33.33 % 29,775 — — — % — %
500 North Capitol Street, N.W. 7 30.00 % (11,696) 31,289 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 14,844 26,573 May 13, 2026 6.55 % 6.87 %
1,060,074
Investments with deficit balances reflected within Other Liabilities 33,509
Investments in Unconsolidated Joint Ventures $ 1,093,583
Mortgage/Construction Loans Payable, Net $ 1,383,764

chart-ec92f13868a14bf6ada.jpg

Q4 2024
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rate GAAP Rate 2 Maturity (years)
Floating Rate Debt 53.43 % 6.56 % 6.94 % 1.3
Fixed Rate Debt 46.57 % 4.49 % 4.87 % 6.0
Total Debt 100.00 % 5.60 % 5.98 % 3.5

_____________

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).

3Includes a non-cash impairment charge related to the Company’s investment in this unconsolidated joint venture, see page 38.

4The Company’s partner will fund required capital until their aggregate investment is approximately 29% of all capital contributions; thereafter, the partners will fund required capital according to their percentage interests. See page 15 for more information.

5On December 13, 2024, the loan maturity date was extended to December 13, 2027. The property entered into an interest rate cap agreement during Q4 2024 that capped SOFR at 5.00%.

6The 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 December 31, 2024, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest, and default interest, of approximately $120.0 million.

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.

Q4 2024
Unconsolidated joint ventures (continued)

for the three months ended December 31, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 26,331 $ 18,264 $ 25,239 $ 18,132 $ 10,866 $ 21,247 $ 120,079
Straight-line rent 915 (964) (529) 507 (2,323) (437) (2,831)
Fair value lease revenue — — 1,538 15 1,222 — 2,775
Termination income 43 — 1,871 — — — 1,914
Amortization and accretion related to sales type lease 55 — — — — — 55
Total lease revenue 27,344 17,300 28,119 18,654 9,765 20,810 121,992
Parking and other 478 1,809 (122) 322 615 783 3,885
Total rental revenue 3 27,822 19,109 27,997 18,976 10,380 21,593 125,877
Expenses
Operating 10,322 7,402 16,258 9,379 4,239 8,023 55,623
Net operating income/(loss) 17,500 11,707 11,739 9,597 6,141 13,570 70,254
Other income/(expense)
Development and management services revenue — — 494 1 — 13 508
Interest and other income (loss) 389 1,006 222 (6) 160 541 2,312
Interest expense (10,656) (5,052) (15,080) — (4,177) (9,923) (44,888)
Unrealized gain/loss on derivative instruments — — 13,782 4 — — — 13,782
Transaction costs (8) — (305) — (2) (80) (395)
Depreciation and amortization expense (8,413) (5,345) (9,794) (7,171) (5,675) (5,457) (41,855)
General and administrative expense — — (69) (4) — — (73)
Total other income/(expense) (18,688) (9,391) (10,750) (7,180) (9,694) (14,906) (70,609)
Net income/(loss) $ (1,188) $ 2,316 $ 989 $ 2,417 $ (3,553) $ (1,336) $ (355)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $ (594) $ 1,154 $ (2,567) $ 1,090 $ (1,193) $ 303 $ (1,807)
Basis differential
Straight-line rent $ — $ 91 5 $ 226 5 $ 7 5 $ — $ — $ 324
Fair value lease revenue — 305 5 117 5 (219) 5 — — 203
Fair value interest adjustment — — (499) — — — (499)
Amortization of financing costs — — 114 — — — 114
Unrealized gain/loss on derivative instruments — — (3,678) 4 — — — (3,678)
Depreciation and amortization expense (8) (1,112) 5 (1,412) 5 (547) 5 320 (113) (2,872)
Impairment loss on investment 7 — (168,391) — (126,163) (46,784) — (341,338)
Total basis differential 6 (8) (169,107) 5 (5,132) 5 (126,922) 5 (46,464) (113) (347,746)
Income/(loss) from unconsolidated joint ventures (602) (167,953) (7,699) (125,832) (47,657) 190 (349,553)
Add:
BXP’s share of depreciation and amortization expense 4,215 3,784 5,196 4,121 1,591 2,190 21,097
Impairment loss on investment 7 — 168,391 — 126,163 46,784 — 341,338
BXP’s share of FFO $ 3,613 $ 4,222 $ (2,503) $ 4,452 $ 718 $ 2,380 $ 12,882

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 22-25.

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

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

4 The previous owner of 200 Fifth Avenue had not elected hedge accounting. Upon the Company acquiring an ownership interest in the property, it elected hedge accounting and any changes in value is recognized as a basis differential to the Company.

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.

7Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint ventures.

Q4 2024
Lease expirations - All in-service properties1, 2, 3

as of December 31, 2024

OFFICE
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 390,623 23,251,856 60.20 0.96 % 4,5
2025 2,931,432 175,590,273 70.57 6.20 %
2026 1,747,611 117,511,290 76.63 3.82 %
2027 2,081,237 151,953,234 75.30 5.03 %
2028 3,469,402 232,820,891 86.31 6.72 %
2029 3,585,386 231,276,910 74.94 7.69 %
2030 2,567,019 191,435,198 78.15 6.11 %
2031 2,138,499 172,437,860 87.14 4.93 %
2032 2,784,399 191,931,310 76.53 6.25 %
2033 2,545,290 188,631,461 78.63 5.98 %
Thereafter 16,013,613 1,049,725,455 81.94 31.93 %

All values are in US Dollars.

RETAIL
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 224 172,360 769.46 0.01 % 4
2025 77,427 5,509,776 71.45 3.20 %
2026 116,565 19,036,684 190.20 4.16 %
2027 114,621 9,801,630 94.06 4.33 %
2028 100,827 11,132,039 112.39 4.12 %
2029 148,737 15,560,602 109.02 5.93 %
2030 168,776 12,584,612 94.28 5.55 %
2031 95,214 10,108,245 118.16 3.56 %
2032 101,253 7,517,624 75.52 4.14 %
2033 472,047 31,133,231 70.98 18.23 %
Thereafter 788,330 73,200,820 121.64 25.01 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 390,847 23,424,216 60.61 0.91 % 4,5
2025 3,008,859 181,100,049 70.60 6.03 %
2026 1,864,176 136,547,974 83.59 3.84 %
2027 2,195,858 161,754,864 76.22 4.99 %
2028 3,570,229 243,952,930 87.23 6.58 %
2029 3,734,123 246,837,512 76.44 7.59 %
2030 2,735,795 204,019,810 78.99 6.07 %
2031 2,233,713 182,546,105 88.43 4.85 %
2032 2,885,652 199,448,934 76.49 6.13 %
2033 3,017,337 219,764,692 77.44 6.67 %
Thereafter 16,801,943 1,122,926,275 83.72 31.54 %

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

5Includes 261,046 square feet related to Reston Corporate Center which was taken out of service on January 1, 2025.

Q4 2024
Lease expirations - Boston region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 23,351 22,237 4
2025 977,867 945,031
2026 289,825 271,747
2027 609,787 601,987
2028 979,191 961,790
2029 1,278,132 1,144,646
2030 1,068,489 1,050,274
2031 620,194 553,357
2032 1,042,619 1,042,619
2033 377,297 366,546
Thereafter 5,848,581 4,798,144

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 224 224 4
2025 52,050 51,735
2026 26,632 26,632
2027 49,813 43,499
2028 46,655 46,655
2029 64,281 62,931
2030 101,802 66,502
2031 4,266 4,266
2032 65,011 64,420
2033 284,391 250,988
Thereafter 338,271 295,461

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 23,575 22,461 4
2025 1,029,917 996,766
2026 316,457 298,379
2027 659,600 645,486
2028 1,025,846 1,008,445
2029 1,342,413 1,207,577
2030 1,170,291 1,116,776
2031 624,460 557,623
2032 1,107,630 1,107,039
2033 661,688 617,534
Thereafter 6,186,852 5,093,605

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

Q4 2024
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 23,351 22,237 4
Total 2024 23,351 22,237
Q1 2025 71,954 70,013
Q2 2025 608,415 596,664
Q3 2025 81,187 81,187
Q4 2025 216,311 197,167
Total 2025 977,867 945,031

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 224 224 4
Total 2024 224 224
Q1 2025 21,332 21,017
Q2 2025 25,350 25,350
Q3 2025 5,047 5,047
Q4 2025 321 321
Total 2025 52,050 51,735

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 23,575 22,461 4
Total 2024 23,575 22,461
Q1 2025 93,286 91,030
Q2 2025 633,765 622,014
Q3 2025 86,234 86,234
Q4 2025 216,632 197,488
Total 2025 1,029,917 996,766

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

Q4 2024
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 236,990 236,990
2026 4,573 4,573
2027 29,618 29,618
2028 249,093 151,296
2029 415,771 240,815
2030 19,977 19,977
2031 7,311 7,311
2032 237,933 118,967
2033 186,894 93,447
Thereafter 494,641 494,641

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 — —
2026 19,188 9,594
2027 — —
2028 — —
2029 38,118 38,118
2030 11,364 11,364
2031 — —
2032 — —
2033 — —
Thereafter 25,820 15,824

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 236,990 236,990
2026 23,761 14,167
2027 29,618 29,618
2028 249,093 151,296
2029 453,889 278,933
2030 31,341 31,341
2031 7,311 7,311
2032 237,933 118,967
2033 186,894 93,447
Thereafter 520,461 510,465

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

Q4 2024
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 63,791 63,791
Q2 2025 7,421 7,421
Q3 2025 — —
Q4 2025 165,778 165,778
Total 2025 236,990 236,990

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 — —
Q3 2025 — —
Q4 2025 — —
Total 2025 — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 63,791 63,791
Q2 2025 7,421 7,421
Q3 2025 — —
Q4 2025 165,778 165,778
Total 2025 236,990 236,990

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

Q4 2024
Lease expirations - New York region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 825,620 518,660
2026 453,716 413,687
2027 410,755 370,856
2028 635,565 441,142
2029 925,223 841,724
2030 843,302 778,175
2031 370,727 319,093
2032 258,101 167,888
2033 347,701 311,439
Thereafter 5,445,574 3,817,935

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 4,894 4,894
2026 24,539 21,918
2027 — —
2028 2,424 647
2029 9,577 5,671
2030 1,023 1,023
2031 20,784 14,468
2032 12,182 11,064
2033 19,279 19,279
Thereafter 293,964 163,327

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 830,514 523,554
2026 478,255 435,605
2027 410,755 370,856
2028 637,989 441,789
2029 934,800 847,395
2030 844,325 779,198
2031 391,511 333,561
2032 270,283 178,952
2033 366,980 330,718
Thereafter 5,739,538 3,981,262

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

Q4 2024
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 416,775 144,296
Q2 2025 148,196 123,997
Q3 2025 59,292 59,292
Q4 2025 201,357 191,075
Total 2025 825,620 518,660

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 715 715
Q2 2025 — —
Q3 2025 4,179 4,179
Q4 2025 — —
Total 2025 4,894 4,894

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 417,490 145,011
Q2 2025 148,196 123,997
Q3 2025 63,471 63,471
Q4 2025 201,357 191,075
Total 2025 830,514 523,554

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

Q4 2024
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 106,226 102,962 4
2025 554,677 516,095
2026 610,493 519,401
2027 566,171 555,207
2028 661,135 631,100
2029 479,179 418,976
2030 423,074 411,461
2031 943,366 916,660
2032 347,782 314,764
2033 650,156 650,156
Thereafter 584,842 467,240

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 5,799 5,799
2026 10,259 10,259
2027 11,002 11,002
2028 19,286 19,286
2029 3,403 3,403
2030 18,656 18,656
2031 30,155 26,801
2032 6,357 6,357
2033 21,063 21,063
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 106,226 102,962 90.22 4
2025 560,476 521,894
2026 620,752 529,660
2027 577,173 566,209
2028 680,421 650,386
2029 482,582 422,379
2030 441,730 430,117
2031 973,521 943,461
2032 354,139 321,121
2033 671,219 671,219
Thereafter 584,842 467,240

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

4Includes square feet expiring on the last day of the current quarter.

Q4 2024
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 106,226 102,962 4
Total 2024 106,226 102,962
Q1 2025 70,606 67,815
Q2 2025 115,341 101,786
Q3 2025 269,442 256,115
Q4 2025 99,288 90,381
Total 2025 554,677 516,095

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 1 1
Q2 2025 1,821 1,821
Q3 2025 3,557 3,557
Q4 2025 420 420
Total 2025 5,799 5,799

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 106,226 102,962 4
Total 2024 106,226 102,962
Q1 2025 70,607 67,816
Q2 2025 117,162 103,607
Q3 2025 272,999 259,672
Q4 2025 99,708 90,801
Total 2025 560,476 521,894

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

4Includes square feet expiring on the last day of the current quarter.

Q4 2024
Lease expirations - Seattle region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 134,144 80,467
2026 66,610 65,742
2027 77,785 74,224
2028 592,670 293,733
2029 209,607 189,549
2030 33,054 33,054
2031 4,742 1,597
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 — —
2026 3,686 1,241
2027 — —
2028 945 945
2029 1,121 377
2030 — —
2031 3,048 3,048
2032 — —
2033 — —
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 134,144 80,467
2026 70,296 66,983
2027 77,785 74,224
2028 593,615 294,678
2029 210,728 189,926
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

_____________

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

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

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

Q4 2024
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 19,854 6,685
Q3 2025 — —
Q4 2025 114,290 73,782
Total 2025 134,144 80,467

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 — —
Q3 2025 — —
Q4 2025 — —
Total 2025 — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 19,854 6,685
Q3 2025 — —
Q4 2025 114,290 73,782
Total 2025 134,144 80,467

All values are in US Dollars.

_____________

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

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

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

Q4 2024
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 261,046 261,046 4,5
2025 202,134 190,964
2026 322,394 258,324
2027 387,121 386,055
2028 351,748 218,403
2029 277,474 250,523
2030 179,123 156,533
2031 192,159 180,741
2032 833,227 812,416
2033 983,242 977,518
Thereafter 3,599,446 3,219,633

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 14,684 14,684
2026 32,261 30,444
2027 53,806 49,704
2028 31,517 31,517
2029 32,237 32,237
2030 35,931 35,931
2031 36,961 36,961
2032 17,703 17,703
2033 147,314 147,314
Thereafter 130,275 127,154

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 261,046 261,046 4,5
2025 216,818 205,648
2026 354,655 288,768
2027 440,927 435,759
2028 383,265 249,920
2029 309,711 282,760
2030 215,054 192,464
2031 229,120 217,702
2032 850,930 830,119
2033 1,130,556 1,124,832
Thereafter 3,729,721 3,346,787

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

5Includes 261,046 square feet related to Reston Corporate Center which was taken out of service on January 1, 2025.

Q4 2024
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of December 31, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 261,046 261,046 4,5
Total 2024 261,046 261,046
Q1 2025 37,719 34,954
Q2 2025 76,493 73,035
Q3 2025 73,414 71,264
Q4 2025 14,508 11,712
Total 2025 202,134 190,964

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 12,690 12,690
Q3 2025 — —
Q4 2025 1,994 1,994
Total 2025 14,684 14,684

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 261,046 261,046 4,5
Total 2024 261,046 261,046
Q1 2025 37,719 34,954
Q2 2025 89,183 85,725
Q3 2025 73,414 71,264
Q4 2025 16,502 13,706
Total 2025 216,818 205,648

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

5Includes 261,046 square feet related to Reston Corporate Center which was taken out of service on January 1, 2025.

Q4 2024
Lease expirations - CBD properties 1, 2, 3

as of December 31, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 2,452 1,338 4
2025 282,120 248,969
2026 164,410 146,332
2027 439,486 425,371
2028 782,533 765,132
2029 828,029 693,193
2030 998,184 944,669
2031 52,535 46,039
2032 868,000 867,409
2033 430,141 385,987
Thereafter 5,681,963 4,588,716

All values are in US Dollars.

Los Angeles

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 236,990 236,990
2026 23,761 14,167
2027 29,618 29,618
2028 249,093 151,296
2029 453,889 278,933
2030 31,341 31,341
2031 7,311 7,311
2032 237,933 118,967
2033 186,894 93,447
Thereafter 520,461 510,465

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 673,763 366,803
2026 169,798 127,149
2027 199,050 159,151
2028 575,313 379,113
2029 737,810 650,405
2030 786,578 721,451
2031 229,746 171,796
2032 214,973 123,642
2033 347,549 311,287
Thereafter 5,471,831 3,713,555

All values are in US Dollars.

Q4 2024
Lease expirations - CBD properties (continued) 1, 2, 3

as of December 31, 2024

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 99,697 99,697 4
2025 223,635 223,635
2026 434,367 434,367
2027 448,981 448,981
2028 553,216 553,216
2029 322,311 322,311
2030 326,685 326,685
2031 913,399 913,399
2032 288,102 288,102
2033 671,219 671,219
Thereafter 354,250 354,250

All values are in US Dollars.

Seattle, WA

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 134,144 80,467
2026 70,296 66,983
2027 77,785 74,224
2028 593,615 294,678
2029 210,728 189,926
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 261,046 261,046 4,5
2025 186,767 175,597
2026 336,690 270,803
2027 425,351 420,183
2028 380,690 247,345
2029 307,058 280,107
2030 191,069 168,479
2031 226,850 215,432
2032 850,930 830,119
2033 1,058,812 1,053,088
Thereafter 3,721,259 3,338,325

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

5Includes 261,046 square feet related to Reston Corporate Center which was taken out of service on January 1, 2025.

Q4 2024
Lease expirations - Suburban properties 1, 2, 3

as of December 31, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 21,123 21,123 4
2025 747,797 747,797
2026 152,047 152,047
2027 220,114 220,114
2028 243,313 243,313
2029 514,384 514,384
2030 172,107 172,107
2031 571,925 511,585
2032 239,630 239,630
2033 231,547 231,547
Thereafter 504,889 504,889

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 156,751 156,751
2026 308,457 308,457
2027 211,705 211,705
2028 62,676 62,676
2029 196,990 196,990
2030 57,747 57,747
2031 161,765 161,765
2032 55,310 55,310
2033 19,431 19,431
Thereafter 267,707 267,707

All values are in US Dollars.

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 6,529 3,265 4
2025 336,841 298,259
2026 186,385 95,293
2027 128,192 117,228
2028 127,205 97,170
2029 160,271 100,068
2030 115,045 103,432
2031 60,122 30,061
2032 66,037 33,019
2033 — —
Thereafter 230,592 112,990

All values are in US Dollars.

Q4 2024
Lease expirations - Suburban properties (continued) 1, 2, 3

as of December 31, 2024

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 30,051 30,051
2026 17,965 17,965
2027 15,576 15,576
2028 2,575 2,575
2029 2,653 2,653
2030 23,985 23,985
2031 2,270 2,270
2032 — —
2033 71,744 71,744
Thereafter 8,462 8,462

All values are in US Dollars.

_____________

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

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

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

4Includes square feet expiring on the last day of the current quarter.

Q4 2024
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 646.855.1363
Barclays Brendan Lynch 212.526.9428
BMO Capital John Kim 212.885.4115
BTIG Tom Catherwood 212.738.6140
Citi Nicholas Joseph / Michael Griffin 212.816.1909 / 212.816.5871
Compass Point Research & Trading, LLC Floris van Dijkum 646.757.2621
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
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
Wedbush Richard Anderson 212.938.9949
Wells Fargo Securities Blaine Heck 410.662.2556
Wolfe Research Andrew Rosivach 646.582.9250 Debt Research Coverage
--- --- ---
Barclays Srinjoy Banerjee 212.526.3521
J.P. Morgan Securities Mark Streeter 212.834.5086
US Bank Bill Stafford 877.558.2605
Wells Fargo Kevin McClure 704.410.1100 Rating Agencies
--- --- ---
Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Michael Souers 212.438.2508
Q4 2024
--- ---
Definitions

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

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

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

Annualized Rental Obligations

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

Average Economic Occupancy

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

Average Monthly Rental Rates

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

Average Physical Occupancy

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

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2021 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, 2022, 2023 and 2024 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.

Q4 2024
Definitions (continued)

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

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net (income) loss attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment 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 (loss) attributable to BXP, Inc.

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

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

Fixed Charge Coverage Ratio

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

Funds Available for Distribution (FAD) and FAD Payout Ratio

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

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

Q4 2024
Definitions (continued)

Funds from Operations (FFO)

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

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

In-Service Properties

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

Interest Coverage Ratio

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

Market Rents

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

Net Debt

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

Q4 2024
Definitions (continued)

Net Operating Income/(Loss) (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net (income) loss attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, loss from interest rate contracts, 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 on sales of real estate, 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 22 - 25 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

Q4 2024
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
31-Dec-24 30-Sep-24
Revenue $ 858,571 $ 859,227
Partners’ share of revenue from consolidated joint ventures (JVs) (82,321) (79,196)
BXP’s share of revenue from unconsolidated JVs 55,128 55,067
BXP’s Share of revenue $ 831,378 $ 835,098
Straight-line rent $ 19,732 $ 29,578
Partners’ share of straight-line rent from consolidated JVs 1,029 (5,544)
BXP’s share of straight-line rent from unconsolidated JVs (154) 1,399
BXP’s Share of straight-line rent $ 20,607 $ 25,433
Fair value lease revenue 1 $ 1,277 $ 1,298
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 1,032 985
BXP’s Share of fair value lease revenue 1 $ 2,320 $ 2,294
Lease termination income $ 914 $ 12,120
Partners’ share of termination income from consolidated JVs (11) (18)
BXP’s share of termination income from unconsolidated JVs 521 77
BXP’s Share of termination income $ 1,424 $ 12,179
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 $ 34,056 $ 34,255
Partners’ share of parking and other revenue from consolidated JVs (846) (636)
BXP’s share of parking and other revenue from unconsolidated JVs 1,794 2,127
BXP’s Share of parking and other revenue $ 35,004 $ 35,746
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 366 503
BXP’s Share of hedge amortization, net of costs $ 1,812 $ 1,949
Straight-line ground rent expense adjustment $ 732 $ 541
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 136 138
BXP’s Share of straight-line ground rent expense adjustment $ 868 $ 679
Depreciation and amortization $ 226,043 $ 222,890
Noncontrolling interests in property partnerships’ share of depreciation and amortization (19,905) (18,857)
BXP’s share of depreciation and amortization from unconsolidated JVs 21,097 20,757
BXP’s Share of depreciation and amortization $ 227,235 $ 224,790
Lease transaction costs that qualify as rent inducements 2 $ 3,512 $ 4,983
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 211 87
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 316 —
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 4,039 $ 5,070
2nd generation tenant improvements and leasing commissions $ 80,202 $ 88,099
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (8,392) (18,202)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 3,054 560
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 74,864 $ 70,457 Q4 2024
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 25,716 $ 21,481
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (2,157) (3,327)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 289 66
BXP’s Share of maintenance capital expenditures 3 $ 23,848 $ 18,220
Interest expense $ 170,390 $ 163,194
Partners’ share of interest expense from consolidated JVs (12,004) (12,005)
BXP’s share of interest expense from unconsolidated JVs 18,851 19,335
BXP’s Share of interest expense $ 177,237 $ 170,524
Capitalized interest $ 10,634 $ 11,625
Partners’ share of capitalized interest from consolidated JVs (33) (32)
BXP’s share of capitalized interest from unconsolidated JVs 2,568 3,304
BXP’s Share of capitalized interest $ 13,169 $ 14,897
Amortization of financing costs $ 5,034 $ 4,820
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 432 438
BXP’s Share of amortization of financing costs $ 4,968 $ 4,760
Fair value interest adjustment $ 4,249 $ 4,224
Partners’ share of fair value of interest adjustment from consolidated JVs — —
BXP’s share off fair value interest adjustment from unconsolidated JVs 499 499
BXP’s Share of fair value interest adjustment $ 4,748 $ 4,723
Amortization and accretion related to sales type lease $ 254 $ 250
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 27 28
BXP’s Share of amortization and accretion related to sales type lease $ 281 $ 278

_____________

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

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

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

Q4 2024
Reconciliations (continued)

for the three months ended December 31, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,791 $ 116,400 $ 193,191
Straight-line rent 5,353 (7,045) (1,692)
Fair value lease revenue (27) — (27)
Termination income — 25 25
Total lease revenue 82,117 109,380 191,497
Parking and other 58 1,828 1,886
Total rental revenue 3 82,175 111,208 193,383
Expenses
Operating 33,830 43,321 77,151
Net Operating Income (NOI) 48,345 67,887 116,232
Other income (expense)
Development and management services revenue — (1,318) (1,318)
Losses from investments in securities — (20) (20)
Interest and other income 1,272 2,424 3,696
Interest expense (21,395) (7,666) (29,061)
Depreciation and amortization expense (17,494) (27,194) (44,688)
General and administrative expense (15) (139) (154)
Total other income (expense) (37,632) (33,913) (71,545)
Net income $ 10,713 $ 33,974 $ 44,687
BXP’s nominal ownership percentage 60% 55%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 18,654 $ 29,605 $ 48,259
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 29,691 $ 38,282 $ 67,973
Unearned portion of capitalized fees 5 $ 890 $ 2,150 $ 3,040
Partners’ share of select items 4
Partners’ share of parking and other revenue $ 23 $ 823 $ 846
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 $ 373 $ 498 $ 871
Partners’ share of capitalized interest $ — $ 33 $ 33
Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ 211 $ 211
Partners’ share of management and other fees $ 686 $ 981 $ 1,667
Partners’ share of basis differential depreciation and amortization expense $ (23) $ (178) $ (201)
Partners’ share of basis differential interest and other adjustments $ (4) $ 8 $ 4
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 3,253 $ 13,980 $ 17,233
Add:
Partners’ share of interest expense after BXP’s basis differential 8,554 3,450 12,004
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,347 12,558 19,905
Partners’ share of EBITDAre $ 19,154 $ 29,988 $ 49,142
Q4 2024
--- ---
Reconciliations (continued)

for the three months ended December 31, 2024

(unaudited and dollars 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 $ 32,870 $ 50,044 $ 82,914
Less: Termination income — 11 11
Rental revenue (excluding termination income) 3 32,870 50,033 82,903
Less: Operating expenses (including partners’ share of management and other fees) 14,216 20,470 34,686
Income allocation to private REIT shareholders — (31) (31)
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 18,654 $ 29,594 $ 48,248
Rental revenue (excluding termination income) 3 $ 32,870 $ 50,033 $ 82,903
Less: Straight-line rent 2,141 (3,170) (1,029)
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements — (211) (211)
Subtotal 30,740 52,992 83,732
Less: Operating expenses (including partners’ share of management and other fees) 14,216 20,470 34,686
Income allocation to private REIT shareholders — (31) (31)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 16,524 $ 32,553 $ 49,077
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 32,870 $ 50,044 $ 82,914
Add: Development and management services revenue — (593) (593)
Revenue $ 32,870 $ 49,451 $ 82,321

_________

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 57.

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

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

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

Q4 2024
Reconciliations (continued)

for the three months ended December 31, 2024

(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 26,331 $ 18,264 $ 25,239 $ 18,132 $ 10,866 $ 21,247 $ 120,079
Straight-line rent 915 (964) (529) 507 (2,323) (437) (2,831)
Fair value lease revenue — — 1,538 15 1,222 — 2,775
Termination income 43 — 1,871 — — — 1,914
Amortization and accretion related to sales type lease 55 — — — — — 55
Total lease revenue 27,344 17,300 28,119 18,654 9,765 20,810 121,992
Parking and other 478 1,809 (122) 322 615 783 3,885
Total rental revenue 3 27,822 19,109 27,997 18,976 10,380 21,593 125,877
Expenses
Operating 10,322 7,402 16,258 4 9,379 4,239 8,023 55,623
Net operating income/(loss) 17,500 11,707 11,739 9,597 6,141 13,570 70,254
Other income/(expense)
Development and management services revenue — — 494 1 — 13 508
Interest and other income (loss) 389 1,006 222 (6) 160 541 2,312
Interest expense (10,656) (5,052) (15,080) — (4,177) (9,923) (44,888)
Unrealized gain/loss on derivative instruments — — 13,782 — — — 13,782
Transaction costs (8) — (305) — (2) (80) (395)
Depreciation and amortization expense (8,413) (5,345) (9,794) (7,171) (5,675) (5,457) (41,855)
General and administrative expense — — (69) (4) — — (73)
Total other income/(expense) (18,688) (9,391) (10,750) (7,180) (9,694) (14,906) (70,609)
Net income/(loss) $ (1,188) $ 2,316 $ 989 $ 2,417 $ (3,553) $ (1,336) $ (355)
BXP’s share of select items:
BXP’s share of parking and other revenue $ 239 $ 905 $ (20) $ 161 $ 207 $ 302 $ 1,794
BXP’s share of amortization of financing costs $ 171 $ 23 $ 92 $ — $ 28 $ 118 $ 432
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 366 $ — $ 366
BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499
BXP’s share of capitalized interest $ — $ — $ 2,448 $ — $ — $ 120 $ 2,568
BXP’s share of amortization and accretion related to sales type lease $ 27 $ — $ — $ — $ — $ — $ 27
Reconciliation of BXP’s share of EBITDAre
Income/(loss) from unconsolidated joint ventures $ (602) $ (167,953) $ (7,699) $ (125,832) $ (47,657) $ 190 $ (349,553)
Add:
BXP’s share of interest expense 5,328 2,526 5,515 — 1,406 4,076 18,851
BXP’s share of depreciation and amortization expense 4,215 3,784 5 5,196 4,121 5 1,591 2,190 21,097
Impairment loss on investment 6 — 168,391 — 126,163 46,784 — 341,338
BXP’s share of EBITDAre $ 8,941 $ 6,748 5 $ 3,012 $ 4,452 5 $ 2,124 $ 6,456 $ 31,733 Q4 2024
--- ---
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 $ 13,912 $ 9,951 5 $ 8,940 5 $ 9,216 5 $ 3,495 $ 9,359 $ 54,873
BXP’s share of operating expenses 5,161 3,702 5,942 4,754 1,420 3,112 24,091
BXP’s share of net operating income/(loss) 8,751 6,249 5 2,998 5 4,462 5 2,075 6,247 30,782
Less:
BXP’s share of termination income 22 — 499 — — — 521
BXP’s share of net operating income/(loss) (excluding termination income) 8,729 6,249 2,499 4,462 2,075 6,247 30,261
Less:
BXP’s share of straight-line rent 458 (391) 5 458 5 254 5 (782) (151) (154)
BXP’s share of fair value lease revenue — 305 5 527 5 (211) 5 411 — 1,032
BXP’s share of amortization and accretion related to sales type lease 27 — — — — — 27
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 — — 308 — — 8 316
BXP’s share of net operating income/(loss) - cash (excluding termination income) $ 8,244 $ 6,335 5 $ 1,958 5 $ 4,419 5 $ 2,446 $ 6,406 $ 29,808
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 13,912 $ 9,951 5 $ 8,940 5 $ 9,216 5 $ 3,495 $ 9,359 $ 54,873
Add:
BXP’s share of development and management services revenue — — 247 1 — 7 255
BXP’s share of revenue $ 13,912 $ 9,951 5 $ 9,187 5 $ 9,217 5 $ 3,495 $ 9,366 $ 55,128

_____________

1 For information on the properties included for each region and the Company’s percentage ownership in each property, see pages 22-25.

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

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

4 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.

6Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint ventures.

Q4 2024
Reconciliations (continued)

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

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

(dollars in thousands)

Three Months Ended
30-Sep-24 30-Sep-23
Net income (loss) attributable to BXP, Inc. $ 83,628 $ (111,826)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,587 (12,626)
Noncontrolling interest in property partnerships 15,237 20,909
Net income (loss) 108,452 (103,543)
Add:
Interest expense 163,194 147,812
Loss from unconsolidated joint ventures 7,011 247,556
Depreciation and amortization expense 222,890 207,435
Transaction costs 188 751
Payroll and related costs from management services contracts 3,649 3,906
General and administrative expense 33,352 31,410
Less:
Interest and other income (loss) 14,430 20,715
Unrealized gain (loss) on non-real estate investment 94 (51)
Gains on sales of real estate 517 517
Gains (losses) from investments in securities 2,198 (925)
Direct reimbursements of payroll and related costs from management services contracts 3,649 3,906
Development and management services revenue 6,770 9,284
Net Operating Income (NOI) 511,078 501,881
Add:
BXP’s share of NOI from unconsolidated joint ventures 31,919 39,165
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 44,487 50,047
BXP’s Share of NOI 498,510 490,999
Less:
Termination income 12,120 2,564
BXP’s share of termination income from unconsolidated joint ventures 77 500
Add:
Partners’ share of termination income from consolidated joint ventures 18 129
BXP’s Share of NOI (excluding termination income) $ 486,331 $ 488,064
Net Operating Income (NOI) $ 511,078 $ 501,881
Less:
Termination income 12,120 2,564
NOI from non Same Properties (excluding termination income) 20,883 910
Same Property NOI (excluding termination income) 478,075 498,407
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 44,469 49,918
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 31,842 38,665
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 1,555 8,768
BXP’s Share of Same Property NOI (excluding termination income) $ 463,893 $ 478,386
Change in BXP’s Share of Same Property NOI (excluding termination income) $ (14,493)
Change in BXP’s Share of Same Property NOI (excluding termination income) (3.0) %
Q4 2024
--- ---
Reconciliations (continued)

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

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

(dollars in thousands)

Three Months Ended
30-Sep-24 30-Sep-23
Net income (loss) attributable to BXP, Inc. $ 83,628 $ (111,826)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,587 (12,626)
Noncontrolling interest in property partnerships 15,237 20,909
Net income (loss) 108,452 (103,543)
Add:
Interest expense 163,194 147,812
Loss from unconsolidated joint ventures 7,011 247,556
Depreciation and amortization expense 222,890 207,435
Transaction costs 188 751
Payroll and related costs from management services contracts 3,649 3,906
General and administrative expense 33,352 31,410
Less:
Interest and other income (loss) 14,430 20,715
Unrealized gain (loss) on non-real estate investment 94 (51)
Gains on sales of real estate 517 517
Gains (losses) from investments in securities 2,198 (925)
Direct reimbursements of payroll and related costs from management services contracts 3,649 3,906
Development and management services revenue 6,770 9,284
Net Operating Income (NOI) 511,078 501,881
Less:
Straight-line rent 29,578 19,139
Fair value lease revenue 1,298 2,981
Amortization and accretion related to sales type lease 250 233
Termination income 12,120 2,564
Add:
Straight-line ground rent expense adjustment 1 585 578
Lease transaction costs that qualify as rent inducements 2 4,983 (5,943)
NOI - cash (excluding termination income) 473,400 471,599
Less:
NOI - cash from non Same Properties (excluding termination income) 18,304 670
Same Property NOI - cash (excluding termination income) 455,096 470,929
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 38,849 44,090
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) — —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 29,568 34,524
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 1,093 7,397
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 444,722 $ 453,966
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ (9,244)
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) (2.0) %

_____________

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 $(44) and $135 for the three months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company has remaining lease payments aggregating approximately $31.0 million, all of which it expects to incur by the end of 2026 with no payments thereafter. Under GAAP, the Company recognizes expense of $(112) 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 2026 may vary significantly.

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

Q4 2024
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
31-Dec-23 30-Sep-23
Revenue
Lease $ 768,884 $ 767,181
Parking and other 30,676 29,649
Insurance proceeds 821 779
Hotel revenue 11,803 13,484
Development and management services 12,728 9,284
Direct reimbursements of payroll and related costs from management services contracts 4,021 3,906
Total revenue 828,933 824,283
Expenses
Operating 160,360 159,304
Real estate taxes 140,477 140,368
Restoration expenses related to insurance claim 574 520
Hotel operating 8,373 9,020
General and administrative 38,771 31,410
Payroll and related costs from management services contracts 4,021 3,906
Transaction costs 2,343 751
Depreciation and amortization 212,067 207,435
Total expenses 566,986 552,714
Other income (expense)
Income (loss) from unconsolidated joint ventures 22,250 (247,556)
Gains on sales of real estate — 517
Gains (losses) from investments in securities 3,245 (925)
Interest and other income (loss) 20,965 20,715
Losses from interest rate contracts (79) —
Unrealized loss on non-real estate investment (93) (51)
Interest expense (155,080) (147,812)
Net income (loss) 153,155 (103,543)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships (19,324) (20,909)
Noncontrolling interest - common units of the Operating Partnership (13,906) 12,626
Net income (loss) attributable to BXP, Inc. $ 119,925 $ (111,826)
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic $ 0.76 $ (0.71)
Net income (loss) attributable to BXP, Inc. per share - diluted $ 0.76 $ (0.71)

69

Document

Exhibit 99.2

bxp-colorb.gif

BXP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS

Executed More Than 2.3 Million Square Feet of Leases in Q4 for a Total of Approximately 5.6 Million Square Feet in 2024 and Commenced Redevelopment of the Newly Acquired 725 12th Street in Washington, DC

BOSTON, MA, January 28, 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 fourth quarter ended December 31, 2024.

Financial Highlights

Fourth Quarter 2024:

•Revenue increased 3.6% to $858.6 million for the quarter ended December 31, 2024, compared to $828.9 million for the quarter ended December 31, 2023.

•Net income (loss) attributable to BXP, Inc. of $(230.0) million, or $(1.45) per diluted share (EPS), for the quarter ended December 31, 2024, compared to $119.9 million, or $0.76 per diluted share, for the quarter ended December 31, 2023.

◦EPS for the fourth quarter includes non-cash impairment charges totaling approximately $341.3 million, or $1.94 per diluted share, related to investments in the unconsolidated joint ventures that own Colorado Center, Gateway Commons and Safeco Plaza.

•Funds from Operations (FFO) of $284.0 million, or $1.79 per diluted share, for the quarter ended December 31, 2024, compared to FFO of $286.2 million, or $1.82 per diluted share, for the quarter ended December 31, 2023.

Year Ended December 31, 2024:

•Net income attributable to BXP, Inc. of $14.3 million, or $0.09 per diluted share (EPS), for the year ended December 31, 2024, compared to $190.2 million, or $1.21 per diluted share, for the year ended December 31, 2023. The year-over-year decrease is primarily due to the non-cash impairment charges noted above.

•FFO of $1.1 billion, or $7.10 per diluted share, for the year ended December 31, 2024, compared to FFO of $1.1 billion, or $7.28 per diluted share, for the year ended December 31, 2023.

Guidance

BXP provided guidance for first quarter 2025 EPS of $0.33 - $0.35 and FFO of $1.63 - $1.65 per diluted share, and full year 2025 EPS of $1.57 - $1.75 and FFO of $6.77 - $6.95 per diluted share.

–more–

The midpoint of guidance for 2025 EPS is projected to be higher than full year 2024 EPS primarily due to the 2024 non-cash impairment charges related to BXP’s investments in its unconsolidated joint ventures that are not projected to reoccur in 2025.

The midpoint of guidance for 2025 FFO per diluted share is projected to be lower than full year 2024 FFO per diluted share primarily due to higher net interest expense.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

•Executed 83 leases in the fourth quarter totaling more than 2.3 million square feet with a weighted-average lease term of 10.3 years. This represents BXP’s strongest leasing quarter since Q2 2019, and the amount leased is approximately 130% of our historical 10-year average for the fourth quarter.

•For full year 2024, executed 291 leases totaling approximately 5.6 million square feet with a weighted-average lease term of 9.8 years.

•BXP’s CBD portfolio of premier workplaces was 90.9% occupied and 92.8% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP) for the fourth quarter. Approximately 88.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the fourth quarter was 87.5% and it was 89.4% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

Transactions

•BXP completed the acquisition of 725 12th Street, a 300,000 square foot, 12-story property in the East End of Washington, DC, for a purchase price of $34.0 million. BXP will be demolishing and redeveloping the property into an approximately 320,000 square foot premier workplace. In conjunction with closing, BXP signed a lease agreement with global law firm, McDermott Will & Emery LLP, covering approximately 152,000 square feet in the top five floors of the “to-be-constructed” premier workplace. BXP is currently negotiating with a client for the majority of the remaining space. Ideally located in the Central Business District of Washington, DC, the property sits three blocks from the White House and steps from Metro Center Station, the transportation hub for the City’s Metrorail service, where the Red, Orange, Blue, and Silver lines converge.

•BXP also completed the following transactions in 2024:

◦the acquisition of its joint venture partner’s 50% economic ownership interest in 901 New York Avenue located in Washington, DC for a purchase price of $10.0 million.

◦the sale of a 45% interest in 290 Binney Street, a 100% pre-leased, life sciences development located in Kendall Square in Cambridge Massachusetts, to Norges Bank Investment Management (“NBIM”). NBIM’s investment in 290 Binney Street will reduce BXP’s share of the project’s estimated development spend over time by approximately $533.5 million, including $141.8 million that was funded at closing.

–more–

Development

•BXP fully placed in-service 300 Binney Street, an approximately 240,000 square foot laboratory/life sciences project located in Cambridge, Massachusetts, in which BXP has a 55% interest. This project is100% leased to the Broad Institute.

•BXP commenced the redevelopment of 725 12th Street in Washington, DC. BXP will be demolishing and redeveloping the property into an approximately 320,000 square foot premier workplace.

•In addition to 300 Binney Street, BXP completed and fully placed in-service four development/redevelopment projects in 2024: 760 Boylston Street in Boston, Massachusetts, Skymark Residential in Reston, Virginia, and 103 CityPoint and 180 CityPoint both in Waltham, Massachusetts.

Balance Sheet & Liquidity

•In the fourth quarter, BXP exercised the first extension option to extend the maturity date for the loan collateralized by 901 New York Avenue in Washington, DC to January 5, 2029. The 508,000 square foot premier workplace is 84.8% leased. At the time of the extension, the outstanding principal balance was $202.3 million. The extended loan bears interest at a fixed rate of 5.00% per annum. BXP has one additional one-year extension option, subject to certain conditions.

•A joint venture in which BXP has a 71% interest modified the construction loan collateralized by 360 Park Avenue South in New York City, New York. The extended loan has an outstanding balance of $220.0 million and an interest rate equal to Term SOFR plus 2.50% per annum. The loan now matures on December 13, 2027 and has one additional one-year extension option, subject to certain conditions.

•Throughout 2024, BXP further strengthened its balance sheet by addressing debt maturities, and sourcing additional liquidity in the capital markets. In the aggregate, BXP’s share of 2024 debt market activities totaled approximately $3.2 billion. Notable transactions during 2024 include:

◦Boston Properties Limited Partnership (“BPLP”) completed the repayment of $700.0 million in aggregate principal amount of its 3.800% unsecured senior notes at maturity on February 1, 2024. The repayment was completed with the proceeds of a $600.0 million mortgage loan entered into on October 26, 2023 and available cash.

◦BPLP established an unsecured commercial paper program. Under the terms of the program, BPLP may issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $500 million with varying maturities of up to one year. At December 31, 2024, BPLP has $500 million of commercial paper outstanding at an average interest rate of 4.79% per annum.

◦In August 2024, BPLP completed a public offering of $850.0 million in aggregate principal amount of its 5.750% unsecured senior notes due 2035. The notes were priced at 99.961% of the principal amount to yield an effective rate (including financing fees) of approximately 5.842% per annum to maturity. The notes will mature on January 15, 2035, unless earlier redeemed. The net proceeds from the offering were approximately $841.9 million after deducting underwriting discounts and transaction expenses.

–more–

•On January 15, 2025, BPLP repaid $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes at maturity on January 15, 2025. The repayment was completed with available cash and the proceeds from BPLP’s August 2024 offering of its 5.750% unsecured senior notes. The repayment price was approximately $863.6 million, which was equal to the stated principal plus approximately $13.6 million of accrued and unpaid interest.

Sustainability & Impact

•BXP was awarded Nareit’s 2024 Leader in the Light Award in the office property sector. This award is the highest achievement for Office REITs and acknowledges BXP’s leadership in demonstrating outstanding sustainability practices throughout the year.

•BXP earned national recognition as an industry leader and furthered its commitments to sustainability and impact in 2024. Highlights include:

◦named by TIME Magazine and Statista to the inaugural list of the World’s Most Sustainable Companies. BXP ranked #79 overall and was the highest-rated United States property owner.

◦received a Sustainable Design Impact Award for 140 Kendrick Building A in Needham, Massachusetts—the first net-zero, carbon-neutral office repositioning of its scale in Massachusetts.

◦published BXP’s 2023 Sustainability & Impact Report and hosted its third annual Sustainability & Impact Investor Update.

EPS and FFO per Share Guidance:

BXP’s guidance for the first 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.

–more–

First Quarter 2025 Full Year 2025
Low High Low High
Projected EPS (diluted) $ 0.33 $ 0.35 $ 1.57 $ 1.75
Add:
Projected Company share of real estate depreciation and amortization 1.30 1.30 5.20 5.20
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — — —
Projected FFO per share (diluted) $ 1.63 $ 1.65 $ 6.77 $ 6.95

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 and full year ended December 31, 2024. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, January 29, 2025 at 10:00 AM Eastern Time, open to the general public, to discuss the fourth quarter and full year 2024 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/BIcceb8b138e20411daca9e938d99bc189 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s fourth quarter 2024 “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). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.3 million square feet and 185 properties, including seven 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

–more–

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 the impact of changes in general economic and capital market conditions, including continued inflation, high interest rates, supply chain disruptions, labor market 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, 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 geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease, on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), 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 (including costs to comply with the Securities and Exchange Commission’s and the State of California’s rules to standardize climate-related disclosures) 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.

–more–

BXP, INC.<br><br>CONSOLIDATED BALANCE SHEETS<br><br>(Unaudited)
December 31, 2024 December 31, 2023
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 26,391,933 $ 25,504,868
Construction in progress 764,640 547,280
Land held for future development 714,050 697,061
Right of use assets - finance leases 372,922 401,680
Right of use assets - operating leases 334,767 324,298
Less: accumulated depreciation (7,528,057) (6,881,728)
Total real estate 21,050,255 20,593,459
Cash and cash equivalents 1,254,882 1,531,477
Cash held in escrows 80,314 81,090
Investments in securities 39,706 36,337
Tenant and other receivables, net 107,453 122,407
Note receivable, net 4,947 1,714
Related party note receivables, net 88,779 88,779
Sales-type lease receivable, net 14,657 13,704
Accrued rental income, net 1,466,220 1,355,212
Deferred charges, net 813,345 760,421
Prepaid expenses and other assets 70,839 64,230
Investments in unconsolidated joint ventures 1,093,583 1,377,319
Total assets $ 26,084,980 $ 26,026,149
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,276,609 $ 4,166,379
Unsecured senior notes, net 10,645,077 10,491,617
Unsecured line of credit — —
Unsecured term loans, net 798,813 1,198,301
Unsecured commercial paper 500,000 —
Lease liabilities - finance leases 370,885 417,961
Lease liabilities - operating leases 392,686 350,391
Accounts payable and accrued expenses 401,874 458,329
Dividends and distributions payable 172,486 171,176
Accrued interest payable 128,098 133,684
Other liabilities 450,796 445,947
Total liabilities 18,137,324 17,833,785
Commitments and contingencies — —
Redeemable deferred stock units 9,535 8,383
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, 158,253,895 and 157,019,766 issued and 158,174,995 and 156,940,866 outstanding at December 31, 2024 and December 31, 2023, respectively 1,582 1,569
Additional paid-in capital 6,836,093 6,715,149
Dividends in excess of earnings (1,419,575) (816,152)
Treasury common stock at cost, 78,900 shares at December 31, 2024 and December 31, 2023 (2,722) (2,722)
Accumulated other comprehensive loss (2,072) (21,147)
Total stockholders’ equity attributable to BXP, Inc. 5,413,306 5,876,697
Noncontrolling interests:
Common units of the Operating Partnership 591,270 666,580
Property partnerships 1,933,545 1,640,704
Total equity 7,938,121 8,183,981
Total liabilities and equity $ 26,084,980 $ 26,026,149

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended December 31, Year ended December 31,
2024 2023 2024 2023
(in thousands, except for per share amounts)
Revenue
Lease $ 798,189 $ 768,884 $ 3,176,805 $ 3,054,673
Parking and other 34,056 31,497 135,142 112,918
Hotel 13,144 11,803 51,224 47,357
Development and management services 8,784 12,728 28,060 40,850
Direct reimbursements of payroll and related costs from management services contracts 4,398 4,021 16,488 17,771
Total revenue 858,571 828,933 3,407,719 3,273,569
Expenses
Operating
Rental 323,358 301,411 1,286,838 1,183,947
Hotel 9,601 8,373 35,288 32,225
General and administrative 32,504 38,771 159,983 170,158
Payroll and related costs from management services contracts 4,398 4,021 16,488 17,771
Transaction costs 707 2,343 1,597 4,313
Depreciation and amortization 226,043 212,067 887,191 830,813
Total expenses 596,611 566,986 2,387,385 2,239,227
Other income (expense)
Income (loss) from unconsolidated joint ventures (349,553) 22,250 (343,177) (239,543)
Gains on sales of real estate 85 — 602 517
Interest and other income (loss) 20,452 20,965 60,199 69,964
Gains (losses) from investments in securities (369) 3,245 4,416 5,556
Losses from interest rate contracts — (79) — (79)
Unrealized gain (loss) on non-real estate investment (2) (93) 546 239
Impairment loss — — (13,615) —
Interest expense (170,390) (155,080) (645,117) (579,572)
Net income (loss) (237,817) 153,155 84,188 291,424
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships (17,233) (19,324) (67,516) (78,661)
Noncontrolling interest—common units of the Operating Partnership 25,031 (13,906) (2,400) (22,548)
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 119,925 $ 14,272 $ 190,215
Basic earnings per common share attributable to BXP, Inc.
Net income (loss) $ (1.45) $ 0.76 $ 0.09 $ 1.21
Weighted average number of common shares outstanding 158,117 156,945 157,468 156,863
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss) $ (1.45) $ 0.76 $ 0.09 $ 1.21
Weighted average number of common and common equivalent shares outstanding 158,117 157,276 157,793 157,201

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended December 31, Year ended December 31,
2024 2023 2024 2023
(in thousands, except for per share amounts)
Net income (loss) attributable to BXP, Inc. $ (230,019) $ 119,925 $ 14,272 $ 190,215
Add:
Noncontrolling interest - common units of the Operating Partnership (25,031) 13,906 2,400 22,548
Noncontrolling interests in property partnerships 17,233 19,324 67,516 78,661
Net income (loss) (237,817) 153,155 84,188 291,424
Add:
Depreciation and amortization expense 226,043 212,067 887,191 830,813
Noncontrolling interests in property partnerships’ share of depreciation and amortization (19,905) (19,284) (76,660) (73,027)
Company’s share of depreciation and amortization from unconsolidated joint ventures 21,097 24,132 81,904 101,199
Corporate-related depreciation and amortization (447) (453) (1,710) (1,810)
Non-real estate related amortization 2,130 (1,681) 8,520 (1,681)
Impairment loss — — 13,615 —
Impairment losses included within Income (loss) from unconsolidated joint ventures 341,338 — 341,338 272,603
Less:
Gains on sales of real estate 85 — 602 517
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — 28,412 21,696 28,412
Gain on investment included within income (loss) from unconsolidated joint ventures — — — 35,756
Gain on sales-type lease included within Income (loss) from unconsolidated joint ventures — 1,368 — 1,368
Unrealized gain (loss) on non-real estate investment (2) (93) 546 239
Noncontrolling interests in property partnerships 17,233 19,324 67,516 78,661
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 315,123 318,925 1,248,026 1,274,568
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 31,134 32,722 127,548 130,771
Funds from operations attributable to BXP, Inc. $ 283,989 $ 286,203 $ 1,120,478 $ 1,143,797
BXP, Inc.’s percentage share of funds from operations - basic 90.12 % 89.74 % 89.78 % 89.74 %
Weighted average shares outstanding - basic 158,117 156,945 157,468 156,863
FFO per share basic $ 1.80 $ 1.82 $ 7.12 $ 7.29
Weighted average shares outstanding - diluted 158,525 157,276 157,793 157,201
FFO per share diluted $ 1.79 $ 1.82 $ 7.10 $ 7.28

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

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

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

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio % Occupied by Location (1) % Leased by Location (2)
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Boston 95.9 % 95.9 % 97.5 % 96.4 %
Los Angeles 84.9 % 85.9 % 87.4 % 88.1 %
New York 90.8 % 91.8 % 93.6 % 94.4 %
San Francisco 84.3 % 87.4 % 85.2 % 88.0 %
Seattle 81.6 % 81.8 % 83.5 % 83.1 %
Washington, DC (3) 91.9 % 89.2 % 93.6 % 92.3 %
CBD Portfolio 90.9 % 91.0 % 92.8 % 92.7 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Boston 89.7 % 89.9 % 91.5 % 90.3 %
Los Angeles 84.9 % 85.9 % 87.4 % 88.1 %
New York 87.1 % 90.1 % 90.0 % 92.4 %
San Francisco 80.8 % 84.9 % 81.7 % 85.5 %
Seattle 81.6 % 81.8 % 83.5 % 83.1 %
Washington, DC 91.4 % 88.0 % 93.0 % 91.0 %
Total Portfolio 87.5 % 88.4 % 89.4 % 89.9 %

(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.

(3)During the first quarter of 2024, the Company reassessed the classifications of its assets as either CBD or Suburban and determined that certain assets such as those in Reston, Virginia are located in areas with characteristics that more closely align with our definition of CBD due to their diverse live, work, and play environment. As a result, these assets are classified as CBD. Comparative period has been updated to reflect the same presentation.

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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