Equibles

8-K

BXP, Inc. (BXP)

8-K 2025-10-28 For: 2025-10-28
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): October 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 October 28, 2025, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the third quarter ended 2025. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
*99.1 BXP, Inc. Supplemental Operating and Financial Data for the quarter ended September 30, 2025.
*99.2 Press release dated October 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: October 28, 2025

Document

Exhibit 99.1

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Supplemental Operating and Financial Data

for the Quarter Ended September 30, 2025

THE COMPANY

BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of September 30, 2025, including properties owned by joint ventures, BXP’s portfolio totals 54.6 million square feet and 187 properties, including 8 properties under construction/redevelopment. BXP’s properties include 163 office properties, 14 retail properties (including one retail property under construction), nine residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner.  BXP has earned a thirteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

This Supplemental package includes non-GAAP financial measures, which are accompanied by what the Company considers the most directly comparable financial measures calculated and presented in accordance with GAAP. Quantitative reconciliations of the differences between the most directly comparable GAAP financial measures and the non-GAAP financial measures presented are provided within this Supplemental package. Definitions of these non-GAAP financial measures and statements of the reasons why management believes the non-GAAP measures provide useful information to investors about the Company’s financial condition and results of operations, and, if applicable, the other purposes for which management uses the measures, can be found in the Definitions section of this Supplemental starting on page 56.

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60.

GENERAL INFORMATION

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

(Cover photo: Rendering of 343 Madison Avenue, New York, NY)

Q3 2025
Table of contents Page
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OVERVIEW
Company Profile 1
Guidance and assumptions 2
FINANCIAL INFORMATION
Financial Highlights 3
Consolidated Balance Sheets 5
Consolidated Income Statements 6
Funds From Operations (FFO) 7
Funds Available for Distribution (FAD) 8
Net Operating Income (NOI) 9
Same Property Net Operating Income (NOI) by Reportable Segment 11
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions 13
Acquisitions and Dispositions 14
DEVELOPMENT ACTIVITY
Construction in Progress 15
Land Parcels and Purchase Options 17
LEASING ACTIVITY
Leasing Activity 18
PROPERTY STATISTICS
Portfolio Overview 19
Residential and Hotel Performance 20
In-Service Property Listing 21
Top 20 Clients Listing and Portfolio Client Diversification 25
Occupancy by Location 26
DEBT AND CAPITALIZATION
Capital Structure 27
Debt Analysis 29
Senior Unsecured Debt Covenant Compliance Ratios 30
Net Debt to EBITDAre 31
Debt Ratios 32
JOINT VENTURES
Consolidated Joint Ventures 33
Unconsolidated Joint Ventures 35
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties 38
Boston 39
Los Angeles 41
New York 43
San Francisco 45
Seattle 47
Washington, DC 49
CBD 51
Suburban 53
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 55
Definitions 56
Reconciliations 60
Consolidated Income Statement - Prior Year 68
Q3 2025
--- ---
Company profile

SNAPSHOT

(as of September 30, 2025)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 187
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 54.6 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2 176.8 million
Closing Price, at the end of the quarter $74.34 per share
Dividend - Quarter/Annualized $0.70/$2.80 per share
Dividend Yield 3.8%
Consolidated Market Capitalization 2 $29.7 billion
BXP’s Share of Market Capitalization 2, 3 $29.8 billion
Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s)

STRATEGY

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

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

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

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

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

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

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

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

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

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

MANAGEMENT

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

___________________

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

2For additional detail, see page 28.

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

Q3 2025
Guidance and assumptions

GUIDANCE

BXP’s guidance for 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 October 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 not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Full Year 2025
Low High
Projected EPS (diluted) $ 0.99 $ 1.02
Add:
Projected Company share of real estate depreciation and amortization 5.15 5.15
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments 0.75 0.75
Projected FFO per share (diluted) $ 6.89 $ 6.92

ASSUMPTIONS

(dollars in thousands)

Full Year 2025
Low High
Operating property activity:
Average In-service portfolio occupancy 1 86.50 % 87.50 %
Change in BXP’s Share of Same Property net operating income (excluding termination income) — % 0.50 %
Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) 1.00 % 1.50 %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 22,000 $ 24,000
Taking Buildings Out-of-Service $ (17,000) $ (16,000)
BXP’s Share of incremental net operating income related to asset sales over prior year $ (4,000) $ (2,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 105,000 $ 120,000
Termination income $ 6,000 $ 8,000
Other revenue (expense):
Development, management services and other revenue $ 35,000 $ 37,000
General and administrative expense 2 $ (161,000) $ (158,000)
Consolidated net interest expense $ (621,000) $ (617,000)
Unconsolidated joint venture interest expense $ (75,000) $ (73,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (166,000) $ (162,000)

_______________

1 Excludes development properties placed into service in Q3 2025.

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

Q3 2025
Financial highlights

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

Three Months Ended
30-Sep-25 30-Jun-25
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977
Net income (loss) attributable to BXP, Inc. per share - diluted $ (0.77) $ 0.56
FFO attributable to BXP, Inc. 1 $ 276,674 $ 271,652
Diluted FFO per share 1 $ 1.74 $ 1.71
Dividends per common share $ 0.70 $ 0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2 $ 201,772 $ 203,592
Selected items:
Revenue $ 871,510 $ 868,457
Recoveries from clients $ 146,082 $ 141,725
Service income from clients $ 2,786 $ 2,848
BXP’s Share of revenue 3 $ 839,345 $ 835,667
BXP’s Share of straight-line rent 3 $ 23,859 $ 20,535
BXP’s Share of fair value lease revenue 3, 4 $ 3,019 $ 3,029
BXP’s Share of termination income 3 $ 1,382 $ 763
Ground rent expense $ 3,777 $ 3,612
Capitalized interest $ 13,491 $ 12,148
Capitalized wages $ 3,657 $ 4,733
Loss from unconsolidated joint ventures 5 $ (148,329) $ (3,324)
BXP’s share of FFO from unconsolidated joint ventures 6 $ 11,840 $ 13,350
Net income attributable to noncontrolling interests in property partnerships $ 17,853 $ 20,100
FFO attributable to noncontrolling interests in property partnerships 7 $ 40,468 $ 41,045
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 5,619 $ 6,214
Below-market rents (included within Other Liabilities) $ 21,290 $ 23,792
Accrued rental income liability (included within Other Liabilities) $ 101,001 $ 108,834
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8 2.78 2.85
Interest Coverage Ratio (including capitalized interest) 8 2.56 2.62
Fixed Charge Coverage Ratio 8 2.25 2.23
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9 8.21 8.18
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10 1.7 % (0.2) %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10 2.6 % 1.7 %
FAD Payout Ratio 2 61.37 % 85.15 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 60.8 % 60.5 %
Occupancy % of In-Service Properties 11 86.0 % 86.4 %
Leased % of In-Service Properties 12 88.8 % 89.1 %
Capitalization:
Consolidated Debt $ 16,604,696 $ 15,811,005
BXP’s Share of Debt 13 $ 16,613,274 $ 15,833,687
Consolidated Market Capitalization $ 29,747,934 $ 27,739,296
Consolidated Debt/Consolidated Market Capitalization 55.82 % 57.00 %
BXP’s Share of Market Capitalization 13 $ 29,756,512 $ 27,761,978
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13 55.83 % 57.03 %

_____________

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

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

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

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

5For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million, see page 37.

6For a quantitative reconciliation for the three months ended September 30, 2025, see page 37.

7For a quantitative reconciliation for the three months ended September 30, 2025, see page 34.

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

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

10For a quantitative reconciliation for the three months ended September 30, 2025 and June 30, 2025, see pages 11, 66 and 67.

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

Q3 2025
Financial highlights (continued)

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 September 30, 2025, see page 28.

Q3 2025
Consolidated Balance Sheets

(unaudited and in thousands)

30-Sep-25 30-Jun-25
ASSETS
Real estate $ 26,718,660 $ 26,632,189
Construction in progress 1,322,608 1,047,687
Land held for future development 568,516 748,198
Right of use assets - finance leases 372,747 372,839
Right of use assets - operating leases 321,063 325,670
Less accumulated depreciation (8,008,908) (7,863,743)
Total real estate 21,294,686 21,262,840
Cash and cash equivalents 861,066 446,953
Cash held in escrows 77,663 80,888
Investments in securities 43,604 41,062
Tenant and other receivables, net 136,743 109,683
Note receivable, net 8,898 6,711
Related party note receivables, net 88,879 88,825
Sales-type lease receivable, net 15,430 15,188
Accrued rental income, net 1,532,403 1,509,347
Deferred charges, net 802,785 809,033
Prepaid expenses and other assets 137,561 89,624
Investments in unconsolidated joint ventures 999,764 1,161,036
Total assets $ 25,999,482 $ 25,621,190
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,279,482 $ 4,278,788
Unsecured senior notes, net 9,803,336 9,800,577
Unsecured exchangeable senior notes, net 975,080 —
Unsecured line of credit — 185,000
Unsecured term loans, net 796,798 796,640
Unsecured commercial paper 750,000 750,000
Lease liabilities - finance leases 363,207 365,897
Lease liabilities - operating leases 379,792 399,174
Accounts payable and accrued expenses 484,798 480,158
Dividends and distributions payable 123,259 172,732
Accrued interest payable 120,128 120,975
Other liabilities 406,820 416,838
Total liabilities 18,482,700 17,766,779
Commitments and contingencies — —
Redeemable deferred stock units 8,006 6,981
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, 158,479,314 and 158,445,177 issued and 158,400,414 and 158,366,277 outstanding at September 30, 2025 and June 30, 2025, respectively 1,584 1,584
Additional paid-in capital 6,827,889 6,854,753
Dividends in excess of earnings (1,812,361) (1,579,770)
Treasury common stock at cost, 78,900 shares at September 30, 2025 and June 30, 2025 (2,722) (2,722)
Accumulated other comprehensive loss (14,831) (15,059)
Total stockholders’ equity attributable to BXP, Inc. 4,999,559 5,258,786
Noncontrolling interests:
Common units of the Operating Partnership 554,440 584,651
Property partnerships 1,954,777 2,003,993
Total equity 7,508,776 7,847,430
Total liabilities and equity $ 25,999,482 $ 25,621,190
Q3 2025
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Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Sep-25 30-Jun-25
Revenue
Lease $ 809,820 $ 805,935
Parking and other 34,404 34,709
Insurance proceeds 986 90
Hotel revenue 13,162 14,773
Development and management services 9,317 8,846
Direct reimbursements of payroll and related costs from management services contracts 3,821 4,104
Total revenue 871,510 868,457
Expenses
Operating 187,820 184,942
Real estate taxes 142,992 146,272
Restoration expenses related to insurance claims 924 848
Hotel operating 9,628 9,365
General and administrative 1 36,188 42,516
Payroll and related costs from management services contracts 3,821 4,104
Transaction costs 1,431 357
Depreciation and amortization 236,147 223,819
Total expenses 618,951 612,223
Other income (expense)
Loss from unconsolidated joint ventures 2 (148,329) (3,324)
Gains on sales of real estate 1,932 18,390
Gains from investments in securities 1 2,400 2,600
Unrealized gain (loss) on non-real estate investments 178 (39)
Interest and other income (loss) 7,620 8,063
Impairment losses 3 (68,901) —
Interest expense (164,299) (162,783)
Net income (loss) (116,840) 119,141
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships (17,853) (20,100)
Noncontrolling interest - common units of the Operating Partnership 4 12,981 (10,064)
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic $ (0.77) $ 0.56
Net income (loss) attributable to BXP, Inc. per share - diluted $ (0.77) $ 0.56

_____________

1Includes $2.4 million and $2.6 million for the three months ended September 30, 2025 and June 30, 2025, respectively, related to the Company’s deferred compensation plan.

2For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million, see page 37.

3Relates to pending dispositions in the portfolio.

4For additional detail, see page 7.

Q3 2025
Funds from operations (FFO) 1

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

Three Months Ended
30-Sep-25 30-Jun-25
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977
Add:
Noncontrolling interest - common units of the Operating Partnership (12,981) 10,064
Noncontrolling interests in property partnerships 17,853 20,100
Net income (loss) (116,840) 119,141
Add:
Depreciation and amortization expense 236,147 223,819
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (22,615) (20,945)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 17,272 16,674
Corporate-related depreciation and amortization (582) (600)
Non-real estate related amortization 2,130 2,131
Impairment losses 68,901 —
Impairment loss included within loss from unconsolidated joint ventures 3 145,133 —
Less:
Gains on sales of real estate 1,932 18,390
Gain on sale / consolidation included within loss from unconsolidated joint ventures 3 2,236 —
Unrealized gain (loss) on non-real estate investments 178 (39)
Noncontrolling interests in property partnerships 17,853 20,100
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 307,347 301,769
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 30,673 30,117
FFO attributable to BXP, Inc. $ 276,674 $ 271,652
BXP, Inc.’s percentage share of Basic FFO 90.02 % 90.02 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.98 % 9.98 %
Basic FFO per share $ 1.75 $ 1.72
Weighted average shares outstanding - basic 158,345 158,312
Diluted FFO per share $ 1.74 $ 1.71
Weighted average shares outstanding - diluted 158,928 158,795

RECONCILIATION TO DILUTED FFO

Three Months Ended
30-Sep-25 30-Jun-25
Basic FFO $ 307,347 $ 301,769
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 307,347 301,769
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 30,581 30,056
BXP, Inc.’s share of Diluted FFO $ 276,766 $ 271,713

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
30-Sep-25 30-Jun-25
Shares/units for Basic FFO 175,901 175,871
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 583 483
Shares/units for Diluted FFO 176,484 176,354
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,556 17,559
BXP, Inc.’s share of shares/units for Diluted FFO 158,928 158,795
BXP, Inc.’s percentage share of Diluted FFO 90.05 % 90.04 %

_____________

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

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

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

Q3 2025
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
30-Sep-25 30-Jun-25
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977
Add:
Noncontrolling interest - common units of the Operating Partnership (12,981) 10,064
Noncontrolling interests in property partnerships 17,853 20,100
Net income (loss) (116,840) 119,141
Add:
Depreciation and amortization expense 236,147 223,819
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (22,615) (20,945)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 17,272 16,674
Corporate-related depreciation and amortization (582) (600)
Non-real estate related amortization 2,130 2,131
Impairment loss included within loss from unconsolidated joint ventures 3 145,133 —
Impairment losses 68,901 —
Less:
Gains on sales of real estate 1,932 18,390
Gain on sale / consolidation included within loss from unconsolidated joint ventures 3 2,236 —
Unrealized gain (loss) on non-real estate investments 178 (39)
Noncontrolling interests in property partnerships 17,853 20,100
Basic FFO 307,347 301,769
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 4,999 3,482
BXP’s Share of hedge amortization, net of costs 1 1,781 1,808
BXP’s Share of fair value interest adjustment 1 638 1,217
BXP’s Share of straight-line ground rent expense adjustment 1, 5 (407) 584
Stock-based compensation 4,404 11,612
Non-real estate depreciation and amortization (1,548) (1,531)
Unearned portion of capitalized fees from consolidated joint ventures 6 938 969
Non-cash loss from early extinguishments of debt — —
Less:
BXP’s Share of straight-line rent 1 23,859 20,535
BXP’s Share of fair value lease revenue 1, 7 3,019 3,029
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1 — —
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1 64,715 61,423
BXP’s Share of maintenance capital expenditures 1, 8 23,341 30,211
BXP’s Share of amortization and accretion related to sales type lease 1 265 261
Hotel improvements, equipment upgrades and replacements 1,181 859
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 201,772 $ 203,592
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 9 123,830 173,357
FAD Payout Ratio1 (B÷A) 61.37 % 85.15 %

_____________

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

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

3For additional information for the three months ended September 30, 2025, see page 37.

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

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

6See page 62 for additional information.

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

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

9For the three months ended September 30, 2025, distribution amount reflects BXP’s quarterly dividend reset from $0.98 per share to $0.70 per share of common stock for the period July 1, 2025 to September 30, 2025.

Q3 2025
Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

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

_____________

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

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

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

Q3 2025
Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

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

_____________

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

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

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

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

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

Q3 2025
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
30-Sep-25 30-Sep-24 Change Change 30-Sep-25 30-Sep-24 Change Change
Rental Revenue 2 $ 815,032 $ 803,593 $ 26,007 $ 27,199
Less: Termination income 1,241 5,140 — —
Rental revenue (excluding termination income) 2 813,791 798,453 1.9 % 26,007 27,199 (4.4) %
Less: Operating expenses and real estate taxes 317,950 315,681 2,269 0.7 % 15,723 15,821 (98) (0.6) %
NOI (excluding termination income) 2, 3 $ 495,841 $ 482,772 2.7 % $ 10,284 $ 11,378 (9.6) %
Rental revenue (excluding termination income) 2 $ 813,791 $ 798,453 1.9 % $ 26,007 $ 27,199 (4.4) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 29,149 31,399 (2,250) (7.2) % 137 147 (10) (6.8) %
Add: Lease transaction costs that qualify as rent inducements 4 5,745 4,834 911 18.8 % 149 149 — — %
Subtotal 790,387 771,888 18,499 2.4 % 26,019 27,201 (1,182) (4.3) %
Less: Operating expenses and real estate taxes 317,950 315,681 2,269 0.7 % 15,723 15,821 (98) (0.6) %
Add: Straight-line ground rent expense 5 531 585 (54) (9.2) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 472,968 $ 456,792 3.5 % $ 10,296 $ 11,380 (9.5) %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
30-Sep-25 30-Sep-24 Change Change 30-Sep-25 30-Sep-24 Change Change
Rental Revenue 2 $ 841,039 $ 830,792 $ 51,833 $ 53,878
Less: Termination income 1,241 5,140 141 77
Rental revenue (excluding termination income) 2 839,798 825,652 1.7 % 51,692 53,801 (3.9) %
Less: Operating expenses and real estate taxes 333,673 331,502 2,171 0.7 % 21,169 22,233 (1,064) (4.8) %
NOI (excluding termination income) 2, 3 $ 506,125 $ 494,150 2.4 % $ 30,523 $ 31,568 (3.3) %
Rental revenue (excluding termination income) 2 $ 839,798 $ 825,652 1.7 % $ 51,692 $ 53,801 (3.9) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 29,286 31,546 (2,260) (7.2) % 1,626 2,195 (569) (25.9) %
Add: Lease transaction costs that qualify as rent inducements 4 5,894 4,983 911 18.3 % — — — — %
Subtotal 816,406 799,089 17,317 2.2 % 50,066 51,606 (1,540) (3.0) %
Less: Operating expenses and real estate taxes 333,673 331,502 2,171 0.7 % 21,169 22,233 (1,064) (4.8) %
Add: Straight-line ground rent expense 5 531 585 (54) (9.2) % 123 138 (15) (10.9) %
NOI - cash (excluding termination income) 2, 3 $ 483,264 $ 468,172 3.2 % $ 29,020 $ 29,511 (1.7) %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
30-Sep-25 30-Sep-24 Change Change 30-Sep-25 30-Sep-24 Change Change
Rental Revenue 2 $ 82,803 $ 78,919 $ 810,069 $ 805,751
Less: Termination income — 18 1,382 5,199
Rental revenue (excluding termination income) 2 82,803 78,901 4.9 % 808,687 800,552 1.0 %
Less: Operating expenses and real estate taxes 35,741 34,432 1,309 3.8 % 319,101 319,303 (202) (0.1) %
NOI (excluding termination income) 2, 3 $ 47,062 $ 44,469 5.8 % $ 489,586 $ 481,249 1.7 %
Rental revenue (excluding termination income) 2 $ 82,803 $ 78,901 4.9 % $ 808,687 $ 800,552 1.0 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 6,596 5,533 1,063 19.2 % 24,316 28,208 (3,892) (13.8) %
Add: Lease transaction costs that qualify as rent inducements 4 895 (87) 982 1,128.7 % 4,999 5,070 (71) (1.4) %
Subtotal 77,102 73,281 3,821 5.2 % 789,370 777,414 11,956 1.5 %
Less: Operating expenses and real estate taxes 35,741 34,432 1,309 3.8 % 319,101 319,303 (202) (0.1) %
Add: Straight-line ground rent expense 5 — — — — % 654 723 (69) (9.5) %
NOI - cash (excluding termination income) 2, 3 $ 41,361 $ 38,849 6.5 % $ 470,923 $ 458,834 2.6 %

All values are in US Dollars.

___________________

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

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

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

Q3 2025
Same property net operating income (NOI) by reportable segment (continued)

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

5Excludes the straight-line impact of approximately $(1,061) and $(44) for the three months ended September 30, 2025 and 2024, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Q3 2025
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
30-Sep-25 30-Jun-25
Maintenance capital expenditures $ 25,996 $ 32,934
Planned capital expenditures associated with acquisition properties 5,020 5,977
Repositioning capital expenditures 10,084 13,150
Hotel improvements, equipment upgrades and replacements 1,181 859
Subtotal 42,281 52,920
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 349 703
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 116 (85)
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 3,004 3,426
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs 2 23
BXP’s Share of Capital Expenditures 1 $ 39,740 $ 50,089

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
30-Sep-25 30-Jun-25
Square feet 957,858 852,284
Tenant improvements and lease commissions PSF $ 77.47 $ 85.84

___________________

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

2Includes 100% of unconsolidated joint ventures.

Q3 2025
Acquisitions and dispositions

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

(dollars in thousands)

ACQUISITIONS

BXP’s Share of Investment
Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)
290 Coles Street (670 Units) (19.46% ownership) 1 Jersey City, NJ March 5, 2025 560,000 $ 20,000 $ 68,700 $ 88,700 N/A
343 Madison Avenue 2 New York, NY August 27, 2025 930,000 43,532 843,418 886,950 N/A
Total Acquisitions 1,490,000 $ 63,532 $ 912,118 $ 975,650 — %

DISPOSITIONS

Property Location Date Disposed Square Feet BXP’s Share of Gross Sales Price BXP’s Share of Net Cash Proceeds BXP’s Share of Book Gain (Loss) 3
17 Hartwell Avenue 4 Lexington, MA June 27, 2025 30,000 $ 21,840 $ 21,840 $ 18,390
Beach Cities Media Campus (50% ownership) El Segundo, CA September 17, 2025 N/A 28,005 26,571 2,236
Total Dispositions 30,000 $ 49,845 $ 48,411 $ 20,626

___________________

1 The Company has agreed to fund up to $65.0 million in preferred equity. The joint venture has also entered into a $225.0 million construction loan, of which the Company’s share is approximately $43.8 million. As of September 30, 2025, $11.9 million of preferred equity has been contributed and no amounts have been drawn under the construction loan.

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

3 Excludes approximately $1.9 million of gain related to a sale that occurred in a prior period.

4 The Company entered into a joint venture with a third party to redevelop, own and operate 17 Hartwell Avenue. The Company sold 17 Hartwell Avenue to the joint venture for approximately $21.8 million in cash. The Company also contributed development costs of approximately $5.6 million for its 20% ownership interest. The Company will be the development manager for the project. Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and is accounting for the joint venture entity on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture entity. The Company recognized a gain upon sale of the real estate of approximately $18.4 million within Gain on Sale of Real Estate on the Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.

Q3 2025
Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT SEPTEMBER 30, 2025 1

Actual/Estimated BXP’s share
Initial Occupancy Stabilization Date Square Feet Investment to Date 2 Estimated Total Investment 2 Total Financing Amount Drawn Estimated Future Equity Requirement 2 Percentage Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Location Leased 3
Office
725 12th Street Q1 2029 Q4 2030 Washington, DC 320,000 $ 76,838 $ 349,600 $ — $ — $ 272,762 87 % — % N/A
343 Madison Avenue Q3 2029 Q2 2031 New York, NY 930,000 183,665 1,971,000 — — 1,787,335 — % — % N/A
Total Office Properties under Construction 1,250,000 260,503 2,320,600 — — 2,060,097 22 % — % N/A
Lab/Life Sciences
290 Binney Street (55% ownership) 6 Q2 2026 Q2 2026 Cambridge, MA 573,000 335,288 508,000 — — 172,712 100 % — % N/A
651 Gateway (50% ownership) 7 Q1 2024 Q3 2027 South San Francisco, CA 327,000 134,783 167,100 — — 32,317 21 % 27 % $ 51
Total Lab/Life Sciences Properties under Construction 900,000 470,071 675,100 — — 205,029 71 % 10 % 51
Residential
17 Hartwell Avenue (312 units) (20% ownership) Q2 2027 Q2 2028 Lexington, MA 288,000 8,460 35,900 19,747 — 7,693 — % — % N/A
17 Hartwell Avenue - Retail 2,100 — — — — — — % — % N/A
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 221,830 597,800 — — 375,970 — % — % N/A
290 Coles Street (670 units) (19.46% ownership) 8 Q2 2028 Q3 2029 Jersey City, NJ 547,000 20,503 88,700 56,400 — 11,797 — % — % N/A
290 Coles Street - Retail 13,000 — — — — — — % — % N/A
Total Residential Properties under Construction 1,342,100 250,793 722,400 76,147 — 395,460 — % — % N/A
Retail
Reston Next Retail Q1 2026 Q4 2026 Reston, VA 30,000 26,823 31,600 — — 4,777 70 % — % (13)
Total Retail Property under Construction 30,000 26,823 31,600 — — 4,777 70 % — % (13)
Total Properties Under Construction 3,522,100 $ 1,008,190 $ 3,749,700 $ 76,147 $ — $ 2,665,363 43 % 9 3 % $ 38

PROJECTS FULLY PLACED IN-SERVICE DURING 2025

Actual/Estimated BXP’s share
Estimated Total Investment 2 Amount Drawn at 9/30/2025 Estimated Future Equity Requirement 2 Net Operating Income (Loss) 5 (BXP’s share)
Initial Occupancy Stabilization Date Investment to Date 2 Total Financing Percentage
Location Square Feet Leased 3
1050 Winter Street Q2 2025 Q3 2025 Waltham, MA 162,274 $ 8,273 $ 38,700 $ — $ — $ 30,427 100 % $ 583
Reston Next Office Phase II Q1 2025 Q1 2027 Reston, VA 86,629 51,193 61,000 — — 9,807 92 % (166)
360 Park Avenue South (71% ownership) Q4 2024 Q4 2026 New York, NY 448,112 385,755 418,300 156,470 156,470 32,545 38 % (409)
Total Projects Fully Placed In-Service 697,015 $ 445,221 $ 518,000 $ 156,470 $ 156,470 $ 72,779 59 % $ 8

________________

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 October 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.

Q3 2025
Construction in progress (continued)

5Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2025. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56.

6The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $116.0 million for the vault as of September 30, 2025.

7On January 1, 2025, in accordance with the Company’s accounting policy, the Company ceased interest capitalization of its equity method investment. As of September 30, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction. As such, the Company continues to reflect the project as under construction.

8On March 5, 2025 we acquired a 19.46% interest in 290 Coles Street. The budget represents the Company’s 19.46% ownership of the project budget and financings which includes the Company’s share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of September 30, 2025, $11.9 million of preferred equity has been contributed.

9 Total percentage leased excludes Residential.

Q3 2025
Land parcels and purchase options

as of September 30, 2025

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location Approximate Developable Square Feet 2
Office
San Jose, CA 2,830,000
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
Reston, VA 1,278,000
San Jose, CA (55% ownership) 1,088,000
Waltham, MA 899,000
San Francisco, CA 850,000
Santa Clara, CA 632,000
Springfield, VA 576,000
South San Francisco, CA (50% ownership) 451,000
Lexington, MA 420,000
Dulles, VA 150,000
Rockville, MD 150,000
Boston, MA 25,000
Total Office 13,072,000
Residential
Reston, VA 1,193,000
Rockville, MD 894,000
Herndon, VA (50% ownership) 611,000
Weston, MA 600,000
Washington, DC (50% ownership) 520,000
Total Residential 3,818,000
Total Owned Land Parcels 16,890,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

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

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the nine months ended September 30, 2025, approximately 647,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property.

2Represents 100% of consolidated and unconsolidated projects.

3The Company expects to be a 50% partner in the future development of these sites.

Q3 2025
Leasing activity

for the three months ended September 30, 2025

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 6,559,755
Less:
Property dispositions/properties taken out of service 1 23,633
Add:
Properties placed (and partially placed) in-service 2 535,011
Leases expiring or terminated during the period 977,209
Total space available for lease 8,048,342
1st generation leases 198,797
2nd generation leases with new clients 688,867
2nd generation lease renewals 268,991
Total leases commenced during the period 1,156,655
Vacant space available for lease at the end of the period 6,891,687
Net (increase)/decrease in available space (331,932)
2nd generation leasing information: 3
Leases commencing during the period (SF) 957,858
Weighted average lease term (months) 96
Weighted average free rent period (days) 215
Total transaction costs per square foot 4 77.47
Increase (decrease) in gross rents 5 (4.48)
Increase (decrease) in net rents 6 (7.13)

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 8
1st generation 2nd generation total 7 gross 5, 7 net 6,7
Boston 113,924 368,708 482,632 2.18 % 3.19 % 397,854
Los Angeles — 10,709 10,709 (29.10) % (41.02) % 4,705
New York 23,038 215,801 238,839 4.52 % 8.11 % 794,741
San Francisco — 176,055 176,055 (19.02) % (24.57) % 133,551
Seattle — 36,329 36,329 — % — % 54,100
Washington, DC 61,835 150,256 212,091 (8.03) % (11.78) % 139,247
Total / Weighted Average 198,797 957,858 1,156,655 (4.48) % (7.13) % 1,524,198

_____________

1Total square feet of properties taken out of service in Q3 2025 consists of 23,633 at 200 Clarendon Street Retail.

2 Total square feet of properties placed in service in Q3 2025 consists of 345,570 at 360 Park Avenue South, 106,670 at 1050 Winter Street and 82,771 at Reston Next Office Phase II.

3 2nd generation leases are defined as leases for space that has previously been leased. Of the 957,858 square feet of 2nd generation leases that commenced in Q3 2025, leases for 625,288 square feet were signed in prior periods.

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

5 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 528,334 square feet of 2nd generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 528,334 square feet of 2nd generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

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

8 Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 332,570.

Q3 2025
Portfolio overview

for the three months ended September 30, 2025

(dollars in thousands)

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

Office Retail Residential Hotel Total
Boston 14,661,416 1,120,176 550,114 330,000 16,661,706
Los Angeles 2,183,712 123,534 — — 2,307,246
New York 12,540,900 488,017 — — 13,028,917
San Francisco 7,239,141 349,648 318,171 — 7,906,960
Seattle 1,503,381 13,171 — — 1,516,552
Washington, DC 8,123,872 635,566 910,277 — 9,669,715
Total 46,252,422 2,730,112 1,778,562 330,000 51,091,096
% of Total 90.53 % 5.34 % 3.48 % 0.65 % 100.00 %

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

Total
Rentable square feet of in-service properties 2 51,091,096
Less:
Rentable square feet from residential and hotel properties 2 2,174,332
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4 3,975,899
Partners’ share of rentable square feet from consolidated joint venture properties 5 3,117,910
BXP’s Share of rentable square feet, excluding residential and hotel properties 1 41,822,955

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

Office Retail Residential Hotel 6 Total
Consolidated $ 768,404 $ 64,737 $ 12,171 $ 13,060 $ 858,372
Less:
Partners’ share from consolidated joint ventures 7 78,126 10,055 — — 88,181
Add:
BXP’s share from unconsolidated joint ventures 8 49,655 2,535 3,617 — 55,807
BXP’s Share of Rental revenue 1 $ 739,933 $ 57,217 $ 15,788 $ 13,060 $ 825,998
% of Total 89.58 % 6.93 % 1.91 % 1.58 % 100.00 %

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

CBD Suburban Total
Boston 33.16 % 4.85 % 38.01 %
Los Angeles 4.65 % — % 4.65 %
New York 21.81 % 1.57 % 23.38 %
San Francisco 14.25 % 1.86 % 16.11 %
Seattle 2.52 % — % 2.52 %
Washington, DC 15.18 % 0.15 % 15.33 %
Total 91.57 % 8.43 % 100.00 %

_____________

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

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

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

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

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

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

7See page 63 for additional information.

8See page 65 for additional information.

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

Q3 2025
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
30-Sep-25 30-Jun-25 30-Sep-25 30-Jun-25
Rental Revenue 2 $ 12,845 $ 12,532 $ 13,162 $ 14,773
Less: Operating expenses and real estate taxes 6,095 6,578 9,628 9,365
Net Operating Income (NOI) 2 6,750 5,954 3,534 5,408
Add: BXP’s share of NOI from unconsolidated joint ventures 2,211 2,148 N/A N/A
BXP’s Share of NOI 2 $ 8,961 $ 8,102 $ 3,534 $ 5,408
Rental Revenue 2 $ 12,845 $ 12,532 $ 13,162 $ 14,773
Less: Straight line rent and fair value lease revenue 139 142 (2) (2)
Add: Lease transaction costs that qualify as rent inducements 149 149 — —
Subtotal 12,855 12,539 13,164 14,775
Less: Operating expenses and real estate taxes 6,095 6,578 9,628 9,365
NOI - cash basis 2 6,760 5,961 3,536 5,410
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,211 2,148 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 8,971 $ 8,109 $ 3,536 $ 5,410

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

Residential Units Three Months Ended Percent Change
30-Sep-25 30-Sep-24
Boston 806
Average Monthly Rental Rate $ 4,091 $ 4,000 2.28 %
Average Rental Rate Per Occupied Square Foot $ 5.97 $ 5.85 2.05 %
Average Physical Occupancy 94.62 % 95.37 % (0.79) %
Average Economic Occupancy 94.57 % 95.39 % (0.86) %
San Francisco 402
Average Monthly Rental Rate $ 3,004 $ 2,968 1.21 %
Average Rental Rate Per Occupied Square Foot $ 3.80 $ 3.76 1.06 %
Average Physical Occupancy 90.88 % 89.88 % 1.11 %
Average Economic Occupancy 89.02 % 87.49 % 1.75 %
Washington, DC 4 1,016
Average Monthly Rental Rate $ 2,869 $ 2,869 — %
Average Rental Rate Per Occupied Square Foot $ 3.23 $ 2.95 9.49 %
Average Physical Occupancy 91.57 % 96.00 % (4.61) %
Average Economic Occupancy 89.11 % 95.89 % (7.07) %
Total residential units 2,224

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

Hotel Rooms Three Months Ended Percent Change
30-Sep-25 30-Sep-24
Boston Marriott Cambridge 437
Average Occupancy 82.80 % 82.70 % 0.12 %
Average Daily Rate $ 328.68 $ 356.44 (7.79) %
Revenue Per Available Room $ 272.00 $ 294.86 (7.75) %

_____________

1Includes retail space.

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

3Excludes retail space.

4For the three months ended September 30, 2025, rental rates and occupancy information includes Skymark, which was completed and fully placed in-service on December 13, 2024 and is in its initial lease-up period with expected stabilization in the second quarter of 2026. As of October 24, 2025, the physical occupancy of Skymark was approximately 94.69%.

Q3 2025
In-service property listing as of September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
CBD
BOSTON
Office
200 Clarendon Street CBD Boston MA 1 1,700,914 99.6 % 99.6 % $ 88.62
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,274,213 94.8 % 97.8 % 73.56
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,943 91.9 % 98.3 % 77.44
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 81.19
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 100.0 % 100.0 % 88.25
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 633,818 100.0 % 100.0 % 75.65
Prudential Center (retail shops) 5 CBD Boston MA 1 601,333 94.5 % 94.8 % 94.38
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 100.0 % 100.0 % 62.33
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 94.8 % 94.8 % 65.80
888 Boylston Street - The Prudential Center CBD Boston MA 1 363,320 100.0 % 100.0 % 83.84
Star Market at the Prudential Center 5 CBD Boston MA 1 60,015 100.0 % 100.0 % 64.51
Subtotal 11 8,410,490 97.3 % 98.7 % $ 80.49
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 93.42
325 Main Street East Cambridge MA 1 414,900 91.4 % 97.4 % 119.26
125 Broadway 6 East Cambridge MA 1 271,000 100.0 % 100.0 % 148.82
355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 86.33
300 Binney Street (55% ownership) 6, 7 East Cambridge MA 1 239,908 100.0 % 100.0 % 159.03
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 81.08
255 Main Street East Cambridge MA 1 215,394 82.5 % 82.5 % 92.24
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 101.94
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 77.35
250 Binney Street 6 East Cambridge MA 1 67,362 100.0 % 100.0 % 92.10
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 61.08
Subtotal 11 2,704,559 97.2 % 98.1 % $ 104.27
Subtotal Boston CBD 22 11,115,049 97.3 % 98.6 % $ 86.32
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 % $ 78.25
Santa Monica Business Park West Los Angeles CA 14 1,104,174 83.8 % 83.8 % 73.18
Santa Monica Business Park Retail 5 West Los Angeles CA 7 73,006 86.8 % 86.8 % 80.09
Subtotal 27 2,307,246 86.7 % 87.1 % $ 75.97
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 93.7 % 98.5 % $ 170.35
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682 99.9 % 99.9 % 100.64
399 Park Avenue Park Avenue NY 1 1,567,470 100.0 % 100.0 % 109.69 Q3 2025
--- ---
In-service property listing (continued) as of September 30, 2025
--- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
599 Lexington Avenue Park Avenue NY 1 1,106,336 87.8 % 97.0 % 87.43
7 Times Square (formerly Times Square Tower) (55% ownership) Times Square NY 1 1,238,724 80.2 % 84.7 % 76.83
250 West 55th Street Times Square / West Side NY 1 966,976 100.0 % 100.0 % 102.74
200 Fifth Avenue (26.69% ownership) 4 Midtown South NY 1 846,506 59.0 % 91.0 % 98.80
360 Park Avenue South (71.11% ownership) 4, 7, 8 Midtown South NY 1 448,112 28.0 % 38.3 % 100.48
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 42.7 % 42.7 % 37.60
510 Madison Avenue Fifth/Madison Avenue NY 1 352,589 77.0 % 93.4 % 123.57
Subtotal 10 10,837,251 84.9 % 90.7 % $ 111.11
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 114.47
Embarcadero Center Four CBD San Francisco CA 1 945,405 88.3 % 94.5 % 105.29
Embarcadero Center One CBD San Francisco CA 1 837,810 71.3 % 71.3 % 96.59
Embarcadero Center Two CBD San Francisco CA 1 804,891 71.5 % 72.5 % 85.39
Embarcadero Center Three CBD San Francisco CA 1 786,411 75.0 % 78.7 % 93.08
680 Folsom Street CBD San Francisco CA 2 522,406 59.2 % 59.2 % 84.61
535 Mission Street CBD San Francisco CA 1 303,322 77.2 % 86.2 % 77.36
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 76.45
Subtotal 9 5,647,007 80.7 % 82.9 % $ 99.95
Residential
The Skylyne (402 units) CBD Oakland CA 1 330,996
Subtotal 1 330,996
SEATTLE
Office
Safeco Plaza (33.67% ownership) 4 CBD Seattle WA 1 762,541 84.5 % 86.5 % $ 49.34
Madison Centre CBD Seattle WA 1 754,011 80.7 % 83.6 % 60.44
Subtotal 2 1,516,552 82.6 % 85.1 % $ 54.72
WASHINGTON, DC
Office
901 New York Avenue East End Washington DC 1 508,130 80.5 % 80.5 % $ 69.14
Market Square North (50% ownership) 4 East End Washington DC 1 417,298 75.3 % 75.3 % 75.52
2100 Pennsylvania Avenue CBD Washington DC 1 475,849 95.0 % 95.0 % 82.25
2200 Pennsylvania Avenue CBD Washington DC 1 459,954 94.8 % 98.0 % 95.76
1330 Connecticut Avenue CBD Washington DC 1 252,413 95.5 % 95.5 % 71.07
Sumner Square CBD Washington DC 1 208,797 94.0 % 94.0 % 50.61
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 96.8 % 96.8 % 86.29
Capital Gallery Southwest Washington DC 1 176,824 80.8 % 92.7 % 58.30
Subtotal 8 2,730,165 88.5 % 89.8 % $ 76.68
Reston Next Reston VA 2 1,063,299 97.5 % 99.2 % $ 62.90
South of Market Reston VA 3 624,387 100.0 % 100.0 % 57.19
Fountain Square Reston VA 2 524,329 94.2 % 99.1 % 53.64
One Freedom Square Reston VA 1 427,646 87.8 % 87.8 % 55.08
Two Freedom Square Reston VA 1 423,222 100.0 % 100.0 % 55.65
One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 54.13
One Reston Overlook Reston VA 1 319,519 100.0 % 100.0 % 50.80
17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 74.81
Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 69.25
Fountain Square Retail 5 Reston VA 1 196,421 90.4 % 91.2 % 59.39 Q3 2025
--- ---
In-service property listing (continued) as of September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
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 % 56.54
Reston Next Office Phase II 7, 8 Reston VA 1 86,629 4.5 % 92.2 % 57.20
Avant Retail 5 Reston VA 1 26,179 100.0 % 100.0 % 67.23
Subtotal 18 4,728,485 94.7 % 97.3 % $ 59.04
7750 Wisconsin Avenue (50% ownership) 4 Bethesda/Chevy Chase MD 1 735,573 100.0 % 100.0 % $ 38.99
Wisconsin Place Office Montgomery County MD 1 295,845 59.9 % 59.9 % 53.06
Subtotal 2 1,031,418 88.5 % 88.5 % $ 42.13
Subtotal Washington, DC CBD 28 8,490,068 91.9 % 93.8 % $ 62.49
Residential
Signature at Reston (508 units) Reston VA 1 517,783
Skymark (508 units) (20% ownership) 4, 7 Reston VA 1 417,036
Subtotal 2 934,819
CBD Total 105 42,087,505 89.3 % 9 92.0 % 9 $ 87.55 9
BXP’s Share of CBD 90.0 % 9 92.3 % 9
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center 10 Route 128 Mass Turnpike MA 3 710,064 56.2 % 57.7 % $ 38.70
140 Kendrick Street Route 128 Mass Turnpike MA 3 409,197 77.2 % 81.7 % 60.59
Weston Corporate Center Route 128 Mass Turnpike MA 1 357,579 12.5 % 12.5 % 48.08
180 CityPoint 6, 7 Route 128 Mass Turnpike MA 1 329,195 43.2 % 78.3 % 102.94
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 73.0 % 73.0 % 45.22
230 CityPoint Route 128 Mass Turnpike MA 1 296,720 97.7 % 97.7 % 49.53
200 West Street 6 Route 128 Mass Turnpike MA 1 273,361 86.1 % 86.1 % 91.72
880 Winter Street 6 Route 128 Mass Turnpike MA 1 243,614 100.0 % 100.0 % 100.00
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 97.1 % 98.6 % 60.69
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 62.02
77 CityPoint Route 128 Mass Turnpike MA 1 209,382 90.2 % 90.2 % 56.43
890 Winter Street Route 128 Mass Turnpike MA 1 180,155 93.1 % 93.1 % 45.71
Reservoir Place 11 Route 128 Mass Turnpike MA 1 164,993 35.0 % 35.0 % 46.23
153 & 211 Second Avenue 12 Route 128 Mass Turnpike MA 2 154,093 84.2 % 84.2 % 52.45
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 58.99
103 CityPoint 6, 7 Route 128 Mass Turnpike MA 1 112,841 — % — % —
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 52.86
The Point 5 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 63.48
33 Hayden Avenue 6 Route 128 Northwest MA 1 80,872 100.0 % 100.0 % 80.03
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 27.50
100 Hayden Avenue 6 Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 66.22
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.83
Subtotal 27 4,638,140 71.6 % 74.8 % $ 60.82
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 72.4 % 74.9 % $ 40.13
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 27.5 % 66.3 % 44.06
212 Carnegie Center Princeton NJ 1 148,942 67.8 % 72.4 % 35.63
214 Carnegie Center Princeton NJ 1 146,799 62.8 % 62.8 % 38.57
506 Carnegie Center Princeton NJ 1 139,050 95.1 % 95.1 % 40.73 Q3 2025
--- ---
In-service property listing (continued) as of September 30, 2025
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.84
202 Carnegie Center Princeton NJ 1 134,068 73.7 % 73.7 % 40.89
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 42.13
101 Carnegie Center Princeton NJ 1 122,791 99.5 % 100.0 % 40.25
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.83
502 Carnegie Center Princeton NJ 1 121,460 94.8 % 94.8 % 39.47
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 34.78
104 Carnegie Center Princeton NJ 1 101,969 69.6 % 73.4 % 38.38
103 Carnegie Center Princeton NJ 1 96,322 69.1 % 69.1 % 37.51
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 36.50
211 Carnegie Center Princeton NJ 1 47,025 — % — % —
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 34.09
Subtotal 17 2,191,666 72.6 % 76.2 % $ 39.38
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4, 13 South San Francisco CA 5 792,737 72.2 % 72.2 % $ 73.49
751 Gateway (49% ownership) 4, 6 South San Francisco CA 1 230,592 100.0 % 100.0 % 116.11
Mountain View Research Park 14 Mountain View CA 16 571,884 59.0 % 62.7 % 64.32
2440 West El Camino Real Mountain View CA 1 142,711 57.8 % 57.8 % 95.39
North First Business Park San Jose CA 5 191,033 58.4 % 58.4 % 30.15
Subtotal 28 1,928,957 69.2 % 70.3 % $ 76.29
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 156,540 50.7 % 67.8 % $ 38.59
Kingstowne Retail 5 Springfield VA 1 88,288 100.0 % 100.0 % 31.36
Subtotal 2 244,828 68.5 % 79.4 % $ 34.78
Suburban Total 74 9,003,591 71.2 % 74.3 % $ 58.06
BXP’s Share of Suburban 70.6 % 73.8 %
Total In-Service Properties: 179 51,091,096 86.0 % 9 88.8 % 9 $ 83.04 9
BXP’s Share of Total In-Service Properties: 3 86.1 % 9 88.6 % 9

_____________

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

2Represents signed leases for which revenue recognition has commenced in accordance with GAAP and signed leases for vacant space with future commencement dates. For additional detail, see pages 38-54.

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

4This is an unconsolidated joint venture property.

5This is a retail property.

6Classified as a laboratory/life sciences property.

7Not included in the Same Property analysis.

8Property was fully placed in service during the third quarter of 2025.

9Excludes hotel and residential properties. For additional detail, see page 20.

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

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

12 211 Second Avenue is classified as a laboratory/life sciences property.

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

14 Includes 453 Ravendale Drive.

Q3 2025
Top 20 clients listing and portfolio client diversification

as of September 30, 2025

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.34 % 6.5
2 Google 2.88 % 11.6
3 Akamai Technologies 2.15 % 9.1
4 Kirkland & Ellis 1.81 % 11.9
5 Biogen 1.78 % 2.6
6 Snap 1.61 % 8.3
7 Fannie Mae 1.52 % 11.9
8 Millennium Management 1.43 % 10.5
9 Ropes & Gray 1.35 % 12.3
10 Weil Gotshal & Manges 1.22 % 8.7
11 Wellington Management 1.17 % 10.8
12 Microsoft 1.14 % 7.9
13 Arnold & Porter Kaye Scholer 1.08 % 7.1
14 Allen Overy Shearman Sterling 1.03 % 15.9
15 Bain Capital 0.93 % 6.3
16 Morrison & Foerster 0.91 % 4.9
17 Bank of America 0.85 % 10.7
18 C.V. Starr & Co 0.85 % 8.6
19 Wilmer Cutler Pickering Hale 0.84 % 13.2
20 Leidos 0.84 % 7.6
BXP’s Share of Annualized Rental Obligations 28.73 %
BXP’s Share of Square Feet 1 21.99 %
Weighted Average Remaining Lease Term (years) 9.2

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 573,000
McDermott Will & Schulte 725 12th Street, NW 152,000
Cooley 725 12th Street, NW 126,000

CLIENT DIVERSIFICATION 2

chart-66105735426143a5b25.jpg

_____________

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

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

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

Q3 2025
Occupancy by location

as of September 30, 2025

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

CBD Suburban Total
Location 30-Sep-25 30-Jun-25 30-Sep-25 30-Jun-25 30-Sep-25 30-Jun-25
Boston 97.3 % 97.0 % 71.6 % 71.6 % 89.7 % 89.7 %
Los Angeles 86.7 % 86.3 % — % — % 86.7 % 86.3 %
New York 84.9 % 87.2 % 72.6 % 71.0 % 82.8 % 84.4 %
San Francisco 80.7 % 81.8 % 69.2 % 69.6 % 77.8 % 78.7 %
Seattle 82.6 % 84.6 % — % — % 82.6 % 84.6 %
Washington, DC 91.9 % 91.1 % 68.5 % 68.4 % 91.3 % 90.5 %
Total Portfolio 89.3 % 89.9 % 71.2 % 70.9 % 86.0 % 86.4 %

chart-3f1cf5ddec97490582d.jpg

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

CBD Suburban Total
Location 30-Sep-25 30-Sep-24 30-Sep-25 30-Sep-24 30-Sep-25 30-Sep-24
Boston 97.2 % 95.7 % 74.8 % 82.0 % 91.2 % 92.0 %
Los Angeles 86.7 % 84.9 % — % — % 86.7 % 84.9 %
New York 87.3 % 88.9 % 72.6 % 67.3 % 84.8 % 85.1 %
San Francisco 80.7 % 84.2 % 69.2 % 71.2 % 77.8 % 80.9 %
Seattle 82.6 % 80.2 % — % — % 82.6 % 80.2 %
Washington, DC 92.8 % 91.2 % 68.5 % 82.6 % 92.2 % 90.9 %
Total Portfolio 90.1 % 90.0 % 72.7 % 75.7 % 87.0 % 87.5 %

chart-e575d0c7bae94157927.jpg

_____________

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

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

Q3 2025
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,299,119
Unsecured Line of Credit —
Unsecured Term Loans 800,000
Unsecured Commercial Paper 750,000
Unsecured Senior Notes, at face value 9,850,000
Unsecured Exchangeable Senior Notes, at face value 1,000,000
Outstanding Principal 16,699,119
Discount on Unsecured Senior Notes (9,007)
Deferred Financing Costs, Net (85,416)
Consolidated Debt $ 16,604,696

MORTGAGE NOTES PAYABLE

Interest Rate
Property Maturity Date GAAP 1 Stated 2 Outstanding Principal
767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% $ 2,300,000
Santa Monica Business Park October 8, 2028 5.36% 5.24% 200,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000
901 New York Avenue January 5, 2029 5.06% 5.00% 199,119
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,299,119

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

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

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES 3, 4

Interest Rate
Maturity Date GAAP 1 Stated Outstanding Principal
Unsecured Exchangeable Senior Notes October 1, 2030 2.50% 2.00% $ 1,000,000
$ 1,000,000 Q3 2025
--- ---
Capital structure (continued)

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 5
Common Stock 158,400 158,400 $ 11,775,456
Common Operating Partnership Units 18,399 18,399 1,367,782
Total Equity 176,799 $ 13,143,238
Consolidated Debt (A) $ 16,604,696
Add: BXP’s share of unconsolidated joint venture debt 6 1,372,439
Less: Partners’ share of consolidated debt 7 1,363,861
BXP’s Share of Debt 8 (B) $ 16,613,274
Consolidated Market Capitalization (C) $ 29,747,934
BXP’s Share of Market Capitalization 8 (D) $ 29,756,512
Consolidated Debt/Consolidated Market Capitalization (A÷C) 55.82 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 8 (B÷D) 55.83 %

_____________

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

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

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

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

5Values are based on the September 30, 2025 closing price of $74.34 per share of BXP common stock.

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

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

8See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

Q3 2025
Debt analysis 1

as of September 30, 2025

(dollars in thousands)

chart-3749a7ddb1444c61ab8.jpg

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

Facility Outstanding at September 30, 2025 Remaining Capacity at September 30, 2025
Unsecured Line of Credit $ 2,250,000 $ — $ 2,250,000
Less:
Unsecured Commercial Paper 2 750,000
Letters of Credit 5,393
Total Remaining Capacity $ 1,494,607

UNSECURED TERM LOANS

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

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Unsecured Debt 74.23 % 3.99 % 4.11 % 4.3
Secured Debt 25.77 % 3.80 % 3.99 % 3.1
Consolidated Debt 100.00 % 3.94 % 4.07 % 4.0

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Floating Rate Debt 2 8.71 % 4.92 % 4.98 % 1.7
Fixed Rate Debt 3, 6 91.29 % 3.85 % 3.99 % 4.2
Consolidated Debt 100.00 % 3.94 % 4.07 % 4.0

_____________

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

2The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At September 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.51% per annum and had a weighted-average maturity of 43 days from the date of issuance.

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

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

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

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

Q3 2025
Senior unsecured debt covenant compliance ratios

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

This section presents such ratios as of September 30, 2025 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

Senior Notes Issued Prior to December 4, 2017 Senior Notes Issued On or After December 4, 2017
Test Actual
Total Outstanding Debt/Total Assets 1 Less than 60% 49.3 % 46.3 %
Secured Debt/Total Assets Less than 50% 15.8 % 14.8 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 2.94 2.94
Unencumbered Assets/ Unsecured Debt Greater than 150% 222.0 % 238.4 %

_____________

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.

Q3 2025
Net Debt to EBITDAre

(dollars in thousands)

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

Three Months Ended
30-Sep-25 30-Jun-25
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977
Add:
Noncontrolling interest - common units of the Operating Partnership (12,981) 10,064
Noncontrolling interest in property partnerships 17,853 20,100
Net income (loss) (116,840) 119,141
Add:
Interest expense 164,299 162,783
Depreciation and amortization expense 236,147 223,819
Impairment losses 68,901 —
Less:
Gains on sales of real estate 1,932 18,390
Loss from unconsolidated joint ventures 2 (148,329) (3,324)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 3 32,054 32,222
EBITDAre 1 530,958 522,899
Less:
Partners’ share of EBITDAre from consolidated joint ventures 4 52,484 52,937
BXP’s Share of EBITDAre 1 (A) 478,474 469,962
Add:
Stock-based compensation expense 4,404 11,612
BXP’s Share of straight-line ground rent expense adjustment 1 (407) 584
BXP’s Share of lease transaction costs that qualify as rent inducements 1 4,999 3,482
Less:
BXP’s Share of straight-line rent 1 23,859 20,535
BXP’s Share of fair value lease revenue 1 3,019 3,029
BXP’s Share of amortization and accretion related to sales type lease 1 265 261
Non-cash loss from early extinguishments of debt — —
BXP’s Share of EBITDAre – cash 1 $ 460,327 $ 461,815
BXP’s Share of EBITDAre (Annualized) 5 (A x 4) $ 1,913,896 $ 1,879,848

Reconciliation of BXP’s Share of Net Debt 1

30-Sep-25 30-Jun-25
Consolidated debt $ 16,604,696 $ 15,811,005
Less:
Cash and cash equivalents 861,066 446,953
Cash held in escrow for 1031 exchange — —
Net debt 1 15,743,630 15,364,052
Add:
BXP’s share of unconsolidated joint venture debt 3 1,372,439 1,386,046
Partners’ share of cash and cash equivalents from consolidated joint ventures 88,172 143,319
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 98,449 115,199
Partners’ share of consolidated joint venture debt 4 1,363,861 1,363,364
BXP’s share of related party note receivables 30,500 30,500
BXP’s Share of Net Debt 1 (B) $ 15,711,431 $ 15,384,354
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 8.21 8.18

_____________

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

2For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million, see page 37.

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2025, see pages 35 and 64.

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2025, see pages 33 and 62.

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

Q3 2025
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
30-Sep-25 30-Jun-25
BXP’s Share of interest expense 1 $ 172,497 $ 169,763
Less:
BXP’s Share of hedge amortization, net of costs 1 1,781 1,808
BXP’s share of fair value interest adjustment 1 638 1,217
BXP’s Share of amortization of financing costs 1 4,700 4,665
Adjusted interest expense excluding capitalized interest (A) 165,378 162,073
Add:
BXP’s Share of capitalized interest 1 14,239 14,016
Adjusted interest expense including capitalized interest (B) $ 179,617 $ 176,089
BXP’s Share of EBITDAre – cash 1, 2 (C) $ 460,327 $ 461,815
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.78 2.85
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.56 2.62

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
30-Sep-25 30-Jun-25
BXP’s Share of interest expense 1 $ 172,497 $ 169,763
Less:
BXP’s Share of hedge amortization, net of costs 1 1,781 1,808
BXP’s Share of fair value interest adjustment 1 638 1,217
BXP’s Share of amortization of financing costs 1 4,700 4,665
Add:
BXP’s Share of capitalized interest 1 14,239 14,016
BXP’s Share of maintenance capital expenditures 1 23,341 30,211
Hotel improvements, equipment upgrades and replacements 1,181 859
Total Fixed Charges (A) $ 204,139 $ 207,159
BXP’s Share of EBITDAre – cash 1, 2 (B) $ 460,327 $ 461,815
Fixed Charge Coverage Ratio (B÷A) 2.25 2.23

_____________

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

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

Q3 2025
Consolidated joint ventures

d

as of September 30, 2025

(unaudited and in thousands)

BALANCE SHEET INFORMATION

767 Fifth Avenue Total Consolidated
ASSETS (The GM Building) 1 Norges Joint Ventures 1, 2 Joint Ventures
Real estate, net $ 3,166,283 $ 3,145,343 $ 6,311,626
Cash and cash equivalents 61,712 141,082 202,794
Other assets 339,543 508,092 847,635
Total assets $ 3,567,538 $ 3,794,517 $ 7,362,055
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,294,109 $ 991,541 $ 3,285,650
Other liabilities 72,808 163,078 235,886
Total liabilities 2,366,917 1,154,619 3,521,536
Equity:
BXP, Inc. 721,855 1,163,767 1,885,622
Noncontrolling interests 478,766 1,476,131 1,954,897 3
Total equity 1,200,621 2,639,898 3,840,519
Total liabilities and equity $ 3,567,538 $ 3,794,517 $ 7,362,055
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 24,685 $ 63,487 $ 88,172
Partners’ share of consolidated debt 4 $ 917,668 5 $ 446,193 $ 1,363,861

_____________

1Certain balances contain amounts that eliminate in consolidation.

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

3Amount excludes preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

Q3 2025
Consolidated joint ventures (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 81,717 $ 104,152 $ 185,869
Straight-line rent 3,256 14,676 17,932
Fair value lease revenue (27) — (27)
Termination income — — —
Total lease revenue 84,946 118,828 203,774
Parking and other — 1,622 1,622
Total rental revenue 3 84,946 120,450 205,396
Expenses
Operating 35,557 45,983 81,540
Net Operating Income (NOI) 49,389 74,467 123,856
Other income (expense)
Development and management services revenue — — —
Gains from investments in securities — 8 8
Interest and other income 776 1,816 2,592
Interest expense (21,395) (7,693) (29,088)
Depreciation and amortization expense (18,366) (32,298) (50,664)
General and administrative expense (67) (169) (236)
Total other income (expense) (39,052) (38,336) (77,388)
Net income $ 10,337 $ 36,131 $ 46,468

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 $ 10,337 $ 36,131 $ 46,468
Add: Depreciation and amortization expense 18,366 32,298 50,664
Entity FFO $ 28,703 $ 68,429 $ 97,132
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 3,008 $ 14,845 $ 17,853
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,720 14,895 22,615
Partners’ share FFO 4 $ 10,728 $ 29,740 $ 40,468
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 7,329 $ 21,286 $ 28,615
Depreciation and amortization expense - BXP’s basis difference 85 405 490
BXP’s share of depreciation and amortization expense 10,561 16,998 27,559
BXP’s share of FFO $ 17,975 $ 38,689 $ 56,664

_____________

1 Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street. On August 27, 2025, the Company acquired its partner’s 45% ownership interest in 343 Madison Avenue.

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

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

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

Q3 2025
Unconsolidated joint ventures 1

as of September 30, 2025

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Construction Loans Payable, Net Interest Rate
Property Net Equity Maturity Date Stated GAAP 2
Boston
The Hub on Causeway - Podium 50.00 % $ 55,231 $ 61,793 April 9, 2031 5.73 % 5.94 %
100 Causeway Street 50.00 % 48,833 168,076 April 9, 2031 5.73 % 5.94 %
Hub50House 50.00 % 33,654 92,042 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 11,849 — — — — %
1265 Main Street 50.00 % 3,217 16,391 January 1, 2032 3.77 % 3.84 %
17 Hartwell Avenue 3 20.00 % 7,398 — July 10, 2030 N/A N/A
Los Angeles
Colorado Center 50.00 % 69,015 274,835 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Campus 4 50.00 % 98 — — — % — %
New York
360 Park Avenue South 71.11 % 93,988 155,479 December 13, 2027 6.65 % 6.96 %
Dock 72 5 50.00 % (14,326) 99,135 December 18, 2025 5.91 % 6.19 %
200 Fifth Avenue 26.69 % 75,376 154,183 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 6 25.00 % 110,581 20,000 August 7, 2024 11.86 % 11.86 %
290 Coles Street - Common Equity 7 19.46 % 19,813 — March 5, 2029 N/A N/A
290 Coles Street - Preferred Equity 8 — % 12,014 — — — % — %
San Francisco
Platform 16 55.00 % 58,076 — — — % — %
Gateway Commons 9 50.00 % 125,090 — — — % — %
751 Gateway 49.00 % 118,509 — — — % — %
Seattle
Safeco Plaza 33.67 % 121 84,070 September 1, 2026 4.82 % 6.21 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 47,363 124,604 February 27, 2035 5.49 % 5.54 %
1001 6th Street 50.00 % 45,772 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 19,855 — — — % — %
Market Square North 50.00 % (23,691) 62,487 November 10, 2025 6.61 % 6.78 %
Wisconsin Place Parking Facility 33.33 % 29,209 — — — % — %
500 North Capitol Street, N.W. 10 30.00 % (12,435) 31,399 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 14,702 27,945 May 13, 2026 6.28 % 6.60 %
949,312
Investments with deficit balances reflected within Other Liabilities 50,452
Investments in Unconsolidated Joint Ventures $ 999,764
Mortgage/Construction Loans Payable, Net $ 1,372,439

chart-eb295373dc6f460b853.jpg

| 2025 6 | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | | --- | --- | --- | --- | --- | --- | --- || | Q3 2025 | | --- | --- | | Unconsolidated joint ventures (continued) 1 | |

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 2 Maturity (years)
Floating Rate Debt 32.72 % 6.55 % 7.01 % 1.0
Fixed Rate Debt 11 67.28 % 4.69 % 4.99 % 6.0
Total Debt 100.00 % 5.30 % 5.65 % 4.3

_____________

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

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

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

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

5On October 8, 2025, the joint venture repaid the construction loan.

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 September 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest, and default interest, of approximately $130.7 million. On October 17, 2025, the joint venture refinanced the loan. The new loan consists of (1) a senior loan with a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (2) a mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of closing, the Company has funded approximately $17.6 million of the mezzanine loan.

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

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

9Includes a non-cash impairment charge related to the Company’s investment in this unconsolidated joint venture, see page 37.

10The 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.

11Includes The Hub on Causeway - Podium and 100 Causeway Street loans which were refinanced at fixed rates on September 30, 2025.

Q3 2025
Unconsolidated joint ventures (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 27,278 $ 20,367 $ 16,354 $ 17,803 $ 8,537 $ 24,461 $ 114,800
Straight-line rent 590 (1,428) 3,922 (172) 684 (123) 3,473
Fair value lease revenue — — 1,300 — 1,293 — 2,593
Termination income — — — 282 — — 282
Amortization and accretion related to sales-type lease 57 — — — — — 57
Total lease revenue 27,925 18,939 21,576 17,913 10,514 24,338 121,205
Parking and other 43 1,967 49 221 592 818 3,690
Total rental revenue 3 27,968 20,906 21,625 18,134 11,106 25,156 124,895
Expenses
Operating 10,164 7,944 15,965 9,597 3,551 9,232 56,453
Net operating income 17,804 12,962 5,660 8,537 7,555 15,924 68,442
Other income (expense)
Development and management services revenue — — 417 — — — 417
Interest and other income (loss) 535 1,166 820 11 147 199 2,878
Interest expense (10,562) (5,052) (17,385) — (4,159) (10,044) (47,202)
Unrealized gain/loss on derivative instruments — — (1,403) 4 — — — (1,403)
Transaction costs (27) — — — (28) 53 (2)
Depreciation and amortization expense (8,470) (5,330) (10,465) (10,076) (5,213) (5,855) (45,409)
General and administrative expense (1) 5 (111) (4) (14) — (125)
Gain on sale of real estate — 4,762 — — — — 4,762
Total other income (expense) (18,525) (4,449) (28,127) (10,069) (9,267) (15,647) (86,084)
Net income (loss) $ (721) $ 8,513 $ (22,467) $ (1,532) $ (1,712) $ 277 $ (17,642)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss) $ (361) $ 4,257 $ (9,863) $ (867) $ (575) $ 796 $ (6,613)
Basis differential
Straight-line rent $ — $ 91 5 $ 101 5 $ — $ — $ — $ 192
Fair value lease revenue — 305 5 15 5 — — — 320
Fair value interest adjustment — — (499) — — — (499)
Amortization of financing costs — — 111 — — — 111
Unrealized gain/loss on derivative instruments — — 374 4 — — — 374
Depreciation and amortization expense (6) 520 5 591 5 1,301 5 772 (114) 3,064
Gain on sale of real estate — (145) — — — — (145)
Impairment loss on investment 6 — — — (145,133) — — (145,133)
Total basis differential 7 (6) 771 5 693 5 (143,832) 5 772 (114) (141,716)
Income (loss) from unconsolidated joint ventures (367) 5,028 (9,170) (144,699) 197 682 (148,329)
Add:
BXP’s share of depreciation and amortization expense 4,237 2,144 5 3,929 5 3,714 5 983 2,265 17,272
Impairment loss on investment 6 — — — 145,133 — — 145,133
Less:
BXP’s share of gain on sale of real estate 8 — 2,236 — — — — 2,236
BXP’s share of FFO $ 3,870 $ 4,936 $ (5,241) $ 4,148 $ 1,180 $ 2,947 $ 11,840

_____________

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

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

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

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

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

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

ventures.

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

8 For additional information, see page 14.

Q3 2025
Lease expirations - All in-service properties1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2025 295,798 18,608,901 76.46 0.61 %
2026 1,594,543 105,655,990 75.28 3.50 %
2027 1,941,938 135,239,999 73.76 4.58 %
2028 2,935,186 201,152,905 87.40 5.74 %
2029 3,696,659 231,359,395 75.53 7.65 %
2030 2,661,373 198,001,505 78.25 6.32 %
2031 2,638,440 212,291,568 87.27 6.07 %
2032 2,752,315 188,994,198 76.49 6.17 %
2033 3,060,150 236,834,208 82.10 7.20 %
2034 3,377,266 262,776,836 92.70 7.08 %
Thereafter 14,383,289 938,229,969 81.11 28.88 %

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2025 13,181 1,112,191 84.38 0.54 %
2026 98,762 14,436,343 171.02 3.46 %
2027 129,868 12,258,229 105.88 4.75 %
2028 93,498 9,574,304 104.39 3.76 %
2029 177,656 18,113,074 105.11 7.07 %
2030 171,340 12,555,309 92.75 5.56 %
2031 117,545 11,524,809 111.49 4.24 %
2032 99,134 7,356,661 75.51 4.00 %
2033 464,245 31,701,912 73.58 17.68 %
2034 361,438 34,914,121 131.77 10.87 %
Thereafter 515,820 48,283,861 113.42 17.47 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases
/PSF /PSF
2025 308,979 19,721,092 76.87 0.60 %
2026 1,693,305 120,092,333 80.71 3.50 %
2027 2,071,806 147,498,228 75.66 4.59 %
2028 3,028,684 210,727,209 88.05 5.63 %
2029 3,874,315 249,472,469 77.11 7.61 %
2030 2,832,713 210,556,814 78.98 6.27 %
2031 2,755,985 223,816,377 88.26 5.97 %
2032 2,851,449 196,350,859 76.45 6.04 %
2033 3,524,395 268,536,120 80.99 7.80 %
2034 3,738,704 297,690,957 96.04 7.29 %
Thereafter 14,899,109 986,513,830 82.25 28.22 %

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 42,596 2,060,573 48.37 2,060,573 48.37
2026 382,431 22,913,895 69.09 23,213,404 69.99
2027 475,106 34,350,986 73.68 35,107,291 75.30
2028 886,507 83,027,254 96.40 87,818,498 101.96
2029 1,186,291 72,742,468 69.09 77,365,594 73.49
2030 1,291,831 91,885,973 72.01 97,276,853 76.24
2031 676,899 41,536,822 68.20 44,863,127 73.67
2032 1,019,296 80,028,426 78.51 98,043,321 96.19
2033 650,249 51,447,039 82.34 59,310,730 94.92
2034 1,427,022 110,993,081 86.83 124,685,920 97.55
Thereafter 4,879,901 326,616,353 82.72 410,438,113 103.95

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 3,774 620,191 164.33 620,191 164.33
2026 29,065 3,337,044 116.07 3,353,731 116.65
2027 54,187 8,216,445 171.63 8,288,448 173.14
2028 38,825 5,765,396 148.50 5,892,852 151.78
2029 76,098 10,032,875 133.02 10,286,533 136.38
2030 98,923 6,355,829 100.97 6,586,569 104.64
2031 14,668 1,196,760 81.59 1,292,196 88.10
2032 57,916 4,366,643 76.17 4,988,975 87.03
2033 287,788 21,337,445 83.88 41,404,589 162.76
2034 164,155 10,960,882 83.13 12,040,392 91.32
Thereafter 187,499 14,723,551 83.19 16,419,533 92.77

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 46,370 2,680,764 57.81 2,680,764 57.81
2026 411,496 26,250,939 72.84 26,567,135 73.71
2027 529,293 42,567,431 82.80 43,395,739 84.41
2028 925,332 88,792,650 98.65 93,711,350 104.11
2029 1,262,389 82,775,343 73.37 87,652,127 77.69
2030 1,390,754 98,241,802 73.38 103,863,422 77.57
2031 691,567 42,733,582 68.52 46,155,323 74.01
2032 1,077,212 84,395,069 78.39 103,032,296 95.70
2033 938,037 72,784,484 82.78 100,715,319 114.55
2034 1,591,177 121,953,963 86.49 136,726,312 96.96
Thereafter 5,067,400 341,339,904 82.74 426,857,646 103.47

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 42,596 2,060,573 48.37 2,060,573 48.37
Total 2025 42,596 2,060,573 48.37 2,060,573 48.37
Q1 2026 92,806 5,743,209 65.71 5,743,209 65.71
Q2 2026 71,316 2,957,267 65.56 3,159,837 70.05
Q3 2026 87,899 5,248,340 69.76 5,248,341 69.76
Q4 2026 130,410 8,965,080 72.35 9,062,018 73.13
Total 2026 382,431 22,913,895 69.09 23,213,404 69.99

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 3,774 620,191 164.33 620,191 164.33
Total 2025 3,774 620,191 164.33 620,191 164.33
Q1 2026 7,384 731,635 99.08 731,635 99.08
Q2 2026 18,831 1,797,905 97.10 1,797,905 97.10
Q3 2026 959 15,000 15.64 15,000 15.64
Q4 2026 1,891 792,504 419.09 809,191 427.92
Total 2026 29,065 3,337,044 116.07 3,353,731 116.65

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 46,370 2,680,764 57.81 2,680,764 57.81
Total 2025 46,370 2,680,764 57.81 2,680,764 57.81
Q1 2026 100,190 6,474,844 68.31 6,474,844 68.31
Q2 2026 90,147 4,755,172 74.74 4,957,742 77.92
Q3 2026 88,858 5,263,340 69.08 5,263,341 69.08
Q4 2026 132,301 9,757,584 77.56 9,871,209 78.46
Total 2026 411,496 26,250,939 72.84 26,567,135 73.71

All values are in US Dollars. `

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 766 51,290 66.96 51,290 66.96
2026 166,991 11,526,583 69.03 11,533,311 69.07
2027 7,367 305,388 41.45 316,294 42.93
2028 299,852 15,784,916 78.12 17,135,800 84.81
2029 417,056 17,519,838 72.37 19,514,626 80.61
2030 54,433 3,327,633 61.13 3,873,202 71.16
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,876,902 85.18 13,253,593 103.79
2033 186,894 6,578,697 70.40 11,108,262 118.87
2034 3,739 236,697 63.30 299,537 80.11
Thereafter 494,641 38,649,280 78.14 45,954,721 92.91

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 — — — — —
2026 19,188 135,600 14.13 135,600 14.13
2027 — — — — —
2028 — — — — —
2029 38,118 2,313,480 60.69 2,504,232 65.70
2030 11,364 1,333,803 117.37 1,445,678 127.22
2031 — — — — —
2032 — — — — —
2033 — — — — —
2034 19,993 248,448 24.85 248,448 24.85
Thereafter 13,870 1,308,795 94.36 1,420,420 102.41

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 766 51,290 66.96 51,290 66.96
2026 186,179 11,662,183 66.04 11,668,911 66.08
2027 7,367 305,388 41.45 316,294 42.93
2028 299,852 15,784,916 78.12 17,135,800 84.81
2029 455,174 19,833,318 70.78 22,018,858 78.58
2030 65,797 4,661,436 70.85 5,318,880 80.84
2031 7,752 540,350 69.70 638,831 82.41
2032 246,667 10,876,902 85.17 13,253,593 103.79
2033 186,894 6,578,697 70.40 11,108,262 118.87
2034 23,732 485,145 35.32 547,985 39.89
Thereafter 508,511 39,958,075 78.58 47,375,141 93.16

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

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

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

Q3 2025
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 766 51,290 66.96 51,290 66.96
Total 2025 766 51,290 66.96 51,290 66.96
Q1 2026 160,397 11,215,534 69.92 11,215,534 69.92
Q2 2026 3,708 129,389 34.89 132,362 35.70
Q3 2026 — — — — —
Q4 2026 2,886 181,660 62.95 185,416 64.25
Total 2026 166,991 11,526,583 69.03 11,533,311 69.07

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
Q1 2026 — — — — —
Q2 2026 — — — — —
Q3 2026 19,188 135,600 14.13 135,600 14.13
Q4 2026 — — — — —
Total 2026 19,188 135,600 14.13 135,600 14.13

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 766 51,290 66.96 51,290 66.96
Total 2025 766 51,290 66.96 51,290 66.96
Q1 2026 160,397 11,215,534 69.92 11,215,534 69.92
Q2 2026 3,708 129,389 34.89 132,362 35.70
Q3 2026 19,188 135,600 14.13 135,600 14.13
Q4 2026 2,886 181,660 62.95 185,416 64.25
Total 2026 186,179 11,662,183 66.04 11,668,911 66.08

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

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

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

Q3 2025
Lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 31,836 2,603,948 81.79 2,603,948 81.79
2026 212,910 11,972,447 62.14 12,051,713 62.55
2027 380,020 20,934,872 61.26 21,051,816 61.60
2028 334,140 24,487,976 88.54 24,470,605 88.47
2029 939,595 62,706,478 86.22 64,385,737 88.53
2030 594,153 49,158,699 94.33 50,670,812 97.23
2031 630,623 45,924,237 83.75 48,339,562 88.16
2032 352,472 18,846,257 71.88 19,554,892 74.58
2033 416,853 39,580,574 106.32 43,326,941 116.39
2034 1,318,258 112,854,063 108.31 122,140,132 117.22
Thereafter 5,018,030 334,632,214 94.09 384,432,911 108.10

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 4,179 480,000 114.86 480,000 114.86
2026 15,044 9,468,098 762.13 9,468,098 762.13
2027 8,162 33,000 7.35 33,000 7.35
2028 2,424 211,395 326.75 211,395 326.75
2029 9,577 1,805,467 318.37 1,956,628 345.02
2030 1,512 390,270 258.12 476,962 315.45
2031 20,784 5,208,746 360.03 5,745,604 397.14
2032 12,182 1,074,466 97.11 1,253,759 113.32
2033 20,928 4,534,012 216.65 5,132,010 245.22
2034 139,214 21,228,854 249.64 25,500,984 299.88
Thereafter 219,678 26,512,826 185.12 21,657,102 151.22

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 36,015 3,083,948 85.63 3,083,948 85.63
2026 227,954 21,440,545 104.53 21,519,811 104.92
2027 388,182 20,967,872 60.56 21,084,816 60.90
2028 336,564 24,699,371 89.09 24,682,000 89.03
2029 949,172 64,511,945 88.02 66,342,365 90.52
2030 595,665 49,548,969 94.81 51,147,774 97.86
2031 651,407 51,132,983 90.85 54,085,166 96.10
2032 364,654 19,920,723 72.90 20,808,651 76.15
2033 437,781 44,114,586 112.20 48,458,951 123.25
2034 1,457,472 134,082,917 118.97 147,641,116 131.00
Thereafter 5,237,708 361,145,040 97.62 406,090,013 109.77

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

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

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

Q3 2025
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 31,836 2,603,948 81.79 2,603,948 81.79
Total 2025 31,836 2,603,948 81.79 2,603,948 81.79
Q1 2026 99,800 6,641,064 70.36 6,695,334 70.93
Q2 2026 9,157 363,533 43.75 364,553 43.87
Q3 2026 43,993 2,304,582 68.12 2,306,120 68.16
Q4 2026 59,960 2,663,267 47.43 2,685,706 47.83
Total 2026 212,910 11,972,447 62.14 12,051,713 62.55

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 4,179 480,000 114.86 480,000 114.86
Total 2025 4,179 480,000 114.86 480,000 114.86
Q1 2026 6,552 5,700,000 1,449.94 5,700,000 1,449.94
Q2 2026 715 30,000 41.96 30,000 41.96
Q3 2026 3,244 2,711,835 835.95 2,711,835 835.95
Q4 2026 4,533 1,026,263 226.40 1,026,263 226.40
Total 2026 15,044 9,468,098 762.13 9,468,098 762.13

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 36,015 3,083,948 85.63 3,083,948 85.63
Total 2025 36,015 3,083,948 85.63 3,083,948 85.63
Q1 2026 106,352 12,341,064 125.52 12,395,334 126.07
Q2 2026 9,872 393,533 43.60 394,553 43.72
Q3 2026 47,237 5,016,417 135.30 5,017,955 135.34
Q4 2026 64,493 3,689,530 60.80 3,711,969 61.17
Total 2026 227,954 21,440,545 104.53 21,519,811 104.92

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

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

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

Q3 2025
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 103,471 8,063,673 90.96 8,065,576 90.98
2026 587,155 46,043,426 92.46 48,024,327 96.44
2027 534,806 49,687,804 96.43 51,391,774 99.74
2028 460,357 44,746,698 101.56 46,909,392 106.47
2029 677,990 54,470,935 88.40 58,683,652 95.24
2030 480,894 39,916,450 88.57 44,773,935 99.35
2031 1,000,704 107,408,356 110.28 115,738,463 118.83
2032 405,461 31,644,456 85.74 37,525,178 101.68
2033 629,131 67,516,878 108.39 75,077,797 120.53
2034 331,223 21,335,893 99.88 26,577,563 124.41
Thereafter 439,094 42,932,058 98.23 56,355,705 128.94

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 5,228 12,000 2.30 12,000 2.30
2026 13,146 525,036 39.94 539,077 41.01
2027 14,385 744,862 51.78 797,991 55.47
2028 18,613 1,305,884 70.16 1,402,967 75.38
2029 4,246 388,652 91.53 430,173 101.31
2030 19,021 1,543,339 81.14 1,784,441 93.81
2031 39,623 2,254,105 65.90 2,383,999 69.69
2032 6,357 445,253 70.04 491,452 77.31
2033 9,383 1,052,424 112.16 1,117,442 119.09
2034 — — — — —
Thereafter — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $/PSF
2025 108,699 8,075,673 8,077,576 86.04
2026 600,301 46,568,462 91.11 48,563,404 95.01
2027 549,191 50,432,666 95.22 52,189,765 98.54
2028 478,970 46,052,582 100.29 48,312,359 105.21
2029 682,236 54,859,587 88.42 59,113,825 95.28
2030 499,915 41,459,789 88.27 46,558,376 99.13
2031 1,040,327 109,662,461 108.77 118,122,462 117.16
2032 411,818 32,089,709 85.48 38,016,630 101.26
2033 638,514 68,569,302 108.45 76,195,239 120.51
2034 331,223 21,335,893 99.88 26,577,563 124.41
Thereafter 439,094 42,932,058 98.23 56,355,705 128.94

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

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

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

Q3 2025
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 103,471 8,063,673 90.96 8,065,576 90.98
Total 2025 103,471 8,063,673 90.96 8,065,576 90.98
Q1 2026 134,191 9,952,629 76.21 10,046,092 76.92
Q2 2026 209,755 18,601,221 96.65 20,787,777 108.01
Q3 2026 218,233 15,590,498 103.98 15,242,685 101.66
Q4 2026 24,976 1,899,077 76.04 1,947,774 77.99
Total 2026 587,155 46,043,426 92.46 48,024,327 96.44

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 5,228 12,000 2.30 12,000 2.30
Total 2025 5,228 12,000 2.30 12,000 2.30
Q1 2026 — — — — —
Q2 2026 1,821 37,056 20.35 37,056 20.35
Q3 2026 1,613 163,440 101.33 163,440 101.33
Q4 2026 9,712 324,540 33.42 338,580 34.86
Total 2026 13,146 525,036 39.94 539,077 41.01

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 108,699 8,075,673 86.02 8,077,576 86.04
Total 2025 108,699 8,075,673 86.02 8,077,576 86.04
Q1 2026 134,191 9,952,629 76.21 10,046,092 76.92
Q2 2026 211,576 18,638,277 95.94 20,824,833 107.19
Q3 2026 219,846 15,753,938 103.95 15,406,125 101.66
Q4 2026 34,688 2,223,617 64.10 2,286,354 65.91
Total 2026 600,301 46,568,462 91.11 48,563,404 95.01

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

2Includes partially placed in-service leased space.

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

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

Q3 2025
Lease expirations - Seattle region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 56,677 948,190 49.69 948,190 49.69
2026 71,003 4,010,729 59.66 4,097,839 60.96
2027 77,785 4,315,791 58.15 4,471,476 60.24
2028 601,382 17,037,863 56.33 17,863,556 59.06
2029 232,381 11,523,253 54.27 11,975,105 56.40
2030 40,707 2,413,273 59.28 2,655,900 65.24
2031 23,485 898,162 53.96 996,832 59.89
2032 70,933 4,211,558 73.14 4,866,692 84.51
2033 — — — — —
2034 — — — — —
Thereafter 63,925 1,638,595 69.39 2,006,913 84.99

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 — — — — —
2026 — — — — —
2027 — — — — —
2028 945 51,431 54.42 55,873 59.12
2029 1,121 7,306 19.36 7,306 19.36
2030 — — — — —
2031 6,734 288,475 67.26 322,123 75.10
2032 — — — — —
2033 — — — — —
2034 — — — — —
Thereafter — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 56,677 948,190 49.69 948,190 49.69
2026 71,003 4,010,729 59.66 4,097,839 60.96
2027 77,785 4,315,791 58.15 4,471,476 60.24
2028 602,327 17,089,294 56.33 17,919,429 59.06
2029 233,502 11,530,559 54.21 11,982,411 56.33
2030 40,707 2,413,273 59.28 2,655,900 65.24
2031 30,219 1,186,637 56.68 1,318,955 63.00
2032 70,933 4,211,558 73.14 4,866,692 84.51
2033 — — — — —
2034 — — — — —
Thereafter 63,925 1,638,595 69.39 2,006,913 84.99

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 56,677 948,190 49.69 948,190 49.69
Total 2025 56,677 948,190 49.69 948,190 49.69
Q1 2026 1,309 29,363 66.58 30,009 68.05
Q2 2026 39,138 2,291,477 58.55 2,330,096 59.54
Q3 2026 — — — — —
Q4 2026 30,556 1,689,889 61.13 1,737,734 62.87
Total 2026 71,003 4,010,729 59.66 4,097,839 60.96

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
Q1 2026 — — — — —
Q2 2026 — — — — —
Q3 2026 — — — — —
Q4 2026 — — — — —
Total 2026 — — — — —

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 56,677 948,190 49.69 948,190 49.69
Total 2025 56,677 948,190 49.69 948,190 49.69
Q1 2026 1,309 29,363 66.58 30,009 68.05
Q2 2026 39,138 2,291,477 58.55 2,330,096 59.54
Q3 2026 — — — — —
Q4 2026 30,556 1,689,889 61.13 1,737,734 62.87
Total 2026 71,003 4,010,729 59.66 4,097,839 60.96

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 60,452 4,881,227 80.75 4,881,227 80.75
2026 174,053 9,188,910 62.49 9,255,648 62.94
2027 466,854 25,645,158 59.81 26,575,951 61.98
2028 352,948 16,068,198 73.53 17,815,914 81.52
2029 243,346 12,396,423 58.34 13,428,185 63.20
2030 199,355 11,299,477 60.25 12,494,606 66.62
2031 298,977 15,983,641 57.75 17,987,509 64.99
2032 657,486 43,386,599 68.33 49,178,260 77.45
2033 1,177,023 71,711,020 61.22 84,924,059 72.50
2034 297,024 17,357,102 58.44 20,639,225 69.49
Thereafter 3,487,698 193,761,469 62.35 239,938,771 77.20

All values are in US Dollars.

RETAIL
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 — — — — —
2026 22,319 970,565 47.34 973,846 47.50
2027 53,134 3,263,922 66.57 3,271,685 66.73
2028 32,691 2,240,198 68.53 2,270,968 69.47
2029 48,496 3,565,294 73.52 3,756,703 77.46
2030 40,520 2,932,068 72.36 3,066,320 75.67
2031 35,736 2,576,723 72.10 2,783,470 77.89
2032 22,679 1,470,299 64.83 1,694,589 74.72
2033 146,146 4,778,031 32.69 4,718,128 32.28
2034 38,076 2,475,937 65.03 2,704,819 71.04
Thereafter 94,773 5,738,689 62.61 6,853,885 74.78

All values are in US Dollars.

TOTAL PROPERTY TYPES
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 60,452 4,881,227 80.75 4,881,227 80.75
2026 196,372 10,159,475 60.63 10,229,494 61.05
2027 519,988 28,909,080 60.51 29,847,636 62.47
2028 385,639 18,308,396 72.88 20,086,882 79.95
2029 291,842 15,961,717 61.16 17,184,888 65.85
2030 239,875 14,231,545 62.40 15,560,926 68.23
2031 334,713 18,560,364 59.39 20,770,979 66.46
2032 680,165 44,856,898 68.20 50,872,849 77.35
2033 1,323,169 76,489,051 58.06 89,642,187 68.04
2034 335,100 19,833,039 59.19 23,344,044 69.66
Thereafter 3,582,471 199,500,158 62.35 246,792,656 77.13

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 60,452 4,881,227 80.75 4,881,227 80.75
Total 2025 60,452 4,881,227 80.75 4,881,227 80.75
Q1 2026 25,534 892,661 39.26 897,532 39.47
Q2 2026 40,827 1,960,659 48.02 1,985,989 48.64
Q3 2026 28,188 2,365,962 87.98 2,321,900 86.34
Q4 2026 79,504 3,969,628 70.14 4,050,226 71.56
Total 2026 174,053 9,188,910 62.49 9,255,648 62.94

All values are in US Dollars.

RETAIL
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 — — — — —
Total 2025 — — — — —
Q1 2026 7,963 316,039 51.42 316,039 51.42
Q2 2026 — — — — —
Q3 2026 3,872 230,945 59.64 230,945 59.64
Q4 2026 10,484 423,581 40.40 426,863 40.72
Total 2026 22,319 970,565 47.34 973,846 47.50

All values are in US Dollars.

TOTAL PROPERTY TYPES
Quarter Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
Q1 2025 — — — — —
Q2 2025 — — — — —
Q3 2025 — — — — —
Q4 2025 60,452 4,881,227 80.75 4,881,227 80.75
Total 2025 60,452 4,881,227 80.75 4,881,227 80.75
Q1 2026 33,497 1,208,700 41.85 1,213,571 42.02
Q2 2026 40,827 1,960,659 48.02 1,985,989 48.64
Q3 2026 32,060 2,596,907 84.41 2,552,845 82.98
Q4 2026 89,988 4,393,209 65.49 4,477,089 66.74
Total 2026 196,372 10,159,475 60.63 10,229,494 61.05

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Lease expirations - CBD properties 1, 2, 3

as of September 30, 2025

Boston
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 14,253 1,167,867 81.94 1,167,867 81.94
2026 268,670 16,556,201 76.09 16,730,531 76.89
2027 356,135 31,611,322 92.71 32,152,457 94.30
2028 650,518 73,158,294 117.00 77,334,695 123.68
2029 787,449 59,135,415 90.52 61,722,719 94.48
2030 1,211,977 87,283,855 75.24 91,569,049 78.93
2031 57,461 4,212,754 84.41 4,639,666 92.96
2032 863,930 71,698,071 83.05 88,880,537 102.95
2033 587,671 45,594,804 86.22 69,648,806 131.70
2034 1,264,793 97,676,057 90.13 108,626,955 100.24
Thereafter 4,564,615 318,390,589 87.89 397,304,650 109.68

All values are in US Dollars.

Los Angeles
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 766 51,290 66.96 51,290 66.96
2026 186,179 11,662,183 66.04 11,668,911 66.08
2027 7,367 305,388 41.45 316,294 42.93
2028 299,852 15,784,916 78.12 17,135,800 84.81
2029 455,174 19,833,318 70.78 22,018,858 78.58
2030 65,797 4,661,436 70.85 5,318,880 80.84
2031 7,752 540,350 69.7 638,831 82.41
2032 246,667 10,876,902 85.18 13,253,593 103.79
2033 186,894 6,578,697 70.4 11,108,262 118.87
2034 23,732 485,145 35.32 547,985 39.90
Thereafter 508,511 39,958,075 78.58 47,375,141 93.16

All values are in US Dollars.

New York
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 32,944 2,992,843 90.85 2,992,843 90.85
2026 103,021 16,480,631 205.57 16,534,901 206.24
2027 165,431 12,404,512 100.47 12,372,484 100.21
2028 231,633 20,539,374 119.21 20,585,687 119.48
2029 790,423 58,866,662 102.52 60,445,103 105.27
2030 470,522 44,527,535 112.02 45,871,317 115.40
2031 465,739 43,543,414 115.46 46,149,939 122.37
2032 251,528 15,414,602 96.26 16,109,450 100.60
2033 396,861 42,561,437 120.82 46,763,611 132.75
2034 1,457,472 134,082,917 118.97 147,641,116 131
Thereafter 4,739,186 341,026,898 106.53 383,980,754 119.95

All values are in US Dollars.

Q3 2025
Lease expirations - CBD properties (continued) 1, 2, 3

as of September 30, 2025

San Francisco
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 27,932 2,573,771 92.14 2,573,771 92.14
2026 306,367 30,189,836 98.54 32,154,058 104.95
2027 390,545 41,158,860 105.39 42,536,200 108.91
2028 357,968 40,845,965 114.11 43,192,933 120.66
2029 502,652 47,779,156 95.05 51,405,269 102.27
2030 347,638 33,908,791 97.54 38,055,019 109.47
2031 963,365 106,560,802 110.61 115,192,003 119.57
2032 339,022 29,672,972 87.53 35,349,034 104.27
2033 626,058 68,165,764 108.88 75,758,430 121.01
2034 100,631 8,216,811 81.65 10,342,472 102.78
Thereafter 435,011 42,830,391 98.46 56,223,053 129.25

All values are in US Dollars.

Seattle
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 56,677 948,190 49.69 948,190 49.69
2026 71,003 4,010,729 59.66 4,097,839 60.96
2027 77,785 4,315,791 58.15 4,471,476 60.24
2028 602,327 17,089,294 56.33 17,919,429 59.06
2029 233,502 11,530,560 54.21 11,982,412 56.33
2030 40,707 2,413,273 59.28 2,655,900 65.24
2031 30,219 1,186,637 56.68 1,318,955 63.00
2032 70,933 4,211,558 73.14 4,866,692 84.51
2033 — — — — —
2034 — — — — —
Thereafter 63,925 1,638,595 69.39 2,006,913 84.99

All values are in US Dollars.

Washington, DC
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 60,452 4,881,227 80.75 4,881,227 80.75
2026 176,445 9,323,774 63.16 9,389,757 63.60
2027 504,412 28,093,911 60.78 29,027,637 62.80
2028 385,639 18,308,396 72.88 20,086,882 79.95
2029 278,257 15,362,985 62.10 16,539,617 66.86
2030 215,890 13,326,874 65.30 14,554,338 71.32
2031 320,350 18,000,860 60.37 20,144,278 67.56
2032 680,165 44,856,897 68.20 50,872,849 77.35
2033 1,251,425 74,705,620 59.97 87,840,317 70.51
2034 326,638 19,499,475 59.70 22,938,637 70.23
Thereafter 3,582,471 199,500,158 62.35 246,792,656 77.13

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Lease expirations - Suburban properties 1, 2, 3

as of September 30, 2025

Boston
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 32,117 1,512,898 47.11 1,512,898 47.11
2026 142,826 9,694,739 67.88 9,836,605 68.87
2027 173,158 10,956,110 63.27 11,243,282 64.93
2028 274,814 15,634,357 56.89 16,376,655 59.59
2029 474,940 23,639,927 49.77 25,929,409 54.60
2030 178,777 10,957,948 61.29 12,294,373 68.77
2031 634,106 38,520,828 67.14 41,515,657 72.36
2032 213,282 12,696,998 59.53 14,151,759 66.35
2033 350,366 27,189,680 77.60 31,066,513 88.67
2034 326,384 24,277,906 74.38 28,099,357 86.09
Thereafter 502,785 22,949,315 45.64 29,552,996 58.78

All values are in US Dollars.

New York
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 3,071 91,105 29.67 91,105 29.67
2026 124,933 4,959,914 39.70 4,984,911 39.90
2027 222,751 8,563,360 38.44 8,712,331 39.11
2028 104,931 4,159,997 39.65 4,096,313 39.04
2029 158,749 5,645,283 35.56 5,897,263 37.15
2030 125,143 5,021,434 40.13 5,276,457 42.16
2031 185,668 7,589,569 40.88 7,935,227 42.74
2032 113,126 4,506,121 39.83 4,699,201 41.54
2033 40,920 1,553,150 37.96 1,695,341 41.43
2034 — — — — —
Thereafter 498,522 20,118,143 40.36 22,109,259 44.35

All values are in US Dollars.

San Francisco
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 80,767 5,501,902 83.43 5,503,805 83.46
2026 293,934 16,378,626 79.99 16,409,346 80.14
2027 158,646 9,273,807 66.66 9,653,566 69.39
2028 121,002 5,206,617 51.43 5,119,426 50.57
2029 179,584 7,080,431 60.12 7,708,556 65.45
2030 152,277 7,550,998 61.87 8,503,358 69.67
2031 76,962 3,101,660 69.17 2,930,460 65.35
2032 72,796 2,416,737 66.40 2,667,595 73.29
2033 12,456 403,538 64.79 436,809 70.14
2034 230,592 13,119,082 116.11 16,235,091 143.69
Thereafter 4,083 101,667 49.80 132,652 64.98

All values are in US Dollars.

Q3 2025
Lease expirations - Suburban properties (continued) 1, 2, 3

as of September 30, 2025

Washington, DC
Year Rentable Square Footage4 Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups
$/PSF $ $/PSF
2025 — — — — —
2026 19,927 835,700 41.94 839,736 42.14
2027 15,576 815,169 52.33 819,999 52.65
2028 — — — — —
2029 13,585 598,732 44.07 645,271 47.50
2030 23,985 904,671 37.72 1,006,588 41.97
2031 14,363 559,504 38.95 626,700 43.63
2032 — — — — —
2033 71,744 1,783,430 24.86 1,801,870 25.12
2034 8,462 333,564 39.42 405,407 47.91
Thereafter — — — — —

All values are in US Dollars.

_____________

1For the Company’s definitions and related disclosures, see the Definitions section of this Supplemental package starting on page 56.

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

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

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

Q3 2025
Research coverage

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

Equity Research Coverage
Bank of America Merrill Lynch Jeffrey Spector / Jana Galan 646.855.1363 / 646.855.5042
Barclays Brendan Lynch 212.526.9428
BMO Capital John Kim 212.885.4115
BTIG Tom Catherwood 212.738.6140
Cantor Richard Anderson 929.441.6927
Citi Nicholas Joseph / Seth Bergey 212.816.1909 / 212.816.2066
Compass Point Research & Trading, LLC Ken Billingsley 202.534.1393
Deutsche Bank Omotayo Okusanya 212.250.9284
Evercore ISI Steve Sakwa 212.446.9462
Goldman Sachs Caitlin Burrows 212.902.4736
Green Street Advisors Dylan Burzinski 949.640.8780
Jefferies Peter Abramowitz 212.336.7241
J.P. Morgan Securities Anthony Paolone 212.622.6682
Keybanc Capital Market Todd Thomas / Upal Rana 917.368.2286 / 917.368.2316
Ladenburg Thalmann Floris van Dijkum 212.409.2075
Mizuho Securities Vikram Malhotra 212.209.9300
Morgan Stanley Ronald Kamdem 212.296.8319
Piper Sandler Companies Alexander Goldfarb 212.466.7937
Scotiabank GBM Nicholas Yulico 212.225.6904
Truist Securities Michael Lewis 212.319.5659
UBS US Equity Research Michael Goldsmith 212.713.2951
Wells Fargo Securities Blaine Heck 410.662.2556
Wolfe Research Ally Yaseen 646.582.9253 Debt Research Coverage
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Barclays Srinjoy Banerjee 212.526.3521
J.P. Morgan Securities Mark Streeter 212.834.5086
US Bank Bill Stafford 877.558.2605
Wells Fargo Kevin McClure 704.410.1100 Rating Agencies
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Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Michael Souers 212.438.2508
Q3 2025
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Definitions

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

The Company also presents “BXP’s Share” of certain of these measures, which are non-GAAP financial measures that are calculated as the consolidated amount calculated in accordance with GAAP, plus the Company’s share of the amount from the Company’s unconsolidated joint ventures (calculated based upon the Company’s percentage ownership interest and, in some cases, after priority allocations), minus the Company’s partners’ share of the amount from the Company’s consolidated joint ventures (calculated based upon the partners’ percentage ownership interests and, in some cases, after income allocation to private REIT shareholders and their share of fees due to the Company).  Management believes that presenting “BXP’s Share” of these measures provides useful information to investors regarding the Company’s financial condition and/or results of operations because the Company has several significant joint ventures and, in some cases, the Company exercises significant influence over, but does not control, the joint venture, in which case GAAP requires that the Company account for the joint venture entity using the equity method of accounting and the Company does not consolidate it for financial reporting purposes. In other cases, GAAP requires that the Company consolidate the venture even though the Company’s partner(s) owns a significant percentage interest. As a result, management believes that presenting BXP’s Share of various financial measures in this manner can help investors better understand the Company’s financial condition and/or results of operations after taking into account its true economic interest in these joint ventures.  The Company cautions investors that the ownership percentages used in calculating “BXP’s Share” of these measures may not completely and accurately depict all of the legal and economic implications of holding an interest in a consolidated or unconsolidated joint venture. For example, in addition to partners’ interests in profits and capital, venture agreements vary in the allocation of rights regarding decision making (both routine and major decisions), distributions, transferability of interests, financings and guarantees, liquidations and other matters. As a result, presentations of “BXP’s Share” of a financial measure should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP. Unless noted otherwise, reconciliations of “BXP’s Share” of these financial measures can be found in the Reconciliations section of this Supplemental package starting on page 60.

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

Annualized Rental Obligations

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

Average Economic Occupancy

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

Average Monthly Rental Rates

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

Average Physical Occupancy

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

Debt to Market Capitalization Ratio

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

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

Q3 2025
Definitions (continued)

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

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

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

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

Fixed Charge Coverage Ratio

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

Funds Available for Distribution (FAD) and FAD Payout Ratio

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

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

Q3 2025
Definitions (continued)

Funds from Operations (FFO)

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

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

In-Service Properties

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

Interest Coverage Ratio

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

Market Rents

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

Net Debt

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

Q3 2025
Definitions (continued)

Net Operating Income (NOI)

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

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

Rental Obligations

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

Rental Revenue

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

Same Properties

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

Q3 2025
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
30-Sep-25 30-Jun-25
Revenue $ 871,510 $ 868,457
Partners’ share of revenue from consolidated joint ventures (JVs) (88,181) (88,271)
BXP’s share of revenue from unconsolidated JVs 56,016 55,481
BXP’s Share of revenue $ 839,345 $ 835,667
Straight-line rent $ 30,105 $ 24,533
Partners’ share of straight-line rent from consolidated JVs (7,906) (6,247)
BXP’s share of straight-line rent from unconsolidated JVs 1,660 2,249
BXP’s Share of straight-line rent $ 23,859 $ 20,535
Fair value lease revenue 1 $ 1,906 $ 1,915
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 1,102 1,103
BXP’s Share of fair value lease revenue 1 $ 3,019 $ 3,029
Lease termination income $ 1,241 $ 909
Partners’ share of termination income from consolidated JVs — —
BXP’s share of termination income from unconsolidated JVs 141 (146)
BXP’s Share of termination income $ 1,382 $ 763
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 $ 35,390 $ 34,799
Partners’ share of parking and other revenue from consolidated JVs (730) (769)
BXP’s share of parking and other revenue from unconsolidated JVs 1,654 2,022
BXP’s Share of parking and other revenue $ 36,314 $ 36,052
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 335 362
BXP’s Share of hedge amortization, net of costs $ 1,781 $ 1,808
Straight-line ground rent expense adjustment $ (530) $ 448
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 123 136
BXP’s Share of straight-line ground rent expense adjustment $ (407) $ 584
Depreciation and amortization $ 236,147 $ 223,819
Noncontrolling interests in property partnerships’ share of depreciation and amortization (22,615) (20,945)
BXP’s share of depreciation and amortization from unconsolidated JVs 17,272 16,674
BXP’s Share of depreciation and amortization $ 230,804 $ 219,548
Lease transaction costs that qualify as rent inducements 2 $ 5,894 $ 4,427
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 (895) (924)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 — (21)
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 4,999 $ 3,482
2nd generation tenant improvements and leasing commissions $ 72,022 $ 69,064
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (8,374) (9,137)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 1,067 1,496
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 64,715 $ 61,423 Q3 2025
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 25,996 $ 32,934
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (3,004) (3,426)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 349 703
BXP’s Share of maintenance capital expenditures 3 $ 23,341 $ 30,211
Interest expense $ 164,299 $ 162,783
Partners’ share of interest expense from consolidated JVs (12,016) (11,892)
BXP’s share of interest expense from unconsolidated JVs 20,214 18,872
BXP’s Share of interest expense $ 172,497 $ 169,763
Capitalized interest $ 13,491 $ 12,148
Partners’ share of capitalized interest from consolidated JVs (21) (23)
BXP’s share of capitalized interest from unconsolidated JVs 769 1,891
BXP’s Share of capitalized interest $ 14,239 $ 14,016
Amortization of financing costs $ 4,764 $ 4,737
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 434 426
BXP’s Share of amortization of financing costs $ 4,700 $ 4,665
Fair value interest adjustment $ 139 $ 718
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 $ 638 $ 1,217
Amortization and accretion related to sales type lease $ 236 $ 232
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — —
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs 29 29
BXP’s Share of amortization and accretion related to sales type lease $ 265 $ 261

_____________

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.

Q3 2025
Reconciliations (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 81,717 $ 104,152 $ 185,869
Straight-line rent 3,256 14,676 17,932
Fair value lease revenue (27) — (27)
Termination income — — —
Total lease revenue 84,946 118,828 203,774
Parking and other — 1,622 1,622
Total rental revenue 3 84,946 120,450 205,396
Expenses
Operating 35,557 45,983 81,540
Net Operating Income (NOI) 49,389 74,467 123,856
Other income (expense)
Development and management services revenue — — —
Gains from investments in securities — 8 8
Interest and other income 776 1,816 2,592
Interest expense (21,395) (7,693) (29,088)
Depreciation and amortization expense (18,366) (32,298) (50,664)
General and administrative expense (67) (169) (236)
Total other income (expense) (39,052) (38,336) (77,388)
Net income $ 10,337 $ 36,131 $ 46,468
BXP’s nominal ownership percentage 60% 55%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 19,002 $ 32,502 $ 51,504
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 30,387 $ 41,965 $ 72,352
Unearned portion of capitalized fees 5 $ 198 $ 740 $ 938
Partners’ share of select items 4
Partners’ share of parking and other revenue $ — $ 730 $ 730
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 $ 408 $ 543 $ 951
Partners’ share of capitalized interest $ — $ 21 $ 21
Partners’ share of lease transactions costs which will qualify as rent inducements $ (38) $ (857) $ (895)
Partners’ share of management and other fees $ 756 $ 1,016 $ 1,772
Partners’ share of basis differential depreciation and amortization expense $ (34) $ (182) $ (216)
Partners’ share of basis differential interest and other adjustments $ (4) $ 37 $ 33
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 3,008 $ 14,845 $ 17,853
Add:
Partners’ share of interest expense after BXP’s basis differential 8,554 3,462 12,016
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,720 14,895 22,615
Partners’ share of EBITDAre $ 19,282 $ 33,202 $ 52,484
Q3 2025
--- ---
Reconciliations (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures
Rental revenue 3 $ 33,978 $ 54,203 $ 88,181
Less: Termination income — — —
Rental revenue (excluding termination income) 3 33,978 54,203 88,181
Less: Operating expenses (including partners’ share of management and other fees) 14,976 21,701 36,677
Income allocation to private REIT shareholders — — —
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 19,002 $ 32,502 $ 51,504
Rental revenue (excluding termination income) 3 $ 33,978 $ 54,203 $ 88,181
Less: Straight-line rent 1,302 6,604 7,906
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements 38 857 895
Subtotal 32,725 48,456 81,181
Less: Operating expenses (including partners’ share of management and other fees) 14,976 21,701 36,677
Income allocation to private REIT shareholders — — —
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 17,749 $ 26,755 $ 44,504
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 33,978 $ 54,203 $ 88,181
Add: Development and management services revenue — — —
Revenue $ 33,978 $ 54,203 $ 88,181

_________

1Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street. On August 27, 2025, the Company acquired its partner’s 45% ownership interest in 343 Madison Avenue.

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

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

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

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

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

Q3 2025
Reconciliations (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 27,278 $ 20,367 $ 16,354 $ 17,803 $ 8,537 $ 24,461 $ 114,800
Straight-line rent 590 (1,428) 3,922 (172) 684 (123) 3,473
Fair value lease revenue — — 1,300 — 1,293 — 2,593
Termination income — — — 282 — — 282
Amortization and accretion related to sales-type lease 57 — — — — — 57
Total lease revenue 27,925 18,939 21,576 17,913 10,514 24,338 121,205
Parking and other 43 1,967 49 221 592 818 3,690
Total rental revenue 3 27,968 20,906 21,625 18,134 11,106 25,156 124,895
Expenses
Operating 10,164 7,944 15,965 4 9,597 3,551 9,232 56,453
Net operating income 17,804 12,962 5,660 8,537 7,555 15,924 68,442
Other income (expense)
Development and management services revenue — — 417 — — — 417
Interest and other income (loss) 535 1,166 820 11 147 199 2,878
Interest expense (10,562) (5,052) (17,385) — (4,159) (10,044) (47,202)
Unrealized gain/loss on derivative instruments — — (1,403) — — — (1,403)
Transaction costs (27) — — — (28) 53 (2)
Depreciation and amortization expense (8,470) (5,330) (10,465) (10,076) (5,213) (5,855) (45,409)
General and administrative expense (1) 5 (111) (4) (14) — (125)
Loss from early extinguishment of debt — — — — — — —
Gain on sale of real estate — 4,762 — — — — 4,762
Total other income (expense) (18,525) (4,449) (28,127) (10,069) (9,267) (15,647) (86,084)
Net income (loss) $ (721) $ 8,513 $ (22,467) $ (1,532) $ (1,712) $ 277 $ (17,642)
BXP’s share of select items:
BXP’s share of parking and other revenue $ 22 $ 984 $ 24 $ 111 $ 199 $ 314 $ 1,654
BXP’s share of amortization of financing costs $ 132 $ 23 $ 157 $ — $ 28 $ 94 $ 434
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 335 $ — $ 335
BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499
BXP’s share of capitalized interest $ — $ — $ 769 $ — $ — $ — $ 769
BXP’s share of amortization and accretion related to sales-type lease $ 29 $ — $ — $ — $ — $ — $ 29
Reconciliation of BXP’s share of EBITDAre
Income (loss) from unconsolidated joint ventures $ (367) $ 5,028 $ (9,170) $ (144,699) $ 197 $ 682 $ (148,329)
Add:
BXP’s share of interest expense 5,281 2,526 7,077 — 1,400 3,930 20,214
BXP’s share of depreciation and amortization expense 4,237 2,144 5 3,929 5 3,714 5 983 2,265 17,272
Impairment loss on investment 6 — — — 145,133 — — 145,133
Less:
BXP’s share of gain on sale of real estate 7 — 2,236 — — — — 2,236
BXP’s share of EBITDAre $ 9,151 $ 7,462 5 $ 1,836 5 $ 4,148 5 $ 2,580 $ 6,877 $ 32,054 Q3 2025
--- ---
Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliation of BXP’s share of Net Operating Income (Loss) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3 $ 13,985 $ 10,849 5 $ 8,066 5 $ 9,012 $ 3,739 $ 10,156 $ 55,807
BXP’s share of operating expenses 5,082 3,973 6,643 4,866 1,194 3,374 25,132
BXP’s share of net operating income (loss) 8,903 6,876 5 1,423 5 4,146 2,545 6,782 30,675
Less:
BXP’s share of termination income — — — 141 — — 141
BXP’s share of net operating income (loss) (excluding termination income) 8,903 6,876 1,423 4,005 2,545 6,782 30,534
Less:
BXP’s share of straight-line rent 295 (623) 5 1,894 5 (86) 230 (50) 1,660
BXP’s share of fair value lease revenue — 305 5 362 5 — 435 — 1,102
BXP’s share of amortization and accretion related to sales type lease 29 — — — — — 29
Add:
BXP’s share of straight-line ground rent expense adjustment — — 123 — — — 123
BXP’s share of lease transaction costs that qualify as rent inducements — — — — — — —
BXP’s share of net operating income (loss) - cash (excluding termination income) $ 8,579 $ 7,194 5 $ (710) 5 $ 4,091 $ 1,880 $ 6,832 $ 27,866
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 13,985 $ 10,849 5 $ 8,066 5 $ 9,012 $ 3,739 $ 10,156 $ 55,807
Add:
BXP’s share of development and management services revenue — — 209 — — — 209
BXP’s share of revenue $ 13,985 $ 10,849 5 $ 8,275 5 $ 9,012 $ 3,739 $ 10,156 $ 56,016

_____________

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

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

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

4Includes approximately $246 of straight-line ground rent expense.

5The 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.

7 For additional information, see page 14.

Q3 2025
Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

Three Months Ended
30-Jun-25 30-Jun-24
Net income attributable to BXP, Inc. $ 88,977 $ 79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 10,064 9,509
Noncontrolling interest in property partnerships 20,100 17,825
Net income 119,141 106,949
Add:
Interest expense 162,783 149,642
Loss from unconsolidated joint ventures 3,324 5,799
Depreciation and amortization expense 223,819 219,542
Transaction costs 357 189
Payroll and related costs from management services contracts 4,104 4,148
General and administrative expense 42,516 44,109
Less:
Interest and other income (loss) 8,063 10,788
Unrealized gain (loss) on non-real estate investments (39) 58
Gains from investments in securities 2,600 315
Gain on sale of real estate 18,390 —
Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148
Development and management services revenue 8,846 6,352
Net Operating Income (NOI) 514,080 508,717
Add:
BXP’s share of NOI from unconsolidated joint ventures 31,029 31,587
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 51,562 47,391
BXP’s Share of NOI 493,547 492,913
Less:
Termination income 909 841
BXP’s share of termination income from unconsolidated joint ventures (146) —
Add:
Partners’ share of termination income from consolidated joint ventures — 40
BXP’s Share of NOI (excluding termination income) $ 492,784 $ 492,112
Net Operating Income (NOI) $ 514,080 $ 508,717
Less:
Termination income 909 841
NOI from non Same Properties (excluding termination income) 13,196 7,201
Same Property NOI (excluding termination income) 499,975 500,675
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 51,562 47,351
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4,469 —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 31,175 31,587
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) (132) (212)
BXP’s Share of Same Property NOI (excluding termination income) $ 484,189 $ 485,123
Change in BXP’s Share of Same Property NOI (excluding termination income) $ (934)
Change in BXP’s Share of Same Property NOI (excluding termination income) (0.2) %
Q3 2025
--- ---
Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

Three Months Ended
30-Jun-25 30-Jun-24
Net income attributable to BXP, Inc. $ 88,977 $ 79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 10,064 9,509
Noncontrolling interest in property partnerships 20,100 17,825
Net income 119,141 106,949
Add:
Interest expense 162,783 149,642
Loss from unconsolidated joint ventures 3,324 5,799
Depreciation and amortization expense 223,819 219,542
Transaction costs 357 189
Payroll and related costs from management services contracts 4,104 4,148
General and administrative expense 42,516 44,109
Less:
Interest and other income (loss) 8,063 10,788
Unrealized gain (loss) on non-real estate investments (39) 58
Gains from investments in securities 2,600 315
Gain on sale of real estate 18,390 —
Direct reimbursements of payroll and related costs from management services contracts 4,104 4,148
Development and management services revenue 8,846 6,352
Net Operating Income (NOI) 514,080 508,717
Less:
Straight-line rent 24,533 16,094
Fair value lease revenue 1,915 1,363
Amortization and accretion related to sales type lease 232 246
Termination income 909 841
Add:
Straight-line ground rent expense adjustment 1 531 585
Lease transaction costs that qualify as rent inducements 2 4,427 3,471
NOI - cash (excluding termination income) 491,449 494,229
Less:
NOI - cash from non Same Properties (excluding termination income) 10,276 17,006
Same Property NOI - cash (excluding termination income) 481,173 477,223
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 46,250 45,068
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3,321 —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 27,909 27,473
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (1,774) (300)
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 467,927 $ 459,928
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ 7,999
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) 1.7 %

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(83) and $4 for the three months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company has remaining lease payments aggregating approximately $30.6 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

Q3 2025
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Sep-24 30-Jun-24
Revenue
Lease $ 799,471 $ 790,555
Parking and other 34,255 33,890
Insurance proceeds — 725
Hotel revenue 15,082 14,812
Development and management services 6,770 6,352
Direct reimbursements of payroll and related costs from management services contracts 3,649 4,148
Total revenue 859,227 850,482
Expenses
Operating 178,834 175,545
Real estate taxes 148,809 144,994
Restoration expenses related to insurance claims 254 887
Hotel operating 9,833 9,839
General and administrative 33,352 44,109
Payroll and related costs from management services contracts 3,649 4,148
Transaction costs 188 189
Depreciation and amortization 222,890 219,542
Total expenses 597,809 599,253
Other income (expense)
Loss from unconsolidated joint ventures (7,011) (5,799)
Gain on sale of real estate 517 —
Gains from investments in securities 2,198 315
Unrealized gain on non-real estate investments 94 58
Interest and other income (loss) 14,430 10,788
Interest expense (163,194) (149,642)
Net income 108,452 106,949
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships (15,237) (17,825)
Noncontrolling interest - common units of the Operating Partnership (9,587) (9,509)
Net income attributable to BXP, Inc. $ 83,628 $ 79,615
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic $ 0.53 $ 0.51
Net income attributable to BXP, Inc. per share - diluted $ 0.53 $ 0.51

68

Document

Exhibit 99.2

bxp-colorb.gif

BXP ANNOUNCES THIRD QUARTER 2025 RESULTS

Signed Leases for More Than 1.5 Million Square Feet in Q3 and Issued $1 Billion in 2.00% Exchangeable Notes Due 2030

BOSTON, MA, October 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 third quarter ended September 30, 2025.

Financial Highlights

•Revenue increased 1.4% to $871.5 million for the quarter ended September 30, 2025, compared to $859.2 million for the quarter ended September 30, 2024.

•Net income (loss) attributable to BXP, Inc. of $(121.7) million, or $(0.77) per diluted share (EPS), for the quarter ended September 30, 2025, compared to $83.6 million, or $0.53 per diluted share, for the quarter ended September 30, 2024.

◦EPS for the third quarter fell short of the mid-point of guidance by $1.19 per diluted share primarily due to non-cash impairment charges totaling $1.22 per diluted share related to our strategic asset sales program.

•Funds from Operations (FFO) of $276.7 million, or $1.74 per diluted share, for the quarter ended September 30, 2025, compared to FFO of $286.9 million, or $1.81 per diluted share, for the quarter ended September 30, 2024.

◦FFO exceeded the midpoint of guidance by $0.04 per diluted share primarily due to portfolio outperformance.

Guidance

BXP provided updated guidance for full year 2025 EPS of $0.99 - $1.02 and FFO of $6.89 - $6.92 per diluted share.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

•Executed 79 leases in the third quarter totaling more than 1.5 million square feet with a weighted-average lease term of 7.9 years. This leasing volume represents BXP’s strongest third quarter since 2019, and a 38% increase from the third quarter of 2024.

•BXP’s CBD portfolio of premier workplaces was 89.3% occupied and 92.0% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP) for the third quarter. Approximately 89.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s portfolio occupancy for the third quarter was 86.6% (excluding third quarter development deliveries), an increase of 20 basis points from the previous quarter. Upon adding 360 Park Avenue South, 1050 Winter Street and Reston Next Office Phase II to the

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in-service portfolio, the resultant total portfolio occupancy rate for the third quarter was 86.0%, a decrease of 40 basis points from Q2 2025 as each development project has leases for which revenue recognition has not commenced in accordance with GAAP.

•BXP’s portfolio percentage leased for the third quarter was 89.2% (excluding third quarter development deliveries), an increase of 10 basis points from the previous quarter (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). Including the impact of placing the three development properties in-service, the total portfolio leased percentage decreased by 30 basis points from Q2 2025 to 88.8%.

Development

•BXP commenced full vertical construction of 343 Madison Avenue in New York City, New York. 343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace located on one of the best office development sites in Manhattan with direct access to Grand Central Station. In addition, BXP signed a letter of intent with a prospective client to lease approximately 274,000 square feet, or 30% of the building’s square footage. BXP is in active discussions with other prospective clients, underscoring the continued strong demand for the future premier workplace. 343 Madison represents a strong and significant value creation opportunity for shareholders.

•Fully placed in-service three development projects:

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

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

◦360 Park Avenue South, an approximately 448,000 square foot premier workplace located in New York City, New York. The project is 38% leased.

Transactions

•Since our Investor Day on September 8, 2025, BXP completed the sale of three land parcels for a gross sales price aggregating approximately $42.0 million. BXP’s net cash proceeds totaled approximately $39.5 million.

•BXP has additional properties under contract for sale aggregating approximately $400 million of estimated net proceeds, to BXP, if consummated. The sales of these properties are subject to customary closing conditions that BXP expects to be completed between 2025 and 2027. There can be no assurance that BXP will sell these properties on the terms or the schedule currently contemplated.

Balance Sheet & Liquidity

•Boston Properties Limited Partnership (“BPLP”) issued $1.0 billion aggregate principal amount of 2.00% Exchangeable Senior Notes due 2030. The offering was upsized from the initially announced offering size of $600 million. The GAAP interest rate on the notes is 2.5% per annum. Net proceeds after the initial purchaser’s discount and offering costs, including the capped call transaction costs, were approximately $940.1 million.

•A joint venture in which BXP has a 50% ownership interest closed on a $465.0 million, 5.5-year, non-recourse commercial mortgage-backed securities (“CMBS”) loan secured by the podium and office tower at The Hub on Causeway in Boston, Massachusetts. The loan is scheduled to mature on April 9, 2031, and bears interest at a fixed rate of approximately 5.73% per annum. Proceeds from the loan and retained cash flow were used to repay two

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existing loans on the podium and office tower at The Hub on Causeway having an aggregate outstanding principal balance of approximately $490 million. This transaction represents BXP’s first “Green Bond” CMBS financing, underscoring the quality of The Hub on Causeway as a premier, sustainable workplace and highlighting BXP’s ongoing commitment to environmentally responsible development.

EPS and FFO per Share Guidance:

BXP’s guidance for the 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 not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Full Year 2025
Low High
Projected EPS (diluted) $ 0.99 $ 1.02
Add:
Projected Company share of real estate depreciation and amortization 5.15 5.15
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments 0.75 0.75
Projected FFO per share (diluted) $ 6.89 $ 6.92

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended September 30, 2025. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, October 29, 2025 at 10:00 AM Eastern Time, open to the general public, to discuss the third quarter results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI4ce37a065efa42c58c314501cbf223a8 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-

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

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of September 30, 2025, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 54.6 million square feet and 187 properties, including eight properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

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

Financial tables follow.

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BXP, INC.<br><br>CONSOLIDATED BALANCE SHEETS<br><br>(Unaudited)
September 30, 2025 December 31, 2024
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 26,718,660 $ 26,391,933
Construction in progress 1,322,608 764,640
Land held for future development 568,516 714,050
Right of use assets - finance leases 372,747 372,922
Right of use assets - operating leases 321,063 334,767
Less: accumulated depreciation (8,008,908) (7,528,057)
Total real estate 21,294,686 21,050,255
Cash and cash equivalents 861,066 1,254,882
Cash held in escrows 77,663 80,314
Investments in securities 43,604 39,706
Tenant and other receivables, net 136,743 107,453
Note receivable, net 8,898 4,947
Related party note receivables, net 88,879 88,779
Sales-type lease receivable, net 15,430 14,657
Accrued rental income, net 1,532,403 1,466,220
Deferred charges, net 802,785 813,345
Prepaid expenses and other assets 137,561 70,839
Investments in unconsolidated joint ventures 999,764 1,093,583
Total assets $ 25,999,482 $ 26,084,980
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,279,482 $ 4,276,609
Unsecured senior notes, net 9,803,336 10,645,077
Unsecured exchangeable senior notes, net 975,080 —
Unsecured line of credit — —
Unsecured term loans, net 796,798 798,813
Unsecured commercial paper 750,000 500,000
Lease liabilities - finance leases 363,207 370,885
Lease liabilities - operating leases 379,792 392,686
Accounts payable and accrued expenses 484,798 401,874
Dividends and distributions payable 123,259 172,486
Accrued interest payable 120,128 128,098
Other liabilities 406,820 450,796
Total liabilities 18,482,700 18,137,324
Commitments and contingencies — —
Redeemable deferred stock units 8,006 9,535
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,479,314 and 158,253,895 issued and 158,400,414 and 158,174,995 outstanding at September 30, 2025 and December 31, 2024, respectively 1,584 1,582
Additional paid-in capital 6,827,889 6,836,093
Dividends in excess of earnings (1,812,361) (1,419,575)
Treasury common stock at cost, 78,900 shares at September 30, 2025 and December 31, 2024 (2,722) (2,722)
Accumulated other comprehensive loss (14,831) (2,072)
Total stockholders’ equity attributable to BXP, Inc. 4,999,559 5,413,306
Noncontrolling interests:
Common units of the Operating Partnership 554,440 591,270
Property partnerships 1,954,777 1,933,545
Total equity 7,508,776 7,938,121
Total liabilities and equity $ 25,999,482 $ 26,084,980

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
(in thousands, except for per share amounts)
Revenue
Lease $ 809,820 $ 799,471 $ 2,426,857 $ 2,378,616
Parking and other 35,390 34,255 100,431 101,086
Hotel 13,162 15,082 37,532 38,080
Development and management services 9,317 6,770 27,938 19,276
Direct reimbursements of payroll and related costs from management services contracts 3,821 3,649 12,424 12,090
Total revenue 871,510 859,227 2,605,182 2,549,148
Expenses
Operating
Rental 331,736 327,897 995,376 963,480
Hotel 9,628 9,833 26,558 25,687
General and administrative 36,188 33,352 130,988 127,479
Payroll and related costs from management services contracts 3,821 3,649 12,424 12,090
Transaction costs 1,431 188 2,556 890
Depreciation and amortization 236,147 222,890 680,073 661,148
Total expenses 618,951 597,809 1,847,975 1,790,774
Other income (expense)
Income (loss) from unconsolidated joint ventures (148,329) (7,011) (153,792) 6,376
Gains on sales of real estate 1,932 517 20,322 517
Loss on sales-type lease — — (2,490) —
Interest and other income (loss) 7,620 14,430 23,433 39,747
Gains from investments in securities 2,400 2,198 4,635 4,785
Unrealized gain (loss) on non-real estate investments 178 94 (344) 548
Impairment losses (68,901) — (68,901) (13,615)
Loss from early extinguishment of debt — — (338) —
Interest expense (164,299) (163,194) (490,526) (474,727)
Net income (loss) (116,840) 108,452 89,206 322,005
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships (17,853) (15,237) (56,702) (50,283)
Noncontrolling interest—common units of the Operating Partnership 12,981 (9,587) (4,054) (28,596)
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 83,628 $ 28,450 $ 243,126
Basic earnings per common share attributable to BXP, Inc.
Net income (loss) $ (0.77) $ 0.53 $ 0.18 $ 1.55
Weighted average number of common shares outstanding 158,345 157,725 158,287 157,250
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss) $ (0.77) $ 0.53 $ 0.18 $ 1.54
Weighted average number of common and common equivalent shares outstanding 158,345 158,213 158,787 157,547

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended September 30, Nine months ended September 30,
2025 2024 2025 2024
(in thousands, except for per share amounts)
Net income (loss) attributable to BXP, Inc. $ (121,712) $ 83,628 $ 28,450 $ 243,126
Add:
Noncontrolling interest - common units of the Operating Partnership (12,981) 9,587 4,054 28,596
Noncontrolling interests in property partnerships 17,853 15,237 56,702 50,283
Net income (loss) (116,840) 108,452 89,206 322,005
Add:
Depreciation and amortization expense 236,147 222,890 680,073 661,148
Noncontrolling interests in property partnerships’ share of depreciation and amortization (22,615) (18,857) (64,024) (56,755)
Company’s share of depreciation and amortization from unconsolidated joint ventures 17,272 20,757 51,273 60,807
Corporate-related depreciation and amortization (582) (438) (1,898) (1,263)
Non-real estate related amortization 2,130 2,130 6,391 6,390
Loss on sales-type lease — — 2,490 —
Impairment losses 68,901 — 68,901 13,615
Impairment losses included within Income (loss) from unconsolidated joint ventures 145,133 — 145,133 —
Less:
Gains on sales of real estate 1,932 517 20,322 517
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures 2,236 — 2,236 21,696
Unrealized gain (loss) on non-real estate investments 178 94 (344) 548
Noncontrolling interests in property partnerships 17,853 15,237 56,702 50,283
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 307,347 319,086 898,629 932,903
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 30,673 32,228 89,683 96,369
Funds from operations attributable to BXP, Inc. $ 276,674 $ 286,858 $ 808,946 $ 836,534
BXP, Inc.’s percentage share of funds from operations - basic 90.02 % 89.90 % 90.02 % 89.67 %
Weighted average shares outstanding - basic 158,345 157,725 158,287 157,250
FFO per share basic $ 1.75 $ 1.82 $ 5.11 $ 5.32
Weighted average shares outstanding - diluted 158,928 158,213 158,787 157,547
FFO per share diluted $ 1.74 $ 1.81 $ 5.09 $ 5.31

(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)
September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Boston 97.3 % 95.9 % 98.6 % 97.5 %
Los Angeles 86.7 % 84.9 % 87.1 % 87.4 %
New York 84.9 % 90.8 % 90.7 % 93.6 %
San Francisco 80.7 % 84.3 % 82.9 % 85.2 %
Seattle 82.6 % 81.6 % 85.1 % 83.5 %
Washington, DC 91.9 % 91.9 % 93.8 % 93.6 %
CBD Portfolio 89.3 % 90.9 % 92.0 % 92.8 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Boston 89.7 % 89.7 % 91.6 % 91.5 %
Los Angeles 86.7 % 84.9 % 87.1 % 87.4 %
New York 82.8 % 87.1 % 88.3 % 90.0 %
San Francisco 77.8 % 80.8 % 79.7 % 81.7 %
Seattle 82.6 % 81.6 % 85.1 % 83.5 %
Washington, DC 91.3 % 91.4 % 93.4 % 93.0 %
Total Portfolio 86.0 % 87.5 % 88.8 % 89.4 %

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

#

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