Equibles

8-K

BXP, Inc. (BXP)

8-K 2024-10-29 For: 2024-10-29
View Original
Added on April 08, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 29, 2024

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 29, 2024, 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 2024. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
*99.1 BXP, Inc. Supplemental Operating and Financial Data for the quarter ended September 30, 2024.
*99.2 Press release dated October 29, 2024.
*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 29, 2024

Document

Exhibit 99.1

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Supplemental Operating and Financial Data

for the Quarter Ended September 30, 2024

THE COMPANY

BXP, Inc. (NYSE: BXP) (formerly known as Boston Properties, Inc.) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by joint ventures, BXP’s portfolio totals 53.0 million square feet and 184 properties, including 9 properties under construction/redevelopment. BXP’s properties include 162 office properties, 14 retail properties (including one retail property under construction), seven residential properties (including two 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 twelfth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

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

GENERAL INFORMATION

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

(Cover photo: Rendering of the residential building, Skymark, in Reston, VA)

Q3 2024
Table of contents Page
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OVERVIEW
Company Profile 1
Guidance and assumptions 2
FINANCIAL INFORMATION
Financial Highlights 3
Consolidated Balance Sheets 5
Consolidated Income Statements 6
Funds From Operations (FFO) 7
Funds Available for Distribution (FAD) 8
Net Operating Income (NOI) 9
Same Property Net Operating Income (NOI) by Reportable Segment 11
Capital Expenditures, Tenant Improvement Costs and Leasing Commissions 13
Acquisitions and Dispositions 14
DEVELOPMENT ACTIVITY
Construction in Progress 15
Land Parcels and Purchase Options 17
LEASING ACTIVITY
Leasing Activity 18
PROPERTY STATISTICS
Portfolio Overview 19
Residential and Hotel Performance 20
In-Service Property Listing 22
Top 20 Clients Listing and Portfolio Client Diversification 26
Occupancy by Location 27
DEBT AND CAPITALIZATION
Capital Structure 28
Debt Analysis 30
Senior Unsecured Debt Covenant Compliance Ratios 31
Net Debt to EBITDAre 32
Debt Ratios 33
JOINT VENTURES
Consolidated Joint Ventures 34
Unconsolidated Joint Ventures 36
LEASE EXPIRATION ROLL-OUT
Total In-Service Properties 39
Boston 40
Los Angeles 42
New York 44
San Francisco 46
Seattle 48
Washington, DC 50
CBD 52
Suburban 54
RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage 56
Definitions 57
Reconciliations 61
Consolidated Income Statement - Prior Year 69
Q3 2024
--- ---
Company profile

SNAPSHOT

(as of September 30, 2024)

Fiscal Year-End December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 184
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 53.0 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2 176.2 million
Closing Price, at the end of the quarter $80.46 per share
Dividend - Quarter/Annualized $0.98/$3.92 per share
Dividend Yield 4.9%
Consolidated Market Capitalization 2 $30.4 billion
BXP’s Share of Market Capitalization 2, 3 $30.4 billion
Unsecured Senior Debt Ratings BBB (S&P); Baa2 (Moody’s)

STRATEGY

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

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

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

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

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

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

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

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

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

MANAGEMENT

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

___________________

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

2For additional detail, see page 28.

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

Q3 2024
Guidance and assumptions

GUIDANCE

BXP’s guidance for the full year 2024 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 29, 2024 and those referenced during the related conference call.  The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 59. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Full Year 2024
Low High
Projected EPS (diluted) $ 2.05 $ 2.07
Add:
Projected Company share of real estate depreciation and amortization 5.09 5.09
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.05) (0.05)
Projected FFO per share (diluted) $ 7.09 $ 7.11

ASSUMPTIONS

(dollars in thousands)

Full Year 2024
Low High
Operating property activity:
Average In-service portfolio occupancy 1 87.00 % 88.20 %
Decrease in BXP’s Share of Same Property net operating income (excluding termination income) (3.00) % (1.50) %
Decrease in BXP’s Share of Same Property net operating income - cash (excluding termination income) (3.00) % (1.50) %
BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales) $ 75,000 $ 82,000
BXP’s Share of incremental net operating income related to asset sales over prior year $ (6,000) $ (6,000)
BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue) $ 110,000 $ 120,000
Termination income $ 15,000 $ 16,000
Other revenue (expense):
Development, management services and other revenue $ 25,000 $ 27,000
General and administrative expense 2 $ (158,000) $ (154,000)
Consolidated net interest expense $ (590,000) $ (583,000)
Unconsolidated joint venture interest expense $ (78,000) $ (74,000)
Noncontrolling interest:
Noncontrolling interest in property partnerships’ share of FFO $ (148,000) $ (140,000)

_______________

1 Excludes development properties expected to be placed into service in 2024.

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

Q3 2024
Financial highlights

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

Three Months Ended
30-Sep-24 30-Jun-24
Net income attributable to BXP, Inc. $ 83,628 $ 79,615
Net income attributable to BXP, Inc. per share - diluted $ 0.53 $ 0.51
FFO attributable to BXP, Inc. 1 $ 286,858 $ 278,399
Diluted FFO per share 1 $ 1.81 $ 1.77
Dividends per common share $ 0.98 $ 0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2 $ 219,130 $ 270,639
Selected items:
Revenue $ 859,227 $ 850,482
Recoveries from clients $ 137,891 $ 136,081
Service income from clients $ 2,430 $ 2,953
BXP’s Share of revenue 3 $ 835,098 $ 820,790
BXP’s Share of straight-line rent 3 $ 25,433 $ 16,783
BXP’s Share of fair value lease revenue 3, 4 $ 2,294 $ 2,361
BXP’s Share of termination income 3 $ 12,179 $ 801
Ground rent expense $ 3,690 $ 3,679
Capitalized interest $ 11,625 $ 10,336
Capitalized wages $ 4,233 $ 4,807
Income (loss) from unconsolidated joint ventures $ (7,011) $ (5,799)
BXP’s share of FFO from unconsolidated joint ventures 5 $ 13,746 $ 14,028
Net income attributable to noncontrolling interests in property partnerships $ 15,237 $ 17,825
FFO attributable to noncontrolling interests in property partnerships 6 $ 34,094 $ 37,028
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets) $ 8,660 $ 9,869
Below-market rents (included within Other Liabilities) $ 31,295 $ 33,801
Accrued rental income liability (included within Other Liabilities) $ 108,234 $ 110,350
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 7 2.95 3.22
Interest Coverage Ratio (including capitalized interest) 7 2.70 2.94
Fixed Charge Coverage Ratio 7 2.44 2.69
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 8 7.59 7.91
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 9 (3.0) % (4.4) %
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 9 (2.0) % (3.2) %
FAD Payout Ratio 2 78.86 % 63.85 %
Operating Margins [(rental revenue - rental expense)/rental revenue] 60.7 % 61.0 %
Occupancy % of In-Service Properties 10 87.0 % 87.1 %
Leased % of In-Service Properties 11 89.1 % 89.1 %
Capitalization:
Consolidated Debt $ 16,215,246 $ 15,367,474
BXP’s Share of Debt 12 $ 16,235,789 $ 15,385,233
Consolidated Market Capitalization $ 30,395,758 $ 26,216,439
Consolidated Debt/Consolidated Market Capitalization 53.35 % 58.62 %
BXP’s Share of Market Capitalization 12 $ 30,416,301 $ 26,234,198
BXP’s Share of Debt/BXP’s Share of Market Capitalization 12 53.38 % 58.65 %

_____________

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

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

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

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

5For a quantitative reconciliation for the three months ended September 30, 2024, see page 38.

6For a quantitative reconciliation for the three months ended September 30, 2024, see page 35.

7For a quantitative reconciliation for the three months ended September 30, 2024 and June 30, 2024, see page 33.

8For a quantitative reconciliation for the three months ended September 30, 2024 and June 30, 2024, see page 32.

9For a quantitative reconciliation for the three months ended September 30, 2024 and June 30, 2024, see pages 11, 67 and 68.

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

Q3 2024
Financial highlights (continued)

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

12For a quantitative reconciliation for September 30, 2024, see page 28.

Q3 2024
Consolidated Balance Sheets

(unaudited and in thousands)

30-Sep-24 30-Jun-24
ASSETS
Real estate $ 26,054,928 $ 25,840,947
Construction in progress 812,122 757,356
Land held for future development 690,774 675,191
Right of use assets - finance leases 372,896 372,896
Right of use assets - operating leases 339,804 344,292
Less accumulated depreciation (7,369,545) (7,198,566)
Total real estate 20,900,979 20,792,116
Cash and cash equivalents 1,420,475 685,376
Cash held in escrows 51,009 52,125
Investments in securities 39,186 36,844
Tenant and other receivables, net 99,706 82,145
Note receivable, net 3,937 3,155
Related party note receivables, net 88,788 88,779
Sales-type lease receivable, net 14,429 14,182
Accrued rental income, net 1,438,492 1,414,622
Deferred charges, net 794,571 800,099
Prepaid expenses and other assets 132,078 86,188
Investments in unconsolidated joint ventures 1,421,886 1,418,817
Total assets $ 26,405,536 $ 25,474,448
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,275,155 $ 4,371,478
Unsecured senior notes, net 10,642,033 9,797,220
Unsecured line of credit — —
Unsecured term loans, net 798,058 698,776
Unsecured commercial paper 500,000 500,000
Lease liabilities - finance leases 373,260 375,601
Lease liabilities - operating leases 389,444 385,842
Accounts payable and accrued expenses 444,288 372,484
Dividends and distributions payable 172,191 172,172
Accrued interest payable 121,360 112,107
Other liabilities 407,441 398,525
Total liabilities 18,123,230 17,184,205
Commitments and contingencies — —
Redeemable deferred stock units 10,696 7,916
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, 158,058,798 and 157,176,741 issued and 157,979,898 and 157,097,841 outstanding at September 30, 2024 and June 30, 2024, respectively 1,580 1,571
Additional paid-in capital 6,822,489 6,768,686
Dividends in excess of earnings (1,035,710) (964,518)
Treasury common stock at cost, 78,900 shares at September 30, 2024 and June 30, 2024 (2,722) (2,722)
Accumulated other comprehensive loss (26,428) (155)
Total stockholders’ equity attributable to BXP, Inc. 5,759,209 5,802,862
Noncontrolling interests:
Common units of the Operating Partnership 638,129 677,789
Property partnerships 1,874,272 1,801,676
Total equity 8,271,610 8,282,327
Total liabilities and equity $ 26,405,536 $ 25,474,448
Q3 2024
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Consolidated Income Statements

(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 1 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 1 2,198 315
Unrealized gain on non-real estate investment 94 58
Interest and other income (loss) 14,430 10,788
Interest expense 2 (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 3 (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

_____________

1Includes $2.2 million and $0.3 million for the three months ended September 30, 2024 and June 30, 2024, respectively, related to the Company’s deferred compensation plan.

2For the three months ended June 30, 2024, includes an approximately $9.5 million one-time, non-cash decrease in interest expense. The decrease is the result of updating our Skylyne ground lease purchase assumption that decreased previously recorded finance lease interest expense.

3For additional detail, see page 7.

Q3 2024
Funds from operations (FFO) 1

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

Three Months Ended
30-Sep-24 30-Jun-24
Net income attributable to BXP, Inc. $ 83,628 $ 79,615
Add:
Noncontrolling interest - common units of the Operating Partnership 9,587 9,509
Noncontrolling interests in property partnerships 15,237 17,825
Net income 108,452 106,949
Add:
Depreciation and amortization expense 222,890 219,542
Noncontrolling interests in property partnerships' share of depreciation and amortization 2 (18,857) (19,203)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3 20,757 19,827
Corporate-related depreciation and amortization (438) (406)
Non-real estate related amortization 2,130 2,130
Less:
Gains on sales of real estate 517 —
Unrealized gain on non-real estate investment 94 58
Noncontrolling interests in property partnerships 15,237 17,825
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 319,086 310,956
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO 32,228 32,557
FFO attributable to BXP, Inc. $ 286,858 $ 278,399
BXP, Inc.’s percentage share of Basic FFO 89.90 % 89.53 %
Noncontrolling interest’s - common unitholders percentage share of Basic FFO 10.10 % 10.47 %
Basic FFO per share $ 1.82 $ 1.77
Weighted average shares outstanding - basic 157,725 157,039
Diluted FFO per share $ 1.81 $ 1.77
Weighted average shares outstanding - diluted 158,213 157,291

RECONCILIATION TO DILUTED FFO

Three Months Ended
30-Sep-24 30-Jun-24
Basic FFO $ 319,086 $ 310,956
Add:
Effect of dilutive securities - stock-based compensation — —
Diluted FFO 319,086 310,956
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 32,132 32,526
BXP, Inc.’s share of Diluted FFO $ 286,954 $ 278,430

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended
30-Sep-24 30-Jun-24
Shares/units for Basic FFO 175,446 175,408
Add:
Effect of dilutive securities - stock-based compensation (shares/units) 488 252
Shares/units for Diluted FFO 175,934 175,660
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,721 18,369
BXP, Inc.’s share of shares/units for Diluted FFO 158,213 157,291
BXP, Inc.’s percentage share of Diluted FFO 89.93 % 89.54 %

_____________

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

2For a quantitative reconciliation for the three months ended September 30, 2024, see page 35.

3For a quantitative reconciliation for the three months ended September 30, 2024, see page 38.

Q3 2024
Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended
30-Sep-24 30-Jun-24
Net income attributable to BXP, Inc. $ 83,628 $ 79,615
Add:
Noncontrolling interest - common units of the Operating Partnership 9,587 9,509
Noncontrolling interests in property partnerships 15,237 17,825
Net income 108,452 106,949
Add:
Depreciation and amortization expense 222,890 219,542
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2 (18,857) (19,203)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3 20,757 19,827
Corporate-related depreciation and amortization (438) (406)
Non-real estate related amortization 2,130 2,130
Less:
Gains on sales of real estate 517 —
Unrealized gain on non-real estate investment 94 58
Noncontrolling interests in property partnerships 15,237 17,825
Basic FFO 319,086 310,956
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4 5,070 3,216
BXP’s Share of hedge amortization, net of costs 1 1,949 2,030
BXP’s share of fair value interest adjustment 1 4,723 4,705
BXP’s Share of straight-line ground rent expense adjustment 1, 5 679 728
Stock-based compensation 4,031 15,976
Non-real estate depreciation and amortization (1,692) (1,724)
Unearned portion of capitalized fees from consolidated joint ventures 6 2,274 1,189
Less:
BXP’s Share of straight-line rent 1 25,433 16,783
BXP’s Share of fair value lease revenue 1, 7 2,294 2,361
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 70,457 32,416
BXP’s Share of maintenance capital expenditures 1, 8 18,220 14,491
BXP’s Share of amortization and accretion related to sales type lease 1 278 274
Hotel improvements, equipment upgrades and replacements 308 112
Funds available for distribution to common shareholders and common unitholders (FAD) (A) $ 219,130 $ 270,639
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 172,806 172,798
FAD Payout Ratio1 (B÷A) 78.86 % 63.85 %

_____________

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

2For a quantitative reconciliation for the three months ended September 30, 2024, see page 35.

3 For additional information for the three months ended September 30, 2024, see page 38.

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

5Includes the straight-line impact of the Company’s 99-year ground and air rights lease related to the Company’s 100 Clarendon Street garage and Back Bay Transit Station. The Company has allocated contractual ground lease payments aggregating approximately $39.0 million, which it expects to incur by the end of 2026 with no payments thereafter. The Company is recognizing this expense on a straight-line basis over the 99-year term of the ground and air rights lease, see page 3.

6See page 63 for additional information.

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

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

Q3 2024
Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

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

_____________

1For a quantitative reconciliation for the three months ended September 30, 2024, see page 66.

2For a quantitative reconciliation for the three months ended September 30, 2024, see pages 63-64.

3Pages 22-25 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2024 and therefore are no longer a part of the Company’s property portfolio.

Q3 2024
Reconciliation of net income (loss) attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

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

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(44) and $135 for the three months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company has remaining lease payments aggregating approximately $31.0 million, all of which it expects to incur by the end of 2026 with no payments thereafter. Under GAAP, the Company recognizes expense of $(112) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2026 may vary significantly.

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

3Pages 22-25 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2024 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended September 30, 2024, see page 64.

5For a quantitative reconciliation for the three months ended September 30, 2024, see page 66.

Q3 2024
Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1 Hotel & Residential
Three Months Ended % Three Months Ended %
30-Sep-24 30-Sep-23 Change Change 30-Sep-24 30-Sep-23 Change Change
Rental Revenue 2 $ 778,724 $ 781,459 $ 27,199 $ 25,273
Less: Termination income 5,711 2,564 — —
Rental revenue (excluding termination income) 2 773,013 778,895 (0.8) % 27,199 25,273 7.6 %
Less: Operating expenses and real estate taxes 306,316 291,003 15,313 5.3 % 15,821 14,758 1,063 7.2 %
NOI (excluding termination income) 2, 3 $ 466,697 $ 487,892 (4.3) % $ 11,378 $ 10,515 8.2 %
Rental revenue (excluding termination income) 2 $ 773,013 $ 778,895 (0.8) % $ 27,199 $ 25,273 7.6 %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 28,295 22,045 6,250 28.4 % 147 68 79 116.2 %
Add: Lease transaction costs that qualify as rent inducements 4 4,815 (5,943) 10,758 181.0 % 149 — 149 100.0 %
Subtotal 749,533 750,907 (1,374) (0.2) % 27,201 25,205 1,996 7.9 %
Less: Operating expenses and real estate taxes 306,316 291,003 15,313 5.3 % 15,821 14,758 1,063 7.2 %
Add: Straight-line ground rent expense 5 499 578 (79) (13.7) % — — — — %
NOI - cash (excluding termination income) 2, 3 $ 443,716 $ 460,482 (3.6) % $ 11,380 $ 10,447 8.9 %
Consolidated Total 1 (A) BXP’s share of Unconsolidated Joint Ventures (B)
Three Months Ended % Three Months Ended %
30-Sep-24 30-Sep-23 Change Change 30-Sep-24 30-Sep-23 Change Change
Rental Revenue 2 $ 805,923 $ 806,732 $ 50,658 $ 51,320
Less: Termination income 5,711 2,564 77 500
Rental revenue (excluding termination income) 2 800,212 804,168 (0.5) % 50,581 50,820 (0.5) %
Less: Operating expenses and real estate taxes 322,137 305,761 16,376 5.4 % 20,294 20,923 (629) (3.0) %
NOI (excluding termination income) 2, 3 $ 478,075 $ 498,407 (4.1) % $ 30,287 $ 29,897 1.3 %
Rental revenue (excluding termination income) 2 $ 800,212 $ 804,168 (0.5) % $ 50,581 $ 50,820 (0.5) %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 28,442 22,113 6,329 28.6 % 1,950 3,033 (1,083) (35.7) %
Add: Lease transaction costs that qualify as rent inducements 4 4,964 (5,943) 10,907 183.5 % — 122 (122) (100.0) %
Subtotal 776,734 776,112 622 0.1 % 48,631 47,909 722 1.5 %
Less: Operating expenses and real estate taxes 322,137 305,761 16,376 5.4 % 20,294 20,923 (629) (3.0) %
Add: Straight-line ground rent expense 5 499 578 (79) (13.7) % 138 141 (3) (2.1) %
NOI - cash (excluding termination income) 2, 3 $ 455,096 $ 470,929 (3.4) % $ 28,475 $ 27,127 5.0 %
Partners’ share of Consolidated Joint Ventures (C) BXP’s Share 2, 6
Three Months Ended % Three Months Ended %
30-Sep-24 30-Sep-23 Change Change 30-Sep-24 30-Sep-23 Change Change
Rental Revenue 2 $ 78,919 $ 83,203 $ 777,662 $ 774,849
Less: Termination income 18 129 5,770 2,935
Rental revenue (excluding termination income) 2 78,901 83,074 (5.0) % 771,892 771,914 — %
Less: Operating expenses and real estate taxes 34,432 33,156 1,276 3.8 % 307,999 293,528 14,471 4.9 %
NOI (excluding termination income) 2, 3 $ 44,469 $ 49,918 (10.9) % $ 463,893 $ 478,386 (3.0) %
Rental revenue (excluding termination income) 2 $ 78,901 $ 83,074 (5.0) % $ 771,892 $ 771,914 — %
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 5,533 6,131 (598) (9.8) % 24,859 19,015 5,844 30.7 %
Add: Lease transaction costs that qualify as rent inducements 4 (87) 303 (390) (128.7) % 5,051 (6,124) 11,175 182.5 %
Subtotal 73,281 77,246 (3,965) (5.1) % 752,084 746,775 5,309 0.7 %
Less: Operating expenses and real estate taxes 34,432 33,156 1,276 3.8 % 307,999 293,528 14,471 4.9 %
Add: Straight-line ground rent expense 5 — — — — % 637 719 (82) (11.4) %
NOI - cash (excluding termination income) 2, 3 $ 38,849 $ 44,090 (11.9) % $ 444,722 $ 453,966 (2.0) %

All values are in US Dollars.

___________________

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

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

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

Q3 2024
Same property net operating income (NOI) by reportable segment (continued)

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

5Excludes the straight-line impact of approximately $(44) and $135 for the three months ended September 30, 2024 and 2023, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Q3 2024
Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended
30-Sep-24 30-Jun-24
Maintenance capital expenditures $ 21,481 $ 16,218
Planned capital expenditures associated with acquisition properties 1,774 680
Repositioning capital expenditures 19,301 18,434
Hotel improvements, equipment upgrades and replacements 308 112
Subtotal 42,864 35,444
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 66 94
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 577 1,416
BXP’s share of repositioning capital expenditures from unconsolidated JVs — —
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs 3,327 1,821
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —
Partners’ share of repositioning capital expenditures from consolidated JVs (75) 170
BXP’s Share of Capital Expenditures 1 $ 40,255 $ 34,963

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended
30-Sep-24 30-Jun-24
Square feet 1,190,695 602,960
Tenant improvements and lease commissions PSF $ 74.93 $ 63.24

___________________

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

2Includes 100% of unconsolidated joint ventures.

Q3 2024
Acquisitions and dispositions

For the period from January 1, 2024 through September 30, 2024

(dollars in thousands)

ACQUISITIONS

Investment
Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)
901 New York Avenue 1 Washington, DC January 8, 2024 509,088 $ 10,000 $ 25,000 $ 35,000 83.9 %

DISPOSITIONS

Property Location Date Disposed Square Feet Gross Sales Price Net Cash Proceeds Book Gain (Loss) 3
290 Binney Street (45% ownership) 2 Cambridge, MA March 21, 2024 566,000 $ 1,079,687 $ 141,822 N/A

___________________

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

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

3 Excludes approximately $0.5 million of gains on sales of real estate recognized during the nine months ended September 30, 2024 related to gain amounts

from sales of real estate occurring in prior periods.

Q3 2024
Construction in progress

as of September 30, 2024

(dollars in thousands)

CONSTRUCTION IN PROGRESS 1

Actual/Estimated BXP’s share
Initial Occupancy Stabilization Date Square Feet Investment to Date 2 Estimated Total Investment 2 Total Financing Amount Drawn at 9/30/2024 Estimated Future Equity Requirement 2 Percentage Percentage placed in-service 4 Net Operating Income (Loss) 5 (BXP’s share)
Construction Properties Location Leased 3
Office
360 Park Avenue South (71% ownership) Q4 2024 Q4 2026 New York, NY 450,000 $ 352,530 $ 418,300 $ 156,470 $ 156,470 $ 65,770 23 % 8 % $ (375)
Reston Next Office Phase II Q1 2025 Q2 2026 Reston, VA 90,000 44,207 61,000 — — 16,793 4 % 2 % (11)
Total Office Properties under Construction 540,000 396,737 479,300 156,470 156,470 82,563 20 % 7 % (386)
Lab/Life Sciences
103 CityPoint Q4 2025 Q4 2026 Waltham, MA 113,000 91,682 115,100 — — 23,418 — % 4 % (154)
300 Binney Street (Redevelopment) (55% ownership) 6 Q4 2024 Q4 2024 Cambridge, MA 236,000 56,357 112,900 — — 56,543 100 % — % N/A
651 Gateway (50% ownership) Q1 2024 Q3 2026 South San Francisco, CA 327,000 130,506 167,100 — — 36,594 21 % 21 % 706
290 Binney Street (55% ownership) 7 Q2 2026 Q2 2026 Cambridge, MA 573,000 209,483 508,000 — — 298,517 100 % — % N/A
Total Lab/Life Sciences Properties under Construction 1,249,000 488,028 903,100 — — 415,072 70 % 6 % 552
Residential
Skymark - Reston Next Residential (508 units) (20% ownership) Q3 2024 Q2 2026 Reston, VA 417,000 42,192 47,700 28,000 24,934 2,442 35 % 42 % (58)
121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 492,000 78,889 597,800 — — 518,911 — % — % N/A
Total Residential Properties under Construction 909,000 121,081 645,500 28,000 24,934 521,353 16 % 19 % (58)
Retail
Reston Next Retail Q4 2025 Q4 2025 Reston, VA 33,000 23,259 26,600 — — 3,341 13 % — % N/A
Total Retail Properties under Construction 33,000 23,259 26,600 — — 3,341 13 % — % N/A
Total Properties Under Construction 2,731,000 $ 1,029,105 $ 2,054,500 $ 184,470 $ 181,404 $ 1,022,329 54 % 8 10 % $ 108

PROJECTS FULLY PLACED IN-SERVICE DURING 2024

Actual/Estimated BXP’s share
Estimated Total Investment 2 Amount Drawn at 9/30/2024 Estimated Future Equity Requirement 2 Net Operating Income 5 (BXP’s share)
Initial Occupancy Stabilization Date Investment to Date 2 Total Financing Percentage
Location Square Feet Leased 3
760 Boylston Street (Redevelopment) Q2 2024 Q2 2024 Boston, MA 118,000 $ 33,806 $ 43,800 $ — $ — $ 9,994 100 % $ 2,048
180 CityPoint Q4 2023 Q2 2026 Waltham, MA 329,195 225,414 290,500 — — 65,086 43 % 2,102
Total Projects Fully Placed In-Service 447,195 $ 259,220 $ 334,300 $ — $ — $ 75,080 58 % $ 4,150

________________

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 28, 2024, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2024. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 57.

Q3 2024
Construction in progress (continued)

6Norges Bank Investment Management (NBIM) funded approximately $212.9 million at closing for its investment in 300 Binney Street. The Company withdrew approximately $212.9 million at closing and will fund all future costs of the project.

7The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $58.9 million for the vault as of September 30, 2024.

8Total percentage leased excludes Residential.

Q3 2024
Land parcels and purchase options

as of September 30, 2024

OWNED LAND PARCELS

Location Approximate Developable Square Feet 1
San Jose, CA 2 2,830,000
Reston, VA 2,229,000
New York, NY (25% ownership) 2,000,000
Princeton, NJ 1,723,000
San Jose, CA (55% ownership) 1,088,000
New York, NY (55% ownership) 895,000
San Francisco, CA 850,000
Lexington, MA 767,000
Santa Clara, CA 632,000
Washington, DC (50% ownership) 520,000
South San Francisco, CA (50% ownership) 451,000
Rockville, MD 2 435,000
Springfield, VA 422,000
Herndon, VA (50% ownership) 350,000
El Segundo, CA (50% ownership) 275,000
Waltham, MA 245,000
Dulles, VA 150,000
Total 15,862,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location Approximate Developable Square Feet 1
Boston, MA 1,300,000
Waltham, MA 3 1,200,000
Cambridge, MA 573,000
Total 3,073,000

__________________

1Represents 100% of consolidated and unconsolidated projects.

2Excludes the existing square footage at in-service properties being held for future re-development as listed and noted on pages 22-25.

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

Q3 2024
Leasing activity

for the three months ended September 30, 2024

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF) Total
Vacant space available at the beginning of the period 6,289,299
Less:
Property dispositions/properties taken out of service 1 316,538
Add:
Properties placed (and partially placed) in-service 2 209,413
Leases expiring or terminated during the period 1,405,356
Total space available for lease 7,587,530
1st generation leases 75,326
2nd generation leases with new clients 615,831
2nd generation lease renewals 574,864
Total leases commenced during the period 1,266,021
Vacant space available for lease at the end of the period 6,321,509
Net (increase)/decrease in available space (32,210)
Second generation leasing information: 3
Leases commencing during the period (SF) 1,190,695
Weighted average lease term (months) 76
Weighted average free rent period (days) 153
Total transaction costs per square foot 4 74.93
Increase (decrease) in gross rents 5 (4.48)
Increase (decrease) in net rents 6 (6.81)

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 11,083 410,300 421,383 1.47 % 3.14 % 647,087
Los Angeles — 23,005 23,005 — % — % 30,534
New York 32,682 607,887 640,569 (6.81) % (10.60) % 142,523
San Francisco 22,365 68,134 90,499 (4.80) % (6.69) % 109,060
Seattle — 24,210 24,210 (4.11) % (6.15) % 24,057
Washington, DC 9,196 57,159 66,355 (10.47) % (15.30) % 155,196
Total / Weighted Average 75,326 1,190,695 1,266,021 (4.48) % (6.81) % 1,108,457

_____________

1Total square feet of property taken out of service in Q3 2024 consists of 205,355 at 1100 Winter Street and 111,183 at Kingstowne One.

2 Total square feet of properties placed in service in Q3 2024 consists of 22,365 at 651 Gateway and 187,048 at 180 CityPoint.

3Second generation leases are defined as leases for space that has previously been leased. Of the 1,190,695 square feet of second generation leases that commenced in Q3 2024, leases for 881,793 square feet were signed in prior periods.

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

5Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 896,196 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 896,196 square feet of second generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

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

8Represents 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 319,985.

Q3 2024
Portfolio overview

for the three months ended September 30, 2024

(dollars in thousands)

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

Office Retail Residential Hotel Total
Boston 14,477,936 1,167,129 550,114 330,000 16,525,179
Los Angeles 2,187,830 123,534 — — 2,311,364
New York 12,122,098 486,455 — — 12,608,553
San Francisco 7,229,603 342,844 318,171 — 7,890,618
Seattle 1,504,622 12,518 — — 1,517,140
Washington, DC 8,321,032 623,984 493,241 — 9,438,257
Total 45,843,121 2,756,464 1,361,526 330,000 50,291,111
% of Total 91.16 % 5.47 % 2.71 % 0.66 % 100.00 %

Rental revenue of in-service properties by unit type 1

Office Retail Residential Hotel 3 Total
Consolidated $ 755,826 $ 66,555 $ 11,441 $ 14,986 $ 848,808
Less:
Partners’ share from consolidated joint ventures 4 68,828 10,091 — — 78,919
Add:
BXP’s share from unconsolidated joint ventures 5 49,507 2,395 2,907 — 54,809
BXP’s Share of Rental revenue 1 $ 736,505 $ 58,859 $ 14,348 $ 14,986 $ 824,698
% of Total 89.31 % 7.13 % 1.74 % 1.82 % 100.00 %

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

CBD Suburban Total
Boston 31.67 % 6.75 % 38.42 %
Los Angeles 3.73 % — % 3.73 %
New York 22.44 % 1.54 % 23.98 %
San Francisco 14.78 % 1.99 % 16.77 %
Seattle 1.92 % — % 1.92 %
Washington, DC 7 14.98 % 0.20 % 15.18 %
Total 89.52 % 10.48 % 100.00 %

_____________

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

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

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

4See page 64 for additional information.

5See page 66 for additional information.

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

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

Q3 2024
Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1 Hotel
Three Months Ended Three Months Ended
30-Sep-24 30-Jun-24 30-Sep-24 30-Jun-24
Rental Revenue 2 $ 12,117 $ 12,226 $ 15,082 $ 14,812
Less: Operating expenses and real estate taxes 5,988 5,739 9,833 9,839
Net Operating Income (NOI) 2 6,129 6,487 5,249 4,973
Add: BXP’s share of NOI from unconsolidated joint ventures 3 1,747 1,736 N/A N/A
BXP’s Share of NOI 2 $ 7,876 $ 8,223 $ 5,249 $ 4,973
Rental Revenue 2 $ 12,117 $ 12,226 $ 15,082 $ 14,812
Less: Straight line rent and fair value lease revenue 149 152 (2) (2)
Add: Lease transaction costs that qualify as rent inducements 149 40 — —
Subtotal 12,117 12,114 15,084 14,814
Less: Operating expenses and real estate taxes 5,988 5,739 9,833 9,839
NOI - cash basis 2 6,129 6,375 5,251 4,975
Add: BXP’s share of NOI-cash from unconsolidated joint ventures 3 1,747 1,736 N/A N/A
BXP’s Share of NOI - cash basis 2 $ 7,876 $ 8,111 $ 5,251 $ 4,975

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
30-Sep-24 30-Sep-23
BOSTON
Hub50House (50% ownership), Boston, MA 2 440
Average Monthly Rental Rate $ 4,399 $ 4,293 2.47 %
Average Rental Rate Per Occupied Square Foot $ 6.02 $ 5.89 2.21 %
Average Physical Occupancy 95.98 % 95.23 % 0.79 %
Average Economic Occupancy 96.15 % 94.97 % 1.24 %
Proto Kendall Square, Cambridge, MA 2, 4 280
Average Monthly Rental Rate $ 3,235 $ 3,113 3.92 %
Average Rental Rate Per Occupied Square Foot $ 5.94 $ 5.71 4.03 %
Average Physical Occupancy 94.52 % 95.24 % (0.76) %
Average Economic Occupancy 94.65 % 94.66 % (0.01) %
The Lofts at Atlantic Wharf, Boston, MA 2, 4 86
Average Monthly Rental Rate $ 4,414 $ 4,462 (1.08) %
Average Rental Rate Per Occupied Square Foot $ 4.95 $ 4.95 — %
Average Physical Occupancy 94.96 % 96.90 % (2.00) %
Average Economic Occupancy 93.37 % 96.55 % (3.29) %
Boston Marriott Cambridge (437 rooms), Cambridge, MA 4 N/A
Average Occupancy 82.70 % 81.60 % 1.35 %
Average Daily Rate $ 356.44 $ 331.37 7.57 %
Revenue Per Available Room $ 294.86 $ 270.50 9.01 %
SAN FRANCISCO
The Skylyne, Oakland, CA 2, 4 402
Average Monthly Rental Rate $ 3,349 $ 3,509 (4.56) %
Average Rental Rate Per Occupied Square Foot $ 4.24 $ 4.45 (4.72) %
Average Physical Occupancy 89.88 % 93.12 % (3.48) %
Average Economic Occupancy 87.49 % 91.28 % (4.15) %
Q3 2024
--- ---
Residential and hotel performance (continued)

RENTAL RATES AND OCCUPANCY - Year-over-Year

Residential Units Three Months Ended Percent Change
30-Sep-24 30-Sep-23
WASHINGTON, DC
Signature at Reston, Reston, VA 2, 4 508
Average Monthly Rental Rate $ 2,869 $ 2,726 5.25 %
Average Rental Rate Per Occupied Square Foot $ 2.95 $ 2.82 4.61 %
Average Physical Occupancy 96.00 % 95.54 % 0.48 %
Average Economic Occupancy 95.89 % 94.94 % 1.00 %
Total In-Service Residential Units 1,716

_____________

1Includes retail space.

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

3Includes Skymark, a joint venture residential project in which the Company has a 20% ownership interest located at Reston, Virginia. See page 15 for more information.

4Excludes retail space.

Q3 2024
In-service property listing as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
CBD
BOSTON
Office
200 Clarendon Street CBD Boston MA 1 1,728,956 96.5 % 99.0 % $ 84.16
800 Boylston Street - The Prudential Center CBD Boston MA 1 1,274,927 95.9 % 97.9 % 72.29
100 Federal Street (55% ownership) CBD Boston MA 1 1,233,537 89.4 % 91.4 % 77.08
111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 78.47
Atlantic Wharf Office (55% ownership) CBD Boston MA 1 791,357 94.9 % 97.5 % 88.45
100 Causeway Street (50% ownership) 4 CBD Boston MA 1 633,818 96.4 % 96.4 % 75.44
Prudential Center (retail shops) 5, 6 CBD Boston MA 1 601,514 90.2 % 96.5 % 94.17
101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 99.0 % 100.0 % 60.25
The Hub on Causeway - Podium (50% ownership) 4 CBD Boston MA 1 382,988 94.6 % 94.6 % 64.61
888 Boylston Street - The Prudential Center CBD Boston MA 1 363,320 100.0 % 100.0 % 82.76
Star Market at the Prudential Center 5 CBD Boston MA 1 60,015 100.0 % 100.0 % 64.35
Subtotal 11 8,437,354 95.3 % 97.2 % $ 78.70
145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 91.36
325 Main Street East Cambridge MA 1 414,565 91.4 % 91.4 % 117.11
125 Broadway 7 East Cambridge MA 1 271,000 100.0 % 100.0 % 143.66
355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 84.76
90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 78.68
255 Main Street East Cambridge MA 1 215,394 80.0 % 80.0 % 90.47
150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 99.59
105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 75.39
250 Binney Street 7 East Cambridge MA 1 67,362 100.0 % 100.0 % 51.10
University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 57.82
Subtotal 10 2,464,316 96.7 % 96.7 % $ 95.15
Subtotal Boston CBD 21 10,901,670 95.7 % 97.1 % $ 82.51
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 % $ 75.47
Santa Monica Business Park 8 West Los Angeles CA 14 1,108,292 80.6 % 82.2 % 71.96
Santa Monica Business Park Retail 5, 8 West Los Angeles CA 7 73,006 77.2 % 88.2 % 76.81
Subtotal 27 2,311,364 84.9 % 86.3 % $ 73.92
NEW YORK
Office
767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 91.6 % 98.2 % $ 167.49
601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,670,502 95.8 % 98.9 % 99.47
399 Park Avenue Park Avenue NY 1 1,577,588 97.6 % 100.0 % 103.86
599 Lexington Avenue Park Avenue NY 1 1,106,335 91.9 % 95.8 % 88.79
Times Square Tower (55% ownership) Times Square NY 1 1,245,521 77.1 % 80.5 % 74.91 Q3 2024
--- ---
In-service property listing (continued) as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
250 West 55th Street Times Square / West Side NY 1 966,976 98.2 % 99.8 % 95.97
200 Fifth Avenue (26.69% ownership) 4 Flatiron District NY 1 855,059 93.3 % 100.0 % 102.01
Dock 72 (50% ownership) 4 Brooklyn NY 1 668,521 42.7 % 42.7 % 37.11
510 Madison Avenue Fifth/Madison Avenue NY 1 355,089 85.3 % 88.5 % 130.78
Subtotal 9 10,415,926 88.9 % 92.6 % $ 108.74
SAN FRANCISCO
Office
Salesforce Tower CBD San Francisco CA 1 1,420,682 98.2 % 98.2 % $ 111.62
Embarcadero Center Four CBD San Francisco CA 1 942,388 96.4 % 96.4 % 97.89
Embarcadero Center One CBD San Francisco CA 1 837,522 68.7 % 70.5 % 95.82
Embarcadero Center Two CBD San Francisco CA 1 801,655 85.0 % 85.0 % 84.33
Embarcadero Center Three CBD San Francisco CA 1 777,455 82.9 % 82.9 % 93.29
680 Folsom Street CBD San Francisco CA 2 522,406 59.2 % 59.2 % 81.38
535 Mission Street CBD San Francisco CA 1 307,235 65.9 % 66.5 % 77.89
690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 111.90
Subtotal 9 5,635,423 84.2 % 84.5 % $ 97.25
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 1 761,978 83.8 % 86.5 % $ 47.63
Madison Centre CBD Seattle WA 1 755,162 76.5 % 79.5 % 66.66
Subtotal 2 1,517,140 80.2 % 83.0 % $ 56.65
WASHINGTON, DC 9
Office
901 New York Avenue 8 East End Washington DC 1 509,088 84.9 % 85.2 % $ 68.01
Market Square North (50% ownership) 4 East End Washington DC 1 417,298 76.2 % 76.2 % 73.36
2100 Pennsylvania Avenue CBD Washington DC 1 475,849 94.2 % 95.0 % 78.20
2200 Pennsylvania Avenue CBD Washington DC 1 459,811 94.9 % 97.5 % 90.36
1330 Connecticut Avenue CBD Washington DC 1 253,579 86.7 % 94.6 % 71.07
Sumner Square CBD Washington DC 1 219,412 86.1 % 86.1 % 48.92
500 North Capitol Street, N.W. (30% ownership) 4 Capitol Hill Washington DC 1 230,900 98.5 % 98.5 % 81.79
Capital Gallery Southwest Washington DC 1 176,824 80.8 % 92.7 % 56.29
Subtotal 8 2,742,761 88.0 % 90.1 % $ 73.88
Reston Next Reston VA 2 1,063,284 91.7 % 96.6 % $ 61.48
South of Market Reston VA 3 624,387 99.2 % 99.6 % 56.11
Fountain Square Reston VA 2 524,589 90.5 % 93.8 % 53.59
One Freedom Square Reston VA 1 427,646 88.9 % 88.9 % 52.85
Two Freedom Square Reston VA 1 423,222 99.8 % 99.8 % 53.14
One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 52.89
One Reston Overlook Reston VA 1 319,519 91.3 % 100.0 % 49.38
17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 72.49
Reston Corporate Center Reston VA 2 261,046 100.0 % 100.0 % 49.24
Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 66.68
Fountain Square Retail 5 Reston VA 1 197,081 93.5 % 94.9 % 52.23
Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 53.65
Avant Retail 5 Reston VA 1 26,179 100.0 % 100.0 % 62.11
Subtotal 19 4,903,807 94.5 % 96.6 % $ 56.79 Q3 2024
--- ---
In-service property listing (continued) as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
7750 Wisconsin Avenue (50% ownership) 4 Bethesda/Chevy Chase MD 1 735,573 100.0 % 100.0 % $ 38.99
Wisconsin Place Office Montgomery County MD 1 294,040 52.0 % 58.8 % 55.64
Subtotal 2 1,029,613 86.3 % 88.2 % $ 41.86
Subtotal Washington, DC CBD 29 8,676,181 91.4 % 93.5 % $ 60.28
Residential
Signature at Reston (508 units) Reston VA 1 517,783
Subtotal 1 517,783
CBD Total 103 41,215,000 90.1 % 11 92.1 % 11 $ 85.00 11
BXP’s Share of CBD 90.5 % 11 92.4 % 11
SUBURBAN
BOSTON
Office
Bay Colony Corporate Center Route 128 Mass Turnpike MA 2 546,248 77.8 % 77.8 % $ 48.47
Reservoir Place Route 128 Mass Turnpike MA 1 526,215 36.6 % 47.6 % 46.14
140 Kendrick Street 6 Route 128 Mass Turnpike MA 3 418,600 73.3 % 74.6 % 57.28
Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 100.0 % 100.0 % 58.57
180 CityPoint 7, 8 Route 128 Mass Turnpike MA 1 329,195 43.2 % 43.2 % 94.20
Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 75.5 % 75.5 % 45.23
230 CityPoint Route 128 Mass Turnpike MA 1 296,720 97.7 % 97.7 % 47.18
200 West Street 7 Route 128 Mass Turnpike MA 1 273,365 94.5 % 94.5 % 85.09
880 Winter Street 7 Route 128 Mass Turnpike MA 1 243,618 100.0 % 100.0 % 102.94
10 CityPoint Route 128 Mass Turnpike MA 1 236,570 97.1 % 97.1 % 56.79
20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 57.48
77 CityPoint Route 128 Mass Turnpike MA 1 209,382 76.5 % 92.7 % 50.45
890 Winter Street Route 128 Mass Turnpike MA 1 180,159 68.1 % 68.1 % 47.93
153 & 211 Second Avenue 7 Route 128 Mass Turnpike MA 2 137,545 18.5 % 18.5 % 62.50
1265 Main Street (50% ownership) 4 Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 57.21
Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 51.90
The Point 5 Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 63.35
33 Hayden Avenue 7 Route 128 Northwest MA 1 80,876 100.0 % 100.0 % 77.00
32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 26.94
100 Hayden Avenue 7 Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 64.30
92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 46.49
Subtotal 25 4,714,992 77.1 % 79.2 % $ 59.89
NEW YORK
Office
510 Carnegie Center Princeton NJ 1 234,160 33.5 % 69.4 % $ 43.05
206 Carnegie Center Princeton NJ 1 161,763 — % — % —
210 Carnegie Center Princeton NJ 1 159,468 27.5 % 27.5 % 41.38
212 Carnegie Center Princeton NJ 1 148,942 74.2 % 82.4 % 37.39
214 Carnegie Center Princeton NJ 1 146,799 66.5 % 66.5 % 38.18
506 Carnegie Center Princeton NJ 1 139,050 82.1 % 82.1 % 40.66
508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 43.03
202 Carnegie Center Princeton NJ 1 134,068 71.9 % 76.2 % 39.24
804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 41.52
101 Carnegie Center Princeton NJ 1 122,791 82.6 % 100.0 % 39.86
504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 36.34
502 Carnegie Center Princeton NJ 1 121,460 98.6 % 98.6 % 39.07
701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 33.96 Q3 2024
--- ---
In-service property listing (continued) as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sub Market Number of Buildings Square Feet Occupied % 1 Leased % 2 Annualized Rental Obligations Per Occupied SF 3
104 Carnegie Center Princeton NJ 1 102,930 63.8 % 64.8 % 40.15
103 Carnegie Center Princeton NJ 1 96,322 72.0 % 72.0 % 37.32
302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 35.96
211 Carnegie Center Princeton NJ 1 47,025 — % — % —
201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 33.83
Subtotal 17 2,192,627 67.3 % 72.9 % $ 39.10
SAN FRANCISCO
Office
Gateway Commons (50% ownership) 4, 10 South San Francisco CA 5 788,376 72.0 % 72.5 % $ 72.88
751 Gateway (49% ownership) 4, 7, 8 South San Francisco CA 1 230,592 100.0 % 100.0 % 93.51
Mountain View Research Park Mountain View CA 15 542,264 60.7 % 60.7 % 73.37
2440 West El Camino Real Mountain View CA 1 142,711 71.5 % 71.5 % 90.25
453 Ravendale Drive Mountain View CA 1 29,620 100.0 % 100.0 % 52.66
North First Business Park 12 San Jose CA 5 190,636 58.6 % 58.6 % 26.45
Subtotal 28 1,924,199 71.2 % 71.4 % $ 73.59
WASHINGTON, DC
Office
Kingstowne Two Springfield VA 1 156,005 72.7 % 72.7 % $ 41.33
Kingstowne Retail 5 Springfield VA 1 88,288 100.0 % 100.0 % 31.51
Subtotal 2 244,293 82.6 % 82.6 % $ 37.03
Suburban Total 72 9,076,111 73.6 % 76.1 % $ 57.44
BXP’s Share of Suburban 73.2 % 75.8 %
Total In-Service Properties: 175 50,291,111 87.0 % 11 89.1 % 11 $ 80.62 11
BXP’s Share of Total In-Service Properties: 3 86.9 % 11 89.0 % 11

_____________

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

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

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

4This is an unconsolidated joint venture property.

5This is a retail property.

6Prudential Center (retail shops) includes 760 Boylston Street, an approximately 118,000 net rentable square feet redevelopment that was completed and fully placed in-service during the second quarter of 2024. 140 Kendrick Street includes 140 Kendrick Street – Building A, an approximately 104,000 net rentable square feet redevelopment which was completed and fully placed in-service during the third quarter of 2023. 760 Boylston Street and 140 Kendrick Street – Building A are not included in the Same Property analysis.

7Classified as a laboratory/life sciences property.

8Not included in the Same Property analysis.

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

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

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

12 Property held for redevelopment.

Q3 2024
Top 20 clients listing and portfolio client diversification

as of September 30, 2024

TOP 20 CLIENTS

No. Client BXP’s Share of Annualized Rental Obligations 1 Weighted Average Remaining Lease Term (years) 2
1 Salesforce 3.35 % 7.5
2 Google 2.89 % 12.6
3 Biogen 2.49 % 3.0
4 Akamai Technologies 2.15 % 10.1
5 Kirkland & Ellis 1.74 % 12.9
6 Snap 1.63 % 8.9
7 Fannie Mae 1.53 % 12.9
8 Ropes & Gray 1.39 % 5.6
9 Millennium Management 1.22 % 6.3
10 Wellington Management 1.20 % 11.5
11 Weil Gotshal & Manges 1.18 % 9.6
12 Microsoft 1.12 % 8.9
13 Allen Overy Shearman Sterling 1.04 % 16.9
14 Arnold & Porter Kaye Scholer 1.03 % 7.8
15 Bain Capital 0.92 % 7.3
16 Morrison & Foerster 0.86 % 6.0
17 Bank of America 0.85 % 11.4
18 Leidos 0.84 % 8.6
19 Wilmer Cutler Pickering Hale 0.84 % 14.2
20 Aramis (Estee Lauder) 0.82 % 15.5
BXP’s Share of Annualized Rental Obligations 29.07 %
BXP’s Share of Square Feet 1 22.74 %
Weighted Average Remaining Lease Term (years) 9.5

NOTABLE SIGNED DEALS 3

Client Property Square Feet
AstraZeneca 290 Binney Street 573,000
The Broad Institute 300 Binney Street 225,000

CLIENT DIVERSIFICATION 2

chart-9441deed354847859b3a.jpg

_____________

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

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

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

Q3 2024
Occupancy by location

as of September 30, 2024

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

CBD Suburban Total
Location 30-Sep-24 30-Jun-24 30-Sep-24 30-Jun-24 30-Sep-24 30-Jun-24
Boston 95.7 % 95.3 % 77.1 % 76.8 % 90.1 % 89.8 %
Los Angeles 84.9 % 85.0 % — % — % 84.9 % 85.0 %
New York 88.9 % 90.8 % 67.3 % 69.5 % 85.1 % 87.0 %
San Francisco 84.2 % 84.0 % 71.2 % 70.0 % 80.9 % 80.5 %
Seattle 80.2 % 80.2 % — % — % 80.2 % 80.2 %
Washington, DC 91.4 % 90.9 % 82.6 % 65.1 % 91.2 % 89.8 %
Total Portfolio 90.1 % 90.4 % 73.6 % 73.1 % 87.0 % 87.1 %

chart-667874ab6fa2473eb56a.jpg

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

CBD Suburban Total
Location 30-Sep-24 30-Sep-23 30-Sep-24 30-Sep-23 30-Sep-24 30-Sep-23
Boston 95.6 % 96.0 % 79.2 % 84.9 % 90.9 % 92.8 %
Los Angeles 89.6 % 87.8 % — % — % 89.6 % 87.8 %
New York 88.9 % 92.1 % 67.3 % 81.1 % 85.1 % 90.2 %
San Francisco 84.2 % 89.3 % 67.3 % 78.0 % 80.3 % 86.7 %
Seattle 80.2 % 84.7 % — % — % 80.2 % 84.7 %
Washington, DC 91.9 % 87.6 % 82.6 % 90.8 % 91.6 % 87.7 %
Total Portfolio 90.4 % 91.4 % 73.8 % 82.7 % 87.4 % 89.8 %

chart-01888b6073234785b5fa.jpg

_____________

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

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

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

Q3 2024
Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal
Mortgage Notes Payable $ 4,303,632
Unsecured Line of Credit —
Unsecured Term Loans 800,000
Unsecured Commercial Paper 500,000
Unsecured Senior Notes, at face value 10,700,000
Outstanding Principal 16,303,632
Discount on Unsecured Senior Notes (11,580)
Deferred Financing Costs, Net (72,324)
Fair Value Debt Adjustment (4,482)
Consolidated Debt $ 16,215,246

MORTGAGE NOTES PAYABLE

Interest Rate
Property Maturity Date GAAP 1 Stated 2 Outstanding Principal
901 New York Avenue 3 January 5, 2025 7.69% 3.61% $ 203,632
Santa Monica Business Park 4 July 19, 2025 6.53% 4.06% 200,000
767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% 2,300,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000
601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000
Total $ 4,303,632

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 5

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

CAPITALIZATION

Shares/Units Common Stock
Outstanding Equivalents Equivalent Value 6
Common Stock 157,980 157,980 $ 12,711,071
Common Operating Partnership Units 18,263 18,263 1,469,441
Total Equity 176,243 $ 14,180,512
Consolidated Debt (A) $ 16,215,246
Add: BXP’s share of unconsolidated joint venture debt 7 1,382,412
Less: Partners’ share of consolidated debt 8 1,361,869
BXP’s Share of Debt 9 (B) $ 16,235,789
Consolidated Market Capitalization (C) $ 30,395,758
BXP’s Share of Market Capitalization 9 (D) $ 30,416,301
Consolidated Debt/Consolidated Market Capitalization (A÷C) 53.35 %
BXP’s Share of Debt/BXP’s Share of Market Capitalization 9 (B÷D) 53.38 %

_____________

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

Q3 2024
Capital structure (continued)

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

3On January 11, 2024, the Company modified the mortgage loan to among other things provide for two extension options totaling five years of additional term, each subject to certain conditions. The first loan extension option provides for a term of four years at a fixed interest rate of 5.0% per annum.

4On October 8, 2024, the Company modified the mortgage loan to, among other things, extend the maturity date to October 8, 2028.

5All unsecured senior notes are rated BBB (negative), and Baa2 (stable) by S&P and Moody’s, respectively.

6Values are based on the September 30, 2024 closing price of $80.46 per share of BXP common stock.

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

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

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

Q3 2024
Debt analysis 1

as of September 30, 2024

(dollars in thousands)

chart-bc18ecd8b94a49ca843a.jpg

2024 2025 2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

UNSECURED CREDIT FACILITY - MATURES JUNE 15, 2026

Facility Outstanding at September 30, 2024 Remaining Capacity at September 30, 2024
Unsecured Line of Credit $ 2,000,000 $ — $ 2,000,000
Less:
Unsecured Commercial Paper 3 500,000
Letters of Credit 6,091
Total Remaining Capacity $ 1,493,909

UNSECURED TERM LOANS

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

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Unsecured Debt 73.63 % 4.17 % 4.28 % 4.7
Secured Debt 26.37 % 3.68 % 4.16 % 3.7
Consolidated Debt 100.00 % 4.04 % 4.25 % 4.4

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rates GAAP Rates 5 Maturity (years)
Floating Rate Debt 3 7.40 % 5.91 % 6.04 % 0.4
Fixed Rate Debt 4, 6 92.60 % 3.89 % 4.11 % 4.8
Consolidated Debt 100.00 % 4.04 % 4.25 % 4.4

_____________

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

2Includes the mortgage loan collateralized by Santa Monica Business Park. On October 8, 2024, the Company modified the mortgage loan which included, among other things, extending the maturity date to October 8, 2028.

3The $500.0 million unsecured commercial paper program is backstopped by available capacity under the unsecured credit facility. As such, the Company intends to maintain, at a minimum, availability under its unsecured credit facility in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. The weighted average interest rate of the commercial paper notes outstanding at September 30, 2024 was approximately 5.22% per annum and have a weighted-average maturity of 34 days from the date of issuance.

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

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

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

Q3 2024
Senior unsecured debt covenant compliance ratios

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

This section presents such ratios as of September 30, 2024 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

Senior Notes Issued Prior to December 4, 2017 Senior Notes Issued On or After December 4, 2017
Test Actual
Total Outstanding Debt/Total Assets 1 Less than 60% 48.4 % 45.6 %
Secured Debt/Total Assets Less than 50% 15.9 % 15.0 %
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.00 3.00
Unencumbered Assets/ Unsecured Debt Greater than 150% 227.9 % 245.0 %

_____________

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 2024
Net Debt to EBITDAre

(dollars in thousands)

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

Three Months Ended
30-Sep-24 30-Jun-24
Net income attributable to BXP, Inc. $ 83,628 $ 79,615
Add:
Noncontrolling interest - common units of the Operating Partnership 9,587 9,509
Noncontrolling interest in property partnerships 15,237 17,825
Net income 108,452 106,949
Add:
Interest expense 163,194 149,642
Depreciation and amortization expense 222,890 219,542
Less:
Gains on sales of real estate 517 —
Loss from unconsolidated joint ventures (7,011) (5,799)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 2 33,081 32,679
EBITDAre 1 534,111 514,611
Less:
Partners’ share of EBITDAre from consolidated joint ventures 3 46,099 48,910
BXP’s Share of EBITDAre 1 (A) 488,012 465,701
Add:
Stock-based compensation expense 4,031 15,976
BXP’s Share of straight-line ground rent expense adjustment 1 679 728
BXP’s Share of lease transaction costs that qualify as rent inducements 1 5,070 3,216
Less:
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1 — —
BXP’s Share of straight-line rent 1 25,433 16,783
BXP’s Share of fair value lease revenue 1 2,294 2,361
BXP’s Share of amortization and accretion related to sales type lease 1 278 274
BXP’s Share of EBITDAre – cash 1 $ 469,787 $ 466,203
BXP’s Share of EBITDAre (Annualized) 4 (A x 4) $ 1,952,048 $ 1,862,804

Reconciliation of BXP’s Share of Net Debt 1

30-Sep-24 30-Jun-24
Consolidated debt $ 16,215,246 $ 15,367,474
Less:
Cash and cash equivalents 1,420,475 685,376
Cash held in escrow for 1031 exchange — —
Net debt 1 14,794,771 14,682,098
Add:
BXP’s share of unconsolidated joint venture debt 2 1,382,412 1,379,131
Partners’ share of cash and cash equivalents from consolidated joint ventures 140,176 163,840
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures 103,576 97,518
Partners’ share of consolidated joint venture debt 3 1,361,869 1,361,372
BXP’s share of related party note receivables 30,500 30,500
BXP’s Share of Net Debt 1 (B) $ 14,821,414 $ 14,735,679
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)] 7.59 7.91

_____________

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

2For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2024, see pages 36 and 65.

3For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2024, see pages 34 and 63.

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

Q3 2024
Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended
30-Sep-24 30-Jun-24
BXP’s Share of interest expense 1, 2 $ 170,524 $ 156,411
Less:
BXP’s Share of hedge amortization, net of costs 1 1,949 2,030
BXP’s share of fair value interest adjustment 1 4,723 4,705
BXP’s Share of amortization of financing costs 1 4,760 4,950
Adjusted interest expense excluding capitalized interest (A) 159,092 144,726
Add:
BXP’s Share of capitalized interest 1 14,897 13,767
Adjusted interest expense including capitalized interest (B) $ 173,989 $ 158,493
BXP’s Share of EBITDAre – cash 1, 3 (C) $ 469,787 $ 466,203
Interest Coverage Ratio (excluding capitalized interest) (C÷A) 2.95 3.22
Interest Coverage Ratio (including capitalized interest) (C÷B) 2.70 2.94

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended
30-Sep-24 30-Jun-24
BXP’s Share of interest expense 1, 2 $ 170,524 $ 156,411
Less:
BXP’s Share of hedge amortization, net of costs 1 1,949 2,030
BXP’s share of fair value interest adjustment 1 4,723 4,705
BXP’s Share of amortization of financing costs 1 4,760 4,950
Add:
BXP’s Share of capitalized interest 1 14,897 13,767
BXP’s Share of maintenance capital expenditures 1 18,220 14,491
Hotel improvements, equipment upgrades and replacements 308 112
Total Fixed Charges (A) $ 192,517 $ 173,096
BXP’s Share of EBITDAre – cash 1, 3 (B) $ 469,787 $ 466,203
Fixed Charge Coverage Ratio (B÷A) 2.44 2.69

_____________

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

2For the three months ended June 30, 2024, includes an approximately $9.5 million one-time, non-cash decrease in interest expense. The decrease is the result of updating our Skylyne ground lease purchase assumption that decreased previously recorded finance lease interest expense.

3For a quantitative reconciliation of BXP’s Share of EBITDAre – cash, see page 32.

Q3 2024
Consolidated joint ventures

d

as of September 30, 2024

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

767 Fifth Avenue Total Consolidated
ASSETS (The GM Building) 1 Norges Joint Ventures 1, 2 Joint Ventures
Real estate, net $ 3,180,348 $ 3,062,768 $ 6,243,116
Cash and cash equivalents 103,215 219,755 322,970
Other assets 326,409 446,118 772,527
Total assets $ 3,609,972 $ 3,728,641 $ 7,338,613
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 2,290,609 $ 990,192 $ 3,280,801
Other liabilities 67,604 328,837 396,441
Total liabilities 2,358,213 1,319,029 3,677,242
Equity:
BXP, Inc. 752,629 1,034,435 1,787,064
Noncontrolling interests 499,130 1,375,177 1,874,307 3
Total equity 1,251,759 2,409,612 3,661,371
Total liabilities and equity $ 3,609,972 $ 3,728,641 $ 7,338,613
BXP’s nominal ownership percentage 60% 55%
Partners’ share of cash and cash equivalents 4 $ 41,286 $ 98,890 $ 140,176
Partners’ share of consolidated debt 4 $ 916,283 5 $ 445,586 $ 1,361,869

_____________

1Certain balances contain amounts that eliminate in consolidation.

2Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

3Amount excludes preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

Q3 2024
Consolidated joint ventures (continued)

for the three months ended September 30, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,554 $ 93,576 $ 170,130
Straight-line rent 5,265 7,641 12,906
Fair value lease revenue (27) — (27)
Termination income 46 — 46
Total lease revenue 81,838 101,217 183,055
Parking and other — 1,414 1,414
Total rental revenue 3 81,838 102,631 184,469
Expenses
Operating 33,970 42,791 76,761
Net Operating Income (NOI) 47,868 59,840 107,708
Other income (expense)
Development and management services revenue 1 616 617
Losses from investments in securities — (3) (3)
Interest and other income 1,243 2,364 3,607
Interest expense (21,395) (7,668) (29,063)
Depreciation and amortization expense (17,469) (24,856) (42,325)
Transaction costs — 5 5
General and administrative expense (288) (164) (452)
Total other income (expense) (37,908) (29,706) (67,614)
Net income $ 9,960 $ 30,134 $ 40,094

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 $ 9,960 $ 30,134 $ 40,094
Add: Depreciation and amortization expense 17,469 24,856 42,325
Entity FFO $ 27,429 $ 54,990 $ 82,419
Noncontrolling interest in property partnerships (Partners’ NCI) 4 $ 2,954 $ 12,283 $ 15,237
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4 7,345 11,512 18,857
Partners’ share FFO 4 $ 10,299 $ 23,795 $ 34,094
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI $ 7,006 $ 17,851 $ 24,857
Depreciation and amortization expense - BXP’s basis difference 61 374 435
BXP’s share of depreciation and amortization expense 10,063 12,970 23,033
BXP’s share of FFO $ 17,130 $ 31,195 $ 48,325

_____________

1 Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

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

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

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

Q3 2024
Unconsolidated joint ventures 1

as of September 30, 2024

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Construction Loans Payable, Net Interest Rate
Property Net Equity Maturity Date Stated GAAP 2
Boston
100 Causeway Street 3 50.00 % $ 56,055 $ 166,519 September 5, 2025 6.68 % 6.85 %
The Hub on Causeway - Podium 50.00 % 42,916 76,875 September 8, 2025 7.35 % 7.75 %
Hub50House 50.00 % 38,116 91,974 June 17, 2032 4.43 % 4.51 %
Hotel Air Rights 50.00 % 14,076 — — — — %
1265 Main Street 50.00 % 3,515 16,871 January 1, 2032 3.77 % 3.84 %
Los Angeles
Colorado Center 50.00 % 234,972 274,745 August 9, 2027 3.56 % 3.59 %
Beach Cities Media Center 50.00 % 27,051 — — — % — %
New York
360 Park Avenue South 4 71.11 % 69,538 156,297 December 14, 2024 7.70 % 8.16 %
Dock 72 50.00 % (7,065) 98,910 December 18, 2025 7.75 % 8.02 %
200 Fifth Avenue 26.69 % 68,563 152,188 November 24, 2028 4.34 % 5.60 %
3 Hudson Boulevard 5 25.00 % 113,288 20,000 August 7, 2024 11.24 % 11.24 %
San Francisco
Platform 16 55.00 % 55,381 — — — % — %
Gateway Commons 50.00 % 393,679 — — — % — %
751 Gateway 49.00 % 98,882 — — — % — %
Seattle
Safeco Plaza 6 33.67 % 47,510 83,955 September 1, 2026 4.82 % 6.68 %
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters) 50.00 % 48,814 125,663 April 26, 2025 6.46 % 6.61 %
1001 6th Street 50.00 % 45,955 — — — % — %
13100 & 13150 Worldgate Drive 50.00 % 18,247 — — — % — %
Market Square North 50.00 % (12,042) 62,373 November 10, 2025 7.52 % 7.70 %
Wisconsin Place Parking Facility 33.33 % 29,969 — — — % — %
500 North Capitol Street, N.W. 7 30.00 % (11,630) 31,252 June 5, 2026 6.83 % 7.16 %
Skymark - Reston Next Residential 20.00 % 15,359 24,790 May 13, 2026 7.19 % 7.51 %
1,391,149
Investments with deficit balances reflected within Other Liabilities 30,737
Investments in Unconsolidated Joint Ventures $ 1,421,886
Mortgage/Construction Loans Payable, Net $ 1,382,412

chart-afe16c403ac94257a98a.jpg

Q3 2024
Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average
% of Total Debt Stated Rate GAAP Rate 2 Maturity (years)
Floating Rate Debt 53.42 % 7.09 % 7.52 % 0.9
Fixed Rate Debt 46.58 % 4.49 % 4.87 % 6.4
Total Debt 100.00 % 5.88 % 6.29 % 3.4

_____________

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).

3On July 18, 2024, the loan maturity date was extended to September 5, 2025.

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

5The 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, 2024, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest, and default interest, of approximately $116.0 million.

6Safeco Plaza entered into an interest rate cap agreement during Q3 2024 that capped SOFR at 2.50%.

7The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

Q3 2024
Unconsolidated joint ventures (continued)

for the three months ended September 30, 2024

(unaudited and dollars in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 26,118 $ 19,507 $ 23,849 $ 17,662 $ 7,933 $ 20,500 $ 115,569
Straight-line rent 1,038 (887) 1,785 617 130 (38) 2,645
Fair value lease revenue — — 1,538 15 1,080 — 2,633
Termination income — — — — — 153 153
Amortization and accretion related to sales type lease 56 — — — — — 56
Total lease revenue 27,212 18,620 27,172 18,294 9,143 20,615 121,056
Parking and other 1,040 1,804 75 232 665 835 4,651
Total rental revenue 3 28,252 20,424 27,247 18,526 9,808 21,450 125,707
Expenses
Operating 10,053 7,545 14,346 9,279 4,194 7,833 53,250
Net operating income/(loss) 18,199 12,879 12,901 9,247 5,614 13,617 72,457
Other income/(expense)
Development and management services revenue 4 — 506 — — 5 515
Interest and other income (loss) 319 926 216 — 172 580 2,213
Interest expense (11,785) (5,052) (14,468) — (4,518) (9,421) (45,244)
Unrealized gain/loss on derivative instruments — — (19,172) 4 — — — (19,172)
Transaction costs 1 6 — — (28) (32) (53)
Depreciation and amortization expense (8,671) (5,359) (8,979) (6,919) (6,303) (4,851) (41,082)
General and administrative expense 49 (10) (56) (13) — — (30)
Total other income/(expense) (20,083) (9,489) (41,953) (6,932) (10,677) (13,719) (102,853)
Net income/(loss) $ (1,884) $ 3,390 $ (29,052) $ 2,315 $ (5,063) $ (102) $ (30,396)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income/(loss) $ (942) $ 1,690 $ (9,872) $ 1,042 $ (1,699) $ 462 $ (9,319)
Basis differential
Straight-line rent $ — $ 91 5 $ 224 5 $ 7 5 $ — $ — $ 322
Fair value lease revenue — 305 5 117 5 (219) 5 — — 203
Fair value interest adjustment — — (499) — — — (499)
Amortization of financing costs — — 111 — — — 111
Unrealized gain/loss on derivative instruments — — 5,117 4 — — — 5,117
Depreciation and amortization expense (7) (1,112) 5 (1,460) 5 (540) 5 278 (105) (2,946)
Total basis differential 6 (7) (716) 5 3,610 5 (752) 5 278 (105) 2,308
Income/(loss) from unconsolidated joint ventures (949) 974 (6,262) 290 (1,421) 357 (7,011)
Add:
BXP’s share of depreciation and amortization expense 4,342 3,791 4,722 3,988 1,844 2,070 20,757
BXP’s share of FFO $ 3,393 $ 4,765 $ (1,540) $ 4,278 $ 423 $ 2,427 $ 13,746

_____________

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

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

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

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

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

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

Q3 2024
Lease expirations - All in-service properties1, 2, 3

as of September 30, 2024

OFFICE
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 848,845 53,427,315 64.25 2.13 % 4
2025 2,802,022 173,013,273 73.38 6.04 %
2026 2,199,131 144,812,866 77.55 4.78 %
2027 2,253,918 153,077,849 74.27 5.28 %
2028 3,259,604 223,671,017 85.46 6.70 %
2029 3,541,732 223,761,863 73.54 7.79 %
2030 2,880,981 214,642,357 77.30 7.11 %
2031 2,075,441 167,598,962 87.42 4.91 %
2032 2,754,715 189,447,126 76.36 6.35 %
2033 2,541,511 187,582,584 78.23 6.14 %
Thereafter 14,453,439 938,148,683 81.19 29.59 %

All values are in US Dollars.

RETAIL
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 31,131 2,529,542 81.25 1.28 %
2025 74,374 5,910,113 79.80 3.05 %
2026 118,055 18,889,932 185.96 4.18 %
2027 110,591 9,553,369 95.37 4.12 %
2028 101,034 11,219,293 114.05 4.05 %
2029 147,413 15,161,449 107.21 5.82 %
2030 158,500 10,623,660 86.23 5.07 %
2031 95,532 10,085,226 117.46 3.53 %
2032 101,253 7,463,942 74.98 4.09 %
2033 472,047 31,664,508 72.19 18.04 %
Thereafter 757,244 71,414,310 123.82 23.72 %

All values are in US Dollars.

IN-SERVICE PROPERTIES
Rentable Square Footage Subject to Expiring Leases Current Annualized Rental Obligations Under Expiring Leases
Year of Lease Expiration
/PSF /PSF
2024 879,976 55,956,857 64.86 2.08 % 4
2025 2,876,396 178,923,386 73.58 5.86 %
2026 2,317,186 163,702,798 83.14 4.75 %
2027 2,364,509 162,631,218 75.25 5.21 %
2028 3,360,638 234,890,310 86.50 6.55 %
2029 3,689,145 238,923,312 75.04 7.67 %
2030 3,039,481 225,266,017 77.68 6.99 %
2031 2,170,973 177,684,188 88.71 4.83 %
2032 2,855,968 196,911,068 76.31 6.22 %
2033 3,013,558 219,247,092 77.29 6.84 %
Thereafter 15,210,683 1,009,562,993 83.21 29.24 %

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 41,079 39,405 4
2025 846,600 812,650
2026 471,232 434,234
2027 667,989 660,189
2028 979,191 961,790
2029 1,264,116 1,130,630
2030 1,499,157 1,480,942
2031 620,194 553,357
2032 1,008,840 1,008,840
2033 377,297 366,546
Thereafter 5,066,461 4,138,427

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 21,013 21,013
2025 34,355 34,040
2026 26,513 26,513
2027 49,813 43,499
2028 46,656 46,656
2029 64,281 62,931
2030 100,574 65,274
2031 4,266 4,266
2032 65,011 64,420
2033 284,391 250,988
Thereafter 338,271 295,461

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 62,092 60,418 4
2025 880,955 846,690
2026 497,745 460,747
2027 717,802 703,688
2028 1,025,847 1,008,446
2029 1,328,397 1,193,561
2030 1,599,731 1,546,216
2031 624,460 557,623
2032 1,073,851 1,073,260
2033 661,688 617,534
Thereafter 5,404,732 4,433,888

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 15,930 14,256 4
Q4 2024 25,149 25,149
Total 2024 41,079 39,405
Q1 2025 77,716 75,775
Q2 2025 596,823 585,072
Q3 2025 29,224 28,110
Q4 2025 142,837 123,693
Total 2025 846,600 812,650

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 21,013 21,013
Total 2024 21,013 21,013
Q1 2025 27,591 27,276
Q2 2025 1,717 1,717
Q3 2025 5,047 5,047
Q4 2025 — —
Total 2025 34,355 34,040

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 15,930 14,256 4
Q4 2024 46,162 46,162
Total 2024 62,092 60,418
Q1 2025 105,307 103,051
Q2 2025 598,540 586,789
Q3 2025 34,271 33,157
Q4 2025 142,837 123,693
Total 2025 880,955 846,690

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 210,069 210,069
2025 30,974 30,974
2026 4,573 4,573
2027 29,618 29,618
2028 246,857 149,060
2029 415,771 240,815
2030 19,977 19,977
2031 7,311 7,311
2032 237,933 118,967
2033 186,894 93,447
Thereafter 494,641 494,641

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 6,081 6,081
2026 19,188 9,594
2027 — —
2028 1,770 885
2029 38,118 38,118
2030 5,283 5,283
2031 — —
2032 — —
2033 — —
Thereafter 25,820 15,824

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 210,069 210,069
2025 37,055 37,055
2026 23,761 14,167
2027 29,618 29,618
2028 248,627 149,945
2029 453,889 278,933
2030 25,260 25,260
2031 7,311 7,311
2032 237,933 118,967
2033 186,894 93,447
Thereafter 520,461 510,465

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

Q3 2024
Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 210,069 210,069
Total 2024 210,069 210,069
Q1 2025 4,944 4,944
Q2 2025 766 766
Q3 2025 — —
Q4 2025 25,264 25,264
Total 2025 30,974 30,974

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 — —
Q2 2025 — —
Q3 2025 6,081 6,081
Q4 2025 — —
Total 2025 6,081 6,081

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 210,069 210,069
Total 2024 210,069 210,069
Q1 2025 4,944 4,944
Q2 2025 766 766
Q3 2025 6,081 6,081
Q4 2025 25,264 25,264
Total 2025 37,055 37,055

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

Q3 2024
Lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 94,445 90,594 4
2025 920,638 614,858
2026 701,769 563,086
2027 370,475 330,576
2028 631,013 436,590
2029 925,223 841,724
2030 760,276 708,511
2031 355,154 305,035
2032 281,561 191,348
2033 347,701 311,439
Thereafter 4,814,611 3,368,833

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 10,118 10,118
2025 4,894 4,894
2026 24,539 21,918
2027 — —
2028 2,424 647
2029 9,577 5,671
2030 1,023 1,023
2031 22,711 16,395
2032 12,182 11,064
2033 19,279 19,279
Thereafter 283,464 158,917

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 104,563 100,712 4
2025 925,532 619,752
2026 726,308 585,004
2027 370,475 330,576
2028 633,437 437,237
2029 934,800 847,395
2030 761,299 709,534
2031 377,865 321,430
2032 293,743 202,412
2033 366,980 330,718
Thereafter 5,098,075 3,527,750

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

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

Q3 2024
Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 28,233 28,233 4
Q4 2024 66,212 62,361
Total 2024 94,445 90,594
Q1 2025 467,300 186,004
Q2 2025 148,149 131,203
Q3 2025 126,901 123,072
Q4 2025 178,288 174,580
Total 2025 920,638 614,858

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 10,118 10,118
Total 2024 10,118 10,118
Q1 2025 715 715
Q2 2025 — —
Q3 2025 4,179 4,179
Q4 2025 — —
Total 2025 4,894 4,894

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 28,233 28,233 4
Q4 2024 76,330 72,479
Total 2024 104,563 100,712
Q1 2025 468,015 186,719
Q2 2025 148,149 131,203
Q3 2025 131,080 127,251
Q4 2025 178,288 174,580
Total 2025 925,532 619,752

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

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

Q3 2024
Lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 185,039 173,332 4
2025 579,695 542,585
2026 606,989 515,897
2027 542,248 531,284
2028 652,616 622,581
2029 471,768 411,565
2030 411,500 399,887
2031 943,366 916,660
2032 342,780 312,263
2033 650,051 650,051
Thereafter 536,802 419,200

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 8,766 8,766
2026 10,259 10,259
2027 12,566 12,566
2028 17,722 17,722
2029 3,403 3,403
2030 15,689 15,689
2031 30,155 26,801
2032 6,357 6,357
2033 21,063 21,063
Thereafter — —

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 185,039 173,332 90.18 4
2025 588,461 551,351
2026 617,248 526,156
2027 554,814 543,850
2028 670,338 640,303
2029 475,171 414,968
2030 427,189 415,576
2031 973,521 943,461
2032 349,137 318,620
2033 671,114 671,114
Thereafter 536,802 419,200

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

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

Q3 2024
Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 17,967 10,996 4
Q4 2024 167,072 162,336
Total 2024 185,039 173,332
Q1 2025 94,336 93,016
Q2 2025 113,117 99,562
Q3 2025 269,442 256,115
Q4 2025 102,800 93,893
Total 2025 579,695 542,585

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 1 1
Q2 2025 3,345 3,345
Q3 2025 5,000 5,000
Q4 2025 420 420
Total 2025 8,766 8,766

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 17,967 10,996 4
Q4 2024 167,072 162,336
Total 2024 185,039 173,332
Q1 2025 94,337 93,017
Q2 2025 116,462 102,907
Q3 2025 274,442 261,115
Q4 2025 103,220 94,313
Total 2025 588,461 551,351

All values are in US Dollars.

_____________

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

2Includes partially placed in-service leased space.

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

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

Q3 2024
Lease expirations - Seattle region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 134,144 80,467
2026 66,610 65,742
2027 77,785 74,224
2028 592,670 293,733
2029 187,380 167,322
2030 33,054 33,054
2031 4,742 1,597
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

RETAIL

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

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 134,144 80,467
2026 70,296 66,983
2027 77,785 74,224
2028 593,615 294,678
2029 188,501 167,699
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

_____________

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

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

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

Q3 2024
Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

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

All values are in US Dollars.

RETAIL

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

All values are in US Dollars.

TOTAL PROPERTY TYPES

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

All values are in US Dollars.

_____________

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

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

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

Q3 2024
Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 318,213 318,213 4
2025 289,971 276,229
2026 347,958 283,888
2027 565,803 435,138
2028 157,257 153,512
2029 277,474 250,523
2030 157,017 134,427
2031 144,674 133,256
2032 818,864 798,053
2033 979,568 976,416
Thereafter 3,500,395 3,120,582

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 20,278 20,278
2026 33,870 32,053
2027 48,212 44,110
2028 31,517 31,517
2029 30,913 30,913
2030 35,931 35,931
2031 35,352 35,352
2032 17,703 17,703
2033 147,314 147,314
Thereafter 109,689 106,568

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 318,213 318,213 4
2025 310,249 296,507
2026 381,828 315,941
2027 614,015 479,248
2028 188,774 185,029
2029 308,387 281,436
2030 192,948 170,358
2031 180,026 168,608
2032 836,567 815,756
2033 1,126,882 1,123,730
Thereafter 3,610,084 3,227,150

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2024

OFFICE

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 26,857 26,857 4
Q4 2024 291,356 291,356
Total 2024 318,213 318,213
Q1 2025 68,228 62,891
Q2 2025 81,113 77,655
Q3 2025 83,196 81,046
Q4 2025 57,434 54,638
Total 2025 289,971 276,229

All values are in US Dollars.

RETAIL

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 — —
Q4 2024 — —
Total 2024 — —
Q1 2025 5,594 5,594
Q2 2025 12,690 12,690
Q3 2025 — —
Q4 2025 1,994 1,994
Total 2025 20,278 20,278

All values are in US Dollars.

TOTAL PROPERTY TYPES

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Lease Expiration
by Quarter /PSF /PSF
Q1 2024 — —
Q2 2024 — —
Q3 2024 26,857 26,857 4
Q4 2024 291,356 291,356
Total 2024 318,213 318,213
Q1 2025 73,822 68,485
Q2 2025 93,803 90,345
Q3 2025 83,196 81,046
Q4 2025 59,428 56,632
Total 2025 310,249 296,507

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Lease expirations - CBD properties 1, 2, 3

as of September 30, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 24,733 23,059 4
2025 214,986 180,721
2026 282,580 245,582
2027 437,826 423,711
2028 782,534 765,133
2029 814,013 679,177
2030 1,470,013 1,416,498
2031 52,535 46,039
2032 868,000 867,409
2033 430,141 385,987
Thereafter 4,899,843 3,928,999

All values are in US Dollars.

Los Angeles

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 210,069 210,069
2025 37,055 37,055
2026 23,761 14,167
2027 29,618 29,618
2028 248,627 149,945
2029 453,889 278,933
2030 25,260 25,260
2031 7,311 7,311
2032 237,933 118,967
2033 186,894 93,447
Thereafter 520,461 510,465

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 54,523 50,672 4
2025 804,468 498,688
2026 417,851 276,547
2027 161,145 121,246
2028 575,313 379,113
2029 737,810 650,405
2030 709,625 657,860
2031 228,306 171,871
2032 214,973 123,642
2033 347,549 311,287
Thereafter 4,882,134 3,311,809

All values are in US Dollars.

Q3 2024
Lease expirations - CBD properties (continued) 1, 2, 3

as of September 30, 2024

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 161,624 161,624 4
2025 227,890 227,890
2026 430,863 430,863
2027 450,545 450,545
2028 545,883 545,883
2029 314,900 314,900
2030 312,144 312,144
2031 913,399 913,399
2032 288,102 288,102
2033 671,114 671,114
Thereafter 306,210 306,210

All values are in US Dollars.

Seattle, WA

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 — —
2025 134,144 80,467
2026 70,296 66,983
2027 77,785 74,224
2028 593,615 294,678
2029 188,501 167,699
2030 33,054 33,054
2031 7,790 4,645
2032 64,737 51,388
2033 — —
Thereafter 40,529 13,646

All values are in US Dollars.

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 291,736 291,736 4
2025 261,411 247,669
2026 363,863 297,976
2027 598,439 463,671
2028 186,199 182,454
2029 305,734 278,783
2030 187,750 165,160
2031 177,756 166,338
2032 836,567 815,756
2033 1,055,138 1,051,986
Thereafter 3,601,622 3,218,688

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Lease expirations - Suburban properties 1, 2, 3

as of September 30, 2024

Boston

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 37,359 37,359 4
2025 665,969 665,969
2026 215,165 215,165
2027 279,976 279,976
2028 243,313 243,313
2029 514,384 514,384
2030 129,718 129,718
2031 571,925 511,585
2032 205,851 205,851
2033 231,547 231,547
Thereafter 504,889 504,889

All values are in US Dollars.

New York

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 50,040 50,040 4
2025 121,064 121,064
2026 308,457 308,457
2027 209,330 209,330
2028 58,124 58,124
2029 196,990 196,990
2030 51,674 51,674
2031 149,559 149,559
2032 78,770 78,770
2033 19,431 19,431
Thereafter 215,941 215,941

All values are in US Dollars.

San Francisco

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 23,415 11,708 4
2025 360,571 323,461
2026 186,385 95,293
2027 104,269 93,305
2028 124,455 94,420
2029 160,271 100,068
2030 115,045 103,432
2031 60,122 30,061
2032 61,035 30,518
2033 — —
Thereafter 230,592 112,990

All values are in US Dollars.

Q3 2024
Lease expirations - Suburban properties (continued) 1, 2, 3

as of September 30, 2024

Washington, DC

BXP’s Share
Rentable Square Footage Subject to Expiring Leases Rentable Square Footage Subject to Expiring Leases
Year of Lease
Expiration /PSF /PSF
2024 26,477 26,477 4
2025 48,838 48,838
2026 17,965 17,965
2027 15,576 15,576
2028 2,575 2,575
2029 2,653 2,653
2030 5,198 5,198
2031 2,270 2,270
2032 — —
2033 71,744 71,744
Thereafter 8,462 8,462

All values are in US Dollars.

_____________

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

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

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

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

Q3 2024
Research coverage

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

Equity Research Coverage
Bank of America Merrill Lynch Jeffrey Spector 646.855.1363
Barclays Brendan Lynch 212.526.9428
BMO Capital John Kim 212.885.4115
BTIG Tom Catherwood 212.738.6140
Citi Nicholas Joseph / Michael Griffin 212.816.1909 / 212.816.5871
Compass Point Research & Trading, LLC Floris van Dijkum 646.757.2621
Deutsche Bank Omotayo Okusanya 212.250.9284
Evercore ISI Steve Sakwa 212.446.9462
Goldman Sachs Caitlin Burrows 212.902.4736
Green Street Advisors Dylan Burzinski 949.640.8780
Jefferies & Co. Peter Abramowitz 212.336.7241
J.P. Morgan Securities Anthony Paolone 212.622.6682
Keybanc Capital Market Todd Thomas/Upal Rana 917.368.2286 / 917.368.2316
Mizuho Securities Vikram Malhotra 212.209.9300
Morgan Stanley Ronald Kamdem 212.296.8319
Piper Sandler Companies Alexander Goldfarb 212.466.7937
Scotiabank GBM Nicholas Yulico 212.225.6904
Truist Securities Michael Lewis 212.319.5659
UBS US Equity Research Michael Goldsmith 212.713.2951
Wedbush Richard Anderson 212.938.9949
Wells Fargo Securities Blaine Heck 443.263.6529
Wolfe Research Andrew Rosivach 646.582.9250 Debt Research Coverage
--- --- ---
Barclays Srinjoy Banerjee 212.526.3521
J.P. Morgan Securities Mark Streeter 212.834.5086
US Bank Bill Stafford 877.558.2605
Wells Fargo Kevin McClure 704.410.1100 Rating Agencies
--- --- ---
Moody’s Investors Service Christian Azzi 212.553.7718
Standard & Poor’s Michael Souers 212.438.2508
Q3 2024
--- ---
Definitions

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

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

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

Annualized Rental Obligations

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

Average Economic Occupancy

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

Average Monthly Rental Rates

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

Average Physical Occupancy

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

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2021 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2022, 2023 and 2024 MYLTIP Units are not included.

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

Q3 2024
Definitions (continued)

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

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

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

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

Fixed Charge Coverage Ratio

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

Funds Available for Distribution (FAD) and FAD Payout Ratio

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

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

Q3 2024
Definitions (continued)

Funds from Operations (FFO)

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

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

In-Service Properties

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

Interest Coverage Ratio

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

Market Rents

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

Net Debt

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

Q3 2024
Definitions (continued)

Net Operating Income/(Loss) (NOI)

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

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

Rental Obligations

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

Rental Revenue

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

Same Properties

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 22 - 25 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”

Q3 2024
Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
Three Months Ended
30-Sep-24 30-Jun-24
Revenue $ 859,227 $ 850,482
Partners’ share of revenue from consolidated joint ventures (JVs) (79,196) (81,219)
BXP’s share of revenue from unconsolidated JVs 55,067 51,527
BXP’s Share of revenue $ 835,098 $ 820,790
Straight-line rent $ 29,578 $ 16,094
Partners’ share of straight-line rent from consolidated JVs (5,544) (2,549)
BXP’s share of straight-line rent from unconsolidated JVs 1,399 3,238
BXP’s Share of straight-line rent $ 25,433 $ 16,783
Fair value lease revenue 1 $ 1,298 $ 1,363
Partners’ share of fair value lease revenue from consolidated JVs 1 11 11
BXP’s share of fair value lease revenue from unconsolidated JVs 1 985 987
BXP’s Share of fair value lease revenue 1 $ 2,294 $ 2,361
Lease termination income $ 12,120 $ 841
Partners’ share of termination income from consolidated JVs (18) (40)
BXP’s share of termination income from unconsolidated JVs 77 —
BXP’s Share of termination income $ 12,179 $ 801
Non-cash termination income adjustment (fair value lease amounts) $ — $ —
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs — —
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs — —
BXP’s Share of non-cash termination income adjustment (fair value lease amounts) $ — $ —
Parking and other revenue $ 34,255 $ 33,890
Partners’ share of parking and other revenue from consolidated JVs (636) (909)
BXP’s share of parking and other revenue from unconsolidated JVs 2,127 1,759
BXP’s Share of parking and other revenue $ 35,746 $ 34,740
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 503 584
BXP’s Share of hedge amortization, net of costs $ 1,949 $ 2,030
Straight-line ground rent expense adjustment $ 541 $ 589
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 138 139
BXP’s Share of straight-line ground rent expense adjustment $ 679 $ 728
Depreciation and amortization $ 222,890 $ 219,542
Noncontrolling interests in property partnerships’ share of depreciation and amortization (18,857) (19,203)
BXP’s share of depreciation and amortization from unconsolidated JVs 20,757 19,827
BXP’s Share of depreciation and amortization $ 224,790 $ 220,166
Lease transaction costs that qualify as rent inducements 2 $ 4,983 $ 3,471
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2 87 (255)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2 — —
BXP’s Share of lease transaction costs that qualify as rent inducements 2 $ 5,070 $ 3,216
2nd generation tenant improvements and leasing commissions $ 88,099 $ 38,126
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs (18,202) (5,712)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs 560 2
BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 70,457 $ 32,416 Q3 2024
--- ---
Reconciliations (continued) Maintenance capital expenditures 3 $ 21,481 $ 16,218
--- --- --- --- ---
Partners’ share of maintenance capital expenditures from consolidated JVs 3 (3,327) (1,821)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3 66 94
BXP’s Share of maintenance capital expenditures 3 $ 18,220 $ 14,491
Interest expense $ 163,194 $ 149,642
Partners’ share of interest expense from consolidated JVs (12,005) (11,882)
BXP’s share of interest expense from unconsolidated JVs 19,335 18,651
BXP’s Share of interest expense $ 170,524 $ 156,411
Capitalized interest $ 11,625 $ 10,336
Partners’ share of capitalized interest from consolidated JVs (32) (32)
BXP’s share of capitalized interest from unconsolidated JVs 3,304 3,463
BXP’s Share of capitalized interest $ 14,897 $ 13,767
Amortization of financing costs $ 4,820 $ 5,073
Partners’ share of amortization of financing costs from consolidated JVs (498) (498)
BXP’s share of amortization of financing costs from unconsolidated JVs 438 375
BXP’s Share of amortization of financing costs $ 4,760 $ 4,950
Fair value interest adjustment $ 4,224 $ 4,206
Partners’ share of fair value of interest adjustment from consolidated JVs — —
BXP’s share off fair value interest adjustment from unconsolidated JVs 499 499
BXP’s Share of fair value interest adjustment $ 4,723 $ 4,705
Amortization and accretion related to sales type lease $ 250 $ 246
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 28 28
BXP’s Share of amortization and accretion related to sales type lease $ 278 $ 274

_____________

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 2024
Reconciliations (continued)

for the three months ended September 30, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
(The GM Building) Norges Joint Ventures 1 Joint Ventures
Revenue
Lease 2 $ 76,554 $ 93,576 $ 170,130
Straight-line rent 5,265 7,641 12,906
Fair value lease revenue (27) — (27)
Termination income 46 — 46
Total lease revenue 81,838 101,217 183,055
Parking and other — 1,414 1,414
Total rental revenue 3 81,838 102,631 184,469
Expenses
Operating 33,970 42,791 76,761
Net Operating Income (NOI) 47,868 59,840 107,708
Other income (expense)
Development and management services revenue 1 616 617
Losses from investments in securities — (3) (3)
Interest and other income 1,243 2,364 3,607
Interest expense (21,395) (7,668) (29,063)
Depreciation and amortization expense (17,469) (24,856) (42,325)
Transaction costs — 5 5
General and administrative expense (288) (164) (452)
Total other income (expense) (37,908) (29,706) (67,614)
Net income $ 9,960 $ 30,134 $ 40,094
BXP’s nominal ownership percentage 60.00% 55.00%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4 $ 18,471 $ 26,016 $ 44,487
BXP’s share of NOI (after income allocation to private REIT shareholders) $ 29,397 $ 33,824 $ 63,221
Unearned portion of capitalized fees 5 $ 1,747 $ 527 $ 2,274
Partners’ share of select items 4
Partners’ share of parking and other revenue $ — $ 636 $ 636
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 $ 382 $ 495 $ 877
Partners’ share of capitalized interest $ — $ 32 $ 32
Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ 87 $ 87
Partners’ share of management and other fees $ 676 $ 912 $ 1,588
Partners’ share of basis differential depreciation and amortization expense $ (24) $ (168) $ (192)
Partners’ share of basis differential interest and other adjustments $ (4) $ 39 $ 35
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI $ 2,954 $ 12,283 $ 15,237
Add:
Partners’ share of interest expense after BXP’s basis differential 8,554 3,451 12,005
Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,345 11,512 18,857
Partners’ share of EBITDAre $ 18,853 $ 27,246 $ 46,099
Q3 2024
--- ---
Reconciliations (continued)

for the three months ended September 30, 2024

(unaudited and dollars in thousands)

CONSOLIDATED JOINT VENTURES
767 Fifth Avenue Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6 (The GM Building) Norges Joint Ventures 1 Joint Ventures
Rental revenue 3 $ 32,735 $ 46,184 $ 78,919
Less: Termination income 18 — 18
Rental revenue (excluding termination income) 3 32,717 46,184 78,901
Less: Operating expenses (including partners’ share of management and other fees) 14,264 20,168 34,432
Income allocation to private REIT shareholders — — —
NOI (excluding termination income and after income allocation to private REIT shareholders) $ 18,453 $ 26,016 $ 44,469
Rental revenue (excluding termination income) 3 $ 32,717 $ 46,184 $ 78,901
Less: Straight-line rent 2,106 3,438 5,544
Fair value lease revenue (11) — (11)
Add: Lease transaction costs that qualify as rent inducements — (87) (87)
Subtotal 30,622 42,659 73,281
Less: Operating expenses (including partners’ share of management and other fees) 14,264 20,168 34,432
Income allocation to private REIT shareholders — — —
NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 16,358 $ 22,491 $ 38,849
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3 $ 32,735 $ 46,184 $ 78,919
Add: Development and management services revenue — 277 277
Revenue $ 32,735 $ 46,461 $ 79,196

_________

1Norges Joint Ventures include Times Square Tower, 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 343 Madison Avenue, 300 Binney Street, and 290 Binney Street.

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

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

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

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

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

Q3 2024
Reconciliations (continued)

for the three months ended September 30, 2024

(unaudited and dollars in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
Revenue
Lease 2 $ 26,118 $ 19,507 $ 23,849 $ 17,662 $ 7,933 $ 20,500 $ 115,569
Straight-line rent 1,038 (887) 1,785 617 130 (38) 2,645
Fair value lease revenue — — 1,538 15 1,080 — 2,633
Termination income — — — — — 153 153
Amortization and accretion related to sales type lease 56 — — — — — 56
Total lease revenue 27,212 18,620 27,172 18,294 9,143 20,615 121,056
Parking and other 1,040 1,804 75 232 665 835 4,651
Total rental revenue 3 28,252 20,424 27,247 18,526 9,808 21,450 125,707
Expenses
Operating 10,053 7,545 14,346 4 9,279 4,194 7,833 53,250
Net operating income/(loss) 18,199 12,879 12,901 9,247 5,614 13,617 72,457
Other income/(expense)
Development and management services revenue 4 — 506 — — 5 515
Interest and other income (loss) 319 926 216 — 172 580 2,213
Interest expense (11,785) (5,052) (14,468) — (4,518) (9,421) (45,244)
Unrealized gain/loss on derivative instruments — — (19,172) — — — (19,172)
Transaction costs 1 6 — — (28) (32) (53)
Depreciation and amortization expense (8,671) (5,359) (8,979) (6,919) (6,303) (4,851) (41,082)
General and administrative expense 49 (10) (56) (13) — — (30)
Total other income/(expense) (20,083) (9,489) (41,953) (6,932) (10,677) (13,719) (102,853)
Net income/(loss) $ (1,884) $ 3,390 $ (29,052) $ 2,315 $ (5,063) $ (102) $ (30,396)
BXP’s share of select items:
BXP’s share of parking and other revenue $ 520 $ 902 $ 33 $ 116 $ 224 $ 332 $ 2,127
BXP’s share of amortization of financing costs $ 206 $ 23 $ 73 $ — $ 28 $ 108 $ 438
BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 503 $ — $ 503
BXP’s share of fair value interest adjustment $ — $ — $ 499 $ — $ — $ — $ 499
BXP’s share of capitalized interest $ — $ — $ 2,978 $ — $ — $ 326 $ 3,304
BXP’s share of amortization and accretion related to sales type lease $ 28 $ — $ — $ — $ — $ — $ 28
Reconciliation of BXP’s share of EBITDAre
Income/(loss) from unconsolidated joint ventures $ (949) $ 974 $ (6,262) $ 290 $ (1,421) $ 357 $ (7,011)
Add:
BXP’s share of interest expense 5,893 2,526 5,244 — 1,521 4,151 19,335
BXP’s share of depreciation and amortization expense 4,342 3,791 5 4,722 3,988 5 1,844 2,070 20,757
BXP’s share of EBITDAre $ 9,286 $ 7,291 5 $ 3,704 $ 4,278 5 $ 1,944 $ 6,578 $ 33,081 Q3 2024
--- ---
Reconciliations (continued) UNCONSOLIDATED JOINT VENTURES 1
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reconciliation of BXP’s share of Net Operating Income/(Loss) Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3 $ 14,126 $ 10,608 5 $ 8,336 5 $ 8,993 5 $ 3,302 $ 9,444 $ 54,809
BXP’s share of operating expenses 5,027 3,773 4,864 4,708 1,403 3,115 22,890
BXP’s share of net operating income/(loss) 9,099 6,835 5 3,472 5 4,285 5 1,899 6,329 31,919
Less:
BXP’s share of termination income — — — — — 77 77
BXP’s share of net operating income/(loss) (excluding termination income) 9,099 6,835 3,472 4,285 1,899 6,252 31,842
Less:
BXP’s share of straight-line rent 520 (353) 5 842 5 311 5 44 35 1,399
BXP’s share of fair value lease revenue — 305 5 527 5 (211) 5 364 — 985
BXP’s share of amortization and accretion related to sales type lease 28 — — — — — 28
Add:
BXP’s share of straight-line ground rent expense adjustment — — 138 — — — 138
BXP’s share of lease transaction costs that qualify as rent inducements — — — — — — —
BXP’s share of net operating income/(loss) - cash (excluding termination income) $ 8,551 $ 6,883 5 $ 2,241 5 $ 4,185 5 $ 1,491 $ 6,217 $ 29,568
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3 $ 14,126 $ 10,608 5 $ 8,336 5 $ 8,993 5 $ 3,302 $ 9,444 $ 54,809
Add:
BXP’s share of development and management services revenue 2 — 253 — — 3 258
BXP’s share of revenue $ 14,128 $ 10,608 5 $ 8,589 5 $ 8,993 5 $ 3,302 $ 9,447 $ 55,067

_____________

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

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

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

4 Includes approximately $276 of straight-line ground rent expense.

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

Q3 2024
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-24 30-Jun-23
Net income attributable to BXP, Inc. $ 79,615 $ 104,299
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership 9,509 12,117
Noncontrolling interest in property partnerships 17,825 19,768
Net income 106,949 136,184
Add:
Interest expense 149,642 142,473
Loss from unconsolidated joint ventures 5,799 6,668
Depreciation and amortization expense 219,542 202,577
Transaction costs 189 308
Payroll and related costs from management services contracts 4,148 4,609
General and administrative expense 44,109 44,175
Less:
Interest and other income (loss) 10,788 17,343
Unrealized gain on non-real estate investment 58 124
Gains from investments in securities 315 1,571
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609
Development and management services revenue 6,352 9,858
Net Operating Income (NOI) 508,717 503,489
Add:
BXP’s share of NOI from unconsolidated joint ventures 31,587 42,254
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 47,391 47,958
BXP’s Share of NOI 492,913 497,785
Less:
Termination income 841 (164)
BXP’s share of termination income from unconsolidated joint ventures — 3,113
Add:
Partners’ share of termination income from consolidated joint ventures 40 (276)
BXP’s Share of NOI (excluding termination income) $ 492,112 $ 494,560
Net Operating Income (NOI) $ 508,717 $ 503,489
Less:
Termination income 841 (164)
NOI from non Same Properties (excluding termination income) 28,364 3,163
Same Property NOI (excluding termination income) 479,512 500,490
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 47,351 48,234
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 31,587 39,141
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 1,970 8,509
BXP’s Share of Same Property NOI (excluding termination income) $ 461,778 $ 482,888
Change in BXP’s Share of Same Property NOI (excluding termination income) $ (21,110)
Change in BXP’s Share of Same Property NOI (excluding termination income) (4.4) %
Q3 2024
--- ---
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-24 30-Jun-23
Net income attributable to BXP, Inc. $ 79,615 $ 104,299
Net income attributable to noncontrolling interests:
Noncontrolling interest - common units of the Operating Partnership 9,509 12,117
Noncontrolling interest in property partnerships 17,825 19,768
Net income 106,949 136,184
Add:
Interest expense 149,642 142,473
Loss from unconsolidated joint ventures 5,799 6,668
Depreciation and amortization expense 219,542 202,577
Transaction costs 189 308
Payroll and related costs from management services contracts 4,148 4,609
General and administrative expense 44,109 44,175
Less:
Interest and other income (loss) 10,788 17,343
Unrealized gain on non-real estate investment 58 124
Gains from investments in securities 315 1,571
Direct reimbursements of payroll and related costs from management services contracts 4,148 4,609
Development and management services revenue 6,352 9,858
Net Operating Income (NOI) 508,717 503,489
Less:
Straight-line rent 16,094 26,493
Fair value lease revenue 1,363 5,850
Amortization and accretion related to sales type lease 246 229
Termination income 841 (164)
Add:
Straight-line ground rent expense adjustment 1 585 578
Lease transaction costs that qualify as rent inducements 2 3,471 3,402
NOI - cash (excluding termination income) 494,229 475,061
Less:
NOI - cash from non Same Properties (excluding termination income) 30,456 (1,654)
Same Property NOI - cash (excluding termination income) 463,773 476,715
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 45,068 43,732
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) — —
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 27,473 35,250
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (24) 7,103
BXP’s Share of Same Property NOI - cash (excluding termination income) $ 446,202 $ 461,130
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ (14,928)
Change in BXP’s Share of Same Property NOI - cash (excluding termination income) (3.2) %

_____________

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 $4 and $91 for the three months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company has remaining lease payments aggregating approximately $31.2 million, all of which it expects to incur by the end of 2026 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2026 may vary significantly.

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

Q3 2024
Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended
30-Sep-23 30-Jun-23
Revenue
Lease $ 767,181 $ 761,733
Parking and other 29,649 26,054
Insurance proceeds 779 930
Hotel revenue 13,484 13,969
Development and management services 9,284 9,858
Direct reimbursements of payroll and related costs from management services contracts 3,906 4,609
Total revenue 824,283 817,153
Expenses
Operating 159,923 150,735
Real estate taxes 140,368 137,566
Demolition costs (619) 738
Restoration expenses related to insurance claim 520 1,997
Hotel operating 9,020 8,161
General and administrative 31,410 44,175
Payroll and related costs from management services contracts 3,906 4,609
Transaction costs 751 308
Depreciation and amortization 207,435 202,577
Total expenses 552,714 550,866
Other income (expense)
Loss from unconsolidated joint ventures (247,556) (6,668)
Gains on sales of real estate 517 —
Gains (losses) from investments in securities (925) 1,571
Interest and other income (loss) 20,715 17,343
Unrealized gain (loss) on non-real estate investment (51) 124
Interest expense (147,812) (142,473)
Net income (loss) (103,543) 136,184
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships (20,909) (19,768)
Noncontrolling interest - common units of the Operating Partnership 12,626 (12,117)
Net income (loss) attributable to BXP, Inc. $ (111,826) $ 104,299
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic $ (0.71) $ 0.67
Net income (loss) attributable to BXP, Inc. per share - diluted $ (0.71) $ 0.66

69

Document

Exhibit 99.2

bxp-colora.gif

BXP ANNOUNCES THIRD QUARTER 2024 RESULTS

Executed More Than 1.1 Million Square Feet of Leases in Q3

BOSTON, MA, October 29, 2024 - 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, 2024.

Financial Highlights

•Revenue increased 4.2% to $859.2 million for the quarter ended September 30, 2024, compared to $824.3 million for the quarter ended September 30, 2023.

•Net income (loss) attributable to BXP, Inc. of $83.6 million, or $0.53 per diluted share (EPS), for the quarter ended September 30, 2024, compared to $(111.8) million, or $(0.71) per diluted share, for the quarter ended September 30, 2023.

◦EPS for the third quarter was less than the mid-point of BXP’s guidance, updated on August 15, 2024, by $0.01 per diluted share primarily due to $0.02 per share of greater than projected depreciation and amortization expense, partially offset by lower than projected general and administrative (“G&A”) expenses.

•Funds from Operations (FFO) of $286.9 million, or $1.81 per diluted share, for the quarter ended September 30, 2024, compared to FFO of $292.8 million, or $1.86 per diluted share, for the quarter ended September 30, 2023.

◦FFO per diluted share for the third quarter was greater than the mid-point of BXP’s updated guidance by $0.01 per diluted share primarily due to lower than projected G&A expenses.

Guidance

BXP provided guidance for full year 2024 EPS of $2.05 - $2.07 and FFO of $7.09 - $7.11 per diluted share. The midpoint of the guidance for full year 2024 EPS represents a decrease of approximately $0.03 per share compared to the midpoint of BXP’s updated guidance and is primarily due to greater projected depreciation and amortization expense. The midpoint of the guidance range for full year 2024 FFO per diluted share is inline with BXP’s updated prior guidance.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

•Executed 74 leases totaling more than 1.1 million square feet with a weighted-average lease term of 7.2 years. A total of 3.3 million square feet of leasing was executed in the first three quarters of 2024, representing a 25% increase compared to the same period in 2023.

•BXP’s CBD portfolio of premier workplaces was 90.1% occupied and 92.1% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). Approximately 88.0% of BXP’s Share of annualized rental

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obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the third quarter was 87.0% and 89.1% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP). Our total portfolio occupancy represents a decrease of 10 basis points over the prior quarter, consistent with BXP’s previously communicated expectations, and was primarily due to expected lease expirations.

Development

•BXP fully placed in-service 180 CityPoint, an approximately 329,000 square foot laboratory/life sciences project located in Waltham, Massachusetts.

•BXP partially placed in-service Skymark, a luxury residential property in Reston, Virginia that consists of 508 units across a five-story low-rise building and an iconic 39-story tower, which is one of the tallest buildings in Northern Virginia. The residential property is owned by a joint venture in which BXP has a 20% interest.

Balance Sheet & Liquidity

• A joint venture in which BXP has a 50% interest exercised an option to extend by one year the maturity date of its loan collateralized by 100 Causeway in Boston, Massachusetts. The 634,000 square foot premier workplace is 96.4% leased. The extended loan has an outstanding balance of $333.6 million and an interest rate equal to Term SOFR plus 1.48% per annum. The loan now matures on September 5, 2025.

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

•BXP modified the mortgage loan collateralized by its Santa Monica Business Park properties located in Santa Monica, California. The mortgage loan had an outstanding principal balance of $300.0 million, bore interest at a variable rate equal to SOFR plus 1.38% per annum and was scheduled to mature on July 19, 2025. The modified loan reduced the outstanding principal amount to $200.0 million and extended the maturity date to October 8, 2028. The modified loan bears interest at a variable rate of SOFR plus 1.38% per annum until July 19, 2025, after which the loan will bear interest at a variable rate of SOFR plus 1.60% annum. In addition, as part of the refinancing, BPLP entered into a new $100.0 million unsecured term loan that bears interest at a variable rate of SOFR plus 1.05% and matures on September 26, 2025 with three one-year extension options (subject to customary conditions). The mortgage and unsecured term loans are subject to existing interest rate swaps fixing SOFR at a weighted-average fixed rate of approximately 2.679% per annum for a period that ends on April 1, 2025. Santa Monica Business Park is an office park consisting of 21 buildings totaling approximately 1.2 million net rentable square feet.

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Sustainability & Impact

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

•BXP was selected to receive a Sustainable Design Impact Award for 140 Kendrick Building A in Needham, Massachusetts—the first net-zero, carbon-neutral office repositioning of its scale in the Commonwealth of Massachusetts. The Sustainable Design Award is part of Nareit’s Sustainability Impact Awards and recognizes architecture and engineering strategies that reduce environmental impact through smart design, new development, or retrofitting.

EPS and FFO per Share Guidance:

BXP’s guidance for the full year 2024 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Full Year 2024
Low High
Projected EPS (diluted) $ 2.05 $ 2.07
Add:
Projected Company share of real estate depreciation and amortization 5.09 5.09
Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.05) (0.05)
Projected FFO per share (diluted) $ 7.09 $ 7.11

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, 2024. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, October 30, 2024 at 10:00 AM Eastern Time, open to the general public, to discuss the third quarter 2024 results, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would

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like to join the call and ask a question may register at https://register.vevent.com/register/BI1fc7a411c96548e894372c76c917619c to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s third quarter 2024 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). Including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 53.0 million square feet and 184 properties, including 9 properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

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

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the risks and uncertainties related to the impact of changes in general economic and capital market conditions, including continued inflation, high interest rates, supply chain disruptions, labor market disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of geopolitical conflicts, the immediate and long-term impact of the outbreak of a highly infectious or contagious disease, on our and our clients’ financial condition, results of operations and cash flows (including the impact of actions taken to contain the outbreak or mitigate its impact, the direct and indirect economic effects of the outbreak and containment measures on our clients, and the ability of our clients to successfully operate their businesses), the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our interest rate hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes (including costs to comply with the Securities and Exchange Commission’s and the State of California’s rules to standardize climate-related disclosures) and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP

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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, 2024 December 31, 2023
(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost $ 26,054,928 $ 25,504,868
Construction in progress 812,122 547,280
Land held for future development 690,774 697,061
Right of use assets - finance leases 372,896 401,680
Right of use assets - operating leases 339,804 324,298
Less: accumulated depreciation (7,369,545) (6,881,728)
Total real estate 20,900,979 20,593,459
Cash and cash equivalents 1,420,475 1,531,477
Cash held in escrows 51,009 81,090
Investments in securities 39,186 36,337
Tenant and other receivables, net 99,706 122,407
Note receivable, net 3,937 1,714
Related party note receivables, net 88,788 88,779
Sales-type lease receivable, net 14,429 13,704
Accrued rental income, net 1,438,492 1,355,212
Deferred charges, net 794,571 760,421
Prepaid expenses and other assets 132,078 64,230
Investments in unconsolidated joint ventures 1,421,886 1,377,319
Total assets $ 26,405,536 $ 26,026,149
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net $ 4,275,155 $ 4,166,379
Unsecured senior notes, net 10,642,033 10,491,617
Unsecured line of credit — —
Unsecured term loans, net 798,058 1,198,301
Unsecured commercial paper 500,000 —
Lease liabilities - finance leases 373,260 417,961
Lease liabilities - operating leases 389,444 350,391
Accounts payable and accrued expenses 444,288 458,329
Dividends and distributions payable 172,191 171,176
Accrued interest payable 121,360 133,684
Other liabilities 407,441 445,947
Total liabilities 18,123,230 17,833,785
Commitments and contingencies — —
Redeemable deferred stock units 10,696 8,383
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding — —
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding — —
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,058,798 and 157,019,766 issued and 157,979,898 and 156,940,866 outstanding at September 30, 2024 and December 31, 2023, respectively 1,580 1,569
Additional paid-in capital 6,822,489 6,715,149
Dividends in excess of earnings (1,035,710) (816,152)
Treasury common stock at cost, 78,900 shares at September 30, 2024 and December 31, 2023 (2,722) (2,722)
Accumulated other comprehensive loss (26,428) (21,147)
Total stockholders’ equity attributable to BXP, Inc. 5,759,209 5,876,697
Noncontrolling interests:
Common units of the Operating Partnership 638,129 666,580
Property partnerships 1,874,272 1,640,704
Total equity 8,271,610 8,183,981
Total liabilities and equity $ 26,405,536 $ 26,026,149

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
(in thousands, except for per share amounts)
Revenue
Lease $ 799,471 $ 767,181 $ 2,378,616 $ 2,285,789
Parking and other 34,255 30,428 101,086 81,421
Hotel 15,082 13,484 38,080 35,554
Development and management services 6,770 9,284 19,276 28,122
Direct reimbursements of payroll and related costs from management services contracts 3,649 3,906 12,090 13,750
Total revenue 859,227 824,283 2,549,148 2,444,636
Expenses
Operating
Rental 327,897 300,192 963,480 882,536
Hotel 9,833 9,020 25,687 23,852
General and administrative 33,352 31,410 127,479 131,387
Payroll and related costs from management services contracts 3,649 3,906 12,090 13,750
Transaction costs 188 751 890 1,970
Depreciation and amortization 222,890 207,435 661,148 618,746
Total expenses 597,809 552,714 1,790,774 1,672,241
Other income (expense)
Income (loss) from unconsolidated joint ventures (7,011) (247,556) 6,376 (261,793)
Gains on sales of real estate 517 517 517 517
Interest and other income (loss) 14,430 20,715 39,747 48,999
Gains (losses) from investments in securities 2,198 (925) 4,785 2,311
Unrealized gain (loss) on non-real estate investment 94 (51) 548 332
Impairment loss — — (13,615) —
Interest expense (163,194) (147,812) (474,727) (424,492)
Net income (loss) 108,452 (103,543) 322,005 138,269
Net (income) loss attributable to noncontrolling interests
Noncontrolling interests in property partnerships (15,237) (20,909) (50,283) (59,337)
Noncontrolling interest—common units of the Operating Partnership (9,587) 12,626 (28,596) (8,642)
Net income (loss) attributable to BXP, Inc. $ 83,628 $ (111,826) $ 243,126 $ 70,290
Basic earnings per common share attributable to BXP, Inc.
Net income (loss) $ 0.53 $ (0.71) $ 1.55 $ 0.45
Weighted average number of common shares outstanding 157,725 156,880 157,250 156,837
Diluted earnings per common share attributable to BXP, Inc.
Net income (loss) $ 0.53 $ (0.71) $ 1.54 $ 0.45
Weighted average number of common and common equivalent shares outstanding 158,213 156,880 157,547 157,177

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended September 30, Nine months ended September 30,
2024 2023 2024 2023
(in thousands, except for per share amounts)
Net income (loss) attributable to BXP, Inc. $ 83,628 $ (111,826) $ 243,126 $ 70,290
Add:
Noncontrolling interest - common units of the Operating Partnership 9,587 (12,626) 28,596 8,642
Noncontrolling interests in property partnerships 15,237 20,909 50,283 59,337
Net income (loss) 108,452 (103,543) 322,005 138,269
Add:
Depreciation and amortization expense 222,890 207,435 661,148 618,746
Noncontrolling interests in property partnerships’ share of depreciation and amortization (18,857) (18,174) (56,755) (53,743)
Company’s share of depreciation and amortization from unconsolidated joint ventures 20,757 25,666 60,807 77,067
Corporate-related depreciation and amortization (438) (446) (1,263) (1,357)
Non-real estate related amortization 2,130 — 6,390 —
Impairment losses — — 13,615 —
Impairment losses included within Income (loss) from unconsolidated joint ventures — 272,603 — 272,603
Less:
Gains on sales of real estate 517 517 517 517
Gain on sale / consolidation included within income (loss) from unconsolidated joint ventures — — 21,696 —
Gain on investment included within income (loss) from unconsolidated joint ventures — 35,756 — 35,756
Unrealized gain (loss) on non-real estate investment 94 (51) 548 332
Noncontrolling interests in property partnerships 15,237 20,909 50,283 59,337
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 319,086 326,410 932,903 955,643
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations 32,228 33,588 96,369 98,049
Funds from operations attributable to BXP, Inc. $ 286,858 $ 292,822 $ 836,534 $ 857,594
BXP, Inc.’s percentage share of funds from operations - basic 89.90 % 89.71 % 89.67 % 89.74 %
Weighted average shares outstanding - basic 157,725 156,880 157,250 156,837
FFO per share basic $ 1.82 $ 1.87 $ 5.32 $ 5.47
Weighted average shares outstanding - diluted 158,213 156,880 157,547 157,177
FFO per share diluted $ 1.81 $ 1.86 $ 5.31 $ 5.46

(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, 2024 December 31, 2023 September 30, 2024 December 31, 2023
Boston 95.7 % 95.9 % 97.1 % 96.4 %
Los Angeles 84.9 % 85.9 % 86.3 % 88.1 %
New York 88.9 % 91.8 % 92.6 % 94.4 %
San Francisco 84.2 % 87.4 % 84.5 % 88.0 %
Seattle 80.2 % 81.8 % 83.0 % 83.1 %
Washington, DC (3) 91.4 % 89.2 % 93.5 % 92.3 %
CBD Portfolio 90.1 % 91.0 % 92.1 % 92.7 %
Total Portfolio % Occupied by Location (1) % Leased by Location (2)
--- --- --- --- --- --- --- --- ---
September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023
Boston 90.1 % 89.9 % 91.7 % 90.3 %
Los Angeles 84.9 % 85.9 % 86.3 % 88.1 %
New York 85.1 % 90.1 % 89.2 % 92.4 %
San Francisco 80.9 % 84.9 % 81.2 % 85.5 %
Seattle 80.2 % 81.8 % 83.0 % 83.1 %
Washington, DC 91.2 % 88.0 % 93.2 % 91.0 %
Total Portfolio 87.0 % 88.4 % 89.1 % 89.9 %

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

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

#

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