Form 8-K

8-K — BXP, Inc.

Accession: 0001037540-26-000015

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001037540

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bxp-20260428.htm (Primary)

EX-99.1 (q12026supplemental.htm)

EX-99.2 (q12026pressrelease.htm)

GRAPHIC (a360pas_thirdspacex5a.jpg)

GRAPHIC (bxp-color.gif)

GRAPHIC (bxp-colora.gif)

GRAPHIC (chart-14e6d695c76e4491a60a.jpg)

GRAPHIC (chart-50973d9df53e4183827a.jpg)

GRAPHIC (chart-5c813bccdc6444d0af5a.jpg)

GRAPHIC (chart-688929edcd924ad092fa.jpg)

GRAPHIC (chart-f6f6447eecf2435caf2a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bxp-20260428.htm · Sequence: 1

bxp-20260428

0001037540false0001043121false00010375402026-04-282026-04-280001037540bxp:BostonPropertiesLimitedPartnershipMember2026-04-282026-04-28

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): April 28, 2026

BXP, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact Name of Registrants As Specified in its Charter)

BXP, Inc. Delaware

1-13087

04-2473675

(State or Other Jurisdiction

of Incorporation) (Commission File Number) (IRS Employer

Identification No.)

Boston Properties Limited Partnership Delaware

0-50209

04-3372948

(State or Other Jurisdiction

of Incorporation) (Commission File Number) (IRS Employer

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 April 28, 2026, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the first quarter ended 2026. 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 March 31, 2026.

*99.2

Press release dated April 28, 2026.

*101.SCH Inline XBRL Taxonomy Extension Schema Document.

*101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

*101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

*101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.

*104 Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

______________

* Filed herewith.

SIGNATURES

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

BXP, INC.

By: /s/ MICHAEL E. LABELLE

Michael E. LaBelle

Executive Vice President, Chief Financial Officer

and Treasurer

BOSTON PROPERTIES LIMITED PARTNERSHIP

By: BXP, Inc., its General Partner

By: /s/ MICHAEL E. LABELLE

Michael E. LaBelle

Executive Vice President, Chief Financial Officer

and Treasurer

Date: April 28, 2026

EX-99.1

Filename: q12026supplemental.htm · Sequence: 2

Document

Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended March 31, 2026

THE COMPANY

BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by joint ventures, BXP’s portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 143 office properties, 14 retail properties, six residential properties (including three residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a fourteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

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

GENERAL INFORMATION

Corporate Headquarters Trading Symbol Investor Relations Inquiries

800 Boylston Street BXP BXP, Inc. Inquiries should be directed to

Suite 1900 800 Boylston Street, Suite 1900 Helen Han

Boston, MA 02199 Stock Exchange Listing Boston, MA 02199 Vice President, Investor Relations

www.bxp.com New York Stock Exchange investors.bxp.com at 617.236.3429 or

(t) 617.236.3300 investorrelations@bxp.com hhan@bxp.com

(t) 617.236.3429

Michael E. LaBelle

Executive Vice President, Chief Financial Officer

at 617.236.3352 or

mlabelle@bxp.com

(Cover photo: 360 Park Avenue South, New York, NY)

Q1 2026

Table of contents

Page

OVERVIEW

Company Profile

Guidance and assumptions

FINANCIAL INFORMATION

Financial Highlights

Consolidated Balance Sheets

Consolidated Income Statements

Funds From Operations (FFO)

Funds Available for Distribution (FAD)

Net Operating Income (NOI)

Same Property Net Operating Income (NOI) by Reportable Segment

Capital Expenditures

Acquisitions and Dispositions

DEVELOPMENT ACTIVITY

Construction in Progress

Land Parcels and Purchase Options

LEASING ACTIVITY

Leasing Activity

PROPERTY STATISTICS

Portfolio Overview

Residential and Hotel Performance

In-Service Property Listing

Top 20 Clients Listing and Portfolio Client Diversification

Occupancy by Location

DEBT AND CAPITALIZATION

Capital Structure

Debt Analysis

Senior Unsecured Debt Covenant Compliance Ratios

Net Debt to EBITDAre

Debt Ratios

JOINT VENTURES

Consolidated Joint Ventures

Unconsolidated Joint Ventures

LEASE EXPIRATION ROLL-OUT

Total In-Service Properties

Boston

Los Angeles

New York

San Francisco

Seattle

Washington, DC

CBD

Suburban

RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS

Research Coverage

Definitions

Reconciliations

Consolidated Income Statement - Prior Year

Q1 2026

Company profile

SNAPSHOT

(as of March 31, 2026)

Fiscal Year-End December 31

Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 164

Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 50.4 million

Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units and Outperformance Plan (OPP) Units) on an as-converted basis 1, 2

177.5 million

Closing Price, at the end of the quarter $51.90 per share

Dividend - Quarter/Annualized $0.70/$2.80 per share

Dividend Yield 5.4%

Consolidated Market Capitalization 2

$24.8 billion

BXP’s Share of Market Capitalization 2, 3

$24.6 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 long-term business strategy are to:

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

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

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

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

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

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

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

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

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

MANAGEMENT

Board of Directors

Owen D. Thomas Chairman of the Board Owen D. Thomas Chief Executive Officer

Douglas T. Linde Douglas T. Linde President

Joel I. Klein Lead Independent Director 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

Diane J. Hoskins Chair of Sustainability Committee Donna D. Garesche Executive Vice President, Chief Human Resources Officer

Mary E. Kipp Bryan J. Koop Executive Vice President, Boston Region

Matthew J. Lustig Chair of Nominating & Corporate Peter V. Otteni Executive Vice President, Co-Head of the Washington, DC

Governance Committee Region

Timothy J. Naughton

Chair of Compensation Committee Hilary J. Spann Executive Vice President, New York Region

Julie G. Richardson 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 56.

Q1 2026

Guidance and assumptions

GUIDANCE

BXP’s guidance for second quarter and full year 2026 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on April 28, 2026 and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. For a complete definition of FFO and statements of the reasons why management believes it provides useful information to investors, see page 58. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Second Quarter 2026 Full Year 2026

Low High Low High

Projected EPS (diluted) $ 0.44 $ 0.46 $ 2.15 $ 2.29

Add:

Projected Company share of real estate depreciation and amortization 1.29 1.29 5.10 5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.04) (0.04) (0.35) (0.35)

Projected FFO per share (diluted) $ 1.69 $ 1.71 $ 6.90 $ 7.04

ASSUMPTIONS

(dollars in thousands)

Full Year 2026

Low High

Operating property activity:

Average In-service portfolio occupancy 1

87.75 % 88.75 %

Change in BXP’s Share of Same Property net operating income (excluding termination income) 1.40 % 2.40 %

Change in BXP’s Share of Same Property net operating income - cash (excluding termination income) (0.25) % 0.25 %

BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)

$ 48,000 $ 53,000

Taking Buildings Out-of-Service $ (13,000) $ (13,000)

BXP’s Share of incremental net operating income related to asset sold over prior year $ (74,000) $ (70,000)

BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)

$ 140,000 $ 160,000

Termination income $ 17,000 $ 25,000

Other revenue (expense):

Development, management services and other revenue $ 30,000 $ 34,000

General and administrative expense 2

$ (183,000) $ (176,000)

Consolidated net interest expense $ (602,000) $ (592,000)

Unconsolidated joint venture interest expense $ (63,000) $ (60,000)

Noncontrolling interest:

Noncontrolling interest in property partnerships’ share of FFO $ (196,000) $ (188,000)

_______________

1 Excludes development properties placed into service in 2026.

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

Q1 2026

Financial highlights

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

Three Months Ended

31-Mar-26 31-Dec-25

Net income attributable to BXP, Inc. $ 101,576 $ 248,486

Net income attributable to BXP, Inc. per share - diluted $ 0.64 $ 1.56

FFO attributable to BXP, Inc. 1

$ 252,236 $ 280,155

Diluted FFO per share 1

$ 1.59 $ 1.76

Dividends per common share $ 0.70 $ 0.70

Funds available for distribution to common shareholders and common unitholders (FAD) 2

$ 88,667 $ 134,515

Selected items:

Revenue $ 872,148 $ 877,097

Recoveries from clients $ 151,875 $ 140,571

Service income from clients $ 2,848 $ 2,756

BXP’s Share of revenue 3

$ 825,470 $ 843,736

BXP’s Share of straight-line rent 3

$ 20,444 $ 21,586

BXP’s Share of fair value lease revenue 3, 4

$ 2,715 $ 3,030

BXP’s Share of termination income 3

$ 12,828 $ 8,732

Ground rent expense $ 3,616 $ 3,579

Capitalized interest $ 16,490 $ 14,670

Capitalized wages $ 4,055 $ 4,155

Income from unconsolidated joint ventures 5

$ 35,413 $ 50,232

BXP’s share of FFO from unconsolidated joint ventures 6

$ 7,686 $ 12,956

Net income attributable to noncontrolling interests in property partnerships $ 19,869 $ 18,479

FFO attributable to noncontrolling interests in property partnerships 7

$ 40,740 $ 40,564

Balance Sheet items:

Above-market rents (included within Prepaid Expenses and Other Assets) $ 4,598 $ 5,108

Below-market rents (included within Other Liabilities) $ 15,414 $ 18,796

Accrued rental income liability (included within Other Liabilities) $ 96,767 $ 97,370

Ratios:

Interest Coverage Ratio (excluding capitalized interest) 8

2.95 2.91

Interest Coverage Ratio (including capitalized interest) 8

2.65 2.66

Fixed Charge Coverage Ratio 8

2.40 2.41

BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9

8.50 7.86

Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10

(2.0) % (0.7) %

Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10

(0.4) % 1.3 %

FAD Payout Ratio 2

140.25 % 92.09 %

Operating Margins [(rental revenue - rental expense)/rental revenue] 59.5 % 60.1 %

Occupancy % of In-Service Properties 11

87.4 % 86.7 %

Leased % of In-Service Properties 12

90.9 % 89.4 %

Capitalization:

Consolidated Debt $ 15,614,009 $ 16,609,483

BXP’s Share of Debt 13

$ 15,347,533 $ 16,466,789

Consolidated Market Capitalization $ 24,824,338 $ 28,539,947

Consolidated Debt/Consolidated Market Capitalization 62.90 % 58.20 %

BXP’s Share of Market Capitalization 13

$ 24,557,862 $ 28,397,253

BXP’s Share of Debt/BXP’s Share of Market Capitalization 13

62.50 % 57.99 %

_____________

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

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

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

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

5For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

6For a quantitative reconciliation for the three months ended March 31, 2026, see page 37.

7For a quantitative reconciliation for the three months ended March 31, 2026, see page 34.

8For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see page 32.

9For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see page 31.

10For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see pages 11, 66 and 67.

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

Q1 2026

Financial highlights (continued)

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

13For a quantitative reconciliation for March 31, 2026, see page 28.

Q1 2026

Consolidated Balance Sheets

(unaudited and in thousands)

31-Mar-26 31-Dec-25

ASSETS

Real estate $ 26,256,207 $ 26,248,130

Construction in progress 1,626,073 1,475,257

Land held for future development 493,212 518,492

Right of use assets - finance leases 372,476 372,470

Right of use assets - operating leases 321,030 325,841

Less accumulated depreciation (8,170,334) (8,040,311)

Total real estate 20,898,664 20,899,879

Cash and cash equivalents 512,783 1,478,206

Cash held in escrows 68,471 79,060

Investments in securities 42,072 44,614

Tenant and other receivables, net 90,137 92,625

Note receivable, net 10,071 9,373

Related party note receivables, net 31,447 28,346

Sales-type lease receivable, net 15,921 15,672

Accrued rental income, net 1,558,226 1,538,515

Deferred charges, net 830,917 847,690

Prepaid expenses and other assets 188,819 108,105

Investments in unconsolidated joint ventures 854,722 999,309

Assets held for sale — 24,770

Total assets $ 25,102,250 $ 26,166,164

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 4,280,639 $ 4,280,067

Unsecured senior notes, net 8,808,674 9,806,100

Unsecured exchangeable senior notes, net 977,387 976,263

Unsecured line of credit — —

Unsecured term loans, net 797,309 797,053

Unsecured commercial paper 750,000 750,000

Lease liabilities - finance leases 357,039 360,039

Lease liabilities - operating leases 387,481 389,213

Accounts payable and accrued expenses 418,443 480,017

Dividends and distributions payable 124,018 123,753

Accrued interest payable 124,068 125,345

Other liabilities 352,813 386,074

Total liabilities 17,377,871 18,473,924

Commitments and contingencies — —

Redeemable deferred stock units 6,058 7,538

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, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively

1,587 1,585

Additional paid-in capital 6,843,822 6,836,243

Dividends in excess of earnings (1,684,492) (1,674,995)

Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025

(2,722) (2,722)

Accumulated other comprehensive loss (6,082) (12,921)

Total stockholders’ equity attributable to BXP, Inc. 5,152,113 5,147,190

Noncontrolling interests:

Common units of the Operating Partnership 583,922 566,563

Property partnerships 1,982,286 1,970,949

Total equity 7,718,321 7,684,702

Total liabilities and equity $ 25,102,250 $ 26,166,164

Q1 2026

Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended

31-Mar-26 31-Dec-25

Revenue

Lease $ 818,156 $ 809,150

Parking and other 30,811 35,393

Insurance proceeds 3 7,490

Hotel revenue 9,101 12,464

Development and management services 9,207 8,641

Direct reimbursements of payroll and related costs from management services contracts 4,870 3,959

Total revenue 872,148 877,097

Expenses

Operating 201,823 182,761

Real estate taxes 141,197 149,611

Restoration expenses related to insurance claims 1,062 7,321

Hotel operating 7,982 9,041

General and administrative 1

59,341 37,801

Payroll and related costs from management services contracts 4,870 3,959

Transaction costs 129 122

Depreciation and amortization 227,967 232,015

Total expenses 644,371 622,631

Other income (expense)

Income from unconsolidated joint ventures 2

35,413 50,232

Gains on sales of real estate 3

13,402 156,410

Gains (losses) from investments in securities 1

(566) 846

Unrealized gain (loss) on non-real estate investments 188 (2)

Interest and other income (loss) 8,885 12,351

Impairment losses 4

— (16,902)

Interest expense (152,093) (162,612)

Net income 133,006 294,789

Net income attributable to noncontrolling interests

Noncontrolling interest in property partnerships (19,869) (18,479)

Noncontrolling interest - common units of the Operating Partnership 5

(11,561) (27,824)

Net income attributable to BXP, Inc. $ 101,576 $ 248,486

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income attributable to BXP, Inc. per share - basic $ 0.64 $ 1.56

Net income attributable to BXP, Inc. per share - diluted $ 0.64 $ 1.56

_____________

1Includes $(0.6) million and $0.8 million for the three months ended March 31, 2026 and December 31, 2025, respectively, related to the Company’s deferred compensation plan. For the three months ended March 31, 2026, includes approximately $16.9 million related to the accelerated vesting of non-stock compensation expense for employees who satisfied the conditions for a qualified retirement and approximately $2.9 million related to the 2025 OPP Awards.

2For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

3For additional detail for the three months ended March 31, 2026, see page 14.

4Primarily related to impairment losses recognized during the three months ended December 31, 2025 for properties / land that were sold or expected to be sold.

5For additional detail, see page 7.

Q1 2026

Funds from operations (FFO) 1

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

Three Months Ended

31-Mar-26 31-Dec-25

Net income attributable to BXP, Inc. $ 101,576 $ 248,486

Add:

Noncontrolling interest - common units of the Operating Partnership 11,561 27,824

Noncontrolling interests in property partnerships 19,869 18,479

Net income 133,006 294,789

Add:

Depreciation and amortization expense 227,967 232,015

Noncontrolling interests in property partnerships' share of depreciation and amortization 2

(20,871) (22,085)

BXP's share of depreciation and amortization from unconsolidated joint ventures 3

13,506 14,173

Corporate-related depreciation and amortization (567) (581)

Non-real estate related amortization 2,131 2,130

Impairment losses — 16,902

Less:

Gains on sales of real estate 13,402 156,410

Gains on sales included within income from unconsolidated joint ventures 3

41,233 51,449

Unrealized gain (loss) on non-real estate investments 188 (2)

Noncontrolling interests in property partnerships 19,869 18,479

FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 280,480 311,007

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of FFO 28,244 30,852

FFO attributable to BXP, Inc. $ 252,236 $ 280,155

BXP, Inc.’s percentage share of Basic FFO 89.93 % 90.08 %

Noncontrolling interest’s - common unitholders percentage share of Basic FFO 10.07 % 9.92 %

Basic FFO per share $ 1.59 $ 1.77

Weighted average shares outstanding - basic 158,555 158,457

Diluted FFO per share $ 1.59 $ 1.76

Weighted average shares outstanding - diluted 159,056 159,115

RECONCILIATION TO DILUTED FFO

Three Months Ended

31-Mar-26 31-Dec-25

Basic FFO $ 280,480 $ 311,007

Add:

Effect of dilutive securities - stock-based compensation — —

Diluted FFO 280,480 311,007

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 28,188 30,727

BXP, Inc.’s share of Diluted FFO $ 252,292 $ 280,280

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended

31-Mar-26 31-Dec-25

Shares/units for Basic FFO 176,318 175,905

Add:

Effect of dilutive securities - stock-based compensation (shares/units) 501 658

Shares/units for Diluted FFO 176,819 176,563

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,763 17,448

BXP, Inc.’s share of shares/units for Diluted FFO 159,056 159,115

BXP, Inc.’s percentage share of Diluted FFO 89.95 % 90.12 %

_____________

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

2For a quantitative reconciliation for the three months ended March 31, 2026, see page 34.

3For a quantitative reconciliation for the three months ended March 31, 2026, see page 37.

Q1 2026

Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended

31-Mar-26 31-Dec-25

Net income attributable to BXP, Inc. $ 101,576 $ 248,486

Add:

Noncontrolling interest - common units of the Operating Partnership 11,561 27,824

Noncontrolling interests in property partnerships 19,869 18,479

Net income 133,006 294,789

Add:

Depreciation and amortization expense 227,967 232,015

Noncontrolling interests in property partnerships’ share of depreciation and amortization 2

(20,871) (22,085)

BXP’s share of depreciation and amortization from unconsolidated joint ventures 3

13,506 14,173

Corporate-related depreciation and amortization (567) (581)

Non-real estate related amortization 2,131 2,130

Impairment losses — 16,902

Less:

Gains on sales of real estate 13,402 156,410

Gains on sales included within income from unconsolidated joint ventures 3

41,233 51,449

Unrealized gain (loss) on non-real estate investments 188 (2)

Noncontrolling interests in property partnerships 19,869 18,479

Basic FFO 280,480 311,007

Add:

BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4

3,739 4,488

BXP’s Share of hedge amortization, net of costs 1

1,706 1,712

BXP’s Share of fair value interest adjustment 1

216 509

BXP’s Share of straight-line ground rent expense adjustment 1, 5

(4,849) (3,118)

Stock-based compensation 26,043 4,497

Non-real estate depreciation and amortization (1,564) (1,549)

Unearned portion of capitalized fees from consolidated joint ventures 6

669 829

BXP’s Share of non-cash loss from early extinguishments of debt 1

— 54

Less:

BXP’s Share of straight-line rent 1

20,444 21,586

BXP’s Share of fair value lease revenue 1, 7

2,715 3,030

BXP’s Share of non-cash termination income adjustment 1

(1,744) (4,121)

BXP’s Share of 2nd generation tenant improvements and leasing commissions 1, 8

178,371 145,389

BXP’s Share of maintenance capital expenditures 1, 9

16,647 17,171

BXP’s Share of amortization and accretion related to sales type lease 1

274 268

Hotel improvements, equipment upgrades and replacements 1,066 591

Funds available for distribution to common shareholders and common unitholders (FAD) (A)

$ 88,667 $ 134,515

Distributions to common shareholders and unitholders (excluding any special distributions) (B)

124,354 123,881

FAD Payout Ratio1 (B÷A)

140.25 % 92.09 %

_____________

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

2For a quantitative reconciliation for the three months ended March 31, 2026, see page 34.

3For additional information for the three months ended March 31, 2026, see page 37.

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

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

6See page 62 for additional information.

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

8Amount represents aggregate tenant improvements and leasing commissions incurred in connection with approximately 2.3 million square feet of leases that commenced revenue recognition during the three months ended March 31, 2026, at an average transaction cost per lease year of approximately $10.40 per square foot. Lease commencements for years 2024 and 2025 averaged approximately 925,000 square feet per quarter at a weighted average transaction cost per lease year of approximately $11.80 per square foot.

9Maintenance capital expenditures do not include capital expenditures that are planned at the time of acquisition or capital expenditures incurred in connection with repositioning activities.

Q1 2026

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

(in thousands)

Three Months Ended

31-Mar-26 31-Mar-25

Net income attributable to BXP, Inc. $ 101,576 $ 61,177

Net income attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 11,561 6,979

Noncontrolling interest in property partnerships 19,869 18,749

Net income 133,006 86,905

Add:

Interest expense 152,093 163,444

Depreciation and amortization expense 227,967 220,107

Transaction costs 129 768

Loss from early extinguishment of debt — 338

Payroll and related costs from management services contracts 4,870 4,499

General and administrative expense 59,341 52,284

Less:

Interest and other income (loss) 8,885 7,750

Unrealized gain (loss) on non-real estate investment 188 (483)

Losses from investments in securities (566) (365)

Loss on sales-type lease — (2,490)

Gains on sales of real estate 13,402 —

Income (loss) from unconsolidated joint ventures 35,413 (2,139)

Direct reimbursements of payroll and related costs from management services contracts 4,870 4,499

Development and management services revenue 9,207 9,775

Net Operating Income (NOI) 506,007 511,798

Add:

BXP’s share of NOI from unconsolidated joint ventures 1

22,370 32,682

Less:

Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2

51,710 49,702

BXP’s Share of NOI 476,667 494,778

Less:

Termination income 12,828 246

BXP’s share of termination income from unconsolidated joint ventures 1

— 200

Add:

Partners’ share of termination income from consolidated joint ventures 2

— —

BXP’s Share of NOI (excluding termination income) $ 463,839 $ 494,332

Net Operating Income (NOI) $ 506,007 $ 511,798

Less:

Termination income 12,828 246

NOI from non Same Properties (excluding termination income) 3

(1,867) 10,944

Same Property NOI (excluding termination income) 495,046 500,608

Less:

Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2

51,710 49,702

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

22,370 32,482

Less:

BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3

2,724 11,132

BXP’s Share of Same Property NOI (excluding termination income) $ 462,982 $ 472,256

_____________

1For a quantitative reconciliation for the three months ended March 31, 2026, see page 65.

2For a quantitative reconciliation for the three months ended March 31, 2026, see pages 62-63.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to March 31, 2026 and therefore are no longer a part of the Company’s property portfolio.

Q1 2026

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

(in thousands)

Three Months Ended

31-Mar-26 31-Mar-25

Net income attributable to BXP, Inc. $ 101,576 $ 61,177

Net income attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 11,561 6,979

Noncontrolling interest in property partnerships 19,869 18,749

Net income 133,006 86,905

Add:

Interest expense 152,093 163,444

Depreciation and amortization expense 227,967 220,107

Transaction costs 129 768

Loss from early extinguishment of debt — 338

Payroll and related costs from management services contracts 4,870 4,499

General and administrative expense 59,341 52,284

Less:

Interest and other income (loss) 8,885 7,750

Unrealized gain (loss) on non-real estate investment 188 (483)

Losses from investments in securities (566) (365)

Loss on sales-type lease — (2,490)

Gains on sales of real estate 13,402 —

Income (loss) from unconsolidated joint ventures 35,413 (2,139)

Direct reimbursements of payroll and related costs from management services contracts 4,870 4,499

Development and management services revenue 9,207 9,775

Net Operating Income (NOI) 506,007 511,798

Less:

Straight-line rent 23,588 30,968

Fair value lease revenue 1,961 1,864

Amortization and accretion related to sales type lease 245 281

Termination income 12,828 246

Add:

Straight-line ground rent expense adjustment 1

(260) (206)

Lease transaction costs that qualify as rent inducements 2

3,746 5,638

NOI - cash (excluding termination income) 470,871 483,871

Less:

NOI - cash from non Same Properties (excluding termination income) 3

(3,366) 11,982

Same Property NOI - cash (excluding termination income) 474,237 471,889

Less:

Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4

48,159 44,430

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

21,294 29,250

Less:

BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3

1,917 9,572

BXP’s Share of Same Property NOI - cash (excluding termination income) $ 445,455 $ 447,137

_____________

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 $(4,710) and $247 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company has remaining lease payments aggregating approximately $20.4 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

4For a quantitative reconciliation for the three months ended March 31, 2026, see page 63.

5For a quantitative reconciliation for the three months ended March 31, 2026, see page 65.

Q1 2026

Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1

Hotel & Residential

Three Months Ended $ % Three Months Ended $ %

31-Mar-26 31-Mar-25 Change Change 31-Mar-26 31-Mar-25 Change Change

Rental Revenue 2

$ 839,849 $ 813,630 $ 12,690 $ 13,100

Less: Termination income 12,828 246 — —

Rental revenue (excluding termination income) 2

827,021 813,384 $ 13,637 1.7 % 12,690 13,100 $ (410) (3.1) %

Less: Operating expenses and real estate taxes 335,016 316,171 18,845 6.0 % 9,649 9,705 (56) (0.6) %

NOI (excluding termination income) 2, 3

$ 492,005 $ 497,213 $ (5,208) (1.0) % $ 3,041 $ 3,395 $ (354) (10.4) %

Rental revenue (excluding termination income) 2

$ 827,021 $ 813,384 $ 13,637 1.7 % $ 12,690 $ 13,100 $ (410) (3.1) %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 24,297 34,004 (9,707) (28.5) % (2) (2) — — %

Add: Lease transaction costs that qualify as rent inducements 4

3,746 5,489 (1,743) (31.8) % — — — — %

Subtotal 806,470 784,869 21,601 2.8 % 12,692 13,102 (410) (3.1) %

Less: Operating expenses and real estate taxes 335,016 316,171 18,845 6.0 % 9,649 9,705 (56) (0.6) %

Add: Straight-line ground rent expense 5

(260) (206) (54) (26.2) % — — — — %

NOI - cash (excluding termination income) 2, 3

$ 471,194 $ 468,492 $ 2,702 0.6 % $ 3,043 $ 3,397 $ (354) (10.4) %

Consolidated Total 1 (A)

BXP’s share of Unconsolidated Joint Ventures (B)

Three Months Ended $ % Three Months Ended $ %

31-Mar-26 31-Mar-25 Change Change 31-Mar-26 31-Mar-25 Change Change

Rental Revenue 2

$ 852,539 $ 826,730 $ 36,576 $ 38,024

Less: Termination income 12,828 246 — 200

Rental revenue (excluding termination income) 2

839,711 826,484 $ 13,227 1.6 % 36,576 37,824 $ (1,248) (3.3) %

Less: Operating expenses and real estate taxes 344,665 325,876 18,789 5.8 % 16,930 16,474 456 2.8 %

NOI (excluding termination income) 2, 3

$ 495,046 $ 500,608 $ (5,562) (1.1) % $ 19,646 $ 21,350 $ (1,704) (8.0) %

Rental revenue (excluding termination income) 2

$ 839,711 $ 826,484 $ 13,227 1.6 % $ 36,576 $ 37,824 $ (1,248) (3.3) %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 24,295 34,002 (9,707) (28.5) % 415 1,593 (1,178) (73.9) %

Add: Lease transaction costs that qualify as rent inducements 4

3,746 5,489 (1,743) (31.8) % 25 (215) 240 111.6 %

Subtotal 819,162 797,971 21,191 2.7 % 36,186 36,016 170 0.5 %

Less: Operating expenses and real estate taxes 344,665 325,876 18,789 5.8 % 16,930 16,474 456 2.8 %

Add: Straight-line ground rent expense 5

(260) (206) (54) (26.2) % 121 136 (15) (11.0) %

NOI - cash (excluding termination income) 2, 3

$ 474,237 $ 471,889 $ 2,348 0.5 % $ 19,377 $ 19,678 $ (301) (1.5) %

Partners’ share of Consolidated Joint Ventures (C)

BXP’s Share 2, 6

Three Months Ended $ % Three Months Ended $ %

31-Mar-26 31-Mar-25 Change Change 31-Mar-26 31-Mar-25 Change Change

Rental Revenue 2

$ 90,250 $ 85,401 $ 798,865 $ 779,353

Less: Termination income — — 12,828 446

Rental revenue (excluding termination income) 2

90,250 85,401 $ 4,849 5.7 % 786,037 778,907 $ 7,130 0.9 %

Less: Operating expenses and real estate taxes 38,540 35,699 2,841 8.0 % 323,055 306,651 16,404 5.3 %

NOI (excluding termination income) 2, 3

$ 51,710 $ 49,702 $ 2,008 4.0 % $ 462,982 $ 472,256 $ (9,274) (2.0) %

Rental revenue (excluding termination income) 2

$ 90,250 $ 85,401 $ 4,849 5.7 % $ 786,037 $ 778,907 $ 7,130 0.9 %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 3,583 6,421 (2,838) (44.2) % 21,127 29,174 (8,047) (27.6) %

Add: Lease transaction costs that qualify as rent inducements 4

32 1,149 (1,117) (97.2) % 3,739 4,125 (386) (9.4) %

Subtotal 86,699 80,129 6,570 8.2 % 768,649 753,858 14,791 2.0 %

Less: Operating expenses and real estate taxes 38,540 35,699 2,841 8.0 % 323,055 306,651 16,404 5.3 %

Add: Straight-line ground rent expense 5

— — — — % (139) (70) (69) (98.6) %

NOI - cash (excluding termination income) 2, 3

$ 48,159 $ 44,430 $ 3,729 8.4 % $ 445,455 $ 447,137 $ (1,682) (0.4) %

___________________

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

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

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

Q1 2026

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

5Excludes the straight-line impact of approximately $(4,710) and $247 for the three months ended March 31, 2026 and 2025, 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).

Q1 2026

Capital expenditures

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended

31-Mar-26 31-Dec-25

Maintenance capital expenditures $ 18,984 $ 18,157

Planned capital expenditures associated with acquisition properties 4,206 8,247

Repositioning capital expenditures 323 2,399

Hotel improvements, equipment upgrades and replacements 1,066 591

Subtotal 24,579 29,394

Add:

BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 455 629

BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 11 10

BXP’s share of repositioning capital expenditures from unconsolidated JVs — —

Less:

Partners’ share of maintenance capital expenditures from consolidated JVs 2,792 1,615

Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs — —

Partners’ share of repositioning capital expenditures from consolidated JVs — 3

BXP’s Share of Capital Expenditures 1

$ 22,253 $ 28,415

___________________

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

Q1 2026

Acquisitions and dispositions

For the period from January 1, 2026 through March 31, 2026

(dollars in thousands)

ACQUISITIONS

BXP’s Share of Investment

Property Location Date Acquired Square Feet Initial Anticipated Future Total In-service Leased (%)

N/A — $ — $ — $ — — %

Total Acquisitions — $ — $ — $ — — %

DISPOSITIONS

Property Location Date Disposed Square Feet BXP’s Share of Gross Sales Price BXP’s Share of Net Cash Proceeds

BXP’s Share of Book Gain (Loss) 1

Land:

North First Business Park 2

San Jose, CA January 14, 2026 191,000 $ 50,500 $ 49,076 $ (229)

Shady Grove - Parcel 1 2

Rockville, MD February 5, 2026 N/A 24,650 23,692 (744)

191,000 75,150 72,768 (973)

Residential:

The Lofts at Atlantic Wharf Boston, MA February 25, 2026 87,000 55,500 54,066 14,765

87,000 55,500 54,066 14,765

Non-Strategic Office Sales:

Gateway Commons (50% ownership) 2

South San Francisco, CA January 2, 2026 792,700 150,000 130,698 6,082

7750 Wisconsin Ave (50% ownership) Bethesda/Chevy Chase, MD March 19, 2026 736,000 215,000 81,501 34,840

1,528,700 365,000 212,199 40,922

Total Dispositions 1,806,700 $ 495,650 $ 339,033 $ 54,714

___________________

1Excludes approximately $0.1 million of loss related to sales that occurred in prior periods.

2The Company previously recognized an impairment loss.

Q1 2026

Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT MARCH 31, 2026 1

Actual/Estimated BXP’s share

Initial Occupancy Stabilization Date Square Feet

Investment to Date 2

Estimated Total Investment 2

Total Financing Amount Drawn

Estimated Future Equity Requirement 2

Percentage Leased 3

Percentage placed in-service 4

Net Operating Income (Loss) 5 (BXP’s share)

Location

Office

725 12th Street Q1 2029 Q4 2030 Washington, DC 320,000 $ 97,519 $ 349,600 $ — $ — $ 252,081 87 % — % N/A

343 Madison Avenue Q3 2029 Q2 2031 New York, NY 930,000 346,101 1,971,000 — — 1,624,899 29 % — % N/A

Total Office Properties under Construction 1,250,000 443,620 2,320,600 — — 1,876,980 44 % — % N/A

Lab/Life Sciences

290 Binney Street (55% ownership) 6

Q2 2026 Q2 2026 Cambridge, MA 573,000 379,970 508,000 — — 128,030 100 % — % N/A

Total Lab/Life Sciences Properties under Construction 573,000 379,970 508,000 — — 128,030 100 % — % N/A

Residential 7

17 Hartwell Avenue (312 units) (20% ownership) Q2 2027 Q2 2028 Lexington, MA 347,000 14,645 35,900 19,747 — 1,508 — % — % N/A

17 Hartwell Avenue - Retail 2,100 — — — — — — % — % N/A

121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 490,000 322,118 597,800 — — 275,682 — % — % N/A

121 Broadway Street - Retail 1,550 — — — — — — % — % N/A

290 Coles Street (670 units) (19.46% ownership) 8

Q2 2028 Q3 2029 Jersey City, NJ 693,000 20,906 88,700 56,400 — 11,394 — % — % N/A

290 Coles Street - Retail 13,000 — — — — — — % — % N/A

Total Residential Properties under Construction 1,546,650 357,669 722,400 76,147 — 288,584 — % — % N/A

Total Properties Under Construction 3,369,650 $ 1,181,259 $ 3,551,000 $ 76,147 $ — $ 2,293,594 61 %

— % N/A

PROJECTS FULLY PLACED IN-SERVICE DURING 2026

Actual/Estimated BXP’s share

Estimated Total Investment 2

Amount Drawn at 3/31/2026

Estimated Future Equity Requirement 2

Net Operating Income (Loss) 5 (BXP’s share)

Initial Occupancy Stabilization Date

Investment to Date 2

Total Financing Percentage

Location Square Feet

Leased 3

Reston Next Retail Q2 2026 Q4 2026 Reston, VA 30,284 $ 28,680 $ 31,600 $ — $ — $ 2,920 69 % $ (56)

Total Projects Fully Placed In-Service 30,284 $ 28,680 $ 31,600 $ — $ — $ 2,920 69 % $ (56)

________________

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 April 24, 2026, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended March 31, 2026. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56.

6The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $133.1 million for the vault as of March 31, 2026.

7Residential Projects are shown in gross square feet beginning Q1 2026.

Q1 2026

Construction in progress (continued)

8On March 5, 2025, the Company acquired a 19.46% interest in 290 Coles Street. The budget represents the Company’s 19.46% ownership of the project budget and financings which includes the Company’s share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of March 31, 2026, $60.0 million of preferred equity has been contributed.

9 Total percentage leased excludes Residential.

Q1 2026

Land parcels and purchase options

as of March 31, 2026

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location

Approximate Developable Square Feet 2

Office

New York, NY (25% ownership) 2,000,000

Princeton, NJ 1,723,000

Reston, VA 1,278,000

San Jose, CA (55% ownership) 1,088,000

Waltham, MA 899,000

San Francisco, CA 850,000

Springfield, VA 576,000

Lexington, MA 420,000

Washington, DC 320,000

Rockville, MD 150,000

Boston, MA 25,000

Total Office 9,329,000

Residential

Reston, VA 1,193,000

Rockville, MD 622,000

Herndon, VA (50% ownership) 611,000

Weston, MA 600,000

Washington, DC (50% ownership) 520,000

Waltham, MA 274,000

West Los Angeles, CA 260,000

Total Residential 4,080,000

Total Owned Land Parcels 13,409,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location

Approximate Developable Square Feet 2

Office

Waltham, MA 3

1,200,000

Boston, MA 668,000

Cambridge, MA 573,000

Total Office 2,441,000

Residential

Boston, MA 632,000

Total Residential 632,000

Total Land Purchase Options 3,073,000

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the three ended March 31, 2026, approximately 260,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property.

2Represents 100% of consolidated and unconsolidated projects.

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

Q1 2026

Leasing activity

for the three months ended March 31, 2026

OCCUPANCY ACTIVITY - NET (INCREASE)/DECREASE IN AVAILABLE SPACE (SF)

Total

Vacant space available at the beginning of the period 6,342,127

Less:

Property dispositions/properties taken out of service 1

389,363

Add:

Properties placed (and partially placed) in-service 2

30,284

Leases expiring or terminated during the period 2,190,499

Total space available for lease 8,173,547

1st generation leases 3

120,757

2nd generation leases with new clients 4

794,173

2nd generation lease renewals 1,501,848

Total leases commenced during the period 5

2,416,778

Vacant space available for lease at the end of the period 5,756,769

Net (increase)/decrease in available space 585,358

LEASING ACTIVITY - EXECUTED LEASES (new presentation in Q1'26)

1st generation leases 3

194,751

2nd generation leases with new clients 4

954,141

Total Leases executed during the period 1,148,892

2nd generation leasing information:

Weighted average lease term (months) 96

Weighted average free rent period (days) 187

Total transaction costs per square foot 6

114.11

Lease Costs per year of term $14.26

Increase (decrease) in gross rents 7

(1.87) %

Increase (decrease) in net rents 8

(3.18) %

All leases executed in the quarter (SF) Incr (decr) in 2nd generation cash rents

1st generation 2nd generation total

gross 7,9

net 8,9

Boston 46,390 235,680 282,070 (1.11) % (2.13) %

Los Angeles — 17,709 17,709 (32.53) % (47.58) %

New York 138,228 215,531 353,759 (5.32) % (9.49) %

San Francisco — 181,642 181,642 10.23 % 15.43 %

Seattle — 39,703 39,703 1.45 % 2.05 %

Washington, DC 10,133 263,876 274,009 (5.21) % (7.63) %

Total / Weighted Average 194,751 954,141 1,148,892 (1.87) % (3.18) %

_____________

1Total vacant square feet of property dispositions/properties taken out of service in Q1 2026 consists of 260,762 at Gateway Commons, 79,382 at North First Business Park and 49,219 at Santa Monica Business Park.

2 Total square feet of properties placed in service in Q1 2026 consists of 30,284 at Reston Next Retail.

3 1st generation leases are defined as leases for development and redevelopment space that has not previously been leased.

4 2nd generation leases are defined as leases for in-service space that has previously been leased.

5 Leases for 302,194 square feet were signed in the current quarter.

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

7 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 840,250 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

8 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 840,250 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

9 The calculation for the increase/(decrease) of gross rent and net rent are based on current quarter expenses.

Q1 2026

Portfolio overview

for the three months ended March 31, 2026

(dollars in thousands)

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

Office Retail Residential Hotel Total

Boston 13,990,185 1,076,529 320,444 330,000 15,717,158

Los Angeles 1,923,230 123,534 — — 2,046,764

New York 12,538,424 488,017 — — 13,026,441

San Francisco 6,039,880 333,171 318,171 — 6,691,222

Seattle 1,503,381 13,171 — — 1,516,552

Washington, DC 7,010,147 624,129 417,036 — 8,051,312

Total 43,005,247 2,658,551 1,055,651 330,000 47,049,449

% of Total 91.41 % 5.65 % 2.24 % 0.70 % 100.00 %

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

Total

Rentable square feet of in-service properties 2

47,049,449

Less:

Rentable square feet from residential and hotel properties 2

1,402,736

Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4

2,884,659

Partners’ share of rentable square feet from consolidated joint venture properties 5

3,117,910

BXP’s Share of rentable square feet, excluding residential and hotel properties 1

39,644,144

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

Office Retail Residential

Hotel 6

Total

Consolidated $ 785,702 $ 59,041 $ 4,330 $ 8,998 $ 858,071

Less:

Partners’ share from consolidated joint ventures 7

80,926 9,324 — — 90,250

Add:

BXP’s share from unconsolidated joint ventures 8

37,130 2,521 3,714 — 43,365

BXP’s Share of Rental revenue 1

$ 741,906 $ 52,238 $ 8,044 $ 8,998 $ 811,186

% of Total 91.46 % 6.44 % 0.99 % 1.11 % 100.00 %

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

CBD Suburban Total

Boston 32.80 % 4.26 % 37.06 %

Los Angeles 3.65 % — % 3.65 %

New York 23.20 % 1.61 % 24.81 %

San Francisco 16.40 % 0.68 % 17.08 %

Seattle 2.05 % — % 2.05 %

Washington, DC 15.18 % 0.17 % 15.35 %

Total 93.28 % 6.72 % 100.00 %

_____________

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

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

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

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

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

6Excludes approximately $103 of revenue from retail clients that is included in Retail.

7See page 63 for additional information.

8See page 65 for additional information.

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

Q1 2026

Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1

Hotel

Three Months Ended Three Months Ended

31-Mar-26 31-Dec-25 31-Mar-26 31-Dec-25

Rental Revenue 2

$ 4,452 $ 12,818 $ 9,101 $ 12,464

Less: Operating expenses and real estate taxes 2,210 7,618 7,982 9,041

Net Operating Income (NOI) 2

2,242 5,200 1,119 3,423

Add: BXP’s share of NOI from unconsolidated joint ventures 2,238 2,337 N/A N/A

BXP’s Share of NOI 2

$ 4,480 $ 7,537 $ 1,119 $ 3,423

Rental Revenue 2

$ 4,452 $ 12,818 $ 9,101 $ 12,464

Less: Straight line rent and fair value lease revenue 16 40 (2) (2)

Add: Lease transaction costs that qualify as rent inducements — 50 — —

Subtotal 4,436 12,828 9,103 12,466

Less: Operating expenses and real estate taxes 2,210 7,618 7,982 9,041

NOI - cash basis 2

2,226 5,210 1,121 3,425

Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,238 2,337 N/A N/A

BXP’s Share of NOI - cash basis 2

$ 4,464 $ 7,547 $ 1,121 $ 3,425

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

Residential Units Three Months Ended Percent Change

31-Mar-26 31-Mar-25

Boston 440

Average Monthly Rental Rate $ 4,468 $ 4,390 1.78 %

Average Rental Rate Per Occupied Square Foot $ 6.15 $ 6.00 2.50 %

Average Physical Occupancy 93.64 % 93.86 % (0.23) %

Average Economic Occupancy 93.14 % 94.30 % (1.23) %

San Francisco 402

Average Monthly Rental Rate $ 3,086 $ 3,115 (0.93) %

Average Rental Rate Per Occupied Square Foot $ 3.92 $ 3.93 (0.25) %

Average Physical Occupancy 91.71 % 90.63 % 1.19 %

Average Economic Occupancy 90.09 % 89.24 % 0.95 %

Washington, DC 508

Average Monthly Rental Rate $ 2,824 $ 2,317 21.88 %

Average Rental Rate Per Occupied Square Foot $ 3.47 $ 2.96 17.23 %

Average Physical Occupancy 92.98 % 53.22 % 74.71 %

Average Economic Occupancy 90.91 % 44.61 % 103.79 %

Total residential units 1,350

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

Hotel Rooms Three Months Ended Percent Change

31-Mar-26 31-Mar-25

Boston Marriott Cambridge 437

Average Occupancy 73.70 %

74.90 % (1.60) %

Average Daily Rate $ 259.22

$ 258.17 0.41 %

Revenue Per Available Room $ 191.02

$ 193.36 (1.21) %

_____________

1Includes retail space.

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

3Excludes retail space. For comparative purposes, rental rates and occupancy information does not include The Lofts at Atlantic Wharf, Proto Kendall Square, and Signature at Reston, which were sold prior to March 31, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page 14.

Q1 2026

In-service property listing

as of March 31, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

CBD

BOSTON

Office

200 Clarendon Street CBD Boston MA 1 1,700,914 99.7 % 100.0 % $ 91.28

800 Boylston Street - The Prudential Center CBD Boston MA 1 1,270,070 93.3 % 96.8 % 76.42

100 Federal Street (55% ownership) CBD Boston MA 1 1,233,943 92.2 % 98.9 % 78.34

111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 82.81

Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 100.0 % 100.0 % 95.63

100 Causeway Street (50% ownership) 4

CBD Boston MA 1 633,818 100.0 % 100.0 % 76.40

Prudential Center (retail shops) 5

CBD Boston MA 1 589,906 94.9 % 97.2 % 96.48

101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 100.0 % 100.0 % 63.77

The Hub on Causeway - Podium (50% ownership) 4

CBD Boston MA 1 382,988 96.1 % 96.1 % 65.43

888 Boylston Street - The Prudential Center CBD Boston MA 1 377,574 96.2 % 96.2 % 84.26

Star Market at the Prudential Center 5

CBD Boston MA 1 60,015 100.0 % 100.0 % 64.67

Subtotal 11 8,409,174 97.1 % 98.8 % $ 82.75

145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % $ 94.49

325 Main Street East Cambridge MA 1 406,824 96.5 % 100.0 % 116.31

125 Broadway 6

East Cambridge MA 1 271,000 100.0 % 100.0 % 152.84

355 Main Street East Cambridge MA 1 256,966 100.0 % 100.0 % 105.06

300 Binney Street (55% ownership) 6

East Cambridge MA 1 239,908 100.0 % 100.0 % 167.90

90 Broadway East Cambridge MA 1 223,771 100.0 % 100.0 % 94.97

255 Main Street East Cambridge MA 1 215,394 82.5 % 82.5 % 93.42

150 Broadway East Cambridge MA 1 177,226 100.0 % 100.0 % 104.05

105 Broadway East Cambridge MA 1 152,664 100.0 % 100.0 % 78.57

250 Binney Street 6

East Cambridge MA 1 67,362 100.0 % 100.0 % 94.96

University Place Mid-Cambridge MA 1 195,282 100.0 % 100.0 % 62.54

Subtotal 11 2,696,483 98.0 % 98.5 % $ 108.80

Subtotal Boston CBD 22 11,105,657 97.3 % 98.7 % $ 89.18

Residential

Hub50House (440 units) (50% ownership) 4

CBD Boston MA 1 320,444

Subtotal 1 320,444

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 % $ 83.50

Santa Monica Business Park West Los Angeles CA 12 843,692 84.1 % 86.2 % 75.49

Santa Monica Business Park Retail 5

West Los Angeles CA 7 73,006 86.8 % 86.8 % 80.65

Subtotal 25 2,046,764 87.2 % 88.5 % $ 80.21

NEW YORK

Office

767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 98.4 % 99.5 % $ 167.40

601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682 99.9 % 99.9 % 103.05

399 Park Avenue Park Avenue NY 1 1,567,470 100.0 % 100.0 % 111.17

599 Lexington Avenue Park Avenue NY 1 1,105,002 88.2 % 97.3 % 86.17

7 Times Square (55% ownership) Times Square NY 1 1,238,722 81.7 % 92.8 % 77.65

Q1 2026

In-service property listing (continued)

as of March 31, 2026

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 98.7 % 98.7 % 104.61

200 Fifth Avenue (26.69% ownership) 4

Midtown South NY 1 845,367 59.8 % 95.7 % 93.83

360 Park Avenue South (71.11% ownership) 4, 7

Midtown South NY 1 448,112 43.4 % 89.7 % 99.88

Dock 72 (50% ownership) 4

Brooklyn NY 1 668,521 42.1 % 42.1 % 33.56

510 Madison Avenue Fifth/Madison Avenue NY 1 352,589 86.9 % 96.6 % 126.56

Subtotal 10 10,834,776 86.8 % 94.2 % $ 111.57

SAN FRANCISCO

Office

Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 115.83

Embarcadero Center Four CBD San Francisco CA 1 945,594 93.6 % 95.3 % 106.48

Embarcadero Center One CBD San Francisco CA 1 838,051 68.4 % 70.8 % 94.92

Embarcadero Center Two CBD San Francisco CA 1 802,003 71.8 % 71.8 % 84.33

Embarcadero Center Three CBD San Francisco CA 1 787,505 71.4 % 78.8 % 95.80

680 Folsom Street CBD San Francisco CA 2 522,394 72.4 % 92.3 % 81.67

535 Mission Street CBD San Francisco CA 1 303,322 90.6 % 90.6 % 76.75

690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 76.84

Subtotal 9 5,645,631 82.7 % 86.3 % $ 100.00

Residential

The Skylyne (402 units) CBD Oakland CA 1 330,996

Subtotal 1 330,996

SEATTLE

Office

Safeco Plaza (33.67% ownership) 4

CBD Seattle WA 1 762,541 79.4 % 80.3 % $ 49.87

Madison Centre CBD Seattle WA 1 754,011 82.1 % 84.3 % 61.49

Subtotal 2 1,516,552 80.7 % 82.3 % $ 55.73

WASHINGTON, DC

Office

901 New York Avenue East End Washington DC 1 526,383 82.1 % 84.4 % $ 71.70

2100 Pennsylvania Avenue CBD Washington DC 1 475,849 95.0 % 97.1 % 87.11

2200 Pennsylvania Avenue CBD Washington DC 1 460,039 89.3 % 94.5 % 71.24

1330 Connecticut Avenue CBD Washington DC 1 253,375 95.9 % 95.9 % 69.57

Sumner Square CBD Washington DC 1 210,542 93.0 % 93.0 % 51.05

500 North Capitol Street, N.W. (30% ownership) 4

Capitol Hill Washington DC 1 230,900 95.1 % 95.1 % 84.96

Capital Gallery Southwest Washington DC 1 176,909 43.6 % 55.5 % 64.32

Subtotal 7 2,333,997 87.0 % 89.8 % $ 74.00

Reston Next Reston VA 2 1,063,299 97.9 % 99.6 % $ 63.75

South of Market Reston VA 3 624,386 100.0 % 100.0 % 57.07

Fountain Square Reston VA 2 524,326 94.3 % 97.8 % 54.08

One Freedom Square Reston VA 1 427,612 87.9 % 91.0 % 55.86

Two Freedom Square Reston VA 1 423,222 100.0 % 100.0 % 55.53

One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 53.54

One Reston Overlook Reston VA 1 319,519 100.0 % 100.0 % 50.33

17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 74.08

Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 70.63

Fountain Square Retail 5

Reston VA 1 196,662 89.9 % 90.2 % 52.76

Two Reston Overlook Reston VA 1 134,615 100.0 % 100.0 % 57.50

Reston Next Office Phase II 7

Reston VA 1 86,629 92.2 % 92.2 % 59.42

Reston Next Retail 5, 7

Reston VA 1 30,284 — % 69.1 % —

Q1 2026

In-service property listing (continued)

as of March 31, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

Avant Retail 5

Reston VA 1 26,179 100.0 % 100.0 % 67.97

Subtotal 19 4,758,972 95.8 % 97.3 % $ 59.06

Wisconsin Place Office Montgomery County MD 1 295,845 52.6 % 52.6 % 53.65

Subtotal 1 295,845 52.6 % 52.6 % $ 53.65

Subtotal Washington, DC CBD 27 7,388,814 91.3 % 93.1 % $ 63.37

Residential

Skymark (508 units) (20% ownership) 4

Reston VA 1 417,036

Subtotal 1 417,036

CBD Total 99 39,940,930 89.9 %

93.4 %

$ 90.06

BXP’s Share of CBD 90.6 %

93.6 %

SUBURBAN

BOSTON

Office

Bay Colony Corporate Center 9

Route 128 Mass Turnpike MA 2 435,917 79.7 % 79.7 % $ 41.66

Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 41.1 % 41.1 % 36.37

180 CityPoint 6

Route 128 Mass Turnpike MA 1 329,195 55.2 % 91.5 % 93.54

Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 73.0 % 73.0 % 46.80

230 CityPoint Route 128 Mass Turnpike MA 1 299,304 97.0 % 98.3 % 50.18

200 West Street 6

Route 128 Mass Turnpike MA 1 273,361 86.1 % 86.1 % 95.37

880 Winter Street 6

Route 128 Mass Turnpike MA 1 243,614 92.3 % 92.3 % 104.68

10 CityPoint Route 128 Mass Turnpike MA 1 236,570 98.6 % 98.6 % 61.23

20 CityPoint Route 128 Mass Turnpike MA 1 211,476 98.1 % 98.1 % 62.73

77 CityPoint Route 128 Mass Turnpike MA 1 209,382 84.0 % 84.0 % 61.17

890 Winter Street Route 128 Mass Turnpike MA 1 180,155 88.6 % 88.6 % 47.49

Reservoir Place Route 128 Mass Turnpike MA 1 164,993 66.5 % 68.4 % 38.85

153 & 211 Second Avenue 10

Route 128 Mass Turnpike MA 2 154,093 84.0 % 84.0 % 53.43

1265 Main Street (50% ownership) 4

Route 128 Mass Turnpike MA 1 120,681 100.0 % 100.0 % 59.36

103 CityPoint 6

Route 128 Mass Turnpike MA 1 112,842 — % — % —

Reservoir Place North Route 128 Mass Turnpike MA 1 73,258 100.0 % 100.0 % 53.85

The Point 5

Route 128 Mass Turnpike MA 1 16,300 100.0 % 100.0 % 66.97

33 Hayden Avenue 6

Route 128 Northwest MA 1 80,872 100.0 % 100.0 % 82.65

32 Hartwell Avenue Route 128 Northwest MA 1 69,154 100.0 % 100.0 % 28.63

100 Hayden Avenue 6

Route 128 Northwest MA 1 55,924 100.0 % 100.0 % 68.25

92 Hayden Avenue Route 128 Northwest MA 1 31,100 100.0 % 100.0 % 48.58

Subtotal 23 3,956,797 78.6 % 81.8 % $ 61.36

NEW YORK

Office

510 Carnegie Center Princeton NJ 1 234,160 72.4 % 78.4 % $ 40.62

206 Carnegie Center Princeton NJ 1 161,763 — % — % —

210 Carnegie Center Princeton NJ 1 159,468 33.2 % 66.2 % 41.69

212 Carnegie Center Princeton NJ 1 148,942 72.5 % 74.9 % 36.30

214 Carnegie Center Princeton NJ 1 146,799 62.8 % 62.8 % 38.82

506 Carnegie Center Princeton NJ 1 139,050 95.1 % 95.1 % 41.84

508 Carnegie Center Princeton NJ 1 134,433 100.0 % 100.0 % 44.87

202 Carnegie Center Princeton NJ 1 134,067 73.7 % 73.7 % 37.38

804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 42.31

101 Carnegie Center Princeton NJ 1 122,791 82.3 % 82.3 % 36.44

504 Carnegie Center Princeton NJ 1 121,990 100.0 % 100.0 % 35.68

Q1 2026

In-service property listing (continued)

as of March 31, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

502 Carnegie Center Princeton NJ 1 121,460 94.8 % 94.8 % 49.34

701 Carnegie Center Princeton NJ 1 120,000 100.0 % 100.0 % 35.32

104 Carnegie Center Princeton NJ 1 101,969 73.4 % 73.4 % 38.71

103 Carnegie Center Princeton NJ 1 96,322 67.6 % 68.2 % 38.13

302 Carnegie Center Princeton NJ 1 64,926 100.0 % 100.0 % 37.24

211 Carnegie Center Princeton NJ 1 47,025 — % — % —

201 Carnegie Center Princeton NJ — 6,500 100.0 % 100.0 % 35.76

Subtotal 17 2,191,665 72.4 % 75.7 % $ 39.92

SAN FRANCISCO

Office

Mountain View Research Park 11

Mountain View CA 16 571,884 57.6 % 57.6 % 59.87

2440 West El Camino Real Mountain View CA 1 142,711 51.6 % 51.6 % 61.86

Subtotal 17 714,595 56.4 % 56.4 % $ 60.24

WASHINGTON, DC

Office

Kingstowne Two Springfield VA 1 157,174 52.3 % 69.3 % $ 38.47

Kingstowne Retail 5, 12

Springfield VA 1 88,288 100.0 % 100.0 % 31.51

Subtotal 2 245,462 69.4 % 80.3 % $ 34.87

Suburban Total 59 7,108,519 74.1 % 77.3 % $ 53.97

BXP’s Share of Suburban 73.9 % 77.1 %

Total In-Service Properties: 158 47,049,449 87.4 %

90.9 %

$ 85.28

BXP’s Share of Total In-Service Properties: 3

87.7 %

90.6 %

_____________

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

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

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

4This is an unconsolidated joint venture property.

5This is a retail property.

6Classified as a laboratory/life sciences property.

7Not included in the Same Property analysis.

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

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

10211 Second Avenue is classified as a laboratory/life sciences property.

11Includes 453 Ravendale Drive.

12The property was sold on April 17, 2026.

Q1 2026

Top 20 clients listing and portfolio client diversification

as of March 31, 2026

TOP 20 CLIENTS

No. Client

BXP’s Share of Annualized Rental Obligations 1

Weighted Average Remaining Lease Term (years) 2

1 Salesforce 3.44 % 6.0

2 Google 3.22 % 11.1

3 Akamai Technologies 2.22 % 8.6

4 Kirkland & Ellis 1.97 % 12.0

5 Biogen 1.85 % 2.1

6 Fannie Mae 1.55 % 11.4

7 Millennium Management 1.47 % 10.0

8 Snap 1.30 % 10.0

9 Weil Gotshal & Manges 1.27 % 8.2

10 Ropes & Gray 1.27 % 12.5

11 Microsoft 1.15 % 7.4

12 Wellington Management 1.06 % 9.7

13 Arnold & Porter Kaye Scholer 1.03 % 8.7

14 Allen Overy Shearman Sterling 0.98 % 16.1

15 Bain Capital 0.96 % 5.8

16 Morrison & Foerster 0.93 % 4.4

17 Starr (formerly C.V. Starr & Co) 0.88 % 3.4

18 Leidos 0.85 % 7.1

19 Wilmer Cutler Pickering Hale 0.85 % 12.7

20 Mass Financial Services 0.84 % 11.9

BXP’s Share of Annualized Rental Obligations 29.09 %

BXP’s Share of Square Feet 1

22.67 %

Weighted Average Remaining Lease Term (years) 8.9

NOTABLE SIGNED DEALS 3

Client Property Square Feet

AstraZeneca 290 Binney Street 573,000

Goodwin Procter 200 Fifth Avenue 304,000

Starr 343 Madison Avenue 274,000

Sidley Austin 4

2100 M Street 234,000

McDermott Will & Schulte 725 12th Street 152,000

Cooley 725 12th Street 126,000

CLIENT DIVERSIFICATION 2

_____________

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

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

3Represents leases signed with occupancy commencing in the future on vacant in-service space or properties under development or redevelopment. The number of square feet is an estimate.

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

Q1 2026

Occupancy by location

as of March 31, 2026

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

CBD Suburban Total

Location 31-Mar-26 31-Dec-25 31-Mar-26 31-Dec-25 31-Mar-26 31-Dec-25

Boston 97.3 % 97.6 % 78.6 % 75.9 % 92.4 % 91.9 %

Los Angeles 87.2 % 86.5 % — % — % 87.2 % 86.5 %

New York 86.8 % 86.2 % 72.4 % 71.8 % 84.4 % 83.8 %

San Francisco 82.7 % 81.9 % 56.4 % 60.8 % 79.7 % 77.0 %

Seattle 80.7 % 79.8 % — % — % 80.7 % 79.8 %

Washington, DC 91.3 % 92.4 % 69.4 % 70.2 % 90.6 % 91.7 %

Total Portfolio 89.9 % 89.8 % 74.1 % 71.4 % 87.4 % 86.7 %

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

CBD Suburban Total

Location 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25 31-Mar-26 31-Mar-25

Boston 97.3 % 96.3 % 77.7 % 76.9 % 92.3 % 91.4 %

Los Angeles 87.2 % 85.6 % — % — % 87.2 % 85.6 %

New York 88.7 % 88.1 % 72.4 % 70.0 % 85.8 % 84.9 %

San Francisco 82.7 % 81.7 % 56.4 % 61.7 % 79.7 % 79.5 %

Seattle 80.7 % 81.9 % — % — % 80.7 % 81.9 %

Washington, DC 91.6 % 92.0 % 69.4 % 68.5 % 90.9 % 91.2 %

Total Portfolio 90.5 % 89.9 % 73.5 % 72.8 % 87.9 % 87.3 %

_____________

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

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

Q1 2026

Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal

Mortgage Notes Payable $ 4,296,994

Unsecured Line of Credit —

Unsecured Term Loans 800,000

Unsecured Commercial Paper 750,000

Unsecured Senior Notes, at face value 8,850,000

Unsecured Exchangeable Senior Notes, at face value 1,000,000

Outstanding Principal 15,696,994

Discount on Unsecured Senior Notes (7,786)

Deferred Financing Costs, Net (75,199)

Consolidated Debt $ 15,614,009

MORTGAGE NOTES PAYABLE

Interest Rate

Property Maturity Date

GAAP 1

Stated 2

Outstanding Principal

767 Fifth Avenue (The GM Building) (60% ownership) June 9, 2027 3.64% 3.43% $ 2,300,000

Santa Monica Business Park October 8, 2028 5.40% 5.28% 200,000

90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage October 26, 2028 6.27% 6.04% 600,000

901 New York Avenue January 5, 2029 5.06% 5.00% 196,994

601 Lexington Avenue (55% ownership) January 9, 2032 2.93% 2.79% 1,000,000

Total $ 4,296,994

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

Interest Rate

Maturity Date

GAAP 1

Stated Outstanding Principal

Unsecured Senior Notes October 1, 2026 3.50% 2.75% $ 1,000,000

Unsecured Senior Notes (“green bonds”) December 1, 2027 6.92% 6.75% 750,000

Unsecured Senior Notes (“green bonds”) December 1, 2028 4.63% 4.50% 1,000,000

Unsecured Senior Notes (“green bonds”) June 21, 2029 3.51% 3.40% 850,000

Unsecured Senior Notes March 15, 2030 2.98% 2.90% 700,000

Unsecured Senior Notes January 30, 2031 3.34% 3.25% 1,250,000

Unsecured Senior Notes (“green bonds”) April 1, 2032 2.67% 2.55% 850,000

Unsecured Senior Notes (“green bonds”) October 1, 2033 2.52% 2.45% 850,000

Unsecured Senior Notes (“green bonds”) January 15, 2034 6.62% 6.50% 750,000

Unsecured Senior Notes January 15, 2035 5.84% 5.75% 850,000

$ 8,850,000

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES 3, 4

Interest Rate

Maturity Date

GAAP 1

Stated Outstanding Principal

Unsecured Exchangeable Senior Notes October 1, 2030 2.50% 2.00% $ 1,000,000

$ 1,000,000

Q1 2026

Capital structure (continued)

CAPITALIZATION

Shares/Units Common Stock

Outstanding Equivalents

Equivalent Value 5

Common Stock 158,676 158,676 $ 8,235,284

Common Operating Partnership Units 18,787 18,787 975,045

Total Equity 177,463 $ 9,210,329

Consolidated Debt (A)

$ 15,614,009

Add: BXP’s share of unconsolidated joint venture debt 6

1,098,382

Less: Partners’ share of consolidated debt 7

1,364,858

BXP’s Share of Debt 8 (B)

$ 15,347,533

Consolidated Market Capitalization (C)

$ 24,824,338

BXP’s Share of Market Capitalization 8 (D)

$ 24,557,862

Consolidated Debt/Consolidated Market Capitalization (A÷C)

62.90 %

BXP’s Share of Debt/BXP’s Share of Market Capitalization 8 (B÷D)

62.50 %

_____________

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

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

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

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

5Values are based on the March 31, 2026 closing price of $51.90 per share of BXP common stock.

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

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

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

Q1 2026

Debt analysis 1

as of March 31, 2026

(dollars in thousands)

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

Facility Outstanding at March 31, 2026 Remaining Capacity at March 31, 2026

Unsecured Line of Credit $ 2,250,000 $ — $ 2,250,000

Less:

Unsecured Commercial Paper 2

750,000

Letters of Credit 5,253

Total Remaining Capacity $ 1,494,747

UNSECURED TERM LOANS

Maturity Date Facility Outstanding Principal

2024 Unsecured Term Loan 3

September 26, 2026 $ 100,000 $ 100,000

Unsecured Term Loan Facility 4

March 30, 2029 $ 700,000 700,000

$ 800,000

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average

% of Total Debt Stated Rates

GAAP Rates 5

Maturity (years)

Unsecured Debt 72.58 % 3.94 % 4.06 % 4.2

Secured Debt 27.42 % 3.80 % 3.99 % 2.6

Consolidated Debt 100.00 % 3.90 % 4.04 % 3.7

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average

% of Total Debt Stated Rates

GAAP Rates 5

Maturity (years)

Floating Rate Debt 2

9.27 % 4.30 % 4.37 % 1.5

Fixed Rate Debt 3, 6

90.73 % 3.86 % 4.00 % 4.0

Consolidated Debt 100.00 % 3.90 % 4.04 % 3.7

_____________

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

2The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At March 31, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.10% per annum and had a weighted-average maturity of 40 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

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

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

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

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

Q1 2026

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 March 31, 2026 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% 48.0 % 45.1 %

Secured Debt/Total Assets Less than 50% 15.7 % 14.8 %

Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.00 3.00

Unencumbered Assets/ Unsecured Debt Greater than 150% 229.2 % 246.1 %

_____________

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.

Q1 2026

Net Debt to EBITDAre

(dollars in thousands)

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

Three Months Ended

31-Mar-26 31-Dec-25

Net income attributable to BXP, Inc. $ 101,576 $ 248,486

Add:

Noncontrolling interest - common units of the Operating Partnership 11,561 27,824

Noncontrolling interest in property partnerships 19,869 18,479

Net income 133,006 294,789

Add:

Interest expense 152,093 162,612

Depreciation and amortization expense 227,967 232,015

Impairment losses — 16,902

Less:

Gains on sales of real estate 13,402 156,410

Income from unconsolidated joint ventures 2

35,413 50,232

Add:

BXP’s share of EBITDAre from unconsolidated joint ventures 3

24,218 29,496

EBITDAre 1

488,469 529,172

Less:

Partners’ share of EBITDAre from consolidated joint ventures 4

52,519 52,588

BXP’s Share of EBITDAre 1 (A)

435,950 476,584

Add:

Stock-based compensation expense 26,043 4,497

BXP’s Share of straight-line ground rent expense adjustment 1

(4,849) (3,118)

BXP’s Share of lease transaction costs that qualify as rent inducements 1

3,739 4,488

Less:

BXP’s Share of non-cash termination income adjustment 1

(1,744) (4,121)

BXP’s Share of straight-line rent 1

20,444 21,586

BXP’s Share of fair value lease revenue 1

2,715 3,030

BXP’s Share of amortization and accretion related to sales type lease 1

274 268

BXP’s Share of non-cash loss from early extinguishments of debt 1

— 54

BXP’s Share of EBITDAre – cash 1

$ 439,194 $ 461,634

BXP’s Share of EBITDAre (Annualized) 5 (A x 4)

$ 1,743,800 $ 1,906,336

Reconciliation of BXP’s Share of Net Debt 1

31-Mar-26 31-Dec-25

Consolidated debt $ 15,614,009 $ 16,609,483

Less:

Cash and cash equivalents 512,783 1,478,206

Cash held in escrow for 1031 exchange — —

Net debt 1

15,101,226 15,131,277

Add:

BXP’s share of unconsolidated joint venture debt 3

1,098,382 1,221,666

Partners’ share of cash and cash equivalents from consolidated joint ventures 89,147 115,917

Less:

BXP’s share of cash and cash equivalents from unconsolidated joint ventures 92,554 108,177

Partners’ share of consolidated joint venture debt 4

1,364,858 1,364,360

BXP’s share of related party note receivables 15,873 15,000

BXP’s Share of Net Debt 1 (B)

$ 14,815,470 $ 14,981,323

BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]

8.50 7.86

_____________

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

2For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended March 31, 2026, see pages 35 and 64.

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended March 31, 2026, see pages 33 and 62.

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

Q1 2026

Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended

31-Mar-26 31-Dec-25

BXP’s Share of interest expense 1

$ 156,846 $ 167,074

Less:

BXP’s Share of hedge amortization, net of costs 1

1,706 1,712

BXP’s share of fair value interest adjustment 1

216 509

BXP’s Share of amortization of financing costs 1

5,846 5,995

Adjusted interest expense excluding capitalized interest (A)

149,078 158,858

Add:

BXP’s Share of capitalized interest 1

16,477 14,657

Adjusted interest expense including capitalized interest (B)

$ 165,555 $ 173,515

BXP’s Share of EBITDAre – cash 1, 2 (C)

$ 439,194 $ 461,634

Interest Coverage Ratio (excluding capitalized interest) (C÷A)

2.95 2.91

Interest Coverage Ratio (including capitalized interest) (C÷B)

2.65 2.66

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended

31-Mar-26 31-Dec-25

BXP’s Share of interest expense 1

$ 156,846 $ 167,074

Less:

BXP’s Share of hedge amortization, net of costs 1

1,706 1,712

BXP’s Share of fair value interest adjustment 1

216 509

BXP’s Share of amortization of financing costs 1

5,846 5,995

Add:

BXP’s Share of capitalized interest 1

16,477 14,657

BXP’s Share of maintenance capital expenditures 1

16,647 17,171

Hotel improvements, equipment upgrades and replacements 1,066 591

Total Fixed Charges (A)

$ 183,268 $ 191,277

BXP’s Share of EBITDAre – cash 1, 2 (B)

$ 439,194 $ 461,634

Fixed Charge Coverage Ratio (B÷A)

2.40 2.41

_____________

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

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

Q1 2026

Consolidated joint ventures

as of March 31, 2026

(unaudited and in thousands)

BALANCE SHEET INFORMATION

767 Fifth Avenue Total Consolidated

ASSETS

(The GM Building) 1

Norges Joint Ventures 1, 2

Joint Ventures

Real estate, net $ 3,158,630 $ 3,193,432 $ 6,352,062

Cash and cash equivalents 54,674 149,504 204,178

Other assets 342,440 502,398 844,838

Total assets $ 3,555,744 $ 3,845,334 $ 7,401,078

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 2,295,859 $ 992,215 $ 3,288,074

Other liabilities

64,850 132,988 197,838

Total liabilities 2,360,709 1,125,203 3,485,912

Equity:

BXP, Inc. 718,462 1,214,527 1,932,989

Noncontrolling interests 476,573 1,505,604 1,982,177

Total equity 1,195,035 2,720,131 3,915,166

Total liabilities and equity $ 3,555,744 $ 3,845,334 $ 7,401,078

BXP’s nominal ownership percentage 60% 55%

Partners’ share of cash and cash equivalents 4

$ 21,870 $ 67,277 $ 89,147

Partners’ share of consolidated debt 4

$ 918,361

$ 446,497 $ 1,364,858

_____________

1Certain balances contain amounts that eliminate in consolidation.

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

3Amount excludes certain preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

Q1 2026

Consolidated joint ventures (continued)

for the three months ended March 31, 2026

(unaudited and in thousands)

RESULTS OF OPERATIONS

767 Fifth Avenue Total Consolidated

(The GM Building)

Norges Joint Ventures 1

Joint Ventures

Revenue

Lease 2

$ 81,832 $ 118,236 $ 200,068

Straight-line rent 3,531 4,849 8,380

Fair value lease revenue (27) — (27)

Termination income — — —

Total lease revenue 85,336 123,085 208,421

Parking and other — 1,617 1,617

Total rental revenue 3

85,336 124,702 210,038

Expenses

Operating 35,672 49,928 85,600

Net Operating Income (NOI) 49,664 74,774 124,438

Other income (expense)

Development and management services revenue — — —

Losses from investments in securities

— (4) (4)

Interest and other income 496 1,605 2,101

Interest expense (20,956) (7,556) (28,512)

Depreciation and amortization expense (18,653) (28,077) (46,730)

General and administrative expense (16) (152) (168)

Total other income (expense) (39,129) (34,184) (73,313)

Net income $ 10,535 $ 40,590 $ 51,125

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage 60% 55%

767 Fifth Avenue Total Consolidated

Reconciliation of Partners’ share of FFO (The GM Building)

Norges Joint Ventures 1

Joint Ventures

Net income $ 10,535 $ 40,590 $ 51,125

Add: Depreciation and amortization expense 18,653 28,077 46,730

Entity FFO $ 29,188 $ 68,667 $ 97,855

Noncontrolling interest in property partnerships (Partners’ NCI) 4

$ 3,108 $ 16,761 $ 19,869

Partners’ share of depreciation and amortization expense after BXP’s basis differential 4

7,852 13,019 20,871

Partners’ share FFO 4

$ 10,960 $ 29,780 $ 40,740

Reconciliation of BXP’s share of FFO

BXP’s share of net income adjusted for partners’ NCI

$ 7,427 $ 23,829 $ 31,256

Depreciation and amortization expense - BXP’s basis difference

61 411 472

BXP’s share of depreciation and amortization expense

10,740 14,647 25,387

BXP’s share of FFO $ 18,228 $ 38,887 $ 57,115

_____________

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

2 Lease revenue includes recoveries and service income from clients.

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

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

Q1 2026

Unconsolidated joint ventures 1

as of March 31, 2026

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

BXP’s Nominal Ownership Mortgage/Mezzanine/Construction Loans Payable, Net Interest Rate

Property Net Equity Maturity Date Stated

GAAP 2

Boston

The Hub on Causeway - Podium 50.00 % $ 52,922 $ 61,858 April 9, 2031 5.73 % 5.94 %

100 Causeway Street

50.00 % 49,104 168,255 April 9, 2031 5.73 % 5.94 %

Hub50House 50.00 % 33,355 92,076 June 17, 2032 4.43 % 4.51 %

Hotel Air Rights 50.00 % 12,188 — — — — %

1265 Main Street 50.00 % 2,977 16,144 January 1, 2032 3.77 % 3.84 %

17 Hartwell Avenue 3

20.00 % 13,022 — July 10, 2030 N/A N/A

Los Angeles

Colorado Center 50.00 % 68,220 274,880 August 9, 2027 3.56 % 3.59 %

Beach Cities Media Campus 4

50.00 % 84 — — — % — %

New York

360 Park Avenue South 71.11 % 100,534 155,693 December 13, 2027 6.17 % 6.49 %

Dock 72 5

50.00 % 82,392 — — — % — %

200 Fifth Avenue 26.69 % 80,016 154,296 November 24, 2028 4.34 % 5.60 %

3 Hudson Boulevard 6

25.00 % 108,394 31,591 November 9, 2027 9.25 % 10.76 %

290 Coles Street - Common Equity 7

19.46 % 19,943 — March 5, 2029 N/A N/A

290 Coles Street - Preferred Equity 8

— % 61,460 — — — % — %

San Francisco

Platform 16 55.00 % 58,613 — — — % — %

Seattle

Safeco Plaza 33.67 % (2,772) 84,127 September 1, 2026 4.82 % 6.21 %

Washington, DC

1001 6th Street 50.00 % 45,826 — — — % — %

13100 & 13150 Worldgate Drive 50.00 % 22,215 — — — % — %

Wisconsin Place Parking Facility 33.33 % 28,768 — — — % — %

500 North Capitol Street, N.W. 9

30.00 % (12,894) 31,473 June 5, 2026 6.83 % 7.16 %

Skymark - Reston Next Residential 20.00 % 14,273 27,989 May 13, 2026 5.67 % 5.99 %

838,640

Investments with deficit balances reflected within Other Liabilities

16,082

Investments in Unconsolidated Joint Ventures $ 854,722

Mortgage/Mezzanine/Construction Loans Payable, Net $ 1,098,382

Q1 2026

Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average

% of Total Debt Stated Rates

GAAP Rates 2

Maturity (years)

Floating Rate Debt 27.26 % 6.07 % 6.82 % 1.2

Fixed Rate Debt 72.74 % 4.57 % 4.90 % 4.7

Total Debt 100.00 % 4.98 % 5.43 % 3.7

_____________

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

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

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

4The Company completed the sale of the property on September 17, 2025 and is currently in the process of dissolving the joint venture.

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

6The indebtedness consists of (x) a senior loan with a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (y) a mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of March 31, 2026, the Company has funded approximately $21.5 million of the mezzanine loan. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

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

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

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

Q1 2026

Unconsolidated joint ventures (continued)

for the three months ended March 31, 2026

(unaudited and in thousands)

RESULTS OF OPERATIONS 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures

Revenue

Lease 2

$ 28,307 $ 20,627 $ 19,201 $ 141 $ 7,331 $ 17,294 $ 92,901

Straight-line rent 275 (1,710) 1,598 13 (5) 295 466

Fair value lease revenue — — 1,221 — 998 — 2,219

Termination income — — — — — — —

Amortization and accretion related to sales-type lease 57 — — — — — 57

Total lease revenue 28,639 18,917 22,020 154 8,324 17,589 95,643

Parking and other 1 2,116 123 — 583 909 3,732

Total rental revenue 3

28,640 21,033 22,143 154 8,907 18,498 99,375

Expenses

Operating 11,118 7,702 17,940 1,116 3,464 6,392 47,732

Net operating income 17,522 13,331 4,203 (962) 5,443 12,106 51,643

Other income (expense)

Development and management services revenue — — 413 — — — 413

Interest and other income (loss) 310 1,008 890 (3) 64 135 2,404

Interest expense (9,301) (4,943) (14,647) — (3,869) (6,920) (39,680)

Transaction costs — — (8) — — — (8)

Depreciation and amortization expense (8,483) (5,566) (12,001) — (1,434) (4,388) (31,872)

General and administrative expense — (33) (150) — (16) — (199)

Loss on sale of real estate — (2) — — — — (2)

Total other income (expense) (17,474) (9,536) (25,503) (3) (5,255) (11,173) (68,944)

Net income (loss) $ 48 $ 3,795 $ (21,300) $ (965) $ 188 $ 933 $ (17,301)

Reconciliation of BXP’s share of Funds from Operations (FFO)

BXP’s share of net income (loss) $ 23 $ 1,896 $ (9,146) $ (530) $ 65 $ 826 $ (6,866)

Basis differential

Straight-line rent $ — $ 92

$ 104

$ — $ — $ — $ 196

Fair value lease revenue — 44

— — — 80

Interest expense — — (67) — — — (67)

Fair value interest adjustment — — (260) — — — (260)

Amortization of financing costs — — 111 — — — 111

Depreciation and amortization expense (5) 571

856

(391) (74) 985

Gains on sales of investments — — — 6,394 — 34,840 41,234

Total basis differential (5) 707

780

6,422

(391) 34,766 42,279

Income (loss) from unconsolidated joint ventures 18 2,603 (8,366) 5,892 (326) 35,592 35,413

Add:

BXP’s share of depreciation and amortization expense 4,244 2,213

4,665

(28)

874 1,538 13,506

Less:

BXP’s share of gains (loss) on sales 5

— (1) — 6,394 — 34,840 41,233

BXP’s share of FFO $ 4,262 $ 4,817 $ (3,701) $ (530) $ 548 $ 2,290 $ 7,686

_____________

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

2 Lease revenue includes recoveries and service income from clients.

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

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

5 For additional information, see page 14.

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

Percentage of Total Square Feet

$ $/PSF $ $/PSF

2026 702,405 655,564 48,723,504 74.32 49,333,749 75.25 1.75 %

2027 1,855,394 1,714,794 128,115,565 74.71 130,578,268 76.15 4.58 %

2028 2,831,669 2,220,236 200,256,018 90.20 208,617,903 93.96 5.93 %

2029 3,668,064 3,210,149 253,363,566 78.93 266,035,207 82.87 8.57 %

2030 2,389,962 2,291,823 179,243,750 78.21 188,803,149 82.38 6.12 %

2031 2,615,154 2,446,601 213,119,655 87.11 227,849,645 93.13 6.53 %

2032 2,762,393 2,527,603 195,955,569 77.53 228,529,511 90.41 6.75 %

2033 2,641,810 2,467,111 212,606,804 86.18 241,053,412 97.71 6.59 %

2034 2,956,870 2,527,127 230,687,860 91.28 256,355,293 101.44 6.75 %

2035 2,347,889 1,930,814 155,596,753 80.59 185,011,270 95.82 5.16 %

Thereafter 12,313,569 10,248,722 867,870,424 84.68 1,041,745,400 101.65 27.37 %

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

Percentage of Total Square Feet

$ $/PSF $ $/PSF

2026 64,489 54,895 4,715,816 85.91 4,722,690 86.03 2.39 %

2027 87,470 77,168 9,918,498 128.53 9,980,139 129.33 3.37 %

2028 88,600 86,823 8,797,790 101.33 8,922,161 102.76 3.79 %

2029 167,525 162,200 17,909,255 110.41 18,583,764 114.57 7.08 %

2030 167,019 130,611 12,386,044 94.83 13,166,676 100.81 5.70 %

2031 97,293 88,532 10,990,946 124.15 11,930,921 134.76 3.86 %

2032 127,511 125,802 10,085,486 80.17 11,065,960 87.96 5.49 %

2033 340,990 307,587 28,512,135 92.70 32,018,170 104.09 13.42 %

2034 362,774 266,302 35,200,820 132.18 40,574,656 152.36 11.62 %

2035 334,520 291,425 16,635,881 57.08 19,847,320 68.10 12.71 %

Thereafter 265,747 218,749 38,878,580 177.73 33,476,563 153.04 9.54 %

IN-SERVICE PROPERTIES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

Percentage of Total Square Feet

$ $/PSF $ $/PSF

2026 766,894 710,459 53,439,320 75.22 54,056,439 76.09 1.79 %

2027 1,942,864 1,791,962 138,034,063 77.03 140,558,407 78.44 4.51 %

2028 2,920,269 2,307,059 209,053,808 90.61 217,540,064 94.29 5.81 %

2029 3,835,589 3,372,349 271,272,821 80.44 284,618,971 84.40 8.49 %

2030 2,556,981 2,422,434 191,629,794 79.11 201,969,825 83.37 6.10 %

2031 2,712,447 2,535,133 224,110,601 88.40 239,780,566 94.58 6.38 %

2032 2,889,904 2,653,405 206,041,055 77.65 239,595,471 90.30 6.68 %

2033 2,982,800 2,774,698 241,118,939 86.90 273,071,582 98.41 6.98 %

2034 3,319,644 2,793,429 265,888,680 95.18 296,929,949 106.30 7.03 %

2035 2,682,409 2,222,239 172,232,634 77.50 204,858,590 92.19 5.59 %

Thereafter 12,579,316 10,467,471 906,749,004 86.63 1,075,221,963 102.72 26.34 %

_____________

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

2Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 328,137 290,336 23,067,361 79.45 23,067,362 79.45

2027 424,256 414,675 31,209,337 75.26 31,389,061 75.70

2028 894,620 866,627 85,377,676 98.52 88,742,250 102.40

2029 1,195,676 1,062,190 74,072,488 69.74 78,123,359 73.55

2030 1,132,055 1,116,176 78,562,584 70.39 82,305,369 73.74

2031 679,278 610,315 42,623,746 69.84 45,547,871 74.63

2032 1,057,861 1,057,861 82,610,329 78.09 100,826,062 95.31

2033 420,704 391,981 37,264,189 95.07 42,628,283 108.75

2034 1,444,356 1,287,759 113,465,771 88.11 126,194,538 98.00

2035 717,734 647,451 56,099,858 86.65 73,271,809 113.17

Thereafter 4,403,463 3,542,204 306,845,890 86.63 365,905,263 103.30

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 19,863 19,863 2,484,631 125.09 2,484,631 125.09

2027 41,061 34,432 5,320,512 154.52 5,331,595 154.85

2028 35,491 35,491 4,971,704 140.08 5,057,826 142.51

2029 61,901 61,226 8,708,529 142.24 8,829,754 144.22

2030 93,409 57,434 6,164,136 107.33 6,291,013 109.54

2031 10,565 10,565 1,038,297 98.28 1,112,795 105.33

2032 67,548 66,957 5,273,772 78.76 5,755,586 85.96

2033 287,788 254,385 21,346,553 83.91 23,997,326 94.33

2034 164,155 131,856 11,054,888 83.84 12,100,393 91.77

2035 119,685 119,685 8,550,706 71.44 8,945,595 74.74

Thereafter 108,212 97,701 10,739,180 109.92 13,002,951 133.09

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 348,000 310,199 25,551,992 82.37 25,551,993 82.37

2027 465,317 449,107 36,529,849 81.34 36,720,656 81.76

2028 930,111 902,118 90,349,380 100.15 93,800,076 103.98

2029 1,257,577 1,123,416 82,781,017 73.69 86,953,113 77.40

2030 1,225,464 1,173,610 84,726,720 72.19 88,596,382 75.49

2031 689,843 620,880 43,662,043 70.32 46,660,666 75.15

2032 1,125,409 1,124,818 87,884,101 78.13 106,581,648 94.75

2033 708,492 646,366 58,610,742 90.68 66,625,609 103.08

2034 1,608,511 1,419,615 124,520,659 87.71 138,294,931 97.42

2035 837,419 767,136 64,650,564 84.28 82,217,404 107.17

Thereafter 4,511,675 3,639,905 317,585,070 87.25 378,908,214 104.10

_____________

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

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

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 109,479 90,840 8,942,753 98.45 8,942,753 98.45

Q3 2026 91,379 78,713 5,390,319 68.48 5,390,320 68.48

Q4 2026 127,279 120,783 8,734,289 72.31 8,734,289 72.31

Total 2026 328,137 290,336 23,067,361 79.45 23,067,362 79.45

Q1 2027 100,327 99,232 9,183,941 92.55 9,183,941 92.55

Q2 2027 51,799 47,006 2,386,494 50.77 2,358,213 50.17

Q3 2027 81,937 78,244 6,276,251 80.21 6,268,801 80.12

Q4 2027 190,193 190,193 13,362,652 70.26 13,578,106 71.39

Total 2027 424,256 414,675 31,209,337 75.26 31,389,061 75.70

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 —

—

— — — —

Q2 2026 6,064 6,064 484,928 79.97 484,928 79.97

Q3 2026 4,293 4,293 850,124 198.03 850,124 198.03

Q4 2026 9,506 9,506 1,149,579 120.93 1,149,579 120.93

Total 2026 19,863 19,863 2,484,631 125.09 2,484,631 125.09

Q1 2027 10,830 10,830 2,559,833 236.37 2,562,390 236.60

Q2 2027 3,575 3,260 760,057 233.15 760,057 233.15

Q3 2027 10,503 10,503 963,165 91.70 963,165 91.70

Q4 2027 16,153 9,839 1,037,458 105.44 1,045,984 106.31

Total 2027 41,061 34,432 5,320,512 154.52 5,331,595 154.85

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 115,543 96,904 9,427,681 97.29 9,427,681 97.29

Q3 2026 95,672 83,006 6,240,443 75.18 6,240,444 75.18

Q4 2026 136,785 130,289 9,883,868 75.86 9,883,868 75.86

Total 2026 348,000 310,199 25,551,992 82.37 25,551,993 82.37

Q1 2027 111,157 110,062 11,743,774 106.70 11,746,331 106.72

Q2 2027 55,374 50,266 3,146,551 62.60 3,118,270 62.04

Q3 2027 92,440 88,747 7,239,416 81.57 7,231,966 81.49

Q4 2027 206,346 200,032 14,400,110 71.99 14,624,090 73.11

Total 2027 465,317 449,107 36,529,849 81.34 36,720,656 81.76

_____________

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

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

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 — — — — — —

2027 187,615 94,310 7,164,869 75.97 7,368,372 78.13

2028 270,593 172,796 14,693,981 85.04 15,618,894 90.39

2029 229,160 147,509 10,537,866 71.44 10,547,636 71.51

2030 52,026 52,026 3,250,417 62.48 3,731,364 71.72

2031 7,752 7,752 534,074 68.89 632,555 81.60

2032 246,667 127,701 11,104,239 86.96 13,365,607 104.66

2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45

2034 3,739 3,739 235,557 63.00 298,397 79.81

2035 — — — — — —

Thereafter 494,641 494,641 38,974,950 78.79 46,203,493 93.41

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 19,188 9,594 135,600 14.13 135,600 14.13

2027 — — — — — —

2028 — — — — — —

2029 38,118 38,118 2,342,148 61.44 2,487,300 65.25

2030 11,364 11,364 1,312,220 115.47 1,440,674 126.78

2031 — — — — — —

2032 — — — — — —

2033 — — — — — —

2034 19,993 9,997 248,508 24.86 248,508 24.86

2035 8,043 8,043 649,611 80.77 803,577 99.91

Thereafter 5,827 5,827 693,057 118.94 642,811 110.32

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 19,188 9,594 135,600 14.13 135,600 14.13

2027 187,615 94,310 7,164,869 75.97 7,368,372 78.13

2028 270,593 172,796 14,693,981 85.04 15,618,894 90.39

2029 267,278 185,627 12,880,014 69.39 13,034,936 70.22

2030 63,390 63,390 4,562,637 71.98 5,172,038 81.59

2031 7,752 7,752 534,074 68.89 632,555 81.60

2032 246,667 127,701 11,104,239 86.95 13,365,607 104.66

2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45

2034 23,732 13,736 484,065 35.24 546,905 39.82

2035 8,043 8,043 649,611 80.77 803,577 99.91

Thereafter 500,468 500,468 39,668,007 79.26 46,846,304 93.60

_____________

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

2Includes partially placed in-service leased space.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 — — — — — —

Q3 2026 — — — — — —

Q4 2026 — — — — — —

Total 2026 — — — — — —

Q1 2027 174,115 87,058 6,953,516 79.87 7,153,052 82.16

Q2 2027 12,496 6,248 146,203 23.40 146,203 23.40

Q3 2027 1,004 1,004 65,150 64.89 69,117 68.84

Q4 2027 — — — — — —

Total 2027 187,615 94,310 7,164,869 75.97 7,368,372 78.13

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 — — — — — —

Q3 2026 19,188 9,594 135,600 14.13 135,600 14.13

Q4 2026 — — — — — —

Total 2026 19,188 9,594 135,600 14.13 135,600 14.13

Q1 2027 — — — — — —

Q2 2027 — — — — — —

Q3 2027 — — — — — —

Q4 2027 — — — — — —

Total 2027 — — — — — —

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 — — — — — —

Q3 2026 19,188 9,594 135,600 14.13 135,600 14.13

Q4 2026 — — — — — —

Total 2026 19,188 9,594 135,600 14.13 135,600 14.13

Q1 2027 174,115 87,058 6,953,516 79.87 7,153,052 82.16

Q2 2027 12,496 6,248 146,203 23.40 146,203 23.40

Q3 2027 1,004 1,004 65,150 64.89 69,117 68.84

Q4 2027 — — — — — —

Total 2027 187,615 94,310 7,164,869 75.97 7,368,372 78.13

_____________

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

2Includes partially placed in-service leased space.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 50,705 46,866 2,786,885 59.46 3,342,722 71.33

2027 391,813 354,741 20,885,377 58.88 21,370,404 60.24

2028 332,832 278,162 24,387,886 87.67 24,327,867 87.46

2029 1,211,562 997,669 90,334,326 90.55 94,427,935 94.65

2030 598,182 525,155 50,497,524 96.16 50,884,366 96.89

2031 625,625 543,476 47,543,953 87.48 48,471,873 89.19

2032 402,947 300,472 22,369,218 74.45 23,209,298 77.24

2033 439,095 389,138 41,063,898 105.53 44,294,776 113.83

2034 1,070,005 796,859 87,795,312 110.18 94,362,132 118.42

2035 978,075 671,594 66,144,377 98.49 72,271,279 107.61

Thereafter 4,259,234 3,055,646 288,652,959 94.47 333,634,562 109.19

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 5,248 5,248 1,056,263 201.27 1,056,263 201.27

2027 11,406 7,733 2,746,347 355.14 2,746,347 355.14

2028 2,424 647 211,454 326.84 211,454 326.84

2029 9,577 5,671 1,805,619 318.39 1,956,781 345.05

2030 3,439 3,439 519,818 151.15 620,962 180.56

2031 20,784 14,468 5,374,693 371.50 5,907,844 408.35

2032 16,361 15,243 1,668,373 109.45 1,872,444 122.84

2033 20,928 20,928 4,546,906 217.26 5,136,236 245.42

2034 139,214 85,037 21,406,248 251.73 25,501,425 299.89

2035 114,671 74,697 4,841,818 64.82 6,304,531 84.40

Thereafter 105,007 68,520 23,825,727 347.72 15,371,505 224.34

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 55,953 52,114 3,843,148 73.75 4,398,985 84.41

2027 403,219 362,474 23,631,724 65.20 24,116,751 66.53

2028 335,256 278,809 24,599,340 88.23 24,539,321 88.01

2029 1,221,139 1,003,340 92,139,945 91.83 96,384,716 96.06

2030 601,621 528,594 51,017,342 96.52 51,505,328 97.44

2031 646,409 557,944 52,918,646 94.85 54,379,717 97.46

2032 419,308 315,715 24,037,591 76.14 25,081,742 79.44

2033 460,023 410,066 45,610,804 111.23 49,431,012 120.54

2034 1,209,219 881,896 109,201,560 123.83 119,863,557 135.92

2035 1,092,746 746,291 70,986,195 95.12 78,575,810 105.29

Thereafter 4,364,241 3,124,166 312,478,686 100.02 349,006,067 111.71

_____________

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

2Includes partially placed in-service leased space.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 22,887 22,040 1,488,293 67.53 2,042,593 92.68

Q3 2026 20,194 17,202 950,388 55.25 951,925 55.34

Q4 2026 7,624 7,624 348,204 45.67 348,204 45.67

Total 2026 50,705 46,866 2,786,885 59.46 3,342,722 71.33

Q1 2027 27,345 20,176 2,029,680 100.60 2,557,889 126.78

Q2 2027 207,842 207,842 9,144,667 44.00 9,152,499 44.04

Q3 2027 66,455 64,828 2,903,737 44.79 2,954,177 45.57

Q4 2027 90,171 61,895 6,807,293 109.98 6,705,839 108.34

Total 2027 391,813 354,741 20,885,377 58.88 21,370,404 60.24

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 715 715 30,000 41.96 30,000 41.96

Q3 2026 — — — — — —

Q4 2026 4,533 4,533 1,026,263 226.40 1,026,263 226.40

Total 2026 5,248 5,248 1,056,263 201.27 1,056,263 201.27

Q1 2027 11,406 7,733 2,746,347 355.14 2,746,347 355.14

Q2 2027 — — — — — —

Q3 2027 — — — — — —

Q4 2027 — — — — — —

Total 2027 11,406 7,733 2,746,347 355.14 2,746,347 355.14

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 23,602 22,755 1,518,293 66.72 2,072,593 91.08

Q3 2026 20,194 17,202 950,388 55.25 951,925 55.34

Q4 2026 12,157 12,157 1,374,467 113.06 1,374,467 113.06

Total 2026 55,953 52,114 3,843,148 73.75 4,398,985 84.41

Q1 2027 38,751 27,909 4,776,027 171.13 5,304,236 190.05

Q2 2027 207,842 207,842 9,144,667 44.00 9,152,499 44.04

Q3 2027 66,455 64,828 2,903,737 44.79 2,954,177 45.57

Q4 2027 90,171 61,895 6,807,293 109.98 6,705,839 108.34

Total 2027 403,219 362,474 23,631,724 65.20 24,116,751 66.53

_____________

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

2Includes partially placed in-service leased space.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 190,870 190,870 15,359,616 80.47 15,377,774 80.57

2027 478,518 478,518 46,850,009 97.91 47,854,954 100.01

2028 393,369 393,369 43,750,187 111.22 45,587,978 115.89

2029 592,578 592,578 55,521,305 93.69 58,864,584 99.34

2030 374,718 374,718 33,374,299 89.07 37,094,392 98.99

2031 987,505 987,505 105,904,528 107.24 114,595,544 116.05

2032 367,140 367,140 32,562,407 88.69 38,369,560 104.51

2033 630,683 630,683 69,702,757 110.52 76,793,792 121.76

2034 132,269 132,269 11,424,607 86.37 14,250,737 107.74

2035 21,961 21,961 2,479,472 112.90 3,396,692 154.67

Thereafter 628,345 628,345 62,922,812 100.14 82,622,243 131.49

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 14,633 14,633 697,227 47.65 704,101 48.12

2027 14,805 14,805 762,563 51.51 807,474 54.54

2028 17,049 17,049 1,310,651 76.88 1,328,037 77.90

2029 4,967 4,967 330,867 66.61 423,127 85.19

2030 19,864 19,864 1,546,520 77.86 1,853,174 93.29

2031 21,244 21,244 1,689,431 79.53 1,777,920 83.69

2032 6,357 6,357 446,489 70.24 492,688 77.50

2033 9,383 9,383 1,062,136 113.20 1,122,794 119.66

2034 — — — — — —

2035 — — — — — —

Thereafter 7,996 7,996 486,672 60.86 552,671 69.12

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 205,503 205,503 16,056,843 $ 78.13 16,081,875 78.26

2027 493,323 493,323 47,612,572 96.51 48,662,428 98.64

2028 410,418 410,418 45,060,838 109.79 46,916,015 114.31

2029 597,545 597,545 55,852,172 93.47 59,287,711 99.22

2030 394,582 394,582 34,920,819 88.50 38,947,566 98.71

2031 1,008,749 1,008,749 107,593,959 106.66 116,373,464 115.36

2032 373,497 373,497 33,008,896 88.38 38,862,248 104.05

2033 640,066 640,066 70,764,893 110.56 77,916,586 121.73

2034 132,269 132,269 11,424,607 86.37 14,250,737 107.74

2035 21,961 21,961 2,479,472 112.90 3,396,692 154.67

Thereafter 636,341 636,341 63,409,484 99.65 83,174,914 130.71

_____________

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

2Includes partially placed in-service leased space.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 160,867 160,867 12,961,485 80.57 12,961,485 80.57

Q3 2026 8,238 8,238 837,710 101.69 837,710 101.69

Q4 2026 21,765 21,765 1,560,421 71.69 1,578,579 72.53

Total 2026 190,870 190,870 15,359,616 80.47 15,377,774 80.57

Q1 2027 151,808 151,808 12,598,944 82.99 12,817,319 84.43

Q2 2027 26,245 26,245 2,919,352 111.23 2,999,365 114.28

Q3 2027 55,320 55,320 4,854,489 87.75 5,000,998 90.40

Q4 2027 245,145 245,145 26,477,225 108.01 27,037,273 110.29

Total 2027 478,518 478,518 46,850,009 97.91 47,854,954 100.01

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 1,821 1,821 37,260 20.46 37,260 20.46

Q3 2026 60 60 21,818 363.63 21,818 363.63

Q4 2026 12,752 12,752 638,148 50.04 645,023 50.58

Total 2026 14,633 14,633 697,227 47.65 704,101 48.12

Q1 2027 — — — — — —

Q2 2027 7,246 7,246 161,925 22.35 195,434 26.97

Q3 2027 5,733 5,733 453,709 79.14 462,482 80.67

Q4 2027 1,826 1,826 146,929 80.47 149,558 81.90

Total 2027 14,805 14,805 762,563 51.51 807,474 54.54

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 162,688 162,688 12,998,745 79.90 12,998,745 79.90

Q3 2026 8,298 8,298 859,528 103.58 859,528 103.58

Q4 2026 34,517 34,517 2,198,569 63.70 2,223,602 64.42

Total 2026 205,503 205,503 16,056,843 78.13 16,081,875 78.26

Q1 2027 151,808 151,808 12,598,944 82.99 12,817,319 84.43

Q2 2027 33,491 33,491 3,081,277 92.00 3,194,799 95.39

Q3 2027 61,053 61,053 5,308,198 86.94 5,463,480 89.49

Q4 2027 246,971 246,971 26,624,154 107.80 27,186,831 110.08

Total 2027 493,323 493,323 47,612,572 96.51 48,662,428 98.64

_____________

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

2Includes partially placed in-service leased space.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 50,053 44,852 2,633,564 58.72 2,654,782 59.19

2027 79,314 78,672 4,829,422 61.39 4,930,430 62.67

2028 601,382 302,445 17,263,165 57.08 17,889,679 59.15

2029 268,777 239,892 13,325,467 55.55 13,765,885 57.38

2030 34,778 34,778 2,028,097 58.32 2,194,108 63.09

2031 29,298 18,603 1,009,617 54.27 1,118,239 60.11

2032 81,126 67,777 4,856,451 71.65 5,491,196 81.02

2033 — — — — — —

2034 — — — — — —

2035 60,774 20,463 1,471,890 71.93 1,809,319 88.42

Thereafter 3,151 3,151 165,413 52.50 196,302 62.30

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 — — — — — —

2027 — — — — — —

2028 945 945 56,413 59.70 56,413 59.70

2029 1,121 377 7,306 19.36 7,306 19.36

2030 653 220 5,302 24.11 5,578 25.37

2031 6,734 4,289 289,828 67.57 323,476 75.42

2032 — — — — — —

2033 — — — — — —

2034 3,718 3,718 123,288 33.16 145,154 39.04

2035 — — — — — —

Thereafter — — — — — —

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 50,053 44,852 2,633,564 58.72 2,654,782 59.19

2027 79,314 78,672 4,829,422 61.39 4,930,430 62.67

2028 602,327 303,390 17,319,578 57.09 17,946,092 59.15

2029 269,898 240,269 13,332,773 55.49 13,773,191 57.32

2030 35,431 34,998 2,033,399 58.10 2,199,686 62.85

2031 36,032 22,892 1,299,445 56.76 1,441,715 62.98

2032 81,126 67,777 4,856,451 71.65 5,491,196 81.02

2033 — — — — — —

2034 3,718 3,718 123,288 33.16 145,154 39.04

2035 60,774 20,463 1,471,890 71.93 1,809,319 88.42

Thereafter 3,151 3,151 165,413 52.50 196,302 62.30

_____________

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

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

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 39,138 39,138 2,330,168 59.54 2,346,596 59.96

Q3 2026 3,448 1,161 17,102 14.73 17,619 15.18

Q4 2026 7,467 4,553 286,294 62.88 290,567 63.82

Total 2026 50,053 44,852 2,633,564 58.72 2,654,782 59.19

Q1 2027 5,929 5,929 451,258 76.11 451,258 76.11

Q2 2027 12,713 12,713 768,485 60.45 784,884 61.74

Q3 2027 12,172 12,172 713,664 58.63 744,093 61.13

Q4 2027 48,500 47,858 2,896,016 60.51 2,950,194 61.64

Total 2027 79,314 78,672 4,829,422 61.39 4,930,430 62.67

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 — — — — — —

Q3 2026 — — — — — —

Q4 2026 — — — — — —

Total 2026 — — — — — —

Q1 2027 — — — — — —

Q2 2027 — — — — — —

Q3 2027 — — — — — —

Q4 2027 — — — — — —

Total 2027 — — — — — —

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 39,138 39,138 2,330,168 59.54 2,346,596 59.96

Q3 2026 3,448 1,161 17,102 14.73 17,619 15.18

Q4 2026 7,467 4,553 286,294 62.88 290,567 63.82

Total 2026 50,053 44,852 2,633,564 58.72 2,654,782 59.19

Q1 2027 5,929 5,929 451,258 76.11 451,258 76.11

Q2 2027 12,713 12,713 768,485 60.45 784,884 61.74

Q3 2027 12,172 12,172 713,664 58.63 744,093 61.13

Q4 2027 48,500 47,858 2,896,016 60.51 2,950,194 61.64

Total 2027 79,314 78,672 4,829,422 61.39 4,930,430 62.67

_____________

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

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

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 82,640 82,640 4,876,078 59.00 4,891,109 59.19

2027 293,878 293,878 17,176,551 58.45 17,665,047 60.11

2028 338,873 206,837 14,783,123 71.47 16,451,235 79.54

2029 170,311 170,311 9,572,114 56.20 10,305,808 60.51

2030 198,203 188,970 11,530,829 61.02 12,593,550 66.64

2031 285,696 278,950 15,503,737 55.58 17,483,563 62.68

2032 606,652 606,652 42,452,925 69.98 47,267,788 77.92

2033 964,434 961,862 56,390,003 58.63 66,921,737 69.58

2034 306,501 306,501 17,766,613 57.97 21,249,489 69.33

2035 569,345 569,345 29,401,156 51.64 34,262,171 60.18

Thereafter 2,524,735 2,524,735 170,308,400 67.46 213,183,537 84.44

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 5,557 5,557 342,095 61.56 342,095 61.56

2027 20,198 20,198 1,089,076 53.92 1,094,723 54.20

2028 32,691 32,691 2,247,568 68.75 2,268,431 69.39

2029 51,841 51,841 4,714,786 90.95 4,879,496 94.12

2030 38,290 38,290 2,838,048 74.12 2,955,275 77.18

2031 37,966 37,966 2,598,697 68.45 2,808,886 73.98

2032 37,245 37,245 2,696,852 72.41 2,945,242 79.08

2033 22,891 22,891 1,556,540 68.00 1,761,814 76.97

2034 35,694 35,694 2,367,888 66.34 2,579,176 72.26

2035 92,121 89,000 2,593,746 29.14 3,793,617 42.63

Thereafter 38,705 38,705 3,133,944 80.97 3,906,625 100.93

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 88,197 88,197 5,218,173 59.16 5,233,204 59.34

2027 314,076 314,076 18,265,627 58.16 18,759,770 59.73

2028 371,564 239,528 17,030,691 71.10 18,719,666 78.15

2029 222,152 222,152 14,286,900 64.31 15,185,304 68.36

2030 236,493 227,260 14,368,877 63.23 15,548,825 68.42

2031 323,662 316,916 18,102,434 57.12 20,292,449 64.03

2032 643,897 643,897 45,149,777 70.12 50,213,030 77.98

2033 987,325 984,753 57,946,543 58.84 68,683,551 69.75

2034 342,195 342,195 20,134,501 58.84 23,828,665 69.63

2035 661,466 658,345 31,994,902 48.60 38,055,788 57.81

Thereafter 2,563,440 2,563,440 173,442,344 67.66 217,090,162 84.69

_____________

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

2Includes partially placed in-service leased space. Does not include residential units. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

Q1 2026

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

as of March 31, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 53,747 53,747 3,188,175 59.32 3,188,175 59.32

Q3 2026 2,991 2,991 178,738 59.76 182,986 61.18

Q4 2026 25,902 25,902 1,509,165 58.26 1,519,948 58.68

Total 2026 82,640 82,640 4,876,078 59.00 4,891,109 59.19

Q1 2027 39,346 39,346 2,178,972 55.38 2,194,272 55.77

Q2 2027 66,952 66,952 3,447,742 51.50 3,514,096 52.49

Q3 2027 146,370 146,370 9,088,388 62.09 9,386,570 64.13

Q4 2027 41,210 41,210 2,461,449 59.73 2,570,109 62.37

Total 2027 293,878 293,878 17,176,551 58.45 17,665,047 60.11

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 — — — — — —

Q3 2026 3,074 3,074 181,347 58.99 181,347 58.99

Q4 2026 2,483 2,483 160,748 64.74 160,748 64.74

Total 2026 5,557 5,557 342,095 61.56 342,095 61.56

Q1 2027 9,122 9,122 475,897 52.17 475,897 52.17

Q2 2027 3,498 3,498 275,172 78.67 277,490 79.33

Q3 2027 7,578 7,578 338,007 44.60 341,336 45.04

Q4 2027 — — — — — —

Total 2027 20,198 20,198 1,089,076 53.92 1,094,723 54.20

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

Q1 2026 — — — — — —

Q2 2026 53,747 53,747 3,188,175 59.32 3,188,175 59.32

Q3 2026 6,065 6,065 360,085 59.37 364,333 60.07

Q4 2026 28,385 28,385 1,669,913 58.83 1,680,696 59.21

Total 2026 88,197 88,197 5,218,173 59.16 5,233,204 59.34

Q1 2027 48,468 48,468 2,654,869 54.78 2,670,169 55.09

Q2 2027 70,450 70,450 3,722,914 52.84 3,791,586 53.82

Q3 2027 153,948 153,948 9,426,395 61.23 9,727,906 63.19

Q4 2027 41,210 41,210 2,461,449 59.73 2,570,109 62.37

Total 2027 314,076 314,076 18,265,627 58.16 18,759,770 59.73

_____________

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

2Includes partially placed in-service leased space. Does not include residential units. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

Q1 2026

Lease expirations - CBD properties 1, 2, 3

as of March 31, 2026

Boston

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 213,807 176,006 14,536,633 82.59 14,536,634 82.59

2027 221,348 205,138 18,999,003 92.62 19,086,244 93.04

2028 652,713 624,720 74,179,473 118.74 77,054,307 123.34

2029 764,054 629,893 57,883,443 91.89 59,877,210 95.06

2030 1,109,388 1,057,534 77,651,331 73.43 80,995,897 76.59

2031 55,737 47,114 4,235,248 89.89 4,616,662 97.99

2032 898,312 897,721 76,076,719 84.74 93,609,869 104.28

2033 595,005 532,879 46,421,396 87.11 52,823,943 99.13

2034 1,282,127 1,093,230 100,044,289 91.51 109,997,110 100.62

2035 774,303 704,020 59,839,506 85.00 76,632,966 108.85

Thereafter 4,041,508 3,169,738 300,140,953 94.69 355,439,689 112.14

Los Angeles

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 19,188 9,594 135,600 14.13 135,600 14.13

2027 187,615 94,310 7,164,869 75.97 7,368,372 78.13

2028 270,593 172,796 14,693,981 85.04 15,618,894 90.39

2029 267,278 185,627 12,880,014 69.39 13,034,936 70.22

2030 63,390 63,390 4,562,637 71.98 5,172,038 81.59

2031 7,752 7,752 534,074 68.89 632,555 81.60

2032 246,667 127,701 11,104,239 86.96 13,365,607 104.66

2033 186,894 93,447 8,185,957 87.6 10,414,824 111.45

2034 23,732 13,736 484,065 35.24 546,905 39.82

2035 8,043 8,043 649,611 80.77 803,577 99.91

Thereafter 500,468 500,468 39,668,007 79.26 46,846,304 93.60

New York

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 13,779 9,940 1,517,276 152.64 1,517,276 152.64

2027 148,339 107,594 14,028,937 130.39 14,454,743 134.35

2028 224,415 167,968 20,120,927 119.79 20,155,218 119.99

2029 1,034,334 816,535 85,281,274 104.44 89,301,858 109.37

2030 476,478 403,451 45,859,220 113.67 46,143,472 114.37

2031 458,788 370,322 45,229,701 122.14 46,341,208 125.14

2032 306,182 202,589 19,264,367 95.09 20,546,090 101.42

2033 410,076 360,119 43,722,672 121.41 47,383,323 131.58

2034 1,209,219 881,896 109,201,561 123.83 119,863,557 135.92

2035 933,761 587,306 64,572,203 109.95 71,410,121 121.59

Thereafter 4,017,115 2,777,040 298,734,181 107.57 333,856,205 120.22

Q1 2026

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

as of March 31, 2026

San Francisco

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 157,472 157,472 14,869,256 94.42 14,876,131 94.47

2027 353,401 353,401 37,815,305 107.00 38,688,125 109.47

2028 360,329 360,329 42,003,496 116.57 43,682,291 121.23

2029 581,450 581,450 54,921,573 94.46 58,292,637 100.25

2030 302,764 302,764 28,789,585 95.09 32,182,122 106.29

2031 955,328 955,328 104,640,035 109.53 112,811,255 118.09

2032 373,497 373,497 33,008,896 88.38 38,862,248 104.05

2033 640,066 640,066 70,764,893 110.56 77,916,586 121.73

2034 132,269 132,269 11,424,607 86.37 14,250,737 107.74

2035 21,961 21,961 2,479,472 112.90 3,396,692 154.67

Thereafter 636,341 636,341 63,409,484 99.65 83,174,914 130.71

Seattle

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 50,053 44,852 2,633,564 58.72 2,654,782 59.19

2027 79,314 78,672 4,829,422 61.39 4,930,430 62.67

2028 602,327 303,390 17,319,578 57.09 17,946,092 59.15

2029 269,898 240,270 13,332,774 55.49 13,773,191 57.32

2030 35,431 34,998 2,033,399 58.10 2,199,685 62.85

2031 36,032 22,892 1,299,445 56.76 1,441,715 62.98

2032 81,126 67,777 4,856,451 71.65 5,491,196 81.02

2033 — — — — — —

2034 3,718 3,718 123,288 33.16 145,154 39.04

2035 60,774 20,463 1,471,890 71.93 1,809,319 88.42

Thereafter 3,151 3,151 165,413 52.50 196,302 62.30

Washington, DC

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 70,232 70,232 4,468,750 63.63 4,479,744 63.78

2027 310,199 310,199 18,104,027 58.36 18,593,341 59.94

2028 371,564 239,528 17,030,691 71.10 18,719,666 78.15

2029 211,142 211,142 13,897,209 65.82 14,762,849 69.92

2030 212,441 203,208 13,440,548 66.14 14,538,733 71.55

2031 306,862 300,116 17,502,341 58.32 19,611,236 65.35

2032 643,897 643,897 45,149,777 70.12 50,213,031 77.98

2033 987,325 984,753 57,946,542 58.84 68,683,550 69.75

2034 333,733 333,733 19,803,120 59.34 23,425,442 70.19

2035 661,466 658,345 31,994,903 48.60 38,055,787 57.81

Thereafter 2,563,440 2,563,440 173,442,344 67.66 217,090,161 84.69

_____________

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

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

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

Q1 2026

Lease expirations - Suburban properties 1, 2, 3

as of March 31, 2026

Boston

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 134,193 134,193 11,015,359 82.09 11,015,359 82.09

2027 243,969 243,969 17,530,846 71.86 17,634,412 72.28

2028 277,398 277,398 16,169,907 58.29 16,745,769 60.37

2029 493,523 493,523 24,897,574 50.45 27,075,903 54.86

2030 116,076 116,076 7,075,389 60.95 7,600,485 65.48

2031 634,106 573,766 39,426,795 68.72 42,044,004 73.28

2032 227,097 227,097 11,807,382 51.99 12,971,779 57.12

2033 113,487 113,487 12,189,345 107.41 13,801,666 121.61

2034 326,384 326,384 24,476,370 74.99 28,297,821 86.70

2035 63,116 63,116 4,811,059 76.23 5,584,439 88.48

Thereafter 470,167 470,167 17,444,116 37.10 23,468,525 49.92

New York

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 42,174 42,174 2,325,871 55.15 2,881,709 68.33

2027 254,880 254,880 9,602,787 37.68 9,662,008 37.91

2028 110,841 110,841 4,478,412 40.40 4,384,103 39.55

2029 186,805 186,805 6,858,671 36.72 7,082,857 37.92

2030 125,143 125,143 5,158,122 41.22 5,361,857 42.85

2031 187,621 187,621 7,688,945 40.98 8,038,509 42.84

2032 113,126 113,126 4,773,223 42.19 4,535,652 40.09

2033 49,947 49,947 1,888,132 37.80 2,047,688 41.00

2034 — — — — — —

2035 158,985 158,985 6,413,992 40.34 7,165,689 45.07

Thereafter 347,126 347,126 13,744,505 39.60 15,149,862 43.64

San Francisco

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 48,031 48,031 1,187,587 24.73 1,205,744 25.10

2027 139,922 139,922 9,797,268 70.02 9,974,304 71.28

2028 50,089 50,089 3,057,341 61.04 3,233,723 64.56

2029 16,095 16,095 930,600 57.82 995,073 61.83

2030 91,818 91,818 6,131,234 66.78 6,765,444 73.68

2031 53,421 53,421 2,953,924 55.30 3,562,209 66.68

2032 — — — — — —

2033 — — — — — —

2034 — — — — — —

2035 — — — — — —

Thereafter — — — — — —

Q1 2026

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

as of March 31, 2026

Washington, DC

BXP’s Share

Year

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases Annualized Rental Obligations Under Expiring Leases with future step-ups

$ $/PSF $ $/PSF

2026 17,965 17,965 749,423 41.72 753,459 41.94

2027 3,877 3,877 161,599 41.68 166,429 42.93

2028 — — — — — —

2029 11,010 11,010 389,692 35.39 422,454 38.37

2030 24,052 24,052 928,328 38.60 1,010,092 42.00

2031 16,800 16,800 600,093 35.72 681,213 40.55

2032 — — — — — —

2033 — — — — — —

2034 8,462 8,462 331,380 39.16 403,223 47.65

2035 — — — — — —

Thereafter — — — — — —

_____________

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

2Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

Q1 2026

Research coverage

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

Equity Research Coverage

Bank of America Merrill Lynch Jeffrey Spector / Jana Galan 646.855.1363 / 646.855.5042

Barclays Brendan Lynch 212.526.9428

BMO Capital John Kim 212.885.4115

BTIG Tom Catherwood 212.738.6140

Cantor Richard Anderson 929.441.6927

Citi Nicholas Joseph / Seth Bergey 212.816.1909 / 212.816.2066

Deutsche Bank Omotayo Okusanya 212.250.9284

Evercore ISI Steve Sakwa 212.446.9462

Goldman Sachs Caitlin Burrows 212.902.4736

Green Street Advisors Dylan Burzinski 949.640.8780

Jefferies Joe Dickstein 212.778.8771

J.P. Morgan Securities Anthony Paolone 212.622.6682

Keybanc Capital Market Todd Thomas / Upal Rana 917.368.2286 / 917.368.2316

Ladenburg Thalmann Floris van Dijkum 212.409.2075

Mizuho Securities Vikram Malhotra 212.209.9300

Morgan Stanley Ronald Kamdem 212.296.8319

Piper Sandler Companies Alexander Goldfarb 212.466.7937

Scotiabank GBM Nicholas Yulico 212.225.6904

Truist Securities Michael Lewis 212.319.5659

UBS US Equity Research

Michael Goldsmith 212.713.2951

Wells Fargo Securities Blaine Heck 410.662.2556

Wolfe Research Ally Yaseen 646.582.9253

Debt Research Coverage

Barclays Srinjoy Banerjee 212.526.3521

J.P. Morgan Securities Mark Streeter 212.834.5086

US Bank Bill Stafford 877.558.2605

Wells Fargo Kevin McClure 704.410.1100

Rating Agencies

Moody’s Investors Service Christian Azzi 212.553.7718

Standard & Poor’s Michael Souers 212.438.2508

Q1 2026

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 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 2013-2023 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards or Outperformance Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2024, 2025 and 2026 MYLTIP Units and 2025 Outperformance Units are not included.

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

Q1 2026

Definitions (continued)

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

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

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

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

Fixed Charge Coverage Ratio

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

Funds Available for Distribution (FAD) and FAD Payout Ratio

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

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

Q1 2026

Definitions (continued)

Funds from Operations (FFO)

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

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

In-Service Properties

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

Interest Coverage Ratio

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

Market Rents

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

Net Debt

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

Q1 2026

Definitions (continued)

Net Operating Income (NOI)

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

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

Rental Obligations

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

Rental Revenue

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

Same Properties

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

Q1 2026

Reconciliations

(unaudited and in thousands)

BXP’s Share of select items

Three Months Ended

31-Mar-26 31-Dec-25

Revenue $ 872,148 $ 877,097

Partners’ share of revenue from consolidated joint ventures (JVs) (90,250) (87,619)

BXP’s share of revenue from unconsolidated JVs 43,572 54,258

BXP’s Share of revenue $ 825,470 $ 843,736

Straight-line rent $ 23,588 $ 25,710

Partners’ share of straight-line rent from consolidated JVs (3,594) (4,401)

BXP’s share of straight-line rent from unconsolidated JVs 450 277

BXP’s Share of straight-line rent $ 20,444 $ 21,586

Fair value lease revenue 1

$ 1,961 $ 1,983

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

743 1,036

BXP’s Share of fair value lease revenue 1

$ 2,715 $ 3,030

Lease termination income $ 12,828 $ 8,947

Partners’ share of termination income from consolidated JVs — (287)

BXP’s share of termination income from unconsolidated JVs — 72

BXP’s Share of termination income $ 12,828 $ 8,732

Non-cash termination income adjustment $ (1,744) $ (4,121)

Partners’ share of non-cash termination income adjustment from consolidated JVs — —

BXP’s share of non-cash termination income adjustment from unconsolidated JVs — —

BXP’s Share of non-cash termination income adjustment $ (1,744) $ (4,121)

Hedge amortization, net of costs $ 1,590 $ 1,590

Partners’ share of hedge amortization, net of costs from consolidated JVs (144) (144)

BXP’s share of hedge amortization, net of costs from unconsolidated JVs 260 266

BXP’s Share of hedge amortization, net of costs $ 1,706 $ 1,712

Straight-line ground rent expense adjustment $ (4,970) $ (3,239)

Partners’ share of straight-line ground rent expense adjustment from consolidated JVs — —

BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs 121 121

BXP’s Share of straight-line ground rent expense adjustment $ (4,849) $ (3,118)

Depreciation and amortization $ 227,967 $ 232,015

Noncontrolling interests in property partnerships’ share of depreciation and amortization (20,871) (22,085)

BXP’s share of depreciation and amortization from unconsolidated JVs 13,506 14,173

BXP’s Share of depreciation and amortization $ 220,602 $ 224,103

Lease transaction costs that qualify as rent inducements 2

$ 3,746 $ 4,615

Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2

(32) (127)

BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2

25 —

BXP’s Share of lease transaction costs that qualify as rent inducements 2

$ 3,739 $ 4,488

2nd generation tenant improvements and leasing commissions $ 191,046 $ 156,837

Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs

(22,735) (11,526)

BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs

10,060 78

BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 178,371 $ 145,389

Q1 2026

Reconciliations (continued)

Maintenance capital expenditures 3

$ 18,984 $ 18,157

Partners’ share of maintenance capital expenditures from consolidated JVs 3

(2,792) (1,615)

BXP’s share of maintenance capital expenditures from unconsolidated JVs 3

455 629

BXP’s Share of maintenance capital expenditures 3

$ 16,647 $ 17,171

Interest expense $ 152,093 $ 162,612

Partners’ share of interest expense from consolidated JVs (11,779) (12,024)

BXP’s share of interest expense from unconsolidated JVs 16,532 16,486

BXP’s Share of interest expense $ 156,846 $ 167,074

Capitalized interest $ 16,490 $ 14,670

Partners’ share of capitalized interest from consolidated JVs (13) (13)

BXP’s share of capitalized interest from unconsolidated JVs — —

BXP’s Share of capitalized interest $ 16,477 $ 14,657

Amortization of financing costs $ 5,848 $ 5,972

Partners’ share of amortization of financing costs from consolidated JVs (498) (498)

BXP’s share of amortization of financing costs from unconsolidated JVs 496 521

BXP’s Share of amortization of financing costs $ 5,846 $ 5,995

Fair value interest adjustment $ — $ —

Partners’ share of fair value of interest adjustment from consolidated JVs — —

BXP’s share of fair value interest adjustment from unconsolidated JVs 216 509

BXP’s Share of fair value interest adjustment $ 216 $ 509

Amortization and accretion related to sales type lease $ 245 $ 240

Partners’ share of amortization and accretion related to sales type lease from consolidated JVs — —

BXP’s share of amortization and accretion related to sales type lease from unconsolidated JVs 29 28

BXP’s Share of amortization and accretion related to sales type lease $ 274 $ 268

Non-cash loss from early extinguishment of debt $ — $ —

Partners’ share of non-cash loss from early extinguishment of debt from consolidated JVs — —

BXP’s share of non-cash loss from early extinguishment of debt from unconsolidated JVs — 54

BXP’s Share of non-cash loss from early extinguishment of debt $ — $ 54

_____________

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

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

Q1 2026

Reconciliations (continued)

for the three months ended March 31, 2026

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES

767 Fifth Avenue Total Consolidated

(The GM Building)

Norges Joint Ventures 1

Joint Ventures

Revenue

Lease 2

$ 81,832 $ 118,236 $ 200,068

Straight-line rent 3,531 4,849 8,380

Fair value lease revenue (27) — (27)

Termination income — — —

Total lease revenue 85,336 123,085 208,421

Parking and other — 1,617 1,617

Total rental revenue 3

85,336 124,702 210,038

Expenses

Operating 35,672 49,928 85,600

Net Operating Income (NOI) 49,664 74,774 124,438

Other income (expense)

Development and management services revenue — — —

Losses from investments in securities

— (4) (4)

Interest and other income 496 1,605 2,101

Interest expense (20,956) (7,556) (28,512)

Depreciation and amortization expense (18,653) (28,077) (46,730)

General and administrative expense (16) (152) (168)

Total other income (expense) (39,129) (34,184) (73,313)

Net income $ 10,535 $ 40,590 $ 51,125

BXP’s nominal ownership percentage 60% 55%

Partners’ share of NOI (after income allocation to private REIT shareholders) 4

$ 19,146 $ 32,564 $ 51,710

BXP’s share of NOI (after income allocation to private REIT shareholders) $ 30,518 $ 42,210 $ 72,728

Unearned portion of capitalized fees 5

$ 138 $ 531 $ 669

Partners’ share of select items 4

Partners’ share of hedge amortization $ 144 $ — $ 144

Partners’ share of amortization of financing costs $ 346 $ 152 $ 498

Partners’ share of depreciation and amortization related to capitalized fees $ 415 $ 569 $ 984

Partners’ share of capitalized interest $ — $ 13 $ 13

Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ (32) $ (32)

Partners’ share of management and other fees $ 719 $ 1,084 $ 1,803

Partners’ share of basis differential depreciation and amortization expense $ (24) $ (185) $ (209)

Partners’ share of basis differential interest and other adjustments $ (4) $ 37 $ 33

Reconciliation of Partners’ share of EBITDAre 6

Partners’ NCI $ 3,108 $ 16,761 $ 19,869

Add:

Partners’ share of interest expense after BXP’s basis differential 8,379 3,400 11,779

Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,852 13,019 20,871

Partners’ share of EBITDAre

$ 19,339 $ 33,180 $ 52,519

Q1 2026

Reconciliations (continued)

for the three months ended March 31, 2026

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES

767 Fifth Avenue Total Consolidated

Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6

(The GM Building)

Norges Joint Ventures 1

Joint Ventures

Rental revenue 3

$ 34,134 $ 56,116 $ 90,250

Less: Termination income — — —

Rental revenue (excluding termination income) 3

34,134 56,116 90,250

Less: Operating expenses (including partners’ share of management and other fees) 14,988 23,552 38,540

Income allocation to private REIT shareholders — — —

NOI (excluding termination income and after income allocation to private REIT shareholders) $ 19,146 $ 32,564 $ 51,710

Rental revenue (excluding termination income) 3

$ 34,134 $ 56,116 $ 90,250

Less: Straight-line rent 1,412 2,182 3,594

Fair value lease revenue (11) — (11)

Add: Lease transaction costs that qualify as rent inducements — 32 32

Subtotal 32,733 53,966 86,699

Less: Operating expenses (including partners’ share of management and other fees) 14,988 23,552 38,540

Income allocation to private REIT shareholders — — —

NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 17,745 $ 30,414 $ 48,159

Reconciliation of Partners’ share of Revenue 4

Rental revenue 3

$ 34,134 $ 56,116 $ 90,250

Add: Development and management services revenue — — —

Revenue $ 34,134 $ 56,116 $ 90,250

_________

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

2Lease revenue includes recoveries and service income from clients.

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

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

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

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

Q1 2026

Reconciliations (continued)

for the three months ended March 31, 2026

(unaudited and in thousands)

UNCONSOLIDATED JOINT VENTURES 1

Boston Los Angeles New York San Francisco Seattle Washington, DC Total Unconsolidated Joint Ventures

Revenue

Lease 2

$ 28,307 $ 20,627 $ 19,201 $ 141 $ 7,331 $ 17,294 $ 92,901

Straight-line rent 275 (1,710) 1,598 13 (5) 295 466

Fair value lease revenue — — 1,221 — 998 — 2,219

Termination income — — — — — — —

Amortization and accretion related to sales-type lease 57 — — — — — 57

Total lease revenue 28,639 18,917 22,020 154 8,324 17,589 95,643

Parking and other 1 2,116 123 — 583 909 3,732

Total rental revenue 3

28,640 21,033 22,143 154 8,907 18,498 99,375

Expenses

Operating 11,118 7,702 17,940

1,116 3,464 6,392 47,732

Net operating income 17,522 13,331 4,203 (962) 5,443 12,106 51,643

Other income (expense)

Development and management services revenue — — 413 — — — 413

Interest and other income (loss) 310 1,008 890 (3) 64 135 2,404

Interest expense (9,301) (4,943) (14,647) — (3,869) (6,920) (39,680)

Transaction costs — — (8) — — — (8)

Depreciation and amortization expense (8,483) (5,566) (12,001) — (1,434) (4,388) (31,872)

General and administrative expense — (33) (150) — (16) — (199)

Loss on sale of real estate — (2) — — — — (2)

Total other income (expense) (17,474) (9,536) (25,503) (3) (5,255) (11,173) (68,944)

Net income (loss) $ 48 $ 3,795 $ (21,300) $ (965) $ 188 $ 933 $ (17,301)

BXP’s share of select items:

BXP’s share of amortization of financing costs $ 139 $ 23 $ 242 $ — $ 29 $ 63 $ 496

BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 260 $ — $ 260

BXP’s share of fair value interest adjustment $ — $ — $ 216 $ — $ — $ 216

BXP’s share of amortization and accretion related to sales-type lease $ 29 $ — $ — $ — $ — $ — $ 29

Reconciliation of BXP’s share of EBITDAre

Income (loss) from unconsolidated joint ventures $ 18 $ 2,603 $ (8,366) $ 5,892 $ (326) $ 35,592 $ 35,413

Add:

BXP’s share of interest expense 4,651 2,472 5,649 — 1,303 2,457 16,532

BXP’s share of depreciation and amortization expense 4,244 2,213

4,665

(28)

874 1,538 13,506

Less:

BXP’s share of gains (loss) on sales 6

— (1) — 6,394 — 34,840 41,233

BXP’s share of EBITDAre

$ 8,913 $ 7,289

$ 1,948

$ (530)

$ 1,851 $ 4,747 $ 24,218

Q1 2026

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

$ 14,321 $ 10,654

$ 8,571

$ 77 $ 2,999 $ 6,743 $ 43,365

BXP’s share of operating expenses 5,559 3,851 7,783 606 1,165 2,031 20,995

BXP’s share of net operating income (loss) 8,762 6,803

788

(529) 1,834 4,712 22,370

Less:

BXP’s share of termination income — — — — — — —

BXP’s share of net operating income (loss) (excluding termination income) 8,762 6,803 788 (529) 1,834 4,712 22,370

Less:

BXP’s share of straight-line rent 137 (763)

897

7 (2) 174 450

BXP’s share of fair value lease revenue — 45

362

— 336 — 743

BXP’s share of amortization and accretion related to sales type lease 29 — — — — — 29

Add:

BXP’s share of straight-line ground rent expense adjustment — — 121 — — — 121

BXP’s share of lease transaction costs that qualify as rent inducements — 17 — — — 8 25

BXP’s share of net operating income (loss) - cash (excluding termination income) $ 8,596 $ 7,538

$ (350)

$ (536) $ 1,500 $ 4,546 $ 21,294

Reconciliation of BXP’s share of Revenue

BXP’s share of rental revenue 3

$ 14,321 $ 10,654

$ 8,571

$ 77 $ 2,999 $ 6,743 $ 43,365

Add:

BXP’s share of development and management services revenue — — 207 — — — 207

BXP’s share of revenue $ 14,321 $ 10,654

$ 8,778

$ 77 $ 2,999 $ 6,743 $ 43,572

_____________

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

2Lease revenue includes recoveries and service income from clients.

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

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

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

6 For additional information, see page 14.

Q1 2026

Reconciliations (continued)

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

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

(dollars in thousands)

Three Months Ended

31-Dec-25 31-Dec-24

Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019)

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 27,824 (25,031)

Noncontrolling interest in property partnerships 18,479 17,233

Net income (loss) 294,789 (237,817)

Add:

Interest expense 162,612 170,390

Impairment losses 16,902 —

Unrealized loss on non-real estate investments 2 2

Depreciation and amortization expense 232,015 226,043

Transaction costs 122 707

Payroll and related costs from management services contracts 3,959 4,398

General and administrative expense 37,801 32,504

Less:

Interest and other income (loss) 12,351 20,452

Gains (losses) from investments in securities 846 (369)

Gain on sale of real estate 156,410 85

Income (loss) from unconsolidated joint ventures 50,232 (349,553)

Direct reimbursements of payroll and related costs from management services contracts 3,959 4,398

Development and management services revenue 8,641 8,784

Net Operating Income (NOI) 515,763 512,430

Add:

BXP’s share of NOI from unconsolidated joint ventures 28,183 30,782

Less:

Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 51,665 48,259

BXP’s Share of NOI 492,281 494,953

Less:

Termination income 8,947 914

BXP’s share of termination income from unconsolidated joint ventures 72 521

Add:

Partners’ share of termination income from consolidated joint ventures 287 11

BXP’s Share of NOI (excluding termination income) $ 483,549 $ 493,529

Net Operating Income (NOI) $ 515,763 $ 512,430

Less:

Termination income 8,947 914

NOI from non Same Properties (excluding termination income) 13,872 17,950

Same Property NOI (excluding termination income) 492,944 493,566

Less:

Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 51,378 48,248

Add:

Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4,460 2,865

BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 28,111 30,261

Less:

BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 2,959 3,983

BXP’s Share of Same Property NOI (excluding termination income) $ 471,178 $ 474,461

Change in BXP’s Share of Same Property NOI (excluding termination income) $ (3,283)

Change in BXP’s Share of Same Property NOI (excluding termination income) (0.7) %

Q1 2026

Reconciliations (continued)

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

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

(dollars in thousands)

Three Months Ended

31-Dec-25 31-Dec-24

Net income (loss) attributable to BXP, Inc. $ 248,486 $ (230,019)

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 27,824 (25,031)

Noncontrolling interest in property partnerships 18,479 17,233

Net income (loss) 294,789 (237,817)

Add:

Interest expense 162,612 170,390

Impairment losses 16,902 —

Unrealized loss on non-real estate investments 2 2

Depreciation and amortization expense 232,015 226,043

Transaction costs 122 707

Payroll and related costs from management services contracts 3,959 4,398

General and administrative expense 37,801 32,504

Less:

Interest and other income (loss) 12,351 20,452

Gains (losses) from investments in securities 846 (369)

Gain on sale of real estate 156,410 85

Income (loss) from unconsolidated joint ventures 50,232 (349,553)

Direct reimbursements of payroll and related costs from management services contracts 3,959 4,398

Development and management services revenue 8,641 8,784

Net Operating Income (NOI) 515,763 512,430

Less:

Straight-line rent 25,710 19,732

Fair value lease revenue 1,983 1,277

Amortization and accretion related to sales type lease 240 254

Termination income 8,947 914

Add:

Straight-line ground rent expense adjustment 1

531 586

Lease transaction costs that qualify as rent inducements 2

4,615 3,512

NOI - cash (excluding termination income) 484,029 494,351

Less:

NOI - cash from non Same Properties (excluding termination income) 10,672 32,432

Same Property NOI - cash (excluding termination income) 473,357 461,919

Less:

Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 47,115 49,077

Add:

Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3,382 9,121

BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 26,891 29,808

Less:

BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 2,308 3,285

BXP’s Share of Same Property NOI - cash (excluding termination income) $ 454,207 $ 448,486

Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ 5,721

Change in BXP’s Share of Same Property NOI - cash (excluding termination income) 1.3 %

_____________

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

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

Q1 2026

Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended

31-Mar-25 31-Dec-24

Revenue

Lease $ 811,102 $ 798,189

Parking and other 30,146 33,135

Insurance proceeds 96 921

Hotel revenue 9,597 13,144

Development and management services 9,775 8,784

Direct reimbursements of payroll and related costs from management services contracts 4,499 4,398

Total revenue 865,215 858,571

Expenses

Operating 183,076 174,030

Real estate taxes 148,429 148,901

Restoration expenses related to insurance claims 73 427

Hotel operating 7,565 9,601

General and administrative 52,284 32,504

Payroll and related costs from management services contracts 4,499 4,398

Transaction costs 768 707

Depreciation and amortization 220,107 226,043

Total expenses 616,801 596,611

Other income (expense)

Loss from unconsolidated joint ventures (2,139) (349,553)

Gain on sale of real estate — 85

Loss on sales-type lease (2,490) —

Losses from investments in securities (365) (369)

Unrealized loss on non-real estate investments (483) (2)

Interest and other income (loss) 7,750 20,452

Loss from early extinguishment of debt (338) —

Interest expense (163,444) (170,390)

Net income (loss) 86,905 (237,817)

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest in property partnerships (18,749) (17,233)

Noncontrolling interest - common units of the Operating Partnership (6,979) 25,031

Net income (loss) attributable to BXP, Inc. $ 61,177 $ (230,019)

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income (loss) attributable to BXP, Inc. per share - basic $ 0.39 $ (1.45)

Net income (loss) attributable to BXP, Inc. per share - diluted $ 0.39 $ (1.45)

EX-99.2

Filename: q12026pressrelease.htm · Sequence: 3

Document

Exhibit 99.2

BXP ANNOUNCES FIRST QUARTER 2026 RESULTS

Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026

BOSTON, MA, April 28, 2026 - BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

•Revenue increased 0.8% to $872.1 million for the quarter ended March 31, 2026, compared to $865.2 million for the quarter ended March 31, 2025.

•Net income attributable to BXP, Inc. of $101.6 million, or $0.64 per diluted share (EPS), for the quarter ended March 31, 2026, compared to $61.2 million, or $0.39 per diluted share, for the quarter ended March 31, 2025.

◦EPS exceeded the midpoint of BXP’s guidance by $0.31 per diluted share primarily due to gains on sales recognized in connection with the disposition activity completed in the first quarter.

•Funds from Operations (FFO) of $252.2 million, or $1.59 per diluted share, for the quarter ended March 31, 2026, compared to FFO of $260.6 million, or $1.64 per diluted share, for the quarter ended March 31, 2025.

◦FFO for the first quarter exceeded the midpoint of BXP’s guidance by $0.02 primarily due to portfolio outperformance.

Guidance

BXP provided guidance for second quarter 2026 EPS of $0.44 - $0.46 and FFO of $1.69 - $1.71 per diluted share, and updated guidance for full year 2026 EPS of $2.15 - $2.29 and FFO of $6.90 - $7.04 per diluted share.

The midpoint of full year 2026 guidance for EPS increased by $0.04 per diluted share primarily due to gains on sales recognized in connection with the disposition activity and better-than-projected portfolio performance.

The midpoint of full year 2026 guidance for FFO increased by $0.01 per diluted share primarily due to better-than-projected portfolio performance.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

•Executed 68 leases in the first quarter totaling more than 1.1 million square feet with a weighted-average lease term of 8.7 years. Notable leasing includes:

–more–

◦approximately 140,000 square feet of leases at 360 Park Avenue South in New York City, NY, bringing the leased percentage of the building to 90%, and

◦approximately 104,000 square feet of leases at 680 Folsom Street in San Francisco, CA, bringing the leased percentage of the building to 92%.

•For the first quarter, BXP’s CBD portfolio of premier workplaces was 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the first quarter was 87.4%, an increase of 70 basis points from Q4 2025. Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from Q4 2025. The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 90% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025.

Transactions

•Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including approximately $180.0 million since our last earnings call on January 28, 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities.

◦During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP’s ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD. The aggregate gross proceeds of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of $54.7 million, in each case based on BXP’s share.

EPS and FFO per Share Guidance:

BXP’s guidance for the second quarter and full year 2026 for EPS (diluted) and FFO per share (diluted) is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in this release and those referenced during the related conference call. The estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions not under contract as of the date hereof, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate as a result of several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. BXP is not able to assess at this time the

–more–

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.

Second Quarter 2026 Full Year 2026

Low High Low High

Projected EPS (diluted) $ 0.44 $ 0.46 $ 2.15 $ 2.29

Add:

Projected Company share of real estate depreciation and amortization 1.29 1.29 5.10 5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.04) (0.04) (0.35) (0.35)

Projected FFO per share (diluted) $ 1.69 $ 1.71 $ 6.90 $ 7.04

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 March 31, 2026. 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, April 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the first quarter results and earnings guidance, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BI2c9150dbdfd1462e81d510e93738b5eb 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 first quarter 2026 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the

–more–

forward-looking statements. These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the U.S. Government, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on BXP’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in BXP’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance, or achievements. BXP does not undertake a duty to update or revise any forward-looking statement whether as a result of new information, future events or otherwise, except as otherwise required by law.

Financial tables follow.

–more–

BXP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

March 31, 2026 December 31, 2025

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost $ 26,256,207 $ 26,248,130

Construction in progress 1,626,073 1,475,257

Land held for future development 493,212 518,492

Right of use assets - finance leases 372,476 372,470

Right of use assets - operating leases 321,030 325,841

Less: accumulated depreciation (8,170,334) (8,040,311)

Total real estate 20,898,664 20,899,879

Cash and cash equivalents 512,783 1,478,206

Cash held in escrows 68,471 79,060

Investments in securities 42,072 44,614

Tenant and other receivables, net 90,137 92,625

Note receivable, net 10,071 9,373

Related party note receivables, net 31,447 28,346

Sales-type lease receivable, net 15,921 15,672

Accrued rental income, net 1,558,226 1,538,515

Deferred charges, net 830,917 847,690

Prepaid expenses and other assets 188,819 108,105

Investments in unconsolidated joint ventures 854,722 999,309

Assets held for sale — 24,770

Total assets $ 25,102,250 $ 26,166,164

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 4,280,639 $ 4,280,067

Unsecured senior notes, net 8,808,674 9,806,100

Unsecured exchangeable senior notes, net 977,387 976,263

Unsecured line of credit — —

Unsecured term loans, net 797,309 797,053

Unsecured commercial paper 750,000 750,000

Lease liabilities - finance leases 357,039 360,039

Lease liabilities - operating leases 387,481 389,213

Accounts payable and accrued expenses 418,443 480,017

Dividends and distributions payable 124,018 123,753

Accrued interest payable 124,068 125,345

Other liabilities 352,813 386,074

Total liabilities 17,377,871 18,473,924

Commitments and contingencies — —

Redeemable deferred stock units 6,058 7,538

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, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively

1,587 1,585

Additional paid-in capital 6,843,822 6,836,243

Dividends in excess of earnings (1,684,492) (1,674,995)

Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025

(2,722) (2,722)

Accumulated other comprehensive loss (6,082) (12,921)

Total stockholders’ equity attributable to BXP, Inc. 5,152,113 5,147,190

Noncontrolling interests:

Common units of the Operating Partnership 583,922 566,563

Property partnerships 1,982,286 1,970,949

Total equity 7,718,321 7,684,702

Total liabilities and equity $ 25,102,250 $ 26,166,164

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended March 31,

2026 2025

(in thousands, except for per share amounts)

Revenue

Lease $ 818,156 $ 811,102

Parking and other 30,814 30,242

Hotel 9,101 9,597

Development and management services 9,207 9,775

Direct reimbursements of payroll and related costs from management services contracts

4,870 4,499

Total revenue 872,148 865,215

Expenses

Operating

Rental 344,082 331,578

Hotel 7,982 7,565

General and administrative 59,341 52,284

Payroll and related costs from management services contracts 4,870 4,499

Transaction costs 129 768

Depreciation and amortization 227,967 220,107

Total expenses 644,371 616,801

Other income (expense)

Income (loss) from unconsolidated joint ventures 35,413 (2,139)

Gains on sales of real estate 13,402 —

Loss on sales-type lease — (2,490)

Interest and other income (loss) 8,885 7,750

Losses from investments in securities (566) (365)

Unrealized gain (loss) on non-real estate investments 188 (483)

Loss from early extinguishment of debt — (338)

Interest expense (152,093) (163,444)

Net income 133,006 86,905

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships (19,869) (18,749)

Noncontrolling interest—common units of the Operating Partnership

(11,561) (6,979)

Net income attributable to BXP, Inc. $ 101,576 $ 61,177

Basic earnings per common share attributable to BXP, Inc.

Net income $ 0.64 $ 0.39

Weighted average number of common shares outstanding 158,555 158,202

Diluted earnings per common share attributable to BXP, Inc.

Net income $ 0.64 $ 0.39

Weighted average number of common and common equivalent shares outstanding

159,056 158,632

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended March 31,

2026 2025

(in thousands, except for per share amounts)

Net income attributable to BXP, Inc. $ 101,576 $ 61,177

Add:

Noncontrolling interest - common units of the Operating Partnership

11,561 6,979

Noncontrolling interests in property partnerships

19,869 18,749

Net income 133,006 86,905

Add:

Depreciation and amortization expense

227,967 220,107

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(20,871) (20,464)

Company’s share of depreciation and amortization from unconsolidated joint ventures

13,506 17,327

Corporate-related depreciation and amortization

(567) (716)

Non-real estate related amortization 2,131 2,130

Loss on sales-type lease — 2,490

Less:

Gains on sales of real estate 13,402 —

Gains on sales included within income (loss) from unconsolidated joint ventures 41,233 —

Unrealized gain (loss) on non-real estate investments 188 (483)

Noncontrolling interests in property partnerships 19,869 18,749

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 280,480 289,513

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

28,244 28,922

Funds from operations attributable to BXP, Inc. $ 252,236 $ 260,591

BXP, Inc.’s percentage share of funds from operations - basic 89.93 % 90.01 %

Weighted average shares outstanding - basic 158,555 158,202

FFO per share basic

$ 1.59 $ 1.65

Weighted average shares outstanding - diluted 159,056 158,632

FFO per share diluted

$ 1.59 $ 1.64

(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)

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Boston 97.3 % 97.6 % 98.7 % 98.6 %

Los Angeles 87.2 % 86.5 % 88.5 % 87.0 %

New York 86.8 % 86.2 % 94.2 % 92.1 %

San Francisco 82.7 % 81.9 % 86.3 % 84.4 %

Seattle 80.7 % 79.8 % 82.3 % 81.3 %

Washington, DC 91.3 % 92.4 % 93.1 % 94.2 %

CBD Portfolio 89.9 % 89.8 % 93.4 % 92.5 %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Boston 92.4 % 91.9 % 94.3 % 93.1 %

Los Angeles 87.2 % 86.5 % 88.5 % 87.0 %

New York 84.4 % 83.8 % 91.1 % 89.4 %

San Francisco 79.7 % 77.0 % 82.9 % 79.2 %

Seattle 80.7 % 79.8 % 82.3 % 81.3 %

Washington, DC 90.6 % 91.7 % 92.7 % 93.8 %

Total Portfolio 87.4 % 86.7 % 90.9 % 89.4 %

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

# # #

GRAPHIC

Filename: a360pas_thirdspacex5a.jpg · Sequence: 8

Binary file (1412208 bytes)

Download a360pas_thirdspacex5a.jpg

GRAPHIC

Filename: bxp-color.gif · Sequence: 9

Binary file (4731 bytes)

Download bxp-color.gif

GRAPHIC

Filename: bxp-colora.gif · Sequence: 10

Binary file (4731 bytes)

Download bxp-colora.gif

GRAPHIC

Filename: chart-14e6d695c76e4491a60a.jpg · Sequence: 11

Binary file (72093 bytes)

Download chart-14e6d695c76e4491a60a.jpg

GRAPHIC

Filename: chart-50973d9df53e4183827a.jpg · Sequence: 12

Binary file (73136 bytes)

Download chart-50973d9df53e4183827a.jpg

GRAPHIC

Filename: chart-5c813bccdc6444d0af5a.jpg · Sequence: 13

Binary file (74334 bytes)

Download chart-5c813bccdc6444d0af5a.jpg

GRAPHIC

Filename: chart-688929edcd924ad092fa.jpg · Sequence: 14

Binary file (79907 bytes)

Download chart-688929edcd924ad092fa.jpg

GRAPHIC

Filename: chart-f6f6447eecf2435caf2a.jpg · Sequence: 15

Binary file (98260 bytes)

Download chart-f6f6447eecf2435caf2a.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 17

v3.26.1

Cover

Apr. 28, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 28, 2026

Entity Registrant Name

BXP, INC.

Entity Incorporation, State or Country Code

Entity File Number

1-13087

Entity Tax Identification Number

04-2473675

Entity Address, Address Line One

800 Boylston Street, Suite 1900

Entity Address, City or Town

Boston

Entity Address, State or Province

Entity Address, Postal Zip Code

02199

City Area Code

617

Local Phone Number

236-3300

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001037540

Amendment Flag

false

Title of 12(b) Security

Common Stock, par value $0.01 per share

Trading Symbol

BXP

Security Exchange Name

NYSE

Boston Properties Limited Partnership [Member]

Entity Information [Line Items]

Entity Registrant Name

BOSTON PROPERTIES LIMITED PARTNERSHIP

Entity Incorporation, State or Country Code

Entity File Number

0-50209

Entity Tax Identification Number

04-3372948

Entity Emerging Growth Company

false

Entity Central Index Key

0001043121

Amendment Flag

false

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

dei_LegalEntityAxis=bxp_BostonPropertiesLimitedPartnershipMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: