Form 8-K

8-K — BXP, Inc.

Accession: 0001037540-26-000031

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0001037540

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bxp-20260728.htm (Primary)

EX-99.1 (q22026supplemental.htm)

EX-99.2 (q22026pressrelease.htm)

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8-K

8-K (Primary)

Filename: bxp-20260728.htm · Sequence: 1

bxp-20260728

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 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 July 28, 2026, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second quarter ended 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 June 30, 2026.

*99.2

Press release dated July 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: July 28, 2026

EX-99.1

Filename: q22026supplemental.htm · Sequence: 2

Document

Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended June 30, 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 June 30, 2026, including properties owned by joint ventures, BXP’s portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 143 office properties, 13 retail properties, seven residential properties (including four 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 presents “BXP’s Share” of certain 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: 290 Binney Street, Cambridge, MA)

Q2 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

Q2 2026

Company profile

SNAPSHOT

(as of June 30, 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) 51.1 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 $66.31 per share

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

Dividend Yield 4.2%

Consolidated Market Capitalization 2

$27.4 billion

BXP’s Share of Market Capitalization 2, 3

$27.1 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

___________________

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.

Q2 2026

Guidance and assumptions

GUIDANCE

BXP’s guidance for third 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 July 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.

Third Quarter 2026 Full Year 2026

Low High Low High

Projected EPS (diluted) $ 0.50 $ 0.52 $ 2.14 $ 2.24

Add:

Projected Company share of real estate depreciation and amortization 1.30 1.30 5.10 5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.25) (0.29)

Projected FFO per share (diluted) $ 1.80 $ 1.82 $ 6.99 $ 7.05

ASSUMPTIONS

(dollars in thousands)

Full Year 2026

Low High

Operating property activity:

Average In-service portfolio occupancy 1

88.50 % 89.25 %

Change in BXP’s Share of Same Property net operating income (excluding termination income) 1.80 % 2.60 %

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)

$ 52,000 $ 56,000

Taking Buildings Out-of-Service $ (11,000) $ (11,000)

BXP’s Share of incremental net operating income related to asset sold over prior year $ (83,000) $ (79,000)

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

$ 145,000 $ 162,000

BXP’s Share of Termination income $ 19,000 $ 23,000

Other revenue (expense):

Development, management services and other revenue $ 32,000 $ 36,000

General and administrative expense 2

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

Consolidated net interest expense $ (595,000) $ (588,000)

Unconsolidated joint venture interest expense $ (62,000) $ (60,000)

Noncontrolling interest:

Noncontrolling interest in property partnerships’ share of FFO $ (194,000) $ (190,000)

_______________

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.

Q2 2026

Financial highlights

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

Three Months Ended

30-Jun-26 31-Mar-26

Net income attributable to BXP, Inc. $ 68,564 $ 101,576

Net income attributable to BXP, Inc. per share - diluted $ 0.43 $ 0.64

FFO attributable to BXP, Inc. 1

$ 283,412 $ 252,236

Diluted FFO per share 1

$ 1.78 $ 1.59

Dividends per common share $ 0.70 $ 0.70

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

$ 142,069 $ 88,667

Selected items:

Revenue $ 895,699 $ 872,148

Recoveries from clients $ 152,352 $ 151,875

Service income from clients $ 4,840 $ 2,848

BXP’s Share of revenue 3

$ 838,636 $ 825,470

BXP’s Share of straight-line rent 3

$ 19,396 $ 20,444

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

$ 2,864 $ 2,715

BXP’s Share of termination income 3

$ 2,805 $ 12,828

Ground rent expense $ 3,876 $ 3,616

Capitalized interest $ 12,868 $ 16,490

Capitalized wages $ 4,585 $ 4,055

Income (loss) from unconsolidated joint ventures 5

$ (2,448) $ 35,413

BXP’s share of FFO from unconsolidated joint ventures 6

$ 9,111 $ 7,686

Net income attributable to noncontrolling interests in property partnerships $ 26,121 $ 19,869

FFO attributable to noncontrolling interests in property partnerships 7

$ 49,457 $ 40,740

Balance Sheet items:

Above-market rents (included within Prepaid Expenses and Other Assets) $ 4,351 $ 4,598

Below-market rents (included within Other Liabilities) $ 13,000 $ 15,414

Accrued rental income liability (included within Other Liabilities) $ 125,794 $ 96,767

Ratios:

Interest Coverage Ratio (excluding capitalized interest) 8

3.12 2.95

Interest Coverage Ratio (including capitalized interest) 8

2.87 2.65

Fixed Charge Coverage Ratio 8

2.62 2.40

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

7.94 8.50

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

3.5 % (2.0) %

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

0.8 % (0.4) %

FAD Payout Ratio 2

87.54 % 140.25 %

Operating Margins [(rental revenue - rental expense)/rental revenue] 61.3 % 59.5 %

Occupancy % of In-Service Properties 11

88.4 % 87.4 %

Leased % of In-Service Properties 12

91.3 % 90.9 %

Capitalization:

Consolidated Debt $ 15,618,563 $ 15,614,009

BXP’s Share of Debt 13

$ 15,355,350 $ 15,347,533

Consolidated Market Capitalization $ 27,388,124 $ 24,824,338

Consolidated Debt/Consolidated Market Capitalization 57.03 % 62.90 %

BXP’s Share of Market Capitalization 13

$ 27,124,911 $ 24,557,862

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

56.61 % 62.50 %

_____________

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 June 30, 2026 and March 31, 2026, amount includes gains on sales of approximately $1.2 million and $41.2 million, respectively.

6For a quantitative reconciliation for the three months ended June 30, 2026, see page 37.

7For a quantitative reconciliation for the three months ended June 30, 2026, see page 34.

8For a quantitative reconciliation for the three months ended June 30, 2026 and March 31, 2026, see page 32.

9For a quantitative reconciliation for the three months ended June 30, 2026 and March 31, 2026, see page 31.

10For a quantitative reconciliation for the three months ended June 30, 2026 and March 31, 2026, see pages 11, 66 and 67.

Q2 2026

Financial highlights (continued)

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

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

13For a quantitative reconciliation for June 30, 2026, see page 28.

Q2 2026

Consolidated Balance Sheets

(unaudited and in thousands)

30-Jun-26 31-Mar-26

ASSETS

Real estate $ 27,132,125 $ 26,256,207

Construction in progress 975,361 1,626,073

Land held for future development 499,424 493,212

Right of use assets - finance leases 371,889 372,476

Right of use assets - operating leases 290,726 321,030

Less accumulated depreciation (8,277,690) (8,170,334)

Total real estate 20,991,835 20,898,664

Cash and cash equivalents 493,949 512,783

Cash held in escrows 59,514 68,471

Investments in securities 46,526 42,072

Tenant and other receivables, net 90,679 90,137

Note receivable, net 12,185 10,071

Related party notes receivable, net 35,337 31,447

Sales-type lease receivable, net 16,170 15,921

Accrued rental income, net 1,573,959 1,558,226

Deferred charges, net 848,273 830,917

Prepaid expenses and other assets 122,830 188,819

Investments in unconsolidated joint ventures 820,068 854,722

Assets held for sale 62,544 —

Total assets $ 25,173,869 $ 25,102,250

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 4,281,198 $ 4,280,639

Unsecured senior notes, net 8,811,158 8,808,674

Unsecured exchangeable senior notes, net 978,642 977,387

Unsecured line of credit — —

Unsecured term loans, net 797,565 797,309

Unsecured commercial paper 750,000 750,000

Lease liabilities - finance leases 353,436 357,039

Lease liabilities - operating leases 386,487 387,481

Accounts payable and accrued expenses 474,141 418,443

Dividends and distributions payable 123,857 124,018

Accrued interest payable 109,523 124,068

Other liabilities 364,082 352,813

Liabilities held for sale 6,130 —

Total liabilities 17,436,219 17,377,871

Commitments and contingencies — —

Redeemable deferred stock units 7,927 6,058

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, 159,600,410 and 158,754,863 issued and 159,521,510 and 158,675,963 outstanding at June 30, 2026 and March 31, 2026, respectively

1,595 1,587

Additional paid-in capital 6,881,671 6,843,822

Dividends in excess of earnings (1,727,547) (1,684,492)

Treasury common stock at cost, 78,900 shares at June 30, 2026 and March 31, 2026

(2,722) (2,722)

Accumulated other comprehensive income (loss) 2,148 (6,082)

Total stockholders’ equity attributable to BXP, Inc. 5,155,145 5,152,113

Noncontrolling interests:

Common units of the Operating Partnership 555,763 583,922

Property partnerships 2,018,815 1,982,286

Total equity 7,729,723 7,718,321

Total liabilities and equity $ 25,173,869 $ 25,102,250

Q2 2026

Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended

30-Jun-26 31-Mar-26

Revenue

Lease $ 831,678 $ 818,156

Parking and other 36,485 30,811

Insurance proceeds 1,101 3

Hotel revenue 14,901 9,101

Development and management services 7,633 9,207

Direct reimbursements of payroll and related costs from management services contracts 3,901 4,870

Total revenue 895,699 872,148

Expenses

Operating 192,421 201,823

Real estate taxes 142,194 141,197

Restoration expenses related to insurance claims 1,526 1,062

Hotel operating 9,369 7,982

General and administrative 1, 2

50,444 59,341

Payroll and related costs from management services contracts 3,901 4,870

Transaction costs (62) 129

Depreciation and amortization 236,977 227,967

Total expenses 636,770 644,371

Other income (expense)

Income (loss) from unconsolidated joint ventures 3

(2,448) 35,413

Gains on sales of real estate 4

6,997 13,402

Gains (losses) from investments in securities 2

4,385 (566)

Unrealized gain (loss) on non-real estate investments (75) 188

Interest and other income (loss) 6,137 8,885

Impairment loss 5

(18,036) —

Interest expense (153,425) (152,093)

Net income 102,464 133,006

Net income attributable to noncontrolling interests

Noncontrolling interest in property partnerships (26,121) (19,869)

Noncontrolling interest - common units of the Operating Partnership 6

(7,779) (11,561)

Net income attributable to BXP, Inc. $ 68,564 $ 101,576

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income attributable to BXP, Inc. per share - basic $ 0.43 $ 0.64

Net income attributable to BXP, Inc. per share - diluted $ 0.43 $ 0.64

_____________

1For the three months ended June 30, 2026 and March 31, 2026, includes approximately $6.0 million and $16.9 million, respectively, 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, for each period, related to the 2025 OPP Awards.

2Includes $4.4 million and $(0.6) million for the three months ended June 30, 2026 and March 31, 2026, respectively, related to the Company’s deferred compensation plan.

3For the three months ended June 30, 2026 and March 31, 2026, amount includes gains on sales of approximately $1.2 million and $41.2 million, respectively.

4For additional detail, see page 14.

5On May 29, 2026, the anticipated sale of the Company’s leasehold interest in the Sumner Square property located in Washington, DC met the Company’s “held for sale” criteria. Following the classification of a property as “held for sale”, the assets are written down to the lower of carrying value or fair market value, less cost to sell. This write down resulted in an impairment. There can be no assurance that the sale will be consummated on the terms currently contemplated or at all.

6For additional detail, see page 7.

Q2 2026

Funds from operations (FFO) 1

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

Three Months Ended

30-Jun-26 31-Mar-26

Net income attributable to BXP, Inc. $ 68,564 $ 101,576

Add:

Noncontrolling interest - common units of the Operating Partnership 7,779 11,561

Noncontrolling interests in property partnerships 26,121 19,869

Net income 102,464 133,006

Add:

Depreciation and amortization expense 236,977 227,967

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

(23,336) (20,871)

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

12,716 13,506

Corporate-related depreciation and amortization (549) (567)

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

Impairment loss 18,036 —

Less:

Gains on sales of real estate 6,997 13,402

Gains on sales included within income (loss) from unconsolidated joint ventures 3

1,157 41,233

Unrealized gain (loss) on non-real estate investments (75) 188

Noncontrolling interests in property partnerships 26,121 19,869

FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 314,239 280,480

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of FFO 30,827 28,244

FFO attributable to BXP, Inc. $ 283,412 $ 252,236

BXP, Inc.’s percentage share of Basic FFO 90.19 % 89.93 %

Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.81 % 10.07 %

Basic FFO per share $ 1.78 $ 1.59

Weighted average shares outstanding - basic 159,167 158,555

Diluted FFO per share $ 1.78 $ 1.59

Weighted average shares outstanding - diluted 159,629 159,056

RECONCILIATION TO DILUTED FFO

Three Months Ended

30-Jun-26 31-Mar-26

Basic FFO $ 314,239 $ 280,480

Add:

Effect of dilutive securities - stock-based compensation — —

Diluted FFO 314,239 280,480

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 30,733 28,188

BXP, Inc.’s share of Diluted FFO $ 283,506 $ 252,292

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended

30-Jun-26 31-Mar-26

Shares/units for Basic FFO 176,474 176,318

Add:

Effect of dilutive securities - stock-based compensation (shares/units) 462 501

Shares/units for Diluted FFO 176,936 176,819

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 17,307 17,763

BXP, Inc.’s share of shares/units for Diluted FFO 159,629 159,056

BXP, Inc.’s percentage share of Diluted FFO 90.22 % 89.95 %

_____________

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

2For a quantitative reconciliation for the three months ended June 30, 2026, see page 34.

3For a quantitative reconciliation for the three months ended June 30, 2026, see page 37.

Q2 2026

Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended

30-Jun-26 31-Mar-26

Net income attributable to BXP, Inc. $ 68,564 $ 101,576

Add:

Noncontrolling interest - common units of the Operating Partnership 7,779 11,561

Noncontrolling interests in property partnerships 26,121 19,869

Net income 102,464 133,006

Add:

Depreciation and amortization expense 236,977 227,967

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

(23,336) (20,871)

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

12,716 13,506

Corporate-related depreciation and amortization (549) (567)

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

Impairment loss 18,036 —

Less:

Gains on sales of real estate 6,997 13,402

Gains on sales included within income (loss) from unconsolidated joint ventures 3

1,157 41,233

Unrealized gain (loss) on non-real estate investments (75) 188

Noncontrolling interests in property partnerships 26,121 19,869

Basic FFO 314,239 280,480

Add:

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

4,071 3,739

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

1,714 1,706

BXP’s Share of fair value interest adjustment 1

260 216

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

(3,895) (4,849)

Stock-based compensation 15,463 26,043

Non-real estate depreciation and amortization (1,582) (1,564)

Unearned portion of capitalized fees from consolidated joint ventures 6

915 669

Less:

BXP’s Share of straight-line rent 1

19,396 20,444

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

2,864 2,715

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

(2,306) (1,744)

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

153,008 178,371

BXP’s Share of maintenance capital expenditures 1, 9

14,617 16,647

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

278 274

Hotel improvements, equipment upgrades and replacements 1,259 1,066

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

$ 142,069 $ 88,667

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

124,374 124,354

FAD Payout Ratio1 (B÷A)

87.54 % 140.25 %

_____________

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

2For a quantitative reconciliation for the three months ended June 30, 2026, see page 34.

3For additional information for the three months ended June 30, 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 1.8 million and 2.3 million square feet of leases that commenced revenue recognition during the three months ended June 30, 2026 and March 31, 2026, respectively, at an average transaction cost per lease year of approximately $11.55 per square foot and $10.40 per square foot, respectively. 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.

Q2 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

30-Jun-26 30-Jun-25

Net income attributable to BXP, Inc. $ 68,564 $ 88,977

Net income attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 7,779 10,064

Noncontrolling interest in property partnerships 26,121 20,100

Net income 102,464 119,141

Add:

Interest expense 153,425 162,783

Impairment loss 18,036 —

Unrealized loss on non-real estate investment 75 39

Loss from unconsolidated joint ventures 2,448 3,324

Depreciation and amortization expense 236,977 223,819

Transaction costs (62) 357

Payroll and related costs from management services contracts 3,901 4,104

General and administrative expense 50,444 42,516

Less:

Interest and other income (loss) 6,137 8,063

Gains from investments in securities 4,385 2,600

Gains on sales of real estate 6,997 18,390

Direct reimbursements of payroll and related costs from management services contracts 3,901 4,104

Development and management services revenue 7,633 8,846

Net Operating Income (NOI) 538,655 514,080

Add:

BXP’s share of NOI from unconsolidated joint ventures 1

22,028 31,029

Less:

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

60,335 51,562

BXP’s Share of NOI 500,348 493,547

Less:

Termination income 2,828 909

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

— (146)

Add:

Partners’ share of termination income from consolidated joint ventures 2

23 —

BXP’s Share of NOI (excluding termination income) $ 497,543 $ 492,784

Net Operating Income (NOI) $ 538,655 $ 514,080

Less:

Termination income 2,828 909

NOI from non Same Properties (excluding termination income) 3

15,574 11,355

Same Property NOI (excluding termination income) 520,253 501,816

Less:

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

60,312 51,562

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

6,853 —

BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1

22,028 31,175

Less:

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

2,009 10,865

BXP’s Share of Same Property NOI (excluding termination income) $ 486,813 $ 470,564

_____________

1For a quantitative reconciliation for the three months ended June 30, 2026, see page 65.

2For a quantitative reconciliation for the three months ended June 30, 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 June 30, 2026 and therefore are no longer a part of the Company’s property portfolio.

Q2 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

30-Jun-26 30-Jun-25

Net income attributable to BXP, Inc. $ 68,564 $ 88,977

Net income attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 7,779 10,064

Noncontrolling interest in property partnerships 26,121 20,100

Net income 102,464 119,141

Add:

Interest expense 153,425 162,783

Impairment loss 18,036 —

Unrealized loss on non-real estate investment 75 39

Loss from unconsolidated joint ventures 2,448 3,324

Depreciation and amortization expense 236,977 223,819

Transaction costs (62) 357

Payroll and related costs from management services contracts 3,901 4,104

General and administrative expense 50,444 42,516

Less:

Interest and other income (loss) 6,137 8,063

Gains from investments in securities 4,385 2,600

Gains on sales of real estate 6,997 18,390

Direct reimbursements of payroll and related costs from management services contracts 3,901 4,104

Development and management services revenue 7,633 8,846

Net Operating Income (NOI) 538,655 514,080

Less:

Straight-line rent 3,570 24,533

Fair value lease revenue 2,168 1,915

Amortization and accretion related to sales type lease 249 232

Termination income 2,828 909

Add:

Straight-line ground rent expense adjustment 1

511 531

Lease transaction costs that qualify as rent inducements 2

4,072 4,427

NOI - cash (excluding termination income) 534,423 491,449

Less:

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

47,333 12,387

Same Property NOI - cash (excluding termination income) 487,090 479,062

Less:

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

72,128 46,250

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

21,983 —

BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5

17,413 27,909

Less:

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

(609) 9,238

BXP’s Share of Same Property NOI - cash (excluding termination income) $ 454,967 $ 451,483

_____________

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 $(4,527) and $(83) for the three months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company has remaining lease payments aggregating approximately $15.6 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

4For a quantitative reconciliation for the three months ended June 30, 2026, see page 63.

5For a quantitative reconciliation for the three months ended June 30, 2026, see page 65.

Q2 2026

Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1

Hotel & Residential

Three Months Ended $ % Three Months Ended $ %

30-Jun-26 30-Jun-25 Change Change 30-Jun-26 30-Jun-25 Change Change

Rental Revenue 2

$ 842,059 $ 812,662 $ 18,584 $ 18,129

Less: Termination income 2,828 559 — —

Rental revenue (excluding termination income) 2

839,231 812,103 $ 27,128 3.3 % 18,584 18,129 $ 455 2.5 %

Less: Operating expenses and real estate taxes 326,187 316,247 9,940 3.1 % 11,375 12,169 (794) (6.5) %

NOI (excluding termination income) 2, 3

$ 513,044 $ 495,856 $ 17,188 3.5 % $ 7,209 $ 5,960 $ 1,249 21.0 %

Rental revenue (excluding termination income) 2

$ 839,231 $ 812,103 $ 27,128 3.3 % $ 18,584 $ 18,129 $ 455 2.5 %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 37,748 27,564 10,184 36.9 % (2) (2) — — %

Add: Lease transaction costs that qualify as rent inducements 4

4,072 4,277 (205) (4.8) % — — — — %

Subtotal 805,555 788,816 16,739 2.1 % 18,586 18,131 455 2.5 %

Less: Operating expenses and real estate taxes 326,187 316,247 9,940 3.1 % 11,375 12,169 (794) (6.5) %

Add: Straight-line ground rent expense 5

511 531 (20) (3.8) % — — — — %

NOI - cash (excluding termination income) 2, 3

$ 479,879 $ 473,100 $ 6,779 1.4 % $ 7,211 $ 5,962 $ 1,249 20.9 %

Consolidated Total 1 (A)

BXP’s share of Unconsolidated Joint Ventures (B)

Three Months Ended $ % Three Months Ended $ %

30-Jun-26 30-Jun-25 Change Change 30-Jun-26 30-Jun-25 Change Change

Rental Revenue 2

$ 860,643 $ 830,791 $ 36,823 $ 36,588

Less: Termination income 2,828 559 — (374)

Rental revenue (excluding termination income) 2

857,815 830,232 $ 27,583 3.3 % 36,823 36,962 $ (139) (0.4) %

Less: Operating expenses and real estate taxes 337,562 328,416 9,146 2.8 % 16,804 16,652 152 0.9 %

NOI (excluding termination income) 2, 3

$ 520,253 $ 501,816 $ 18,437 3.7 % $ 20,019 $ 20,310 $ (291) (1.4) %

Rental revenue (excluding termination income) 2

$ 857,815 $ 830,232 $ 27,583 3.3 % $ 36,823 $ 36,962 $ (139) (0.4) %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 37,746 27,562 10,184 36.9 % 2,118 1,754 364 20.8 %

Add: Lease transaction costs that qualify as rent inducements 4

4,072 4,277 (205) (4.8) % — (21) 21 100.0 %

Subtotal 824,141 806,947 17,194 2.1 % 34,705 35,187 (482) (1.4) %

Less: Operating expenses and real estate taxes 337,562 328,416 9,146 2.8 % 16,804 16,652 152 0.9 %

Add: Straight-line ground rent expense 5

511 531 (20) (3.8) % 121 136 (15) (11.0) %

NOI - cash (excluding termination income) 2, 3

$ 487,090 $ 479,062 $ 8,028 1.7 % $ 18,022 $ 18,671 $ (649) (3.5) %

Partners’ share of Consolidated Joint Ventures (C)

BXP’s Share 2, 6

Three Months Ended $ % Three Months Ended $ %

30-Jun-26 30-Jun-25 Change Change 30-Jun-26 30-Jun-25 Change Change

Rental Revenue 2

$ 91,611 $ 88,271 $ 805,855 $ 779,108

Less: Termination income 23 — 2,805 185

Rental revenue (excluding termination income) 2

91,588 88,271 $ 3,317 3.8 % 803,050 778,923 $ 24,127 3.1 %

Less: Operating expenses and real estate taxes 38,129 36,709 1,420 3.9 % 316,237 308,359 7,878 2.6 %

NOI (excluding termination income) 2, 3

$ 53,459 $ 51,562 $ 1,897 3.7 % $ 486,813 $ 470,564 $ 16,249 3.5 %

Rental revenue (excluding termination income) 2

$ 91,588 $ 88,271 $ 3,317 3.8 % $ 803,050 $ 778,923 $ 24,127 3.1 %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 3,315 6,236 (2,921) (46.8) % 36,549 23,080 13,469 58.4 %

Add: Lease transaction costs that qualify as rent inducements 4

1 924 (923) (99.9) % 4,071 3,332 739 22.2 %

Subtotal 88,274 82,959 5,315 6.4 % 770,572 759,175 11,397 1.5 %

Less: Operating expenses and real estate taxes 38,129 36,709 1,420 3.9 % 316,237 308,359 7,878 2.6 %

Add: Straight-line ground rent expense 5

— — — — % 632 667 (35) (5.2) %

NOI - cash (excluding termination income) 2, 3

$ 50,145 $ 46,250 $ 3,895 8.4 % $ 454,967 $ 451,483 $ 3,484 0.8 %

___________________

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

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

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

Q2 2026

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

5Excludes the straight-line impact of approximately $(4,527) and $(83) for the three months ended June 30, 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).

Q2 2026

Capital expenditures

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended

30-Jun-26 31-Mar-26

Maintenance capital expenditures $ 15,936 $ 18,984

Planned capital expenditures associated with acquisition properties 719 4,206

Repositioning capital expenditures 634 323

Hotel improvements, equipment upgrades and replacements 1,259 1,066

Subtotal 18,548 24,579

Add:

BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 572 455

BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 17 11

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

Less:

Partners’ share of maintenance capital expenditures from consolidated JVs 1,891 2,792

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

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

BXP’s Share of Capital Expenditures 1

$ 17,246 $ 22,253

___________________

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

Q2 2026

Acquisitions and dispositions

For the period from January 1, 2026 through June 30, 2026

(dollars in thousands)

ACQUISITIONS

BXP’s Share of Investment

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

13150 Worldgate Drive (20% ownership) Herndon, VA June 4, 2026 N/A $ 4,236 $ 22,164 $ 26,400 N/A

Total Acquisitions — $ 4,236 $ 22,164 $ 26,400 — %

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 23,673 (763)

13150 Worldgate Drive (50% ownership) Herndon, VA June 4, 2026 N/A 10,275 10,248 832

191,000 85,425 82,997 (160)

Residential:

The Lofts at Atlantic Wharf Boston, MA February 25, 2026 87,000 55,500 54,065 14,764

87,000 55,500 54,065 14,764

Non-Strategic Office / Retail:

Gateway Commons (50% ownership) 2

South San Francisco, CA January 2, 2026 792,700 150,000 131,023 6,407

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

Kingstowne Retail Alexandria, VA April 17, 2026 88,300 19,700 18,928 7,029

1,617,000 384,700 231,452 48,276

Total Dispositions 1,895,000 $ 525,625 $ 368,514 $ 62,880

___________________

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

2The Company previously recognized an impairment loss.

Q2 2026

Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT JUNE 30, 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

Reservoir Place 6

Q2 2027 Q2 2027 Waltham, MA 363,000 $ 11,954 $ 87,000 $ — $ — $ 75,046 89 % — % N/A

725 12th Street Q1 2029 Q4 2030 Washington, DC 320,000 109,553 349,600 — — 240,047 87 % — % N/A

343 Madison Avenue 7

Q3 2029 Q2 2031 New York, NY 930,000 429,623 1,971,000 — — 1,541,377 50 % — % N/A

Total Office Properties under Construction 1,613,000 551,130 2,407,600 — — 1,856,470 66 % — % N/A

Residential 8

17 Hartwell Avenue (312 units) (20% ownership) Q2 2027 Q2 2028 Lexington, MA 347,000 18,773 35,900 19,747 512 — — % — % N/A

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

121 Broadway Street (439 units) Q3 2027 Q2 2029 Cambridge, MA 490,000 371,098 597,800 — — 226,702 — % — % N/A

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

290 Coles Street (670 units) (19.46% ownership) 9

Q2 2028 Q3 2029 Jersey City, NJ 693,000 39,873 88,700 56,422 15,515 7,920 — % — % N/A

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

Worldgate Drive (359 units) (20% ownership) Q3 2028 Q2 2030 Herndon, VA 347,000 4,435 26,400 13,639 — 8,326 — % — % N/A

Total Residential Properties under Construction 1,893,650 434,179 748,800 89,808 16,027 242,948 — % — % N/A

Total Properties Under Construction 3,506,650 $ 985,309 $ 3,156,400 $ 89,808 $ 16,027 $ 2,099,418 65 %

— % N/A

PROJECTS FULLY PLACED IN-SERVICE DURING 2026

Actual/Estimated BXP’s share

Estimated Total Investment 2

Amount Drawn at 6/30/2026

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 $ 30,080 $ 31,600 $ — $ — $ 1,520 69 % $ (90)

290 Binney Street (55% ownership) 11

Q2 2026 Q2 2026 Cambridge, MA 572,578 435,734 488,000 — — 52,266 100 % 8,914

Total Projects Fully Placed In-Service 602,862 $ 465,814 $ 519,600 $ — $ — $ 53,786 98 % $ 8,824

________________

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

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

3Represents percentage leased as of July 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 June 30, 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.

6Reservoir Place consists of approximately 528,000 rentable square feet of which approximately 165,000 square feet is in-service. For additional detail, see page 23.

7On July 28, 2026, the Company closed on a $1.2 billion construction loan reducing its future equity spend to $341 million.

8Residential Projects are shown in gross square feet beginning Q1 2026.

9Total Financing and Amount Drawn includes the Company’s share of the $225 million construction loan and $65 million of preferred equity. The Company provided the preferred equity, which accrues at a 13% internal rate of return and has been fully funded.

Q2 2026

Construction in progress (continued)

10Total percentage leased excludes Residential units.

11The Estimated Total Investment has been reduced by $20 million, of which, the Company will receive 100%. The 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 $147.1 million for the vault as of June 30, 2026.

Q2 2026

Land parcels and purchase options

as of June 30, 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

San Francisco, CA 850,000

Springfield, VA 576,000

Waltham, MA 538,000

Lexington, MA 420,000

Washington, DC 320,000

Rockville, MD 150,000

Boston, MA 25,000

Total Office 8,968,000

Residential

Reston, VA 1,193,000

Rockville, MD 622,000

Weston, MA 600,000

West Los Angeles, CA 545,000

Washington, DC (50% ownership) 520,000

Waltham, MA 274,000

Herndon, VA (50% ownership) 236,000

Total Residential 3,990,000

Total Owned Land Parcels 12,958,000

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 six months ended June 30, 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.

Q2 2026

Leasing activity

for the three months ended June 30, 2026

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

Total

Vacant space available at the beginning of the period 5,756,769

Add:

Properties placed (and partially placed) in-service 1

572,578

Leases expiring or terminated during the period 1,629,883

Total space available for lease 7,959,230

1st generation leases 2

775,869

2nd generation leases with new clients 3

825,784

2nd generation lease renewals 970,125

Total leases commenced during the period 4

2,571,778

Vacant space available for lease at the end of the period 5,387,452

Net (increase)/decrease in available space 369,317

LEASING ACTIVITY - EXECUTED LEASES

1st generation leases 2

551,047

2nd generation leases with new clients 3

734,967

2nd generation leases renewals 469,147

Total Leases executed during the period 1,755,161

2nd generation leasing information:

Weighted average lease term (months) 83

Weighted average free rent period (days) 172

Total transaction costs per square foot 5

99.12

Lease Costs per year of term $14.32

Increase (decrease) in gross rents 6

1.18 %

Increase (decrease) in net rents 7

1.58 %

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

1st generation 2nd generation total

gross 6,8

net 7,8

Boston 322,116 190,731 512,847 14.21 % 23.66 %

Los Angeles — 44,882 44,882 — % — %

New York 221,158 277,778 498,936 12.77 % 19.92 %

San Francisco — 375,987 375,987 (13.45) % (17.76) %

Seattle — 103,440 103,440 (14.70) % (20.11) %

Washington, DC 7,773 211,296 219,069 (6.95) % (10.20) %

Total / Weighted Average 551,047 1,204,114 1,755,161 1.18 % 1.58 %

_____________

1 Total square feet of properties placed in service in Q2 2026 consists of 572,578 at 290 Binney Street.

2 1st generation leases are defined as leases for development and redevelopment space that has not previously been leased.

3 2nd generation leases are defined as leases for in-service space that has previously been leased.

4 Leases for 296,406 square feet were signed in the current quarter.

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

6 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 877,841 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.

7 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 877,841 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 The calculation for the increase/(decrease) of gross rent and net rent are based on current quarter expenses.

Q2 2026

Portfolio overview

for the three months ended June 30, 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 14,563,113 1,076,529 320,444 330,000 16,290,086

Los Angeles 1,921,358 123,247 — — 2,044,605

New York 12,538,833 488,017 — — 13,026,850

San Francisco 6,050,899 333,171 318,171 — 6,702,241

Seattle 1,502,984 13,171 — — 1,516,155

Washington, DC 7,010,830 535,821 417,036 — 7,963,687

Total 43,588,017 2,569,956 1,055,651 330,000 47,543,624

% of Total 91.68 % 5.41 % 2.22 % 0.69 % 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

47,543,624

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

2,884,658

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

3,375,570

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

39,880,660

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

Office Retail Residential

Hotel 6

Total

Consolidated $ 802,549 $ 63,135 $ 3,683 $ 14,798 $ 884,165

Less:

Partners’ share from consolidated joint ventures 7

89,780 9,877 — — 99,657

Add:

BXP’s share from unconsolidated joint ventures 8

36,054 2,486 3,784 — 42,324

BXP’s Share of Rental revenue 1

$ 748,823 $ 55,744 $ 7,467 $ 14,798 $ 826,832

% of Total 90.57 % 6.74 % 0.90 % 1.79 % 100.00 %

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

CBD Suburban Total

Boston 35.31 % 5.24 % 40.55 %

Los Angeles 3.39 % — % 3.39 %

New York 23.22 % 1.72 % 24.94 %

San Francisco 15.14 % 0.71 % 15.85 %

Seattle 1.91 % — % 1.91 %

Washington, DC 13.34 % 0.02 % 13.36 %

Total 92.31 % 7.69 % 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.

Q2 2026

Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1

Hotel

Three Months Ended Three Months Ended

30-Jun-26 31-Mar-26 30-Jun-26 31-Mar-26

Rental Revenue 2

$ 3,683 $ 4,452 $ 14,901 $ 9,101

Less: Operating expenses and real estate taxes 2,006 2,210 9,369 7,982

Net Operating Income (NOI) 2

1,677 2,242 5,532 1,119

Add: BXP’s share of NOI from unconsolidated joint ventures 2,362 2,238 N/A N/A

BXP’s Share of NOI 2

$ 4,039 $ 4,480 $ 5,532 $ 1,119

Rental Revenue 2

$ 3,683 $ 4,452 $ 14,901 $ 9,101

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

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

Subtotal 3,683 4,436 14,903 9,103

Less: Operating expenses and real estate taxes 2,006 2,210 9,369 7,982

NOI - cash basis 2

1,677 2,226 5,534 1,121

Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,362 2,238 N/A N/A

BXP’s Share of NOI - cash basis 2

$ 4,039 $ 4,464 $ 5,534 $ 1,121

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

Residential Units Three Months Ended Percent Change

30-Jun-26 30-Jun-25

Boston 440

Average Monthly Rental Rate $ 4,501 $ 4,460 0.92 %

Average Rental Rate Per Occupied Square Foot $ 6.16 $ 6.10 0.98 %

Average Physical Occupancy 95.30 % 96.06 % (0.79) %

Average Economic Occupancy 95.58 % 96.28 % (0.73) %

San Francisco 402

Average Monthly Rental Rate $ 3,270 $ 2,996 9.15 %

Average Rental Rate Per Occupied Square Foot $ 4.12 $ 3.76 9.57 %

Average Physical Occupancy 92.12 % 89.64 % 2.77 %

Average Economic Occupancy 91.86 % 87.86 % 4.55 %

Washington, DC 508

Average Monthly Rental Rate $ 3,103 $ 2,641 17.49 %

Average Rental Rate Per Occupied Square Foot $ 3.77 $ 3.36 12.20 %

Average Physical Occupancy 94.29 % 70.28 % 34.16 %

Average Economic Occupancy 94.17 % 63.98 % 47.19 %

Total residential units 1,350

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

Hotel Rooms Three Months Ended Percent Change

30-Jun-26 30-Jun-25

Boston Marriott Cambridge 437

Average Occupancy 84.80 %

82.80 % 2.42 %

Average Daily Rate $ 374.01

$ 373.26 0.20 %

Revenue Per Available Room $ 317.08

$ 308.90 2.65 %

_____________

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 June 30, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page 14.

Q2 2026

In-service property listing

as of June 30, 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 99.0 % 99.0 % $ 92.09

800 Boylston Street - The Prudential Center CBD Boston MA 1 1,270,419 93.4 % 96.9 % 76.54

100 Federal Street (55% ownership) CBD Boston MA 1 1,233,943 92.8 % 95.9 % 78.73

111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446 100.0 % 100.0 % 83.05

Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024 100.0 % 100.0 % 95.22

100 Causeway Street (50% ownership) 4

CBD Boston MA 1 633,818 100.0 % 100.0 % 66.73

Prudential Center (retail shops) 5

CBD Boston MA 1 589,906 96.5 % 97.8 % 97.03

101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476 100.0 % 100.0 % 63.88

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

CBD Boston MA 1 382,988 97.3 % 97.3 % 65.34

888 Boylston Street - The Prudential Center CBD Boston MA 1 377,574 96.2 % 96.2 % 84.30

Star Market at the Prudential Center 5

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

Subtotal 11 8,409,523 97.2 % 98.3 % $ 82.25

290 Binney Street (55% ownership) 6, 7

East Cambridge MA 1 572,578 100.0 % 100.0 % $ 156.85

145 Broadway East Cambridge MA 1 490,086 99.6 % 99.6 % 94.51

325 Main Street East Cambridge MA 1 406,824 98.7 % 100.0 % 115.57

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 % 63.22

Subtotal 12 3,269,061 98.6 % 98.8 % $ 117.32

Subtotal Boston CBD 23 11,678,584 97.6 % 98.4 % $ 92.26

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 % $ 82.77

Santa Monica Business Park West Los Angeles CA 12 841,820 86.4 % 92.2 % 66.11

Santa Monica Business Park Retail 5

West Los Angeles CA 7 72,719 87.1 % 87.1 % 78.10

Subtotal 25 2,044,605 88.2 % 90.9 % $ 75.88

NEW YORK

Office

767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335 98.4 % 99.5 % $ 167.95

601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682 99.9 % 99.9 % 102.56

399 Park Avenue Park Avenue NY 1 1,567,470 100.0 % 100.0 % 111.44

599 Lexington Avenue Park Avenue NY 1 1,105,007 95.7 % 98.1 % 86.06

Q2 2026

In-service property listing (continued)

as of June 30, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

7 Times Square (55% ownership) Times Square NY 1 1,238,722 81.5 % 93.0 % 77.66

250 West 55th Street Times Square / West Side NY 1 966,976 98.7 % 98.7 % 104.60

200 Fifth Avenue (26.69% ownership) 4

Midtown South NY 1 845,367 59.8 % 95.7 % 101.94

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

Midtown South NY 1 448,112 69.2 % 94.9 % 98.14

Dock 72 (50% ownership) 4

Brooklyn NY 1 668,521 42.6 % 42.6 % 33.61

510 Madison Avenue Fifth/Madison Avenue NY 1 352,589 93.4 % 97.8 % 128.30

Subtotal 10 10,834,781 88.9 % 94.7 % $ 111.71

SAN FRANCISCO

Office

Salesforce Tower CBD San Francisco CA 1 1,420,682 98.0 % 98.0 % $ 116.11

Embarcadero Center Four CBD San Francisco CA 1 945,937 95.3 % 95.3 % 107.18

Embarcadero Center One CBD San Francisco CA 1 838,051 70.3 % 71.1 % 94.45

Embarcadero Center Two CBD San Francisco CA 1 802,003 71.8 % 72.6 % 84.97

Embarcadero Center Three CBD San Francisco CA 1 790,469 67.9 % 74.4 % 92.26

680 Folsom Street CBD San Francisco CA 2 530,106 70.8 % 83.9 % 78.80

535 Mission Street CBD San Francisco CA 1 303,322 88.3 % 92.6 % 79.75

690 Folsom Street CBD San Francisco CA 1 26,080 100.0 % 100.0 % 117.22

Subtotal 9 5,656,650 82.5 % 85.1 % $ 100.08

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 1 762,540 81.3 % 81.3 % $ 49.75

Madison Centre CBD Seattle WA 1 753,615 82.5 % 90.6 % 60.80

Subtotal 2 1,516,155 81.9 % 85.9 % $ 55.27

WASHINGTON, DC

Office

901 New York Avenue East End Washington DC 1 526,383 82.1 % 84.4 % $ 71.96

2100 Pennsylvania Avenue CBD Washington DC 1 475,772 96.6 % 98.7 % 87.83

2200 Pennsylvania Avenue CBD Washington DC 1 460,039 88.8 % 95.4 % 74.56

1330 Connecticut Avenue CBD Washington DC 1 253,375 83.3 % 83.3 % 68.18

Sumner Square 8

CBD Washington DC 1 210,542 93.0 % 93.0 % 51.18

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

Capitol Hill Washington DC 1 230,900 95.1 % 95.1 % 85.06

Capital Gallery Southwest Washington DC 1 176,909 55.5 % 55.5 % 63.39

Subtotal 7 2,333,920 86.8 % 89.0 % $ 74.72

Reston Next Reston VA 2 1,063,299 99.1 % 99.6 % $ 63.88

South of Market Reston VA 3 624,386 100.0 % 100.0 % 57.47

Fountain Square Reston VA 2 524,326 94.9 % 97.8 % 54.18

One Freedom Square Reston VA 1 427,252 87.9 % 93.5 % 56.22

Two Freedom Square Reston VA 1 423,222 100.0 % 100.0 % 56.63

One and Two Discovery Square Reston VA 2 366,989 89.7 % 89.7 % 54.30

One Reston Overlook Reston VA 1 319,519 100.0 % 100.0 % 50.34

17Fifty Presidents Street Reston VA 1 275,809 100.0 % 100.0 % 75.29

Democracy Tower Reston VA 1 259,441 99.3 % 99.3 % 70.64

Fountain Square Retail 5

Reston VA 1 196,642 93.6 % 94.8 % 52.53

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

Q2 2026

In-service property listing (continued)

as of June 30, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

Reston Next Retail 5, 7

Reston VA 1 30,284 — % 69.1 % —

Avant Retail 5

Reston VA 1 26,179 100.0 % 100.0 % 67.97

Subtotal 19 4,758,592 96.3 % 97.7 % $ 59.40

Wisconsin Place Office Montgomery County MD 1 296,965 52.4 % 56.0 % 54.19

Subtotal 1 296,965 52.4 % 56.0 % $ 54.19

Subtotal Washington, DC CBD 27 7,389,477 91.5 % 93.3 % $ 63.84

Residential

Skymark (508 units) (20% ownership) 4

Reston VA 1 417,036

Subtotal 1 417,036

CBD Total 100 40,522,988 90.7 %

93.6 %

$ 91.02

BXP’s Share of CBD 91.4 %

93.8 %

SUBURBAN

BOSTON

Office

Bay Colony Corporate Center 10

Route 128 Mass Turnpike MA 2 435,917 81.0 % 81.0 % $ 41.56

Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995 41.1 % 41.1 % 37.38

180 CityPoint 6

Route 128 Mass Turnpike MA 1 329,195 64.8 % 91.5 % 86.03

Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611 73.0 % 73.0 % 47.20

230 CityPoint Route 128 Mass Turnpike MA 1 299,304 98.4 % 98.4 % 50.45

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 80.5 % 80.5 % 104.22

10 CityPoint Route 128 Mass Turnpike MA 1 236,570 98.6 % 98.6 % 61.34

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 88.5 % 90.2 % 59.65

890 Winter Street Route 128 Mass Turnpike MA 1 180,155 84.6 % 84.6 % 47.56

Reservoir Place 11

Route 128 Mass Turnpike MA 1 164,994 68.4 % 78.7 % 37.79

153 & 211 Second Avenue 12

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 % 67.15

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 3,956,798 79.0 % 81.8 % $ 60.67

NEW YORK

Office

510 Carnegie Center Princeton NJ 1 234,160 74.9 % 95.0 % $ 40.71

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

210 Carnegie Center Princeton NJ 1 159,468 66.3 % 66.3 % 38.84

212 Carnegie Center Princeton NJ 1 149,346 76.7 % 83.5 % 36.39

214 Carnegie Center Princeton NJ 1 146,799 66.3 % 68.5 % 37.84

506 Carnegie Center Princeton NJ 1 139,050 95.1 % 95.1 % 41.70

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 % 37.36

804 Carnegie Center Princeton NJ 1 130,000 100.0 % 100.0 % 44.06

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

Q2 2026

In-service property listing (continued)

as of June 30, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

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

502 Carnegie Center Princeton NJ 1 121,460 100.0 % 100.0 % 48.56

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 % 38.89

103 Carnegie Center Princeton NJ 1 96,322 64.8 % 64.8 % 38.28

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 2,192,069 75.8 % 78.6 % $ 39.85

SAN FRANCISCO

Office

Mountain View Research Park Mountain View CA 16 571,884 58.9 % 68.3 % 63.35

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

Subtotal 17 714,595 57.4 % 64.9 % $ 63.08

WASHINGTON, DC

Office

Kingstowne Two Springfield VA 1 157,174 44.6 % 63.9 % $ 37.97

Subtotal 1 157,174 44.6 % 63.9 % $ 37.97

Suburban Total 58 7,020,636 75.1 % 78.7 % $ 54.00

BXP’s Share of Suburban 74.8 % 78.5 %

Total In-Service Properties: 158 47,543,624 88.4 %

91.3 %

$ 86.22

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

88.5 %

91.1 %

_____________

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.

8This property is held for sale. There can be no assurance that the sale will be consummated on the terms currently contemplated or at all.

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

10Includes 1050 Winter Street which was fully placed in-service during the third quarter of 2025 and therefore, is not included in the Same Property analysis.

11Reservoir Place consists of approximately 528,000 rentable square feet of which approximately 363,000 square feet is in redevelopment. For additional detail, see page 15.

12211 Second Avenue is classified as a laboratory/life sciences property.

Q2 2026

Top 20 clients listing and portfolio client diversification

as of June 30, 2026

TOP 20 CLIENTS

No. Client

BXP’s Share of Annualized Rental Obligations 1

Weighted Average Remaining Lease Term (years) 2

1 Salesforce 3.36 % 5.7

2 Google 3.16 % 10.8

3 Akamai Technologies 2.17 % 8.3

4 Kirkland & Ellis 1.98 % 11.7

5 Biogen 1.81 % 1.9

6 AstraZeneca Pharmaceuticals 1.68 % 14.8

7 Millennium Management 1.66 % 9.8

8 Fannie Mae 1.52 % 11.1

9 Weil Gotshal & Manges 1.24 % 7.9

10 Microsoft 1.11 % 7.4

11 Snap 1.05 % 9.8

12 Wellington Management 1.03 % 9.5

13 Ropes & Gray 1.02 % 14.8

14 Arnold & Porter Kaye Scholer 1.00 % 8.5

15 Allen Overy Shearman Sterling 0.96 % 15.9

16 Bain Capital 0.94 % 5.6

17 Morrison & Foerster 0.91 % 4.2

18 Starr 0.86 % 3.1

19 Leidos 0.84 % 6.8

20 Wilmer Cutler Pickering Hale 0.83 % 12.4

BXP’s Share of Annualized Rental Obligations 29.15 %

BXP’s Share of Square Feet 1

22.51 %

Weighted Average Remaining Lease Term (years) 8.9

NOTABLE SIGNED DEALS 3

Client Property Square Feet

Boston Dynamics

Reservoir Place 4

322,000

Starr 343 Madison Avenue 321,000

Goodwin Procter 200 Fifth Avenue 310,000

Sidley Austin 5

2100 M Street 234,000

McDermott Will & Schulte 725 12th Street 152,000

McDermott Will & Schulte 343 Madison Avenue 148,000

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.

4Lease executed is for the portion of Reservoir Place under redevelopment. For additional detail, see page 15.

5The lease and the commencement of the development are subject to various conditions.

Q2 2026

Occupancy by location

as of June 30, 2026

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

CBD Suburban Total

Location 30-Jun-26 31-Mar-26 30-Jun-26 31-Mar-26 30-Jun-26 31-Mar-26

Boston 97.6 % 97.3 % 79.0 % 78.6 % 92.9 % 92.4 %

Los Angeles 88.2 % 87.2 % — % — % 88.2 % 87.2 %

New York 88.9 % 86.8 % 75.8 % 72.4 % 86.7 % 84.4 %

San Francisco 82.5 % 82.7 % 57.4 % 56.4 % 79.7 % 79.7 %

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

Washington, DC 91.5 % 91.3 % 44.6 % 69.4 % 90.5 % 90.6 %

Total Portfolio 90.7 % 89.9 % 75.1 % 74.1 % 88.4 % 87.4 %

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

CBD Suburban Total

Location 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25 30-Jun-26 30-Jun-25

Boston 97.5 % 97.0 % 78.1 % 70.4 % 92.5 % 90.2 %

Los Angeles 88.2 % 87.3 % — % — % 88.2 % 87.3 %

New York 89.7 % 87.2 % 75.8 % 71.0 % 87.3 % 84.4 %

San Francisco 82.5 % 81.8 % 57.4 % 58.8 % 79.7 % 79.2 %

Seattle 81.9 % 84.6 % — % — % 81.9 % 84.6 %

Washington, DC 91.9 % 91.1 % 44.6 % 50.6 % 90.9 % 90.2 %

Total Portfolio 90.9 % 89.9 % 74.5 % 68.9 % 88.4 % 86.7 %

_____________

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

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

Q2 2026

Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal

Mortgage Notes Payable $ 4,295,912

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 15,695,912

Discount on Unsecured Senior Notes (7,226)

Deferred Financing Costs, Net (70,123)

Consolidated Debt $ 15,618,563

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 5.32% 5.20% 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% 195,912

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

Total $ 4,295,912

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

Q2 2026

Capital structure (continued)

CAPITALIZATION

Shares/Units Common Stock

Outstanding Equivalents

Equivalent Value 5

Common Stock 159,522 159,522 $ 10,577,904

Common Operating Partnership Units 17,971 17,971 1,191,657

Total Equity 177,493 $ 11,769,561

Consolidated Debt (A)

$ 15,618,563

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

1,102,142

Less: Partners’ share of consolidated debt 7

1,365,355

BXP’s Share of Debt 8 (B)

$ 15,355,350

Consolidated Market Capitalization (C)

$ 27,388,124

BXP’s Share of Market Capitalization 8 (D)

$ 27,124,911

Consolidated Debt/Consolidated Market Capitalization (A÷C)

57.03 %

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

56.61 %

_____________

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 June 30, 2026 closing price of $66.31 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.

Q2 2026

Debt analysis 1

as of June 30, 2026

(dollars in thousands)

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

Facility Outstanding at June 30, 2026 Remaining Capacity at June 30, 2026

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

Less:

Unsecured Commercial Paper 2

750,000

Letters of Credit 1,253

Total Remaining Capacity $ 1,498,747

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 72.59 % 3.94 % 4.06 % 3.9

Secured Debt 27.41 % 3.80 % 3.98 % 2.3

Consolidated Debt 100.00 % 3.90 % 4.04 % 3.5

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average

% of Total Debt Stated Rates

GAAP Rates 5

Maturity (years)

Floating Rate Debt 2

11.19 % 4.45 % 4.53 % 1.4

Fixed Rate Debt 6

88.81 % 3.83 % 3.98 % 3.8

Consolidated Debt 100.00 % 3.90 % 4.04 % 3.5

_____________

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

2The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At June 30, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.11% per annum and had a weighted-average maturity of 41 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

3The 2024 Unsecured Term Loan has two, one-year extension options, subject to customary conditions.

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

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

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

Q2 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 June 30, 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% 46.5 % 43.4 %

Secured Debt/Total Assets Less than 50% 15.2 % 14.2 %

Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.20 3.20

Unencumbered Assets/ Unsecured Debt Greater than 150% 238.2 % 257.9 %

_____________

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

Q2 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

30-Jun-26 31-Mar-26

Net income attributable to BXP, Inc. $ 68,564 $ 101,576

Add:

Noncontrolling interest - common units of the Operating Partnership 7,779 11,561

Noncontrolling interest in property partnerships 26,121 19,869

Net income 102,464 133,006

Add:

Interest expense 153,425 152,093

Depreciation and amortization expense 236,977 227,967

Impairment loss 18,036 —

Less:

Gains on sales of real estate 6,997 13,402

Income (loss) from unconsolidated joint ventures 2

(2,448) 35,413

Add:

BXP’s share of EBITDAre from unconsolidated joint ventures 3

24,115 24,218

EBITDAre 1

530,468 488,469

Less:

Partners’ share of EBITDAre from consolidated joint ventures 4

61,359 52,519

BXP’s Share of EBITDAre 1 (A)

469,109 435,950

Add:

Stock-based compensation expense 15,463 26,043

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

(3,895) (4,849)

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

4,071 3,739

Less:

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

(2,306) (1,744)

BXP’s Share of straight-line rent 1

19,396 20,444

BXP’s Share of fair value lease revenue 1

2,864 2,715

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

278 274

BXP’s Share of EBITDAre – cash 1

$ 464,516 $ 439,194

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

$ 1,876,436 $ 1,743,800

Reconciliation of BXP’s Share of Net Debt 1

30-Jun-26 31-Mar-26

Consolidated debt $ 15,618,563 $ 15,614,009

Less:

Cash and cash equivalents 493,949 512,783

Cash held in escrow for 1031 exchange — —

Net debt 1

15,124,614 15,101,226

Add:

BXP’s share of unconsolidated joint venture debt 3

1,102,142 1,098,382

Partners’ share of cash and cash equivalents from consolidated joint ventures 130,563 89,147

Less:

BXP’s share of cash and cash equivalents from unconsolidated joint ventures 70,338 92,554

Partners’ share of consolidated joint venture debt 4

1,365,355 1,364,858

BXP’s share of related party note receivables 16,860 15,873

BXP’s Share of Net Debt 1 (B)

$ 14,904,766 $ 14,815,470

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

7.94 8.50

_____________

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

2For the three months ended June 30, 2026 and March 31, 2026, amount includes gains on sales of approximately $1.2 million and $41.2 million, respectively.

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended June 30, 2026, see pages 35 and 64.

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 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).

Q2 2026

Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended

30-Jun-26 31-Mar-26

BXP’s Share of interest expense 1

$ 156,527 $ 156,846

Less:

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

1,714 1,706

BXP’s share of fair value interest adjustment 1

260 216

BXP’s Share of amortization of financing costs 1

5,724 5,846

Adjusted interest expense excluding capitalized interest (A)

148,829 149,078

Add:

BXP’s Share of capitalized interest 1

12,860 16,477

Adjusted interest expense including capitalized interest (B)

$ 161,689 $ 165,555

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

$ 464,516 $ 439,194

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

3.12 2.95

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

2.87 2.65

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended

30-Jun-26 31-Mar-26

BXP’s Share of interest expense 1

$ 156,527 $ 156,846

Less:

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

1,714 1,706

BXP’s Share of fair value interest adjustment 1

260 216

BXP’s Share of amortization of financing costs 1

5,724 5,846

Add:

BXP’s Share of capitalized interest 1

12,860 16,477

BXP’s Share of maintenance capital expenditures 1

14,617 16,647

Hotel improvements, equipment upgrades and replacements 1,259 1,066

Total Fixed Charges (A)

$ 177,565 $ 183,268

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

$ 464,516 $ 439,194

Fixed Charge Coverage Ratio (B÷A)

2.62 2.40

_____________

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

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

Q2 2026

Consolidated joint ventures

as of June 30, 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 $ 3,158,986 $ 3,248,882 $ 6,407,868

Cash and cash equivalents 72,903 225,337 298,240

Other assets 316,801 488,609 805,410

Total assets $ 3,548,690 $ 3,962,828 $ 7,511,518

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 2,296,734 $ 992,552 $ 3,289,286

Other liabilities

54,221 169,409 223,630

Total liabilities 2,350,955 1,161,961 3,512,916

Equity:

BXP, Inc. 720,067 1,259,807 1,979,874

Noncontrolling interests 477,668 1,541,060 2,018,728

Total equity 1,197,735 2,800,867 3,998,602

Total liabilities and equity $ 3,548,690 $ 3,962,828 $ 7,511,518

BXP’s nominal ownership percentage 60% 55%

Partners’ share of cash and cash equivalents 4

$ 29,161 $ 101,402 $ 130,563

Partners’ share of consolidated debt 4

$ 918,707

$ 446,648 $ 1,365,355

_____________

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.

Q2 2026

Consolidated joint ventures (continued)

for the three months ended June 30, 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

$ 86,877 $ 167,600 $ 254,477

Straight-line rent 1,246 (27,337) (26,091)

Fair value lease revenue (27) — (27)

Termination income 30 24 54

Total lease revenue 88,126 140,287 228,413

Parking and other — 2,491 2,491

Insurance proceeds 391 — 391

Total rental revenue 3

88,517 142,778 231,295

Expenses

Operating 35,421 51,206 86,627

Restoration costs related to insurance claim 125 — 125

Net Operating Income (NOI) 52,971 91,572 144,543

Other income (expense)

Development and management services revenue — 5 5

Gain from investments in securities

— 1 1

Interest and other income 642 1,914 2,556

Interest expense (21,176) (7,633) (28,809)

Depreciation and amortization expense (18,270) (33,752) (52,022)

General and administrative expense (15) (112) (127)

Total other income (expense) (38,819) (39,577) (78,396)

Net income $ 14,152 $ 51,995 $ 66,147

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 $ 14,152 $ 51,995 $ 66,147

Add: Depreciation and amortization expense 18,270 33,752 52,022

Entity FFO $ 32,422 $ 85,747 $ 118,169

Noncontrolling interest in property partnerships (Partners’ NCI) 4

$ 4,552 $ 21,569 $ 26,121

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

7,674 15,662 23,336

Partners’ share FFO 4

$ 12,226 $ 37,231 $ 49,457

Reconciliation of BXP’s share of FFO

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

$ 9,600 $ 30,426 $ 40,026

Depreciation and amortization expense - BXP’s basis difference

61 618 679

BXP’s share of depreciation and amortization expense

10,535 17,472 28,007

BXP’s share of FFO $ 20,196 $ 48,516 $ 68,712

_____________

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.

Q2 2026

Unconsolidated joint ventures 1

as of June 30, 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 % $ 50,954 $ 61,890 April 9, 2031 5.73 % 5.94 %

100 Causeway Street

50.00 % 46,968 168,342 April 9, 2031 5.73 % 5.94 %

Hub50House 50.00 % 33,167 92,093 June 17, 2032 4.43 % 4.51 %

Hotel Air Rights 50.00 % 12,010 — — — % — %

1265 Main Street 50.00 % 2,841 16,018 January 1, 2032 3.77 % 3.84 %

17 Hartwell Avenue 3

20.00 % 16,650 178 July 10, 2030 6.75 % 6.93 %

Los Angeles

Colorado Center 50.00 % 25,931 274,902 August 9, 2027 3.56 % 3.59 %

Beach Cities Media Campus 4

50.00 % 67 — — — % — %

New York

360 Park Avenue South 71.11 % 107,038 155,808 December 13, 2027 6.13 % 6.44 %

Dock 72 5

50.00 % 81,558 — — — % — %

200 Fifth Avenue 26.69 % 79,039 154,082 November 24, 2028 4.34 % 5.60 %

3 Hudson Boulevard 6

25.00 % 107,957 32,699 November 9, 2027 9.24 % 10.71 %

290 Coles Street - Common Equity 7

19.46 % 19,778 2,546 March 5, 2029 6.15 % 6.46 %

290 Coles Street - Preferred Equity 8

— % 68,320 — — — % — %

San Francisco

Platform 16 55.00 % 58,353 — — — % — %

Seattle

Safeco Plaza 33.67 % (685) 84,156 November 30, 2028 4.00 % 4.09 %

Washington, DC

1001 6th Street 50.00 % 45,798 — — — % — %

13100 Worldgate Drive 50.00 % 16,139 — — — % — %

Wisconsin Place Parking Facility 33.33 % 28,661 — — — % — %

500 North Capitol Street, N.W. 9

30.00 % (12,876) 31,445 December 31, 2026 6.88 % 7.21 %

Skymark - Reston Next Residential 20.00 % 14,039 27,983 November 13, 2026 5.62 % 5.64 %

13150 Worldgate Drive 10

20.00 % 4,357 — June 10, 2031 NA NA

806,064

Investments with deficit balances reflected within Other Liabilities

14,004

Investments in Unconsolidated Joint Ventures $ 820,068

Mortgage/Mezzanine/Construction Loans Payable, Net $ 1,102,142

Q2 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 19.87 % 6.47 % 6.99 % 1.3

Fixed Rate Debt 80.13 % 4.52 % 4.83 % 4.1

Total Debt 100.00 % 4.91 % 5.26 % 3.6

_____________

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).

3The construction financing has a borrowing capacity of $98.7 million.

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 June 30, 2026, the Company has funded approximately $25.4 million of the mezzanine loan. The loan is reflected as related party notes receivable, net on the Company’s Consolidated Balance Sheets.

7The construction financing has a borrowing capacity of $225.0 million.

8The Company has fully funded the first $65.0 million of required capital through its preferred equity investment accruing at 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.

9The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) and (y) a $35.0 million mortgage loan payable (Note B), which both bear interest at a fixed rate of 6.88% 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 notes receivable, net on the Company’s Consolidated Balance Sheets.

10 No amounts have been drawn under the $68.2 million construction facility.

Q2 2026

Unconsolidated joint ventures (continued)

for the three months ended June 30, 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

$ 28,188 $ 21,203 $ 12,657 $ — $ 7,563 $ 10,570 $ 80,181

Straight-line rent 252 (1,438) 10,575 — 45 (167) 9,267

Fair value lease revenue — — 329 — 998 — 1,327

Termination income — — — — — — —

Amortization and accretion related to sales-type lease 58 — — — — — 58

Total lease revenue 28,498 19,765 23,561 — 8,606 10,403 90,833

Parking and other (23) 2,227 81 — 628 1,006 3,919

Total rental revenue 3

28,475 21,992 23,642 — 9,234 11,409 94,752

Expenses

Operating 10,836 7,726 17,548 1,022 3,612 5,627 46,371

Net operating income (loss) 17,639 14,266 6,094 (1,022) 5,622 5,782 48,381

Other income (expense)

Development and management services revenue — — 606 — — — 606

Interest and other income (loss) 275 767 832 — 92 149 2,115

Interest expense (9,394) (4,998) (14,541) — (3,738) (3,977) (36,648)

Loss on interest rate contracts — — — — (35) — (35)

Transaction costs (1) — — — (192) (165) (358)

Depreciation and amortization expense (8,431) (5,718) (10,657) — (1,545) (3,096) (29,447)

General and administrative expense (2) (3) (183) — (34) (164) (386)

Gain on sale of real estate — — — — — 2,716 2,716

Total other income (expense) (17,553) (9,952) (23,943) — (5,452) (4,537) (61,437)

Net income (loss) $ 86 $ 4,314 $ (17,849) $ (1,022) $ 170 $ 1,245 $ (13,056)

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

BXP’s share of net income (loss) $ 42 $ 2,017 $ (5,960) $ (565) $ 54 $ 919 $ (3,493)

Basis differential

Straight-line rent $ — $ 96

$ 93

$ — $ — $ — $ 189

Fair value lease revenue — 45

216

— — — 261

Interest expense — — (68) — — — (68)

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

Amortization of financing costs — — 111 — — — 111

Depreciation and amortization expense (4) 546

760

— (340) (24) 938

Gain on sale of investment — — — 325 — — 325

Gain on sale of real estate — — — — — (451) (451)

Total basis differential (4) 687

852

325 (340) (475) 1,045

Income (loss) from unconsolidated joint ventures 38 2,704 (5,108) (240) (286) 444 (2,448)

Add:

BXP’s share of depreciation and amortization expense 4,220 2,312

4,510

— 861 813 12,716

Less:

BXP’s share of gains on sales 5

— — — 325 — 832 1,157

BXP’s share of FFO $ 4,258 $ 5,016 $ (598) $ (565) $ 575 $ 425 $ 9,111

_____________

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.

Q2 2026

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

as of June 30, 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 251,312 223,957 15,064,622 67.27 15,074,987 67.31 0.59 %

2027 1,700,915 1,504,936 110,318,038 73.30 111,937,107 74.38 3.98 %

2028 2,601,307 1,997,005 180,636,273 90.45 188,262,633 94.27 5.28 %

2029 3,749,900 3,288,193 255,540,908 77.71 267,848,512 81.46 8.70 %

2030 2,431,825 2,333,686 184,100,094 78.89 193,213,275 82.79 6.18 %

2031 2,497,691 2,398,554 210,827,852 87.90 224,597,481 93.64 6.35 %

2032 2,895,368 2,660,578 204,684,914 76.93 236,560,895 88.91 7.04 %

2033 2,816,394 2,607,033 223,828,610 85.86 253,265,887 97.15 6.90 %

2034 3,006,153 2,563,048 235,345,286 91.82 260,605,940 101.68 6.78 %

2035 2,339,470 1,880,102 155,644,813 82.79 183,470,998 97.59 4.98 %

Thereafter 13,789,766 11,380,963 973,195,338 85.51 1,183,292,483 103.97 30.12 %

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 54,644 45,050 3,683,862 81.77 3,789,104 84.11 1.97 %

2027 69,962 65,263 8,571,755 131.34 8,625,755 132.17 2.85 %

2028 81,544 79,767 7,786,786 97.62 7,907,538 99.13 3.48 %

2029 165,301 159,976 16,639,378 104.01 17,306,080 108.18 6.98 %

2030 167,127 130,719 12,483,651 95.50 13,216,676 101.11 5.70 %

2031 105,135 96,374 12,016,550 124.69 12,952,976 134.40 4.20 %

2032 139,963 132,650 10,609,196 79.98 11,623,222 87.62 5.79 %

2033 352,670 319,267 29,826,960 93.42 33,370,852 104.52 13.93 %

2034 359,056 262,584 35,526,582 135.30 40,429,502 153.97 11.46 %

2035 334,520 291,425 16,639,795 57.10 19,842,160 68.09 12.71 %

Thereafter 301,982 254,984 42,505,298 166.70 38,985,581 152.89 11.12 %

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 305,956 269,007 18,748,484 69.70 18,864,091 70.12 0.67 %

2027 1,770,877 1,570,199 118,889,793 75.72 120,562,862 76.78 3.92 %

2028 2,682,851 2,076,772 188,423,059 90.73 196,170,171 94.46 5.18 %

2029 3,915,201 3,448,169 272,180,286 78.93 285,154,592 82.70 8.60 %

2030 2,598,952 2,464,405 196,583,745 79.77 206,429,951 83.76 6.15 %

2031 2,602,826 2,494,928 222,844,402 89.32 237,550,457 95.21 6.22 %

2032 3,035,331 2,793,228 215,294,110 77.08 248,184,117 88.85 6.97 %

2033 3,169,064 2,926,300 253,655,570 86.68 286,636,739 97.95 7.30 %

2034 3,365,209 2,825,632 270,871,868 95.86 301,035,442 106.54 7.05 %

2035 2,673,990 2,171,527 172,284,608 79.34 203,313,158 93.63 5.42 %

Thereafter 14,091,748 11,635,947 1,015,700,636 87.29 1,222,278,064 105.04 29.03 %

_____________

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

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

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

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

Q2 2026

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

as of June 30, 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 165,165 146,003 10,757,782 73.68 10,757,783 73.68

2027 483,929 410,173 28,537,838 69.58 28,852,536 70.34

2028 854,333 824,216 80,426,906 97.58 83,686,465 101.53

2029 1,214,832 1,081,346 75,067,664 69.42 79,014,122 73.07

2030 1,163,408 1,147,529 82,477,942 71.87 86,163,650 75.09

2031 558,597 549,974 39,059,165 71.02 41,604,114 75.65

2032 1,063,444 1,063,444 83,125,362 78.17 101,178,967 95.14

2033 459,337 430,614 38,785,251 90.07 44,428,236 103.17

2034 1,444,356 1,287,759 113,878,239 88.43 126,194,538 98.00

2035 717,734 647,451 56,501,148 87.27 72,647,489 112.21

Thereafter 5,163,546 4,025,141 369,554,420 91.81 455,182,545 113.08

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 13,736 13,736 1,944,859 141.59 1,944,859 141.59

2027 21,743 20,717 3,875,146 187.05 3,886,230 187.59

2028 28,435 28,435 3,951,170 138.95 4,041,033 142.11

2029 61,901 61,226 8,709,129 142.25 8,829,754 144.22

2030 93,517 57,542 6,244,892 108.53 6,341,013 110.20

2031 11,243 11,243 1,304,393 116.02 1,392,938 123.89

2032 80,000 73,805 5,788,328 78.43 6,295,392 85.30

2033 287,788 254,385 21,574,955 84.81 24,195,295 95.11

2034 164,155 131,856 11,064,296 83.91 12,100,393 91.77

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

Thereafter 140,678 130,167 14,243,333 109.42 18,260,791 140.29

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 178,901 159,739 12,702,641 79.52 12,702,642 79.52

2027 505,672 430,890 32,412,984 75.22 32,738,766 75.98

2028 882,768 852,651 84,378,076 98.96 87,727,498 102.89

2029 1,276,733 1,142,572 83,776,793 73.32 87,843,876 76.88

2030 1,256,925 1,205,071 88,722,834 73.62 92,504,663 76.76

2031 569,840 561,217 40,363,558 71.92 42,997,052 76.61

2032 1,143,444 1,137,249 88,913,690 78.18 107,474,359 94.50

2033 747,125 684,999 60,360,206 88.12 68,623,531 100.18

2034 1,608,511 1,419,615 124,942,535 88.01 138,294,931 97.42

2035 837,419 767,136 65,051,854 84.80 81,593,084 106.36

Thereafter 5,304,224 4,155,308 383,797,753 92.36 473,443,336 113.94

_____________

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.

Q2 2026

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

as of June 30, 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 50,495 37,829 2,622,422 69.32 2,622,423 69.32

Q4 2026 114,670 108,174 8,135,360 75.21 8,135,360 75.21

Total 2026 165,165 146,003 10,757,782 73.68 10,757,783 73.68

Q1 2027 214,466 151,355 11,990,945 79.22 12,078,143 79.80

Q2 2027 59,197 52,244 2,453,733 46.97 2,461,015 47.11

Q3 2027 25,901 22,208 1,245,721 56.09 1,261,965 56.82

Q4 2027 184,365 184,365 12,847,439 69.68 13,051,413 70.79

Total 2027 483,929 410,173 28,537,838 69.58 28,852,536 70.34

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 959 959 15,000 15.64 15,000 15.64

Q4 2026 12,777 12,777 1,929,859 151.04 1,929,859 151.04

Total 2026 13,736 13,736 1,944,859 141.59 1,944,859 141.59

Q1 2027 13,151 13,151 2,159,460 164.21 2,162,018 164.40

Q2 2027 3,576 3,261 774,457 237.49 774,457 237.49

Q3 2027 1,315 1,315 406,569 309.18 406,569 309.18

Q4 2027 3,701 2,990 534,661 178.82 543,187 181.67

Total 2027 21,743 20,717 3,875,146 187.05 3,886,230 187.59

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 51,454 38,788 2,637,422 68.00 2,637,423 68.00

Q4 2026 127,447 120,951 10,065,219 83.22 10,065,219 83.22

Total 2026 178,901 159,739 12,702,641 79.52 12,702,642 79.52

Q1 2027 227,617 164,506 14,150,405 86.02 14,240,161 86.56

Q2 2027 62,773 55,505 3,228,190 58.16 3,235,472 58.29

Q3 2027 27,216 23,523 1,652,290 70.24 1,668,534 70.93

Q4 2027 188,066 187,355 13,382,100 71.43 13,594,600 72.56

Total 2027 505,672 430,890 32,412,984 75.22 32,738,766 75.98

_____________

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.

Q2 2026

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

as of June 30, 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 7,149,909 75.81 7,351,458 77.95

2028 270,593 172,796 14,736,066 85.28 15,618,894 90.39

2029 229,160 147,509 10,537,866 71.44 10,547,636 71.51

2030 48,592 48,592 3,082,261 63.43 3,476,234 71.54

2031 7,752 7,752 552,439 71.26 632,555 81.60

2032 267,810 148,844 12,299,938 82.64 14,784,814 99.33

2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45

2034 3,739 3,739 242,624 64.89 298,397 79.81

2035 — — — — — —

Thereafter 494,641 494,641 32,750,188 66.21 42,955,825 86.84

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 8,043 644,451 80.13 798,417 99.27

Thereafter 5,827 5,827 536,256 92.03 642,811 110.32

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 7,149,909 75.81 7,351,458 77.95

2028 270,593 172,796 14,736,066 85.28 15,618,894 90.39

2029 267,278 185,627 12,880,014 69.39 13,034,936 70.22

2030 59,956 59,956 4,394,481 73.30 4,916,908 82.01

2031 7,752 7,752 552,439 71.26 632,555 81.60

2032 267,810 148,844 12,299,938 82.64 14,784,814 99.33

2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45

2034 23,732 13,736 491,132 35.76 546,905 39.82

2035 8,043 8,043 644,451 80.13 798,417 99.27

Thereafter 500,468 500,468 33,286,444 66.51 43,598,636 87.12

_____________

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.

Q2 2026

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

as of June 30, 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 6,936,602 79.68 7,136,138 81.97

Q2 2027 12,496 6,248 146,203 23.40 146,203 23.40

Q3 2027 1,004 1,004 67,104 66.84 69,117 68.84

Q4 2027 — — — — — —

Total 2027 187,615 94,310 7,149,909 75.81 7,351,458 77.95

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 6,936,602 79.68 7,136,138 81.97

Q2 2027 12,496 6,248 146,203 23.40 146,203 23.40

Q3 2027 1,004 1,004 67,104 66.84 69,117 68.84

Q4 2027 — — — — — —

Total 2027 187,615 94,310 7,149,909 75.81 7,351,458 77.95

_____________

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.

Q2 2026

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

as of June 30, 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 49,791 46,799 2,632,526 56.25 2,634,064 56.28

2027 362,122 333,846 18,778,232 56.25 18,827,033 56.39

2028 278,534 236,201 19,414,323 82.19 19,320,246 81.80

2029 1,193,028 977,507 86,097,855 88.08 90,553,263 92.64

2030 599,357 526,330 50,548,344 96.04 50,934,697 96.77

2031 583,573 514,786 46,195,838 89.74 46,866,006 91.04

2032 404,812 302,337 22,343,080 73.90 23,285,688 77.02

2033 537,433 452,814 47,191,679 104.22 51,277,234 113.24

2034 1,093,043 806,535 88,685,501 109.96 95,455,515 118.35

2035 1,042,417 693,643 68,355,047 98.54 74,581,214 107.52

Thereafter 4,593,926 3,323,528 313,750,233 94.40 359,850,263 108.27

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 2,420 2,420 627,900 259.46 627,900 259.46

2027 12,121 8,448 2,776,347 328.64 2,776,347 328.64

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 22,897 16,581 5,913,967 356.68 6,365,486 383.91

2032 16,361 15,243 1,668,953 109.49 1,872,444 122.84

2033 20,928 20,928 4,576,177 218.66 5,136,236 245.42

2034 139,214 85,037 21,844,578 256.88 25,501,425 299.89

2035 114,671 74,697 4,844,583 64.86 6,304,531 84.40

Thereafter 105,007 68,520 23,816,349 347.58 15,362,103 224.20

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 52,211 49,219 3,260,426 66.24 3,261,964 66.27

2027 374,243 342,294 21,554,579 62.97 21,603,380 63.11

2028 280,958 236,848 19,625,777 82.86 19,531,700 82.47

2029 1,202,605 983,178 87,903,474 89.41 92,510,044 94.09

2030 602,796 529,769 51,068,162 96.40 51,555,659 97.32

2031 606,470 531,367 52,109,805 98.07 53,231,492 100.18

2032 421,173 317,580 24,012,033 75.61 25,158,132 79.22

2033 558,361 473,742 51,767,856 109.27 56,413,470 119.08

2034 1,232,257 891,572 110,530,079 123.97 120,956,940 135.67

2035 1,157,088 768,340 73,199,630 95.27 80,885,745 105.27

Thereafter 4,698,933 3,392,048 337,566,582 99.52 375,212,366 110.62

_____________

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.

Q2 2026

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

as of June 30, 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 42,167 39,175 2,284,322 58.31 2,285,860 58.35

Q4 2026 7,624 7,624 348,204 45.67 348,204 45.67

Total 2026 49,791 46,799 2,632,526 56.25 2,634,064 56.28

Q1 2027 4,762 4,762 441,638 92.74 441,638 92.74

Q2 2027 207,842 207,842 9,151,163 44.03 9,152,499 44.04

Q3 2027 59,347 59,347 2,471,004 41.64 2,517,520 42.42

Q4 2027 90,171 61,895 6,714,427 108.48 6,715,376 108.50

Total 2027 362,122 333,846 18,778,232 56.25 18,827,033 56.39

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 2,420 2,420 627,900 259.46 627,900 259.46

Total 2026 2,420 2,420 627,900 259.46 627,900 259.46

Q1 2027 12,121 8,448 2,776,347 328.64 2,776,347 328.64

Q2 2027 — — — — — —

Q3 2027 — — — — — —

Q4 2027 — — — — — —

Total 2027 12,121 8,448 2,776,347 328.64 2,776,347 328.64

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 42,167 39,175 2,284,322 58.31 2,285,860 58.35

Q4 2026 10,044 10,044 976,104 97.18 976,104 97.18

Total 2026 52,211 49,219 3,260,426 66.24 3,261,964 66.27

Q1 2027 16,883 13,210 3,217,985 243.60 3,217,985 243.60

Q2 2027 207,842 207,842 9,151,163 44.03 9,152,499 44.04

Q3 2027 59,347 59,347 2,471,004 41.64 2,517,520 42.42

Q4 2027 90,171 61,895 6,714,427 108.48 6,715,376 108.50

Total 2027 374,243 342,294 21,554,579 62.97 21,603,380 63.11

_____________

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.

Q2 2026

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

as of June 30, 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 6,424 6,424 425,380 66.22 425,380 66.22

2027 395,477 395,477 39,401,147 99.63 40,077,568 101.34

2028 398,165 398,165 44,430,864 111.59 46,095,608 115.77

2029 668,918 668,918 60,647,078 90.66 63,482,622 94.90

2030 387,487 387,487 34,353,359 88.66 37,850,784 97.68

2031 993,604 993,604 106,774,646 107.46 114,971,695 115.71

2032 436,347 436,347 37,044,123 84.90 42,173,380 96.65

2033 647,293 647,293 71,336,723 110.21 78,762,048 121.68

2034 158,514 158,514 14,644,486 92.39 17,408,001 109.82

2035 34,150 34,150 3,986,479 116.73 5,019,385 146.98

Thereafter 641,785 641,785 64,204,305 100.04 83,324,347 129.83

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 14,573 14,573 675,408 46.35 780,650 53.57

2027 14,865 14,865 786,434 52.91 826,021 55.57

2028 17,049 17,049 1,314,527 77.10 1,328,037 77.90

2029 4,967 4,967 330,867 66.61 423,127 85.19

2030 19,864 19,864 1,563,371 78.70 1,853,174 93.29

2031 21,244 21,244 1,644,440 77.41 1,777,920 83.69

2032 6,357 6,357 453,813 71.39 492,688 77.50

2033 21,063 21,063 2,115,389 100.43 2,277,507 108.13

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 20,997 20,997 1,100,788 $ 52.43 1,206,030 57.44

2027 410,342 410,342 40,187,581 97.94 40,903,589 99.68

2028 415,214 415,214 45,745,391 110.17 47,423,645 114.21

2029 673,885 673,885 60,977,945 90.49 63,905,749 94.83

2030 407,351 407,351 35,916,730 88.17 39,703,958 97.47

2031 1,014,848 1,014,848 108,419,086 106.83 116,749,615 115.04

2032 442,704 442,704 37,497,936 84.70 42,666,068 96.38

2033 668,356 668,356 73,452,112 109.90 81,039,555 121.25

2034 158,514 158,514 14,644,486 92.39 17,408,001 109.82

2035 34,150 34,150 3,986,479 116.73 5,019,385 146.98

Thereafter 649,781 649,781 64,690,977 99.56 83,877,018 129.09

_____________

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.

Q2 2026

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

as of June 30, 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 2,224 2,224 189,040 85.00 189,040 85.00

Q4 2026 4,200 4,200 236,340 56.27 236,340 56.27

Total 2026 6,424 6,424 425,380 66.22 425,380 66.22

Q1 2027 76,820 76,820 6,117,543 79.63 6,166,898 80.28

Q2 2027 — — — — — —

Q3 2027 73,512 73,512 6,774,201 92.15 6,873,397 93.50

Q4 2027 245,145 245,145 26,509,403 108.14 27,037,273 110.29

Total 2027 395,477 395,477 39,401,147 99.63 40,077,568 101.34

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 14,573 14,573 675,408 46.35 780,650 53.57

Total 2026 14,573 14,573 675,408 46.35 780,650 53.57

Q1 2027 — — — — — —

Q2 2027 7,246 7,246 163,978 22.63 195,434 26.97

Q3 2027 5,793 5,793 475,527 82.09 481,029 83.04

Q4 2027 1,826 1,826 146,929 80.47 149,558 81.90

Total 2027 14,865 14,865 786,434 52.91 826,021 55.57

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 2,224 2,224 189,040 85.00 189,040 85.00

Q4 2026 18,773 18,773 911,748 48.57 1,016,990 54.17

Total 2026 20,997 20,997 1,100,788 52.43 1,206,030 57.44

Q1 2027 76,820 76,820 6,117,543 79.63 6,166,898 80.28

Q2 2027 7,246 7,246 163,978 22.63 195,434 26.97

Q3 2027 79,305 79,305 7,249,728 91.42 7,354,426 92.74

Q4 2027 246,971 246,971 26,656,332 107.93 27,186,831 110.08

Total 2027 410,342 410,342 40,187,581 97.94 40,903,589 99.68

_____________

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.

Q2 2026

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

as of June 30, 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 10,915 5,714 303,396 53.10 308,186 53.93

2027 79,144 78,502 4,678,867 59.60 4,743,093 60.42

2028 494,343 192,324 9,787,928 50.89 10,192,787 53.00

2029 281,197 250,148 14,014,696 56.03 14,440,302 57.73

2030 34,778 34,778 2,031,860 58.42 2,194,108 63.09

2031 57,705 42,724 2,061,526 48.25 2,328,413 54.50

2032 87,055 73,706 5,316,150 72.13 5,904,848 80.11

2033 — — — — — —

2034 — — — — — —

2035 60,774 20,463 1,505,083 73.55 1,809,319 88.42

Thereafter 120,231 120,231 7,982,470 66.39 10,223,026 85.03

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 4,289 294,369 68.63 323,476 75.42

2032 — — — — — —

2033 — — — — — —

2034 — — — — — —

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 10,915 5,714 303,396 53.10 308,186 53.94

2027 79,144 78,502 4,678,867 59.60 4,743,093 60.42

2028 495,288 193,269 9,844,341 50.94 10,249,200 53.03

2029 282,318 250,525 14,022,002 55.97 14,447,608 57.67

2030 35,431 34,998 2,037,162 58.21 2,199,686 62.85

2031 64,439 47,013 2,355,895 50.11 2,651,889 56.41

2032 87,055 73,706 5,316,150 72.13 5,904,848 80.11

2033 — — — — — —

2034 — — — — — —

2035 60,774 20,463 1,505,083 73.55 1,809,319 88.42

Thereafter 120,231 120,231 7,982,470 66.39 10,223,026 85.03

_____________

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.

Q2 2026

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

as of June 30, 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 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 10,915 5,714 303,396 53.10 308,186 53.93

Q1 2027 — — — — — —

Q2 2027 21,724 21,724 1,291,354 59.44 1,291,354 59.44

Q3 2027 12,172 12,172 728,635 59.86 744,093 61.13

Q4 2027 45,248 44,606 2,658,878 59.61 2,707,645 60.70

Total 2027 79,144 78,502 4,678,867 59.60 4,743,093 60.42

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 — — — — — —

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 10,915 5,714 303,396 53.10 308,186 53.94

Q1 2027 — — — — — —

Q2 2027 21,724 21,724 1,291,354 59.44 1,291,354 59.44

Q3 2027 12,172 12,172 728,635 59.86 744,093 61.13

Q4 2027 45,248 44,606 2,658,878 59.61 2,707,645 60.70

Total 2027 79,144 78,502 4,678,867 59.60 4,743,093 60.42

_____________

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.

Q2 2026

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

as of June 30, 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 19,017 19,017 945,538 49.72 949,574 49.93

2027 192,628 192,628 11,772,045 61.11 12,085,419 62.74

2028 305,339 173,303 11,840,186 68.32 13,348,633 77.02

2029 162,765 162,765 9,175,749 56.37 9,810,567 60.27

2030 198,203 188,970 11,606,328 61.42 12,593,802 66.64

2031 296,460 289,714 16,184,238 55.86 18,194,698 62.80

2032 635,900 635,900 44,556,261 70.07 49,233,198 77.42

2033 985,437 982,865 58,329,000 59.35 68,383,545 69.58

2034 306,501 306,501 17,894,436 58.38 21,249,489 69.33

2035 484,395 484,395 25,297,056 52.22 29,413,591 60.72

Thereafter 2,775,637 2,775,637 184,953,722 66.63 231,756,477 83.50

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 4,727 4,727 300,095 63.49 300,095 63.49

2027 21,233 21,233 1,133,828 53.40 1,137,157 53.56

2028 32,691 32,691 2,253,222 68.92 2,270,601 69.46

2029 49,617 49,617 3,444,309 69.42 3,601,812 72.59

2030 38,290 38,290 2,838,048 74.12 2,955,275 77.18

2031 43,017 43,017 2,859,381 66.47 3,093,156 71.91

2032 37,245 37,245 2,698,102 72.44 2,962,698 79.55

2033 22,891 22,891 1,560,439 68.17 1,761,814 76.97

2034 35,694 35,694 2,369,200 66.38 2,579,176 72.26

2035 92,121 89,000 2,600,055 29.21 3,793,617 42.63

Thereafter 42,474 42,474 3,422,688 80.58 4,167,205 98.11

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 23,744 23,744 1,245,633 52.46 1,249,669 52.63

2027 213,861 213,861 12,905,873 60.35 13,222,576 61.83

2028 338,030 205,994 14,093,408 68.42 15,619,234 75.82

2029 212,382 212,382 12,620,058 59.42 13,412,379 63.15

2030 236,493 227,260 14,444,376 63.56 15,549,077 68.42

2031 339,477 332,731 19,043,619 57.23 21,287,854 63.98

2032 673,145 673,145 47,254,363 70.20 52,195,896 77.54

2033 1,008,328 1,005,756 59,889,439 59.55 70,145,359 69.74

2034 342,195 342,195 20,263,636 59.22 23,828,665 69.63

2035 576,516 573,395 27,897,111 48.65 33,207,208 57.91

Thereafter 2,818,111 2,818,111 188,376,410 66.84 235,923,682 83.72

_____________

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.

Q2 2026

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

as of June 30, 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 19,017 19,017 945,538 49.72 949,574 49.93

Total 2026 19,017 19,017 945,538 49.72 949,574 49.93

Q1 2027 22,822 22,822 1,407,487 61.67 1,427,602 62.55

Q2 2027 24,974 24,974 1,390,151 55.66 1,412,052 56.54

Q3 2027 103,622 103,622 6,499,505 62.72 6,675,656 64.42

Q4 2027 41,210 41,210 2,474,902 60.06 2,570,109 62.37

Total 2027 192,628 192,628 11,772,045 61.11 12,085,419 62.74

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 1,653 1,653 118,748 71.84 118,748 71.84

Total 2026 4,727 4,727 300,095 63.49 300,095 63.49

Q1 2027 7,588 7,588 439,897 57.97 439,897 57.97

Q2 2027 3,498 3,498 277,490 79.33 277,490 79.33

Q3 2027 9,317 9,317 374,441 40.19 377,770 40.55

Q4 2027 830 830 42,000 50.60 42,000 50.60

Total 2027 21,233 21,233 1,133,828 53.40 1,137,157 53.56

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 3,074 3,074 181,347 58.99 181,347 58.99

Q4 2026 20,670 20,670 1,064,286 51.49 1,068,322 51.68

Total 2026 23,744 23,744 1,245,633 52.46 1,249,669 52.63

Q1 2027 30,410 30,410 1,847,384 60.75 1,867,499 61.41

Q2 2027 28,472 28,472 1,667,641 58.57 1,689,542 59.34

Q3 2027 112,939 112,939 6,873,946 60.86 7,053,426 62.45

Q4 2027 42,040 42,040 2,516,902 59.87 2,612,109 62.13

Total 2027 213,861 213,861 12,905,873 60.35 13,222,576 61.83

_____________

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.

Q2 2026

Lease expirations - CBD properties 1, 2, 3

as of June 30, 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 79,958 60,796 5,047,332 83.02 5,047,332 83.02

2027 142,388 127,946 11,572,656 90.45 11,657,893 91.12

2028 598,036 567,919 67,870,534 119.51 70,696,154 124.48

2029 774,740 640,579 58,446,444 91.24 60,340,703 94.20

2030 1,140,849 1,088,995 81,616,751 74.95 84,904,178 77.97

2031 56,415 47,792 4,501,345 94.19 4,896,805 102.46

2032 916,347 910,152 77,012,067 84.61 94,502,581 103.83

2033 598,300 536,174 47,001,844 87.66 53,440,821 99.67

2034 1,282,127 1,093,230 100,053,697 91.52 109,997,110 100.62

2035 774,303 704,020 60,240,795 85.57 76,008,645 107.96

Thereafter 4,834,057 3,685,141 366,259,988 99.39 449,881,162 122.08

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 7,149,909 75.81 7,351,458 77.95

2028 270,593 172,796 14,736,066 85.28 15,618,894 90.39

2029 267,278 185,627 12,880,014 69.39 13,034,936 70.22

2030 59,956 59,956 4,394,481 73.30 4,916,908 82.01

2031 7,752 7,752 552,439 71.26 632,555 81.60

2032 267,810 148,844 12,299,938 82.64 14,784,814 99.33

2033 186,894 93,447 8,185,957 87.60 10,414,824 111.45

2034 23,732 13,736 491,132 35.76 546,905 39.82

2035 8,043 8,043 644,451 80.13 798,417 99.27

Thereafter 500,468 500,468 33,286,444 66.51 43,598,636 87.12

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 9,068 6,076 1,001,401 164.80 1,001,401 164.80

2027 122,403 90,454 12,067,255 133.41 12,067,255 133.41

2028 178,974 134,864 15,445,177 114.52 15,462,218 114.65

2029 999,015 779,588 80,550,194 103.32 84,865,860 108.86

2030 476,478 403,451 45,859,220 113.67 46,143,472 114.37

2031 437,863 362,759 44,878,787 123.72 45,908,662 126.55

2032 306,182 202,589 19,155,230 94.55 20,550,459 101.44

2033 480,447 395,828 48,884,997 123.50 53,287,153 134.62

2034 1,232,257 891,572 110,530,079 123.97 120,956,940 135.67

2035 998,103 609,355 66,746,406 109.54 73,720,056 120.98

Thereafter 4,295,362 2,988,477 321,684,134 107.64 357,606,932 119.66

Q2 2026

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

as of June 30, 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 16,797 16,797 864,448 51.46 969,690 57.73

2027 366,075 366,075 37,330,327 101.97 38,046,335 103.93

2028 365,125 365,125 42,684,486 116.90 44,189,922 121.03

2029 592,674 592,674 55,339,810 93.37 58,938,929 99.45

2030 302,764 302,764 29,002,775 95.79 32,182,122 106.29

2031 961,427 961,427 105,465,162 109.70 113,187,406 117.73

2032 373,497 373,497 33,485,833 89.65 38,887,412 104.12

2033 668,356 668,356 73,452,111 109.90 81,039,555 121.25

2034 158,514 158,514 14,644,486 92.39 17,408,001 109.82

2035 34,150 34,150 3,986,479 116.73 5,019,385 146.98

Thereafter 649,781 649,781 64,690,977 99.56 83,877,018 129.09

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 10,915 5,714 303,396 53.10 308,186 53.94

2027 79,144 78,502 4,678,867 59.60 4,743,093 60.42

2028 495,288 193,269 9,844,341 50.94 10,249,200 53.03

2029 282,318 250,525 14,022,002 55.97 14,447,608 57.67

2030 35,431 34,998 2,037,162 58.21 2,199,686 62.85

2031 64,439 47,013 2,355,895 50.11 2,651,889 56.41

2032 87,055 73,706 5,316,150 72.13 5,904,848 80.11

2033 — — — — — —

2034 — — — — — —

2035 60,774 20,463 1,505,083 73.55 1,809,319 88.42

Thereafter 120,231 120,231 7,982,470 66.39 10,223,026 85.03

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 19,791 19,791 1,083,480 54.75 1,083,480 54.75

2027 209,984 209,984 12,739,444 60.67 13,056,147 62.18

2028 338,030 205,994 14,093,408 68.42 15,619,235 75.82

2029 201,372 201,372 12,227,789 60.72 12,989,925 64.51

2030 212,441 203,208 13,511,055 66.49 14,538,985 71.55

2031 322,677 315,931 18,443,527 58.38 20,606,642 65.23

2032 671,172 671,172 47,185,801 70.30 52,118,317 77.65

2033 1,008,328 1,005,756 59,889,439 59.55 70,145,359 69.74

2034 333,733 333,733 19,924,032 59.70 23,425,442 70.19

2035 576,516 573,395 27,897,111 48.65 33,207,208 57.91

Thereafter 2,818,111 2,818,111 188,376,409 66.84 235,923,681 83.72

_____________

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.

Q2 2026

Lease expirations - Suburban properties 1, 2, 3

as of June 30, 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 98,943 98,943 7,655,309 77.37 7,655,309 77.37

2027 363,284 302,944 20,840,328 68.79 21,080,873 69.59

2028 284,732 284,732 16,507,542 57.98 17,031,344 59.82

2029 501,993 501,993 25,330,350 50.46 27,503,173 54.79

2030 116,076 116,076 7,106,083 61.22 7,600,485 65.48

2031 513,425 513,425 35,862,213 69.85 38,100,247 74.21

2032 227,097 227,097 11,901,622 52.41 12,971,779 57.12

2033 148,825 148,825 13,358,361 89.76 15,182,710 102.02

2034 326,384 326,384 24,888,838 76.26 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 17,537,766 37.30 23,562,174 50.11

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 43,143 43,143 2,259,025 52.36 2,260,562 52.40

2027 251,840 251,840 9,487,324 37.67 9,536,125 37.87

2028 101,984 101,984 4,180,599 40.99 4,069,482 39.90

2029 203,590 203,590 7,353,280 36.12 7,644,184 37.55

2030 126,318 126,318 5,208,942 41.24 5,412,187 42.85

2031 168,607 168,607 7,231,019 42.89 7,322,830 43.43

2032 114,991 114,991 4,856,803 42.24 4,607,673 40.07

2033 77,914 77,914 2,882,859 37.00 3,126,317 40.13

2034 — — — — — —

2035 158,985 158,985 6,453,224 40.59 7,165,689 45.07

Thereafter 403,571 403,571 15,882,448 39.35 17,605,434 43.62

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 4,200 4,200 236,340 56.27 236,340 56.27

2027 44,267 44,267 2,857,254 64.55 2,857,254 64.55

2028 50,089 50,089 3,060,905 61.11 3,233,723 64.56

2029 81,211 81,211 5,638,136 69.43 4,966,821 61.16

2030 104,587 104,587 6,913,955 66.11 7,521,837 71.92

2031 53,421 53,421 2,953,924 55.30 3,562,209 66.68

2032 69,207 69,207 4,012,103 57.97 3,778,656 54.60

2033 — — — — — —

2034 — — — — — —

2035 — — — — — —

Thereafter — — — — — —

Q2 2026

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

as of June 30, 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 3,953 3,953 162,153 41.02 166,189 42.04

2027 3,877 3,877 166,429 42.93 166,429 42.93

2028 — — — — — —

2029 11,010 11,010 392,268 35.63 422,454 38.37

2030 24,052 24,052 933,320 38.80 1,010,092 42.00

2031 16,800 16,800 600,093 35.72 681,213 40.55

2032 1,973 1,973 68,562 34.75 77,578 39.32

2033 — — — — — —

2034 8,462 8,462 339,604 40.13 403,223 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.

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

Q2 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

Q2 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.

Q2 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.

Q2 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.

Q2 2026

Definitions (continued)

Net Operating Income (NOI)

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

Q2 2026

Reconciliations

(unaudited and in thousands)

BXP’s Share of select items

Three Months Ended

30-Jun-26 31-Mar-26

Revenue $ 895,699 $ 872,148

Partners’ share of revenue from consolidated joint ventures (JVs) (99,659) (90,250)

BXP’s share of revenue from unconsolidated JVs 42,596 43,572

BXP’s Share of revenue $ 838,636 $ 825,470

Straight-line rent $ 3,570 $ 23,588

Partners’ share of straight-line rent from consolidated JVs 11,804 (3,594)

BXP’s share of straight-line rent from unconsolidated JVs 4,022 450

BXP’s Share of straight-line rent $ 19,396 $ 20,444

Fair value lease revenue 1

$ 2,168 $ 1,961

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

685 743

BXP’s Share of fair value lease revenue 1

$ 2,864 $ 2,715

Lease termination income $ 2,828 $ 12,828

Partners’ share of termination income from consolidated JVs (23) —

BXP’s share of termination income from unconsolidated JVs — —

BXP’s Share of termination income $ 2,805 $ 12,828

Non-cash termination income adjustment $ (2,306) $ (1,744)

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 $ (2,306) $ (1,744)

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 268 260

BXP’s Share of hedge amortization, net of costs $ 1,714 $ 1,706

Straight-line ground rent expense adjustment $ (4,016) $ (4,970)

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 $ (3,895) $ (4,849)

Depreciation and amortization $ 236,977 $ 227,967

Noncontrolling interests in property partnerships’ share of depreciation and amortization (23,336) (20,871)

BXP’s share of depreciation and amortization from unconsolidated JVs 12,716 13,506

BXP’s Share of depreciation and amortization $ 226,357 $ 220,602

Lease transaction costs that qualify as rent inducements 2

$ 4,072 $ 3,746

Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2

(1) (32)

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

$ 4,071 $ 3,739

2nd generation tenant improvements and leasing commissions $ 159,624 $ 191,046

Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs

(7,008) (22,735)

BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs

392 10,060

BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 153,008 $ 178,371

Q2 2026

Reconciliations (continued)

Maintenance capital expenditures 3

$ 15,936 $ 18,984

Partners’ share of maintenance capital expenditures from consolidated JVs 3

(1,891) (2,792)

BXP’s share of maintenance capital expenditures from unconsolidated JVs 3

572 455

BXP’s Share of maintenance capital expenditures 3

$ 14,617 $ 16,647

Interest expense $ 153,425 $ 152,093

Partners’ share of interest expense from consolidated JVs (11,902) (11,779)

BXP’s share of interest expense from unconsolidated JVs 15,004 16,532

BXP’s Share of interest expense $ 156,527 $ 156,846

Capitalized interest $ 12,868 $ 16,490

Partners’ share of capitalized interest from consolidated JVs (14) (13)

BXP’s share of capitalized interest from unconsolidated JVs 6 —

BXP’s Share of capitalized interest $ 12,860 $ 16,477

Amortization of financing costs $ 5,776 $ 5,848

Partners’ share of amortization of financing costs from consolidated JVs (498) (498)

BXP’s share of amortization of financing costs from unconsolidated JVs 446 496

BXP’s Share of amortization of financing costs $ 5,724 $ 5,846

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 260 216

BXP’s Share of fair value interest adjustment $ 260 $ 216

Amortization and accretion related to sales type lease $ 249 $ 245

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 29

BXP’s Share of amortization and accretion related to sales type lease $ 278 $ 274

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 — —

BXP’s Share of non-cash loss from early extinguishment of debt $ — $ —

_____________

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.

Q2 2026

Reconciliations (continued)

for the three months ended June 30, 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

$ 86,877 $ 167,600 $ 254,477

Straight-line rent 1,246 (27,337) (26,091)

Fair value lease revenue (27) — (27)

Termination income 30 24 54

Total lease revenue 88,126 140,287 228,413

Parking and other — 2,491 2,491

Insurance proceeds 391 — 391

Total rental revenue 3

88,517 142,778 231,295

Expenses

Operating 35,421 51,206 86,627

Restoration costs related to insurance claim 125 — 125

Net Operating Income (NOI) 52,971 91,572 144,543

Other income (expense)

Development and management services revenue — 5 5

Gain from investments in securities

— 1 1

Interest and other income 642 1,914 2,556

Interest expense (21,176) (7,633) (28,809)

Depreciation and amortization expense (18,270) (33,752) (52,022)

General and administrative expense (15) (112) (127)

Total other income (expense) (38,819) (39,577) (78,396)

Net income $ 14,152 $ 51,995 $ 66,147

BXP’s nominal ownership percentage 60% 55%

Partners’ share of NOI (after income allocation to private REIT shareholders) 4

$ 20,443 $ 39,892 $ 60,335

BXP’s share of NOI (after income allocation to private REIT shareholders) $ 32,528 $ 51,680 $ 84,208

Unearned portion of capitalized fees 5

$ 197 $ 718 $ 915

Partners’ share of select items 4

Partners’ share of parking and other revenue $ — $ 1,121 $ 1,121

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 $ 390 $ 752 $ 1,142

Partners’ share of capitalized interest $ — $ 14 $ 14

Partners’ share of lease transactions costs which will qualify as rent inducements $ — $ (1) $ (1)

Partners’ share of management and other fees $ 747 $ 1,348 $ 2,095

Partners’ share of basis differential depreciation and amortization expense $ (24) $ (278) $ (302)

Partners’ share of basis differential interest and other adjustments $ (4) $ 6 $ 2

Reconciliation of Partners’ share of EBITDAre 6

Partners’ NCI $ 4,552 $ 21,569 $ 26,121

Add:

Partners’ share of interest expense after BXP’s basis differential 8,467 3,435 11,902

Partners’ share of depreciation and amortization expense after BXP’s basis differential 7,674 15,662 23,336

Partners’ share of EBITDAre

$ 20,693 $ 40,666 $ 61,359

Q2 2026

Reconciliations (continued)

for the three months ended June 30, 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

$ 35,407 $ 64,250 $ 99,657

Less: Termination income 12 11 23

Rental revenue (excluding termination income) 3

35,395 64,239 99,634

Less: Operating expenses (including partners’ share of management and other fees) 14,964 24,388 39,352

Income allocation to private REIT shareholders — (30) (30)

NOI (excluding termination income and after income allocation to private REIT shareholders) $ 20,431 $ 39,881 $ 60,312

Rental revenue (excluding termination income) 3

$ 35,395 $ 64,239 $ 99,634

Less: Straight-line rent 498 (12,302) (11,804)

Fair value lease revenue (11) — (11)

Add: Lease transaction costs that qualify as rent inducements — 1 1

Subtotal 34,908 76,542 111,450

Less: Operating expenses (including partners’ share of management and other fees) 14,964 24,388 39,352

Income allocation to private REIT shareholders — (30) (30)

NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ 19,944 $ 52,184 $ 72,128

Reconciliation of Partners’ share of Revenue 4

Rental revenue 3

$ 35,407 $ 64,250 $ 99,657

Add: Development and management services revenue — 2 2

Revenue $ 35,407 $ 64,252 $ 99,659

_________

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.

Q2 2026

Reconciliations (continued)

for the three months ended June 30, 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

$ 28,188 $ 21,203 $ 12,657 $ — $ 7,563 $ 10,570 $ 80,181

Straight-line rent 252 (1,438) 10,575 — 45 (167) 9,267

Fair value lease revenue — — 329 — 998 — 1,327

Termination income — — — — — — —

Amortization and accretion related to sales-type lease 58 — — — — — 58

Total lease revenue 28,498 19,765 23,561 — 8,606 10,403 90,833

Parking and other (23) 2,227 81 — 628 1,006 3,919

Total rental revenue 3

28,475 21,992 23,642 — 9,234 11,409 94,752

Expenses

Operating 10,836 7,726 17,548

1,022 3,612 5,627 46,371

Net operating income (loss) 17,639 14,266 6,094 (1,022) 5,622 5,782 48,381

Other income (expense)

Development and management services revenue — — 606 — — — 606

Interest and other income (loss) 275 767 832 — 92 149 2,115

Interest expense (9,394) (4,998) (14,541) — (3,738) (3,977) (36,648)

Loss on interest rate contracts — — — — (35) — (35)

Transaction costs (1) — — — (192) (165) (358)

Depreciation and amortization expense (8,431) (5,718) (10,657) — (1,545) (3,096) (29,447)

General and administrative expense (2) (3) (183) — (34) (164) (386)

Gain on sale of real estate — — — — — 2,716 2,716

Total other income (expense) (17,553) (9,952) (23,943) — (5,452) (4,537) (61,437)

Net income (loss) $ 86 $ 4,314 $ (17,849) $ (1,022) $ 170 $ 1,245 $ (13,056)

BXP’s share of select items:

BXP’s share of amortization of financing costs $ 139 $ 23 $ 240 $ — $ — $ 44 $ 446

BXP’s share of hedge amortization, net of costs $ — $ — $ — $ — $ 268 $ — $ 268

BXP’s share of fair value interest adjustment $ — $ — $ 260 $ — $ — $ — $ 260

BXP’s share of capitalized interest $ — $ — $ 6 $ — $ — $ — $ 6

Reconciliation of BXP’s share of EBITDAre

Income (loss) from unconsolidated joint ventures $ 38 $ 2,704 $ (5,108) $ (240) $ (286) $ 444 $ (2,448)

Add:

BXP’s share of interest expense 4,698 2,499 5,563 — 1,259 985 15,004

BXP’s share of depreciation and amortization expense 4,220 2,312

4,510

— 861 813 12,716

Less:

BXP’s share of gains on sales 6

— — — 325 — 832 1,157

BXP’s share of EBITDAre

$ 8,956 $ 7,515

$ 4,965

$ (565) $ 1,834 $ 1,410 $ 24,115

Q2 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

$ 14,238 $ 11,137

$ 10,731

$ — $ 3,109 $ 3,109 $ 42,324

BXP’s share of operating expenses 5,418 3,863 7,616 562 1,215 1,622 20,296

BXP’s share of net operating income (loss) 8,820 7,274

3,115

(562) 1,894 1,487 22,028

Less:

BXP’s share of termination income — — — — — — —

BXP’s share of net operating income (loss) (excluding termination income) 8,820 7,274 3,115 (562) 1,894 1,487 22,028

Less:

BXP’s share of straight-line rent 126 (623)

4,554

— 15 (50) 4,022

BXP’s share of fair value lease revenue — 45

304

— 336 — 685

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 — — — — — — —

BXP’s share of net operating income (loss) - cash (excluding termination income) $ 8,665 $ 7,852

$ (1,622)

$ (562) $ 1,543 $ 1,537 $ 17,413

Reconciliation of BXP’s share of Revenue

BXP’s share of rental revenue 3

$ 14,238 $ 11,137

$ 10,731

$ — $ 3,109 $ 3,109 $ 42,324

Add:

BXP’s share of development and management services revenue — — 272 — — — 272

BXP’s share of revenue $ 14,238 $ 11,137

$ 11,003

$ — $ 3,109 $ 3,109 $ 42,596

_____________

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.

Q2 2026

Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

Three Months Ended

31-Mar-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 22,370 32,682

Less:

Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 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 — 200

Add:

Partners’ share of termination income from consolidated joint ventures — —

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) (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) 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) — —

BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 22,370 32,482

Less:

BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 2,724 11,132

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

Change in BXP’s Share of Same Property NOI (excluding termination income) $ (9,274)

Change in BXP’s Share of Same Property NOI (excluding termination income) (2.0) %

Q2 2026

Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

Three Months Ended

31-Mar-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) (3,366) 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) 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) — —

BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 21,294 29,250

Less:

BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 1,917 9,572

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

Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ (1,682)

Change in BXP’s Share of Same Property NOI - cash (excluding termination income) (0.4) %

_____________

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.

Q2 2026

Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended

30-Jun-25 31-Mar-25

Revenue

Lease $ 805,935 $ 811,102

Parking and other 34,709 30,146

Insurance proceeds 90 96

Hotel revenue 14,773 9,597

Development and management services 8,846 9,775

Direct reimbursements of payroll and related costs from management services contracts 4,104 4,499

Total revenue 868,457 865,215

Expenses

Operating 184,942 183,076

Real estate taxes 146,272 148,429

Restoration expenses related to insurance claims 848 73

Hotel operating 9,365 7,565

General and administrative 42,516 52,284

Payroll and related costs from management services contracts 4,104 4,499

Transaction costs 357 768

Depreciation and amortization 223,819 220,107

Total expenses 612,223 616,801

Other income (expense)

Loss from unconsolidated joint ventures (3,324) (2,139)

Gain on sale of real estate 18,390 —

Loss on sales-type lease — (2,490)

Gains (losses) from investments in securities 2,600 (365)

Unrealized loss on non-real estate investments (39) (483)

Interest and other income (loss) 8,063 7,750

Loss from early extinguishment of debt — (338)

Interest expense (162,783) (163,444)

Net income 119,141 86,905

Net income attributable to noncontrolling interests

Noncontrolling interest in property partnerships (20,100) (18,749)

Noncontrolling interest - common units of the Operating Partnership (10,064) (6,979)

Net income attributable to BXP, Inc. $ 88,977 $ 61,177

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income attributable to BXP, Inc. per share - basic $ 0.56 $ 0.39

Net income attributable to BXP, Inc. per share - diluted $ 0.56 $ 0.39

EX-99.2

Filename: q22026pressrelease.htm · Sequence: 3

Document

Exhibit 99.2

BXP ANNOUNCES SECOND QUARTER 2026 RESULTS

Executed Approximately 1.8 Million SF of Leases in Q2; Increased Total Portfolio Occupancy by 100 Basis Points

BOSTON, MA, July 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 second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

•Revenue increased 3.1% to $895.7 million for the quarter ended June 30, 2026, compared to $868.5 million for the quarter ended June 30, 2025.

•Net income attributable to BXP, Inc. of $68.6 million, or $0.43 per diluted share (EPS), for the quarter ended June 30, 2026, compared to $89.0 million, or $0.56 per diluted share, for the quarter ended June 30, 2025.

◦EPS for the second quarter 2026 was less than the midpoint of BXP’s guidance by $0.02 per diluted share primarily due to a $0.10 per diluted share non-cash impairment charge recognized in connection with the anticipated disposition of Sumner Square in Washington, DC., partially offset by $0.08 per diluted share of higher revenues from increased occupancy and lower-than-projected net operating expenses.

•Funds from Operations (FFO) of $283.4 million, or $1.78 per diluted share, for the quarter ended June 30, 2026, compared to FFO of $271.7 million, or $1.71 per diluted share, for the quarter ended June 30, 2025.

◦FFO for the second quarter 2026 exceeded the midpoint of BXP’s guidance by $0.08 per diluted share primarily driven by higher revenues from increased occupancy and lower-than-projected net operating expenses.

Guidance

BXP provided guidance for third quarter 2026 EPS of $0.50 - $0.52 and FFO of $1.80 - $1.82 per diluted share, and updated guidance for full year 2026 EPS of $2.14 - $2.24 and FFO of $6.99 - $7.05 per diluted share.

The midpoint of full-year 2026 guidance for EPS decreased by $0.03 per diluted share, primarily from the aforementioned impairment charge recorded in the second quarter partially offset by improved operating performance.

The midpoint of full-year 2026 guidance for FFO increased by $0.05 per diluted share primarily due to better-than-projected portfolio performance as described above.

See “EPS and FFO per Share Guidance” below.

–more–

Leasing & Occupancy

•Executed 106 leases in the second quarter totaling approximately 1.8 million square feet with a weighted-average lease term of 9.9 years. The amount leased is approximately 129% of our historical 10-year average for the second quarter. Notable signed leases for projects under development include:

◦an approximately 148,000 square foot lease with McDermott Will & Schulte at 343 Madison Avenue in New York City, New York, bringing the pre-leased percentage of the project to 50%, and

◦an approximately 322,000 square foot lease with Boston Dynamics at Reservoir Place in Waltham, Massachusetts.

•For the second quarter, BXP’s CBD portfolio of premier workplaces was 90.7% occupied and 93.6% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 91.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the second quarter was 88.4%, an increase of 100 basis points from Q1 2026. Approximately 86% of the increase in occupancy was driven by gains across the existing portfolio and the remainder was attributable to the addition of the fully occupied 290 Binney Street property in Cambridge, Massachusetts that was placed in-service in Q2 2026.

•Total portfolio leased percentage was 91.3% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 40 basis points from Q1 2026. As of June 30, 2026, the spread between leased and occupied square footage was 290 basis points representing approximately 1.3 million square feet of future lease commencements, with approximately 85% expected to commence before year-end 2026.

Development

•BXP fully placed in-service 290 Binney Street in Cambridge, Massachusetts. 290 Binney Street is a 16-story, 572,578 square foot laboratory/life sciences property that is 100% leased to AstraZeneca.

•BXP commenced the redevelopment of Reservoir Place an approximately 363,000 square foot building located in Waltham, Massachusetts that is 89% pre-leased to Boston Dynamics. Boston Dynamics plans to transform the property into a premier center for robotics and AI innovation.

•As part of BXP’s strategy to use residential entitlements to maximize the value of its land holdings, BXP raised private equity from an institutional investor and formed a joint venture that commenced the development of a 4.7-acre land parcel into a 359-unit multi-family residential project in Herndon, Virginia. BXP has a 20% ownership interest in the joint venture and will be the development manager.

–more–

Balance Sheet & Liquidity

•On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York. The loan has a four-year initial term, plus a one-year extension option subject to customary conditions, and was executed on competitive terms, including an initial interest rate of Term SOFR plus 2.50%, which will be reduced to Term SOFR plus 2.25% upon the achievement of certain leasing and construction milestones. The financing represents a significant milestone in the capitalization of the project and supports the ongoing construction of one of New York City's most anticipated workplace developments.

EPS and FFO per Share Guidance:

BXP’s guidance for the third 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 potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities. There can be no assurance that BXP’s actual results will not differ materially from the estimates set forth below.

Third Quarter 2026 Full Year 2026

Low High Low High

Projected EPS (diluted) $ 0.50 $ 0.52 $ 2.14 $ 2.24

Add:

Projected Company share of real estate depreciation and amortization 1.30 1.30 5.10 5.10

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments — — (0.25) (0.29)

Projected FFO per share (diluted) $ 1.80 $ 1.82 $ 6.99 $ 7.05

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

–more–

BXP will host a conference call on Wednesday, July 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the second 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/BId9f8a75ce55f4add99e54bb4ba607950 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 second 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 June 30, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 51.1 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 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)

June 30, 2026 December 31, 2025

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost $ 27,132,125 $ 26,248,130

Construction in progress 975,361 1,475,257

Land held for future development 499,424 518,492

Right of use assets - finance leases 371,889 372,470

Right of use assets - operating leases 290,726 325,841

Less: accumulated depreciation (8,277,690) (8,040,311)

Total real estate 20,991,835 20,899,879

Cash and cash equivalents 493,949 1,478,206

Cash held in escrows 59,514 79,060

Investments in securities 46,526 44,614

Tenant and other receivables, net 90,679 92,625

Note receivable, net 12,185 9,373

Related party notes receivable, net 35,337 28,346

Sales-type lease receivable, net 16,170 15,672

Accrued rental income, net 1,573,959 1,538,515

Deferred charges, net 848,273 847,690

Prepaid expenses and other assets 122,830 108,105

Investments in unconsolidated joint ventures 820,068 999,309

Assets held for sale 62,544 24,770

Total assets $ 25,173,869 $ 26,166,164

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 4,281,198 $ 4,280,067

Unsecured senior notes, net 8,811,158 9,806,100

Unsecured exchangeable senior notes, net 978,642 976,263

Unsecured line of credit — —

Unsecured term loans, net 797,565 797,053

Unsecured commercial paper 750,000 750,000

Lease liabilities - finance leases 353,436 360,039

Lease liabilities - operating leases 386,487 389,213

Accounts payable and accrued expenses 474,141 480,017

Dividends and distributions payable 123,857 123,753

Accrued interest payable 109,523 125,345

Other liabilities 364,082 386,074

Liabilities held for sale 6,130 —

Total liabilities 17,436,219 18,473,924

Commitments and contingencies — —

Redeemable deferred stock units 7,927 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, 159,600,410 and 158,627,198 issued and 159,521,510 and 158,548,298 outstanding at June 30, 2026 and December 31, 2025, respectively

1,595 1,585

Additional paid-in capital 6,881,671 6,836,243

Dividends in excess of earnings (1,727,547) (1,674,995)

Treasury common stock at cost, 78,900 shares at June 30, 2026 and December 31, 2025

(2,722) (2,722)

Accumulated other comprehensive income (loss) 2,148 (12,921)

Total stockholders’ equity attributable to BXP, Inc. 5,155,145 5,147,190

Noncontrolling interests:

Common units of the Operating Partnership 555,763 566,563

Property partnerships 2,018,815 1,970,949

Total equity 7,729,723 7,684,702

Total liabilities and equity $ 25,173,869 $ 26,166,164

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

(in thousands, except for per share amounts)

Revenue

Lease $ 831,678 $ 805,935 $ 1,649,834 $ 1,617,037

Parking and other 37,586 34,799 68,400 65,041

Hotel 14,901 14,773 24,002 24,370

Development and management services 7,633 8,846 16,840 18,621

Direct reimbursements of payroll and related costs from management services contracts

3,901 4,104 8,771 8,603

Total revenue 895,699 868,457 1,767,847 1,733,672

Expenses

Operating

Rental 336,141 332,062 680,223 663,640

Hotel 9,369 9,365 17,351 16,930

General and administrative 50,444 42,516 109,785 94,800

Payroll and related costs from management services contracts 3,901 4,104 8,771 8,603

Transaction costs (62) 357 67 1,125

Depreciation and amortization 236,977 223,819 464,944 443,926

Total expenses 636,770 612,223 1,281,141 1,229,024

Other income (expense)

Income (loss) from unconsolidated joint ventures (2,448) (3,324) 32,965 (5,463)

Gains on sales of real estate 6,997 18,390 20,399 18,390

Loss on sales-type lease — — — (2,490)

Interest and other income (loss) 6,137 8,063 15,022 15,813

Gains from investments in securities 4,385 2,600 3,819 2,235

Unrealized gain (loss) on non-real estate investments (75) (39) 113 (522)

Impairment loss (18,036) — (18,036) —

Loss from early extinguishment of debt — — — (338)

Interest expense (153,425) (162,783) (305,518) (326,227)

Net income 102,464 119,141 235,470 206,046

Net income attributable to noncontrolling interests

Noncontrolling interests in property partnerships (26,121) (20,100) (45,990) (38,849)

Noncontrolling interest—common units of the Operating Partnership

(7,779) (10,064) (19,294) (17,036)

Net income attributable to BXP, Inc. $ 68,564 $ 88,977 $ 170,186 $ 150,161

Basic earnings per common share attributable to BXP, Inc.

Net income $ 0.43 $ 0.56 $ 1.07 $ 0.95

Weighted average number of common shares outstanding 159,167 158,312 158,863 158,257

Diluted earnings per common share attributable to BXP, Inc.

Net income $ 0.43 $ 0.56 $ 1.07 $ 0.95

Weighted average number of common and common equivalent shares outstanding

159,629 158,795 159,344 158,713

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

(in thousands, except for per share amounts)

Net income attributable to BXP, Inc. $ 68,564 $ 88,977 $ 170,186 $ 150,161

Add:

Noncontrolling interest - common units of the Operating Partnership

7,779 10,064 19,294 17,036

Noncontrolling interests in property partnerships

26,121 20,100 45,990 38,849

Net income 102,464 119,141 235,470 206,046

Add:

Depreciation and amortization expense

236,977 223,819 464,944 443,926

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(23,336) (20,945) (44,207) (41,409)

Company’s share of depreciation and amortization from unconsolidated joint ventures

12,716 16,674 26,222 34,001

Corporate-related depreciation and amortization

(549) (600) (1,116) (1,316)

Non-real estate related amortization 2,131 2,131 4,262 4,261

Loss on sales-type lease — — — 2,490

Impairment loss 18,036 — 18,036 —

Less:

Gains on sales of real estate 6,997 18,390 20,399 18,390

Gains on sales included within income (loss) from unconsolidated joint ventures 1,157 — 42,390 —

Unrealized gain (loss) on non-real estate investments (75) (39) 113 (522)

Noncontrolling interests in property partnerships 26,121 20,100 45,990 38,849

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 314,239 301,769 594,719 591,282

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

30,827 30,117 59,115 59,010

Funds from operations attributable to BXP, Inc. $ 283,412 $ 271,652 $ 535,604 $ 532,272

BXP, Inc.’s percentage share of funds from operations - basic 90.19 % 90.02 % 90.06 % 90.02 %

Weighted average shares outstanding - basic 159,167 158,312 158,863 158,257

FFO per share basic

$ 1.78 $ 1.72 $ 3.37 $ 3.36

Weighted average shares outstanding - diluted 159,629 158,795 159,344 158,713

FFO per share diluted

$ 1.78 $ 1.71 $ 3.36 $ 3.35

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

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

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

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio

% Occupied by Location (1)

% Leased by Location (2)

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

Boston 97.6 % 97.6 % 98.4 % 98.6 %

Los Angeles 88.2 % 86.5 % 90.9 % 87.0 %

New York 88.9 % 86.2 % 94.7 % 92.1 %

San Francisco 82.5 % 81.9 % 85.1 % 84.4 %

Seattle 81.9 % 79.8 % 85.9 % 81.3 %

Washington, DC 91.5 % 92.4 % 93.3 % 94.2 %

CBD Portfolio 90.7 % 89.8 % 93.6 % 92.5 %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

Boston 92.9 % 91.9 % 94.2 % 93.1 %

Los Angeles 88.2 % 86.5 % 90.9 % 87.0 %

New York 86.7 % 83.8 % 92.0 % 89.4 %

San Francisco 79.7 % 77.0 % 82.8 % 79.2 %

Seattle 81.9 % 79.8 % 85.9 % 81.3 %

Washington, DC 90.5 % 91.7 % 92.7 % 93.8 %

Total Portfolio 88.4 % 86.7 % 91.3 % 89.4 %

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

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Jul. 28, 2026

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Name of the City or Town

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Code for the postal or zip code

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Name of the state or province.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Exchange Act

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Indicate if registrant meets the emerging growth company criteria.

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- 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.

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No definition available.

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Two-character EDGAR code representing the state or country of incorporation.

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- 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.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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-Publisher SEC

-Name Exchange Act

-Number 240

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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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.

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-Number 240

-Section 13e

-Subsection 4c

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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.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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-Number 240

-Section 12

-Subsection d1-1

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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.

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Trading symbol of an instrument as listed on an exchange.

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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.

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-Publisher SEC

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-Section 425

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