Form 8-K

8-K — BXP, Inc.

Accession: 0001037540-26-000041

Filed: 2026-10-27

Period: 2026-10-27

CIK: 0001037540

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bxp-20261027.htm (Primary)

EX-99.1 (q32026supplemental.htm)

EX-99.2 (q32026pressrelease.htm)

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8-K

8-K (Primary)

Filename: bxp-20261027.htm · Sequence: 1

bxp-20261027

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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): October 27, 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 October 27, 2026, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the third quarter ended 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 September 30, 2026.

*99.2

Press release dated October 27, 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: October 27, 2026

EX-99.1

EX-99.1

Filename: q32026supplemental.htm · Sequence: 2

Document

Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended September 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 September 30, 2026, including properties owned by joint ventures, BXP’s portfolio totals 50.6 million square feet and 162 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 141 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: Rendering of 343 Madison Avenue, New York, NY)

Q3 2026

Table of contents

Page

OVERVIEW

Company Profile

1

Guidance and assumptions

2

FINANCIAL INFORMATION

Financial Highlights

3

Consolidated Balance Sheets

5

Consolidated Income Statements

6

Funds From Operations (FFO)

7

Funds Available for Distribution (FAD)

8

Net Operating Income (NOI)

9

Same Property Net Operating Income (NOI) by Reportable Segment

11

Capital Expenditures

13

Acquisitions and Dispositions

14

DEVELOPMENT ACTIVITY

Construction in Progress

15

Land Parcels and Purchase Options

17

LEASING ACTIVITY

Leasing Activity

18

PROPERTY STATISTICS

Portfolio Overview

19

Residential and Hotel Performance

20

In-Service Property Listing

21

Top 20 Clients Listing and Portfolio Client Diversification

25

Occupancy by Location

26

DEBT AND CAPITALIZATION

Capital Structure

27

Debt Analysis

29

Senior Unsecured Debt Covenant Compliance Ratios

30

Net Debt to EBITDAre

31

Debt Ratios

32

JOINT VENTURES

Consolidated Joint Ventures

33

Unconsolidated Joint Ventures

35

LEASE EXPIRATION ROLL-OUT

Total In-Service Properties

38

Boston

39

Los Angeles

41

New York

43

San Francisco

45

Seattle

47

Washington, DC

49

CBD

51

Suburban

53

RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS

Research Coverage

55

Definitions

56

Reconciliations

60

Consolidated Income Statement - Prior Year

68

Q3 2026

Company profile

SNAPSHOT

(as of September 30, 2026)

Fiscal Year-End December 31

Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment) 162

Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment) 50.6 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 $61.11 per share

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

Dividend Yield 4.6%

Consolidated Market Capitalization 2

$27.4 billion

BXP’s Share of Market Capitalization 2, 3

$27.2 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 Executive Officers

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. Garesché 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.

1

Q3 2026

Guidance and assumptions

GUIDANCE

BXP’s guidance for 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 October 27, 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.

Full Year 2026

Low High

Projected EPS (diluted) $ 2.35  $ 2.37

Add:

Projected Company share of real estate depreciation and amortization 5.02  5.02

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.31) (0.31)

Projected FFO per share (diluted) $ 7.06  $ 7.08

ASSUMPTIONS

(dollars in thousands)

Full Year 2026

Low High

Operating property activity:

Average In-service portfolio occupancy 1

88.75  % 89.25  %

Change in BXP’s Share of Same Property net operating income (excluding termination income) 2.35  % 2.75  %

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 assets sold over prior year $ (79,000) $ (78,000)

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

$ 150,000  $ 162,000

BXP’s Share of Termination income $ 23,000  $ 25,000

Other revenue (expense):

Development, management services and other revenue $ 34,000  $ 36,000

General and administrative expense 2

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

Consolidated net interest expense $ (598,000) $ (593,000)

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

Noncontrolling interest:

Noncontrolling interest in property partnerships’ share of FFO $ (197,000) $ (194,000)

_______________

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.

2

Q3 2026

Financial highlights

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

Three Months Ended

30-Sep-26 30-Jun-26

Net income attributable to BXP, Inc. $ 114,482  $ 68,564

Net income attributable to BXP, Inc. per share - diluted $ 0.71  $ 0.43

FFO attributable to BXP, Inc. 1

$ 302,240  $ 283,412

Diluted FFO per share 1

$ 1.89  $ 1.78

Dividends per common share $ 0.70  $ 0.70

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

$ 163,414  $ 142,069

Selected items:

Revenue $ 911,431  $ 895,699

Recoveries from clients $ 153,825  $ 152,352

Service income from clients $ 4,472  $ 4,840

BXP’s Share of revenue 3

$ 854,287  $ 838,636

BXP’s Share of straight-line rent 3

$ 46,541  $ 19,396

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

$ 2,863  $ 2,864

BXP’s Share of termination income 3

$ 7,000  $ 2,805

Ground rent expense $ 3,313  $ 3,876

Capitalized interest 5

$ 14,398  $ 12,868

Capitalized wages $ 4,087  $ 4,585

Income (loss) from unconsolidated joint ventures 6

$ 1,145  $ (2,448)

BXP’s share of FFO from unconsolidated joint ventures 7

$ 13,192  $ 9,111

Net income attributable to noncontrolling interests in property partnerships $ 28,692  $ 26,121

FFO attributable to noncontrolling interests in property partnerships 8

$ 52,593  $ 49,457

Balance Sheet items:

Above-market rents (included within Prepaid Expenses and Other Assets) $ 4,111  $ 4,351

Below-market rents (included within Other Liabilities) $ 10,609  $ 13,000

Accrued rental income liability (included within Other Liabilities) $ 112,668  $ 125,794

Ratios:

Interest Coverage Ratio (excluding capitalized interest) 9

2.98  3.12

Interest Coverage Ratio (including capitalized interest) 9

2.73  2.87

Fixed Charge Coverage Ratio 9

2.50  2.62

BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 10

7.52  7.94

Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 11

3.4  % 3.5  %

Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 11

(0.3) % 0.8  %

FAD Payout Ratio 2

76.11  % 87.54  %

Operating Margins [(rental revenue - rental expense)/rental revenue] 62.1  % 61.3  %

Occupancy % of In-Service Properties 12

89.4  % 88.4  %

Leased % of In-Service Properties 13

91.9  % 91.3  %

Capitalization:

Consolidated Debt $ 16,590,522  $ 15,618,563

BXP’s Share of Debt 14

$ 16,325,843  $ 15,355,350

Consolidated Market Capitalization $ 27,437,364  $ 27,388,124

Consolidated Debt/Consolidated Market Capitalization 60.47  % 57.03  %

BXP’s Share of Market Capitalization 14

$ 27,172,685  $ 27,124,911

BXP’s Share of Debt/BXP’s Share of Market Capitalization 14

60.08  % 56.61  %

_____________

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

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

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

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

5For the three months ended September 30, 2026, includes approximately $2.4 million of amortization of deferred financing costs.

6For the three months ended June 30, 2026, amount includes gains on sales of approximately $1.2 million.

7For a quantitative reconciliation for the three months ended September 30, 2026, see page 37.

8For a quantitative reconciliation for the three months ended September 30, 2026, see page 34.

9For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see page 32.

10For a quantitative reconciliation for the three months ended September 30, 2026 and June 30, 2026, see page 31.

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

3

Q3 2026

Financial highlights (continued)

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

13Represents 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.

14For a quantitative reconciliation for September 30, 2026, see page 28.

4

Q3 2026

Consolidated Balance Sheets

(unaudited and in thousands)

30-Sep-26 30-Jun-26

ASSETS

Real estate $ 27,106,552  $ 27,132,125

Construction in progress 1,128,313  975,361

Land held for future development 503,648  499,424

Right of use assets - finance leases 372,619  371,889

Right of use assets - operating leases 285,912  290,726

Less accumulated depreciation (8,319,577) (8,277,690)

Total real estate 21,077,467  20,991,835

Cash and cash equivalents 1,471,631  493,949

Cash held in escrows 50,029  59,514

Investments in securities 45,932  46,526

Tenant and other receivables, net 92,300  90,679

Note receivable, net 12,495  12,185

Related party notes receivable, net 28,166  35,337

Sales-type lease receivable, net 16,332  16,170

Accrued rental income, net 1,599,110  1,573,959

Deferred charges, net 843,151  848,273

Prepaid expenses and other assets 193,572  122,830

Investments in unconsolidated joint ventures 831,228  820,068

Assets held for sale 10,425  62,544

Total assets $ 26,271,838  $ 25,173,869

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 4,309,813  $ 4,281,198

Unsecured senior notes, net 9,506,144  8,811,158

Unsecured exchangeable senior notes, net 979,894  978,642

Unsecured line of credit 247,000  —

Unsecured term loans, net 797,671  797,565

Unsecured commercial paper 750,000  750,000

Lease liabilities - finance leases 350,953  353,436

Lease liabilities - operating leases 384,213  386,487

Accounts payable and accrued expenses 536,428  474,141

Dividends and distributions payable 123,849  123,857

Accrued interest payable 127,383  109,523

Other liabilities 346,911  364,082

Liabilities held for sale 111  6,130

Total liabilities 18,460,370  17,436,219

Commitments and contingencies —  —

Redeemable deferred stock units 7,577  7,927

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, 159,751,217 and 159,600,410 issued and 159,672,317 and 159,521,510 outstanding at September 30, 2026 and June 30, 2026, respectively

1,597  1,595

Additional paid-in capital 6,902,261  6,881,671

Dividends in excess of earnings (1,724,898) (1,727,547)

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

(2,722) (2,722)

Accumulated other comprehensive income (loss) 15,265  2,148

Total stockholders’ equity attributable to BXP, Inc. 5,191,503  5,155,145

Noncontrolling interests:

Common units of the Operating Partnership 555,123  555,763

Property partnerships 2,057,265  2,018,815

Total equity 7,803,891  7,729,723

Total liabilities and equity $ 26,271,838  $ 25,173,869

5

Q3 2026

Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended

30-Sep-26 30-Jun-26

Revenue

Lease $ 846,159  $ 831,678

Parking and other 36,887  36,485

Insurance proceeds 1,382  1,101

Hotel revenue 13,219  14,901

Development and management services 9,792  7,633

Direct reimbursements of payroll and related costs from management services contracts 3,992  3,901

Total revenue 911,431  895,699

Expenses

Operating 192,257  192,421

Real estate taxes 141,967  142,194

Restoration expenses related to insurance claims 1,121  1,526

Hotel operating 9,925  9,369

General and administrative 1, 2

37,604  50,444

Payroll and related costs from management services contracts 3,992  3,901

Transaction costs 101  (62)

Depreciation and amortization 228,679  236,977

Total expenses 615,646  636,770

Other income (expense)

Income (loss) from unconsolidated joint ventures 3

1,145  (2,448)

Gains on sales of real estate 4

10,441  6,997

Gains (losses) from investments in securities 2

(744) 4,385

Unrealized gain (loss) on non-real estate investments 386  (75)

Interest and other income 7,608  6,137

Impairment loss 5

—  (18,036)

Interest expense (159,127) (153,425)

Net income 155,494  102,464

Net income attributable to noncontrolling interests

Noncontrolling interest in property partnerships (28,692) (26,121)

Noncontrolling interest - common units of the Operating Partnership 6

(12,320) (7,779)

Net income attributable to BXP, Inc. $ 114,482  $ 68,564

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income attributable to BXP, Inc. per share - basic $ 0.72  $ 0.43

Net income attributable to BXP, Inc. per share - diluted $ 0.71  $ 0.43

_____________

1For the three months ended June 30, 2026, includes approximately $6.0 million related to the accelerated vesting of non-stock compensation expense for employees who satisfied the conditions for a qualified retirement and, for each three months ended period, approximately $2.9 million related to the 2025 OPP Awards.

2Includes $(0.7) million and $4.4 million for the three months ended September 30, 2026 and June 30, 2026, respectively, related to the Company’s deferred compensation plan.

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

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. The sale occurred on August 5, 2026. For additional detail, see page 14.

6For additional detail, see page 7.

6

Q3 2026

Funds from operations (FFO) 1

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

Three Months Ended

30-Sep-26 30-Jun-26

Net income attributable to BXP, Inc. $ 114,482  $ 68,564

Add:

Noncontrolling interest - common units of the Operating Partnership 12,320  7,779

Noncontrolling interests in property partnerships 28,692  26,121

Net income 155,494  102,464

Add:

Depreciation and amortization expense 228,679  236,977

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

(23,901) (23,336)

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

12,047  12,716

Corporate-related depreciation and amortization (632) (549)

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

Impairment loss —  18,036

Less:

Gains on sales of real estate 10,441  6,997

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

—  1,157

Unrealized gain (loss) on non-real estate investments 386  (75)

Noncontrolling interests in property partnerships 28,692  26,121

FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO) 334,299  314,239

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of FFO 32,059  30,827

FFO attributable to BXP, Inc. $ 302,240  $ 283,412

BXP, Inc.’s percentage share of Basic FFO 90.41  % 90.19  %

Noncontrolling interest’s - common unitholders percentage share of Basic FFO 9.59  % 9.81  %

Basic FFO per share $ 1.89  $ 1.78

Weighted average shares outstanding - basic 159,585  159,167

Diluted FFO per share $ 1.89  $ 1.78

Weighted average shares outstanding - diluted 160,109  159,629

RECONCILIATION TO DILUTED FFO

Three Months Ended

30-Sep-26 30-Jun-26

Basic FFO $ 334,299  $ 314,239

Add:

Effect of dilutive securities - stock-based compensation —  —

Diluted FFO 334,299  314,239

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO 31,959  30,733

BXP, Inc.’s share of Diluted FFO $ 302,340  $ 283,506

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended

30-Sep-26 30-Jun-26

Shares/units for Basic FFO 176,512  176,474

Add:

Effect of dilutive securities - stock-based compensation (shares/units) 524  462

Shares/units for Diluted FFO 177,036  176,936

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units) 16,927  17,307

BXP, Inc.’s share of shares/units for Diluted FFO 160,109  159,629

BXP, Inc.’s percentage share of Diluted FFO 90.44  % 90.22  %

_____________

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

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

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

7

Q3 2026

Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended

30-Sep-26 30-Jun-26

Net income attributable to BXP, Inc. $ 114,482  $ 68,564

Add:

Noncontrolling interest - common units of the Operating Partnership 12,320  7,779

Noncontrolling interests in property partnerships 28,692  26,121

Net income 155,494  102,464

Add:

Depreciation and amortization expense 228,679  236,977

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

(23,901) (23,336)

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

12,047  12,716

Corporate-related depreciation and amortization (632) (549)

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

Impairment loss —  18,036

Less:

Gains on sales of real estate 10,441  6,997

Gains on sales included within income (loss) from unconsolidated joint ventures —  1,157

Unrealized gain (loss) on non-real estate investments 386  (75)

Noncontrolling interests in property partnerships 28,692  26,121

Basic FFO 334,299  314,239

Add:

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

3,993  4,071

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

877  1,714

BXP’s Share of fair value interest adjustment 1

260  260

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

(5,391) (3,895)

Stock-based compensation 7,398  15,463

Non-real estate depreciation and amortization (1,499) (1,582)

Unearned portion of capitalized fees from consolidated joint ventures 6

2,119  915

Less:

BXP’s Share of straight-line rent 1

46,541  19,396

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

2,863  2,864

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

(4,376) (2,306)

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

117,990  153,008

BXP’s Share of maintenance capital expenditures 1, 8

14,153  14,617

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

186  278

Hotel improvements, equipment upgrades and replacements 1,285  1,259

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

$ 163,414  $ 142,069

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

124,379  124,374

FAD Payout Ratio1 (B÷A)

76.11  % 87.54  %

_____________

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

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

3For additional information for the three months ended September 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.

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

8

Q3 2026

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

(in thousands)

Three Months Ended

30-Sep-26 30-Sep-25

Net income (loss) attributable to BXP, Inc. $ 114,482  $ (121,712)

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 12,320  (12,981)

Noncontrolling interest in property partnerships 28,692  17,853

Net income (loss) 155,494  (116,840)

Add:

Interest expense 159,127  164,299

Impairment loss —  68,901

Depreciation and amortization expense 228,679  236,147

Transaction costs 101  1,431

Payroll and related costs from management services contracts 3,992  3,821

General and administrative expense 37,604  36,188

Less:

Interest and other income 7,608  7,620

Unrealized gain on non-real estate investment 386  178

Gains (losses) from investments in securities (744) 2,400

Gains on sales of real estate 10,441  1,932

Income (loss) from unconsolidated joint ventures 1,145  (148,329)

Direct reimbursements of payroll and related costs from management services contracts 3,992  3,821

Development and management services revenue 9,792  9,317

Net Operating Income (NOI) 552,377  517,008

Add:

BXP’s share of NOI from unconsolidated joint ventures 1

25,592  30,675

Less:

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

63,665  51,504

BXP’s Share of NOI 514,304  496,179

Less:

Termination income 3,333  1,241

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

3,667  141

Add:

Partners’ share of termination income from consolidated joint ventures 2

—  —

BXP’s Share of NOI (excluding termination income) $ 507,304  $ 494,797

Net Operating Income (NOI) $ 552,377  $ 517,008

Less:

Termination income 3,333  1,241

NOI from non Same Properties (excluding termination income) 3

28,514  13,038

Same Property NOI (excluding termination income) 520,530  502,729

Less:

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

63,665  51,504

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

10,991  —

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

21,925  30,534

Less:

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

1,881  9,961

BXP’s Share of Same Property NOI (excluding termination income) $ 487,900  $ 471,798

_____________

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

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

9

Q3 2026

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

(in thousands)

Three Months Ended

30-Sep-26 30-Sep-25

Net income (loss) attributable to BXP, Inc. $ 114,482  $ (121,712)

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership 12,320  (12,981)

Noncontrolling interest in property partnerships 28,692  17,853

Net income (loss) 155,494  (116,840)

Add:

Interest expense 159,127  164,299

Impairment loss —  68,901

Depreciation and amortization expense 228,679  236,147

Transaction costs 101  1,431

Payroll and related costs from management services contracts 3,992  3,821

General and administrative expense 37,604  36,188

Less:

Interest and other income 7,608  7,620

Unrealized gain on non-real estate investment 386  178

Gains (losses) from investments in securities (744) 2,400

Gains on sales of real estate 10,441  1,932

Income (loss) from unconsolidated joint ventures 1,145  (148,329)

Direct reimbursements of payroll and related costs from management services contracts 3,992  3,821

Development and management services revenue 9,792  9,317

Net Operating Income (NOI) 552,377  517,008

Less:

Straight-line rent 46,907  30,105

Fair value lease revenue 2,151  1,906

Amortization and accretion related to sales type lease 157  236

Termination income 3,333  1,241

Add:

Straight-line ground rent expense adjustment 1

573  531

Lease transaction costs that qualify as rent inducements 2

3,838  5,894

NOI - cash (excluding termination income) 504,240  489,945

Less:

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

22,509  13,124

Same Property NOI - cash (excluding termination income) 481,731  476,821

Less:

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

58,801  44,504

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

8,734  —

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

16,961  27,866

Less:

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

(1,108) 8,917

BXP’s Share of Same Property NOI - cash (excluding termination income) $ 449,733  $ 451,266

_____________

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 $(6,084) and $(1,061) for the three months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company has remaining lease payments aggregating approximately $9.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2026 and therefore are no longer a part of the Company’s property portfolio.

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

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

10

Q3 2026

Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1

Hotel & Residential

Three Months Ended $ % Three Months Ended $ %

30-Sep-26 30-Sep-25 Change Change 30-Sep-26 30-Sep-25 Change Change

Rental Revenue 2

$ 843,604  $ 813,786  $ 17,102  $ 16,478

Less: Termination income 3,333  1,241  —  —

Rental revenue (excluding termination income) 2

840,271  812,545  $ 27,726  3.4  % 17,102  16,478  $ 624  3.8  %

Less: Operating expenses and real estate taxes 324,875  314,683  10,192  3.2  % 11,968  11,611  357  3.1  %

NOI (excluding termination income) 2, 3

$ 515,396  $ 497,862  $ 17,534  3.5  % $ 5,134  $ 4,867  $ 267  5.5  %

Rental revenue (excluding termination income) 2

$ 840,271  $ 812,545  $ 27,726  3.4  % $ 17,102  $ 16,478  $ 624  3.8  %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 43,187  31,951  11,236  35.2  % (7) (2) (5) (250.0) %

Add: Lease transaction costs that qualify as rent inducements 4

3,808  5,417  (1,609) (29.7) % —  —  —  —  %

Subtotal 800,892  786,011  14,881  1.9  % 17,109  16,480  629  3.8  %

Less: Operating expenses and real estate taxes 324,875  314,683  10,192  3.2  % 11,968  11,611  357  3.1  %

Add: Straight-line ground rent expense 5

573  624  (51) (8.2) % —  —  —  —  %

NOI - cash (excluding termination income) 2, 3

$ 476,590  $ 471,952  $ 4,638  1.0  % $ 5,141  $ 4,869  $ 272  5.6  %

Consolidated Total 1 (A)

BXP’s share of Unconsolidated Joint Ventures (B)

Three Months Ended $ % Three Months Ended $ %

30-Sep-26 30-Sep-25 Change Change 30-Sep-26 30-Sep-25 Change Change

Rental Revenue 2

$ 860,706  $ 830,264  $ 40,259  $ 37,372

Less: Termination income 3,333  1,241  3,210  —

Rental revenue (excluding termination income) 2

857,373  829,023  $ 28,350  3.4  % 37,049  37,372  $ (323) (0.9) %

Less: Operating expenses and real estate taxes 336,843  326,294  10,549  3.2  % 17,005  16,799  206  1.2  %

NOI (excluding termination income) 2, 3

$ 520,530  $ 502,729  $ 17,801  3.5  % $ 20,044  $ 20,573  $ (529) (2.6) %

Rental revenue (excluding termination income) 2

$ 857,373  $ 829,023  $ 28,350  3.4  % $ 37,049  $ 37,372  $ (323) (0.9) %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 43,180  31,949  11,231  35.2  % 2,250  1,747  503  28.8  %

Add: Lease transaction costs that qualify as rent inducements 4

3,808  5,417  (1,609) (29.7) % 155  —  155  100.0  %

Subtotal 818,001  802,491  15,510  1.9  % 34,954  35,625  (671) (1.9) %

Less: Operating expenses and real estate taxes 336,843  326,294  10,549  3.2  % 17,005  16,799  206  1.2  %

Add: Straight-line ground rent expense 5

573  624  (51) (8.2) % 120  123  (3) (2.4) %

NOI - cash (excluding termination income) 2, 3

$ 481,731  $ 476,821  $ 4,910  1.0  % $ 18,069  $ 18,949  $ (880) (4.6) %

Partners’ share of Consolidated Joint Ventures (C)

BXP’s Share 2, 6

Three Months Ended $ % Three Months Ended $ %

30-Sep-26 30-Sep-25 Change Change 30-Sep-26 30-Sep-25 Change Change

Rental Revenue 2

$ 90,973  $ 88,181  $ 809,992  $ 779,455

Less: Termination income —  —  6,543  1,241

Rental revenue (excluding termination income) 2

90,973  88,181  $ 2,792  3.2  % 803,449  778,214  $ 25,235  3.2  %

Less: Operating expenses and real estate taxes 38,299  36,677  1,622  4.4  % 315,549  306,416  9,133  3.0  %

NOI (excluding termination income) 2, 3

$ 52,674  $ 51,504  $ 1,170  2.3  % $ 487,900  $ 471,798  $ 16,102  3.4  %

Rental revenue (excluding termination income) 2

$ 90,973  $ 88,181  $ 2,792  3.2  % $ 803,449  $ 778,214  $ 25,235  3.2  %

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease 2,607  7,895  (5,288) (67.0) % 42,823  25,801  17,022  66.0  %

Add: Lease transaction costs that qualify as rent inducements 4

—  895  (895) (100.0) % 3,963  4,522  (559) (12.4) %

Subtotal 88,366  81,181  7,185  8.9  % 764,589  756,935  7,654  1.0  %

Less: Operating expenses and real estate taxes 38,299  36,677  1,622  4.4  % 315,549  306,416  9,133  3.0  %

Add: Straight-line ground rent expense 5

—  —  —  —  % 693  747  (54) (7.2) %

NOI - cash (excluding termination income) 2, 3

$ 50,067  $ 44,504  $ 5,563  12.5  % $ 449,733  $ 451,266  $ (1,533) (0.3) %

___________________

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.

11

Q3 2026

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

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

5Excludes the straight-line impact of approximately $(6,084) and $(1,061) for the three months ended September 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).

12

Q3 2026

Capital expenditures

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended

30-Sep-26 30-Jun-26

Maintenance capital expenditures $ 14,752  $ 15,936

Planned capital expenditures associated with acquisition properties 135  719

Repositioning capital expenditures 1,579  634

Hotel improvements, equipment upgrades and replacements 1,285  1,259

Subtotal 17,751  18,548

Add:

BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs) 453  572

BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs 1  17

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

Less:

Partners’ share of maintenance capital expenditures from consolidated JVs 1,052  1,891

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

$ 17,153  $ 17,246

___________________

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

13

Q3 2026

Acquisitions and dispositions

For the period from January 1, 2026 through September 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

860 & 870 Winter Street Waltham, MA August 20, 2026 N/A 30,287  —  30,287  N/A

Total Acquisitions —  $ 34,523  $ 22,164  $ 56,687  —  %

DISPOSITIONS

BXP’s Share of

Property Location Date Disposed Square Feet Gross Sales Price Net Cash Proceeds Book Gain (Loss)

Land:

North First Business Park 1

San Jose, CA January 14, 2026 191,000  $ 50,500  $ 49,437  $ (229)

Shady Grove Parcel 1 1

Rockville, MD February 5, 2026 N/A 24,650  23,546  (763)

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

191,000  85,425  83,231  (160)

Residential:

The Lofts at Atlantic Wharf Boston, MA February 25, 2026 87,000  55,500  54,188  14,744

87,000  55,500  54,188  14,744

Non-Strategic Office / Retail:

Gateway Commons (50% ownership) 1

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  19,205  7,029

Sumner Square 1

Washington, DC August 5, 2026 210,500  63,000  61,090  1,932

1330 Connecticut Avenue 1, 2

Washington, DC September 23, 2026 253,400  92,375  89,217  8,528

2,080,900  540,075  382,036  58,736

Development

343 Madison Avenue (10.55% ownership) 3

New York, NY September 23, 2026 930,000  208,131  50,289  N/A

930,000  208,131  50,289  N/A

Total Dispositions 3,288,900  $ 889,131  $ 569,744  $ 73,320

___________________

1The Company previously recognized an impairment loss.

2Including approximately $9.0 million of tenant improvement obligations assumed by the buyer, the total consideration is approximately $101.4 million.

3The Company completed a partial equity interest sale to AVRS Partners of 10.55%. The partner agreed to invest an aggregate of $81.5 million, of which $50.7 million was invested at closing. The partner’s investment excludes its share of equity carry. The Company retains an 89.45% ownership interest and will provide development, property management, and leasing services for the venture. This transaction did not qualify as a sale of real estate for financial reporting purposes as the Company continues to effectively control the property and thus will continue to account for the property on a consolidated basis in its financial statements.

14

Q3 2026

Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT SEPTEMBER 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 at 9/30/2026

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  $ 14,900  $ 87,000  $ —  $ —  $ 72,100  89  % —  % N/A

725 12th Street Q1 2029 Q3 2029 Washington, DC 320,000  125,765  349,600  —  —  223,835  93  % —  % N/A

343 Madison Avenue (89.45% ownership)

Q3 2029 Q2 2031 New York, NY 930,000  498,037  1,750,000  1,073,400  71,634  250,197  56  % —  % N/A

Total Office Properties under Construction 1,613,000  638,702  2,186,600  1,073,400  71,634  546,132  71  % —  % N/A

Residential 7

Reverie - 17 Hartwell Avenue (312 units) (20% ownership) Q2 2027 Q2 2028 Lexington, MA 347,000  23,213  35,900  19,747  4,469  —  —  % —  % N/A

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

121 Broadway Street (439 units) Q2 2027 Q2 2029 Cambridge, MA 490,000  411,207  597,800  —  —  186,593  —  % —  % N/A

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

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

Q1 2028 Q3 2029 Jersey City, NJ 693,000  46,949  88,700  56,422  21,918  7,247  —  % —  % N/A

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

Worldgate Drive (359 units) (20% ownership) Q3 2028 Q2 2030 Herndon, VA 347,000  4,576  26,400  13,639  —  8,185  —  % —  % N/A

Total Residential Properties under Construction 1,893,650  485,945  748,800  89,808  26,387  202,025  —  % —  % N/A

Total Properties Under Construction 3,506,650  $ 1,124,647  $ 2,935,400  $ 1,163,208  $ 98,021  $ 748,157  70  %

9

—  % N/A

PROJECTS FULLY PLACED IN-SERVICE DURING 2026

Actual/Estimated BXP’s share

Estimated Total Investment 2

Amount Drawn at 9/30/2026

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  $ 30,918  $ 31,600  $ —  $ —  $ 682  69  % $ (38)

290 Binney Street (55% ownership) 10

Q2 2026 Q2 2026 Cambridge, MA 572,578  440,398  488,000  —  —  47,602  100  % 13,980

Total Projects Fully Placed In-Service 602,862  $ 471,316  $ 519,600  $ —  $ —  $ 48,284  98  % $ 13,942

________________

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

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

3Represents percentage leased as of October 23, 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 September 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.

7Residential projects are shown in gross square feet.

8Total 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.

15

Q3 2026

Construction in progress (continued)

9Total percentage leased excludes Residential units.

10The 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 $159.1 million for the vault as of September 30, 2026.

16

Q3 2026

Land parcels and purchase options

as of September 30, 2026

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Office

Approximate Developable Square Feet 2

Location

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

Waltham, MA 3

698,000

Springfield, VA 576,000

Lexington, MA 420,000

Washington, DC 320,000

Rockville, MD 150,000

Boston, MA 25,000

Total Office 9,128,000

Residential

Approximate Developable Square Feet 2

Residential Units (Estimated)

Location

Reston, VA 1,193,000  1,052

Rockville, MD 622,000  490

Weston, MA 600,000  380

West Los Angeles, CA 545,000  790

Washington, DC (50% ownership) 520,000  539

Waltham, MA 444,000  633

Herndon, VA (50% ownership) 236,000  458

Total Residential 4,160,000  4,342

Total Owned Land Parcels 13,288,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Office

Approximate Developable Square Feet 2

Location

Waltham, MA 3

1,200,000

Boston, MA 668,000

Cambridge, MA 573,000

Total Office 2,441,000

Residential

Approximate Developable Square Feet 2

Location

Boston, MA 632,000

Total Residential 632,000

Total Land Purchase Options 3,073,000

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the nine months ended September 30, 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.

17

Q3 2026

Leasing activity

for the three months ended September 30, 2026

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

Total

Vacant space available at the beginning of the period 5,387,452

Less:

Property dispositions/properties taken out of service 1

56,961

Add:

Leases expiring or terminated during the period 1,020,446

Total space available for lease 6,350,937

1st generation leases 2

117,079

2nd generation leases with new clients 3

735,236

2nd generation lease renewals 662,086

Total leases commenced during the period 1,514,401

Vacant space available for lease at the end of the period 4,836,536

Net (increase)/decrease in available space 550,916

LEASING ACTIVITY - EXECUTED LEASES

1st generation leases 2

93,065

2nd generation leases with new clients 3

717,517

2nd generation leases renewals 397,761

Total Leases executed during the period 1,208,343

2nd generation leasing information:

Weighted average lease term (months) 114

Weighted average free rent period (days) 356

Total transaction costs per square foot 4

$154.60

Lease Costs per year of term $16.27

Starting weighted average gross rent $84.29

Increase (decrease) in gross rents 5

6.55  %

Increase (decrease) in net rents 6

9.33  %

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

1st generation 2nd generation total

gross 5,7

net 6,7

Boston —  223,300  223,300  (1.17) % (1.54) %

Los Angeles —  24,546  24,546  —  % —  %

New York 77,962  245,873  323,835  10.71  % 18.11  %

San Francisco —  133,766  133,766  (8.31) % (11.19) %

Seattle —  142,910  142,910  2.74  % 3.85  %

Washington, DC 15,103  344,883  359,986  13.89  % 19.06  %

Total / Weighted Average 93,065  1,115,278  1,208,343  6.55  % 9.33  %

_____________

1 Total square feet of properties taken out of service vacant space in Q3 2026 consists of 14,764 at Sumner Square and 42,197 at 1330 Connecticut Avenue.

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

5 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 923,369 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.

6 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 923,369 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 The calculation for the increase/(decrease) of gross rent and net rent are based on current quarter expenses.

18

Q3 2026

Portfolio overview

for the three months ended September 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 14,564,632  1,076,529  320,444  330,000  16,291,605

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

New York 12,540,522  482,418  —  —  13,022,940

San Francisco 6,050,899  333,307  318,171  —  6,702,377

Seattle 1,498,851  13,171  —  —  1,512,022

Washington, DC 6,559,325  523,312  417,036  —  7,499,673

Total 43,135,587  2,551,984  1,055,651  330,000  47,073,222

% of Total 91.64  % 5.42  % 2.24  % 0.70  % 100.00  %

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

Total

Rentable square feet of in-service properties 2

47,073,222

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

2,885,328

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

3,376,105

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

39,409,053

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

Office Retail Residential

Hotel 6

Total

Consolidated $ 816,908  $ 63,705  $ 3,904  $ 13,130  $ 897,647

Less:

Partners’ share from consolidated joint ventures 7

94,127  9,645  —  —  103,772

Add:

BXP’s share from unconsolidated joint ventures 8

39,414  3,140  3,857  —  46,411

BXP’s Share of Rental revenue 1

$ 762,195  $ 57,200  $ 7,761  $ 13,130  $ 840,286

% of Total 90.71  % 6.81  % 0.92  % 1.56  % 100.00  %

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

CBD Suburban Total

Boston 35.71  % 4.93  % 40.64  %

Los Angeles 3.29  % —  % 3.29  %

New York 22.99  % 1.70  % 24.69  %

San Francisco 14.72  % 0.58  % 15.30  %

Seattle 2.01  % —  % 2.01  %

Washington, DC 14.09  % (0.02) % 14.07  %

Total 92.81  % 7.19  % 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 $89 of revenue from retail clients that is included in Retail.

7See page 63 for additional information.

8See page 65 for additional information.

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

19

Q3 2026

Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

Residential 1

Hotel

Three Months Ended Three Months Ended

30-Sep-26 30-Jun-26 30-Sep-26 30-Jun-26

Rental Revenue 2

$ 3,883  $ 3,683  $ 13,219  $ 14,901

Less: Operating expenses and real estate taxes 2,043  2,006  9,925  9,369

Net Operating Income (NOI) 2

1,840  1,677  3,294  5,532

Add: BXP’s share of NOI from unconsolidated joint ventures 2,375  2,362  N/A N/A

BXP’s Share of NOI 2

$ 4,215  $ 4,039  $ 3,294  $ 5,532

Rental Revenue 2

$ 3,883  $ 3,683  $ 13,219  $ 14,901

Less: Straight line rent and fair value lease revenue —  —  (7) (2)

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

Subtotal 3,883  3,683  13,226  14,903

Less: Operating expenses and real estate taxes 2,043  2,006  9,925  9,369

NOI - cash basis 2

1,840  1,677  3,301  5,534

Add: BXP’s share of NOI-cash from unconsolidated joint ventures 2,375  2,362  N/A N/A

BXP’s Share of NOI - cash basis 2

$ 4,215  $ 4,039  $ 3,301  $ 5,534

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

Residential Units Three Months Ended Percent Change

30-Sep-26 30-Sep-25

Boston 440

Average Monthly Rental Rate $ 4,592  $ 4,480  2.50  %

Average Rental Rate Per Occupied Square Foot $ 6.27  $ 6.12  2.45  %

Average Physical Occupancy 95.61  % 93.71  % 2.03  %

Average Economic Occupancy 96.13  % 93.73  % 2.56  %

San Francisco 402

Average Monthly Rental Rate $ 3,366  $ 3,004  12.05  %

Average Rental Rate Per Occupied Square Foot $ 4.23  $ 3.80  11.32  %

Average Physical Occupancy 93.53  % 90.88  % 2.92  %

Average Economic Occupancy 94.20  % 89.02  % 5.82  %

Washington, DC 508

Average Monthly Rental Rate $ 3,115  $ 2,639  18.04  %

Average Rental Rate Per Occupied Square Foot $ 3.80  $ 3.30  15.15  %

Average Physical Occupancy 93.70  % 87.80  % 6.72  %

Average Economic Occupancy 93.34  % 82.45  % 13.21  %

Total residential units 1,350

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

Hotel Rooms Three Months Ended Percent Change

30-Sep-26 30-Sep-25

Boston Marriott Cambridge 437

Average Occupancy 85.40  %

82.80  % 3.14  %

Average Daily Rate $ 331.21

$ 328.68  0.77  %

Revenue Per Available Room $ 282.97

$ 272.00  4.03  %

_____________

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

20

Q3 2026

In-service property listing

as of September 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  97.3  % 97.3  % $ 92.62

800 Boylston Street - The Prudential Center CBD Boston MA 1 1,270,419  93.2  % 93.2  % 78.31

100 Federal Street (55% ownership) CBD Boston MA 1 1,235,133  93.6  % 93.6  % 81.78

111 Huntington Avenue - The Prudential Center CBD Boston MA 1 860,446  100.0  % 100.0  % 83.16

Atlantic Wharf Office (55% ownership) CBD Boston MA 1 793,024  100.0  % 100.0  % 94.72

100 Causeway Street (50% ownership) 4

CBD Boston MA 1 633,818  100.0  % 100.0  % 78.69

Prudential Center (retail shops) 5

CBD Boston MA 1 589,906  95.7  % 100.0  % 98.58

101 Huntington Avenue - The Prudential Center CBD Boston MA 1 506,476  100.0  % 100.0  % 64.62

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

CBD Boston MA 1 382,988  98.5  % 100.0  % 65.13

888 Boylston Street - The Prudential Center CBD Boston MA 1 377,574  96.2  % 96.2  % 84.47

Star Market at the Prudential Center 5

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

Subtotal 11 8,410,713  96.9  % 97.3  % $ 84.03

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  % 95.27

325 Main Street East Cambridge MA 1 406,824  99.4  % 100.0  % 115.80

125 Broadway 6

East Cambridge MA 1 271,000  100.0  % 100.0  % 153.93

355 Main Street East Cambridge MA 1 256,966  100.0  % 100.0  % 105.46

300 Binney Street (55% ownership) 6

East Cambridge MA 1 239,908  100.0  % 100.0  % 172.88

90 Broadway East Cambridge MA 1 223,771  100.0  % 100.0  % 95.29

255 Main Street East Cambridge MA 1 215,394  82.5  % 82.5  % 94.58

150 Broadway East Cambridge MA 1 177,226  100.0  % 100.0  % 104.37

105 Broadway East Cambridge MA 1 152,664  100.0  % 100.0  % 78.89

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  98.7  % 98.8  % $ 118.08

Subtotal Boston CBD 23 11,679,774  97.4  % 97.7  % $ 93.77

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  90.3  % 90.3  % $ 80.97

Santa Monica Business Park West Los Angeles CA 12 841,820  89.9  % 94.4  % 65.40

Santa Monica Business Park Retail 5

West Los Angeles CA 7 72,719  87.1  % 87.1  % 79.27

Subtotal 25 2,044,605  90.0  % 91.9  % $ 74.51

NEW YORK

Office

767 Fifth Avenue (The GM Building) (60% ownership) Plaza District NY 1 1,970,335  99.5  % 99.7  % $ 169.96

601 Lexington Avenue (55% ownership) Park Avenue NY 1 1,671,682  99.9  % 99.9  % 103.26

399 Park Avenue Park Avenue NY 1 1,567,059  100.0  % 100.0  % 111.74

599 Lexington Avenue Park Avenue NY 1 1,105,007  95.7  % 98.1  % 86.18

21

Q3 2026

In-service property listing (continued)

as of September 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  85.8  % 92.4  % 78.62

250 West 55th Street Times Square / West Side NY 1 966,976  98.7  % 98.7  % 105.77

200 Fifth Avenue (26.69% ownership) 4

Midtown South NY 1 845,367  59.8  % 99.5  % 101.20

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

Midtown South NY 1 450,432  74.4  % 100.0  % 98.55

Dock 72 (50% ownership) 4

Brooklyn NY 1 668,521  42.8  % 42.8  % 33.75

510 Madison Avenue Fifth/Madison Avenue NY 1 345,081  93.2  % 99.9  % 128.24

Subtotal 10 10,829,182  89.8  % 95.2  % $ 112.39

SAN FRANCISCO

Office

Salesforce Tower CBD San Francisco CA 1 1,420,682  98.0  % 98.0  % $ 116.20

Embarcadero Center Four CBD San Francisco CA 1 945,937  95.3  % 95.3  % 107.72

Embarcadero Center One CBD San Francisco CA 1 838,051  70.5  % 72.9  % 94.90

Embarcadero Center Two CBD San Francisco CA 1 802,003  73.1  % 73.4  % 85.70

Embarcadero Center Three CBD San Francisco CA 1 790,469  68.8  % 75.1  % 91.34

680 Folsom Street CBD San Francisco CA 2 530,242  83.9  % 89.4  % 79.07

535 Mission Street CBD San Francisco CA 1 303,322  95.6  % 100.0  % 79.93

690 Folsom Street CBD San Francisco CA 1 26,080  100.0  % 100.0  % 118.95

Subtotal 9 5,656,786  84.4  % 86.5  % $ 99.83

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  % $ 50.24

Madison Centre CBD Seattle WA 1 749,482  92.8  % 94.6  % 60.06

Subtotal 2 1,512,022  87.0  % 87.9  % $ 55.42

WASHINGTON, DC

Office

901 New York Avenue East End Washington DC 1 526,383  84.4  % 84.4  % $ 72.25

2100 Pennsylvania Avenue CBD Washington DC 1 475,772  98.7  % 98.7  % 87.49

2200 Pennsylvania Avenue CBD Washington DC 1 460,039  91.3  % 95.4  % 71.10

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

Capitol Hill Washington DC 1 230,900  98.5  % 98.5  % 69.09

Capital Gallery Southwest Washington DC 1 176,909  53.8  % 53.8  % 63.87

Subtotal 5 1,870,003  88.6  % 89.6  % $ 75.41

Reston Next Reston VA 2 1,063,299  99.6  % 99.6  % $ 64.28

South of Market Reston VA 3 624,386  97.6  % 100.0  % 57.57

Fountain Square Reston VA 2 524,229  97.9  % 98.5  % 54.22

One Freedom Square Reston VA 1 427,252  89.0  % 95.0  % 56.36

Two Freedom Square Reston VA 1 423,222  100.0  % 100.0  % 56.70

One and Two Discovery Square Reston VA 2 366,989  100.0  % 100.0  % 54.14

One Reston Overlook Reston VA 1 319,519  100.0  % 100.0  % 46.51

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  % 52.80

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

Reston Next Office Phase II 7

Reston VA 1 86,629  92.2  % 92.2  % 59.42

Reston Next Retail 5, 7

Reston VA 1 30,284  11.0  % 69.1  % 58.97

Avant Retail 5

Reston VA 1 26,179  100.0  % 100.0  % 68.48

Subtotal 19 4,758,495  97.4  % 98.7  % $ 59.21

22

Q3 2026

In-service property listing (continued)

as of September 30, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

Wisconsin Place Office Montgomery County MD 1 296,965  52.4  % 56.0  % $ 54.60

Subtotal 1 296,965  52.4  % 56.0  % $ 54.60

Subtotal Washington, DC CBD 25 6,925,463  93.1  % 94.4  % $ 63.23

Residential

Skymark (508 units) (20% ownership) 4

Reston VA 1 417,036

Subtotal 1 417,036

CBD Total 98 40,050,568  91.8  %

8

94.1  %

8

$ 91.72

8

BXP’s Share of CBD 92.5  %

8

94.3  %

8

SUBURBAN

BOSTON

Office

Bay Colony Corporate Center Route 128 Mass Turnpike MA 2 435,917  80.4  % 80.4  % $ 43.32

Weston Corporate Center Route 128 Mass Turnpike MA 1 356,995  41.1  % 60.8  % 37.38

180 CityPoint 6

Route 128 Mass Turnpike MA 1 329,195  87.0  % 91.5  % 72.25

Waltham Weston Corporate Center Route 128 Mass Turnpike MA 1 301,611  73.0  % 73.0  % 47.54

230 CityPoint Route 128 Mass Turnpike MA 1 299,304  97.0  % 97.0  % 56.11

200 West Street 6

Route 128 Mass Turnpike MA 1 273,361  86.1  % 86.1  % 95.98

880 Winter Street 6

Route 128 Mass Turnpike MA 1 243,614  80.5  % 80.5  % 102.48

10 CityPoint Route 128 Mass Turnpike MA 1 236,570  98.6  % 98.6  % 61.60

20 CityPoint Route 128 Mass Turnpike MA 1 211,476  98.1  % 98.1  % 63.71

77 CityPoint Route 128 Mass Turnpike MA 1 209,711  95.4  % 100.0  % 58.21

890 Winter Street Route 128 Mass Turnpike MA 1 180,155  84.6  % 84.6  % 47.95

Reservoir Place 9

Route 128 Mass Turnpike MA 1 164,994  78.7  % 78.7  % 35.48

153 & 211 Second Avenue 6

Route 128 Mass Turnpike MA 2 154,093  84.0  % 84.0  % 53.17

1265 Main Street (50% ownership) 4

Route 128 Mass Turnpike MA 1 120,681  100.0  % 100.0  % 60.87

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  % 54.61

The Point 5

Route 128 Mass Turnpike MA 1 16,300  100.0  % 100.0  % 68.03

33 Hayden Avenue 6

Route 128 Northwest MA 1 80,872  100.0  % 100.0  % 81.96

32 Hartwell Avenue Route 128 Northwest MA 1 69,154  100.0  % 100.0  % 28.62

100 Hayden Avenue 6

Route 128 Northwest MA 1 55,924  100.0  % 100.0  % 69.58

92 Hayden Avenue Route 128 Northwest MA 1 31,100  100.0  % 100.0  % 48.35

Subtotal 23 3,957,127  81.5  % 83.9  % $ 60.56

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  % 39.16

212 Carnegie Center Princeton NJ 1 151,035  75.9  % 82.6  % 36.41

214 Carnegie Center Princeton NJ 1 146,799  64.2  % 66.4  % 38.03

506 Carnegie Center Princeton NJ 1 139,050  95.1  % 95.1  % 41.72

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

202 Carnegie Center Princeton NJ 1 134,067  66.5  % 76.3  % 36.75

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  % 36.55

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

502 Carnegie Center Princeton NJ 1 121,460  98.6  % 98.6  % 39.80

701 Carnegie Center Princeton NJ 1 120,000  100.0  % 100.0  % 35.82

23

Q3 2026

In-service property listing (continued)

as of September 30, 2026

Sub Market Number of Buildings Square Feet

Occupied % 1

Leased % 2

Annualized Rental Obligations Per Occupied SF 3

104 Carnegie Center Princeton NJ 1 101,969  73.4  % 73.4  % 38.99

103 Carnegie Center Princeton NJ 1 96,322  71.4  % 71.4  % 38.23

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 2,193,758  75.4  % 78.7  % $ 39.26

SAN FRANCISCO

Office

Mountain View Research Park Mountain View CA 16 571,884  58.9  % 68.3  % $ 63.56

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  % $ 63.25

WASHINGTON, DC

Office

Kingstowne Two Springfield VA 1 157,174  52.8  % 72.1  % $ 37.76

Subtotal 1 157,174  52.8  % 72.1  % $ 37.76

Suburban Total 58 7,022,654  76.5  % 80.1  % $ 53.87

BXP’s Share of Suburban 76.3  % 79.9  %

Total In-Service Properties: 156 47,073,222  89.4  %

8

91.9  %

8

$ 86.73

8

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

89.7  %

8

91.7  %

8

_____________

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.

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

9Reservoir 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.

24

Q3 2026

Top 20 clients listing and portfolio client diversification

as of September 30, 2026

TOP 20 CLIENTS

No. Client

BXP’s Share of Annualized Rental Obligations 1

Weighted Average Remaining Lease Term (years) 2

1  Salesforce 3.34  % 5.5

2  Google 3.17  % 10.6

3  Akamai Technologies 2.17  % 8.1

4  Kirkland & Ellis 2.08  % 11.4

5  Biogen 1.81  % 1.6

6  Millennium Management 1.81  % 9.5

7  AstraZeneca Pharmaceuticals 1.67  % 14.5

8  Fannie Mae 1.53  % 10.9

9  Weil Gotshal & Manges 1.21  % 7.9

10  Microsoft 1.11  % 7.1

11  Snap 1.04  % 9.5

12  Ropes & Gray 1.02  % 14.6

13  Wellington Management 1.02  % 9.2

14  Arnold & Porter Kaye Scholer 1.01  % 8.2

15  Allen Overy Shearman Sterling 0.96  % 15.6

16  Bain Capital 0.93  % 5.3

17  Morrison & Foerster 0.92  % 15.5

18  Starr 0.85  % 2.9

19  Leidos 0.84  % 6.6

20  Aramis (Estee Lauder) 0.82  % 13.5

BXP’s Share of Annualized Rental Obligations 29.31  %

BXP’s Share of Square Feet 1

22.74  %

Weighted Average Remaining Lease Term (years) 9.1

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

Google 500 North Capitol Street, N.W. 206,000

McDermott Will & Schulte 725 12th Street 152,000

McDermott Will & Schulte 343 Madison Avenue 148,000

Cooley 725 12th Street 141,000

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.

25

Q3 2026

Occupancy by location

as of September 30, 2026

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

CBD Suburban Total

Location 30-Sep-26 30-Jun-26 30-Sep-26 30-Jun-26 30-Sep-26 30-Jun-26

Boston 97.4  % 97.6  % 81.5  % 79.0  % 93.4  % 92.9  %

Los Angeles 90.0  % 88.2  % —  % —  % 90.0  % 88.2  %

New York 89.8  % 88.9  % 75.4  % 75.8  % 87.3  % 86.7  %

San Francisco 84.4  % 82.5  % 57.4  % 57.4  % 81.4  % 79.7  %

Seattle 87.0  % 81.9  % —  % —  % 87.0  % 81.9  %

Washington, DC 93.1  % 91.5  % 52.8  % 44.6  % 92.2  % 90.5  %

Total Portfolio 91.8  % 90.7  % 76.5  % 75.1  % 89.4  % 88.4  %

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

CBD Suburban Total

Location 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25

Boston 97.3  % 97.3  % 81.5  % 74.4  % 93.2  % 91.3  %

Los Angeles 90.0  % 87.5  % —  % —  % 90.0  % 87.5  %

New York 90.4  % 87.3  % 75.4  % 72.6  % 87.8  % 84.8  %

San Francisco 84.4  % 80.7  % 57.4  % 58.8  % 81.4  % 78.3  %

Seattle 87.0  % 82.6  % —  % —  % 87.0  % 82.6  %

Washington, DC 93.4  % 93.0  % 52.8  % 50.7  % 92.5  % 92.1  %

Total Portfolio 91.9  % 90.1  % 76.5  % 71.7  % 89.5  % 87.2  %

_____________

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.

26

Q3 2026

Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

Aggregate Principal

Mortgage Notes Payable $ 4,374,901

Unsecured Line of Credit 247,000

Unsecured Term Loans 800,000

Unsecured Commercial Paper 750,000

Unsecured Senior Notes, at face value 9,550,000

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

Outstanding Principal 16,721,901

Discount on Unsecured Senior Notes (7,794)

Deferred Financing Costs, Net (123,585)

Consolidated Debt $ 16,590,522

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 5.60% 5.47% 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% 194,815

343 Madison Avenue (89.45% ownership) July 28, 2030 7.32% 6.18% 80,086

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

Total $ 4,374,901

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

Unsecured Senior Notes October 15, 2036 6.16% 6.05% 700,000

$ 9,550,000

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

27

Q3 2026

Capital structure (continued)

CAPITALIZATION

Shares/Units Common Stock

Outstanding Equivalents

Equivalent Value 5

Common Stock 159,672  159,672  $ 9,757,556

Common Operating Partnership Units 17,825  17,825  1,089,286

Total Equity 177,497  $ 10,846,842

Consolidated Debt (A)

$ 16,590,522

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

1,102,877

Less: Partners’ share of consolidated debt 7

1,367,556

BXP’s Share of Debt 8 (B)

$ 16,325,843

Consolidated Market Capitalization (C)

$ 27,437,364

BXP’s Share of Market Capitalization 8 (D)

$ 27,172,685

Consolidated Debt/Consolidated Market Capitalization (A÷C)

60.47  %

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

60.08  %

_____________

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

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

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

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

5Values are based on the September 30, 2026 closing price of $61.11 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.

28

Q3 2026

Debt analysis 1

as of September 30, 2026

(dollars in thousands)

2026 2

2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

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

Unsecured Line of Credit $ 2,250,000  $ 247,000  $ 2,003,000

Less:

Unsecured Commercial Paper 3

750,000

Letters of Credit 2,496

Total Remaining Capacity $ 1,250,504

UNSECURED TERM LOANS

Maturity Date  Facility Outstanding Principal

2024 Unsecured Term Loan 4

September 24, 2027 $ 100,000  $ 100,000

Unsecured Term Loan Facility 5

March 30, 2029 $ 700,000  700,000

$ 800,000

UNSECURED AND SECURED DEBT ANALYSIS

Weighted Average

% of Total Debt  Stated Rates

GAAP Rates 6

Maturity (years)

Unsecured Debt 74.02  % 4.08  % 4.20  % 4.1

Secured Debt 25.98  % 3.82  % 4.01  % 2.1

Consolidated Debt 100.00  % 4.01  % 4.15  % 3.5

FLOATING AND FIXED RATE DEBT ANALYSIS

Weighted Average

% of Total Debt  Stated Rates

GAAP Rates 6

Maturity (years)

Floating Rate Debt 3

12.19  % 4.55  % 4.64  % 1.6

Fixed Rate Debt 7

87.81  % 3.94  % 4.08  % 3.8

Consolidated Debt 100.00  % 4.01  % 4.15  % 3.5

_____________

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

2Includes $1.0 billion in aggregate principal amount of BPLP’s 2.750% senior unsecured notes which was repaid at par on October 1, 2026.

3The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At September 30, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.18% per annum and had a weighted-average maturity of 29 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

4The 2024 Unsecured Term Loan has a one-year extension option remaining, subject to certain conditions.

5The Unsecured Term Loan Facility has two, six-month extension options, each subject to customary conditions.

6The 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.

7The Fixed Rate Debt includes the effects of hedging transactions, excluding capped calls treated as equity.

29

Q3 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 September 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% 47.8  % 44.8  %

Secured Debt/Total Assets Less than 50% 15.0  % 14.0  %

Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense) Greater than 1.50x 3.37  3.37

Unencumbered Assets/ Unsecured Debt Greater than 150% 225.1  % 243.0  %

_____________

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

30

Q3 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-Sep-26 30-Jun-26

Net income attributable to BXP, Inc. $ 114,482  $ 68,564

Add:

Noncontrolling interest - common units of the Operating Partnership 12,320  7,779

Noncontrolling interest in property partnerships 28,692  26,121

Net income 155,494  102,464

Add:

Interest expense 159,127  153,425

Depreciation and amortization expense 228,679  236,977

Impairment loss —  18,036

Less:

Gains on sales of real estate 10,441  6,997

Income (loss) from unconsolidated joint ventures 2

1,145  (2,448)

Add:

BXP’s share of EBITDAre from unconsolidated joint ventures 3

27,996  24,115

EBITDAre 1

559,710  530,468

Less:

Partners’ share of EBITDAre from consolidated joint ventures 4

64,620  61,359

BXP’s Share of EBITDAre 1 (A)

495,090  469,109

Add:

Stock-based compensation expense 7,398  15,463

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

(5,391) (3,895)

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

3,993  4,071

Less:

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

(4,376) (2,306)

BXP’s Share of straight-line rent 1

46,541  19,396

BXP’s Share of fair value lease revenue 1

2,863  2,864

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

186  278

BXP’s Share of EBITDAre – cash 1

$ 455,876  $ 464,516

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

$ 1,980,360  $ 1,876,436

Reconciliation of BXP’s Share of Net Debt 1

30-Sep-26 30-Jun-26

Consolidated debt $ 16,590,522  $ 15,618,563

Less:

Cash and cash equivalents 1,471,631  493,949

Cash held in escrow for 1031 exchange —  —

Net debt 1

15,118,891  15,124,614

Add:

BXP’s share of unconsolidated joint venture debt 3

1,102,877  1,102,142

Partners’ share of cash and cash equivalents from consolidated joint ventures 120,168  130,563

Less:

BXP’s share of cash and cash equivalents from unconsolidated joint ventures 77,956  70,338

Partners’ share of consolidated joint venture debt 4

1,367,556  1,365,355

BXP’s share of related party note receivables 7,158  16,860

BXP’s Share of Net Debt 1 (B)

$ 14,889,266  $ 14,904,766

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

7.52  7.94

_____________

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

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

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 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 September 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).

31

Q3 2026

Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

Three Months Ended

30-Sep-26 30-Jun-26

BXP’s Share of interest expense 1

$ 161,904  $ 156,527

Less:

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

877  1,714

BXP’s Share of fair value interest adjustment 1

260  260

BXP’s Share of amortization of financing costs 1

7,937  5,724

Adjusted interest expense excluding capitalized interest (A)

152,830  148,829

Add:

BXP’s Share of capitalized interest 1

14,169  12,860

Adjusted interest expense including capitalized interest (B)

$ 166,999  $ 161,689

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

$ 455,876  $ 464,516

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

2.98  3.12

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

2.73  2.87

FIXED CHARGE COVERAGE RATIO 1

Three Months Ended

30-Sep-26 30-Jun-26

BXP’s Share of interest expense 1

$ 161,904  $ 156,527

Less:

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

877  1,714

BXP’s Share of fair value interest adjustment 1

260  260

BXP’s Share of amortization of financing costs 1

7,937  5,724

Add:

BXP’s Share of capitalized interest 1

14,169  12,860

BXP’s Share of maintenance capital expenditures 1

14,153  14,617

Hotel improvements, equipment upgrades and replacements 1,285  1,259

Total Fixed Charges (A)

$ 182,437  $ 177,565

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

$ 455,876  $ 464,516

Fixed Charge Coverage Ratio (B÷A)

2.50  2.62

_____________

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.

32

Q3 2026

Consolidated joint ventures

d

as of September 30, 2026

(unaudited and in thousands)

BALANCE SHEET INFORMATION

343 Madison 767 Fifth Avenue Norges Total Consolidated

ASSETS

Avenue 1, 2

(The GM Building) 1

Joint Ventures 1, 3

Joint Ventures

Real estate, net $ 591,259  $ 3,148,753  $ 3,245,245  $ 6,985,257

Cash and cash equivalents 25,921  55,081  212,001  293,003

Other assets 87,231  338,050  503,242  928,523

Total assets $ 704,411  $ 3,541,884  $ 3,960,488  $ 8,206,783

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 16,139  $ 2,297,608  $ 992,889  $ 3,306,636

Other liabilities

259,200  53,063  165,087  477,350

Total liabilities 275,339  2,350,671  1,157,976  3,783,986

Equity:

BXP, Inc. 383,715  716,168  1,265,625  2,365,508

Noncontrolling interests 45,357  475,045  1,536,887  2,057,289

4

Total equity 429,072  1,191,213  2,802,512  4,422,797

Total liabilities and equity $ 704,411  $ 3,541,884  $ 3,960,488  $ 8,206,783

BXP’s nominal ownership percentage 89.45% 60.00% 55.00%

Partners’ share of cash and cash equivalents 5

$ 2,736  $ 22,032  $ 95,400  $ 120,168

Partners’ share of consolidated debt 5

$ 1,703  $ 919,053

6

$ 446,800  $ 1,367,556

_____________

1Certain balances contain amounts that eliminate in consolidation.

2See the Acquisitions and Dispositions section of this Supplemental package on page 14.

3Norges 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.

4Amount excludes certain preferred shareholders’ capital.

5Amounts represent the partners’ share based on their respective ownership percentages.

6Amount adjusted for basis differentials.

33

Q3 2026

Consolidated joint ventures (continued)

for the three months ended September 30, 2026

(unaudited and in thousands)

RESULTS OF OPERATIONS

343 Madison 767 Fifth Avenue Norges Total Consolidated

Avenue 1

(The GM Building)

Joint Ventures 2

Joint Ventures

Revenue

Lease 3

$ —  $ 86,821  $ 139,165  $ 225,986

Straight-line rent —  834  10,092  10,926

Fair value lease revenue —  (27) —  (27)

Termination income —  —  —  —

Total lease revenue —  87,628  149,257  236,885

Parking and other —  —  3,022  3,022

Insurance proceeds —  486  —  486

Total rental revenue 4

—  88,114  152,279  240,393

Expenses

Operating —  36,390  52,112  88,502

Restoration costs related to insurance claim —  —  —  —

Net Operating Income (NOI) —  51,724  100,167  151,891

Other income (expense)

Development and management services revenue —  —  —  —

Gain from investments in securities

—  —  —  —

Interest and other income —  494  1,796  2,290

Interest expense —  (21,395) (7,718) (29,113)

Depreciation and amortization expense —  (18,431) (35,274) (53,705)

General and administrative expense —  (23) (9) (32)

Total other income (expense) —  (39,355) (41,205) (80,560)

Net income $ —  $ 12,369  $ 58,962  $ 71,331

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage 89.45% 60.00% 55.00%

343 Madison 767 Fifth Avenue Norges Total Consolidated

Reconciliation of Partners’ share of FFO

Avenue 1

(The GM Building)

Joint Ventures 2

Joint Ventures

Net income $ —  $ 12,369  $ 58,962  $ 71,331

Add: Depreciation and amortization expense —  18,431  35,274  53,705

Entity FFO $ —  $ 30,800  $ 94,236  $ 125,036

Noncontrolling interest in property partnerships (Partners’ NCI) 5

$ —  $ 3,833  $ 24,859  $ 28,692

Partners’ share of depreciation and amortization expense after BXP’s basis differential 5

—  7,731  16,170  23,901

Partners’ share FFO 5

$ —  $ 11,564  $ 41,029  $ 52,593

Reconciliation of BXP’s share of FFO

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

$ —  $ 8,536  $ 34,103  $ 42,639

Depreciation and amortization expense - BXP’s basis difference

—  61  743  804

BXP’s share of depreciation and amortization expense

—  10,639  18,361  29,000

BXP’s share of FFO $ —  $ 19,236  $ 53,207  $ 72,443

_____________

1 See the Acquisitions and Dispositions section of this Supplemental package on page 14.

2 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.

3 Lease revenue includes recoveries and service income from clients.

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

5 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.

34

Q3 2026

Unconsolidated joint ventures 1

as of September 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  % $ 48,704  $ 61,922  April 9, 2031 5.73  % 5.94  %

100 Causeway Street

50.00  % 44,008  168,428  April 9, 2031 5.73  % 5.94  %

Hub50House 50.00  % 35,593  92,110  June 17, 2032 4.43  % 4.51  %

Hotel Air Rights 50.00  % 12,036  —  —  —  % —  %

1265 Main Street 50.00  % 4,904  15,892  January 1, 2032 3.77  % 3.84  %

17 Hartwell Avenue 3

20.00  % 16,797  4,156  July 10, 2030 6.75  % 6.93  %

Los Angeles

Colorado Center 50.00  % 13,067  274,925  August 9, 2027 3.56  % 3.59  %

Beach Cities Media Campus 4

50.00  % 63  —  —  —  % —  %

New York

360 Park Avenue South 71.11  % 114,662  155,923  December 13, 2027 6.32  % 6.63  %

Dock 72 5

50.00  % 81,928  —  —  —  % .

200 Fifth Avenue 26.69  % 93,827  153,859  November 24, 2028 4.34  % 5.60  %

3 Hudson Boulevard 6

25.00  % 106,930  33,619  November 9, 2027 9.41  % 10.85  %

290 Coles Street - Common Equity 7

19.46  % 19,571  8,980  March 5, 2029 6.21  % 6.52  %

290 Coles Street - Preferred Equity 8

—  % 70,458  —  —  —  % —  %

San Francisco

Platform 16 55.00  % 58,338  —  —  —  % —  %

Seattle

Safeco Plaza 33.67  % (560) 84,175  November 30, 2028 4.00  % 4.09  %

Washington, DC

1001 6th Street 50.00  % 45,750  —  —  —  % —  %

13100 Worldgate Drive 50.00  % 16,363  —  —  —  % —  %

Wisconsin Place Parking Facility 33.33  % 28,570  —  —  —  % —  %

500 North Capitol Street, N.W. 9

30.00  % (2,645) 20,894  September 25, 2031 6.78  % 6.86  %

Skymark - Reston Next Residential 20.00  % 13,776  27,994  November 13, 2026 5.68  % 5.70  %

13150 Worldgate Drive 10

20.00  % 5,412  —  June 10, 2031 N/A N/A

827,552

Investments with deficit balances reflected within Other Liabilities

3,676

Investments in Unconsolidated Joint Ventures $ 831,228

Mortgage/Mezzanine/Construction Loans Payable, Net $ 1,102,877

35

Q3 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 20.54  % 6.37  % 7.05  % 1.1

Fixed Rate Debt 79.46  % 4.50  % 4.80  % 3.9

Total Debt 100.00  % 4.88  % 5.26  % 3.3

_____________

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

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

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 September 30, 2026, the Company has funded approximately $28.6 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 component that bears interest at a fixed rate of 6.78% per annum and (y) a $35.0 million component that bears interest at a variable rate equal to Term SOFR plus 2.00% per annum and as of September 30, 2026, is available to be advanced to the joint venture.

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

36

Q3 2026

Unconsolidated joint ventures (continued)

for the three months ended September 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

$ 28,813  $ 20,828  $ 13,499  $ —  $ 7,479  $ 9,445  $ 80,064

Straight-line rent (122) (935) 11,027  —  16  105  10,091

Fair value lease revenue —  60  329  —  998  —  1,387

Termination income 4,574  —  2,520  —  —  (54) 7,040

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

Total lease revenue 33,323  19,953  27,375  —  8,493  9,496  98,640

Parking and other 3  2,193  49  —  620  1,048  3,913

Total rental revenue 3

33,326  22,146  27,424  —  9,113  10,544  102,553

Expenses

Operating 10,951  8,217  18,190  1,011  3,392  5,705  47,466

Net operating income (loss) 22,375  13,929  9,234  (1,011) 5,721  4,839  55,087

Other income (expense)

Development and management services revenue —  72  363  —  —  —  435

Interest and other income 388  639  976  (6) 9  200  2,206

Interest expense (9,488) (5,052) (14,850) —  (2,613) (3,987) (35,990)

Transaction costs —  (1) —  —  —  (326) (327)

Depreciation and amortization expense (8,734) (5,132) (10,984) —  (1,580) (3,159) (29,589)

General and administrative expense (9) —  (45) —  (8) (55) (117)

Total other income (expense) (17,843) (9,474) (24,540) (6) (4,192) (7,327) (63,382)

Net income (loss) $ 4,532  $ 4,455  $ (15,306) $ (1,017) $ 1,529  $ (2,488) $ (8,295)

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

BXP’s share of net income (loss) $ 2,268  $ 2,004  $ (4,217) $ (559) $ 516  $ (618) $ (606)

Basis differential

Straight-line rent $ —  $ 96

4

$ 94

4

$ —  $ —  $ —  $ 190

Fair value lease revenue —  15

4

232

4

—  —  —  247

Interest expense —  —  (69) —  —  —  (69)

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

Amortization of financing costs —  —  111  —  —  —  111

Depreciation and amortization expense (4) 541

4

1,392

4

—  (386) (11) 1,532

Total basis differential (4) 652

4

1,500

4

—  (386) (11) 1,751

Income (loss) from unconsolidated joint ventures 2,264  2,656  (2,717) (559) 130  (629) 1,145

Add:

BXP’s share of depreciation and amortization expense 4,368  2,025

4

3,910

4

—  918  826  12,047

BXP’s share of FFO $ 6,632  $ 4,681  $ 1,193  $ (559) $ 1,048  $ 197  $ 13,192

_____________

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.

37

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

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 166,848  154,509  10,291,842  66.61  10,249,370  66.34  0.42  %

2027 1,549,672  1,335,257  94,537,369  70.80  95,710,576  71.68  3.59  %

2028 2,369,633  1,919,839  173,818,564  90.54  180,101,187  93.81  5.16  %

2029 3,620,997  3,155,919  238,975,071  75.72  250,087,307  79.24  8.48  %

2030 2,289,036  2,199,414  175,087,933  79.61  183,555,358  83.46  5.91  %

2031 2,462,319  2,363,182  210,897,737  89.24  224,380,819  94.95  6.35  %

2032 3,004,268  2,756,116  211,156,900  76.61  245,696,332  89.15  7.41  %

2033 2,972,917  2,766,128  235,591,879  85.17  267,154,035  96.58  7.43  %

2034 3,038,851  2,602,735  238,162,224  91.50  263,444,556  101.22  7.00  %

2035 2,387,091  1,907,929  158,121,952  82.88  186,412,506  97.70  5.13  %

Thereafter 14,340,702  11,740,816  1,021,902,764  87.04  1,241,374,306  105.73  31.55  %

RETAIL

BXP’s Share

Year

Rentable Square Footage4

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 18,974  18,974  1,150,137  60.62  1,150,137  60.62  0.83  %

2027 87,492  73,199  8,560,872  116.95  8,604,674  117.55  3.22  %

2028 87,964  86,187  8,327,682  96.62  8,379,606  97.23  3.79  %

2029 155,660  150,335  16,305,474  108.46  16,768,315  111.54  6.61  %

2030 167,709  131,301  12,938,671  98.54  13,685,261  104.23  5.77  %

2031 105,623  96,862  11,751,099  121.32  12,598,465  130.07  4.26  %

2032 127,547  120,234  9,791,928  81.44  10,594,485  88.12  5.29  %

2033 352,670  319,267  30,235,894  94.70  33,471,968  104.84  14.04  %

2034 359,056  262,584  35,734,372  136.09  40,556,210  154.45  11.55  %

2035 322,715  285,710  16,134,496  56.47  19,317,759  67.61  12.56  %

Thereafter 341,256  290,215  45,657,366  157.32  44,665,858  153.91  12.76  %

IN-SERVICE PROPERTIES

BXP’s Share

Year

Rentable Square Footage4

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 185,822  173,483  11,441,979  65.95  11,399,507  65.71  0.44  %

2027 1,637,164  1,408,456  103,098,241  73.20  104,315,250  74.06  3.57  %

2028 2,457,597  2,006,026  182,146,246  90.80  188,480,793  93.96  5.08  %

2029 3,776,657  3,306,254  255,280,545  77.21  266,855,622  80.71  8.37  %

2030 2,456,745  2,330,715  188,026,604  80.67  197,240,619  84.63  5.90  %

2031 2,567,942  2,460,044  222,648,836  90.51  236,979,284  96.33  6.23  %

2032 3,131,815  2,876,350  220,948,828  76.82  256,290,817  89.10  7.29  %

2033 3,325,587  3,085,395  265,827,773  86.16  300,626,003  97.44  7.81  %

2034 3,397,907  2,865,319  273,896,596  95.59  304,000,766  106.10  7.26  %

2035 2,709,806  2,193,639  174,256,448  79.44  205,730,265  93.78  5.56  %

Thereafter 14,681,958  12,031,031  1,067,560,130  88.73  1,286,040,164  106.89  30.47  %

_____________

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.

38

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 108,111  101,615  7,753,981  76.31  7,753,981  76.31

2027 486,639  398,018  25,925,759  65.14  26,211,392  65.85

2028 851,025  823,032  80,895,175  98.29  84,020,896  102.09

2029 1,214,832  1,081,346  77,097,684  71.30  79,703,971  73.71

2030 1,065,543  1,049,664  76,456,292  72.84  80,030,578  76.24

2031 558,597  549,974  39,349,771  71.55  41,855,217  76.10

2032 1,063,444  1,063,444  83,429,892  78.45  101,472,595  95.42

2033 546,896  518,173  42,594,225  82.20  48,741,629  94.06

2034 1,440,056  1,290,448  114,020,252  88.36  126,320,804  97.89

2035 717,734  647,451  57,020,305  88.07  72,724,119  112.32

Thereafter 5,341,304  4,190,280  387,685,479  92.52  474,864,696  113.33

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 7,939  7,939  585,135  73.70  585,135  73.70

2027 20,923  19,897  3,876,998  194.85  3,885,524  195.28

2028 28,550  28,550  3,975,463  139.25  4,061,325  142.25

2029 52,527  51,852  8,042,846  155.11  8,154,514  157.27

2030 95,021  59,046  6,767,843  114.62  6,895,353  116.78

2031 11,243  11,243  1,317,028  117.14  1,400,438  124.56

2032 80,000  73,805  5,793,608  78.50  6,300,672  85.37

2033 287,788  254,385  21,999,248  86.48  24,318,355  95.60

2034 164,155  131,856  11,100,169  84.18  12,112,685  91.86

2035 119,685  119,685  8,539,258  71.35  8,934,147  74.65

Thereafter 157,365  146,854  16,265,302  110.76  22,147,065  150.81

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 116,050  109,554  8,339,116  76.12  8,339,116  76.12

2027 507,562  417,915  29,802,757  71.31  30,096,916  72.02

2028 879,575  851,582  84,870,638  99.66  88,082,221  103.43

2029 1,267,359  1,133,198  85,140,530  75.13  87,858,485  77.53

2030 1,160,564  1,108,710  83,224,135  75.06  86,925,931  78.40

2031 569,840  561,217  40,666,799  72.46  43,255,655  77.07

2032 1,143,444  1,137,249  89,223,500  78.46  107,773,267  94.77

2033 834,684  772,558  64,593,473  83.61  73,059,984  94.57

2034 1,604,211  1,422,304  125,120,421  87.97  138,433,489  97.33

2035 837,419  767,136  65,559,563  85.46  81,658,266  106.45

Thereafter 5,498,669  4,337,134  403,950,781  93.14  497,011,761  114.59

_____________

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.

39

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

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 108,111  101,615  7,753,981  76.31  7,753,981  76.31

Total 2026 108,111  101,615  7,753,981  76.31  7,753,981  76.31

Q1 2027 166,698  105,262  7,970,686  75.72  8,057,883  76.55

Q2 2027 64,076  57,123  2,702,816  47.32  2,702,816  47.32

Q3 2027 75,990  58,152  3,078,172  52.93  3,092,865  53.19

Q4 2027 179,875  177,480  12,174,085  68.59  12,357,828  69.63

Total 2027 486,639  398,018  25,925,759  65.14  26,211,392  65.85

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

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 7,939  7,939  585,135  73.70  585,135  73.70

Total 2026 7,939  7,939  585,135  73.70  585,135  73.70

Q1 2027 12,331  12,331  2,156,258  174.86  2,156,258  174.86

Q2 2027 3,576  3,261  776,965  238.26  776,965  238.26

Q3 2027 1,315  1,315  407,841  310.15  407,841  310.15

Q4 2027 3,701  2,990  535,935  179.24  544,461  182.09

Total 2027 20,923  19,897  3,876,998  194.85  3,885,524  195.28

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

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 116,050  109,554  8,339,116  76.12  8,339,116  76.12

Total 2026 116,050  109,554  8,339,116  76.12  8,339,116  76.12

Q1 2027 179,029  117,593  10,126,944  86.12  10,214,141  86.86

Q2 2027 67,652  60,384  3,479,781  57.63  3,479,781  57.63

Q3 2027 77,305  59,467  3,486,013  58.62  3,500,706  58.87

Q4 2027 183,576  180,470  12,710,020  70.43  12,902,289  71.49

Total 2027 507,562  417,915  29,802,757  71.31  30,096,916  72.02

`

_____________

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.

40

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 1,936  1,936  69,696  36.00  69,696  36.00

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

2028 270,593  172,796  14,881,735  86.12  15,663,222  90.65

2029 233,322  151,671  9,990,751  65.87  10,665,590  70.32

2030 48,592  48,592  3,092,845  63.65  3,486,818  71.76

2031 7,752  7,752  551,659  71.16  631,775  81.50

2032 267,810  148,844  12,496,556  83.96  14,781,562  99.31

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 517,991  517,991  33,677,026  65.01  44,160,204  85.25

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 —  —  —  —  —  —

2027 19,188  9,594  135,600  14.13  135,600  14.13

2028 —  —  —  —  —  —

2029 38,118  38,118  2,385,252  62.58  2,530,404  66.38

2030 11,364  11,364  1,322,144  116.34  1,450,598  127.65

2031 —  —  —  —  —  —

2032 —  —  —  —  —  —

2033 —  —  —  —  —  —

2034 19,993  9,997  248,508  24.86  248,508  24.86

2035 8,043  8,043  658,143  81.83  801,309  99.63

Thereafter 5,827  5,827  543,744  93.31  650,299  111.60

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 1,936  1,936  69,696  36.00  69,696  36.00

2027 206,803  103,904  7,285,509  70.12  7,487,058  72.06

2028 270,593  172,796  14,881,735  86.12  15,663,222  90.65

2029 271,440  189,789  12,376,003  65.21  13,195,994  69.53

2030 59,956  59,956  4,414,989  73.64  4,937,416  82.35

2031 7,752  7,752  551,659  71.16  631,775  81.50

2032 267,810  148,844  12,496,556  83.96  14,781,562  99.31

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  658,143  81.83  801,309  99.63

Thereafter 523,818  523,818  34,220,770  65.33  44,810,503  85.55

_____________

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

2Includes partially placed in-service leased space.

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

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

41

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

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 1,936  1,936  69,696  36.00  69,696  36.00

Total 2026 1,936  1,936  69,696  36.00  69,696  36.00

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

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 19,188  9,594  135,600  14.13  135,600  14.13

Q4 2027 —  —  —  —  —  —

Total 2027 19,188  9,594  135,600  14.13  135,600  14.13

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

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 1,936  1,936  69,696  36.00  69,696  36.00

Total 2026 1,936  1,936  69,696  36.00  69,696  36.00

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 20,192  10,598  202,704  19.13  204,717  19.32

Q4 2027 —  —  —  —  —  —

Total 2027 206,803  103,904  7,285,509  70.12  7,487,058  72.06

_____________

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

2Includes partially placed in-service leased space.

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

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

42

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 10,943  10,943  373,944  34.17  331,059  30.25

2027 347,638  315,149  16,570,106  52.58  16,574,794  52.59

2028 233,127  212,483  17,590,494  82.79  17,800,742  83.78

2029 1,012,396  793,504  64,570,687  81.37  68,689,982  86.57

2030 580,429  515,919  49,210,451  95.38  49,593,966  96.13

2031 592,703  523,916  47,531,646  90.72  48,394,180  92.37

2032 409,283  293,446  22,156,522  75.50  23,561,898  80.29

2033 561,986  477,367  51,099,533  107.04  56,310,810  117.96

2034 1,133,412  846,904  91,374,781  107.89  98,218,857  115.97

2035 1,071,989  703,421  69,989,985  99.50  76,322,933  108.50

Thereafter 4,876,950  3,566,916  343,842,444  96.40  395,011,168  110.74

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 —  —  —  —  —  —

2027 12,121  8,448  2,778,747  328.92  2,778,747  328.92

2028 3,538  1,761  498,443  283.05  426,741  242.33

2029 10,883  6,977  2,192,643  314.27  2,172,092  311.32

2030 3,439  3,439  519,818  151.15  620,962  180.56

2031 22,897  16,581  5,595,877  337.50  6,042,230  364.42

2032 7,599  6,481  935,098  144.28  1,034,681  159.64

2033 20,928  20,928  4,554,233  217.61  5,114,292  244.38

2034 139,214  85,037  22,010,528  258.83  25,615,841  301.23

2035 104,171  70,287  4,437,020  63.13  5,911,608  84.11

Thereafter 119,050  78,520  24,434,509  311.19  16,553,254  210.82

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 10,943  10,943  373,944  34.17  331,059  30.25

2027 359,759  323,597  19,348,853  59.79  19,353,541  59.81

2028 236,665  214,244  18,088,937  84.43  18,227,483  85.08

2029 1,023,279  800,481  66,763,330  83.40  70,862,074  88.52

2030 583,868  519,358  49,730,269  95.75  50,214,928  96.69

2031 615,600  540,497  53,127,523  98.29  54,436,410  100.72

2032 416,882  299,927  23,091,620  76.99  24,596,579  82.01

2033 582,914  498,295  55,653,766  111.69  61,425,102  123.27

2034 1,272,626  931,941  113,385,309  121.67  123,834,698  132.88

2035 1,176,160  773,708  74,427,005  96.20  82,234,541  106.29

Thereafter 4,996,000  3,645,436  368,276,953  101.02  411,564,422  112.90

_____________

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

2Includes partially placed in-service leased space.

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

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

43

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

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 10,943  10,943  373,944  34.17  331,059  30.25

Total 2026 10,943  10,943  373,944  34.17  331,059  30.25

Q1 2027 4,762  4,762  449,810  94.46  449,810  94.46

Q2 2027 200,837  197,880  7,789,159  39.36  7,790,494  39.37

Q3 2027 59,347  59,347  2,515,116  42.38  2,517,520  42.42

Q4 2027 82,692  53,160  5,816,021  109.41  5,816,970  109.42

Total 2027 347,638  315,149  16,570,106  52.58  16,574,794  52.59

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

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 12,121  8,448  2,778,747  328.92  2,778,747  328.92

Q2 2027 —  —  —  —  —  —

Q3 2027 —  —  —  —  —  —

Q4 2027 —  —  —  —  —  —

Total 2027 12,121  8,448  2,778,747  328.92  2,778,747  328.92

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

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 10,943  10,943  373,944  34.17  331,059  30.25

Total 2026 10,943  10,943  373,944  34.17  331,059  30.25

Q1 2027 16,883  13,210  3,228,557  244.40  3,228,557  244.40

Q2 2027 200,837  197,880  7,789,159  39.36  7,790,494  39.37

Q3 2027 59,347  59,347  2,515,116  42.38  2,517,520  42.42

Q4 2027 82,692  53,160  5,816,021  109.41  5,816,970  109.42

Total 2027 359,759  323,597  19,348,853  59.79  19,353,541  59.81

_____________

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

2Includes partially placed in-service leased space.

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

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

44

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 7,925  7,925  511,990  64.60  511,990  64.60

2027 310,542  310,542  31,598,525  101.75  32,038,509  103.17

2028 378,365  378,365  42,288,972  111.77  43,600,232  115.23

2029 671,435  671,435  61,532,694  91.64  63,990,131  95.30

2030 414,707  414,707  36,371,024  87.70  39,671,144  95.66

2031 993,604  993,604  107,602,521  108.30  115,743,451  116.49

2032 518,951  518,951  43,011,444  82.88  49,081,597  94.58

2033 689,297  689,297  74,957,225  108.74  82,955,622  120.35

2034 161,732  161,732  14,939,700  92.37  17,770,531  109.88

2035 21,961  21,961  2,539,576  115.64  3,400,064  154.82

Thereafter 714,986  714,986  72,358,351  101.20  96,127,917  134.45

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 9,382  9,382  446,254  47.56  446,254  47.56

2027 16,140  16,140  828,710  51.35  860,658  53.32

2028 22,240  22,240  1,543,681  69.41  1,564,066  70.33

2029 4,967  4,967  337,971  68.04  423,127  85.19

2030 19,864  19,864  1,563,763  78.72  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

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 17,307  17,307  958,244  $ 55.37  958,244  55.37

2027 326,682  326,682  32,427,235  99.26  32,899,167  100.71

2028 400,605  400,605  43,832,653  109.42  45,164,298  112.74

2029 676,402  676,402  61,870,665  91.47  64,413,258  95.23

2030 434,571  434,571  37,934,787  87.29  41,524,318  95.55

2031 1,014,848  1,014,848  109,246,961  107.65  117,521,371  115.80

2032 525,308  525,308  43,465,257  82.74  49,574,285  94.37

2033 710,360  710,360  77,072,614  108.50  85,233,129  119.99

2034 161,732  161,732  14,939,700  92.37  17,770,531  109.88

2035 21,961  21,961  2,539,576  115.64  3,400,064  154.82

Thereafter 722,982  722,982  72,845,023  100.76  96,680,588  133.72

_____________

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.

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.

45

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

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 7,925  7,925  511,990  64.60  511,990  64.60

Total 2026 7,925  7,925  511,990  64.60  511,990  64.60

Q1 2027 65,086  65,086  6,144,262  94.40  6,232,913  95.76

Q2 2027 —  —  —  —  —  —

Q3 2027 73,512  73,512  6,845,935  93.13  6,873,397  93.50

Q4 2027 171,944  171,944  18,608,328  108.22  18,932,199  110.11

Total 2027 310,542  310,542  31,598,525  101.75  32,038,509  103.17

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

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 9,382  9,382  446,254  47.56  446,254  47.56

Total 2026 9,382  9,382  446,254  47.56  446,254  47.56

Q1 2027 1,275  1,275  34,908  27.38  34,908  27.38

Q2 2027 7,246  7,246  164,254  22.67  195,710  27.01

Q3 2027 5,793  5,793  480,482  82.94  480,482  82.94

Q4 2027 1,826  1,826  149,067  81.64  149,558  81.90

Total 2027 16,140  16,140  828,710  51.35  860,658  53.32

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

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 17,307  17,307  958,244  55.37  958,244  55.37

Total 2026 17,307  17,307  958,244  55.37  958,244  55.37

Q1 2027 66,361  66,361  6,179,170  93.11  6,267,821  94.45

Q2 2027 7,246  7,246  164,254  22.67  195,710  27.01

Q3 2027 79,305  79,305  7,326,417  92.38  7,353,879  92.73

Q4 2027 173,770  173,770  18,757,395  107.94  19,081,757  109.81

Total 2027 326,682  326,682  32,427,235  99.26  32,899,167  100.71

_____________

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

2Includes partially placed in-service leased space.

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.

46

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 20,894  15,051  670,057  44.52  670,470  44.55

2027 59,769  59,769  3,572,847  59.78  3,636,660  60.85

2028 494,343  192,324  9,853,025  51.23  10,221,853  53.15

2029 325,705  294,656  16,521,325  56.07  17,195,111  58.36

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

2031 62,686  47,705  2,311,653  48.46  2,600,013  54.50

2032 118,280  104,931  7,130,402  67.95  7,896,861  75.26

2033 —  —  —  —  —  —

2034 —  —  —  —  —  —

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

Thereafter 131,625  131,625  8,485,654  64.47  10,906,593  82.86

RETAIL

BXP’s Share

Year

Rentable Square Footage4

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  303,969  70.87  323,476  75.42

2032 —  —  —  —  —  —

2033 —  —  —  —  —  —

2034 —  —  —  —  —  —

2035 —  —  —  —  —  —

Thereafter —  —  —  —  —  —

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 20,894  15,051  670,057  44.52  670,470  44.55

2027 59,769  59,769  3,572,847  59.78  3,636,660  60.85

2028 495,288  193,269  9,909,438  51.27  10,278,266  53.18

2029 326,826  295,033  16,528,631  56.02  17,202,417  58.31

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

2031 69,420  51,994  2,615,622  50.31  2,923,489  56.23

2032 118,280  104,931  7,130,402  67.95  7,896,861  75.26

2033 —  —  —  —  —  —

2034 —  —  —  —  —  —

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

Thereafter 131,625  131,625  8,485,654  64.47  10,906,593  82.86

_____________

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

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

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

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

47

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

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 20,894  15,051  670,057  44.52  670,470  44.55

Total 2026 20,894  15,051  670,057  44.52  670,470  44.55

Q1 2027 —  —  —  —  —  —

Q2 2027 3,317  3,317  204,787  61.74  204,787  61.74

Q3 2027 12,172  12,172  728,635  59.86  744,093  61.13

Q4 2027 44,280  44,280  2,639,425  59.61  2,687,780  60.70

Total 2027 59,769  59,769  3,572,847  59.78  3,636,660  60.85

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

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

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 20,894  15,051  670,057  44.52  670,470  44.55

Total 2026 20,894  15,051  670,057  44.52  670,470  44.55

Q1 2027 —  —  —  —  —  —

Q2 2027 3,317  3,317  204,787  61.74  204,787  61.74

Q3 2027 12,172  12,172  728,635  59.86  744,093  61.13

Q4 2027 44,280  44,280  2,639,425  59.61  2,687,780  60.70

Total 2027 59,769  59,769  3,572,847  59.78  3,636,660  60.85

_____________

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

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

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

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

48

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 17,039  17,039  912,174  53.53  912,174  53.53

2027 157,469  157,469  9,720,223  61.73  9,897,763  62.86

2028 142,180  140,839  8,309,163  59.00  8,794,242  62.44

2029 163,307  163,307  9,261,930  56.71  9,842,522  60.27

2030 144,987  135,754  7,925,461  58.38  8,578,744  63.19

2031 246,977  240,231  13,550,487  56.41  15,156,183  63.09

2032 626,500  626,500  42,932,084  68.53  48,901,819  78.06

2033 987,844  987,844  58,754,939  59.48  68,731,150  69.58

2034 299,912  299,912  17,584,867  58.63  20,835,967  69.47

2035 514,633  514,633  27,067,003  52.59  32,156,071  62.48

Thereafter 2,757,846  2,619,018  175,853,810  67.14  220,303,728  84.12

RETAIL

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 1,653  1,653  118,748  71.84  118,748  71.84

2027 19,120  19,120  940,817  49.21  944,145  49.38

2028 32,691  32,691  2,253,682  68.94  2,271,061  69.47

2029 48,044  48,044  3,339,456  69.51  3,480,872  72.45

2030 37,368  37,368  2,759,801  73.85  2,859,596  76.53

2031 43,505  43,505  2,889,785  66.42  3,054,401  70.21

2032 33,591  33,591  2,609,409  77.68  2,766,444  82.36

2033 22,891  22,891  1,567,024  68.46  1,761,814  76.97

2034 35,694  35,694  2,375,167  66.54  2,579,176  72.26

2035 90,816  87,695  2,500,075  28.51  3,670,695  41.86

Thereafter 51,018  51,018  3,927,139  76.98  4,762,569  93.35

TOTAL PROPERTY TYPES

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 18,692  18,692  1,030,922  55.15  1,030,922  55.15

2027 176,589  176,589  10,661,040  60.37  10,841,908  61.40

2028 174,871  173,530  10,562,845  60.87  11,065,303  63.77

2029 211,351  211,351  12,601,386  59.62  13,323,394  63.04

2030 182,355  173,122  10,685,262  61.72  11,438,340  66.07

2031 290,482  283,736  16,440,272  57.94  18,210,584  64.18

2032 660,091  660,091  45,541,493  68.99  51,668,263  78.27

2033 1,010,735  1,010,735  60,321,963  59.68  70,492,964  69.74

2034 335,606  335,606  19,960,034  59.47  23,415,143  69.77

2035 605,449  602,328  29,567,078  49.09  35,826,766  59.48

Thereafter 2,808,864  2,670,036  179,780,949  67.33  225,066,297  84.29

_____________

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

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

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

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

49

Q3 2026

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

as of September 30, 2026

OFFICE

BXP’s Share

Quarter

Rentable Square Footage4

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 17,039  17,039  912,174  53.53  912,174  53.53

Total 2026 17,039  17,039  912,174  53.53  912,174  53.53

Q1 2027 13,199  13,199  832,818  63.10  832,818  63.10

Q2 2027 24,974  24,974  1,390,151  55.66  1,412,052  56.54

Q3 2027 78,086  78,086  5,006,291  64.11  5,082,784  65.09

Q4 2027 41,210  41,210  2,490,963  60.45  2,570,109  62.37

Total 2027 157,469  157,469  9,720,223  61.73  9,897,763  62.86

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

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 1,653  1,653  118,748  71.84  118,748  71.84

Total 2026 1,653  1,653  118,748  71.84  118,748  71.84

Q1 2027 7,588  7,588  439,897  57.97  439,897  57.97

Q2 2027 1,969  1,969  119,082  60.48  119,082  60.48

Q3 2027 8,733  8,733  339,837  38.91  343,166  39.30

Q4 2027 830  830  42,000  50.60  42,000  50.60

Total 2027 19,120  19,120  940,817  49.21  944,145  49.38

TOTAL PROPERTY TYPES

BXP’s Share

Quarter

Rentable Square Footage4

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 18,692  18,692  1,030,922  55.15  1,030,922  55.15

Total 2026 18,692  18,692  1,030,922  55.15  1,030,922  55.15

Q1 2027 20,787  20,787  1,272,715  61.23  1,272,715  61.23

Q2 2027 26,943  26,943  1,509,233  56.02  1,531,134  56.83

Q3 2027 86,819  86,819  5,346,128  61.58  5,425,950  62.50

Q4 2027 42,040  42,040  2,532,963  60.25  2,612,109  62.13

Total 2027 176,589  176,589  10,661,040  60.37  10,841,908  61.40

_____________

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

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

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

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

50

Q3 2026

Lease expirations - CBD properties 1, 2, 3

as of September 30, 2026

Boston

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 31,666  25,170  1,535,421  61.00  1,535,421  61.00

2027 148,322  119,015  10,791,496  90.67  10,868,638  91.32

2028 593,432  565,439  68,072,627  120.39  70,861,832  125.32

2029 765,366  631,205  58,308,421  92.38  60,228,955  95.42

2030 1,019,943  968,089  73,989,057  76.43  77,075,107  79.62

2031 56,415  47,792  4,535,149  94.89  4,907,920  102.69

2032 916,347  910,152  77,258,272  84.89  94,748,785  104.10

2033 612,746  550,620  48,893,894  88.80  55,097,378  100.06

2034 1,266,595  1,084,688  99,739,354  91.95  109,576,048  101.02

2035 774,303  704,020  60,726,122  86.26  76,089,428  108.08

Thereafter 5,028,502  3,866,968  385,657,195  99.73  472,693,766  122.24

Los Angeles

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 1,936  1,936  69,696  36  69,696  36.00

2027 206,803  103,904  7,285,509  70.12  7,487,058  72.06

2028 270,593  172,796  14,881,735  86.12  15,663,222  90.65

2029 271,440  189,789  12,376,003  65.21  13,195,994  69.53

2030 59,956  59,956  4,414,989  73.64  4,937,416  82.35

2031 7,752  7,752  551,659  71.16  631,775  81.50

2032 267,810  148,844  12,496,556  83.96  14,781,562  99.31

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  658,143  81.83  801,309  99.63

Thereafter 523,818  523,818  34,220,770  65.33  44,810,503  85.55

New York

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 —  —  —  —  —  —

2027 109,941  73,779  9,917,895  134.43  9,917,895  134.43

2028 133,651  111,230  13,864,129  124.64  14,116,755  126.92

2029 818,812  596,014  59,311,797  99.51  63,186,364  106.01

2030 457,550  393,040  44,518,489  113.27  44,802,741  113.99

2031 446,993  371,889  45,888,010  123.39  47,113,580  126.69

2032 320,458  203,503  19,459,160  95.62  20,750,481  101.97

2033 505,000  420,381  52,770,908  125.53  58,298,785  138.68

2034 1,232,257  891,572  111,767,776  125.36  122,143,103  137.00

2035 1,014,604  612,152  67,874,284  110.88  74,967,641  122.47

Thereafter 4,592,429  3,241,866  352,384,121  108.70  393,958,988  121.52

51

Q3 2026

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

as of September 30, 2026

San Francisco

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 13,107  13,107  721,904  55.08  721,904  55.08

2027 306,338  306,338  30,996,598  101.18  31,468,530  102.72

2028 350,516  350,516  40,748,193  116.25  41,930,575  119.63

2029 595,191  595,191  56,185,217  94.40  59,446,437  99.88

2030 306,061  306,061  29,594,215  96.69  32,504,412  106.20

2031 961,427  961,427  106,293,036  110.56  113,959,162  118.53

2032 456,101  456,101  39,453,153  86.50  45,795,629  100.41

2033 710,360  710,360  77,072,614  108.50  85,233,129  119.99

2034 161,732  161,732  14,939,700  92.37  17,770,531  109.88

2035 21,961  21,961  2,539,576  115.64  3,400,064  154.82

Thereafter 722,982  722,982  72,845,023  100.76  96,680,588  133.72

Seattle

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 20,894  15,051  670,057  44.52  670,470  44.55

2027 59,769  59,769  3,572,847  59.78  3,636,660  60.85

2028 495,288  193,269  9,909,438  51.27  10,278,266  53.18

2029 326,826  295,033  16,528,632  56.02  17,202,417  58.31

2030 35,431  34,998  2,037,162  58.21  2,199,685  62.85

2031 69,420  51,994  2,615,622  50.31  2,923,490  56.23

2032 118,280  104,931  7,130,402  67.95  7,896,861  75.26

2033 —  —  —  —  —  —

2034 —  —  —  —  —  —

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

Thereafter 131,625  131,625  8,485,654  64.47  10,906,593  82.86

Washington, DC

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 14,739  14,739  864,733  58.67  864,733  58.67

2027 172,712  172,712  10,494,611  60.76  10,675,479  61.81

2028 174,871  173,530  10,562,845  60.87  11,065,303  63.77

2029 200,341  200,341  12,209,118  60.94  12,900,940  64.39

2030 158,303  149,070  9,751,941  65.42  10,428,248  69.96

2031 273,682  266,936  15,829,295  59.30  17,529,371  65.67

2032 658,118  658,118  45,472,931  69.10  51,590,685  78.39

2033 1,010,735  1,010,735  60,321,962  59.68  70,492,964  69.74

2034 327,144  327,144  19,620,430  59.97  23,011,921  70.34

2035 605,449  602,328  29,567,078  49.09  35,826,766  59.48

Thereafter 2,796,015  2,657,187  179,324,810  67.49  224,565,186  84.51

_____________

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.

52

Q3 2026

Lease expirations - Suburban properties 1, 2, 3

as of September 30, 2026

Boston

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 84,384  84,384  6,803,694  80.63  6,803,694  80.63

2027 359,240  298,900  19,011,261  63.60  19,228,278  64.33

2028 286,143  286,143  16,798,011  58.70  17,220,389  60.18

2029 501,993  501,993  26,832,109  53.45  27,629,530  55.04

2030 140,621  140,621  9,235,078  65.67  9,850,824  70.05

2031 513,425  513,425  36,131,650  70.37  38,347,735  74.69

2032 227,097  227,097  11,965,228  52.69  13,024,483  57.35

2033 221,938  221,938  15,699,579  70.74  17,962,606  80.94

2034 337,616  337,616  25,381,066  75.18  28,857,441  85.47

2035 63,116  63,116  4,833,442  76.58  5,568,839  88.23

Thereafter 470,167  470,167  18,293,586  38.91  24,317,994  51.72

New York

BXP’s Share

Year

Rentable Square Footage4

Rentable Square Footage4

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

$ $/PSF $ $/PSF

2026 10,943  10,943  373,944  34.17  331,059  30.25

2027 249,818  249,818  9,430,958  37.75  9,435,646  37.77

2028 103,014  103,014  4,224,809  41.01  4,110,728  39.90

2029 204,467  204,467  7,451,533  36.44  7,675,710  37.54

2030 126,318  126,318  5,211,780  41.26  5,412,187  42.85

2031 168,607  168,607  7,239,513  42.94  7,322,830  43.43

2032 96,424  96,424  3,632,459  37.67  3,846,098  39.89

2033 77,914  77,914  2,882,859  37.00  3,126,317  40.13

2034 40,369  40,369  1,617,534  40.07  1,691,595  41.90

2035 161,556  161,556  6,552,721  40.56  7,266,901  44.98

Thereafter 403,571  403,571  15,892,832  39.38  17,605,434  43.62

San Francisco

BXP’s Share

Year

Rentable Square Footage4

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 20,344  20,344  1,430,638  70.32  1,430,638  70.32

2028 50,089  50,089  3,084,459  61.58  3,233,723  64.56

2029 81,211  81,211  5,685,449  70.01  4,966,821  61.16

2030 128,510  128,510  8,340,572  64.90  9,019,906  70.19

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 —  —  —  —  —  —

53

Q3 2026

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

as of September 30, 2026

Washington, DC

BXP’s Share

Year

Rentable Square Footage4

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  166,189  42.04  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  610,977  36.37  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 12,849  12,849  456,140  35.50  501,111  39.00

_____________

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.

54

Q3 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 Dilara Sukhov 212.553.1438

Standard & Poor’s Michael Souers 212.438.2508

55

Q3 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 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.

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.

56

Q3 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.

57

Q3 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.

58

Q3 2026

Definitions (continued)

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net (income) loss attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment losses, loss from early extinguishment of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate or sales type leases, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, and interest and other income. 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.”

59

Q3 2026

Reconciliations

(unaudited and in thousands)

BXP’s Share of select items

Three Months Ended

30-Sep-26 30-Jun-26

Revenue $ 911,431  $ 895,699

Partners’ share of revenue from consolidated joint ventures (JVs) (103,772) (99,659)

BXP’s share of revenue from unconsolidated JVs 46,628  42,596

BXP’s Share of revenue $ 854,287  $ 838,636

Straight-line rent $ 46,907  $ 3,570

Partners’ share of straight-line rent from consolidated JVs (4,875) 11,804

BXP’s share of straight-line rent from unconsolidated JVs 4,509  4,022

BXP’s Share of straight-line rent $ 46,541  $ 19,396

Fair value lease revenue 1

$ 2,151  $ 2,168

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

701  685

BXP’s Share of fair value lease revenue 1

$ 2,863  $ 2,864

Lease termination income $ 3,333  $ 2,828

Partners’ share of termination income from consolidated JVs —  (23)

BXP’s share of termination income from unconsolidated JVs 3,667  —

BXP’s Share of termination income $ 7,000  $ 2,805

Non-cash termination income adjustment $ (604) $ (2,306)

Partners’ share of non-cash termination income adjustment from consolidated JVs —  —

BXP’s share of non-cash termination income adjustment from unconsolidated JVs (3,772) —

BXP’s Share of non-cash termination income adjustment $ (4,376) $ (2,306)

Hedge amortization, net of costs $ 1,002  $ 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 19  268

BXP’s Share of hedge amortization, net of costs $ 877  $ 1,714

Straight-line ground rent expense adjustment $ (5,511) $ (4,016)

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 120  121

BXP’s Share of straight-line ground rent expense adjustment $ (5,391) $ (3,895)

Depreciation and amortization $ 228,679  $ 236,977

Noncontrolling interests in property partnerships’ share of depreciation and amortization (23,901) (23,336)

BXP’s share of depreciation and amortization from unconsolidated JVs 12,047  12,716

BXP’s Share of depreciation and amortization $ 216,825  $ 226,357

Lease transaction costs that qualify as rent inducements 2

$ 3,838  $ 4,072

Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2

—  (1)

BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2

155  —

BXP’s Share of lease transaction costs that qualify as rent inducements 2

$ 3,993  $ 4,071

2nd generation tenant improvements and leasing commissions $ 128,822  $ 159,624

Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs

(13,013) (7,008)

BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs

2,181  392

BXP’s Share of 2nd generation tenant improvements and leasing commissions $ 117,990  $ 153,008

Maintenance capital expenditures 3

$ 14,752  $ 15,936

Partners’ share of maintenance capital expenditures from consolidated JVs 3

(1,052) (1,891)

BXP’s share of maintenance capital expenditures from unconsolidated JVs 3

453  572

BXP’s Share of maintenance capital expenditures 3

$ 14,153  $ 14,617

60

Q3 2026

Reconciliations (continued)

Interest expense $ 159,127  $ 153,425

Partners’ share of interest expense from consolidated JVs (12,027) (11,902)

BXP’s share of interest expense from unconsolidated JVs 14,804  15,004

BXP’s Share of interest expense $ 161,904  $ 156,527

Capitalized interest $ 14,398  $ 12,868

Partners’ share of capitalized interest from consolidated JVs (330) (14)

BXP’s share of capitalized interest from unconsolidated JVs 101  6

BXP’s Share of capitalized interest $ 14,169  $ 12,860

Amortization of financing costs $ 8,248  $ 5,776

Partners’ share of amortization of financing costs from consolidated JVs (753) (498)

BXP’s share of amortization of financing costs from unconsolidated JVs 442  446

BXP’s Share of amortization of financing costs $ 7,937  $ 5,724

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  260

BXP’s Share of fair value interest adjustment $ 260  $ 260

Amortization and accretion related to sales type lease $ 157  $ 249

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 $ 186  $ 278

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.

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

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

61

Q3 2026

Reconciliations (continued)

for the three months ended September 30, 2026

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES

Total Consolidated

343 Madison 767 Fifth Avenue Norges

Avenue 1

(The GM Building)

Joint Ventures 2

Joint Ventures

Revenue

Lease 3

$ —  $ 86,821  $ 139,165  $ 225,986

Straight-line rent —  834  10,092  10,926

Fair value lease revenue —  (27) —  (27)

Termination income —  —  —  —

Total lease revenue —  87,628  149,257  236,885

Parking and other —  —  3,022  3,022

Insurance proceeds —  486  —  486

Total rental revenue 4

—  88,114  152,279  240,393

Expenses

Operating —  36,390  52,112  88,502

Restoration costs related to insurance claim —  —  —  —

Net Operating Income (NOI) —  51,724  100,167  151,891

Other income (expense)

Development and management services revenue —  —  —  —

Gain from investments in securities

—  —  —  —

Interest and other income —  494  1,796  2,290

Interest expense —  (21,395) (7,718) (29,113)

Depreciation and amortization expense —  (18,431) (35,274) (53,705)

General and administrative expense —  (23) (9) (32)

Total other income (expense) —  (39,355) (41,205) (80,560)

Net income $ —  $ 12,369  $ 58,962  $ 71,331

BXP’s nominal ownership percentage 89.45% 60.00% 55.00%

Partners’ share of NOI (after income allocation to private REIT shareholders) 5

$ —  $ 19,930  $ 43,735  $ 63,665

BXP’s share of NOI (after income allocation to private REIT shareholders) $ —  $ 31,794  $ 56,432  $ 88,226

Unearned portion of capitalized fees 6

$ 1,573  $ 419  $ 127  $ 2,119

Partners’ share of select items 5

Partners’ share of hedge amortization $ —  $ 144  $ —  $ 144

Partners’ share of amortization of financing costs $ 255  $ 346  $ 152  $ 753

Partners’ share of depreciation and amortization related to capitalized fees $ —  $ 383  $ 631  $ 1,014

Partners’ share of capitalized interest $ 320  $ —  $ 10  $ 330

Partners’ share of management and other fees $ —  $ 760  $ 1,341  $ 2,101

Partners’ share of basis differential depreciation and amortization expense $ —  $ (24) $ (334) $ (358)

Partners’ share of basis differential interest and other adjustments $ —  $ (4) $ 36  $ 32

Reconciliation of Partners’ share of EBITDAre 7

Partners’ NCI $ —  $ 3,833  $ 24,859  $ 28,692

Add:

Partners’ share of interest expense after BXP’s basis differential —  8,554  3,473  12,027

Partners’ share of depreciation and amortization expense after BXP’s basis differential —  7,731  16,170  23,901

Partners’ share of EBITDAre

$ —  $ 20,118  $ 44,502  $ 64,620

62

Q3 2026

Reconciliations (continued)

for the three months ended September 30, 2026

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES

Total Consolidated Joint Ventures

Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 7

343 Madison Avenue 1

767 Fifth Avenue (The GM Building)

Norges Joint Ventures 2

Rental revenue 4

$ —  $ 35,246  $ 68,526  $ 103,772

Less: Termination income —  —  —  —

Rental revenue (excluding termination income) 4

—  35,246  68,526  103,772

Less: Operating expenses (including partners’ share of management and other fees) —  15,316  24,791  40,107

Income allocation to private REIT shareholders —  —  —  —

NOI (excluding termination income and after income allocation to private REIT shareholders) $ —  $ 19,930  $ 43,735  $ 63,665

Rental revenue (excluding termination income) 4

$ —  $ 35,246  $ 68,526  $ 103,772

Less: Straight-line rent —  334  4,541  4,875

Fair value lease revenue —  (11) —  (11)

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

Subtotal —  34,923  63,985  98,908

Less: Operating expenses (including partners’ share of management and other fees) —  15,316  24,791  40,107

Income allocation to private REIT shareholders —  —  —  —

NOI - cash (excluding termination income and after income allocation to private REIT shareholders) $ —  $ 19,607  $ 39,194  $ 58,801

Reconciliation of Partners’ share of Revenue 5

Rental revenue 4

$ —  $ 35,246  $ 68,526  $ 103,772

Add: Development and management services revenue —  —  —  —

Revenue $ —  $ 35,246  $ 68,526  $ 103,772

_____________

1See the Acquisitions and Dispositions section of this Supplemental package on page 14.

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.

3Lease revenue includes recoveries and service income from clients.

4See the Definitions and Reconciliations sections of this Supplemental package starting on page 56.

5Amounts represent the partners’ share based on their respective ownership percentage.

6Capitalized 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.

7Amounts 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.

63

Q3 2026

Reconciliations (continued)

for the three months ended September 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

$ 28,813  $ 20,828  $ 13,499  $ —  $ 7,479  $ 9,445  $ 80,064

Straight-line rent (122) (935) 11,027  —  16  105  10,091

Fair value lease revenue —  60  329  —  998  —  1,387

Termination income 4,574  —  2,520  —  —  (54) 7,040

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

Total lease revenue 33,323  19,953  27,375  —  8,493  9,496  98,640

Parking and other 3  2,193  49  —  620  1,048  3,913

Total rental revenue 3

33,326  22,146  27,424  —  9,113  10,544  102,553

Expenses

Operating 10,951  8,217  18,190

4

1,011  3,392  5,705  47,466

Net operating income (loss) 22,375  13,929  9,234  (1,011) 5,721  4,839  55,087

Other income (expense)

Development and management services revenue —  72  363  —  —  —  435

Interest and other income 388  639  976  (6) 9  200  2,206

Interest expense (9,488) (5,052) (14,850) —  (2,613) (3,987) (35,990)

Transaction costs —  (1) —  —  —  (326) (327)

Depreciation and amortization expense (8,734) (5,132) (10,984) —  (1,580) (3,159) (29,589)

General and administrative expense (9) —  (45) —  (8) (55) (117)

Total other income (expense) (17,843) (9,474) (24,540) (6) (4,192) (7,327) (63,382)

Net income (loss) $ 4,532  $ 4,455  $ (15,306) $ (1,017) $ 1,529  $ (2,488) $ (8,295)

BXP’s share of select items:

BXP’s share of amortization of financing costs $ 139  $ 23  $ 240  $ —  $ —  $ 40  $ 442

BXP’s share of hedge amortization, net of costs $ —  $ —  $ —  $ —  $ 19  $ —  $ 19

BXP’s share of fair value interest adjustment $ —  $ —  $ 260  $ —  $ —  $ —  $ 260

BXP’s share of capitalized interest $ 20  $ —  $ 81  $ —  $ —  $ —  $ 101

BXP’s share of non-cash termination income adjustment $ (3,601) $ —  $ (155) $ —  $ —  $ (16) $ (3,772)

Reconciliation of BXP’s share of EBITDAre

Income (loss) from unconsolidated joint ventures $ 2,264  $ 2,656  $ (2,717) $ (559) $ 130  $ (629) $ 1,145

Add:

BXP’s share of interest expense 4,744  2,526  5,667  —  880  987  14,804

BXP’s share of depreciation and amortization expense 4,368  2,025

5

3,910

5

—  918  826  12,047

BXP’s share of EBITDAre

$ 11,376  $ 7,207

5

$ 6,860

5

$ (559) $ 1,928  $ 1,184  $ 27,996

64

Q3 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

$ 16,664  $ 11,184

5

$ 12,659

5

$ —  $ 3,068  $ 2,836  $ 46,411

BXP’s share of operating expenses 5,476  4,109  7,907  556  1,140  1,631  20,819

BXP’s share of net operating income (loss) 11,188  7,075

5

4,752

5

(556) 1,928  1,205  25,592

Less:

BXP’s share of termination income 2,287  —  1,396  —  —  (16) 3,667

BXP’s share of net operating income (loss) (excluding termination income) 8,901  7,075  3,356  (556) 1,928  1,221  21,925

Less:

BXP’s share of straight-line rent (61) (372)

5

4,905

5

—  5  32  4,509

BXP’s share of fair value lease revenue —  45

5

320

5

—  336  —  701

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 —  —  120  —  —  —  120

BXP’s share of lease transaction costs that qualify as rent inducements —  149  —  —  13  (7) 155

BXP’s share of net operating income (loss) - cash (excluding termination income) $ 8,933  $ 7,551

5

$ (1,749)

5

$ (556) $ 1,600  $ 1,182  $ 16,961

Reconciliation of BXP’s share of Revenue

BXP’s share of rental revenue 3

$ 16,664  $ 11,184

5

$ 12,659

5

$ —  $ 3,068  $ 2,836  $ 46,411

Add:

BXP’s share of development and management services revenue —  36  181  —  —  —  217

BXP’s share of revenue $ 16,664  $ 11,220

5

$ 12,840

5

$ —  $ 3,068  $ 2,836  $ 46,628

_____________

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 $240 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.

65

Q3 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

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 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 22,028  31,029

Less:

Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 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 —  (146)

Add:

Partners’ share of termination income from consolidated joint ventures 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) 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) 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) 6,853  —

BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 22,028  31,175

Less:

BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 2,009  10,865

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

Change in BXP’s Share of Same Property NOI (excluding termination income) $ 16,249

Change in BXP’s Share of Same Property NOI (excluding termination income) 3.5  %

66

Q3 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

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 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) 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) 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) 21,983  —

BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 17,413  27,909

Less:

BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) (609) 9,238

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

Change in BXP’s Share of Same Property NOI - cash (excluding termination income) $ 3,484

Change in BXP’s Share of Same Property NOI - cash (excluding termination income) 0.8  %

_____________

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.

67

Q3 2026

Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

Three Months Ended

30-Sep-25 30-Jun-25

Revenue

Lease $ 809,820  $ 805,935

Parking and other 34,404  34,709

Insurance proceeds 986  90

Hotel revenue 13,162  14,773

Development and management services 9,317  8,846

Direct reimbursements of payroll and related costs from management services contracts 3,821  4,104

Total revenue 871,510  868,457

Expenses

Operating 187,820  184,942

Real estate taxes 142,992  146,272

Restoration expenses related to insurance claims 924  848

Hotel operating 9,628  9,365

General and administrative 36,188  42,516

Payroll and related costs from management services contracts 3,821  4,104

Transaction costs 1,431  357

Depreciation and amortization 236,147  223,819

Total expenses 618,951  612,223

Other income (expense)

Loss from unconsolidated joint ventures (148,329) (3,324)

Gains on sales of real estate 1,932  18,390

Gains from investments in securities 2,400  2,600

Unrealized gain (loss) on non-real estate investments 178  (39)

Interest and other income 7,620  8,063

Impairment losses (68,901) —

Interest expense (164,299) (162,783)

Net income (loss) (116,840) 119,141

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest in property partnerships (17,853) (20,100)

Noncontrolling interest - common units of the Operating Partnership 12,981  (10,064)

Net income (loss) attributable to BXP, Inc. $ (121,712) $ 88,977

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income (loss) attributable to BXP, Inc. per share - basic $ (0.77) $ 0.56

Net income (loss) attributable to BXP, Inc. per share - diluted $ (0.77) $ 0.56

68

EX-99.2

EX-99.2

Filename: q32026pressrelease.htm · Sequence: 3

Document

Exhibit 99.2

BXP ANNOUNCES THIRD QUARTER 2026 RESULTS

Exceeds Q3 2026 Guidance for EPS and FFO; Increased Full Year 2026 Guidance for EPS and FFO; and Increased Total Portfolio Occupancy by 100 Basis Points

BOSTON, MA, October 27, 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 third quarter ended September 30, 2026.

Third Quarter 2026 Financial Highlights

•Revenue increased 4.6% to $911.4 million for the quarter ended September 30, 2026, compared to $871.5 million for the quarter ended September 30, 2025.

•Net income (loss) attributable to BXP, Inc. of $114.5 million, or $0.71 per diluted share (EPS), for the quarter ended September 30, 2026, compared to $(121.7) million, or $(0.77) per diluted share, for the quarter ended September 30, 2025.

◦EPS for the third quarter 2026 exceeded the midpoint of BXP’s guidance by $0.20 per diluted share primarily due to gains on sales related to disposition activity and better-than-projected portfolio performance.

•Funds from Operations (FFO) of $302.2 million, or $1.89 per diluted share, for the quarter ended September 30, 2026, compared to FFO of $276.7 million, or $1.74 per diluted share, for the quarter ended September 30, 2025.

◦FFO for the third quarter 2026 exceeded the midpoint of BXP’s guidance by $0.08 per diluted share primarily due to better-than-projected portfolio performance.

Guidance

BXP provided guidance for full-year 2026 EPS of $2.35 - $2.37 and FFO of $7.06 - $7.08 per diluted share.

The midpoint of full-year 2026 guidance for EPS increased by $0.17 per diluted share, primarily due to the aforementioned gains on sales and better-than-projected portfolio 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.

Leasing & Occupancy

•Executed 74 leases in the third quarter totaling approximately 1.2 million square feet with a weighted-average lease term of 10.3 years. Notables leases include:

◦an approximately 206,000 square foot lease with a technology company at 500 North Capitol in Washington, DC.

◦an approximately 112,000 square foot lease renewal with a law firm at Madison Centre in Seattle, Washington.

–more–

•For the third quarter, BXP’s CBD portfolio of premier workplaces was 91.8% occupied and 94.1% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.4% 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 third quarter was 89.4%, an increase of 100 basis points from Q2 2026, marking the fourth consecutive quarter of occupancy gains.

•Total portfolio leased percentage was 91.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 60 basis points from Q2 2026. As of September 30, 2026, the spread between leased and occupied square footage was 250 basis points, representing approximately 1.1 million square feet of future lease commencements, with approximately half expected to commence before year-end 2026.

Transactions

•Completed the sale of a 10.6% equity interest in the 343 Madison Avenue development to AVRS Partners, generating additional capital, reducing BXP's required equity commitment, and preserving BXP's full control of the project, including all development, leasing, and property management responsibilities.

•During the third quarter, we completed the sales of Sumner Square and 1330 Connecticut Avenue in Washington, DC. The aggregate gross sales price of these two office sales totaled approximately $155.4 million, resulting in aggregate net proceeds of approximately $150.3 million and gains on sales of real estate of approximately $10.5 million.

Balance Sheet & Liquidity

•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.

•Boston Properties Limited Partnership (“BPLP”) completed a public offering of $700.0 million in aggregate principal amount of its 6.050% unsecured senior notes due 2036. The notes were priced at 99.837% of the principal amount to yield an effective rate (including financing fees) of approximately 6.162% per annum to maturity. The notes will mature on October 15, 2036, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $692.4 million after deducting underwriting discounts and transaction expenses.

•A joint venture in which BXP owns a 30% interest modified the financing secured by its 500 North Capitol property in Washington, D.C., consolidating two mortgage loans totaling $105.0 million into a single, $105.0 million facility maturing in September 2031. The facility consists of a $70.0 million component bearing interest at a fixed rate of 6.778% and a $35.0 million component bearing interest at Term SOFR plus 2.00%, replacing debt that previously bore interest at a fixed rate of 6.88%. 500 North Capitol Street is an office property with

–more–

approximately 231,000 net rentable square feet located in Washington, DC. and is 95% leased.

EPS and FFO per Share Guidance:

BXP’s guidance for 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.

Full Year 2026

Low High

Projected EPS (diluted) $ 2.35  $ 2.37

Add:

Projected Company share of real estate depreciation and amortization 5.02  5.02

Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments (0.31) (0.31)

Projected FFO per share (diluted) $ 7.06  $ 7.08

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended September 30, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, October 28, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the third 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/BIf75031be88f74d648c7bca57274f770d 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

–more–

on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s third quarter 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 September 30, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 50.6 million square feet and 162 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)

September 30, 2026 December 31, 2025

(in thousands, except for share and par value amounts)

ASSETS

Real estate, at cost $ 27,106,552  $ 26,248,130

Construction in progress 1,128,313  1,475,257

Land held for future development 503,648  518,492

Right of use assets - finance leases 372,619  372,470

Right of use assets - operating leases 285,912  325,841

Less: accumulated depreciation (8,319,577) (8,040,311)

Total real estate 21,077,467  20,899,879

Cash and cash equivalents 1,471,631  1,478,206

Cash held in escrows 50,029  79,060

Investments in securities 45,932  44,614

Tenant and other receivables, net 92,300  92,625

Note receivable, net 12,495  9,373

Related party notes receivable, net 28,166  28,346

Sales-type lease receivable, net 16,332  15,672

Accrued rental income, net 1,599,110  1,538,515

Deferred charges, net 843,151  847,690

Prepaid expenses and other assets 193,572  108,105

Investments in unconsolidated joint ventures 831,228  999,309

Assets held for sale 10,425  24,770

Total assets $ 26,271,838  $ 26,166,164

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net $ 4,309,813  $ 4,280,067

Unsecured senior notes, net 9,506,144  9,806,100

Unsecured exchangeable senior notes, net 979,894  976,263

Unsecured line of credit 247,000  —

Unsecured term loans, net 797,671  797,053

Unsecured commercial paper 750,000  750,000

Lease liabilities - finance leases 350,953  360,039

Lease liabilities - operating leases 384,213  389,213

Accounts payable and accrued expenses 536,428  480,017

Dividends and distributions payable 123,849  123,753

Accrued interest payable 127,383  125,345

Other liabilities 346,911  386,074

Liabilities held for sale 111  —

Total liabilities 18,460,370  18,473,924

Commitments and contingencies —  —

Redeemable deferred stock units 7,577  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, 159,751,217 and 158,627,198 issued and 159,672,317 and 158,548,298 outstanding at September 30, 2026 and December 31, 2025, respectively

1,597  1,585

Additional paid-in capital 6,902,261  6,836,243

Dividends in excess of earnings (1,724,898) (1,674,995)

Treasury common stock at cost, 78,900 shares at September 30, 2026 and December 31, 2025

(2,722) (2,722)

Accumulated other comprehensive income (loss) 15,265  (12,921)

Total stockholders’ equity attributable to BXP, Inc. 5,191,503  5,147,190

Noncontrolling interests:

Common units of the Operating Partnership 555,123  566,563

Property partnerships 2,057,265  1,970,949

Total equity 7,803,891  7,684,702

Total liabilities and equity $ 26,271,838  $ 26,166,164

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended September 30, Nine months ended September 30,

2026 2025 2026 2025

(in thousands, except for per share amounts)

Revenue

Lease $ 846,159  $ 809,820  $ 2,495,993  $ 2,426,857

Parking and other 38,269  35,390  106,669  100,431

Hotel 13,219  13,162  37,221  37,532

Development and management services 9,792  9,317  26,632  27,938

Direct reimbursements of payroll and related costs from management services contracts

3,992  3,821  12,763  12,424

Total revenue 911,431  871,510  2,679,278  2,605,182

Expenses

Operating

Rental 335,345  331,736  1,015,568  995,376

Hotel 9,925  9,628  27,276  26,558

General and administrative 37,604  36,188  147,389  130,988

Payroll and related costs from management services contracts 3,992  3,821  12,763  12,424

Transaction costs 101  1,431  168  2,556

Depreciation and amortization 228,679  236,147  693,623  680,073

Total expenses 615,646  618,951  1,896,787  1,847,975

Other income (expense)

Income (loss) from unconsolidated joint ventures 1,145  (148,329) 34,110  (153,792)

Gains on sales of real estate 10,441  1,932  30,840  20,322

Loss on sales-type lease —  —  —  (2,490)

Interest and other income 7,608  7,620  22,630  23,433

Gains (losses) from investments in securities (744) 2,400  3,075  4,635

Unrealized gain (loss) on non-real estate investments 386  178  499  (344)

Impairment losses —  (68,901) (18,036) (68,901)

Loss from early extinguishment of debt —  —  —  (338)

Interest expense (159,127) (164,299) (464,645) (490,526)

Net income (loss) 155,494  (116,840) 390,964  89,206

Net (income) loss attributable to noncontrolling interests

Noncontrolling interests in property partnerships (28,692) (17,853) (74,682) (56,702)

Noncontrolling interest—common units of the Operating Partnership

(12,320) 12,981  (31,676) (4,054)

Net income (loss) attributable to BXP, Inc. $ 114,482  $ (121,712) $ 284,606  $ 28,450

Basic earnings per common share attributable to BXP, Inc.

Net income (loss) $ 0.72  $ (0.77) $ 1.79  $ 0.18

Weighted average number of common shares outstanding 159,585  158,345  159,106  158,287

Diluted earnings per common share attributable to BXP, Inc.

Net income (loss) $ 0.71  $ (0.77) $ 1.78  $ 0.18

Weighted average number of common and common equivalent shares outstanding

160,109  158,345  159,601  158,787

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)

Three months ended September 30, Nine months ended September 30,

2026 2025 2026 2025

(in thousands, except for per share amounts)

Net income (loss) attributable to BXP, Inc. $ 114,482  $ (121,712) $ 284,606  $ 28,450

Add:

Noncontrolling interest - common units of the Operating Partnership

12,320  (12,981) 31,676  4,054

Noncontrolling interests in property partnerships

28,692  17,853  74,682  56,702

Net income (loss) 155,494  (116,840) 390,964  89,206

Add:

Depreciation and amortization expense

228,679  236,147  693,623  680,073

Noncontrolling interests in property partnerships’ share of depreciation and amortization

(23,901) (22,615) (68,108) (64,024)

Company’s share of depreciation and amortization from unconsolidated joint ventures

12,047  17,272  38,269  51,273

Corporate-related depreciation and amortization

(632) (582) (1,748) (1,898)

Non-real estate related amortization 2,131  2,130  6,393  6,391

Loss on sales-type lease —  —  —  2,490

Impairment losses —  68,901  18,036  68,901

Impairment losses included within Income (loss) from unconsolidated joint ventures —  145,133  —  145,133

Less:

Gains on sales of real estate 10,441  1,932  30,840  20,322

Gains on sales included within income (loss) from unconsolidated joint ventures —  2,236  42,390  2,236

Unrealized gain (loss) on non-real estate investments 386  178  499  (344)

Noncontrolling interests in property partnerships 28,692  17,853  74,682  56,702

Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.) 334,299  307,347  929,018  898,629

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations

32,059  30,673  91,230  89,683

Funds from operations attributable to BXP, Inc. $ 302,240  $ 276,674  $ 837,788  $ 808,946

BXP, Inc.’s percentage share of funds from operations - basic 90.41 % 90.02 % 90.18 % 90.02 %

Weighted average shares outstanding - basic 159,585  158,345  159,106  158,287

FFO per share basic

$ 1.89  $ 1.75  $ 5.27  $ 5.11

Weighted average shares outstanding - diluted 160,109  158,928  159,601  158,787

FFO per share diluted

$ 1.89  $ 1.74  $ 5.25  $ 5.09

(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 (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income (loss) attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BXP, INC.

PORTFOLIO LEASING PERCENTAGES

CBD Portfolio

% Occupied by Location (1)

% Leased by Location (2)

September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025

Boston 97.4  % 97.6  % 97.7  % 98.6  %

Los Angeles 90.0  % 86.5  % 91.9  % 87.0  %

New York 89.8  % 86.2  % 95.2  % 92.1  %

San Francisco 84.4  % 81.9  % 86.5  % 84.4  %

Seattle 87.0  % 79.8  % 87.9  % 81.3  %

Washington, DC 93.1  % 92.4  % 94.4  % 94.2  %

CBD Portfolio 91.8  % 89.8  % 94.1  % 92.5  %

Total Portfolio

% Occupied by Location (1)

% Leased by Location (2)

September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025

Boston 93.4  % 91.9  % 94.2  % 93.1  %

Los Angeles 90.0  % 86.5  % 91.9  % 87.0  %

New York 87.3  % 83.8  % 92.4  % 89.4  %

San Francisco 81.4  % 77.0  % 84.0  % 79.2  %

Seattle 87.0  % 79.8  % 87.9  % 81.3  %

Washington, DC 92.2  % 91.7  % 93.9  % 93.8  %

Total Portfolio 89.4  % 86.7  % 91.9  % 89.4  %

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

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Oct. 27, 2026

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Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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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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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

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Local phone number for entity.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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- Definition

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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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

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