Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report.

This Quarterly Report on Form 10-Q, including the documents incorporated by reference herein, contain forward-looking statements within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with those safe harbor provisions, in each case, to the extent applicable. The forward-looking statements are contained principally, but not only, under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We caution investors that forward-looking statements are based on current beliefs, expectations of future events and assumptions made by, and information currently available to, our management. When used, the words “anticipate,” “believe,” “budget,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “should,” “will,” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance or occurrences, which may be affected by known and unknown risks, trends, uncertainties and factors that are, in some cases, beyond our control. If one or more of these known or unknown risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you that, while forward-looking statements reflect our good-faith beliefs when we make them, they are not guarantees of future performance or occurrences and are impacted by actual events when they occur after we make such statements. Accordingly, investors should use caution in relying on forward-looking statements, which are based on results, trends and assumptions at the time they are made, to anticipate future results or trends.

The most significant factors that may cause actual results to differ materially from those expressed or implied by the forward-looking statements include the following risks and uncertainties, among others:

• volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions and policy changes related to tariffs, which may directly or indirectly impact us, our current clients and our prospective clients, including their demand for office space, and the costs and availability of construction materials and the economic returns on our construction and development activities;

• volatile or adverse geopolitical conflicts and dislocations in the credit markets could adversely affect economic conditions and/or restrict our access to cost-effective capital, which could have a material adverse effect on our business opportunities, results of operations and financial condition;

• risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments or refinance existing indebtedness, including the impact of higher interest rates on the cost and/or availability of financing and the use of forward interest rate contracts and derivatives and the effectiveness of such arrangements;

• general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on attractive 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);

• failure to integrate acquisitions and developments successfully;

• risks and uncertainties affecting property development and construction;

• the ability of our joint venture partners to satisfy their obligations;

• risks associated with actual or threatened terrorist attacks;

• costs of compliance with the Americans with Disabilities Act and other similar laws;

• potential liability for uninsured losses and environmental contamination;

• risks associated with climate change and severe weather events, as well as the regulatory efforts intended to reduce the effects of climate change;

• risks associated with cyber security breaches, incidents, and compromises, as well as other significant disruptions of our information technology (IT) networks and related systems, which support our operations and our buildings;

• risks associated with legal proceedings and other claims that could result in substantial monetary damages and other costs;

• risks associated with BXP’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”);

• possible adverse changes in tax and environmental laws;

• the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results;

• risks associated with possible state and local tax audits; and

• risks associated with our dependence on key personnel whose continued service is not guaranteed.

Investors are also urged to carefully review the disclosures we make concerning these risks and other factors that may affect our business and operating results, including the risks and uncertainties described in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 including those described under the caption “Risk Factors,” (ii) our subsequent filings under the Exchange Act and (iii) the risk factors set forth in this Form 10-Q in Part II, Item 1A, if any.

Other sections of this report may include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all risk factors, nor can we assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not unduly rely on forward-looking statements as a prediction of actual results. Investors should also refer to our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for future periods and Current Reports on Form 8-K as we file them with the SEC, and to other materials we may furnish to the public from time to time through Current Reports on Form 8-K or otherwise, for a discussion of risks and uncertainties that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. We expressly disclaim any responsibility to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events, or otherwise, and you should not rely upon these forward-looking statements after the date of this report.

Overview

BXP is one of the largest publicly traded office real estate investment trusts (REITs) (based on total market capitalization as of June 30, 2025) in the United States that develops, owns, and manages primarily premier workplaces. Our properties are concentrated in six dynamic gateway markets in the U.S. - Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC.

We generate revenue and cash primarily by leasing premier workplaces to our clients. We consider premier workplaces to be well-located buildings that are modern structures or have been modernized to compete with newer buildings, are professionally managed and maintained, and offer a number and type of amenities that are in high demand by clients that are focused on the importance of the physical work environment in recruiting and retaining the best and brightest employees. As such, these properties attract creditworthy clients and command upper-tier rental rates in their markets. We do not consider the expression “premier workplaces” a classification of our properties in accordance with any standard listing criteria in the real estate industry. We therefore caution investors that our use and definition of “premier workplaces” may be different than the use and definition of similar expressions and traditional classifications that may be used by other companies.

When making leasing decisions, we consider, among other things, the creditworthiness of the client and the industry in which it conducts business, the length of the lease, the rental rate to be paid at inception and throughout the lease term, the amount of any security deposit or letter of credit posted by the client, the costs of tenant improvement allowances, free rent periods and other landlord concessions, anticipated operating expenses and real estate taxes, the date by which we expect to begin revenue recognition for the lease under generally accepted accounting principles (“GAAP”), current and anticipated vacancy in our properties and the market overall (including

sublease space), current and expected future demand for the space, the impact of other clients’ expansion rights and general economic factors.

We believe our key competitive advantages are our commitment to the office asset class and to our clients as many competitors have divested in the sector, a strong balance sheet with access to capital in the secured and unsecured debt markets and the private and public equity markets, and one of the highest quality portfolios of premier workplaces in the U.S. assembled over several decades of intentional development, acquisitions and dispositions. Clients and their advisors are increasingly focused on these attributes for their building owners, which distinguishes BXP among its competitors.

Our core strategy has always been to develop, acquire and manage premier workplaces in gateway markets with high barriers-to-entry and attractive demand drivers and to focus on executing long-term leases with financially strong clients that are diverse across market sectors. We believe this strategy provides a competitive advantage that helps BXP distinguish itself from competitors as our clients are interested in leasing space in vibrant, amenitized and accessible premier workplaces. This interest has accelerated the flight to quality in the office market. Over the past several years, BXP’s experience and performance has diverged from the larger market and media sentiment, as premier workplaces have outperformed the broader office market consistently and substantially in both rental rates achieved and occupancy. We believe this divergence validates our strategy and differentiates BXP from other office companies.

Premier workplaces in our five traditional central business district (“CBD”) markets (Boston, New York, San Francisco, Seattle and Washington, DC) have consistently outperformed the broader office market in those CBDs on several key metrics, including occupancy, net absorption levels, rental rates and landlord concessions. This outperformance is evident in BXP’s portfolio where we derive approximately 89% of our share of annualized rental obligations from predominantly premier workplaces located in CBDs. We define annualized rental obligations as the monthly contractual base rent (excluding percentage rent and rent abatements) and budgeted reimbursements from clients under existing leases as of June 30, 2025, multiplied by twelve. Our share of annualized rental obligations is calculated as the consolidated amount, plus our share of the amount from our unconsolidated joint ventures (calculated based on our economic percentage ownership interest), less our partners’ share of the amount from our consolidated joint ventures (calculated based on the partners’ economic percentage ownership interest). As of June 30, 2025, our CBD assets are 89.9% occupied and 92.5% leased (including vacant space for which we have signed leases that have not yet commenced in accordance with GAAP).

As of June 30, 2025, the weighted-average remaining lease term for (1) our in-place leases, based on square feet, including those signed by our unconsolidated joint ventures but excluding residential units, was approximately 7.8 years, and (2) our 20 largest clients, based on square feet, was approximately 9.9 years.

Outlook

BXP’s leasing activity remains healthy and active across many of our core submarkets, supported by improving corporate sentiment and a continued rebound in office utilization. While conditions vary by region, we are encouraged by the breadth and depth of tenant demand in our premier assets, particularly in our East Coast markets.

Corporate confidence, one of the primary drivers of leasing activity, has been buoyed by several macroeconomic and policy developments. These include the recent passage of H.R. 1, informally known as the One Big Beautiful Bill Act (the “OBBB”), a continued trend toward regulatory easing, geopolitical risk mitigation in select regions, the expected resolution of key U.S. trade and tariff agreements, and the potential for reductions in short-term interest rates. Capital markets are reflecting this improved sentiment, with U.S. equity indices recently reaching new highs and investment-grade credit spreads hovering near 10-year lows. Corporate health remains broadly stable, supported by the constructive business environment and these dynamics are reinforcing business confidence, which in turn supports decision-making around long-term investments, including office space commitments.

In parallel, in-person work behavior continues to trend positively, enhancing demand for high-quality office environments. Over the past two years, there has been a notable shift among large corporations toward increased office attendance requirements, with a growing number moving away from fully remote and hybrid models. These evolving workplace policies have meaningfully contributed to leasing activity in select markets, particularly where premier office space supports employee engagement and productivity.

Return-to-office trends remain strongest in our East Coast markets, particularly in New York City, while our West Coast markets continue to lag, albeit with early signs of increased usage.

We remain focused on leveraging these positive trends by actively engaging with tenants, deploying capital prudently, and positioning our portfolio to meet evolving demand for best-in-class, highly amenitized, and sustainable office environments.

Leasing Activity and Occupancy

Although all the markets in which we operate still need consistent incremental absorption to constitute a macro recovery, we continue to see pockets of strength where low availability is driving constructive client behavior. This is particularly true in our East Coast regions, which account for 77% of our share of annualized rental obligations. As clients choose premier workplaces in sound financial condition with building owners that are committed for the long term to their properties operated by the best property management teams, we expect to continue to be successful in gaining market share.

In the second quarter of 2025, we executed 91 leases totaling more than 1.1 million square feet and having a weighted-average lease term of approximately 9.4 years. Over the last four quarters (i.e., July 1, 2024-June 30, 2025), our leasing volume of approximately 5.7 million square feet was approximately 18% greater than our leasing volume for the previous four quarters (i.e., July 1, 2023-June 30, 2024). We continue to increase the pre-leasing of our development pipeline with approximately 200,000 square feet of development leasing in the second quarter of 2025.

Based on the second quarter leasing results, our current pipeline of transactions under negotiation and possible additional activity, we believe we can achieve our 2025 leasing plan of four million square feet.

We define occupancy as space with signed leases for which lease revenue recognition has commenced in accordance with GAAP. At June 30, 2025, the overall occupancy of our in-service office and retail properties was 86.4%, a decline of 0.5% from March 31, 2025, primarily due to the known expiration of an approximately 360,000 square foot lease in the urban edge of the Boston region.

Including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP, our in-service office and retail properties were approximately 89.1% leased at June 30, 2025. The difference between leased and occupied square footage has grown to 2.7%, which represents approximately 1.3 million square feet of space for which revenue recognition is expected to commence in 2025 and 2026. Approximately 500,000 square feet of the 1.3 million square feet of space is expected to commence in 2025, with the majority of the remaining 800,000 square feet commencing in the latter half of 2026.

An overview of the leasing activity in each of our regions for the three months ended June 30, 2025 is set forth in the table below. Amounts shown are in square feet, except for percentages, and include 100% of the unconsolidated joint venture properties.

												Leases commenced (1)
Region						Leases executed (2)						Total						Second generation space vacant < 1 Year						Change in second generation cash rents, net (3)						Occupancy						Leased (4)
Boston						235,824						389,743						137,748						(0.13)		%				89.7		%				91.2		%
Los Angeles						7,322						59,736						36,972						(48.64)		%				86.3		%				86.9		%
New York						344,170						182,473						88,889						(15.18)		%				84.4		%				90.2		%
San Francisco						159,599						157,520						97,952						(18.71)		%				78.7		%				80.7		%
Seattle						18,556						60,884						—						—		%				84.6		%				85.9		%
Washington, DC						356,350						73,262						43,933						(14.51)		%				90.5		%				92.3		%
Total / Weighted Average						1,121,821						923,618						405,494						(14.27)		%				86.4		%				89.1		%

__________________

(1)Represents space with signed leases for which lease revenue recognition has commenced in accordance with GAAP during the three months ended June 30, 2025.

(2)Represents leases executed during the three months ended June 30, 2025 for which we either (1) commenced lease revenue recognition in such quarter or (2) will commence lease revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total

square feet of leases executed during the three months ended June 30, 2025 for which we recognized lease revenue in the three months ended June 30, 2025 is 155,936.

(3)Represents the increase (decrease) in net rent (gross rent less operating expenses) on the new versus expired leases on the 405,494 square feet of second generation leases that had been occupied within the prior 12 months for the three months ended June 30, 2025.

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

The table below details the vacancy and leasing activity in our portfolio, including 100% of the unconsolidated joint ventures, that commenced revenue recognition during the three and six months ended June 30, 2025:

						Three months ended June 30, 2025						Six months ended June 30, 2025
						(Square Feet)
Vacant space available at the beginning of the period						6,348,177						6,122,074
Vacant space from property dispositions/properties taken out of service (1)						—						(462,680)
Vacant space from properties placed (and partially placed) in-service (2)						55,604						55,604
Leases expiring or terminated during the period						1,079,592						2,703,323
Total space available for lease						7,483,373						8,418,321
1st generation leases						71,334						90,253
2nd generation leases with new clients						648,974						1,037,043
2nd generation lease renewals						203,310						731,270
Total space leased (3)						923,618						1,858,566
Vacant space available for lease at the end of the period						6,559,755						6,559,755
Leases executed during the period (4)						1,121,821						2,240,291
Second generation leasing information: (5)
Leases commencing during the period, in square feet						852,284						1,768,313
Weighted Average Lease Term						80 Months						71 Months
Weighted Average Free Rent Period						160 Days						151 Days
Total Transaction Costs Per Square Foot (6)						$85.84						$79.71
Increase (Decrease) in Gross Rents (7)						(9.67)		%				(2.92)		%
Increase (Decrease) in Net Rents (8)						(14.27)		%				(4.63)		%

__________________

(1)Total square feet from properties taken out of service during the six months ended June 30, 2025 consists of 201,634 square feet at Reservoir Place and 261,046 square feet at Reston Corporate Center.

(2)Total square feet from properties partially placed in-service during the three and six months ended June 30, 2025 consists of 55,604 square feet at 1050 Winter Street.

(3)Represents leases for which lease revenue recognition has commenced in accordance with GAAP during the three and six months ended June 30, 2025.

(4)Represents leases executed during the three and six months ended June 30, 2025 for which we either (1) commenced lease revenue recognition in such period or (2) will commence lease revenue recognition in subsequent periods, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed for which revenue recognition commenced during the three and six months ended June 30, 2025 was 155,936 and 278,031 square feet, respectively.

(5)Second generation leases are defined as leases for space that we have previously leased. Of the 852,284 and 1,768,313 square feet of second generation leases that commenced revenue recognition during the three and six months ended June 30, 2025, respectively, leases for 703,677 and 1,497,611 square feet, respectively, were signed in prior periods.

(6)Total transaction costs include tenant improvements and leasing commissions but exclude free rent concessions and other inducements in accordance with GAAP.

(7)Represents the increase (decrease) in gross rent (base rent plus expense reimbursements) on the new versus expired leases on the 405,494 and 1,026,120 square feet of second generation leases that had been occupied within the prior 12 months for the three and six months ended June 30, 2025, respectively; excludes leases

that management considers temporary because the client is not expected to occupy the space on a long-term basis.

(8)Represents the increase (decrease) in net rent (gross rent less operating expenses) on the new versus expired leases on the 405,494 and 1,026,120 square feet of second generation leases that had been occupied within the prior 12 months for the three and six months ended June 30, 2025, respectively.

Investment Activity

We will be proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. 343 Madison Avenue will be a highly amenitized, sustainably designed, 46-story, 930,000 square foot premier workplace with direct access to Grand Central Station. We have elected to acquire our partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. In addition, we have signed a letter of intent with a prospective client to lease approximately 274,000 square feet, or approximately 30% of the building’s total square footage, and we have other tenant proposals in discussion, underscoring the continued strong demand for the future premier workplace. We believe 343 Madison Avenue represents a strong and significant value creation opportunity for shareholders.

As part of our strategy to use residential entitlements to maximize the value of our land holdings, we are redeveloping 17 Hartwell Avenue, an approximately 30,000 net rentable square feet office property that was recently demolished, into a fully entitled, 312-unit residential property in Lexington, Massachusetts with our joint venture partner. We sold the land at 17 Hartwell Avenue to the joint venture for approximately $21.8 million in cash. We also contributed development costs of approximately $5.6 million for our 20% ownership interest. BXP and BPLP recognized a gain upon sale of the real estate of approximately $18.4 million and $18.5 million, respectively. We will be the development manager for the project. In addition, the joint venture entered into a $98.7 million construction loan that is scheduled to mature on July 10, 2030, and bears interest at a fixed rate of 6.75% per annum. 17 Hartwell Avenue is expected to be completed in mid-2027.

Critical Accounting Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations discuss our Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

Our Annual Report on Form 10-K for the year ended December 31, 2024 contains a discussion of our critical accounting estimates. There have been no significant changes in our critical accounting estimates since the year ended December 31, 2024.

Supplemental United States Federal Income Tax Considerations

The following discussion supplements and updates the disclosures under the heading “United States Federal Income Tax Considerations” in the prospectus dated May 17, 2023, contained in our Registration Statements on Form S-3 (File Nos. 333-272012, 333-272012-01) filed with the Securities and Exchange Commission on May 17, 2023 (the “Existing Tax Disclosure”). Capitalized terms herein that are not otherwise defined shall have the same meaning as when used in the Existing Tax Disclosure.

On July 4, 2025, the OBBB, was enacted. The OBBB makes major changes to the Code, including some provisions of the Code that affect the taxation of REITs and their investors. In particular,

• For taxable years beginning on or after January 1, 2026, the OBBB relaxed the REIT asset test requirement with respect to taxable REIT subsidiaries, providing that not more than 25% (relaxed from 20%) of the gross value of a REIT’s assets may be represented by securities of one or more taxable REIT subsidiaries.

• The OBBB permanently extended the pass-through qualified business income deduction, generally allowing individuals to deduct 20% of the aggregate amount of ordinary REIT dividends distributed by a REIT. This deduction was due to expire for tax years beginning after December 31, 2025.

• The OBBB provides that the highest individual marginal tax rate will not revert from 37% to 39.6% for taxable years beginning after December 31, 2025. The 37% rate is made permanent.

To the extent the information set forth in the Existing Tax Disclosure is inconsistent with this supplemental information, this supplemental information supersedes the information in the Existing Tax Disclosure. This supplemental information is provided on the same basis and subject to the same qualifications as are set forth in the first four paragraphs of the Existing Tax Disclosure as if those paragraphs were set forth in this Quarterly Report on Form 10-Q.

Results of Operations

At June 30, 2025 and 2024, we owned or had joint venture interests in a portfolio of 186 commercial real estate properties (in each case, the “Total Property Portfolio”). As a result of changes within our Total Property Portfolio, the financial data presented below shows significant changes in revenue and expenses from period-to-period. Accordingly, we do not believe that our period-to-period financial data with respect to the Total Property Portfolio provides a complete understanding of our operating results. Therefore, the comparison of operating results for the three and six months ended June 30, 2025 and 2024 show separately the changes attributable to the properties that were owned by us and in-service throughout each period compared (the “Same Property Portfolio”) and the changes attributable to the properties included in the Acquired, Placed In-Service, In or Held for Development or Redevelopment or Sold Portfolios.

In our analysis of operating results, particularly to make comparisons of Net Operating Income (“NOI”) between periods more meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us and in-service through the end of the latest period presented as our Same Property Portfolio. The Same Property Portfolio therefore excludes properties acquired, placed in-service 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.

NOI is a non-GAAP financial measure equal to net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership, as applicable, the most directly comparable GAAP financial measures, plus (1) net income attributable to noncontrolling interests, interest expense, loss from early extinguishment of debt, impairment loss, loss on sales-type lease, depreciation and amortization expense, transaction costs, payroll and related costs from management services contracts and corporate general and administrative expense less (2) unrealized gain (loss) on non-real estate investments, gains from investments in securities, interest and other income (loss), gain on sale of real estate, income (loss) from unconsolidated joint ventures, direct reimbursements of payroll and related costs from management services contracts and development and management services revenue. We use NOI internally as a performance measure and believe it provides useful information to investors regarding our results of operations and financial condition because, when compared across periods, it reflects 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 attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership. 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. NOI presented by us may not be comparable to NOI reported by other REITs or real estate companies that define NOI differently.

We believe that in order to understand our operating results, NOI should be examined in conjunction with net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements. NOI should not be considered as a substitute for net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

Gain on sale of real estate, impairments and depreciation expense may differ between BXP and BPLP as a result of previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of limited partnership interest of BPLP (“OP Units”). This accounting resulted in a step-up of the real estate assets at BXP that was allocated to certain properties. The difference between the

real estate assets of BXP as compared to BPLP for certain properties having an allocation of the real estate step-up will result in a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties. For additional information see the Explanatory Note that immediately follows the cover page of this Quarterly Report on Form 10-Q.

Results of Operations for the Six Months Ended June 30, 2025 and 2024

Net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership decreased by approximately $9.3 million and $11.2 million, respectively, for the six months ended June 30, 2025 compared to 2024, as set forth in the following tables and for the reasons discussed below under the heading “Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The following are reconciliations of (1) Net Income Attributable to BXP, Inc. to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the six months ended June 30, 2025 and 2024. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 51.

BXP

						Six months ended June 30,
						2025						2024						Increase/ (Decrease)						% Change
						(in thousands)
Net Income Attributable to BXP, Inc.						$	150,161					$	159,498					$	(9,337)					(5.85)		%
Net Income Attributable to Noncontrolling Interests:
Noncontrolling interest—common units of the Operating Partnership						17,036						19,009						(1,973)						(10.38)		%
Noncontrolling interests in property partnerships						38,849						35,046						3,803						10.85		%
Net Income						206,046						213,553						(7,507)						(3.52)		%
Other Expenses:
Add:
Interest expense						326,227						311,533						14,694						4.72		%
Loss from early extinguishment of debt						338						—						338						100.00		%
Impairment loss						—						13,615						(13,615)						(100.00)		%
Loss on sales-type lease						2,490						—						2,490						100.00		%
Other Income:
Less:
Unrealized gain (loss) on non-real estate investments						(522)						454						(976)						(214.98)		%
Gains from investments in securities						2,235						2,587						(352)						(13.61)		%
Interest and other income (loss)						15,813						25,317						(9,504)						(37.54)		%
Gain on sale of real estate						18,390						—						18,390						100.00		%
Income (loss) from unconsolidated joint ventures						(5,463)						13,387						(18,850)						(140.81)		%
Other Expenses:
Add:
Depreciation and amortization expense						443,926						438,258						5,668						1.29		%
Transaction costs						1,125						702						423						60.26		%
Payroll and related costs from management services contracts						8,603						8,441						162						1.92		%
General and administrative expense						94,800						94,127						673						0.71		%
Other Revenue:
Less:
Direct reimbursements of payroll and related costs from management services contracts						8,603						8,441						162						1.92		%
Development and management services revenue						18,621						12,506						6,115						48.90		%
Net Operating Income (“NOI”)						$	1,025,878					$	1,017,537					$	8,341					0.82		%

BPLP

						Six months ended June 30,
						2025						2024						Increase/ (Decrease)						% Change
						(in thousands)
Net Income Attributable to Boston Properties Limited Partnership						$	170,702					$	181,907					$	(11,205)					(6.16)		%
Net Income Attributable to Noncontrolling Interests:
Noncontrolling interests in property partnerships						38,849						35,046						3,803						10.85		%
Net Income						209,551						216,953						(7,402)						(3.41)		%
Other Expenses:
Add:
Interest expense						326,227						311,533						14,694						4.72		%
Loss from early extinguishment of debt						338						—						338						100.00		%
Impairment loss						—						13,615						(13,615)						(100.00)		%
Loss on sales-type lease						2,490						—						2,490						100.00		%
Other Income:
Less:
Unrealized gain (loss) on non-real estate investments						(522)						454						(976)						(214.98)		%
Gains from investments in securities						2,235						2,587						(352)						(13.61)		%
Interest and other income (loss)						15,813						25,317						(9,504)						(37.54)		%
Gain on sale of real estate						18,489						—						18,489						100.00		%
Income (loss) from unconsolidated joint ventures						(5,463)						13,387						(18,850)						(140.81)		%
Other Expenses:
Add:
Depreciation and amortization expense						440,520						434,858						5,662						1.30		%
Transaction costs						1,125						702						423						60.26		%
Payroll and related costs from management services contracts						8,603						8,441						162						1.92		%
General and administrative expense						94,800						94,127						673						0.71		%
Other Revenue:
Less:
Direct reimbursements of payroll and related costs from management services contracts						8,603						8,441						162						1.92		%
Development and management services revenue						18,621						12,506						6,115						48.90		%
Net Operating Income (“NOI”)						$	1,025,878					$	1,017,537					$	8,341					0.82		%

Comparison of the six months ended June 30, 2025 to the six months ended June 30, 2024

The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio. The Same Property Portfolio consists of 148 properties totaling approximately 41.4 million net rentable square feet, excluding unconsolidated joint ventures. The Same Property Portfolio includes properties acquired or placed in-service on or prior to January 1, 2024 and owned and in service through June 30, 2025. The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after January 1, 2024 or disposed of on or prior to June 30, 2025. This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the six months ended June 30, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment or sold.

			Same Property Portfolio																								Properties Acquired Portfolio												Properties Placed In-Service Portfolio												Properties in or Held for Development or Redevelopment Portfolio												Properties Sold Portfolio												Total Property Portfolio
			2025						2024						Increase/ (Decrease)						% Change						2025						2024						2025						2024						2025						2024						2025						2024						2025						2024						Increase/ (Decrease)						% Change
			(dollars in thousands)
Rental Revenue: (1)
Lease Revenue (Excluding Termination Income)			$	1,533,936					$	1,512,754					$	21,182					1.40		%				$	15,961					$	15,550					$	35,877					$	9,322					$	5,866					$	14,228					$	(4)					$	614					$	1,591,636					$	1,552,468					$	39,168					2.52		%
Termination Income			1,156						2,735						(1,579)						(57.73)		%				—						—						—						—						—						105						—						—						1,156						2,840						(1,684)						(59.30)		%
Lease Revenue			1,535,092						1,515,489						19,603						1.29		%				15,961						15,550						35,877						9,322						5,866						14,333						(4)						614						1,592,792						1,555,308						37,484						2.41		%
Parking and Other			63,685						64,989						(1,304)						(2.01)		%				785						682						1						20						(65)						67						—						—						64,406						65,758						(1,352)						(2.06)		%
Total Rental Revenue (1)			1,598,777						1,580,478						18,299						1.16		%				16,746						16,232						35,878						9,342						5,801						14,400						(4)						614						1,657,198						1,621,066						36,132						2.23		%
Real Estate Operating Expenses			628,434						604,759						23,675						3.91		%				6,472						6,114						8,732						4,237						7,312						8,827						215						221						651,165						624,158						27,007						4.33		%
Net Operating Income (Loss), Excluding Residential and Hotel			970,343						975,719						(5,376)						(0.55)		%				10,274						10,118						27,146						5,105						(1,511)						5,573						(219)						393						1,006,033						996,908						9,125						0.92		%
Residential Net Operating Income (2)			12,405						13,485						(1,080)						(8.01)		%				—						—						—						—						—						—						—						—						12,405						13,485						(1,080)						(8.01)		%
Hotel Net Operating Income (2)			7,440						7,144						296						4.14		%				—						—						—						—						—						—						—						—						7,440						7,144						296						4.14		%
Net Operating Income (Loss)			$	990,188					$	996,348					$	(6,160)					(0.62)		%				$	10,274					$	10,118					$	27,146					$	5,105					$	(1,511)					$	5,573					$	(219)					$	393					$	1,025,878					$	1,017,537					$	8,341					0.82		%

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(1)Rental Revenue is equal to Revenue less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Revenue per the Consolidated Statements of Operations, excluding the residential and hotel revenue that is noted below. We use Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provide investors with information regarding our performance that is not immediately apparent from the most directly comparable GAAP measures and allows investors to compare operating performance between periods.

(2)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 51. Residential Net Operating Income for the six months ended June 30, 2025 and 2024 is comprised of Residential Revenue of $24,880 and $24,910 less Residential Expenses of $12,475 and $11,425, respectively. Hotel Net Operating Income for the six months ended June 30, 2025 and 2024 is comprised of Hotel Revenue of $24,370 and $22,998 less Hotel Expenses of $16,930 and $15,854, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $21.2 million for the six months ended June 30, 2025 compared to 2024. The increase was a result of our average revenue per square foot increasing by approximately $2.24, contributing approximately $38.5 million, partially offset by approximately $17.3 million due to our average occupancy decreasing from 89.4% to 88.3%.

Termination Income

Termination income decreased by approximately $1.6 million for the six months ended June 30, 2025 compared to 2024.

Termination income for the six months ended June 30, 2025 related to four clients across the Same Property Portfolio and totaled approximately $1.2 million.

Termination income for the six months ended June 30, 2024 related to 17 clients across the Same Property Portfolio and totaled approximately $2.7 million.

Parking and Other Revenue

Parking and other revenue decreased by approximately $1.3 million for the six months ended June 30, 2025 compared to 2024. Other revenue decreased by approximately $2.5 million, partially offset by an increase in parking revenue of approximately $1.2 million. The decrease in other revenue is primarily associated with a decrease in insurance proceeds. The increase in parking revenue was primarily due to an increase in monthly parking.

Real Estate Operating Expenses

Real estate operating expenses from the Same Property Portfolio increased by approximately $23.7 million, or 3.9%, for the six months ended June 30, 2025 compared to 2024, due primarily to increases in (1) repairs and maintenance of approximately $14.2 million, or 13.9% and (2) utilities of approximately $10.1 million, or 16.4%, partially offset by a decrease in other real estate operating expenses of approximately $0.6 million, or 0.1%. The increase in repairs and maintenance was primarily at a property in New York City. The increase in utilities related primarily to properties in our Boston region.

Properties Acquired Portfolio

The table below lists the properties acquired between January 1, 2024 and June 30, 2025. Rental revenue and real estate operating expenses increased by approximately $0.5 million and $0.4 million, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

												Square Feet						Rental Revenue																		Real Estate Operating Expenses
Name						Date acquired									2025						2024						Change						2025						2024						Change
																		(dollars in thousands)
901 New York Avenue						January 8, 2024						508,130						$	16,746					$	16,232					$	514					$	6,472					$	6,114					$	358

Properties Placed In-Service Portfolio

The table below lists the properties that were placed in-service or partially placed in-service between January 1, 2024 and June 30, 2025. Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $26.5 million and $4.5 million, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

						Quarter Initially Placed In-Service						Quarter Fully Placed In-Service												Rental Revenue																		Real Estate Operating Expenses
Name												Square Feet						2025						2024						Change						2025						2024						Change
																								(dollars in thousands)
180 CityPoint						Third Quarter, 2023						Third Quarter, 2024						329,195						$	7,794					$	6,848					$	946					$	3,367					$	2,788					$	579
103 CityPoint						Fourth Quarter, 2023						Fourth Quarter, 2024						112,841						1						1						—						773						376						397
760 Boylston Street						Second Quarter, 2024						Second Quarter, 2024						118,000						4,829						2,323						2,506						598						286						312
Reston Next Office Phase II						Third Quarter, 2024						N/A						87,000						118						—						118						108						—						108
300 Binney Street						Fourth Quarter, 2024						Fourth Quarter, 2024						239,908						22,738						—						22,738						3,142						—						3,142
Reston Next Retail						First Quarter, 2025						N/A						30,000						—						—						—						29						—						29
1050 Winter Street (1)						Second Quarter, 2025						N/A						162,000						398						170						228						715						787						(72)
																		1,078,944						$	35,878					$	9,342					$	26,536					$	8,732					$	4,237					$	4,495

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(1)On July 1, 2025, 1050 Winter Street was fully placed in-service.

Properties in or Held for Development or Redevelopment Portfolio

The table below lists the properties that were in or held for development or redevelopment between January 1, 2024 and June 30, 2025. Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $8.6 million and $1.5 million, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

						Date Commenced Held for Development / Redevelopment												Rental Revenue																		Real Estate Operating Expenses
Name									Square Feet						2025						2024						Change						2025						2024						Change
																		(dollars in thousands)
Held for Development or Redevelopment (1)
Lexington Office Park						March 31, 2023						167,000						$	438					$	509					$	(71)					$	947					$	778					$	169
Shady Grove Innovation District (2)						March 31, 2024						129,000						2						25						(23)						246						407						(161)
1100 Winter Street						September 30, 2024						293,000						1,673						2,118						(445)						1,716						2,202						(486)
Kingstowne One						September 30, 2024						154,000						323						1,175						(852)						696						676						20
Reston Corporate Center						January 1, 2025						261,000						13						6,458						(6,445)						1,177						2,020						(843)
Reservoir Place (3)						March 31, 2025						361,000						3,352						4,115						(763)						2,356						2,657						(301)
												1,365,000						5,801						14,400						(8,599)						7,138						8,740						(1,602)
Redevelopment
171 Dartmouth Street						March 28, 2024						N/A						—						—						—						174						87						87
												—						—						—						—						174						87						87
												1,365,000						$	5,801					$	14,400					$	(8,599)					$	7,312					$	8,827					$	(1,515)

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(1)These properties are no longer considered “in-service” because each property’s occupied percentage is less than 50% and we anticipate a future development/redevelopment of the property. A property will be considered held for development or redevelopment until the last client has vacated the property and the property is no longer revenue producing.

(2)This portion of Shady Grove Innovation District is comprised of two buildings, 2098 Gaither Road and 15825 Shady Grove Road.

(3)Reservoir Place is an approximately 526,000 square foot office building, of which approximately 165,000 square feet remains in-service. Rental revenue for the six months ended June 30, 2024 includes approximately $0.1 million of termination income.

Properties Sold Portfolio

The table below lists the properties we sold between January 1, 2024 and June 30, 2025. Rental revenue and real estate operating expenses from our Properties Sold Portfolio decreased by approximately $0.6 million and $6,000, respectively, for the six months ended June 30, 2025 compared to 2024, as detailed below.

																								Rental Revenue																		Real Estate Operating Expenses
Name						Date Sold						Property Type						Square Feet						2025						2024						Change						2025						2024						Change
																								(dollars in thousands)
17 Hartwell Avenue (1)						June 27, 2025						Office						30,000						$	(4)					$	614					$	(618)					$	215					$	221					$	(6)

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(1)During the six months ended June 30, 2024, this property was removed from our “in-service” properties listing and classified as held for redevelopment (See Notes 3 and 5 to the Consolidated financial Statements).

Residential Net Operating Income

Net operating income for our residential same properties decreased by approximately $1.1 million for the six months ended June 30, 2025 compared to 2024.

The following reflects our occupancy and rate information, by region, for our residential same properties for the six months ended June 30, 2025 and 2024.

						Average Monthly Rental Rate (1)												Average Rental Rate Per Occupied Square Foot												Average Physical Occupancy (2)												Average Economic Occupancy (3)
Region						2025			2024			Change (%)						2025			2024			Change (%)						2025			2024			Change (%)						2025			2024			Change (%)
Boston						$	3,584		$	3,453		3.8		%				$	5.70		$	5.50		3.6		%				95.9		%	95.4		%	0.5		%				95.6		%	95.1		%	0.5		%
San Francisco						$	3,055		$	3,113		(1.9)		%				$	3.84		$	3.92		(2.0)		%				90.1		%	87.5		%	3.0		%				88.6		%	86.0		%	3.0		%
Washington, DC						$	3,043		$	2,798		8.8		%				$	3.14		$	2.88		9.0		%				94.9		%	95.8		%	(0.9)		%				94.8		%	95.8		%	(1.0)		%

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(1)Average Monthly Rental Rate is calculated 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.

(2)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.

(3)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. Market Rents used by us in calculating Economic Occupancy are based on the current market rates set by the managers of our residential properties based on their experience in renting their residential property’s units and publicly available market data. Actual market rents and trends in such rents for a region as reported by others may vary materially from Market Rents used by us. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Hotel Net Operating Income

The Boston Marriott Cambridge hotel had net operating income of approximately $7.4 million for the six months ended June 30, 2025, representing an increase of approximately $0.3 million compared to the six months ended June 30, 2024.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the six months ended June 30, 2025 and 2024.

						2025						2024						Change (%)
Occupancy						78.8		%				75.8		%				4.0		%
Average daily rate						$	318.90					$	317.26					0.5		%
REVPAR						$	251.45					$	240.50					4.6		%

Other Operating Revenue and Expense Items

Development and Management Services Revenue

Development and management services revenue increased by approximately $6.1 million for the six months ended June 30, 2025 compared to 2024. Development services revenue and management services revenue increased by approximately $2.8 million and $3.3 million, respectively. The increase in development services revenue was primarily related to an increase in fees associated with a tenant improvement project in the Boston region. The increase in management services revenue was primarily related to a leasing commission earned from an unconsolidated joint venture in New York City.

General and Administrative Expense

General and administrative expense increased by approximately $0.7 million for the six months ended June 30, 2025 compared to 2024 primarily due to increases in other general and administrative expenses.

Wages directly related to the development of rental properties are capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the applicable asset or lease term. Capitalized wages for each of the six months ended June 30, 2025 and 2024 were approximately $9.2 million and $8.9 million, respectively. These costs are not included in the general and administrative expenses discussed above.

Transaction Costs

Transaction costs increased by approximately $0.4 million for the six months ended June 30, 2025 compared to 2024. In general, transaction costs relating to the formation of new joint ventures and the pursuit of other transactions are expensed as incurred.

Depreciation and Amortization Expense

BXP

Depreciation and amortization expense increased by approximately $5.7 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio						Depreciation and Amortization for the six months ended June 30,
2025						2024						Change
						(in thousands)
Same Property Portfolio						$	422,107					$	423,089					$	(982)
Properties Acquired Portfolio						7,180						7,117						63
Properties Placed In-Service Portfolio						10,462						3,681						6,781
Properties in or Held for Development or Redevelopment Portfolio						4,139						4,318						(179)
Properties Sold Portfolio						38						53						(15)
						$	443,926					$	438,258					$	5,668

BPLP

Depreciation and amortization expense increased by approximately $5.7 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio						Depreciation and Amortization for the six months ended June 30,
2025						2024						Change
						(in thousands)
Same Property Portfolio						$	418,701					$	419,689					$	(988)
Properties Acquired Portfolio						7,180						7,117						63
Properties Placed In-Service Portfolio						10,462						3,681						6,781
Properties in or Held for Development or Redevelopment Portfolio						4,139						4,318						(179)
Properties Sold Portfolio						38						53						(15)
						$	440,520					$	434,858					$	5,662

Direct Reimbursements of Payroll and Related Costs From Management Services Contracts and Payroll and Related Costs From Management Service Contracts

We have determined that amounts reimbursed for payroll and related costs received from third parties in connection with management services contracts should be reflected on a gross basis instead of on a net basis as we have determined that we are the principal under these arrangements. We anticipate that these two financial statement line items will generally offset each other.

Other Income and Expense Items

Income (Loss) from Unconsolidated Joint Ventures

For the six months ended June 30, 2025 compared to 2024, income (loss) from unconsolidated joint ventures decreased by approximately $18.9 million primarily due to an approximately $21.8 million gain recognized from acquiring our joint venture partner’s economic ownership interest in 901 New York Avenue during the six months ended June 30, 2024, which did not recur during the six months ended June 30, 2025. The decrease is partially offset by a decrease in depreciation expense resulting from an other-than-temporary impairment loss on our investments recognized in 2024.

Gain on Sale of Real Estate

BXP

Gain on sale of real estate increased by approximately $18.4 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Name						Date Sold						Property Type						Square Feet						Gross Sale Price						Net Cash Proceeds						Gain on Sale of Real Estate
																								(dollars in thousands)
17 Hartwell Avenue (1)						June 27, 2025						Office						30,000						$	21,840					$	21,840					$	18,390

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(1)See Notes 3 and 5 to the Consolidated Financial Statements.

BPLP

Gain on sale of real estate increased by approximately $18.5 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Name						Date Sold						Property Type						Square Feet						Gross Sale Price						Net Cash Proceeds						Gain on Sale of Real Estate
																								(dollars in thousands)
17 Hartwell Avenue (1)						June 27, 2025						Office						30,000						$	21,840					$	21,840					$	18,489

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(1)See Notes 3 and 5 to the Consolidated Financial Statements.

Interest and Other Income (Loss)

Interest and other income (loss) decreased by approximately $9.5 million for the six months ended June 30, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income.

Gains from Investments in Securities

Gains from investments in securities for the six months ended June 30, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors. Under their respective deferred compensation plans, eligible officers and non-employee directors are permitted to defer a portion of their current compensation on a pre-tax basis and receive a tax-deferred return on the amounts deferred based on the performance of specific investments selected by participating officers and non-employee directors. In order to reduce our market risk relating to these plans, we typically acquire, in a separate account that is not restricted as to its use, similar or identical investments as those selected by each officer or non-employee director. This enables us to generally match our liabilities to participants under our deferred compensation plans with equivalent assets and thereby limit our market risk. The performance of these investments is recorded as gains from investments in securities. During the six months ended June 30, 2025 and 2024, we recognized gains of approximately $2.2 million and $2.6 million, respectively, on these investments. By comparison, our general and administrative expense decreased by approximately $2.2 million and $2.6 million during the six months ended June 30, 2025 and 2024, respectively, as a result of decreases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain (Loss) on Non-Real Estate Investments

We invest in non-real estate investments, which are primarily environmentally-focused investment funds. As a result, during the six months ended June 30, 2025 and 2024, we recognized an unrealized gain (loss) of approximately $(0.5) million and $0.5 million, respectively, due to the observable changes in the fair value of the investments.

Loss on Sales-Type Lease

During the six months ended June 30, 2025, we recognized approximately $2.5 million in additional costs, which had previously been contingent, related to a ground lease for land at our Reston Next property located in Reston, Virginia. We entered into the ground lease in 2020 with a third-party hotel developer and amended it in 2022. The amendment resulted in the derecognition of the assets related to the ground lease and the classification of the ground lease as a sales-type lease resulting in the recognition of a gain on sales-type lease of approximately $10.1 million.

Impairment Loss

At March 31, 2024, we evaluated the expected hold period for a portion of our Shady Grove property, located in Rockville, Maryland, consisting of 2 Choke Cherry Road, 2094 Gaither Road and a land parcel. Based on a shorter-than-expected hold period, we reduced the carrying value of a portion of the property that we anticipate selling to a third-party developer to its estimated fair value at March 31, 2024. As a result, each of BXP and BPLP recognized an impairment loss of approximately $13.6 million. Our estimated fair value was based on Level 3 inputs as defined in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures” and on a pending offer from a third party.

Loss From Early Extinguishment of Debt

On March 28, 2025, BPLP amended and restated its revolving credit agreement (See Note 6 to the Consolidated Financial Statements). In connection with the amendment and restatement, we recognized a loss from early extinguishment of debt of approximately $0.3 million related to unamortized origination costs during the six months ended June 30, 2025.

Interest Expense

Interest expense increased by approximately $14.7 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Component						Change in interest expense for the six months ended June 30, 2025 compared to June 30, 2024
						(in thousands)
Increases to interest expense due to:
Issuance of $850 million in aggregate principal of 5.750% senior notes due 2035 on August 26, 2024						$	24,450
Unsecured commercial paper						9,884
Increase in interest due to finance leases						8,621
Total increases to interest expense						42,955
Decreases to interest expense due to:
Repayment of $850 million in aggregate principal of the 3.200% senior notes due 2025 on January 15, 2025						(12,700)
Mortgage loan financings (1)						(5,991)
Decrease in interest associated with unsecured term loans and the unsecured credit facility, net (1)						(3,487)
Increase in capitalized interest related to development projects						(2,748)
Redemption of $700 million in aggregate principal of 3.800% senior notes due 2024 on February 1, 2024						(2,237)
Amortization expense of financing fees						(948)
Other interest expense (excluding senior notes)						(150)
Total decreases to interest expense						(28,261)
Total change in interest expense						$	14,694

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(1)Includes, if applicable, fair value and swap adjustments (See Note 7 to the Consolidated Financial Statements).

Interest expense directly related to the development of rental properties is capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the real estate or lease term. As portions of properties are placed in-service, we cease capitalizing interest on that portion and interest is then expensed. Interest capitalized for the six months ended June 30, 2025 and 2024 was approximately $22.5 million and $19.7 million, respectively. These costs are not included in the interest expense referenced above.

At June 30, 2025, our variable rate debt consisted of (1) BPLP’s $2.95 billion unsecured credit facility (“2025 Credit Facility”) and (2) BPLP’s $750.0 million unsecured commercial paper (“Commercial Paper Program”). The 2025 Credit Facility consists of (1) a revolving line of credit (the “Revolving Facility”) of $2.25 billion and (2) an unsecured term loan facility (the “Term Loan Facility”) of $700.0 million. As of June 30, 2025, there were $885.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have the $100.0 million unsecured term loan facility (“2024 Unsecured Term Loan”) and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bore interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term.

For a summary of our consolidated debt as of June 30, 2025 refer to the heading “Liquidity and Capital Resources—Debt” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Noncontrolling Interests in Property Partnerships

Noncontrolling interests in property partnerships increased by approximately $3.8 million for the six months ended June 30, 2025 compared to 2024, as detailed below.

Property						Noncontrolling Interests in Property Partnerships for the six months ended June 30,
2025						2024						Change
						(in thousands)
767 Fifth Avenue (the General Motors Building) (1)						$	4,800					$	6,288					$	(1,488)
7 Times Square (formerly Times Square Tower) (2)						7,120						10,325						(3,205)
601 Lexington Avenue (3)						5,666						4,442						1,224
100 Federal Street						5,725						5,675						50
Atlantic Wharf Office Building						7,750						8,044						(294)
343 Madison Avenue (4)						(1)						6						(7)
300 Binney Street (5)						7,132						135						6,997
290 Binney Street (6)						657						131						526
						$	38,849					$	35,046					$	3,803

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(1)The decrease was primarily attributable to an increase in repairs and maintenance expense.

(2)The decrease was primarily attributable to a decrease in lease revenue from our clients.

(3)The increase was primarily attributable to an increase in lease revenue from our clients.

(4)Property is held for future development (See Note 14 to the Consolidated Financial Statements).

(5)Property was fully placed in service on October 31, 2024.

(6)Property is currently in development.

Noncontrolling Interest—Common Units of the Operating Partnership

For BXP, noncontrolling interest—common units of the Operating Partnership decreased by approximately $2.0 million for the six months ended June 30, 2025 compared to 2024 due to a decrease in allocable income as well as a decrease in the noncontrolling interest’s ownership percentage. Due to our ownership structure, there is no corresponding line item on BPLP’s financial statements.

Results of Operations for the Three Months Ended June 30, 2025 and 2024

Net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership increased approximately $9.4 million and $10.0 million, respectively, for the three months ended June 30, 2025 compared to 2024, as detailed in the following tables and for the reasons discussed below under the heading “Comparison of the three months ended June 30, 2025 to the three months ended June 30, 2024” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The following are reconciliations of (1) Net Income Attributable to BXP, Inc. to NOI and (2) Net Income Attributable to Boston Properties Limited Partnership to NOI for the three months ended June 30, 2025 and 2024. For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 51.

BXP

						Three months ended June 30,
						2025						2024						Increase/ (Decrease)						% Change
						(in thousands)
Net Income Attributable to BXP, Inc.						$	88,977					$	79,615					$	9,362					11.76		%
Net Income Attributable to Noncontrolling Interests:
Noncontrolling interest—common units of the Operating Partnership						10,064						9,509						555						5.84		%
Noncontrolling interests in property partnerships						20,100						17,825						2,275						12.76		%
Net Income						119,141						106,949						12,192						11.40		%
Other Expenses:
Add:
Interest expense						162,783						149,642						13,141						8.78		%
Loss from unconsolidated joint ventures						3,324						5,799						(2,475)						(42.68)		%
Other Income:
Less:
Unrealized gain (loss) on non-real estate investments						(39)						58						(97)						(167.24)		%
Gains from investments in securities						2,600						315						2,285						725.40		%
Interest and other income (loss)						8,063						10,788						(2,725)						(25.26)		%
Gain on sale of real estate						18,390						—						18,390						100.00		%
Other Expenses:
Add:
Depreciation and amortization expense						223,819						219,542						4,277						1.95		%
Transaction costs						357						189						168						88.89		%
Payroll and related costs from management services contracts						4,104						4,148						(44)						(1.06)		%
General and administrative expense						42,516						44,109						(1,593)						(3.61)		%
Other Revenue:
Less:
Direct reimbursements of payroll and related costs from management services contracts						4,104						4,148						(44)						(1.06)		%
Development and management services revenue						8,846						6,352						2,494						39.26		%
Net Operating Income (“NOI”)						$	514,080					$	508,717					$	5,363					1.05		%

BPLP

						Three months ended June 30,
						2025						2024						Increase/ (Decrease)						% Change
						(in thousands)
Net Income Attributable to Boston Properties Limited Partnership						$	100,843					$	90,827					$	10,016					11.03		%
Net Income Attributable to Noncontrolling Interests:
Noncontrolling interests in property partnerships						20,100						17,825						2,275						12.76		%
Net Income						120,943						108,652						12,291						11.31		%
Other Expenses:
Add:
Interest expense						162,783						149,642						13,141						8.78		%
Loss from unconsolidated joint ventures						3,324						5,799						(2,475)						(42.68)		%
Other Income:
Less:
Unrealized gain (loss) on non-real estate investments						(39)						58						(97)						(167.24)		%
Gains from investments in securities						2,600						315						2,285						725.40		%
Interest and other income (loss)						8,063						10,788						(2,725)						(25.26)		%
Gain on sale of real estate						18,489						—						18,489						100.00		%
Other Expenses:
Add:
Depreciation and amortization expense						222,116						217,839						4,277						1.96		%
Transaction costs						357						189						168						88.89		%
Payroll and related costs from management services contracts						4,104						4,148						(44)						(1.06)		%
General and administrative expense						42,516						44,109						(1,593)						(3.61)		%
Other Revenue:
Less:
Direct reimbursements of payroll and related costs from management services contracts						4,104						4,148						(44)						(1.06)		%
Development and management services revenue						8,846						6,352						2,494						39.26		%
Net Operating Income (“NOI”)						$	514,080					$	508,717					$	5,363					1.05		%

Comparison of the three months ended June 30, 2025 to the three months ended June 30, 2024

The table below shows selected operating information for the Same Property Portfolio and the Total Property Portfolio. The Same Property Portfolio consists of 149 properties totaling approximately 41.9 million net rentable square feet, excluding unconsolidated joint ventures. The Same Property Portfolio includes properties acquired or placed in-service on or prior to April 1, 2024 and owned and in-service through June 30, 2025. The Total Property Portfolio includes the effects of the other properties either acquired, placed in-service, in or held for development or redevelopment after April 1, 2024 or disposed of on or prior to June 30, 2025. This table includes a reconciliation from the Same Property Portfolio to the Total Property Portfolio by also providing information for the three months ended June 30, 2025 and 2024 with respect to the properties that were acquired, placed in-service, in or held for development or redevelopment or sold. We did not acquire any properties during the three months ended June 30, 2025 and 2024.

			Same Property Portfolio																														Properties Placed In-Service Portfolio												Properties in or Held for Development or Redevelopment Portfolio												Properties Sold Portfolio												Total Property Portfolio
			2025						2024						Increase/ (Decrease)						% Change																		2025						2024						2025						2024						2025						2024						2025						2024						Increase/ (Decrease)						% Change
			(dollars in thousands)
Rental Revenue: (1)
Lease Revenue (Excluding Termination Income)			$	772,244					$	764,427					$	7,817					1.02		%																$	18,143					$	6,179					$	2,449					$	7,030					$	—					$	144					$	792,836					$	777,780					$	15,056					1.94		%
Termination Income			909						736						173						23.51		%																—						—						—						105						—						—						909						841						68						8.09		%
Lease Revenue			773,153						765,163						7,990						1.04		%																18,143						6,179						2,449						7,135						—						144						793,745						778,621						15,124						1.94		%
Parking and Other Revenue			34,448						34,274						174						0.51		%																1						20						8						29						—						—						34,457						34,323						134						0.39		%
Total Rental Revenue (1)			807,601						799,437						8,164						1.02		%																18,144						6,199						2,457						7,164						—						144						828,202						812,944						15,258						1.88		%
Real Estate Operating Expenses			318,079						309,486						8,593						2.78		%																4,148						2,099						3,159						4,004						98						98						325,484						315,687						9,797						3.10		%
Net Operating Income (Loss), Excluding Residential and Hotel			489,522						489,951						(429)						(0.09)		%																13,996						4,100						(702)						3,160						(98)						46						502,718						497,257						5,461						1.10		%
Residential Net Operating Income (2)			5,954						6,487						(533)						(8.22)		%																—						—						—						—						—						—						5,954						6,487						(533)						(8.22)		%
Hotel Net Operating Income (2)			5,408						4,973						435						8.75		%																—						—						—						—						—						—						5,408						4,973						435						8.75		%
Net Operating Income (Loss)			$	500,884					$	501,411					$	(527)					(0.11)		%																$	13,996					$	4,100					$	(702)					$	3,160					$	(98)					$	46					$	514,080					$	508,717					$	5,363					1.05		%

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(1)Rental Revenue is equal to Revenue less Development and Management Services Revenue and Direct Reimbursements of Payroll and Related Costs from Management Services Revenue per the Consolidated Statements of Operations, excluding the residential and hotel revenue that is noted below. We use Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provide investors with information regarding our performance that is not immediately apparent from the most directly comparable GAAP measures and allows investors to compare operating performance between periods.

(2)For a detailed discussion of NOI, including the reasons management believes NOI is useful to investors, see page 51. Residential Net Operating Income for the three months ended June 30, 2025 and 2024 is comprised of Residential Revenue of $12,532 and $12,226 less Residential Expenses of $6,578 and $5,739, respectively. Hotel Net Operating Income for the three months ended June 30, 2025 and 2024 is comprised of Hotel Revenue of $14,773 and $14,812 less Hotel Expenses of $9,365 and $9,839, respectively, per the Consolidated Statements of Operations.

Same Property Portfolio

Lease Revenue (Excluding Termination Income)

Lease revenue (excluding termination income) from the Same Property Portfolio increased by approximately $7.8 million for the three months ended June 30, 2025 compared to 2024. The increase was a result of our average revenue per square foot increasing by approximately $1.72, contributing approximately $14.6 million, partially offset by approximately $6.8 million due to our average occupancy decreasing from 88.9% to 88.1%.

Termination Income

Termination income increased by approximately $0.2 million for the three months ended June 30, 2025 compared to 2024.

Termination income for the three months ended June 30, 2025 related to three clients across the Same Property Portfolio and totaled approximately $0.9 million.

Termination income for the three months ended June 30, 2024 related to eight clients across the Same Property Portfolio and totaled approximately $0.7 million.

Parking and Other Revenue

Parking and other revenue increased by approximately $0.2 million for the three months ended June 30, 2025 compared to 2024. Parking revenue increased by approximately $0.9 million, partially offset by a decrease in other revenue of approximately $0.7 million. The increase in parking revenue was primarily due to an increase in transient and monthly parking. The decrease in other revenue is primarily associated with a decrease in insurance proceeds.

Real Estate Operating Expenses

Real estate operating expenses from the Same Property Portfolio increased by approximately $8.6 million, or 2.8%, for the three months ended June 30, 2025 compared to 2024, due primarily to an increase in repairs and maintenance of approximately $9.3 million, or 16.7%, offset by a decrease in other real estate operating expenses of approximately $0.7 million, or 0.3%. The increase in repairs and maintenance was primarily at a property in New York City.

Properties Placed In-Service Portfolio

The table below lists the properties that were placed in-service or partially placed in-service between April 1, 2024 and June 30, 2025. Rental revenue and real estate operating expenses from our Properties Placed In-Service Portfolio increased by approximately $11.9 million and $2.0 million, respectively, for the three months ended June 30, 2025 compared to 2024, as detailed below.

						Quarter Initially Placed In-Service						Quarter Fully Placed In-Service												Rental Revenue																		Real Estate Operating Expenses
Name												Square Feet						2025						2024						Change						2025						2024						Change
																								(dollars in thousands)
180 CityPoint						Third Quarter, 2023						Third Quarter, 2024						329,195						$	3,865					$	3,774					$	91					$	1,598					$	1,399					$	199
103 CityPoint						Fourth Quarter, 2023						Fourth Quarter, 2024						112,841						1						1						—						342						115						227
760 Boylston Street						Second Quarter, 2024						Second Quarter, 2024						118,000						2,417						2,284						133						303						235						68
Reston Next Office Phase II						Third Quarter, 2024						N/A						87,000						61						—						61						55						—						55
300 Binney Street						Fourth Quarter, 2024						Fourth Quarter, 2024						239,908						11,433						—						11,433						1,510						—						1,510
Reston Next Retail						First Quarter, 2025						N/A						30,000						—						—						—						16						—						16
1050 Winter Street (1)						Second Quarter, 2025						N/A						162,000						367						140						227						324						350						(26)
																		1,078,944						$	18,144					$	6,199					$	11,945					$	4,148					$	2,099					$	2,049

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(1)On July 1, 2025, 1050 Winter Street was fully placed in-service.

Properties in or Held for Development or Redevelopment Portfolio

The table below lists the properties that were in or held for development or redevelopment between April 1, 2024 and June 30, 2025. Rental revenue and real estate operating expenses from our Properties in or Held for Development or Redevelopment Portfolio decreased by approximately $4.7 million and $0.8 million, respectively, for the three months ended June 30, 2025 compared to 2024, as detailed below.

						Date Commenced Held for Development / Redevelopment												Rental Revenue																		Real Estate Operating Expenses
Name									Square Feet						2025						2024						Change						2025						2024						Change
																		(dollars in thousands)
Held for Development or Redevelopment (1)
Lexington Office Park						March 31, 2023						167,000						$	227					$	252					$	(25)					$	378					$	361					$	17
15825 Shady Grove Road						March 31, 2024						79,000						—						60						(60)						68						105						(37)
1100 Winter Street						September 30, 2024						293,000						842						1,055						(213)						799						1,015						(216)
Kingstowne One						September 30, 2024						154,000						(89)						584						(673)						305						308						(3)
Reston Corporate Center						January 1, 2025						261,000						—						3,183						(3,183)						497						964						(467)
Reservoir Place (2)						March 31, 2025						361,000						1,477						2,030						(553)						1,112						1,251						(139)
												1,315,000						$	2,457					$	7,164					$	(4,707)					$	3,159					$	4,004					$	(845)

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(1)These properties are no longer considered “in-service” because each property’s occupied percentage is less than 50% and we anticipate a future development/redevelopment of the property. A property will be considered held for development or redevelopment until the last client has vacated the property and the property is no longer revenue producing.

(2)Reservoir Place is an approximately 526,000 square foot office building, of which approximately 165,000 square feet remains in-service. Rental revenue for the three months ended June 30, 2024 includes approximately $0.1 million of termination income.

Properties Sold Portfolio

The table below lists the properties we sold between April 1, 2024 and June 30, 2025. Rental revenue from our Properties Sold Portfolio decreased by approximately $0.1 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

																								Rental Revenue																		Real Estate Operating Expenses
Name						Date Sold						Property Type						Square Feet						2025						2024						Change						2025						2024						Change
																								(dollars in thousands)
17 Hartwell Avenue (1)						June 27, 2025						Office						30,000						$	—					$	144					$	(144)					$	98					$	98					$	—

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(1)During the three months ended June 30, 2024, this property was removed from our “in-service” properties listing and classified as held for redevelopment (See Notes 3 and 5 to the Consolidated financial Statements).

Residential Net Operating Income

Net operating income for our residential same properties decreased by approximately $0.5 million for the three months ended June 30, 2025 compared to 2024.

The following reflects our occupancy and rate information, by region, for our residential same properties for the three months ended June 30, 2025 and 2024.

						Average Monthly Rental Rate (1)												Average Rental Rate Per Occupied Square Foot												Average Physical Occupancy (2)												Average Economic Occupancy (3)
Region						2025			2024			Change (%)						2025			2024			Change (%)						2025			2024			Change (%)						2025			2024			Change (%)
Boston						$	3,594		$	3,493		2.9		%				$	5.70		$	5.57		2.3		%				96.3		%	95.9		%	0.4		%				96.2		%	95.8		%	0.4		%
San Francisco						$	2,996		$	3,061		(2.1)		%				$	3.76		$	3.86		(2.6)		%				89.6		%	87.1		%	2.9		%				87.9		%	85.3		%	3.0		%
Washington, DC						$	3,045		$	2,822		7.9		%				$	3.14		$	2.90		8.3		%				95.7		%	96.0		%	(0.3)		%				95.6		%	96.1		%	(0.5)		%

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(1)Average Monthly Rental Rate is calculated 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.

(2)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.

(3)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. “Market Rents” used by us in calculating Average Economic Occupancy are based on the current market rates set by the managers of our residential properties based on their experience in renting their residential property’s units and publicly available market data. Actual market rents and trends in such rents for a region as reported by others may vary materially from Market Rents used by us. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Hotel Net Operating Income

The Boston Marriott Cambridge hotel had net operating income of approximately $5.4 million for the three months ended June 30, 2025, representing an increase of approximately $0.4 million compared to the three months ended June 30, 2024.

The following reflects our occupancy and rate information for the Boston Marriott Cambridge hotel for the three months ended June 30, 2025 and 2024.

						2025						2024						Change (%)
Occupancy						82.8		%				80.6		%				2.7		%
Average daily rate						$	373.26					$	372.29					0.3		%
REVPAR						$	308.90					$	299.94					3.0		%

Other Operating Revenue and Expense Items

Development and Management Services Revenue

Development and management services revenue increased by approximately $2.5 million for the three months ended June 30, 2025 compared to 2024. Development services revenue and management services revenue increased by approximately $1.5 million and $1.0 million, respectively. The increase in development services revenue was primarily related to an increase in fees associated with a tenant improvement project in the Boston region. The increase in management services revenue was primarily related to management fees earned from third-party owned buildings.

General and Administrative Expense

General and administrative expense decreased by approximately $1.6 million for the three months ended June 30, 2025 compared to 2024 primarily due to decreases in compensation expense of approximately $2.8 million, partially offset by an approximately $1.2 million increase in other general and administrative expenses. The decrease in compensation expense primarily related to an approximately $5.1 million decrease in compensation expenses that was primarily related to age-based vesting and partially offset by an approximately $2.3 million increase in the value of our deferred compensation plan.

Wages directly related to the development of rental properties are capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the applicable asset or lease term. Capitalized wages for the three months ended June 30, 2025 and 2024 were approximately $4.7 million and $4.8 million, respectively. These costs are not included in the general and administrative expenses discussed above.

Transaction Costs

Transaction costs increased by approximately $0.2 million for the three months ended June 30, 2025 compared to 2024. In general, transaction costs relating to the formation of new joint ventures and the pursuit of other transactions are expensed as incurred.

Depreciation and Amortization Expense

BXP

Depreciation and amortization expense increased by approximately $4.3 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio						Depreciation and Amortization for the three months ended June 30,
2025						2024						Change
						(in thousands)
Same Property Portfolio						$	216,385					$	215,357					$	1,028
Properties Placed In-Service Portfolio						5,372						2,064						3,308
Properties in or Held for Development or Redevelopment Portfolio						2,043						2,098						(55)
Properties Sold Portfolio						19						23						(4)
						$	223,819					$	219,542					$	4,277

BPLP

Depreciation and amortization expense increased by approximately $4.3 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Portfolio						Depreciation and Amortization for the three months ended June 30,
2025						2024						Change
						(in thousands)
Same Property Portfolio						$	214,682					$	213,654					$	1,028
Properties Placed In-Service Portfolio						5,372						2,064						3,308
Properties in or Held for Development or Redevelopment Portfolio						2,043						2,098						(55)
Properties Sold Portfolio						19						23						(4)
						$	222,116					$	217,839					$	4,277

Direct Reimbursements of Payroll and Related Costs From Management Services Contracts and Payroll and Related Costs From Management Service Contracts

We have determined that amounts reimbursed for payroll and related costs received from third parties in connection with management services contracts should be reflected on a gross basis instead of on a net basis as we have determined that we are the principal under these arrangements. We anticipate that these two financial statement line items will generally offset each other.

Other Income and Expense Items

Loss from Unconsolidated Joint Ventures

For the three months ended June 30, 2025 compared to 2024, loss from unconsolidated joint ventures decreased by approximately $2.5 million primarily due to a decrease in depreciation expense resulting from an other-than-temporary impairment loss on our investments recognized in 2024.

Gain on Sale of Real Estate

BXP

Gain on sale of real estate increased by approximately $18.4 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Name						Date Sold						Property Type						Square Feet						Gross Sale Price						Net Cash Proceeds						Gain on Sale of Real Estate
																								(dollars in thousands)
17 Hartwell Avenue (1)						June 27, 2025						Office						30,000						$	21,840					$	21,840					$	18,390

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(1)See Notes 3 and 5 to the Consolidated Financial Statements.

BPLP

Gain on sale of real estate increased by approximately $18.5 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Name						Date Sold						Property Type						Square Feet						Gross Sale Price						Net Cash Proceeds						Gain on Sale of Real Estate
																								(dollars in thousands)
17 Hartwell Avenue (1)						June 27, 2025						Office						30,000						$	21,840					$	21,840					$	18,489

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(1)See Notes 3 and 5 to the Consolidated Financial Statements.

Interest and Other Income (Loss)

Interest and other income (loss) decreased by approximately $2.7 million for the three months ended June 30, 2025 compared to 2024, due primarily to a decrease in our outstanding cash balances and corresponding lower interest income.

Gains from Investments in Securities

Gains from investments in securities for the three months ended June 30, 2025 and 2024 related to investments that we have made to reduce our market risk relating to deferred compensation plans that we maintain for BXP’s officers and former non-employee directors. Under their respective deferred compensation plans, eligible officers and non-employee directors are permitted to defer a portion of their current compensation on a pre-tax basis and receive a tax-deferred return on the amounts deferred based on the performance of specific investments selected by participating officers and non-employee directors. In order to reduce our market risk relating to these plans, we typically acquire, in a separate account that is not restricted as to its use, similar or identical investments as those selected by each officer or non-employee director. This enables us to generally match our liabilities to participants under our deferred compensation plans with equivalent assets and thereby limit our market risk. The performance of these investments is recorded as gains from investments in securities. During the three months ended June 30, 2025 and 2024, we recognized gains of approximately $2.6 million and $0.3 million, respectively, on these investments. By comparison, our general and administrative expense increased by approximately $2.6 million and $0.3 million during the three months ended June 30, 2025 and 2024, respectively, as a result of increases in our liability under our deferred compensation plans that was associated with the performance of the specific investments selected by participating officers and former non-employee directors of BXP.

Unrealized Gain (Loss) on Non-Real Estate Investments

We invest in non-real estate investments, which are primarily environmentally-focused investment funds. As a result, during the three months ended June 30, 2025 and 2024, we recognized an unrealized gain (loss) of approximately $(39,000) and $58,000, respectively, due to the observable changes in the fair value of the investments.

Interest Expense

Interest expense increased by approximately $13.1 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Component						Change in interest expense for the three months ended June 30, 2025 compared to June 30, 2024
						(in thousands)
Increases to interest expense due to:
Issuance of $850 million in aggregate principal of 5.750% senior notes due 2035 on August 26, 2024						$	12,225
Increase in interest due to finance leases						9,208
Unsecured commercial paper						4,039
Increase in interest associated with unsecured term loans and the unsecured credit facility, net (1)						214
Other interest expense (excluding senior notes)						66
Total increases to interest expense						25,752
Decreases to interest expense due to:
Repayment of $850 million in aggregate principal of 3.200% senior notes due 2025 on January 15, 2025						(6,879)
Mortgage loan financings (1)						(3,583)
Increase in capitalized interest related to development projects						(1,812)
Amortization expense of financing fees						(337)
Total decreases to interest expense						(12,611)
Total change in interest expense						$	13,141

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(1)Includes, if applicable, fair value and swap adjustments (See Note 7 to the Consolidated Financial Statements).

Interest expense directly related to the development of rental properties is capitalized and included in real estate assets on our Consolidated Balance Sheets and amortized over the useful lives of the real estate or lease term. As portions of properties are placed in-service, we cease capitalizing interest on that portion and interest is then expensed. Interest capitalized for the three months ended June 30, 2025 and 2024 was approximately $12.1 million and $10.3 million, respectively. These costs are not included in the interest expense referenced above.

At June 30, 2025, our variable rate debt consisted of (1) BPLP’s $2.95 billion 2025 Credit Facility and (2) BPLP’s $750.0 million Commercial Paper Program. The 2025 Credit Facility consists of (1) the $2.25 billion Revolving Facility and (2) the $700.0 million Term Loan Facility. As of June 30, 2025, there were $885.0 million and $750.0 million outstanding under the 2025 Credit Facility and Commercial Paper Program, respectively.

In addition, we have the $100.0 million 2024 Unsecured Term Loan and $800.0 million of mortgage notes collateralized by Santa Monica Business Park and 325 Main Street, 355 Main Street, 90 Broadway and Cambridge East Garage (also known as Kendall Center Green Garage) properties that bore interest at variable rates, which have all been hedged with interest rates swaps to fix SOFR for all or a portion of the applicable debt term.

For a summary of our consolidated debt as of June 30, 2025 refer to the heading “Liquidity and Capital Resources—Debt” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Noncontrolling Interests in Property Partnerships

Noncontrolling interests in property partnerships increased by approximately $2.3 million for the three months ended June 30, 2025 compared to 2024, as detailed below.

Property						Noncontrolling Interests in Property Partnerships for the three months ended June 30,
2025						2024						Change
						(in thousands)
767 Fifth Avenue (the General Motors Building) (1)						$	2,217					$	3,439					$	(1,222)
7 Times Square (formerly Times Square Tower) (2)						4,018						5,043						(1,025)
601 Lexington Avenue (3)						3,084						2,339						745
100 Federal Street						2,964						2,774						190
Atlantic Wharf Office Building						3,910						3,973						(63)
343 Madison Avenue (4)						3						6						(3)
300 Binney Street (5)						3,610						130						3,480
290 Binney Street (6)						294						121						173
						$	20,100					$	17,825					$	2,275

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(1)The decrease was primarily attributable to an increase in repairs and maintenance expense.

(2)The decrease was primarily attributable to a decrease in lease revenue from our clients.

(3)The increase was primarily attributable to an increase in lease revenue from our clients.

(4)Property is held for future development (See Note 14 to the Consolidated Financial Statements).

(5)Property was fully placed in service on October 31, 2024.

(6)Property is currently in development.

Noncontrolling Interest—Common Units of the Operating Partnership

For BXP, noncontrolling interest—common units of the Operating Partnership increased by approximately $0.6 million for the three months ended June 30, 2025 compared to 2024 due primarily to an increase in allocable income, which was the result of recognizing a gain on sale of real estate during 2025, partially offset by a decrease in the noncontrolling interest’s ownership percentage. Due to our ownership structure, there is no corresponding line item on BPLP’s financial statements.

Liquidity and Capital Resources

General

Our principal liquidity needs for the next twelve months and beyond are to:

• fund normal recurring expenses;

• meet debt service and principal repayment obligations on maturing debt, including:

• $100.0 million of principal outstanding on the 2024 Unsecured Term Loan due September 26, 2025, for which we have three, one-year extension options, subject to customary conditions,

• $1.0 billion of 3.650% unsecured senior notes due February 1, 2026, and

• amounts that become due under the Commercial Paper Program;

• fund capital calls from our unconsolidated joint venture investments to fund development costs, capital improvements, leasing costs and debt principal repayment;

• fund development and redevelopment costs;

• fund capital expenditures, including major renovations, tenant improvements and leasing costs;

• fund possible acquisitions of properties, either directly or indirectly through the acquisition of equity interests; and

• make the minimum distribution required to enable BXP to maintain its REIT qualification under the Code.

We expect to satisfy these needs using one or more of the following:

• cash flow from operations;

• distributions of cash flows from joint ventures;

• cash and cash equivalent balances, including interest earned on cash deposits;

• borrowings under BPLP’s Revolving Facility, unsecured term loans, short-term bridge facilities and construction loans (which may require guarantees by BPLP);

• long-term secured and unsecured indebtedness (including unsecured exchangeable indebtedness);

• sales of real estate and interests in joint ventures owning real estate;

• private equity sources, including institutional investors;

• third-party fees generated by our property management, leasing, development and construction businesses; and

• issuances of BXP equity securities and/or preferred or common units of partnership interests in BPLP.

We draw on multiple financing sources to fund our long-term capital needs. We use BPLP’s 2025 Credit Facility primarily as a bridge facility to fund acquisition opportunities, refinance outstanding indebtedness, fund short-term development costs and for working capital. We also use BPLP’s 2025 Credit Facility to backstop the Commercial Paper Program. Although we may seek to fund our development projects with construction loans, which may require guarantees by BPLP, the source of financing for each particular project ultimately depends on several factors, including, among others, the project’s size and duration, whether the project is owned by a joint venture, the extent of pre-leasing, our available cash and access to cost effective capital at the given time.

We seek to maximize income from our existing properties by maintaining quality standards for our properties that promote high occupancy rates and permit increases in rental rates while reducing client turnover and controlling operating expenses. Our sources of revenue also include third-party fees generated by our property management, leasing, development and construction businesses, interest earned on cash deposits and, from time to time, the sale of assets. We believe these capital sources will continue to meet our short-term liquidity needs. A material adverse change in one or more sources of capital may adversely affect our net cash flows and our ability to repay or refinance existing indebtedness as it matures.

Balance Sheet & Financing Activity

As of June 30, 2025, our share of unconsolidated joint venture debt maturing through August 2026 was approximately $485.1 million. This debt matures at different times through August 2026, and we expect to fund the repayment of this debt through a combination of refinancings, available cash balances, proceeds from asset sales, draws on BPLP’s Revolving Facility, proceeds from the Commercial Paper Program, secured or unsecured debt.

We expect net interest expense will be greater in 2025 compared to 2024 as a result of (i) lower projected interest income in 2025 due to lower cash balances as a result of (1) ongoing development cost outlays in 2025 and (2) the repayment of our $850.0 million unsecured senior notes at maturity on January 15, 2025 and (ii) higher interest rates on refinanced debt.

As of July 31, 2025, we had available cash of approximately $255.6 million (of which approximately $91.1 million was attributable to our consolidated joint venture partners). Our liquidity and capital resources depend on a wide range of factors, and we believe that our access to capital and our strong liquidity, including the approximately $1.0 billion available under BPLP’s Revolving Facility (after deducting the $750.0 million being used as a backstop for the Commercial Paper Program) as of July 31, 2025, and our available cash are sufficient to fund our near term capital needs on existing development and redevelopment projects, repay our maturing indebtedness when due (if not refinanced or extended), satisfy our REIT distribution requirements and still allow us to act opportunistically on attractive investment opportunities. In addition, our current annualized quarterly dividend and distribution payments exceed our expected taxable income for 2025, which could provide potential capacity, after factoring in gains from asset sales, to retain additional capital (see “REIT Tax Distribution Considerations” below).

Including the sale of 17 Hartwell Avenue, we are currently in active negotiations to sell nine land sites and largely empty buildings, which if sold for the values currently contemplated, could generate in aggregate approximately $300.0 million of gross proceeds over the next 24 months. Of these potential land site dispositions, we have entered into definitive sale agreements for five of the land sites aggregating approximately $176.3 million in

gross proceeds if consummated. Several of these sales require re-entitlement, which we anticipate will result in relatively longer closing periods than typical transactions. In addition, we are exploring the sale of several income producing properties, which if sold for the values currently contemplated, would generate approximately $300.0 million in additional gross proceeds in 2026. However, there can be no assurance that we will complete any of these transactions on the terms and schedules currently contemplated or at all.

We may seek to enhance our liquidity to fund our current and future development activity, pursue additional attractive investment opportunities and refinance or repay indebtedness. Depending on then-current interest rates, the overall conditions in the public and private debt and equity markets, and our existing and expected leverage at the time, we may decide to access one or more of these capital sources. Doing so may result in greater cash and cash equivalents pending our use of the proceeds.

We have not sold any shares under BXP’s $600.0 million “at the market” equity offering program.

Construction & Redevelopment Activities

As of June 30, 2025, and including the commencement of construction of 343 Madison Avenue, we have 11 properties under development or redevelopment. Our share of the estimated total investment for these projects is approximately $4.4 billion, of which approximately $3.0 billion remains to be funded through 2031 (see table below for properties under construction/redevelopment). The commercial space in the pipeline, which excludes residential units, was approximately 46% pre-leased as of July 31, 2025.

The following table presents information on properties under construction/redevelopment (dollars in thousands):

																																										Financings
						Estimated Stabilization Date						Location						# of Buildings						Estimated Square Feet						Investment to Date (1)(2)(3)						Estimated Total Investment (1)(2)						Total Available (1)						Outstanding at June 30, 2025 (1)						Estimated Future Equity Requirement (1)(2)(4)						Percentage Leased (5)
Construction/Redevelopment Properties at June 30, 2025
Office
360 Park Avenue South (71% ownership) (Redevelopment)						Q4 2026						New York, NY						1						450,000						$	377,847					$	418,300					$	156,470					$	156,470					$	40,453					33		%	(6)
Reston Next Office Phase II						Q1 2027						Reston, VA						1						87,000						50,626						61,000						—						—						10,374						95		%	(7)
1050 Winter Street (Redevelopment)						Q3 2025						Waltham, MA						1						162,000						7,355						38,700						—						—						31,345						100		%	(8)
725 12th Street (Redevelopment)						Q4 2030						Washington, DC						1						320,000						71,335						349,600						—						—						278,265						87		%
Total Office Properties under Construction/Redevelopment																		4						1,019,000						507,163						867,600						156,470						156,470						360,437						66		%
Laboratory/Life Sciences
290 Binney Street (55% ownership)						Q2 2026						Cambridge, MA						1						573,000						306,743						508,000						—						—						201,257						100		%	(9)
651 Gateway (50% ownership) (Redevelopment)						Q3 2027						South San Francisco, CA						1						327,000						134,490						167,100						—						—						32,610						21		%	(10)
Total Laboratory/Life Sciences Properties under Construction/Redevelopment																		2						900,000						441,233						675,100						—						—						233,867						71		%
Residential
17 Hartwell Avenue (312 units) (20% ownership)						Q2 2028						Lexington, MA						1						288,000						6,095						35,900						19,747						—						10,058						—		%
17 Hartwell Avenue - Retail																		—						2,100						—						—						—						—						—						—		%
121 Broadway Street (439 units)						Q2 2029						Cambridge, MA						1						492,000						173,279						597,800						—						—						424,521						—		%
290 Coles Street (670 Units) (19.46% ownership)						Q3 2029						Jersey City, NJ						1						547,000						20,294						88,700						56,400						—						12,006						—		%	(11)
290 Coles Street - Retail																		—						13,000						—						—						—						—						—						—		%
Total Residential Properties under Construction																		3						1,342,100						199,668						722,400						76,147						—						446,585						—		%
Retail
Reston Next Retail						Q4 2025						Reston, VA						1						30,000						25,863						26,600						—						—						737						45		%	(12)
Total Retail Properties under Construction																		1						30,000						25,863						26,600						—						—						737						45		%
Total Properties under Construction/Redevelopment at June 30, 2025 (A)																		10						3,291,100						$	1,173,927					$	2,291,700					$	232,617					$	156,470					$	1,041,626					68		%	(13)
Construction Property Commenced After June 30, 2025
Office
343 Madison Avenue						Q2 2031						New York, NY						1						930,000						$	67,618					$	1,971,000					$	—					$	—					$	1,903,382					—		%	(14)
Total Construction Property Commenced after June 30, 2025 (B)																		1						930,000						$	67,618					$	1,971,000					$	—					$	—					$	1,903,382					—		%
Total Properties under Construction/Redevelopment (A)+(B)																		11						4,221,100						$	1,241,545					$	4,262,700					$	232,617					$	156,470					$	2,945,008					46		%	(13)

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(1)Represents our share.

(2)Each of Investment to Date, Estimated Total Investment and Estimated Future Equity Requirement represent our share of acquisition expenses, as applicable, and reflect our share of the estimated net revenue/expenses that we expect to incur prior to stabilization of the project, including any amounts actually received or paid through June 30, 2025.

(3)Includes approximately $73.8 million of unpaid but accrued construction costs and leasing commissions.

(4)Excludes approximately $73.8 million of unpaid but accrued construction costs and leasing commissions.

(5)Represents percentage leased as of July 31, 2025, including leases with future commencement dates.

(6)As of June 30, 2025, this property was 30% placed in-service.

(7)As of June 30, 2025, this property was 6% placed in-service.

(8)As of June 30, 2025, this property was 34% placed in-service. On July 1, 2025, this property was fully placed in-service.

(9)The project budget reflects our 55% share of joint venture costs related to 290 Binney Street. We have the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. We have entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million upon completion. The net investment of $99.8 million will be included in our outside basis in 290 Binney Street. We have invested $101.6 million for the vault as of June 30, 2025.

(10)On January 1, 2025, in accordance with our accounting policy, we ceased interest capitalization of our equity method investment. As of June 30, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction. As such, we continue to reflect the project as under construction. As of June 30, 2025, this property was 27% placed in-service.

(11)On March 5, 2025, we acquired a 19.46% interest in 290 Coles Street. The budget represents our 19.46% ownership of the project budget and financings which includes our share of preferred equity. We contributed $20.0 million of common equity at closing. In addition, we committed to provide up to $65.0 million in preferred equity accruing at a 13.0% IRR. As of June 30, 2025, approximately $1.6 million of preferred equity has been contributed.

(12)On January 16, 2025, this project was partially placed in-service.

(13)Percentage leased excludes the residential units.

(14)We are proceeding with full vertical construction of 343 Madison Avenue in New York City, New York. The Investment to Date represents our 55% investment as of June 30, 2025, however, we have elected to acquire our partner’s 45% interest in the project at cost, or approximately $43.5 million, during the third quarter of 2025. The Estimated Total Investment and Estimated Future Equity requirements are reflected at 100% of the project cost and includes capitalized interest of approximately $390 million.

REIT Tax Distribution Considerations

Dividend

As a REIT, BXP is subject to a number of organizational and operational requirements, including a requirement that BXP currently distribute at least 90% of its annual taxable income (excluding capital gains and with certain other adjustments). Our policy is for BXP to distribute at least 100% of its taxable income, including capital gains, to avoid paying federal tax. BXP’s current annualized dividend exceeds its expected taxable income for 2025. BXP’s Board of Directors will continue to evaluate BXP’s dividend rate in light of our actual and projected taxable income (including gains on sales), liquidity requirements and other circumstances, and there can be no assurance that the future dividends declared by BXP’s Board of Directors will not differ materially from the current quarterly dividend amount.

Holders of common and LTIP units (other than unearned MYLTIP units) of limited partnership interest in BPLP receive the same distribution per unit that is paid per share of BXP common stock.

Sales

To the extent that we sell assets at a gain and cannot efficiently use the proceeds in a tax deferred manner for either our development activities or acquisitions, BXP would, at the appropriate time, decide whether it is better to declare a special dividend, adopt a stock repurchase program, reduce indebtedness or retain the cash for future investment opportunities. Such a decision will depend on many factors including, among others, the timing, availability and terms of development and acquisition opportunities, our then-current and anticipated leverage, the cost and availability of capital from other sources, the price of BXP’s common stock and REIT distribution requirements. At a minimum, we expect that BXP would distribute at least that amount of proceeds necessary for BXP to avoid paying corporate level tax on the applicable gains realized from any asset sales.

From time to time in select cases, whether due to a change in use, structuring issues to comply with applicable REIT regulations or other reasons, we may sell an asset that is held by a taxable REIT subsidiary (“TRS”). Such a sale by a TRS would be subject to federal and local taxes.

Cash Flow Summary

The following summary discussion of our cash flows is based on the Consolidated Statements of Cash Flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

Cash and cash equivalents and cash held in escrows aggregated approximately $527.8 million and $737.5 million at June 30, 2025 and 2024, respectively, representing a decrease of approximately $209.7 million. The following table sets forth changes in cash flows:

			Six months ended June 30,
2025						2024						Change
(in thousands)
Net cash provided by operating activities			$	563,181					$	564,659					$	(1,478)
Net cash used in investing activities			(612,404)						(553,504)						(58,900)
Net cash used in financing activities			(758,132)						(886,221)						128,089

Our principal source of cash flow is related to the operation of our properties. The weighted-average term of our in-place leases, including leases signed by our unconsolidated joint ventures, excluding residential units, was approximately 7.8 years as of June 30, 2025, with occupancy rates historically in the range of 86% to 92%. Generally, our properties generate a relatively consistent stream of cash flows that provides us with resources to pay operating expenses, debt service and fund regular quarterly dividend and distribution payment requirements. In addition, over the past several years, we have raised capital through the sale of some of our properties and through secured and unsecured borrowings.

Cash is used in investing activities to fund acquisitions, development, net investments in unconsolidated joint ventures and maintenance and repositioning capital expenditures. Cash used in investing activities for the six months ended June 30, 2025 and June 30, 2024 is detailed below:

			Six months ended June 30,
			2025						2024
			(in thousands)
Construction in progress (1)			$	(278,667)					$	(313,602)
Building, pre-development and other capital improvements (2)			(129,031)						(66,799)
Tenant improvements			(139,748)						(117,848)
Proceeds from sale of real estate (3)			21,840						—
Acquisition of real estate upon consolidation of unconsolidated joint ventures (net of cash) (4)			—						6,086
Capital contributions to unconsolidated joint ventures (5)			(84,432)						(60,461)
Investment in non-real estate investments			(1,430)						(625)
Issuance of note receivables (including related party)			(1,800)						(1,423)
Investments in securities, net			864						1,168
Net cash used in investing activities			$	(612,404)					$	(553,504)

Cash used in investing activities changed primarily due to the following:

(1)Construction in progress for the six months ended June 30, 2025 included ongoing expenditures associated with Reston Next Office Phase II, Reston Next Retail and 1050 Winter Street, which were partially placed in-service during the six months ended June 30, 2025. In addition, we incurred costs associated with our continued development/redevelopment of 290 Binney Street, 121 Broadway and 725 12th Street.

Construction in progress for the six months ended June 30, 2024 included ongoing expenditures associated with 760 Boylston Street, which was fully placed in-service during the six months ended June 30, 2024, and 180 CityPoint and 103 CityPoint that were partially placed in-service during 2023. In addition, we incurred costs associated with our continued development/redevelopment of Reston Next Office Phase II, 290 Binney Street, 300 Binney Street and 121 Broadway.

(2)Building, pre-development and other capital improvements for the six months ended June 30, 2025 and June 30, 2024 included approximately $39.4 million and $21.8 million, respectively, of pre-development expenditures associated with the 343 Madison Avenue project (See Note 14 to the Consolidated Financial Statements).

(3)Proceeds from sale of real estate for the six months ended June 30, 2025 consisted of approximately $21.8 million of proceeds from the sale of the land at 17 Hartwell Avenue. On June 27, 2025, we entered into a new joint venture for the redevelopment of 17 Hartwell Avenue (See Notes 3 and 5 to the Consolidated Financial Statements).

(4)On January 8, 2024, we completed the acquisition of our joint venture partner’s 50% economic ownership interest in the joint venture that owns 901 New York Avenue, located in Washington, DC, for a gross purchase price of $10.0 million and we acquired net working capital, including cash and cash equivalents of approximately $16.1 million.

(5)Capital contributions to unconsolidated joint ventures for the six months ended June 30, 2025 consisted primarily of cash contributions of approximately $21.6 million, $21.2 million, $16.6 million and $11.1 million to our 290 Coles Street, 751 Gateway, 360 Park Avenue South and 200 Fifth Avenue joint ventures, respectively. On March 5, 2025, we entered into a new joint venture for the development of 290 Coles Street (See Note 5 to the Consolidated Financial Statements).

Capital contributions to unconsolidated joint ventures for the six months ended June 30, 2024 consisted primarily of cash contributions of approximately $17.9 million, $15.8 million, $11.1 million and $7.5 million to our Gateway Commons, 360 Park Avenue South, Platform 16 and Dock 72 joint ventures, respectively.

Cash used in financing activities for the six months ended June 30, 2025 totaled approximately $758.1 million. This amount consisted primarily of the repayment of BPLP’s $850.0 million in aggregate principal amount of its 3.200% unsecured senior notes due January 15, 2025 and the payment of our regular dividends and distributions to our shareholders and unitholders, partially offset by the issuance of an additional $250.0 million under BPLP’s

Commercial Paper Program and borrowings under BPLP’s Revolving Credit Facility. Future debt payments are discussed below under the heading “Debt.”

Capitalization

The following table presents Consolidated Market Capitalization and BXP’s Share of Market Capitalization, as well as the corresponding ratios of Consolidated Debt to Consolidated Market Capitalization and BXP’s Share of Debt to BXP’s Share of Market Capitalization (in thousands, except for percentages):

						June 30, 2025
						Shares / Units Outstanding						Common Stock Equivalent						Equivalent Value (1)
Common Stock						158,366						158,366						$	10,684,954
Common Operating Partnership Units						18,428						18,428						1,243,337			(2)
Total Equity												176,794						$	11,928,291
Consolidated Debt																		$	15,811,005
Add:
BXP’s share of unconsolidated joint venture debt (3)																		1,386,046
Subtract:
Partners’ share of Consolidated Debt (4)																		1,363,364
BXP’s Share of Debt																		$	15,833,687
Consolidated Market Capitalization																		$	27,739,296
BXP’s Share of Market Capitalization																		$	27,761,978
Consolidated Debt/Consolidated Market Capitalization																		57.00		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization																		57.03		%

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(1)Values are based on the closing price per share of BXP’s common stock on the New York Stock Exchange on June 30, 2025 of $67.47.

(2)Includes long-term incentive plan units (including 2012 OPP Units and 2013 - 2022 MYLTIP Units but excluding the 2023 - 2025 MYLTIP Units because the three-year performance periods had not ended as of June 30, 2025).

(3)See page 84 for additional information.

(4)See page 83 for additional information.

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector. We present this measure as a percentage and it is calculated by dividing (A) our consolidated debt by (B) our consolidated market capitalization, which is the market value of our outstanding equity securities plus our consolidated debt. Consolidated market capitalization is the sum of:

(1) our consolidated debt; plus

(2) the product of (x) the closing price per share of BXP common stock on June 30, 2025, as reported by the New York Stock Exchange, multiplied by (y) the sum of:

(i) the number of outstanding shares of common stock of BXP,

(ii) the number of outstanding OP Units in BPLP (excluding OP Units held by BXP),

(iii) the number of OP Units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, and

(iv) the number of OP Units issuable upon conversion of 2012 OPP Units, and 2013 - 2022 MYLTIP Units that were issued in the form of LTIP Units.

The calculation of consolidated market capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2023 - 2025 MYLTIP Units are not included in this calculation as of June 30, 2025.

We also present BXP’s Share of Market Capitalization and BXP’s Share of Debt/BXP’s Share of Market Capitalization, which are calculated in the same manner, except that BXP’s Share of Debt is utilized instead of our consolidated debt in both the numerator and the denominator. BXP’s Share of Debt is defined as our consolidated debt plus our share of debt from our unconsolidated joint ventures (calculated based upon our ownership percentage), minus our partners’ share of debt from our consolidated joint ventures (calculated based upon the partners’ percentage ownership interests adjusted for basis differentials). Management believes that BXP’s Share of Debt provides useful information to investors regarding our financial condition because it includes our share of debt from unconsolidated joint ventures and excludes our partners’ share of debt from consolidated joint ventures, in each case presented on the same basis. We have several significant joint ventures and presenting various measures of financial condition in this manner can help investors better understand our financial condition and/or results of operations after taking into account our economic interest in these joint ventures. We caution investors that the ownership percentages used in calculating BXP’s Share of Debt 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 for routine and major decisions), distributions, transferability of interests, financing and guarantees, liquidations and other matters. Moreover, in some cases we exercise significant influence over, but do not control, the joint venture in which case GAAP requires that we account for the joint venture entity using the equity method of accounting and we do not consolidate it for financial reporting purposes. In other cases, GAAP requires that we consolidate the venture even though our partner(s) own(s) a significant percentage interest. As a result, management believes that the presentation of BXP’s Share of a financial measure should not be considered a substitute for, and should only be considered with and as a supplement to our financial information presented in accordance with GAAP.

We present these supplemental ratios because our degree of leverage could affect our 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 BXP and as such will fluctuate with changes in such price, and they do not necessarily reflect our capacity to incur additional debt to finance our activities or our ability to manage our existing debt obligations. However, for a company like BXP, 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 our outstanding indebtedness.

For a discussion of our unconsolidated joint venture indebtedness, see “Liquidity and Capital Resources—Investment in Unconsolidated Joint Ventures - Secured Debt” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” and for a discussion of our consolidated joint venture indebtedness see “Liquidity and Capital Resources—Debt” within “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Debt

For further discussion on the terms of our debt, including the 2025 Credit Facility, our unsecured term loans and the Commercial Paper Program, see Note 6 to the Consolidated Financial Statements. The following table summarizes certain information with respect to our indebtedness outstanding as of June 30, 2025 and 2024 (dollars in thousands).

						Interest Rate																		Amount
						Stated						GAAP (1)						Maturity Date						6/30/2025						6/30/2024
Unsecured Senior Notes (2)
Unsecured Senior Notes (3)						3.200		%				3.350		%				January 15, 2025						N/A						$	850,000
Unsecured Senior Notes						3.650		%				3.766		%				February 1, 2026						$	1,000,000					1,000,000
Unsecured Senior Notes						2.750		%				3.495		%				October 1, 2026						1,000,000						1,000,000
Unsecured Senior Notes						6.750		%				6.924		%				December 1, 2027						750,000						750,000
Unsecured Senior Notes						4.500		%				4.628		%				December 1, 2028						1,000,000						1,000,000
Unsecured Senior Notes						3.400		%				3.505		%				June 21, 2029						850,000						850,000
Unsecured Senior Notes						2.900		%				2.984		%				March 15, 2030						700,000						700,000
Unsecured Senior Notes						3.250		%				3.343		%				January 30, 2031						1,250,000						1,250,000
Unsecured Senior Notes						2.550		%				2.671		%				April 1, 2032						850,000						850,000
Unsecured Senior Notes						2.450		%				2.524		%				October 1, 2033						850,000						850,000
Unsecured Senior Notes						6.500		%				6.619		%				January 15, 2034						750,000						750,000
Unsecured Senior Notes						5.750		%				5.842		%				January 15, 2035						850,000						N/A
Total Principal Amount																								9,850,000						9,850,000
Less: Unamortized discount and deferred financing costs, net																								49,423						52,780
Carrying Amount																								9,800,577						9,797,220
Unsecured Commercial Paper (4)						4.72		%				4.73		%										750,000						500,000
Unsecured Line of Credit (Revolving Credit Facility) (5)						5.17		%				5.27		%				March 29, 2030						185,000						—
Unsecured Term Loans
2023 Unsecured Term Loan						N/A						N/A						N/A						N/A						700,000
2024 Unsecured Term Loan (6)						4.77		%				7.44		%				September 26, 2025						100,000						N/A
Unsecured Term Loan Facility (7)						5.30		%				5.42		%				March 30, 2029						700,000						N/A
Total Principal Amount																								800,000						700,000
Less: Deferred financing costs and fair value adjustments, net																								3,360						1,224
Carrying Amount																								796,640						698,776
Mortgage Notes
767 Fifth Avenue (the General Motors Building) (60% ownership) (8)(9)						3.43		%				3.64		%				June 9, 2027						2,300,000						2,300,000
Santa Monica Business Park (8)(10)						5.10		%				7.70		%				October 8, 2028						200,000						300,000
90 Broadway, 325 Main Street, 355 Main Street, and Cambridge East Garage (also known as Kendall Center Green Garage) (8)(11)						6.04		%				6.27		%				October 26, 2028						600,000						600,000
901 New York Avenue (12)						5.00		%				5.06		%				January 5, 2029						200,161						205,074
601 Lexington Avenue (55% ownership) (8)						2.79		%				2.93		%				January 9, 2032						1,000,000						1,000,000
Total Principal Amount																								4,300,161						4,405,074
Less: Deferred financing costs and fair value adjustments, net																								21,373						33,596
Carrying Amount																								4,278,788						4,371,478
Total Consolidated Debt																								$	15,811,005					$	15,367,474

---

(1)For the unsecured senior notes, the GAAP rate represents the yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs. For all other debt, the GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects

of hedging transactions (if any) and adjustments required under ASC 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).

(2)No principal amounts are due prior to maturity.

(3)This unsecured senior note was repaid at maturity, see Note 6 to the Consolidated Financial Statements.

(4)At June 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.73% per annum and had a weighted-average maturity of 49 days from the date of issuance. At July 31, 2025, BPLP had an aggregate of $750.0 million of commercial paper notes outstanding that bore interest at a weighted-average rate of approximately 4.70% per annum and had a weighted-average maturity of 52 days, from the date of issuance.

(5)The unsecured line of credit bears interest at a variable rate of SOFR+0.85% per annum. The 2025 Credit Facility is used as a backstop for the $750.0 million Commercial Paper Program. As such, BPLP intends to maintain, at a minimum, availability under the unsecured line of credit in an amount equal to the amount of unsecured commercial paper notes outstanding. The table below provides the principal indebtedness outstanding and remaining capacity under the unsecured line of credit at June 30, 2025 and July 31, 2025 (dollars in thousands).

												June 30, 2025												July 31, 2025
						Facility						Outstanding						Remaining Capacity						Outstanding						Remaining Capacity
Unsecured Line of Credit						$	2,250,000					$	185,000					$	2,065,000					$	465,000					$	1,785,000
Less:
Unsecured Commercial Paper																		750,000												750,000
Letters of Credit																		5,393												5,393
Total Remaining Capacity																		$	1,309,607											$	1,029,607

(6)The 2024 Unsecured Term Loan bears interest at a variable rate of SOFR+1.05% per annum. BPLP entered into an interest rate swap contract to fix SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026. Stated interest rate reflects the weighted-average fixed interest rate based on the interest rate swap contracts plus 1.05% per annum. The 2024 Unsecured Term Loan has three one-year extension options, subject to certain conditions.

(7)The Unsecured Term Loan Facility bears interest at a variable rate of SOFR+0.95% per annum and has two six-month extension options, each subject to customary conditions.

(8)The mortgage loan requires interest only payments with a balloon payment due at maturity.

(9)In connection with the refinancing of the loan, we guaranteed the consolidated entity’s obligation to fund various reserves for tenant improvement costs and allowances, leasing commissions and free rent obligations in lieu of cash deposits. As of June 30, 2025, the maximum funding obligation under the guarantee was approximately $6.4 million. We earn a fee from the joint venture for providing the guarantee and have an agreement with our partners to reimburse the joint venture for their share of any payments made under the guarantee.

(10)The mortgage loan bears interest at a variable rate of Daily Simple SOFR+1.38% per annum. BPLP entered into an interest rate swap contract to fix Daily Simple SOFR at a weighted-average fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026. Stated interest rate reflects the weighted-average fixed interest rate based on the interest rate swap contracts plus 1.38% per annum. Carrying amount includes an approximately $0.1 million fair value interest adjustment. Beginning July 19, 2025, the mortgage loan will bear interest at Daily Simple SOFR+1.60% per annum through the maturity date.

(11)The mortgage loan bears interest at a variable rate of Daily Compounded SOFR+2.25% per annum. BPLP entered into three interest rate swap contracts with notional amounts aggregating $600.0 million to fix Daily Compounded SOFR at a weighted-average fixed interest rate of 3.7925% for the period commencing on December 15, 2023 and ending on October 26, 2028. The stated interest rate reflects the weighted average fixed interest rate based on the interest rate swap contracts plus 2.25% per annum.

(12)The loan has a one-year extension option remaining, subject to certain conditions.

The following table lists our mortgage notes, net outstanding and our partners’ share, based on their respective ownership percentage, from our consolidated joint ventures as of June 30, 2025 (dollars in thousands).

						Carrying Amount
Properties						100%						Partners’ Share
Wholly-owned
901 New York Avenue						$	199,717					N/A
Santa Monica Business Park						199,081						N/A
90 Broadway, 325 Main Street, 355 Main Street, and Cambridge East Garage (also known as Kendall Center Green Garage)						595,541						N/A
Subtotal						994,339						N/A
Consolidated Joint Ventures
767 Fifth Avenue (the General Motors Building) (60% ownership) (1)						2,293,245						$	917,322
601 Lexington Avenue (55% ownership)						991,204						446,042
Subtotal						3,284,449						1,363,364
Total						$	4,278,788					$	1,363,364

---

(1)The partners’ share of the carrying amount has been adjusted for basis differentials.

The table below provides the debt statistics of our outstanding consolidated indebtedness at June 30, 2025 and June 30, 2024.

			June 30, 2025																								June 30, 2024
									Weighted Average																								Weighted Average
			% of Total Debt						Stated Rates						GAAP Rates (1)						Maturity (years)						% of Total Debt						Stated Rates						GAAP Rates (1)						Maturity (years)
Floating Rate Debt (2)			10.32		%				5.02		%				5.09		%				2.2						7.80		%				5.84		%				5.97		%				0.5
Fixed Rate Debt (3)			89.68		%				3.97		%				4.14		%				4.4						92.20		%				3.78		%				4.01		%				4.7
Consolidated Debt			100.00		%				4.08		%				4.24		%				4.1						100.00		%				3.94		%				4.16		%				4.4
Unsecured Debt			72.94		%				4.19		%				4.29		%				4.4						71.55		%				4.05		%				4.14		%				4.5
Secured Debt			27.06		%				3.80		%				4.10		%				3.3						28.45		%				3.69		%				4.22		%				3.9
Consolidated Debt			100.00		%				4.08		%				4.24		%				4.1						100.00		%				3.94		%				4.16		%				4.4

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(1)The GAAP interest rate differs from the stated interest rate due to the inclusion of the amortization of financing charges, the effects of hedging transactions (if any) and adjustments required under ASC 805 “Business Combinations” to reflect loans and swaps at their fair values (if any).

(2)The unsecured commercial paper notes are included in our floating rate debt statistics. At June 30, 2025, the weighted average interest rate of the unsecured commercial paper notes outstanding was approximately 4.73% per annum and had a weighted-average maturity of 49 days from the date of issuance.

(3)The Fixed Rate Debt includes the effects of hedging transactions.

Derivative Instruments and Hedging Activities

As of June 30, 2025, we had $900.0 million of interest rate swaps outstanding, where hedge accounting was elected, with a fair value of approximately $(7.8) million. On April 8, 2025, we entered into an interest rate swap contract with a notional amount of $300.0 million to replace $300.0 million of interest rate swaps that expired on April 1, 2025. For a description of these interest rate swaps, see Note 7 to the Consolidated Financial Statements.

Investment in Unconsolidated Joint Ventures - Secured Debt

We have investments in unconsolidated joint ventures with our effective ownership interests ranging from approximately 19% to approximately 71%. Sixteen of these ventures have mortgage indebtedness. We exercise significant influence over, but do not control, these entities. As a result, we account for them using the equity method of accounting. See also Note 5 to the Consolidated Financial Statements. At June 30, 2025, the aggregate carrying amount of debt, including both our and our partners’ share, incurred by these ventures was approximately $3.2 billion (of which our proportionate share is approximately $1.4 billion). The table below summarizes the outstanding debt of these joint venture properties at June 30, 2025. In addition to other guarantees specifically noted in the table, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) as well as the completion of development projects on certain of the loans.

Properties						Nominal % Ownership						Stated Interest Rate						GAAP Interest Rate (1)						Term of Variable Rate + Spread						Stated Principal Amount									Deferred Financing Costs, Net						Carrying Amount						Carrying Amount (Our share)												Maturity Date
						(dollars in thousands)
360 Park Avenue South						71.11		%				6.81		%				7.12		%				Term SOFR+2.50%						$	220,000								$	(1,508)					$	218,492					$	155,370					(2)(3)(4)						December 13, 2027
Market Square North						50.00		%				6.73		%				6.90		%				SOFR+2.41%						125,000									(83)						124,917						62,459						(2)(3)(5)						November 10, 2025
1265 Main Street						50.00		%				3.77		%				3.84		%				N/A						33,206									(181)						33,025						16,513												January 1, 2032
Colorado Center						50.00		%				3.56		%				3.59		%				N/A						550,000									(375)						549,625						274,812						(2)						August 9, 2027
Dock 72						50.00		%				6.83		%				7.10		%				SOFR+2.50%						198,383									(244)						198,139						99,069						(2)(6)						December 18, 2025
The Hub on Causeway - Podium						50.00		%				7.35		%				7.75		%				Daily Simple SOFR+2.50%						154,278									(116)						154,162						77,081						(2)(3)(7)						September 8, 2025
Hub50House						50.00		%				4.43		%				4.51		%				SOFR+1.35%						185,000									(950)						184,050						92,025						(2)(8)						June 17, 2032
100 Causeway Street						50.00		%				5.80		%				5.90		%				Term SOFR+1.48%						333,579									(105)						333,474						166,737						(2)						September 5, 2025
7750 Wisconsin Avenue (Marriott International Headquarters)						50.00		%				5.49		%				5.54		%				N/A						251,244									(1,303)						249,941						124,971												February 27, 2035
Safeco Plaza						33.67		%				4.82		%				6.68		%				SOFR+2.32%						250,000									(397)						249,603						84,041						(2)(9)						September 1, 2026
500 North Capitol Street, NW						30.00		%				6.83		%				7.16		%				N/A						105,000									(262)						104,738						31,362						(2)(10)						June 5, 2026
200 Fifth Avenue						26.69		%				4.34		%				5.60		%				Term SOFR+1.41%						600,000									(5,715)						594,285						153,684						(2)(11)						November 24, 2028
3 Hudson Boulevard						25.00		%				11.93		%				11.93		%				Term SOFR+7.61%						80,000									—						80,000						20,000						(2)(12)						August 7, 2024
Skymark - Reston Next Residential						20.00		%				6.32		%				6.64		%				SOFR+2.00%						140,000									(389)						139,611						27,922						(2)(3)(13)						May 13, 2026
17 Hartwell Avenue						20.00		%				6.75		%				6.87		%				N/A						—									—						—						—						(2)(14)						July 10, 2030
290 Coles Street						19.46		%				N/A						N/A						Term SOFR+2.50%						—									—						—						—						(2)(3)(15)						March 5, 2029
Total																														$	3,225,690								$	(11,628)					$	3,214,062					$	1,386,046

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

(2)The loan requires interest only payments with a balloon payment due at maturity.

(3)The loan includes certain extension options, subject to certain conditions.

(4)The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in Term SOFR rate to a cap of 5.00% per annum on a notional amount of $220.0 million through January 15, 2026.

(5)The loan bears interest at a variable rate equal to the greater of (1) the sum of (x) SOFR and (y) 2.41% or (2) 2.80% per annum.

(6)The loan bears interest at a variable rate equal to (1) the greater of (x) SOFR or (y) 0.25%, plus (2) 2.50% per annum.

(7)The joint venture entered into interest rate swap contracts with notional amounts aggregating $154.3 million through September 2, 2025, resulting in a fixed rate of approximately 7.35% per annum through the expiration of the interest rate swap contracts.

(8)The joint venture entered into interest rate swap contracts with notional amounts aggregating $185.0 million through April 10, 2032, resulting in a fixed rate of approximately 4.432% per annum through the expiration of the interest rate swap contracts.

(9)The loan bears interest at a variable rate equal to the greater of (x) 2.35% or (y) SOFR plus 2.32% per annum. The joint venture entered into an interest rate cap agreement with a financial institution to limit its exposure to increases in the SOFR rate at a cap of 2.50% per annum on a notional amount of $250.0 million through September 1, 2025.

(10)The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B) which bears interest at a fixed rate of 8.03% per annum. We provided $10.5 million of the Note B mortgage financing to the joint venture. Our portion of the loan is reflected as Related Party Notes Receivable, Net on our Consolidated Balance Sheets.

(11)The joint venture entered into interest rate swap contracts with notional amounts aggregating $600.0 million through June 2028, resulting in a fixed rate of approximately 4.34% per annum through the expiration of the interest rate swap contracts. The deferred financing costs, net include the adjustment required to reflect the loan and interest rate swap at fair value upon acquisition.

(12)As of June 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest and default interest, of approximately $126.8 million. The joint venture is negotiating a new third-party loan, however, there can be no assurance that the joint venture will enter into a new third-party loan on the terms and schedule currently contemplated or at all. We are the lender of the loan, and the loan and accrued interest are reflected as Related Party Notes Receivable, Net and Tenant and Other Receivables, Net, respectively, on our Consolidated Balance Sheets.

(13)The construction financing has a borrowing capacity of $140.0 million.

(14)No amounts have been drawn under the $98.7 million construction loan.

(15)No amounts have been drawn under the $225.0 million construction loan.

State and Local Tax Matters

Because BXP is organized and qualifies as a REIT, it is generally not subject to federal income taxes, but is subject to certain state and local taxes. In the normal course of business, certain entities through which we own real estate either have undergone, or are currently undergoing, tax audits or other inquiries. Although we believe that we have substantial arguments in favor of our position in the ongoing audits, in some instances there is no controlling precedent or interpretive guidance on the specific point at issue. Collectively, tax deficiency notices received to date from the jurisdictions conducting the ongoing audits have not been material. However, there can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations.

Funds from Operations

Pursuant to the revised definition of Funds from Operations (“FFO”) adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate FFO for each of BXP and BPLP by adjusting net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership (computed in accordance with GAAP), respectively, 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 our share of real estate-related depreciation and amortization. FFO is a non-GAAP financial measure. We believe the presentation of FFO, combined with the presentation of required GAAP financial measures, improves the understanding of operating results of REITs among the investing public and helps make comparisons of REIT operating results more meaningful. Management generally considers FFO to be a useful measure 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 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 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. We believe that in order to facilitate a clear understanding of our operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. and net income attributable to Boston Properties Limited Partnership as presented in our Consolidated Financial Statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. or net income attributable to Boston Properties Limited Partnership (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

BXP

The following table presents a reconciliation of net income attributable to BXP, Inc. to FFO attributable to BXP, Inc. for the three months ended June 30, 2025 and 2024:

						Three months ended June 30,
						2025						2024
						(in thousands)
Net income attributable to BXP, Inc.						$	88,977					$	79,615
Add:
Noncontrolling interest—common units of the Operating Partnership						10,064						9,509
Noncontrolling interests in property partnerships						20,100						17,825
Net income						119,141						106,949
Add:
Depreciation and amortization						223,819						219,542
Noncontrolling interests in property partnerships’ share of depreciation and amortization						(20,945)						(19,203)
BXP’s share of depreciation and amortization from unconsolidated joint ventures						16,674						19,827
Corporate-related depreciation and amortization						(600)						(406)
Non-real estate depreciation and amortization						2,131						2,130
Less:
Gain on sale of real estate						18,390						—
Unrealized gain (loss) on non-real estate investments						(39)						58
Noncontrolling interests in property partnerships						20,100						17,825
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.)						301,769						310,956
Less:
Noncontrolling interest—common units of the Operating Partnership’s share of funds from operations						30,117						32,557
Funds from Operations attributable to BXP, Inc.						$	271,652					$	278,399
Our percentage share of Funds from Operations—basic						90.02		%				89.53		%
Weighted average shares outstanding—basic						158,312						157,039

The following tables presents a reconciliation of net income attributable to BXP, Inc. to Diluted FFO attributable to BXP, Inc. for income (numerator) and shares/units (denominator) for the three months ended June 30, 2025 and 2024:

						Three months ended June 30,
						2025						2024
						(in thousands)
Net income attributable to BXP, Inc.						$	88,977					$	79,615
Add:
Noncontrolling interest—common units of the Operating Partnership						10,064						9,509
Noncontrolling interests in property partnerships						20,100						17,825
Net income						119,141						106,949
Add:
Depreciation and amortization						223,819						219,542
Noncontrolling interests in property partnerships’ share of depreciation and amortization						(20,945)						(19,203)
BXP’s share of depreciation and amortization from unconsolidated joint ventures						16,674						19,827
Corporate-related depreciation and amortization						(600)						(406)
Non-real estate depreciation and amortization						2,131						2,130
Less:
Gain on sale of real estate						18,390						—
Unrealized gain (loss) on non-real estate investments						(39)						58
Noncontrolling interests in property partnerships						20,100						17,825
Funds from Operations (FFO) attributable to the Operating Partnership common unitholders (including BXP, Inc.)						301,769						310,956
Effect of Dilutive Securities:
Stock based compensation						—						—
Diluted FFO						301,769						310,956
Less:
Noncontrolling interest—common units of the Operating Partnership’s share of diluted FFO						30,056						32,526
Diluted FFO attributable to BXP, Inc. (1)						$	271,713					$	278,430

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(1)BXP’s share of diluted Funds from Operations was 90.04% and 89.54% for the three months ended June 30, 2025 and 2024, respectively.

						Three months ended June 30,
						2025						2024
						shares/units (in thousands)
Basic Funds from Operations						175,871						175,408
Effect of Dilutive Securities:
Stock based compensation						483						252
Diluted Funds from Operations						176,354						175,660
Less:
Noncontrolling interest—common units of the Operating Partnership’s share of diluted Funds from Operations						17,559						18,369
Diluted Funds from Operations attributable to BXP, Inc. (1)						158,795						157,291

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(1)BXP’s share of diluted Funds from Operations was 90.04% and 89.54% for the three months ended June 30, 2025 and 2024, respectively.

BPLP

The following table presents a reconciliation of net income attributable to Boston Properties Limited Partnership to FFO attributable to Boston Properties Limited Partnership for the three months ended June 30, 2025 and 2024:

						Three months ended June 30,
						2025						2024
						(in thousands)
Net income attributable to Boston Properties Limited Partnership						$	100,843					$	90,827
Add:
Noncontrolling interests in property partnerships						20,100						17,825
Net income						120,943						108,652
Add:
Depreciation and amortization						222,116						217,839
Noncontrolling interests in property partnerships’ share of depreciation and amortization						(20,945)						(19,203)
BXP’s share of depreciation and amortization from unconsolidated joint ventures						16,674						19,827
Corporate-related depreciation and amortization						(600)						(406)
Non-real estate depreciation and amortization						2,131						2,130
Less:
Gain on sale of real estate						18,489						—
Unrealized gain (loss) on non-real estate investments						(39)						58
Noncontrolling interests in property partnerships						20,100						17,825
Funds from Operations attributable to Boston Properties Limited Partnership (1)						$	301,769					$	310,956
Weighted average shares outstanding—basic						175,871						175,408

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(1)Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2022 MYLTIP Units).

The following tables presents a reconciliation of net income attributable to Boston Properties Limited Partnership to Diluted FFO attributable to Boston Properties Limited Partnership for income (numerator) and shares/units (denominator) for the three months ended June 30, 2025 and 2024:

						Three months ended June 30,
						2025						2024
						(in thousands)
Net income attributable to Boston Properties Limited Partnership						$	100,843					$	90,827
Add:
Noncontrolling interests in property partnerships						20,100						17,825
Net income						120,943						108,652
Add:
Depreciation and amortization						222,116						217,839
Noncontrolling interests in property partnerships’ share of depreciation and amortization						(20,945)						(19,203)
BXP’s share of depreciation and amortization from unconsolidated joint ventures						16,674						19,827
Corporate-related depreciation and amortization						(600)						(406)
Non-real estate depreciation and amortization						2,131						2,130
Less:
Gain on sale of real estate						18,489						—
Unrealized gain (loss) on non-real estate investments						(39)						58
Noncontrolling interests in property partnerships						20,100						17,825
Funds from Operations attributable to Boston Properties Limited Partnership (1)						301,769						310,956
Effect of Dilutive Securities:
Stock based compensation						—						—
Diluted Funds from Operations attributable to Boston Properties Limited Partnership						$	301,769					$	310,956

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(1)Our calculation includes OP Units and vested LTIP Units (including vested 2012 OPP Units and vested 2013 - 2022 MYLTIP Units).

						Three months ended June 30,
						2025						2024
						shares/units (in thousands)
Basic Funds from Operations						175,871						175,408
Effect of Dilutive Securities:
Stock based compensation						483						252
Diluted Funds from Operations						176,354						175,660

Material Cash Commitments

We have various service contracts with vendors related to our property management. In addition, we enter into other contracts in the ordinary course of business that may extend beyond one year. These contracts include terms that provide for cancellation with insignificant or no cancellation penalties. Contract terms are generally between three and five years.

During the three months ended June 30, 2025, we paid approximately $108.9 million to fund tenant-related obligations, including tenant improvements and leasing commissions.

In addition, during the three months ended June 30, 2025, we and our unconsolidated joint venture partners incurred approximately $141.1 million of new tenant-related obligations associated with approximately 1.0 million square feet of second generation leases, or approximately $141 per square foot. During the three months ended June 30, 2025, we signed approximately 118,400 square feet of first generation leases. The tenant-related obligations for the development properties are included within the projects’ “Estimated Total Investment” referred to in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and

Capital Resources.” In aggregate, during the three months ended June 30, 2025, we signed leases for approximately 1.1 million square feet of space and incurred aggregate tenant-related obligations of approximately $158.2 million, or approximately $141 per square foot.