BXP 10-Q 2026-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-13087 (BXP, Inc.)

Commission File Number: 0-50209 (Boston Properties Limited Partnership)

BXP, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact name of Registrant as specified in its charter)

BXP, Inc.			Delaware			04-2473675
			(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)
Boston Properties Limited Partnership			Delaware			04-3372948
			(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

Prudential Center, 800 Boylston Street, Suite 1900, Boston, Massachusetts 02199-8103

(Address of principal executive offices) (Zip Code)

(617) 236-3300

(Registrants’ telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Registrant						Title of each class						Trading Symbol(s)						Name of each exchange on which registered
BXP, Inc.						Common Stock, par value $0.01 per share						BXP						New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

BXP, Inc.: Yes x No ☐ Boston Properties Limited Partnership: Yes x No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

BXP, Inc.: Yes x No ☐ Boston Properties Limited Partnership: Yes x No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

BXP, Inc.:

Large accelerated filer x Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Boston Properties Limited Partnership:

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer x Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

BXP, Inc. ☐ Boston Properties Limited Partnership ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

BXP, Inc.: Yes ☐ No x Boston Properties Limited Partnership: Yes ☐ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

BXP, Inc.			Common Stock, par value $0.01 per share			159,477,391
(Registrant)			(Class)			(Outstanding on May 1, 2026)

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EXPLANATORY NOTE

This report combines the Quarterly Reports on Form 10-Q for the period ended March 31, 2026 of BXP, Inc. and Boston Properties Limited Partnership. Unless stated otherwise or the context otherwise requires, references to “BXP” mean BXP, Inc. (formerly known as Boston Properties, Inc.), a Delaware corporation that has elected to be taxed as a real estate investment trust (“REIT”), and references to “BPLP” and the “Operating Partnership” mean Boston Properties Limited Partnership, a Delaware limited partnership. BPLP is the entity through which BXP conducts substantially all of its business and owns, either directly or through subsidiaries, substantially all of its assets. BXP is the sole general partner and also a limited partner of BPLP. As the sole general partner of BPLP, BXP has exclusive control of BPLP’s day-to-day management. Therefore, unless stated otherwise or the context requires, references to the “Company,” “we,” “us” and “our” refer collectively to BXP, BPLP and those subsidiaries consolidated by BXP.

As of March 31, 2026, BXP owned an approximate 89.4% ownership interest in BPLP. The remaining approximate 10.6% interest was owned by limited partners. The other limited partners of BPLP (1) contributed their direct or indirect interests in properties to BPLP in exchange for common units of limited partnership interest in BPLP or (2) received long-term incentive plan units of BPLP pursuant to BXP’s Stock Option and Incentive Plans, or both. Under the limited partnership agreement of BPLP, unitholders may present their common units of BPLP for redemption at any time (subject to covenants agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance). Upon presentation of a common unit for redemption, BPLP must redeem the unit for cash equal to the then value of a share of BXP’s common stock. In lieu of a cash redemption by BPLP, however, BXP may elect to acquire any common units so tendered by issuing shares of BXP common stock in exchange for the common units. If BXP so elects, its common stock will be exchanged for common units on a one-for-one basis. This one-for-one exchange ratio is subject to specified adjustments to prevent dilution. BXP generally expects that it will elect to issue its common stock in connection with each such presentation for redemption rather than having BPLP pay cash. With each such exchange or redemption, BXP’s percentage ownership in BPLP will increase. In addition, whenever BXP issues shares of its common stock other than to acquire common units of BPLP, BXP must contribute any net proceeds it receives to BPLP and BPLP must issue to BXP a number of common units of BPLP that equals the number of shares of BXP common stock so issued. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.

The Company believes that combining the Quarterly Reports on Form 10-Q of BXP and BPLP into this single report:

• enhances investors’ understanding of BXP and BPLP by enabling them to view the business as a whole in the same manner as management views and operates the business;

• eliminates duplicative disclosure and provides a more concise and readable presentation because a substantial portion of the disclosure applies to both BXP and BPLP; and

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

The Company believes it is important to understand the few differences between BXP and BPLP in the context of how BXP and BPLP operate as a consolidated company. The financial results of BPLP are consolidated into the financial statements of BXP. BXP does not have any other significant assets, liabilities or operations, other than its investment in BPLP, nor does it have employees of its own. BPLP, not BXP, generally executes all significant business relationships other than transactions involving the securities of BXP. BPLP holds substantially all of the assets of BXP, including ownership interests in subsidiaries and joint ventures. BPLP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity issuances by BXP, which are contributed to the capital of BPLP in exchange for common or preferred units of partnership in BPLP, as applicable, BPLP generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under its credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of certain properties and interests in joint ventures.

Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of BXP and BPLP. The limited partners of BPLP are accounted for as partners’ capital in BPLP’s financial statements and as noncontrolling interests in BXP’s financial statements. The noncontrolling interests in BPLP’s financial statements include the interests of unaffiliated partners in various consolidated partnerships. The noncontrolling interests in BXP’s financial statements include the same

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noncontrolling interests in BPLP and limited partners of BPLP. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued by each of BXP and BPLP.

In addition, the consolidated financial statements of BXP and BPLP differ in total real estate assets resulting from previously applied acquisition accounting by BXP for the issuance of common stock in connection with non-sponsor redemptions of common units of BPLP. This accounting resulted in a step-up of the real estate assets of BXP at the time of such redemptions, resulting in a difference between the net real estate of BXP as compared to BPLP of approximately $222.1 million, or 1.1% at March 31, 2026, and a corresponding difference in depreciation expense, impairment losses and gains on sales of real estate upon the sale of these properties having an allocation of the real estate step-up. The acquisition accounting was nullified on a prospective basis beginning in 2009 as a result of the Company’s adoption of a new accounting standard requiring any subsequent redemptions to be accounted for solely as an equity transaction.

To help investors better understand the key differences between BXP and BPLP, the following items in this report present information separately for BXP and BPLP:

• Item 1. Financial Statements (unaudited), which includes the following specific disclosures for BXP and BPLP:

• Note 3. Real Estate;

• Note 10. Stockholders’ Equity / Partners’ Capital;

• Note 11. Segment Information; and

• Note 12. Earnings Per Share / Common Unit; and

• Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Liquidity and Capital Resources, includes information specific to each entity, where applicable.

This report also includes separate Part I - Item 4. Controls and Procedures and Part II - Item 2. Unregistered Sales of Equity Securities and Use of Proceeds sections for each of BXP and BPLP, as well as separate Exhibits 31 and 32 certifications for each of BXP and BPLP.

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BXP, INC. AND BOSTON PROPERTIES LIMITED PARTNERSHIP

FORM 10-Q

for the quarter ended March 31, 2026

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						Page
PART I. FINANCIAL INFORMATION
ITEM 1.			Financial Statements (unaudited)			1
BXP, Inc.
			a) Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025			1
			b) Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025			3
			c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025			4
			d) Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025			5
			e) Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025			6
Boston Properties Limited Partnership
			a) Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025			8
			b) Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025			10
			c) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025			11
			d) Consolidated Statements of Capital and Noncontrolling Interests for the three months ended March 31, 2026 and 2025			12
			e) Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025			13
BXP, Inc. and Boston Properties Limited Partnership
			Notes to the Consolidated Financial Statements			15
ITEM 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			36
ITEM 3.			Quantitative and Qualitative Disclosures about Market Risk			69
ITEM 4.			Controls and Procedures			70
PART II. OTHER INFORMATION
ITEM 1.			Legal Proceedings			71
ITEM 1A.			Risk Factors			71
ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds			71
ITEM 3.			Defaults Upon Senior Securities			72
ITEM 4.			Mine Safety Disclosures			72
ITEM 5.			Other Information			72
ITEM 6.			Exhibits			73
SIGNATURES						74

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PART I. FINANCIAL INFORMATION

BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts)
						March 31, 2026						December 31, 2025
ASSETS
Real estate, at cost (amounts related to variable interest entities (“VIEs”) of $8,083,218 and $8,005,124 at March 31, 2026 and December 31, 2025, respectively)						$	28,375,492					$	28,241,879
Right of use assets - finance leases (amounts related to VIEs of $21,000 and $21,000 at March 31, 2026 and December 31, 2025, respectively)						372,476						372,470
Right of use assets - operating leases						321,030						325,841
Less: accumulated depreciation (amounts related to VIEs of $(1,805,748) and $(1,763,988) at March 31, 2026 and December 31, 2025, respectively)						(8,170,334)						(8,040,311)
Total real estate						20,898,664						20,899,879
Cash and cash equivalents (amounts related to VIEs of $193,689 and $255,631 at March 31, 2026 and December 31, 2025, respectively)						512,783						1,478,206
Cash held in escrows (amounts related to VIEs of $5,381 and $10,319 at March 31, 2026 and December 31, 2025, respectively)						68,471						79,060
Investments in securities						42,072						44,614
Tenant and other receivables, net (amounts related to VIEs of $38,754 and $30,989 at March 31, 2026 and December 31, 2025, respectively)						90,137						92,625
Note receivable, net						10,071						9,373
Related party notes receivable, net						31,447						28,346
Sales-type lease receivable, net						15,921						15,672
Accrued rental income, net (amounts related to VIEs of $474,838 and $470,734 at March 31, 2026 and December 31, 2025, respectively)						1,558,226						1,538,515
Deferred charges, net (amounts related to VIEs of $202,275 and $204,924 at March 31, 2026 and December 31, 2025, respectively)						830,917						847,690
Prepaid expenses and other assets (amounts related to VIEs of $48,202 and $14,509 at March 31, 2026 and December 31, 2025, respectively)						188,819						108,105
Investments in unconsolidated joint ventures						854,722						999,309
Assets held for sale						—						24,770
Total assets						$	25,102,250					$	26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net (amounts related to VIEs of $3,288,081 and $3,286,870 at March 31, 2026 and December 31, 2025, respectively)						$	4,280,639					$	4,280,067
Unsecured senior notes, net						8,808,674						9,806,100
Unsecured exchangeable senior notes, net						977,387						976,263
Unsecured line of credit						—						—
Unsecured term loans, net						797,309						797,053
Unsecured commercial paper						750,000						750,000
Lease liabilities - finance leases (amounts related to VIEs of $21,106 and $21,074 at March 31, 2026 and December 31, 2025, respectively)						357,039						360,039
Lease liabilities - operating leases						387,481						389,213
Accounts payable and accrued expenses (amounts related to VIEs of $80,255 and $88,849 at March 31, 2026 and December 31, 2025, respectively)						418,443						480,017
Dividends and distributions payable						124,018						123,753
Accrued interest payable						124,068						125,345
Other liabilities (amounts related to VIEs of $85,594 and $95,209 at March 31, 2026 and December 31, 2025, respectively)						352,813						386,074

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BXP, INC. CONSOLIDATED BALANCE SHEETS (unaudited and in thousands, except for share and par value amounts)
						March 31, 2026						December 31, 2025
Total liabilities						17,377,871						18,473,924
Commitments and contingencies (See Note 8)
Redeemable deferred stock units— 116,733 and 111,701 units outstanding at redemption value at March 31, 2026 and December 31, 2025, respectively						6,058						7,538
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding						—						—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding						—						—
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively						1,587						1,585
Additional paid-in capital						6,843,822						6,836,243
Dividends in excess of earnings						(1,684,492)						(1,674,995)
Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025						(2,722)						(2,722)
Accumulated other comprehensive loss						(6,082)						(12,921)
Total stockholders’ equity attributable to BXP, Inc.						5,152,113						5,147,190
Noncontrolling interests:
Common units of Boston Properties Limited Partnership						583,922						566,563
Property partnerships						1,982,286						1,970,949
Total equity						7,718,321						7,684,702
Total liabilities and equity						$	25,102,250					$	26,166,164

The accompanying notes are an integral part of these consolidated financial statements.

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BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

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

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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.

Some of the risks and uncertainties 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, policy changes related to tariffs and prolonged government shutdowns or disruptions, 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;

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• risks associated with our use of AI and 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, 2025 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 Quarterly Report on 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 our 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 REITs (based on total market capitalization as of March 31, 2026) in the United States that develops, owns, and manages primarily premier workplaces. Our properties are

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We are exposed to certain market risks, of which one of the most significant is a change in interest rates. Our future earnings, cash flows and fair values relevant to financial instruments are dependent upon prevalent market interest rates. Our primary market risk results from our indebtedness, which bears interest at fixed and variable rates. The fair values of our debt obligations are affected by changes in the market interest rates. Unless we have entered into interest rate swaps or other derivatives to fix the interest rate, increases in interest rates can result in increased interest expense under our 2025 Credit Facility, 2024 Unsecured Term Loan, Commercial Paper Program, certain mortgage loans and other debt that bears interest at variable rates. Increases in interest rates can also result in increased interest expense when our fixed rate debt matures and needs to be refinanced. We manage our market risk by matching long-term leases with long-term, fixed-rate, non-recourse debt of similar duration. We continue to follow a conservative strategy of generally pre-leasing development projects on a long-term basis to creditworthy clients in order to achieve the most favorable construction and permanent financing terms.

As of March 31, 2026, approximately $13.3 billion of our indebtedness bore interest at fixed rates, and therefore the fair value of these instruments is not affected by changes in the market interest rates. The remaining approximately $2.3 billion of outstanding indebtedness bore interest at variable rates, including approximately $800.0 million of unsecured term loans, $750.0 million of borrowings under the Commercial Paper Program, and approximately $800.0 million of secured debt. However, we have entered into interest rate swaps with notional amounts aggregating $800.0 million for our secured debt and $100.0 million for BPLP’s 2024 Unsecured Term Loan, thus fixing the interest rates for all or a portion of the applicable debt term (See Note 7 to the Consolidated Financial Statements for information pertaining to interest rate swap contracts). Therefore, as of March 31, 2026, we effectively had approximately $1.4 billion of variable rate debt outstanding.

The following table presents our aggregate debt obligations carrying value, estimated fair value and where applicable, the corresponding weighted-average GAAP interest rates sorted by maturity date as of March 31, 2026.

The table below does not include our unconsolidated joint venture debt. For a discussion concerning our unconsolidated joint venture debt, including interest rate swaps, see Note 5 to the Consolidated Financial Statements and “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Investment in Unconsolidated Joint Ventures — Secured Debt.”

			2026						2027						2028						2029						2030						2031+						Total						Estimated Fair Value
			(dollars in thousands) Mortgage debt, net
Fixed Rate			$	(438)					$	2,301,591					$	3,340					$	182,961					$	(1,348)					$	998,620					$	3,484,726					$	3,205,070
GAAP Average Interest Rate			5.06		%				3.64		%				5.06		%				5.06		%				—		%				2.93		%				3.52		%
Variable Rate			(1,196)						(1,596)						798,705						—						—						—						795,913						789,487
Subtotal			$	(1,634)					$	2,299,995					$	802,045					$	182,961					$	(1,348)					$	998,620					$	4,280,639					$	3,994,557
			Unsecured debt, net
Fixed Rate			$	989,159					$	736,714					$	987,919					$	839,543					$	691,710					$	5,541,016					$	9,786,061					$	9,327,604
GAAP Average Interest Rate			3.50		%				6.92		%				4.63		%				3.51		%				2.70		%				4.07		%				4.00		%
Variable Rate			849,271						(874)						(877)						699,789						—						—						1,547,309						1,546,446
Subtotal			$	1,838,430					$	735,840					$	987,042					$	1,539,332					$	691,710					$	5,541,016					$	11,333,370					$	10,874,050
Total Debt			$	1,836,796					$	3,035,835					$	1,789,087					$	1,722,293					$	690,362					$	6,539,636					$	15,614,009					$	14,868,607

At March 31, 2026, the weighted-average stated interest rate on the fixed rate debt stated above was 3.73% per annum. At March 31, 2026, our outstanding variable rate debt totaled approximately $2.3 billion, of which $900.0 million was subject to interest rate swaps. At March 31, 2026, the weighted-average stated interest rate on our variable rate debt, including the effect of the interest rate swaps, was 4.85% per annum. If market

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interest rates on our variable rate debt had been 100 basis points greater, total interest expense would have increased approximately $5.9 million for the three months ended March 31, 2026.

Our use of derivative instruments also involves certain additional risks such as counterparty credit risk, the enforceability of hedging contracts and the risk that unanticipated and significant changes in interest rates will cause a significant loss of basis in the contract. We believe that there is a low likelihood that these counterparties will fail to meet their obligations and we minimize our exposure by limiting counterparties to major banks who meet established credit and capital guidelines. There can be no assurance that we will adequately protect against the foregoing risks.

The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments. Due to the uncertainty of specific actions, we may undertake to minimize possible effects of market interest rate increases, this analysis assumes no changes in our financial structure.

BXP, Inc.

(a) Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management, with the participation of BXP, Inc.’s Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, BXP, Inc.’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

(b) Changes in Internal Control Over Financial Reporting. No change in BXP, Inc.’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) occurred during the first quarter of our fiscal year ending December 31, 2026, that has materially affected, or is reasonably likely to materially affect, BXP, Inc.’s internal control over financial reporting.

Boston Properties Limited Partnership

(a) Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, the management of BXP, Inc., the sole general partner of Boston Properties Limited Partnership, with the participation of its Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of BXP, Inc. concluded that these disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

(b) Changes in Internal Control Over Financial Reporting. No change in its internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended) occurred during the first quarter of our fiscal year ending December 31, 2026 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1—Legal Proceedings.

We are subject to legal proceedings and claims that arise in the ordinary course of business. Information regarding legal proceedings is incorporated herein by reference to Note 8 to the Consolidated Financial Statements included in Part 1, Item 1 of this Quarterly Report on Form 10-Q.

Except to the extent updated below or to the extent factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors (including, without limitation, the matters discussed in Part I, “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations”), there were no material changes to the risk factors disclosed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 2—Unregistered Sales of Equity Securities and Use of Proceeds.

BXP, Inc.

(a)During the three months ended March 31, 2026, BXP issued an aggregate of 49,365 shares of common stock in exchange for 49,365 common units of limited partnership held by certain limited partners of BPLP. Of these shares, 37,016 shares were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. BXP relied on the exemption under Section 4(a)(2) based upon factual representations received from the limited partner who received the shares of common stock.

(b)Not Applicable.

(c)Issuer Purchases of Equity Securities.

Period			(a) Total Number of Shares of Common Stock Purchased						(b) Average Price Paid per Common Share			(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			(d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased under the Plans or Programs
January 1, 2026 – January 31, 2026			19,957			(1)			$	66.99		N/A			N/A
February 1, 2026 – February 28, 2026			—						$	—		N/A			N/A
March 1, 2026 – March 31, 2026			—						$	—		N/A			N/A
Total			19,957						$	66.99		N/A			N/A

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(1)Represents shares of common stock of BXP surrendered by employees to BXP to satisfy such employees’ tax withholding obligations in connection with the vesting of restricted common stock.

Boston Properties Limited Partnership

(a)Each time BXP issues shares of common stock (other than in exchange for common units when such common units are presented for redemption), it contributes the proceeds of such issuance to BPLP in return for an equivalent number of partnership units with rights and preferences analogous to the shares issued. During the three months ended March 31, 2026, in connection with issuances of common stock by BXP pursuant to issuances of restricted common stock to employees under the Boston Properties, Inc. 2021 Stock Incentive Plan and purchases of common stock under the Boston Properties, Inc. 1999 Employee Stock Purchase Plan, BPLP issued an aggregate of approximately 98,256 common units to BXP in exchange for approximately $0.4 million, the aggregate proceeds of such common stock issuances to BXP. Such units were issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

(b)Not Applicable.

(c)Issuer Purchases of Equity Securities.

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Period			(a) Total Number of Units Purchased						(b) Average Price Paid per Unit			(c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs			(d) Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased Under the Plans or Programs
January 1, 2026 – January 31, 2026			19,957			(1)			$	66.99		N/A			N/A
February 1, 2026 – February 28, 2026			168,717			(2)			$	0.25		N/A			N/A
March 1, 2026 – March 31, 2026			—						$	—		N/A			N/A
Total			188,674						$	7.31		N/A			N/A

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(1)Represents common units previously held by BXP that were redeemed in connection with the surrender of shares of restricted common stock of BXP by employees to BXP to satisfy such employees’ tax withholding obligations in connection with the vesting of restricted common stock.

(2)Represents 2023 MYLTIP units. The measurement period for the 2023 MYLTIP units ended on February 6, 2026 and BXP’s total return to stockholders was sufficient for employees to earn and therefore become eligible to vest in a portion of the 2023 MYLTIP units. Under the terms of the applicable 2023 MYLTIP award agreements, the 168,717 unearned 2023 MYLTIP units were repurchased at a price of $0.25 per unit, which was the amount originally paid by each employee for the units.

ITEM 3—Defaults Upon Senior Securities.

None.

ITEM 4—Mine Safety Disclosures**.**

Not Applicable.

(a)None.

(b)None.

(c)During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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(a)Exhibits

10.1			—			BXP, Inc. Non-Employee Director Compensation Plan. (Incorporated by reference to Exhibit 10.39 to the Annual Report on Form 10-K of BXP, Inc. and Boston Properties Limited Partnership filed on February 27, 2026.)
10.2			—			BXP Deferred Compensation Plan, Amended and Restated Effective as of January 1, 2026. (Filed herewith.)
31.1			—			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for BXP, Inc. (Filed herewith.)
31.2			—			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for BXP, Inc. (Filed herewith.)
31.3			—			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Boston Properties Limited Partnership. (Filed herewith.)
31.4			—			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Boston Properties Limited Partnership. (Filed herewith.)
32.1			—			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for BXP, Inc. (Furnished herewith.)
32.2			—			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for BXP, Inc. (Furnished herewith.)
32.3			—			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Boston Properties Limited Partnership. (Furnished herewith.)
32.4			—			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Boston Properties Limited Partnership. (Furnished herewith.)
101.SCH			—			Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.)
101.CAL			—			Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.)
101.LAB			—			Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.)
101.PRE			—			Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.)
101.DEF			—			Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.)
104			—			Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). (Filed herewith.)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			BXP, INC.
May 7, 2026						/s/ MICHAEL R. WALSH
						Michael R. Walsh
						Chief Accounting Officer (duly authorized officer and principal accounting officer)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			BOSTON PROPERTIES LIMITED PARTNERSHIP
			By: BXP, Inc., its General Partner
May 7, 2026						/s/ MICHAEL R. WALSH
						Michael R. Walsh
						Chief Accounting Officer (duly authorized officer and principal accounting officer)