BXPREITの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 28, 2026

BXP, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact Name of Registrants As Specified in its Charter)


BXP, Inc.	Delaware	1-13087	04-2473675
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
Boston Properties Limited Partnership	Delaware	0-50209	04-3372948
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of Principal Executive Offices) (Zip Code)

(617) 236-3300

(Registrants’ telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Registrant

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

BXP, Inc.

Common Stock, par value $0.01 per share

BXP

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

BXP, Inc.:

Emerging growth company ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

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

BXP, Inc. ☐ Boston Properties Limited Partnership ☐

Item 2.02. Results of Operations and Financial Condition.

The information in this Item 2.02 - “Results of Operations and Financial Condition” is being furnished. Such information, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On July 28, 2026, BXP, Inc. (the “Company”), the general partner of Boston Properties Limited Partnership, issued a press release announcing its financial results for the second quarter ended 2026. That press release referred to certain supplemental information that is available on the Company’s website. The text of the supplemental information and the press release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
*99.1						BXP, Inc. Supplemental Operating and Financial Data for the quarter ended June 30, 2026.
*99.2						Press release dated July 28, 2026.
*101.SCH						Inline XBRL Taxonomy Extension Schema Document.
*101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
*101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
*101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
*104						Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

______________

* Filed herewith.

SIGNATURES

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


						BXP, INC.

			By:			/s/ MICHAEL E. LABELLE
						Michael E. LaBelle
						Executive Vice President, Chief Financial Officer
						and Treasurer



						BOSTON PROPERTIES LIMITED PARTNERSHIP
						By: BXP, Inc., its General Partner

			By:			/s/ MICHAEL E. LABELLE
						Michael E. LaBelle
						Executive Vice President, Chief Financial Officer
						and Treasurer

Date: July 28, 2026

EX-99.1 2 q22026supplemental.htm EX-99.1 Document

Exhibit 99.1

Supplemental Operating and Financial Data

for the Quarter Ended June 30, 2026

THE COMPANY

BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by joint ventures, BXP’s portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 143 office properties, 13 retail properties, seven residential properties (including four residential properties under construction) and one hotel. BXP is well-known for its in-house building management expertise and responsiveness to clients’ needs. BXP holds a superior track record of developing premium Central Business District (CBD) office buildings, successful mixed-use complexes, suburban office centers and build-to-suit projects for a diverse array of creditworthy clients. BXP actively works to promote its growth and operations in a sustainable and responsible manner. BXP has earned a fourteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

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

NON-GAAP FINANCIAL MEASURES

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

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

GENERAL INFORMATION


Corporate Headquarters	Trading Symbol	Investor Relations	Inquiries
800 Boylston Street	BXP	BXP, Inc.	Inquiries should be directed to
Suite 1900		800 Boylston Street, Suite 1900	Helen Han
Boston, MA 02199	Stock Exchange Listing	Boston, MA 02199	Vice President, Investor Relations
www.bxp.com	New York Stock Exchange	investors.bxp.com	at 617.236.3429 or
(t) 617.236.3300		investorrelations@bxp.com	hhan@bxp.com
		(t) 617.236.3429
			Michael E. LaBelle
			Executive Vice President, Chief Financial Officer
			at 617.236.3352 or
			mlabelle@bxp.com

(Cover photo: 290 Binney Street, Cambridge, MA)


			Q2 2026
			Table of contents


			Page
OVERVIEW
Company Profile			1
Guidance and assumptions			2

FINANCIAL INFORMATION
Financial Highlights			3
Consolidated Balance Sheets			5
Consolidated Income Statements			6
Funds From Operations (FFO)			7
Funds Available for Distribution (FAD)			8
Net Operating Income (NOI)			9
Same Property Net Operating Income (NOI) by Reportable Segment			11
Capital Expenditures			13
Acquisitions and Dispositions			14

DEVELOPMENT ACTIVITY
Construction in Progress			15
Land Parcels and Purchase Options			17

LEASING ACTIVITY
Leasing Activity			18

PROPERTY STATISTICS
Portfolio Overview			19
Residential and Hotel Performance			20
In-Service Property Listing			21
Top 20 Clients Listing and Portfolio Client Diversification			25
Occupancy by Location			26

DEBT AND CAPITALIZATION
Capital Structure			27
Debt Analysis			29
Senior Unsecured Debt Covenant Compliance Ratios			30
Net Debt to EBITDAre			31
Debt Ratios			32

JOINT VENTURES
Consolidated Joint Ventures			33
Unconsolidated Joint Ventures			35

LEASE EXPIRATION ROLL-OUT
Total In-Service Properties			38
Boston			39
Los Angeles			41
New York			43
San Francisco			45
Seattle			47
Washington, DC			49
CBD			51
Suburban			53

RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS
Research Coverage			55
Definitions			56
Reconciliations			60
Consolidated Income Statement - Prior Year			68


			Q2 2026
			Company profile

SNAPSHOT

(as of June 30, 2026)


Fiscal Year-End			December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)			164
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)			51.1 million
Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units and Outperformance Plan (OPP) Units) on an as-converted basis 1, 2			177.5 million
Closing Price, at the end of the quarter			$66.31 per share
Dividend - Quarter/Annualized			$0.70/$2.80 per share
Dividend Yield			4.2%
Consolidated Market Capitalization 2			$27.4 billion
BXP’s Share of Market Capitalization 2, 3			$27.1 billion
Unsecured Senior Debt Ratings			BBB (S&P); Baa2 (Moody’s)

STRATEGY

BXP’s primary business objective is to maximize return on investment in an effort to provide its investors with the greatest possible total return in all points of the economic cycle. To achieve this objective, the key tenets of our long-term business strategy are to:

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

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

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

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

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

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

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

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

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

MANAGEMENT

Board of Directors

Owen D. Thomas

Chairman of the Board

Owen D. Thomas

Chief Executive Officer

Douglas T. Linde

President

Joel I. Klein

Lead Independent Director

Michael E. LaBelle

Executive Vice President, Chief Financial Officer and Treasurer

Bruce W. Duncan

Chair of Audit Committee

Rodney C. Diehl

Executive Vice President, West Coast Regions

Diane J. Hoskins

Chair of Sustainability Committee

Donna D. Garesche

Executive Vice President, Chief Human Resources Officer

Mary E. Kipp

Bryan J. Koop

Executive Vice President, Boston Region

Matthew J. Lustig

Chair of Nominating & Corporate

Peter V. Otteni

Executive Vice President, Co-Head of the Washington, DC

Governance Committee

Region

Timothy J. Naughton

Chair of Compensation Committee

Hilary J. Spann

Executive Vice President, New York Region

Julie G. Richardson

John J. Stroman

Executive Vice President, Co-Head of the Washington, DC

William H. Walton, III

Region

Derek A. (Tony) West

Colin D. Joynt

Senior Vice President, Chief Information Officer

Eric G. Kevorkian

Senior Vice President, Chief Legal Officer and Secretary

Michael R. Walsh

Senior Vice President, Chief Accounting Officer

___________________

1Common units and LTIP units are units of limited partnership interest in Boston Properties Limited Partnership, the entity through which the Company conducts substantially all of its business.

2For additional detail, see page 28.

3For the Company’s definitions and related disclosures, see the Definitions and Reconciliations sections of this Supplemental package starting on page 56.


			Q2 2026
			Guidance and assumptions

GUIDANCE

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


			Third Quarter 2026				Full Year 2026
			Low		High		Low		High
Projected EPS (diluted)			$	0.50	$	0.52	$	2.14	$	2.24
	Add:
		Projected Company share of real estate depreciation and amortization	1.30		1.30		5.10		5.10

		Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments	—		—		(0.25)		(0.29)
Projected FFO per share (diluted)			$	1.80	$	1.82	$	6.99	$	7.05

ASSUMPTIONS

(dollars in thousands)


		Full Year 2026
			Low			High
Operating property activity:
	Average In-service portfolio occupancy 1		88.50		%	89.25		%
	Change in BXP’s Share of Same Property net operating income (excluding termination income)		1.80		%	2.60		%
	Change in BXP’s Share of Same Property net operating income - cash (excluding termination income)		(0.25)		%	0.25		%
	BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)		$	52,000		$	56,000
	Taking Buildings Out-of-Service		$	(11,000)		$	(11,000)
	BXP’s Share of incremental net operating income related to asset sold over prior year		$	(83,000)		$	(79,000)
	BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)		$	145,000		$	162,000
	BXP’s Share of Termination income		$	19,000		$	23,000

Other revenue (expense):
	Development, management services and other revenue		$	32,000		$	36,000
	General and administrative expense 2		$	(183,000)		$	(176,000)
	Consolidated net interest expense		$	(595,000)		$	(588,000)
	Unconsolidated joint venture interest expense		$	(62,000)		$	(60,000)

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

_______________

1 Excludes development properties placed into service in 2026.

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


			Q2 2026
			Financial highlights

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


	Three Months Ended
	30-Jun-26			31-Mar-26
Net income attributable to BXP, Inc.	$	68,564		$	101,576
Net income attributable to BXP, Inc. per share - diluted	$	0.43		$	0.64
FFO attributable to BXP, Inc. 1	$	283,412		$	252,236
Diluted FFO per share 1	$	1.78		$	1.59
Dividends per common share	$	0.70		$	0.70
Funds available for distribution to common shareholders and common unitholders (FAD) 2	$	142,069		$	88,667

Selected items:
Revenue	$	895,699		$	872,148
Recoveries from clients	$	152,352		$	151,875
Service income from clients	$	4,840		$	2,848
BXP’s Share of revenue 3	$	838,636		$	825,470
BXP’s Share of straight-line rent 3	$	19,396		$	20,444
BXP’s Share of fair value lease revenue 3, 4	$	2,864		$	2,715
BXP’s Share of termination income 3	$	2,805		$	12,828

Ground rent expense	$	3,876		$	3,616
Capitalized interest	$	12,868		$	16,490
Capitalized wages	$	4,585		$	4,055
Income (loss) from unconsolidated joint ventures 5	$	(2,448)		$	35,413
BXP’s share of FFO from unconsolidated joint ventures 6	$	9,111		$	7,686
Net income attributable to noncontrolling interests in property partnerships	$	26,121		$	19,869
FFO attributable to noncontrolling interests in property partnerships 7	$	49,457		$	40,740

Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)	$	4,351		$	4,598
Below-market rents (included within Other Liabilities)	$	13,000		$	15,414
Accrued rental income liability (included within Other Liabilities)	$	125,794		$	96,767

Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8	3.12			2.95
Interest Coverage Ratio (including capitalized interest) 8	2.87			2.65
Fixed Charge Coverage Ratio 8	2.62			2.40
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9	7.94			8.50
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10	3.5		%	(2.0)		%
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10	0.8		%	(0.4)		%
FAD Payout Ratio 2	87.54		%	140.25		%
Operating Margins [(rental revenue - rental expense)/rental revenue]	61.3		%	59.5		%
Occupancy % of In-Service Properties 11	88.4		%	87.4		%
Leased % of In-Service Properties 12	91.3		%	90.9		%

Capitalization:
Consolidated Debt	$	15,618,563		$	15,614,009
BXP’s Share of Debt 13	$	15,355,350		$	15,347,533
Consolidated Market Capitalization	$	27,388,124		$	24,824,338
Consolidated Debt/Consolidated Market Capitalization	57.03		%	62.90		%
BXP’s Share of Market Capitalization 13	$	27,124,911		$	24,557,862
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13	56.61		%	62.50		%

_____________

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

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

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

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

5For the three months ended June 30, 2026 and March 31, 2026, amount includes gains on sales of approximately $1.2 million and $41.2 million, respectively.

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

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

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

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

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


			Q2 2026
			Financial highlights (continued)

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

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

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


			Q2 2026
			Consolidated Balance Sheets

(unaudited and in thousands)


	30-Jun-26		31-Mar-26
ASSETS
Real estate	$	27,132,125	$	26,256,207
Construction in progress	975,361		1,626,073
Land held for future development	499,424		493,212
Right of use assets - finance leases	371,889		372,476
Right of use assets - operating leases	290,726		321,030
Less accumulated depreciation	(8,277,690)		(8,170,334)
Total real estate	20,991,835		20,898,664
Cash and cash equivalents	493,949		512,783
Cash held in escrows	59,514		68,471
Investments in securities	46,526		42,072
Tenant and other receivables, net	90,679		90,137
Note receivable, net	12,185		10,071
Related party notes receivable, net	35,337		31,447
Sales-type lease receivable, net	16,170		15,921
Accrued rental income, net	1,573,959		1,558,226
Deferred charges, net	848,273		830,917
Prepaid expenses and other assets	122,830		188,819
Investments in unconsolidated joint ventures	820,068		854,722
Assets held for sale	62,544		—
Total assets	$	25,173,869	$	25,102,250

LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	4,281,198	$	4,280,639
Unsecured senior notes, net	8,811,158		8,808,674
Unsecured exchangeable senior notes, net	978,642		977,387
Unsecured line of credit	—		—
Unsecured term loans, net	797,565		797,309
Unsecured commercial paper	750,000		750,000
Lease liabilities - finance leases	353,436		357,039
Lease liabilities - operating leases	386,487		387,481
Accounts payable and accrued expenses	474,141		418,443
Dividends and distributions payable	123,857		124,018
Accrued interest payable	109,523		124,068
Other liabilities	364,082		352,813
Liabilities held for sale	6,130		—
Total liabilities	17,436,219		17,377,871

Commitments and contingencies	—		—
Redeemable deferred stock units	7,927		6,058

Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	—		—
Common stock, $0.01 par value, 250,000,000 shares authorized, 159,600,410 and 158,754,863 issued and 159,521,510 and 158,675,963 outstanding at June 30, 2026 and March 31, 2026, respectively	1,595		1,587
Additional paid-in capital	6,881,671		6,843,822
Dividends in excess of earnings	(1,727,547)		(1,684,492)
Treasury common stock at cost, 78,900 shares at June 30, 2026 and March 31, 2026	(2,722)		(2,722)
Accumulated other comprehensive income (loss)	2,148		(6,082)
Total stockholders’ equity attributable to BXP, Inc.	5,155,145		5,152,113

Noncontrolling interests:
Common units of the Operating Partnership	555,763		583,922
Property partnerships	2,018,815		1,982,286
Total equity	7,729,723		7,718,321
Total liabilities and equity	$	25,173,869	$	25,102,250


			Q2 2026
			Consolidated Income Statements

(unaudited and in thousands, except per share amounts)


	Three Months Ended
	30-Jun-26		31-Mar-26
Revenue
Lease	$	831,678	$	818,156
Parking and other	36,485		30,811
Insurance proceeds	1,101		3
Hotel revenue	14,901		9,101
Development and management services	7,633		9,207
Direct reimbursements of payroll and related costs from management services contracts	3,901		4,870
Total revenue	895,699		872,148
Expenses
Operating	192,421		201,823
Real estate taxes	142,194		141,197

Restoration expenses related to insurance claims	1,526		1,062
Hotel operating	9,369		7,982
General and administrative 1, 2	50,444		59,341
Payroll and related costs from management services contracts	3,901		4,870
Transaction costs	(62)		129
Depreciation and amortization	236,977		227,967
Total expenses	636,770		644,371
Other income (expense)
Income (loss) from unconsolidated joint ventures 3	(2,448)		35,413
Gains on sales of real estate 4	6,997		13,402
Gains (losses) from investments in securities 2	4,385		(566)
Unrealized gain (loss) on non-real estate investments	(75)		188
Interest and other income (loss)	6,137		8,885
Impairment loss 5	(18,036)		—

Interest expense	(153,425)		(152,093)
Net income	102,464		133,006
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships	(26,121)		(19,869)
Noncontrolling interest - common units of the Operating Partnership 6	(7,779)		(11,561)
Net income attributable to BXP, Inc.	$	68,564	$	101,576


INCOME PER SHARE OF COMMON STOCK (EPS)

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

_____________

1For the three months ended June 30, 2026 and March 31, 2026, includes approximately $6.0 million and $16.9 million, respectively, related to the accelerated vesting of non-stock compensation expense for employees who satisfied the conditions for a qualified retirement and approximately $2.9 million, for each period, related to the 2025 OPP Awards.

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

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

4For additional detail, see page 14.

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

6For additional detail, see page 7.


			Q2 2026
			Funds from operations (FFO) 1

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


	Three Months Ended
	30-Jun-26			31-Mar-26
Net income attributable to BXP, Inc.	$	68,564		$	101,576
Add:
Noncontrolling interest - common units of the Operating Partnership	7,779			11,561
Noncontrolling interests in property partnerships	26,121			19,869
Net income	102,464			133,006
Add:
Depreciation and amortization expense	236,977			227,967
Noncontrolling interests in property partnerships' share of depreciation and amortization 2	(23,336)			(20,871)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3	12,716			13,506
Corporate-related depreciation and amortization	(549)			(567)
Non-real estate related amortization	2,131			2,131
Impairment loss	18,036			—

Less:
Gains on sales of real estate	6,997			13,402
Gains on sales included within income (loss) from unconsolidated joint ventures 3	1,157			41,233
Unrealized gain (loss) on non-real estate investments	(75)			188
Noncontrolling interests in property partnerships	26,121			19,869
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO)	314,239			280,480
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO	30,827			28,244
FFO attributable to BXP, Inc.	$	283,412		$	252,236

BXP, Inc.’s percentage share of Basic FFO	90.19		%	89.93		%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO	9.81		%	10.07		%
Basic FFO per share	$	1.78		$	1.59
Weighted average shares outstanding - basic	159,167			158,555
Diluted FFO per share	$	1.78		$	1.59
Weighted average shares outstanding - diluted	159,629			159,056

RECONCILIATION TO DILUTED FFO


	Three Months Ended
	30-Jun-26		31-Mar-26
Basic FFO	$	314,239	$	280,480
Add:
Effect of dilutive securities - stock-based compensation	—		—
Diluted FFO	314,239		280,480
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO	30,733		28,188
BXP, Inc.’s share of Diluted FFO	$	283,506	$	252,292

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO


	Three Months Ended
	30-Jun-26		31-Mar-26
Shares/units for Basic FFO	176,474		176,318
Add:
Effect of dilutive securities - stock-based compensation (shares/units)	462		501
Shares/units for Diluted FFO	176,936		176,819
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)	17,307		17,763
BXP, Inc.’s share of shares/units for Diluted FFO	159,629		159,056

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

_____________

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

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

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


			Q2 2026
			Funds available for distributions (FAD) 1

(dollars in thousands)


	Three Months Ended
	30-Jun-26			31-Mar-26
Net income attributable to BXP, Inc.	$	68,564		$	101,576
Add:
Noncontrolling interest - common units of the Operating Partnership	7,779			11,561
Noncontrolling interests in property partnerships	26,121			19,869
Net income	102,464			133,006
Add:
Depreciation and amortization expense	236,977			227,967
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2	(23,336)			(20,871)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3	12,716			13,506
Corporate-related depreciation and amortization	(549)			(567)
Non-real estate related amortization	2,131			2,131
Impairment loss	18,036			—

Less:
Gains on sales of real estate	6,997			13,402
Gains on sales included within income (loss) from unconsolidated joint ventures 3	1,157			41,233
Unrealized gain (loss) on non-real estate investments	(75)			188
Noncontrolling interests in property partnerships	26,121			19,869
Basic FFO	314,239			280,480
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4	4,071			3,739
BXP’s Share of hedge amortization, net of costs 1	1,714			1,706
BXP’s Share of fair value interest adjustment 1	260			216
BXP’s Share of straight-line ground rent expense adjustment 1, 5	(3,895)			(4,849)
Stock-based compensation	15,463			26,043
Non-real estate depreciation and amortization	(1,582)			(1,564)
Unearned portion of capitalized fees from consolidated joint ventures 6	915			669

Less:
BXP’s Share of straight-line rent 1	19,396			20,444
BXP’s Share of fair value lease revenue 1, 7	2,864			2,715
BXP’s Share of non-cash termination income adjustment 1	(2,306)			(1,744)
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1, 8	153,008			178,371
BXP’s Share of maintenance capital expenditures 1, 9	14,617			16,647
BXP’s Share of amortization and accretion related to sales type lease 1	278			274
Hotel improvements, equipment upgrades and replacements	1,259			1,066
Funds available for distribution to common shareholders and common unitholders (FAD) (A)	$	142,069		$	88,667

Distributions to common shareholders and unitholders (excluding any special distributions) (B)	124,374			124,354

FAD Payout Ratio1 (B÷A)	87.54		%	140.25		%

_____________

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

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

3For additional information for the three months ended June 30, 2026, see page 37.

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

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

6See page 62 for additional information.

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

8Amount represents aggregate tenant improvements and leasing commissions incurred in connection with approximately 1.8 million and 2.3 million square feet of leases that commenced revenue recognition during the three months ended June 30, 2026 and March 31, 2026, respectively, at an average transaction cost per lease year of approximately $11.55 per square foot and $10.40 per square foot, respectively. Lease commencements for years 2024 and 2025 averaged approximately 925,000 square feet per quarter at a weighted average transaction cost per lease year of approximately $11.80 per square foot.

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


			Q2 2026
			Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)


	Three Months Ended
	30-Jun-26		30-Jun-25
Net income attributable to BXP, Inc.	$	68,564	$	88,977
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership	7,779		10,064
Noncontrolling interest in property partnerships	26,121		20,100
Net income	102,464		119,141
Add:
Interest expense	153,425		162,783
Impairment loss	18,036		—
Unrealized loss on non-real estate investment	75		39
Loss from unconsolidated joint ventures	2,448		3,324
Depreciation and amortization expense	236,977		223,819
Transaction costs	(62)		357
Payroll and related costs from management services contracts	3,901		4,104
General and administrative expense	50,444		42,516
Less:
Interest and other income (loss)	6,137		8,063
Gains from investments in securities	4,385		2,600
Gains on sales of real estate	6,997		18,390
Direct reimbursements of payroll and related costs from management services contracts	3,901		4,104
Development and management services revenue	7,633		8,846
Net Operating Income (NOI)	538,655		514,080
Add:
BXP’s share of NOI from unconsolidated joint ventures 1	22,028		31,029
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2	60,335		51,562
BXP’s Share of NOI	500,348		493,547
Less:
Termination income	2,828		909
BXP’s share of termination income from unconsolidated joint ventures 1	—		(146)
Add:
Partners’ share of termination income from consolidated joint ventures 2	23		—
BXP’s Share of NOI (excluding termination income)	$	497,543	$	492,784

Net Operating Income (NOI)	$	538,655	$	514,080
Less:
Termination income	2,828		909
NOI from non Same Properties (excluding termination income) 3	15,574		11,355
Same Property NOI (excluding termination income)	520,253		501,816
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2	60,312		51,562
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3	6,853		—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1	22,028		31,175
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3	2,009		10,865
BXP’s Share of Same Property NOI (excluding termination income)	$	486,813	$	470,564

_____________

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

2For a quantitative reconciliation for the three months ended June 30, 2026, see pages 62-63.

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


			Q2 2026
			Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)


	Three Months Ended
	30-Jun-26		30-Jun-25
Net income attributable to BXP, Inc.	$	68,564	$	88,977
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership	7,779		10,064
Noncontrolling interest in property partnerships	26,121		20,100
Net income	102,464		119,141
Add:
Interest expense	153,425		162,783
Impairment loss	18,036		—
Unrealized loss on non-real estate investment	75		39
Loss from unconsolidated joint ventures	2,448		3,324
Depreciation and amortization expense	236,977		223,819
Transaction costs	(62)		357
Payroll and related costs from management services contracts	3,901		4,104
General and administrative expense	50,444		42,516
Less:
Interest and other income (loss)	6,137		8,063
Gains from investments in securities	4,385		2,600
Gains on sales of real estate	6,997		18,390
Direct reimbursements of payroll and related costs from management services contracts	3,901		4,104
Development and management services revenue	7,633		8,846
Net Operating Income (NOI)	538,655		514,080
Less:
Straight-line rent	3,570		24,533
Fair value lease revenue	2,168		1,915
Amortization and accretion related to sales type lease	249		232
Termination income	2,828		909
Add:
Straight-line ground rent expense adjustment 1	511		531
Lease transaction costs that qualify as rent inducements 2	4,072		4,427
NOI - cash (excluding termination income)	534,423		491,449
Less:
NOI - cash from non Same Properties (excluding termination income) 3	47,333		12,387
Same Property NOI - cash (excluding termination income)	487,090		479,062
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4	72,128		46,250
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3	21,983		—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5	17,413		27,909
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3	(609)		9,238
BXP’s Share of Same Property NOI - cash (excluding termination income)	$	454,967	$	451,483

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(4,527) and $(83) for the three months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company has remaining lease payments aggregating approximately $15.6 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

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

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


			Q2 2026
			Same property net operating income (NOI) by reportable segment

(dollars in thousands)


	Office 1								Hotel & Residential
	Three Months Ended				$		%		Three Months Ended				$		%
	30-Jun-26		30-Jun-25		Change		Change		30-Jun-26		30-Jun-25		Change		Change
Rental Revenue 2	$	842,059	$	812,662					$	18,584	$	18,129
Less: Termination income	2,828		559						—		—
Rental revenue (excluding termination income) 2	839,231		812,103		$	27,128	3.3	%	18,584		18,129		$	455	2.5	%
Less: Operating expenses and real estate taxes	326,187		316,247		9,940		3.1	%	11,375		12,169		(794)		(6.5)	%
NOI (excluding termination income) 2, 3	$	513,044	$	495,856	$	17,188	3.5	%	$	7,209	$	5,960	$	1,249	21.0	%

Rental revenue (excluding termination income) 2	$	839,231	$	812,103	$	27,128	3.3	%	$	18,584	$	18,129	$	455	2.5	%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease	37,748		27,564		10,184		36.9	%	(2)		(2)		—		—	%
Add: Lease transaction costs that qualify as rent inducements 4	4,072		4,277		(205)		(4.8)	%	—		—		—		—	%
Subtotal	805,555		788,816		16,739		2.1	%	18,586		18,131		455		2.5	%
Less: Operating expenses and real estate taxes	326,187		316,247		9,940		3.1	%	11,375		12,169		(794)		(6.5)	%
Add: Straight-line ground rent expense 5	511		531		(20)		(3.8)	%	—		—		—		—	%
NOI - cash (excluding termination income) 2, 3	$	479,879	$	473,100	$	6,779	1.4	%	$	7,211	$	5,962	$	1,249	20.9	%

	Consolidated Total 1 (A)								BXP’s share of Unconsolidated Joint Ventures (B)
	Three Months Ended				$		%		Three Months Ended				$		%
	30-Jun-26		30-Jun-25		Change		Change		30-Jun-26		30-Jun-25		Change		Change
Rental Revenue 2	$	860,643	$	830,791					$	36,823	$	36,588
Less: Termination income	2,828		559						—		(374)
Rental revenue (excluding termination income) 2	857,815		830,232		$	27,583	3.3	%	36,823		36,962		$	(139)	(0.4)	%
Less: Operating expenses and real estate taxes	337,562		328,416		9,146		2.8	%	16,804		16,652		152		0.9	%
NOI (excluding termination income) 2, 3	$	520,253	$	501,816	$	18,437	3.7	%	$	20,019	$	20,310	$	(291)	(1.4)	%

Rental revenue (excluding termination income) 2	$	857,815	$	830,232	$	27,583	3.3	%	$	36,823	$	36,962	$	(139)	(0.4)	%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease	37,746		27,562		10,184		36.9	%	2,118		1,754		364		20.8	%
Add: Lease transaction costs that qualify as rent inducements 4	4,072		4,277		(205)		(4.8)	%	—		(21)		21		100.0	%
Subtotal	824,141		806,947		17,194		2.1	%	34,705		35,187		(482)		(1.4)	%
Less: Operating expenses and real estate taxes	337,562		328,416		9,146		2.8	%	16,804		16,652		152		0.9	%
Add: Straight-line ground rent expense 5	511		531		(20)		(3.8)	%	121		136		(15)		(11.0)	%
NOI - cash (excluding termination income) 2, 3	$	487,090	$	479,062	$	8,028	1.7	%	$	18,022	$	18,671	$	(649)	(3.5)	%

	Partners’ share of Consolidated Joint Ventures (C)								BXP’s Share 2, 6
	Three Months Ended				$		%		Three Months Ended				$		%
	30-Jun-26		30-Jun-25		Change		Change		30-Jun-26		30-Jun-25		Change		Change
Rental Revenue 2	$	91,611	$	88,271					$	805,855	$	779,108
Less: Termination income	23		—						2,805		185
Rental revenue (excluding termination income) 2	91,588		88,271		$	3,317	3.8	%	803,050		778,923		$	24,127	3.1	%
Less: Operating expenses and real estate taxes	38,129		36,709		1,420		3.9	%	316,237		308,359		7,878		2.6	%
NOI (excluding termination income) 2, 3	$	53,459	$	51,562	$	1,897	3.7	%	$	486,813	$	470,564	$	16,249	3.5	%

Rental revenue (excluding termination income) 2	$	91,588	$	88,271	$	3,317	3.8	%	$	803,050	$	778,923	$	24,127	3.1	%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease	3,315		6,236		(2,921)		(46.8)	%	36,549		23,080		13,469		58.4	%
Add: Lease transaction costs that qualify as rent inducements 4	1		924		(923)		(99.9)	%	4,071		3,332		739		22.2	%
Subtotal	88,274		82,959		5,315		6.4	%	770,572		759,175		11,397		1.5	%
Less: Operating expenses and real estate taxes	38,129		36,709		1,420		3.9	%	316,237		308,359		7,878		2.6	%
Add: Straight-line ground rent expense 5	—		—		—		—	%	632		667		(35)		(5.2)	%
NOI - cash (excluding termination income) 2, 3	$	50,145	$	46,250	$	3,895	8.4	%	$	454,967	$	451,483	$	3,484	0.8	%

___________________

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

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

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


			Q2 2026
			Same property net operating income (NOI) by reportable segment (continued)

5Excludes the straight-line impact of approximately $(4,527) and $(83) for the three months ended June 30, 2026 and 2025, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).


			Q2 2026
			Capital expenditures

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES


	Three Months Ended
	30-Jun-26		31-Mar-26
Maintenance capital expenditures	$	15,936	$	18,984
Planned capital expenditures associated with acquisition properties	719		4,206
Repositioning capital expenditures	634		323
Hotel improvements, equipment upgrades and replacements	1,259		1,066
Subtotal	18,548		24,579
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)	572		455
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs	17		11
BXP’s share of repositioning capital expenditures from unconsolidated JVs	—		—
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs	1,891		2,792
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs	—		—
Partners’ share of repositioning capital expenditures from consolidated JVs	—		—
BXP’s Share of Capital Expenditures 1	$	17,246	$	22,253

___________________

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


			Q2 2026
			Acquisitions and dispositions

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

(dollars in thousands)

ACQUISITIONS


				BXP’s Share of Investment
Property	Location	Date Acquired	Square Feet	Initial		Anticipated Future		Total		In-service Leased (%)
13150 Worldgate Drive (20% ownership)	Herndon, VA	June 4, 2026	N/A	$	4,236	$	22,164	$	26,400	N/A
Total Acquisitions			—	$	4,236	$	22,164	$	26,400	—	%

DISPOSITIONS


Property	Location	Date Disposed	Square Feet	BXP’s Share of Gross Sales Price		BXP’s Share of Net Cash Proceeds		BXP’s Share of Book Gain (Loss) 1
Land:
North First Business Park 2	San Jose, CA	January 14, 2026	191,000	$	50,500	$	49,076	$	(229)
Shady Grove Parcel 1 2	Rockville, MD	February 5, 2026	N/A	24,650		23,673		(763)
13150 Worldgate Drive (50% ownership)	Herndon, VA	June 4, 2026	N/A	10,275		10,248		832
			191,000	85,425		82,997		(160)
Residential:
The Lofts at Atlantic Wharf	Boston, MA	February 25, 2026	87,000	55,500		54,065		14,764
			87,000	55,500		54,065		14,764
Non-Strategic Office / Retail:
Gateway Commons (50% ownership) 2	South San Francisco, CA	January 2, 2026	792,700	150,000		131,023		6,407
7750 Wisconsin Avenue (50% ownership)	Bethesda/Chevy Chase, MD	March 19, 2026	736,000	215,000		81,501		34,840
Kingstowne Retail	Alexandria, VA	April 17, 2026	88,300	19,700		18,928		7,029
			1,617,000	384,700		231,452		48,276
Total Dispositions			1,895,000	$	525,625	$	368,514	$	62,880

___________________

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

2The Company previously recognized an impairment loss.


			Q2 2026
			Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT JUNE 30, 2026 1


		Actual/Estimated				BXP’s share
		Initial Occupancy	Stabilization Date		Square Feet	Investment to Date 2		Estimated Total Investment 2		Total Financing		Amount Drawn		Estimated Future Equity Requirement 2		Percentage Leased 3			Percentage placed in-service 4		Net Operating Income (Loss) 5 (BXP’s share)
				Location
Office
	Reservoir Place 6	Q2 2027	Q2 2027	Waltham, MA	363,000	$	11,954	$	87,000	$	—	$	—	$	75,046	89	%		—	%	N/A
	725 12th Street	Q1 2029	Q4 2030	Washington, DC	320,000	109,553		349,600		—		—		240,047		87	%		—	%	N/A
	343 Madison Avenue 7	Q3 2029	Q2 2031	New York, NY	930,000	429,623		1,971,000		—		—		1,541,377		50	%		—	%	N/A
	Total Office Properties under Construction				1,613,000	551,130		2,407,600		—		—		1,856,470		66	%		—	%	N/A





Residential 8
	17 Hartwell Avenue (312 units) (20% ownership)	Q2 2027	Q2 2028	Lexington, MA	347,000	18,773		35,900		19,747		512		—		—	%		—	%	N/A
	17 Hartwell Avenue - Retail				2,100	—		—		—		—		—		—	%		—	%	N/A
	121 Broadway Street (439 units)	Q3 2027	Q2 2029	Cambridge, MA	490,000	371,098		597,800		—		—		226,702		—	%		—	%	N/A
	121 Broadway Street - Retail				1,550	—		—		—		—		—		—	%		—	%	N/A
	290 Coles Street (670 units) (19.46% ownership) 9	Q2 2028	Q3 2029	Jersey City, NJ	693,000	39,873		88,700		56,422		15,515		7,920		—	%		—	%	N/A
	290 Coles Street - Retail				13,000	—		—		—		—		—		—	%		—	%	N/A
	Worldgate Drive (359 units) (20% ownership)	Q3 2028	Q2 2030	Herndon, VA	347,000	4,435		26,400		13,639		—		8,326		—	%		—	%	N/A
	Total Residential Properties under Construction				1,893,650	434,179		748,800		89,808		16,027		242,948		—	%		—	%	N/A



Total Properties Under Construction					3,506,650	$	985,309	$	3,156,400	$	89,808	$	16,027	$	2,099,418	65	%	10	—	%	N/A

PROJECTS FULLY PLACED IN-SERVICE DURING 2026


	Actual/Estimated					BXP’s share
								Estimated Total Investment 2				Amount Drawn at 6/30/2026		Estimated Future Equity Requirement 2					Net Operating Income (Loss) 5 (BXP’s share)
	Initial Occupancy	Stabilization Date				Investment to Date 2				Total Financing							Percentage
			Location	Square Feet												Leased 3
Reston Next Retail	Q2 2026	Q4 2026	Reston, VA		30,284	$	30,080	$	31,600	$	—	$	—	$	1,520		69	%	$	(90)
290 Binney Street (55% ownership) 11	Q2 2026	Q2 2026	Cambridge, MA		572,578	435,734		488,000		—		—		52,266			100	%	8,914

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

________________

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

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

3Represents percentage leased as of July 24, 2026, including leases with future commencement dates.

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

5Amounts represent Net Operating Income (Loss) for the three months ended June 30, 2026. For partially owned properties, amount represents BXP’s share based on its ownership percentage. See the Definitions and Reconciliations sections of this supplemental package starting on page 56.

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

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

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

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


			Q2 2026
			Construction in progress (continued)

10Total percentage leased excludes Residential units.

11The Estimated Total Investment has been reduced by $20 million, of which, the Company will receive 100%. The project budget reflects the Company’s 55% share of joint venture costs related to 290 Binney Street. The Company has the sole obligation to construct an underground electrical vault for an estimated gross cost of $183.9 million. Upon completion, the Company has entered into a contract to sell the electrical vault to a third party for a fixed price of $84.1 million. The net investment of $99.8 million will be included in the Company’s outside basis in 290 Binney Street. The Company has invested $147.1 million for the vault as of June 30, 2026.


			Q2 2026
			Land parcels and purchase options

as of June 30, 2026

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1



Location	Approximate Developable Square Feet 2
Office
New York, NY (25% ownership)		2,000,000
Princeton, NJ		1,723,000
Reston, VA		1,278,000
San Jose, CA (55% ownership)		1,088,000
San Francisco, CA		850,000
Springfield, VA		576,000
Waltham, MA		538,000
Lexington, MA		420,000
Washington, DC		320,000
Rockville, MD		150,000
Boston, MA		25,000
Total Office		8,968,000

Residential
Reston, VA		1,193,000
Rockville, MD		622,000
Weston, MA		600,000
West Los Angeles, CA		545,000
Washington, DC (50% ownership)		520,000
Waltham, MA		274,000
Herndon, VA (50% ownership)		236,000
Total Residential		3,990,000

Total Owned Land Parcels		12,958,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS



Location	Approximate Developable Square Feet 2
Office
Waltham, MA 3		1,200,000
Boston, MA		668,000
Cambridge, MA		573,000
Total Office		2,441,000

Residential
Boston, MA		632,000
Total Residential		632,000

Total Land Purchase Options		3,073,000

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the six months ended June 30, 2026, approximately 260,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property.

2Represents 100% of consolidated and unconsolidated projects.

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


			Q2 2026
			Leasing activity

for the three months ended June 30, 2026


OCCUPANCY ACTIVITY - NET (INCREASE)/DECREASE IN AVAILABLE SPACE (SF)
	Total
Vacant space available at the beginning of the period	5,756,769


Add:

Properties placed (and partially placed) in-service 1	572,578
Leases expiring or terminated during the period	1,629,883
Total space available for lease	7,959,230

1st generation leases 2	775,869
2nd generation leases with new clients 3	825,784
2nd generation lease renewals	970,125
Total leases commenced during the period 4	2,571,778

Vacant space available for lease at the end of the period	5,387,452
Net (increase)/decrease in available space	369,317

LEASING ACTIVITY - EXECUTED LEASES
1st generation leases 2	551,047
2nd generation leases with new clients 3	734,967
2nd generation leases renewals	469,147
Total Leases executed during the period	1,755,161

2nd generation leasing information:
Weighted average lease term (months)	83
Weighted average free rent period (days)	172
Total transaction costs per square foot 5	99.12
Lease Costs per year of term	$14.32
Increase (decrease) in gross rents 6	1.18	%
Increase (decrease) in net rents 7	1.58	%


	All leases executed in the quarter (SF)			Incr (decr) in 2nd generation cash rents
	1st generation	2nd generation	total	gross 6,8		net 7,8
Boston	322,116	190,731	512,847	14.21	%	23.66	%
Los Angeles	—	44,882	44,882	—	%	—	%
New York	221,158	277,778	498,936	12.77	%	19.92	%
San Francisco	—	375,987	375,987	(13.45)	%	(17.76)	%
Seattle	—	103,440	103,440	(14.70)	%	(20.11)	%
Washington, DC	7,773	211,296	219,069	(6.95)	%	(10.20)	%
Total / Weighted Average	551,047	1,204,114	1,755,161	1.18	%	1.58	%

_____________

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

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

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

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

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

6 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 877,841 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

7 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 877,841 square feet of 2nd generation leases that had been occupied within the prior 24 months from the execution of the new lease; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

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


			Q2 2026
			Portfolio overview

for the three months ended June 30, 2026

(dollars in thousands)

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


	Office		Retail		Residential		Hotel		Total
Boston	14,563,113		1,076,529		320,444		330,000		16,290,086
Los Angeles	1,921,358		123,247		—		—		2,044,605
New York	12,538,833		488,017		—		—		13,026,850
San Francisco	6,050,899		333,171		318,171		—		6,702,241
Seattle	1,502,984		13,171		—		—		1,516,155
Washington, DC	7,010,830		535,821		417,036		—		7,963,687
Total	43,588,017		2,569,956		1,055,651		330,000		47,543,624
% of Total	91.68	%	5.41	%	2.22	%	0.69	%	100.00	%

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


			Total
Rentable square feet of in-service properties 2			47,543,624
Less:
Rentable square feet from residential and hotel properties 2			1,402,736
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4			2,884,658
Partners’ share of rentable square feet from consolidated joint venture properties 5			3,375,570
BXP’s Share of rentable square feet, excluding residential and hotel properties 1			39,880,660

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


	Office			Retail			Residential			Hotel 6			Total
Consolidated	$	802,549		$	63,135		$	3,683		$	14,798		$	884,165
Less:
Partners’ share from consolidated joint ventures 7	89,780			9,877			—			—			99,657
Add:
BXP’s share from unconsolidated joint ventures 8	36,054			2,486			3,784			—			42,324
BXP’s Share of Rental revenue 1	$	748,823		$	55,744		$	7,467		$	14,798		$	826,832
% of Total	90.57		%	6.74		%	0.90		%	1.79		%	100.00		%

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


	CBD		Suburban		Total
Boston	35.31	%	5.24	%	40.55	%
Los Angeles	3.39	%	—	%	3.39	%
New York	23.22	%	1.72	%	24.94	%
San Francisco	15.14	%	0.71	%	15.85	%
Seattle	1.91	%	—	%	1.91	%
Washington, DC	13.34	%	0.02	%	13.36	%
Total	92.31	%	7.69	%	100.00	%

_____________

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

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

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

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

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

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

7See page 63 for additional information.

8See page 65 for additional information.

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


			Q2 2026
			Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS


	Residential 1				Hotel
	Three Months Ended				Three Months Ended
	30-Jun-26		31-Mar-26		30-Jun-26		31-Mar-26
Rental Revenue 2	$	3,683	$	4,452	$	14,901	$	9,101
Less: Operating expenses and real estate taxes	2,006		2,210		9,369		7,982
Net Operating Income (NOI) 2	1,677		2,242		5,532		1,119
Add: BXP’s share of NOI from unconsolidated joint ventures	2,362		2,238		N/A		N/A
BXP’s Share of NOI 2	$	4,039	$	4,480	$	5,532	$	1,119

Rental Revenue 2	$	3,683	$	4,452	$	14,901	$	9,101
Less: Straight line rent and fair value lease revenue	—		16		(2)		(2)
Add: Lease transaction costs that qualify as rent inducements	—		—		—		—
Subtotal	3,683		4,436		14,903		9,103
Less: Operating expenses and real estate taxes	2,006		2,210		9,369		7,982
NOI - cash basis 2	1,677		2,226		5,534		1,121
Add: BXP’s share of NOI-cash from unconsolidated joint ventures	2,362		2,238		N/A		N/A
BXP’s Share of NOI - cash basis 2	$	4,039	$	4,464	$	5,534	$	1,121

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


	Residential Units	Three Months Ended						Percent Change
		30-Jun-26			30-Jun-25
Boston	440
Average Monthly Rental Rate		$	4,501		$	4,460		0.92	%
Average Rental Rate Per Occupied Square Foot		$	6.16		$	6.10		0.98	%
Average Physical Occupancy		95.30		%	96.06		%	(0.79)	%
Average Economic Occupancy		95.58		%	96.28		%	(0.73)	%

San Francisco	402
Average Monthly Rental Rate		$	3,270		$	2,996		9.15	%
Average Rental Rate Per Occupied Square Foot		$	4.12		$	3.76		9.57	%
Average Physical Occupancy		92.12		%	89.64		%	2.77	%
Average Economic Occupancy		91.86		%	87.86		%	4.55	%

Washington, DC	508
Average Monthly Rental Rate		$	3,103		$	2,641		17.49	%
Average Rental Rate Per Occupied Square Foot		$	3.77		$	3.36		12.20	%
Average Physical Occupancy		94.29		%	70.28		%	34.16	%
Average Economic Occupancy		94.17		%	63.98		%	47.19	%

Total residential units	1,350

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


	Hotel Rooms	Three Months Ended						Percent Change
		30-Jun-26			30-Jun-25
Boston Marriott Cambridge	437
Average Occupancy		84.80		%	82.80		%	2.42	%
Average Daily Rate		$	374.01		$	373.26		0.20	%
Revenue Per Available Room		$	317.08		$	308.90		2.65	%

_____________

1Includes retail space.

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

3Excludes retail space. For comparative purposes, rental rates and occupancy information does not include The Lofts at Atlantic Wharf, Proto Kendall Square, and Signature at Reston, which were sold prior to June 30, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page 14.


			Q2 2026
			In-service property listing


	as of June 30, 2026
			Sub Market	Number of Buildings	Square Feet	Occupied % 1		Leased % 2		Annualized Rental Obligations Per Occupied SF 3
CBD
	BOSTON
	Office
		200 Clarendon Street	CBD Boston MA	1	1,700,914	99.0	%	99.0	%	$	92.09
		800 Boylston Street - The Prudential Center	CBD Boston MA	1	1,270,419	93.4	%	96.9	%	76.54
		100 Federal Street (55% ownership)	CBD Boston MA	1	1,233,943	92.8	%	95.9	%	78.73
		111 Huntington Avenue - The Prudential Center	CBD Boston MA	1	860,446	100.0	%	100.0	%	83.05
		Atlantic Wharf Office (55% ownership)	CBD Boston MA	1	793,024	100.0	%	100.0	%	95.22
		100 Causeway Street (50% ownership) 4	CBD Boston MA	1	633,818	100.0	%	100.0	%	66.73
		Prudential Center (retail shops) 5	CBD Boston MA	1	589,906	96.5	%	97.8	%	97.03
		101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	506,476	100.0	%	100.0	%	63.88
		The Hub on Causeway - Podium (50% ownership) 4	CBD Boston MA	1	382,988	97.3	%	97.3	%	65.34
		888 Boylston Street - The Prudential Center	CBD Boston MA	1	377,574	96.2	%	96.2	%	84.30
		Star Market at the Prudential Center 5	CBD Boston MA	1	60,015	100.0	%	100.0	%	64.67
		Subtotal		11	8,409,523	97.2	%	98.3	%	$	82.25

		290 Binney Street (55% ownership) 6, 7	East Cambridge MA	1	572,578	100.0	%	100.0	%	$	156.85
		145 Broadway	East Cambridge MA	1	490,086	99.6	%	99.6	%	94.51
		325 Main Street	East Cambridge MA	1	406,824	98.7	%	100.0	%	115.57
		125 Broadway 6	East Cambridge MA	1	271,000	100.0	%	100.0	%	152.84
		355 Main Street	East Cambridge MA	1	256,966	100.0	%	100.0	%	105.06
		300 Binney Street (55% ownership) 6	East Cambridge MA	1	239,908	100.0	%	100.0	%	167.90
		90 Broadway	East Cambridge MA	1	223,771	100.0	%	100.0	%	94.97
		255 Main Street	East Cambridge MA	1	215,394	82.5	%	82.5	%	93.42
		150 Broadway	East Cambridge MA	1	177,226	100.0	%	100.0	%	104.05
		105 Broadway	East Cambridge MA	1	152,664	100.0	%	100.0	%	78.57
		250 Binney Street 6	East Cambridge MA	1	67,362	100.0	%	100.0	%	94.96
		University Place	Mid-Cambridge MA	1	195,282	100.0	%	100.0	%	63.22
		Subtotal		12	3,269,061	98.6	%	98.8	%	$	117.32

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

	Residential
		Hub50House (440 units) (50% ownership) 4	CBD Boston MA	1	320,444
		Subtotal		1	320,444

	Hotel
		Boston Marriott Cambridge (437 rooms)	East Cambridge MA	1	334,260
		Subtotal		1	334,260

	LOS ANGELES
	Office
		Colorado Center (50% ownership) 4	West Los Angeles CA	6	1,130,066	89.6	%	90.3	%	$	82.77
		Santa Monica Business Park	West Los Angeles CA	12	841,820	86.4	%	92.2	%	66.11
		Santa Monica Business Park Retail 5	West Los Angeles CA	7	72,719	87.1	%	87.1	%	78.10
		Subtotal		25	2,044,605	88.2	%	90.9	%	$	75.88

	NEW YORK
	Office
		767 Fifth Avenue (The GM Building) (60% ownership)	Plaza District NY	1	1,970,335	98.4	%	99.5	%	$	167.95
		601 Lexington Avenue (55% ownership)	Park Avenue NY	1	1,671,682	99.9	%	99.9	%	102.56
		399 Park Avenue	Park Avenue NY	1	1,567,470	100.0	%	100.0	%	111.44
		599 Lexington Avenue	Park Avenue NY	1	1,105,007	95.7	%	98.1	%	86.06


			Q2 2026
			In-service property listing (continued)


as of June 30, 2026
		Sub Market	Number of Buildings	Square Feet	Occupied % 1		Leased % 2		Annualized Rental Obligations Per Occupied SF 3
	7 Times Square (55% ownership)	Times Square NY	1	1,238,722	81.5	%	93.0	%	77.66
	250 West 55th Street	Times Square / West Side NY	1	966,976	98.7	%	98.7	%	104.60
	200 Fifth Avenue (26.69% ownership) 4	Midtown South NY	1	845,367	59.8	%	95.7	%	101.94
	360 Park Avenue South (71.11% ownership) 4, 7	Midtown South NY	1	448,112	69.2	%	94.9	%	98.14
	Dock 72 (50% ownership) 4	Brooklyn NY	1	668,521	42.6	%	42.6	%	33.61
	510 Madison Avenue	Fifth/Madison Avenue NY	1	352,589	93.4	%	97.8	%	128.30
	Subtotal		10	10,834,781	88.9	%	94.7	%	$	111.71

SAN FRANCISCO
Office
	Salesforce Tower	CBD San Francisco CA	1	1,420,682	98.0	%	98.0	%	$	116.11
	Embarcadero Center Four	CBD San Francisco CA	1	945,937	95.3	%	95.3	%	107.18
	Embarcadero Center One	CBD San Francisco CA	1	838,051	70.3	%	71.1	%	94.45
	Embarcadero Center Two	CBD San Francisco CA	1	802,003	71.8	%	72.6	%	84.97
	Embarcadero Center Three	CBD San Francisco CA	1	790,469	67.9	%	74.4	%	92.26
	680 Folsom Street	CBD San Francisco CA	2	530,106	70.8	%	83.9	%	78.80
	535 Mission Street	CBD San Francisco CA	1	303,322	88.3	%	92.6	%	79.75
	690 Folsom Street	CBD San Francisco CA	1	26,080	100.0	%	100.0	%	117.22
	Subtotal		9	5,656,650	82.5	%	85.1	%	$	100.08

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

SEATTLE
Office
	Safeco Plaza (33.67% ownership) 4	CBD Seattle WA	1	762,540	81.3	%	81.3	%	$	49.75
	Madison Centre	CBD Seattle WA	1	753,615	82.5	%	90.6	%	60.80
	Subtotal		2	1,516,155	81.9	%	85.9	%	$	55.27

WASHINGTON, DC
Office
	901 New York Avenue	East End Washington DC	1	526,383	82.1	%	84.4	%	$	71.96
	2100 Pennsylvania Avenue	CBD Washington DC	1	475,772	96.6	%	98.7	%	87.83
	2200 Pennsylvania Avenue	CBD Washington DC	1	460,039	88.8	%	95.4	%	74.56
	1330 Connecticut Avenue	CBD Washington DC	1	253,375	83.3	%	83.3	%	68.18
	Sumner Square 8	CBD Washington DC	1	210,542	93.0	%	93.0	%	51.18
	500 North Capitol Street, N.W. (30% ownership) 4	Capitol Hill Washington DC	1	230,900	95.1	%	95.1	%	85.06
	Capital Gallery	Southwest Washington DC	1	176,909	55.5	%	55.5	%	63.39
	Subtotal		7	2,333,920	86.8	%	89.0	%	$	74.72

	Reston Next	Reston VA	2	1,063,299	99.1	%	99.6	%	$	63.88
	South of Market	Reston VA	3	624,386	100.0	%	100.0	%	57.47
	Fountain Square	Reston VA	2	524,326	94.9	%	97.8	%	54.18
	One Freedom Square	Reston VA	1	427,252	87.9	%	93.5	%	56.22
	Two Freedom Square	Reston VA	1	423,222	100.0	%	100.0	%	56.63
	One and Two Discovery Square	Reston VA	2	366,989	89.7	%	89.7	%	54.30
	One Reston Overlook	Reston VA	1	319,519	100.0	%	100.0	%	50.34
	17Fifty Presidents Street	Reston VA	1	275,809	100.0	%	100.0	%	75.29
	Democracy Tower	Reston VA	1	259,441	99.3	%	99.3	%	70.64
	Fountain Square Retail 5	Reston VA	1	196,642	93.6	%	94.8	%	52.53
	Two Reston Overlook	Reston VA	1	134,615	100.0	%	100.0	%	57.50
	Reston Next Office Phase II 7	Reston VA	1	86,629	92.2	%	92.2	%	59.42


			Q2 2026
			In-service property listing (continued)


	as of June 30, 2026
			Sub Market	Number of Buildings	Square Feet	Occupied % 1			Leased % 2			Annualized Rental Obligations Per Occupied SF 3
		Reston Next Retail 5, 7	Reston VA	1	30,284	—	%		69.1	%		—
		Avant Retail 5	Reston VA	1	26,179	100.0	%		100.0	%		67.97
		Subtotal		19	4,758,592	96.3	%		97.7	%		$	59.40

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

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

	Residential
		Skymark (508 units) (20% ownership) 4	Reston VA	1	417,036
		Subtotal		1	417,036

			CBD Total	100	40,522,988	90.7	%	9	93.6	%	9	$	91.02	9

			BXP’s Share of CBD			91.4	%	9	93.8	%	9
SUBURBAN
	BOSTON
	Office
		Bay Colony Corporate Center 10	Route 128 Mass Turnpike MA	2	435,917	81.0	%		81.0	%		$	41.56
		Weston Corporate Center	Route 128 Mass Turnpike MA	1	356,995	41.1	%		41.1	%		37.38
		180 CityPoint 6	Route 128 Mass Turnpike MA	1	329,195	64.8	%		91.5	%		86.03
		Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	301,611	73.0	%		73.0	%		47.20
		230 CityPoint	Route 128 Mass Turnpike MA	1	299,304	98.4	%		98.4	%		50.45
		200 West Street 6	Route 128 Mass Turnpike MA	1	273,361	86.1	%		86.1	%		95.37
		880 Winter Street 6	Route 128 Mass Turnpike MA	1	243,614	80.5	%		80.5	%		104.22
		10 CityPoint	Route 128 Mass Turnpike MA	1	236,570	98.6	%		98.6	%		61.34
		20 CityPoint	Route 128 Mass Turnpike MA	1	211,476	98.1	%		98.1	%		62.73
		77 CityPoint	Route 128 Mass Turnpike MA	1	209,382	88.5	%		90.2	%		59.65
		890 Winter Street	Route 128 Mass Turnpike MA	1	180,155	84.6	%		84.6	%		47.56
		Reservoir Place 11	Route 128 Mass Turnpike MA	1	164,994	68.4	%		78.7	%		37.79
		153 & 211 Second Avenue 12	Route 128 Mass Turnpike MA	2	154,093	84.0	%		84.0	%		53.43
		1265 Main Street (50% ownership) 4	Route 128 Mass Turnpike MA	1	120,681	100.0	%		100.0	%		59.36
		103 CityPoint 6	Route 128 Mass Turnpike MA	1	112,842	—	%		—	%		—
		Reservoir Place North	Route 128 Mass Turnpike MA	1	73,258	100.0	%		100.0	%		53.85
		The Point 5	Route 128 Mass Turnpike MA	1	16,300	100.0	%		100.0	%		67.15
		33 Hayden Avenue 6	Route 128 Northwest MA	1	80,872	100.0	%		100.0	%		82.65
		32 Hartwell Avenue	Route 128 Northwest MA	1	69,154	100.0	%		100.0	%		28.63
		100 Hayden Avenue 6	Route 128 Northwest MA	1	55,924	100.0	%		100.0	%		68.25
		92 Hayden Avenue	Route 128 Northwest MA	1	31,100	100.0	%		100.0	%		48.58
		Subtotal		23	3,956,798	79.0	%		81.8	%		$	60.67

	NEW YORK
	Office
		510 Carnegie Center	Princeton NJ	1	234,160	74.9	%		95.0	%		$	40.71
		206 Carnegie Center	Princeton NJ	1	161,763	—	%		—	%		—
		210 Carnegie Center	Princeton NJ	1	159,468	66.3	%		66.3	%		38.84
		212 Carnegie Center	Princeton NJ	1	149,346	76.7	%		83.5	%		36.39
		214 Carnegie Center	Princeton NJ	1	146,799	66.3	%		68.5	%		37.84
		506 Carnegie Center	Princeton NJ	1	139,050	95.1	%		95.1	%		41.70
		508 Carnegie Center	Princeton NJ	1	134,433	100.0	%		100.0	%		44.87
		202 Carnegie Center	Princeton NJ	1	134,067	73.7	%		73.7	%		37.36
		804 Carnegie Center	Princeton NJ	1	130,000	100.0	%		100.0	%		44.06
		101 Carnegie Center	Princeton NJ	1	122,791	82.3	%		82.3	%		36.44


			Q2 2026
			In-service property listing (continued)


as of June 30, 2026
		Sub Market	Number of Buildings	Square Feet	Occupied % 1			Leased % 2			Annualized Rental Obligations Per Occupied SF 3
	504 Carnegie Center	Princeton NJ	1	121,990	100.0	%		100.0	%		35.68
	502 Carnegie Center	Princeton NJ	1	121,460	100.0	%		100.0	%		48.56
	701 Carnegie Center	Princeton NJ	1	120,000	100.0	%		100.0	%		35.32
	104 Carnegie Center	Princeton NJ	1	101,969	73.4	%		73.4	%		38.89
	103 Carnegie Center	Princeton NJ	1	96,322	64.8	%		64.8	%		38.28
	302 Carnegie Center	Princeton NJ	1	64,926	100.0	%		100.0	%		37.24
	211 Carnegie Center	Princeton NJ	1	47,025	—	%		—	%		—
	201 Carnegie Center	Princeton NJ	—	6,500	100.0	%		100.0	%		35.76
	Subtotal		17	2,192,069	75.8	%		78.6	%		$	39.85

SAN FRANCISCO
Office
	Mountain View Research Park	Mountain View CA	16	571,884	58.9	%		68.3	%		63.35
	2440 West El Camino Real	Mountain View CA	1	142,711	51.6	%		51.6	%		61.86
	Subtotal		17	714,595	57.4	%		64.9	%		$	63.08

WASHINGTON, DC
Office
	Kingstowne Two	Springfield VA	1	157,174	44.6	%		63.9	%		$	37.97
	Subtotal		1	157,174	44.6	%		63.9	%		$	37.97

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

		BXP’s Share of Suburban			74.8	%		78.5	%

	Total In-Service Properties:		158	47,543,624	88.4	%	9	91.3	%	9	$	86.22	9

	BXP’s Share of Total In-Service Properties: 3				88.5	%	9	91.1	%	9

_____________

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

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

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

4This is an unconsolidated joint venture property.

5This is a retail property.

6Classified as a laboratory/life sciences property.

7Not included in the Same Property analysis.

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

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

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

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

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


			Q2 2026
			Top 20 clients listing and portfolio client diversification

as of June 30, 2026

TOP 20 CLIENTS


No.	Client	BXP’s Share of Annualized Rental Obligations 1			Weighted Average Remaining Lease Term (years) 2
1	Salesforce		3.36	%	5.7
2	Google		3.16	%	10.8
3	Akamai Technologies		2.17	%	8.3
4	Kirkland & Ellis		1.98	%	11.7
5	Biogen		1.81	%	1.9
6	AstraZeneca Pharmaceuticals		1.68	%	14.8
7	Millennium Management		1.66	%	9.8
8	Fannie Mae		1.52	%	11.1
9	Weil Gotshal & Manges		1.24	%	7.9
10	Microsoft		1.11	%	7.4
11	Snap		1.05	%	9.8
12	Wellington Management		1.03	%	9.5
13	Ropes & Gray		1.02	%	14.8
14	Arnold & Porter Kaye Scholer		1.00	%	8.5
15	Allen Overy Shearman Sterling		0.96	%	15.9
16	Bain Capital		0.94	%	5.6
17	Morrison & Foerster		0.91	%	4.2
18	Starr		0.86	%	3.1
19	Leidos		0.84	%	6.8
20	Wilmer Cutler Pickering Hale		0.83	%	12.4
	BXP’s Share of Annualized Rental Obligations		29.15	%
	BXP’s Share of Square Feet 1		22.51	%
	Weighted Average Remaining Lease Term (years)				8.9

NOTABLE SIGNED DEALS 3

Client

Property

Square Feet

Boston Dynamics

Reservoir Place 4

322,000

Starr

343 Madison Avenue

321,000

Goodwin Procter

200 Fifth Avenue

310,000

Sidley Austin 5

2100 M Street

234,000

McDermott Will & Schulte

725 12th Street

152,000

McDermott Will & Schulte

343 Madison Avenue

148,000

Cooley

725 12th Street

126,000

CLIENT DIVERSIFICATION 2

_____________

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

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

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

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

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


			Q2 2026
			Occupancy by location

as of June 30, 2026

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


	CBD				Suburban				Total
Location	30-Jun-26		31-Mar-26		30-Jun-26		31-Mar-26		30-Jun-26		31-Mar-26
Boston	97.6	%	97.3	%	79.0	%	78.6	%	92.9	%	92.4	%
Los Angeles	88.2	%	87.2	%	—	%	—	%	88.2	%	87.2	%
New York	88.9	%	86.8	%	75.8	%	72.4	%	86.7	%	84.4	%
San Francisco	82.5	%	82.7	%	57.4	%	56.4	%	79.7	%	79.7	%
Seattle	81.9	%	80.7	%	—	%	—	%	81.9	%	80.7	%
Washington, DC	91.5	%	91.3	%	44.6	%	69.4	%	90.5	%	90.6	%
Total Portfolio	90.7	%	89.9	%	75.1	%	74.1	%	88.4	%	87.4	%

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


	CBD				Suburban				Total
Location	30-Jun-26		30-Jun-25		30-Jun-26		30-Jun-25		30-Jun-26		30-Jun-25
Boston	97.5	%	97.0	%	78.1	%	70.4	%	92.5	%	90.2	%
Los Angeles	88.2	%	87.3	%	—	%	—	%	88.2	%	87.3	%
New York	89.7	%	87.2	%	75.8	%	71.0	%	87.3	%	84.4	%
San Francisco	82.5	%	81.8	%	57.4	%	58.8	%	79.7	%	79.2	%
Seattle	81.9	%	84.6	%	—	%	—	%	81.9	%	84.6	%
Washington, DC	91.9	%	91.1	%	44.6	%	50.6	%	90.9	%	90.2	%
Total Portfolio	90.9	%	89.9	%	74.5	%	68.9	%	88.4	%	86.7	%

_____________

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

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


			Q2 2026
			Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT


	Aggregate Principal
Mortgage Notes Payable	$	4,295,912
Unsecured Line of Credit	—
Unsecured Term Loans	800,000
Unsecured Commercial Paper	750,000
Unsecured Senior Notes, at face value	8,850,000
Unsecured Exchangeable Senior Notes, at face value	1,000,000
Outstanding Principal	15,695,912
Discount on Unsecured Senior Notes	(7,226)
Deferred Financing Costs, Net	(70,123)
Consolidated Debt	$	15,618,563

MORTGAGE NOTES PAYABLE


		Interest Rate
Property	Maturity Date	GAAP 1	Stated 2	Outstanding Principal
767 Fifth Avenue (The GM Building) (60% ownership)	June 9, 2027	3.64%	3.43%	$	2,300,000
Santa Monica Business Park	October 8, 2028	5.32%	5.20%	200,000
90 Broadway, 325 Main Street, 355 Main Street and Kendall Center Green Garage	October 26, 2028	6.27%	6.04%	600,000
901 New York Avenue	January 5, 2029	5.06%	5.00%	195,912
601 Lexington Avenue (55% ownership)	January 9, 2032	2.93%	2.79%	1,000,000
Total				$	4,295,912

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3


		Interest Rate
	Maturity Date	GAAP 1	Stated	Outstanding Principal
Unsecured Senior Notes	October 1, 2026	3.50%	2.75%	$	1,000,000
Unsecured Senior Notes (“green bonds”)	December 1, 2027	6.92%	6.75%	750,000
Unsecured Senior Notes (“green bonds”)	December 1, 2028	4.63%	4.50%	1,000,000
Unsecured Senior Notes (“green bonds”)	June 21, 2029	3.51%	3.40%	850,000
Unsecured Senior Notes	March 15, 2030	2.98%	2.90%	700,000
Unsecured Senior Notes	January 30, 2031	3.34%	3.25%	1,250,000
Unsecured Senior Notes (“green bonds”)	April 1, 2032	2.67%	2.55%	850,000
Unsecured Senior Notes (“green bonds”)	October 1, 2033	2.52%	2.45%	850,000
Unsecured Senior Notes (“green bonds”)	January 15, 2034	6.62%	6.50%	750,000
Unsecured Senior Notes	January 15, 2035	5.84%	5.75%	850,000
				$	8,850,000

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES 3, 4


		Interest Rate
	Maturity Date	GAAP 1	Stated	Outstanding Principal
Unsecured Exchangeable Senior Notes	October 1, 2030	2.50%	2.00%	$	1,000,000
				$	1,000,000


			Q2 2026
			Capital structure (continued)

CAPITALIZATION


	Shares/Units	Common Stock
	Outstanding	Equivalents	Equivalent Value 5
Common Stock	159,522	159,522	$	10,577,904
Common Operating Partnership Units	17,971	17,971	1,191,657
Total Equity		177,493	$	11,769,561

Consolidated Debt (A)			$	15,618,563
Add: BXP’s share of unconsolidated joint venture debt 6			1,102,142
Less: Partners’ share of consolidated debt 7			1,365,355
BXP’s Share of Debt 8 (B)			$	15,355,350

Consolidated Market Capitalization (C)			$	27,388,124
BXP’s Share of Market Capitalization 8 (D)			$	27,124,911
Consolidated Debt/Consolidated Market Capitalization (A÷C)			57.03		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization 8 (B÷D)			56.61		%

_____________

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

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

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

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

5Values are based on the June 30, 2026 closing price of $66.31 per share of BXP common stock.

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

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

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


			Q2 2026
			Debt analysis 1

as of June 30, 2026

(dollars in thousands)

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030


	Facility		Outstanding at June 30, 2026		Remaining Capacity at June 30, 2026
Unsecured Line of Credit	$	2,250,000	$	—	$	2,250,000
Less:
Unsecured Commercial Paper 2					750,000
Letters of Credit					1,253
Total Remaining Capacity					$	1,498,747

UNSECURED TERM LOANS


	Maturity Date	Facility		Outstanding Principal
2024 Unsecured Term Loan 3	September 26, 2026	$	100,000	$	100,000
Unsecured Term Loan Facility 4	March 30, 2029	$	700,000	700,000
				$	800,000

UNSECURED AND SECURED DEBT ANALYSIS


			Weighted Average
	% of Total Debt		Stated Rates		GAAP Rates 5		Maturity (years)
Unsecured Debt	72.59	%	3.94	%	4.06	%	3.9
Secured Debt	27.41	%	3.80	%	3.98	%	2.3
Consolidated Debt	100.00	%	3.90	%	4.04	%	3.5

FLOATING AND FIXED RATE DEBT ANALYSIS


			Weighted Average
	% of Total Debt		Stated Rates		GAAP Rates 5		Maturity (years)
Floating Rate Debt 2	11.19	%	4.45	%	4.53	%	1.4
Fixed Rate Debt 6	88.81	%	3.83	%	3.98	%	3.8
Consolidated Debt	100.00	%	3.90	%	4.04	%	3.5

_____________

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

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

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

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

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

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


			Q2 2026
			Senior unsecured debt covenant compliance ratios

In the fourth quarter of 2002, the Company’s Operating Partnership (Boston Properties Limited Partnership) received investment grade ratings on its senior unsecured debt securities and thereafter issued unsecured notes. The notes were issued under an indenture, dated as of December 13, 2002, by and between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented from time to time (the “Indenture”), which, among other things, requires us to comply with the following limitations on incurrence of debt: Limitation on Outstanding Debt; Limitation on Secured Debt; Ratio of Annualized Consolidated EBITDA to Annualized Interest Expense; and Maintenance of Unencumbered Assets. Compliance with these restrictive covenants requires us to apply specialized terms the meanings of which are described in detail in our filings with the SEC, and to calculate ratios in the manner prescribed by the Indenture.

This section presents such ratios as of June 30, 2026 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA


		Senior Notes Issued Prior to December 4, 2017		Senior Notes Issued On or After December 4, 2017
	Test	Actual
Total Outstanding Debt/Total Assets 1	Less than 60%	46.5	%	43.4	%
Secured Debt/Total Assets	Less than 50%	15.2	%	14.2	%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x	3.20		3.20
Unencumbered Assets/ Unsecured Debt	Greater than 150%	238.2	%	257.9	%

_____________

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


			Q2 2026
			Net Debt to EBITDAre

(dollars in thousands)

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


	Three Months Ended
	30-Jun-26		31-Mar-26
Net income attributable to BXP, Inc.	$	68,564	$	101,576
Add:
Noncontrolling interest - common units of the Operating Partnership	7,779		11,561
Noncontrolling interest in property partnerships	26,121		19,869
Net income	102,464		133,006
Add:
Interest expense	153,425		152,093

Depreciation and amortization expense	236,977		227,967
Impairment loss	18,036		—
Less:
Gains on sales of real estate	6,997		13,402
Income (loss) from unconsolidated joint ventures 2	(2,448)		35,413
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 3	24,115		24,218
EBITDAre 1	530,468		488,469
Less:
Partners’ share of EBITDAre from consolidated joint ventures 4	61,359		52,519
BXP’s Share of EBITDAre 1 (A)	469,109		435,950
Add:
Stock-based compensation expense	15,463		26,043
BXP’s Share of straight-line ground rent expense adjustment 1	(3,895)		(4,849)
BXP’s Share of lease transaction costs that qualify as rent inducements 1	4,071		3,739
Less:
BXP’s Share of non-cash termination income adjustment 1	(2,306)		(1,744)
BXP’s Share of straight-line rent 1	19,396		20,444
BXP’s Share of fair value lease revenue 1	2,864		2,715
BXP’s Share of amortization and accretion related to sales type lease 1	278		274

BXP’s Share of EBITDAre – cash 1	$	464,516	$	439,194

BXP’s Share of EBITDAre (Annualized) 5 (A x 4)	$	1,876,436	$	1,743,800

Reconciliation of BXP’s Share of Net Debt 1


	30-Jun-26		31-Mar-26
Consolidated debt	$	15,618,563	$	15,614,009
Less:
Cash and cash equivalents	493,949		512,783
Cash held in escrow for 1031 exchange	—		—
Net debt 1	15,124,614		15,101,226
Add:
BXP’s share of unconsolidated joint venture debt 3	1,102,142		1,098,382
Partners’ share of cash and cash equivalents from consolidated joint ventures	130,563		89,147
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures	70,338		92,554
Partners’ share of consolidated joint venture debt 4	1,365,355		1,364,858
BXP’s share of related party note receivables	16,860		15,873
BXP’s Share of Net Debt 1 (B)	$	14,904,766	$	14,815,470


BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]	7.94		8.50

_____________

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

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

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

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended June 30, 2026, see pages 33 and 62.

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


			Q2 2026
			Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1


	Three Months Ended
	30-Jun-26		31-Mar-26
BXP’s Share of interest expense 1	$	156,527	$	156,846
Less:
BXP’s Share of hedge amortization, net of costs 1	1,714		1,706
BXP’s share of fair value interest adjustment 1	260		216
BXP’s Share of amortization of financing costs 1	5,724		5,846
Adjusted interest expense excluding capitalized interest (A)	148,829		149,078
Add:
BXP’s Share of capitalized interest 1	12,860		16,477
Adjusted interest expense including capitalized interest (B)	$	161,689	$	165,555

BXP’s Share of EBITDAre – cash 1, 2 (C)	$	464,516	$	439,194

Interest Coverage Ratio (excluding capitalized interest) (C÷A)	3.12		2.95
Interest Coverage Ratio (including capitalized interest) (C÷B)	2.87		2.65

FIXED CHARGE COVERAGE RATIO 1


	Three Months Ended
	30-Jun-26		31-Mar-26
BXP’s Share of interest expense 1	$	156,527	$	156,846
Less:
BXP’s Share of hedge amortization, net of costs 1	1,714		1,706
BXP’s Share of fair value interest adjustment 1	260		216
BXP’s Share of amortization of financing costs 1	5,724		5,846
Add:
BXP’s Share of capitalized interest 1	12,860		16,477
BXP’s Share of maintenance capital expenditures 1	14,617		16,647
Hotel improvements, equipment upgrades and replacements	1,259		1,066
Total Fixed Charges (A)	$	177,565	$	183,268

BXP’s Share of EBITDAre – cash 1, 2 (B)	$	464,516	$	439,194
Fixed Charge Coverage Ratio (B÷A)	2.62		2.40

_____________

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

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


			Q2 2026
			Consolidated joint ventures

as of June 30, 2026

(unaudited and in thousands)

BALANCE SHEET INFORMATION



	767 Fifth Avenue					Total Consolidated
ASSETS	(The GM Building) 1			Norges Joint Ventures 1, 2		Joint Ventures

Real estate, net	$	3,158,986		$	3,248,882	$	6,407,868
Cash and cash equivalents	72,903			225,337		298,240
Other assets	316,801			488,609		805,410
Total assets	$	3,548,690		$	3,962,828	$	7,511,518


LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	2,296,734		$	992,552	$	3,289,286
Other liabilities	54,221			169,409		223,630
Total liabilities	2,350,955			1,161,961		3,512,916
Equity:
BXP, Inc.	720,067			1,259,807		1,979,874
Noncontrolling interests	477,668			1,541,060		2,018,728		3
Total equity	1,197,735			2,800,867		3,998,602
Total liabilities and equity	$	3,548,690		$	3,962,828	$	7,511,518

BXP’s nominal ownership percentage	60%			55%

Partners’ share of cash and cash equivalents 4	$	29,161		$	101,402	$	130,563

Partners’ share of consolidated debt 4	$	918,707	5	$	446,648	$	1,365,355

_____________

1Certain balances contain amounts that eliminate in consolidation.

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

3Amount excludes certain preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.


			Q2 2026
			Consolidated joint ventures (continued)

for the three months ended June 30, 2026

(unaudited and in thousands)

RESULTS OF OPERATIONS



	767 Fifth Avenue				Total Consolidated
	(The GM Building)		Norges Joint Ventures 1		Joint Ventures
Revenue
Lease 2	$	86,877	$	167,600	$	254,477
Straight-line rent	1,246		(27,337)		(26,091)
Fair value lease revenue	(27)		—		(27)
Termination income	30		24		54
Total lease revenue	88,126		140,287		228,413
Parking and other	—		2,491		2,491
Insurance proceeds	391		—		391
Total rental revenue 3	88,517		142,778		231,295
Expenses
Operating	35,421		51,206		86,627
Restoration costs related to insurance claim	125		—		125
Net Operating Income (NOI)	52,971		91,572		144,543

Other income (expense)
Development and management services revenue	—		5		5
Gain from investments in securities	—		1		1
Interest and other income	642		1,914		2,556
Interest expense	(21,176)		(7,633)		(28,809)
Depreciation and amortization expense	(18,270)		(33,752)		(52,022)
General and administrative expense	(15)		(112)		(127)
Total other income (expense)	(38,819)		(39,577)		(78,396)
Net income	$	14,152	$	51,995	$	66,147

FUNDS FROM OPERATIONS (FFO)


BXP’s nominal ownership percentage	60%		55%

	767 Fifth Avenue				Total Consolidated
Reconciliation of Partners’ share of FFO	(The GM Building)		Norges Joint Ventures 1		Joint Ventures
Net income	$	14,152	$	51,995	$	66,147
Add: Depreciation and amortization expense	18,270		33,752		52,022
Entity FFO	$	32,422	$	85,747	$	118,169

Noncontrolling interest in property partnerships (Partners’ NCI) 4	$	4,552	$	21,569	$	26,121
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4	7,674		15,662		23,336
Partners’ share FFO 4	$	12,226	$	37,231	$	49,457

Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI	$	9,600	$	30,426	$	40,026
Depreciation and amortization expense - BXP’s basis difference	61		618		679
BXP’s share of depreciation and amortization expense	10,535		17,472		28,007
BXP’s share of FFO	$	20,196	$	48,516	$	68,712

_____________

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

2 Lease revenue includes recoveries and service income from clients.

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

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


			Q2 2026
			Unconsolidated joint ventures 1

as of June 30, 2026

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION


	BXP’s Nominal Ownership				Mortgage/Mezzanine/Construction Loans Payable, Net			Interest Rate
Property			Net Equity				Maturity Date	Stated		GAAP 2
Boston
The Hub on Causeway - Podium	50.00	%	$	50,954	$	61,890	April 9, 2031	5.73	%	5.94	%
100 Causeway Street	50.00	%	46,968		168,342		April 9, 2031	5.73	%	5.94	%
Hub50House	50.00	%	33,167		92,093		June 17, 2032	4.43	%	4.51	%
Hotel Air Rights	50.00	%	12,010		—		—	—	%	—	%
1265 Main Street	50.00	%	2,841		16,018		January 1, 2032	3.77	%	3.84	%
17 Hartwell Avenue 3	20.00	%	16,650		178		July 10, 2030	6.75	%	6.93	%
Los Angeles
Colorado Center	50.00	%	25,931		274,902		August 9, 2027	3.56	%	3.59	%
Beach Cities Media Campus 4	50.00	%	67		—		—	—	%	—	%
New York
360 Park Avenue South	71.11	%	107,038		155,808		December 13, 2027	6.13	%	6.44	%
Dock 72 5	50.00	%	81,558		—		—	—	%	—	%
200 Fifth Avenue	26.69	%	79,039		154,082		November 24, 2028	4.34	%	5.60	%
3 Hudson Boulevard 6	25.00	%	107,957		32,699		November 9, 2027	9.24	%	10.71	%
290 Coles Street - Common Equity 7	19.46	%	19,778		2,546		March 5, 2029	6.15	%	6.46	%
290 Coles Street - Preferred Equity 8	—	%	68,320		—		—	—	%	—	%
San Francisco
Platform 16	55.00	%	58,353		—		—	—	%	—	%
Seattle
Safeco Plaza	33.67	%	(685)		84,156		November 30, 2028	4.00	%	4.09	%
Washington, DC
1001 6th Street	50.00	%	45,798		—		—	—	%	—	%
13100 Worldgate Drive	50.00	%	16,139		—		—	—	%	—	%
Wisconsin Place Parking Facility	33.33	%	28,661		—		—	—	%	—	%
500 North Capitol Street, N.W. 9	30.00	%	(12,876)		31,445		December 31, 2026	6.88	%	7.21	%
Skymark - Reston Next Residential	20.00	%	14,039		27,983		November 13, 2026	5.62	%	5.64	%
13150 Worldgate Drive 10	20.00	%	4,357		—		June 10, 2031	NA		NA
			806,064
Investments with deficit balances reflected within Other Liabilities			14,004
Investments in Unconsolidated Joint Ventures			$	820,068
Mortgage/Mezzanine/Construction Loans Payable, Net					$	1,102,142


			Q2 2026
			Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS


			Weighted Average
	% of Total Debt		Stated Rates		GAAP Rates 2		Maturity (years)
Floating Rate Debt	19.87	%	6.47	%	6.99	%	1.3
Fixed Rate Debt	80.13	%	4.52	%	4.83	%	4.1
Total Debt	100.00	%	4.91	%	5.26	%	3.6

_____________

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

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

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

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

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

6The indebtedness consists of (x) a senior loan with a third-party lender with a principal amount of $108.0 million that bears interest at a variable rate equal to Term SOFR plus 5.25% per annum and (y) a mezzanine loan provided by the Company with a maximum commitment of $50.0 million that bears interest at a variable rate equal to Term SOFR plus 7.25% per annum. As of June 30, 2026, the Company has funded approximately $25.4 million of the mezzanine loan. The loan is reflected as related party notes receivable, net on the Company’s Consolidated Balance Sheets.

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

8The Company has fully funded the first $65.0 million of required capital through its preferred equity investment accruing at a 13% internal rate of return and is to be redeemed, in full, upon the earlier of two years after stabilization or March 5, 2030.

9The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A) and (y) a $35.0 million mortgage loan payable (Note B), which both bear interest at a fixed rate of 6.88% per annum. The Company provided $10.5 million (or 30%) of the Note B mortgage financing to the joint venture. The loan is reflected as related party notes receivable, net on the Company’s Consolidated Balance Sheets.

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


			Q2 2026
			Unconsolidated joint ventures (continued)

for the three months ended June 30, 2026

(unaudited and in thousands)

RESULTS OF OPERATIONS 1


	Boston		Los Angeles			New York			San Francisco		Seattle		Washington, DC		Total Unconsolidated Joint Ventures
Revenue
Lease 2	$	28,188	$	21,203		$	12,657		$	—	$	7,563	$	10,570	$	80,181

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

Fair value lease revenue	—		—			329			—		998		—		1,327
Termination income	—		—			—			—		—		—		—
Amortization and accretion related to sales-type lease	58		—			—			—		—		—		58
Total lease revenue	28,498		19,765			23,561			—		8,606		10,403		90,833
Parking and other	(23)		2,227			81			—		628		1,006		3,919
Total rental revenue 3	28,475		21,992			23,642			—		9,234		11,409		94,752
Expenses
Operating	10,836		7,726			17,548			1,022		3,612		5,627		46,371
Net operating income (loss)	17,639		14,266			6,094			(1,022)		5,622		5,782		48,381

Other income (expense)
Development and management services revenue	—		—			606			—		—		—		606
Interest and other income (loss)	275		767			832			—		92		149		2,115
Interest expense	(9,394)		(4,998)			(14,541)			—		(3,738)		(3,977)		(36,648)

Loss on interest rate contracts	—		—			—			—		(35)		—		(35)
Transaction costs	(1)		—			—			—		(192)		(165)		(358)
Depreciation and amortization expense	(8,431)		(5,718)			(10,657)			—		(1,545)		(3,096)		(29,447)
General and administrative expense	(2)		(3)			(183)			—		(34)		(164)		(386)
Gain on sale of real estate	—		—			—			—		—		2,716		2,716


Total other income (expense)	(17,553)		(9,952)			(23,943)			—		(5,452)		(4,537)		(61,437)
Net income (loss)	$	86	$	4,314		$	(17,849)		$	(1,022)	$	170	$	1,245	$	(13,056)

Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss)	$	42	$	2,017		$	(5,960)		$	(565)	$	54	$	919	$	(3,493)
Basis differential
Straight-line rent	$	—	$	96	4	$	93	4	$	—	$	—	$	—	$	189

Fair value lease revenue	—		45		4	216		4	—		—		—		261

Interest expense	—		—			(68)			—		—		—		(68)
Fair value interest adjustment	—		—			(260)			—		—		—		(260)
Amortization of financing costs	—		—			111			—		—		—		111


Depreciation and amortization expense	(4)		546		4	760		4	—		(340)		(24)		938
Gain on sale of investment	—		—			—			325		—		—		325
Gain on sale of real estate	—		—			—			—		—		(451)		(451)


Total basis differential	(4)		687		4	852		4	325		(340)		(475)		1,045
Income (loss) from unconsolidated joint ventures	38		2,704			(5,108)			(240)		(286)		444		(2,448)
Add:
BXP’s share of depreciation and amortization expense	4,220		2,312		4	4,510		4	—		861		813		12,716

Less:


BXP’s share of gains on sales 5	—		—			—			325		—		832		1,157

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

_____________

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

2 Lease revenue includes recoveries and service income from clients.

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

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

5 For additional information, see page 14.


			Q2 2026
			Lease expirations - All in-service properties1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups
							Percentage of Total Square Feet
			$	$/PSF	$	$/PSF
2026	251,312	223,957	15,064,622	67.27	15,074,987	67.31	0.59	%
2027	1,700,915	1,504,936	110,318,038	73.30	111,937,107	74.38	3.98	%
2028	2,601,307	1,997,005	180,636,273	90.45	188,262,633	94.27	5.28	%
2029	3,749,900	3,288,193	255,540,908	77.71	267,848,512	81.46	8.70	%
2030	2,431,825	2,333,686	184,100,094	78.89	193,213,275	82.79	6.18	%
2031	2,497,691	2,398,554	210,827,852	87.90	224,597,481	93.64	6.35	%
2032	2,895,368	2,660,578	204,684,914	76.93	236,560,895	88.91	7.04	%
2033	2,816,394	2,607,033	223,828,610	85.86	253,265,887	97.15	6.90	%
2034	3,006,153	2,563,048	235,345,286	91.82	260,605,940	101.68	6.78	%
2035	2,339,470	1,880,102	155,644,813	82.79	183,470,998	97.59	4.98	%
Thereafter	13,789,766	11,380,963	973,195,338	85.51	1,183,292,483	103.97	30.12	%

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups
							Percentage of Total Square Feet
			$	$/PSF	$	$/PSF
2026	54,644	45,050	3,683,862	81.77	3,789,104	84.11	1.97	%
2027	69,962	65,263	8,571,755	131.34	8,625,755	132.17	2.85	%
2028	81,544	79,767	7,786,786	97.62	7,907,538	99.13	3.48	%
2029	165,301	159,976	16,639,378	104.01	17,306,080	108.18	6.98	%
2030	167,127	130,719	12,483,651	95.50	13,216,676	101.11	5.70	%
2031	105,135	96,374	12,016,550	124.69	12,952,976	134.40	4.20	%
2032	139,963	132,650	10,609,196	79.98	11,623,222	87.62	5.79	%
2033	352,670	319,267	29,826,960	93.42	33,370,852	104.52	13.93	%
2034	359,056	262,584	35,526,582	135.30	40,429,502	153.97	11.46	%
2035	334,520	291,425	16,639,795	57.10	19,842,160	68.09	12.71	%
Thereafter	301,982	254,984	42,505,298	166.70	38,985,581	152.89	11.12	%

IN-SERVICE PROPERTIES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups
							Percentage of Total Square Feet
			$	$/PSF	$	$/PSF
2026	305,956	269,007	18,748,484	69.70	18,864,091	70.12	0.67	%
2027	1,770,877	1,570,199	118,889,793	75.72	120,562,862	76.78	3.92	%
2028	2,682,851	2,076,772	188,423,059	90.73	196,170,171	94.46	5.18	%
2029	3,915,201	3,448,169	272,180,286	78.93	285,154,592	82.70	8.60	%
2030	2,598,952	2,464,405	196,583,745	79.77	206,429,951	83.76	6.15	%
2031	2,602,826	2,494,928	222,844,402	89.32	237,550,457	95.21	6.22	%
2032	3,035,331	2,793,228	215,294,110	77.08	248,184,117	88.85	6.97	%
2033	3,169,064	2,926,300	253,655,570	86.68	286,636,739	97.95	7.30	%
2034	3,365,209	2,825,632	270,871,868	95.86	301,035,442	106.54	7.05	%
2035	2,673,990	2,171,527	172,284,608	79.34	203,313,158	93.63	5.42	%
Thereafter	14,091,748	11,635,947	1,015,700,636	87.29	1,222,278,064	105.04	29.03	%

_____________

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

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

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

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


			Q2 2026
			Lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	165,165	146,003	10,757,782	73.68	10,757,783	73.68
2027	483,929	410,173	28,537,838	69.58	28,852,536	70.34
2028	854,333	824,216	80,426,906	97.58	83,686,465	101.53
2029	1,214,832	1,081,346	75,067,664	69.42	79,014,122	73.07
2030	1,163,408	1,147,529	82,477,942	71.87	86,163,650	75.09
2031	558,597	549,974	39,059,165	71.02	41,604,114	75.65
2032	1,063,444	1,063,444	83,125,362	78.17	101,178,967	95.14
2033	459,337	430,614	38,785,251	90.07	44,428,236	103.17
2034	1,444,356	1,287,759	113,878,239	88.43	126,194,538	98.00
2035	717,734	647,451	56,501,148	87.27	72,647,489	112.21
Thereafter	5,163,546	4,025,141	369,554,420	91.81	455,182,545	113.08

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	13,736	13,736	1,944,859	141.59	1,944,859	141.59
2027	21,743	20,717	3,875,146	187.05	3,886,230	187.59
2028	28,435	28,435	3,951,170	138.95	4,041,033	142.11
2029	61,901	61,226	8,709,129	142.25	8,829,754	144.22
2030	93,517	57,542	6,244,892	108.53	6,341,013	110.20
2031	11,243	11,243	1,304,393	116.02	1,392,938	123.89
2032	80,000	73,805	5,788,328	78.43	6,295,392	85.30
2033	287,788	254,385	21,574,955	84.81	24,195,295	95.11
2034	164,155	131,856	11,064,296	83.91	12,100,393	91.77
2035	119,685	119,685	8,550,706	71.44	8,945,595	74.74
Thereafter	140,678	130,167	14,243,333	109.42	18,260,791	140.29

TOTAL PROPERTY TYPES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	178,901	159,739	12,702,641	79.52	12,702,642	79.52
2027	505,672	430,890	32,412,984	75.22	32,738,766	75.98
2028	882,768	852,651	84,378,076	98.96	87,727,498	102.89
2029	1,276,733	1,142,572	83,776,793	73.32	87,843,876	76.88
2030	1,256,925	1,205,071	88,722,834	73.62	92,504,663	76.76
2031	569,840	561,217	40,363,558	71.92	42,997,052	76.61
2032	1,143,444	1,137,249	88,913,690	78.18	107,474,359	94.50
2033	747,125	684,999	60,360,206	88.12	68,623,531	100.18
2034	1,608,511	1,419,615	124,942,535	88.01	138,294,931	97.42
2035	837,419	767,136	65,051,854	84.80	81,593,084	106.36
Thereafter	5,304,224	4,155,308	383,797,753	92.36	473,443,336	113.94

_____________

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

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

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


			Q2 2026
			Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	50,495	37,829	2,622,422	69.32	2,622,423	69.32
Q4 2026	114,670	108,174	8,135,360	75.21	8,135,360	75.21
Total 2026	165,165	146,003	10,757,782	73.68	10,757,783	73.68

Q1 2027	214,466	151,355	11,990,945	79.22	12,078,143	79.80
Q2 2027	59,197	52,244	2,453,733	46.97	2,461,015	47.11
Q3 2027	25,901	22,208	1,245,721	56.09	1,261,965	56.82
Q4 2027	184,365	184,365	12,847,439	69.68	13,051,413	70.79
Total 2027	483,929	410,173	28,537,838	69.58	28,852,536	70.34

RETAIL


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	959	959	15,000	15.64	15,000	15.64
Q4 2026	12,777	12,777	1,929,859	151.04	1,929,859	151.04
Total 2026	13,736	13,736	1,944,859	141.59	1,944,859	141.59

Q1 2027	13,151	13,151	2,159,460	164.21	2,162,018	164.40
Q2 2027	3,576	3,261	774,457	237.49	774,457	237.49
Q3 2027	1,315	1,315	406,569	309.18	406,569	309.18
Q4 2027	3,701	2,990	534,661	178.82	543,187	181.67
Total 2027	21,743	20,717	3,875,146	187.05	3,886,230	187.59

TOTAL PROPERTY TYPES


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	51,454	38,788	2,637,422	68.00	2,637,423	68.00
Q4 2026	127,447	120,951	10,065,219	83.22	10,065,219	83.22
Total 2026	178,901	159,739	12,702,641	79.52	12,702,642	79.52

Q1 2027	227,617	164,506	14,150,405	86.02	14,240,161	86.56
Q2 2027	62,773	55,505	3,228,190	58.16	3,235,472	58.29
Q3 2027	27,216	23,523	1,652,290	70.24	1,668,534	70.93
Q4 2027	188,066	187,355	13,382,100	71.43	13,594,600	72.56
Total 2027	505,672	430,890	32,412,984	75.22	32,738,766	75.98

_____________

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

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

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


			Q2 2026
			Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	—	—	—	—	—	—
2027	187,615	94,310	7,149,909	75.81	7,351,458	77.95
2028	270,593	172,796	14,736,066	85.28	15,618,894	90.39
2029	229,160	147,509	10,537,866	71.44	10,547,636	71.51
2030	48,592	48,592	3,082,261	63.43	3,476,234	71.54
2031	7,752	7,752	552,439	71.26	632,555	81.60
2032	267,810	148,844	12,299,938	82.64	14,784,814	99.33
2033	186,894	93,447	8,185,957	87.60	10,414,824	111.45
2034	3,739	3,739	242,624	64.89	298,397	79.81
2035	—	—	—	—	—	—
Thereafter	494,641	494,641	32,750,188	66.21	42,955,825	86.84

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	19,188	9,594	135,600	14.13	135,600	14.13
2027	—	—	—	—	—	—
2028	—	—	—	—	—	—
2029	38,118	38,118	2,342,148	61.44	2,487,300	65.25
2030	11,364	11,364	1,312,220	115.47	1,440,674	126.78
2031	—	—	—	—	—	—
2032	—	—	—	—	—	—
2033	—	—	—	—	—	—
2034	19,993	9,997	248,508	24.86	248,508	24.86
2035	8,043	8,043	644,451	80.13	798,417	99.27
Thereafter	5,827	5,827	536,256	92.03	642,811	110.32

TOTAL PROPERTY TYPES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	19,188	9,594	135,600	14.13	135,600	14.13
2027	187,615	94,310	7,149,909	75.81	7,351,458	77.95
2028	270,593	172,796	14,736,066	85.28	15,618,894	90.39
2029	267,278	185,627	12,880,014	69.39	13,034,936	70.22
2030	59,956	59,956	4,394,481	73.30	4,916,908	82.01
2031	7,752	7,752	552,439	71.26	632,555	81.60
2032	267,810	148,844	12,299,938	82.64	14,784,814	99.33
2033	186,894	93,447	8,185,957	87.60	10,414,824	111.45
2034	23,732	13,736	491,132	35.76	546,905	39.82
2035	8,043	8,043	644,451	80.13	798,417	99.27
Thereafter	500,468	500,468	33,286,444	66.51	43,598,636	87.12

_____________

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

2Includes partially placed in-service leased space.

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


			Q2 2026
			Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	—	—	—	—	—	—
Q4 2026	—	—	—	—	—	—
Total 2026	—	—	—	—	—	—

Q1 2027	174,115	87,058	6,936,602	79.68	7,136,138	81.97
Q2 2027	12,496	6,248	146,203	23.40	146,203	23.40
Q3 2027	1,004	1,004	67,104	66.84	69,117	68.84
Q4 2027	—	—	—	—	—	—
Total 2027	187,615	94,310	7,149,909	75.81	7,351,458	77.95

RETAIL


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	19,188	9,594	135,600	14.13	135,600	14.13
Q4 2026	—	—	—	—	—	—
Total 2026	19,188	9,594	135,600	14.13	135,600	14.13

Q1 2027	—	—	—	—	—	—
Q2 2027	—	—	—	—	—	—
Q3 2027	—	—	—	—	—	—
Q4 2027	—	—	—	—	—	—
Total 2027	—	—	—	—	—	—

TOTAL PROPERTY TYPES


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	19,188	9,594	135,600	14.13	135,600	14.13
Q4 2026	—	—	—	—	—	—
Total 2026	19,188	9,594	135,600	14.13	135,600	14.13

Q1 2027	174,115	87,058	6,936,602	79.68	7,136,138	81.97
Q2 2027	12,496	6,248	146,203	23.40	146,203	23.40
Q3 2027	1,004	1,004	67,104	66.84	69,117	68.84
Q4 2027	—	—	—	—	—	—
Total 2027	187,615	94,310	7,149,909	75.81	7,351,458	77.95

_____________

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

2Includes partially placed in-service leased space.

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


			Q2 2026
			Lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	49,791	46,799	2,632,526	56.25	2,634,064	56.28
2027	362,122	333,846	18,778,232	56.25	18,827,033	56.39
2028	278,534	236,201	19,414,323	82.19	19,320,246	81.80
2029	1,193,028	977,507	86,097,855	88.08	90,553,263	92.64
2030	599,357	526,330	50,548,344	96.04	50,934,697	96.77
2031	583,573	514,786	46,195,838	89.74	46,866,006	91.04
2032	404,812	302,337	22,343,080	73.90	23,285,688	77.02
2033	537,433	452,814	47,191,679	104.22	51,277,234	113.24
2034	1,093,043	806,535	88,685,501	109.96	95,455,515	118.35
2035	1,042,417	693,643	68,355,047	98.54	74,581,214	107.52
Thereafter	4,593,926	3,323,528	313,750,233	94.40	359,850,263	108.27

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	2,420	2,420	627,900	259.46	627,900	259.46
2027	12,121	8,448	2,776,347	328.64	2,776,347	328.64
2028	2,424	647	211,454	326.84	211,454	326.84
2029	9,577	5,671	1,805,619	318.39	1,956,781	345.05
2030	3,439	3,439	519,818	151.15	620,962	180.56
2031	22,897	16,581	5,913,967	356.68	6,365,486	383.91
2032	16,361	15,243	1,668,953	109.49	1,872,444	122.84
2033	20,928	20,928	4,576,177	218.66	5,136,236	245.42
2034	139,214	85,037	21,844,578	256.88	25,501,425	299.89
2035	114,671	74,697	4,844,583	64.86	6,304,531	84.40
Thereafter	105,007	68,520	23,816,349	347.58	15,362,103	224.20

TOTAL PROPERTY TYPES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	52,211	49,219	3,260,426	66.24	3,261,964	66.27
2027	374,243	342,294	21,554,579	62.97	21,603,380	63.11
2028	280,958	236,848	19,625,777	82.86	19,531,700	82.47
2029	1,202,605	983,178	87,903,474	89.41	92,510,044	94.09
2030	602,796	529,769	51,068,162	96.40	51,555,659	97.32
2031	606,470	531,367	52,109,805	98.07	53,231,492	100.18
2032	421,173	317,580	24,012,033	75.61	25,158,132	79.22
2033	558,361	473,742	51,767,856	109.27	56,413,470	119.08
2034	1,232,257	891,572	110,530,079	123.97	120,956,940	135.67
2035	1,157,088	768,340	73,199,630	95.27	80,885,745	105.27
Thereafter	4,698,933	3,392,048	337,566,582	99.52	375,212,366	110.62

_____________

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

2Includes partially placed in-service leased space.

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


			Q2 2026
			Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	42,167	39,175	2,284,322	58.31	2,285,860	58.35
Q4 2026	7,624	7,624	348,204	45.67	348,204	45.67
Total 2026	49,791	46,799	2,632,526	56.25	2,634,064	56.28

Q1 2027	4,762	4,762	441,638	92.74	441,638	92.74
Q2 2027	207,842	207,842	9,151,163	44.03	9,152,499	44.04
Q3 2027	59,347	59,347	2,471,004	41.64	2,517,520	42.42
Q4 2027	90,171	61,895	6,714,427	108.48	6,715,376	108.50
Total 2027	362,122	333,846	18,778,232	56.25	18,827,033	56.39

RETAIL


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	—	—	—	—	—	—
Q4 2026	2,420	2,420	627,900	259.46	627,900	259.46
Total 2026	2,420	2,420	627,900	259.46	627,900	259.46

Q1 2027	12,121	8,448	2,776,347	328.64	2,776,347	328.64
Q2 2027	—	—	—	—	—	—
Q3 2027	—	—	—	—	—	—
Q4 2027	—	—	—	—	—	—
Total 2027	12,121	8,448	2,776,347	328.64	2,776,347	328.64

TOTAL PROPERTY TYPES


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	42,167	39,175	2,284,322	58.31	2,285,860	58.35
Q4 2026	10,044	10,044	976,104	97.18	976,104	97.18
Total 2026	52,211	49,219	3,260,426	66.24	3,261,964	66.27

Q1 2027	16,883	13,210	3,217,985	243.60	3,217,985	243.60
Q2 2027	207,842	207,842	9,151,163	44.03	9,152,499	44.04
Q3 2027	59,347	59,347	2,471,004	41.64	2,517,520	42.42
Q4 2027	90,171	61,895	6,714,427	108.48	6,715,376	108.50
Total 2027	374,243	342,294	21,554,579	62.97	21,603,380	63.11

_____________

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

2Includes partially placed in-service leased space.

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


			Q2 2026
			Lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	6,424	6,424	425,380	66.22	425,380	66.22
2027	395,477	395,477	39,401,147	99.63	40,077,568	101.34
2028	398,165	398,165	44,430,864	111.59	46,095,608	115.77
2029	668,918	668,918	60,647,078	90.66	63,482,622	94.90
2030	387,487	387,487	34,353,359	88.66	37,850,784	97.68
2031	993,604	993,604	106,774,646	107.46	114,971,695	115.71
2032	436,347	436,347	37,044,123	84.90	42,173,380	96.65
2033	647,293	647,293	71,336,723	110.21	78,762,048	121.68
2034	158,514	158,514	14,644,486	92.39	17,408,001	109.82
2035	34,150	34,150	3,986,479	116.73	5,019,385	146.98
Thereafter	641,785	641,785	64,204,305	100.04	83,324,347	129.83

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	14,573	14,573	675,408	46.35	780,650	53.57
2027	14,865	14,865	786,434	52.91	826,021	55.57
2028	17,049	17,049	1,314,527	77.10	1,328,037	77.90
2029	4,967	4,967	330,867	66.61	423,127	85.19
2030	19,864	19,864	1,563,371	78.70	1,853,174	93.29
2031	21,244	21,244	1,644,440	77.41	1,777,920	83.69
2032	6,357	6,357	453,813	71.39	492,688	77.50
2033	21,063	21,063	2,115,389	100.43	2,277,507	108.13
2034	—	—	—	—	—	—
2035	—	—	—	—	—	—
Thereafter	7,996	7,996	486,672	60.86	552,671	69.12

TOTAL PROPERTY TYPES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases			Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF		$	$/PSF
2026	20,997	20,997	1,100,788	$	52.43	1,206,030	57.44
2027	410,342	410,342	40,187,581	97.94		40,903,589	99.68
2028	415,214	415,214	45,745,391	110.17		47,423,645	114.21
2029	673,885	673,885	60,977,945	90.49		63,905,749	94.83
2030	407,351	407,351	35,916,730	88.17		39,703,958	97.47
2031	1,014,848	1,014,848	108,419,086	106.83		116,749,615	115.04
2032	442,704	442,704	37,497,936	84.70		42,666,068	96.38
2033	668,356	668,356	73,452,112	109.90		81,039,555	121.25
2034	158,514	158,514	14,644,486	92.39		17,408,001	109.82
2035	34,150	34,150	3,986,479	116.73		5,019,385	146.98
Thereafter	649,781	649,781	64,690,977	99.56		83,877,018	129.09

_____________

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

2Includes partially placed in-service leased space.

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


			Q2 2026
			Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	2,224	2,224	189,040	85.00	189,040	85.00
Q4 2026	4,200	4,200	236,340	56.27	236,340	56.27
Total 2026	6,424	6,424	425,380	66.22	425,380	66.22

Q1 2027	76,820	76,820	6,117,543	79.63	6,166,898	80.28
Q2 2027	—	—	—	—	—	—
Q3 2027	73,512	73,512	6,774,201	92.15	6,873,397	93.50
Q4 2027	245,145	245,145	26,509,403	108.14	27,037,273	110.29
Total 2027	395,477	395,477	39,401,147	99.63	40,077,568	101.34

RETAIL


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	—	—	—	—	—	—
Q4 2026	14,573	14,573	675,408	46.35	780,650	53.57
Total 2026	14,573	14,573	675,408	46.35	780,650	53.57

Q1 2027	—	—	—	—	—	—
Q2 2027	7,246	7,246	163,978	22.63	195,434	26.97
Q3 2027	5,793	5,793	475,527	82.09	481,029	83.04
Q4 2027	1,826	1,826	146,929	80.47	149,558	81.90
Total 2027	14,865	14,865	786,434	52.91	826,021	55.57

TOTAL PROPERTY TYPES


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	2,224	2,224	189,040	85.00	189,040	85.00
Q4 2026	18,773	18,773	911,748	48.57	1,016,990	54.17
Total 2026	20,997	20,997	1,100,788	52.43	1,206,030	57.44

Q1 2027	76,820	76,820	6,117,543	79.63	6,166,898	80.28
Q2 2027	7,246	7,246	163,978	22.63	195,434	26.97
Q3 2027	79,305	79,305	7,249,728	91.42	7,354,426	92.74
Q4 2027	246,971	246,971	26,656,332	107.93	27,186,831	110.08
Total 2027	410,342	410,342	40,187,581	97.94	40,903,589	99.68

_____________

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

2Includes partially placed in-service leased space.

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


			Q2 2026
			Lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	10,915	5,714	303,396	53.10	308,186	53.93
2027	79,144	78,502	4,678,867	59.60	4,743,093	60.42
2028	494,343	192,324	9,787,928	50.89	10,192,787	53.00
2029	281,197	250,148	14,014,696	56.03	14,440,302	57.73
2030	34,778	34,778	2,031,860	58.42	2,194,108	63.09
2031	57,705	42,724	2,061,526	48.25	2,328,413	54.50
2032	87,055	73,706	5,316,150	72.13	5,904,848	80.11
2033	—	—	—	—	—	—
2034	—	—	—	—	—	—
2035	60,774	20,463	1,505,083	73.55	1,809,319	88.42
Thereafter	120,231	120,231	7,982,470	66.39	10,223,026	85.03

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	—	—	—	—	—	—
2027	—	—	—	—	—	—
2028	945	945	56,413	59.70	56,413	59.70
2029	1,121	377	7,306	19.36	7,306	19.36
2030	653	220	5,302	24.11	5,578	25.37
2031	6,734	4,289	294,369	68.63	323,476	75.42
2032	—	—	—	—	—	—
2033	—	—	—	—	—	—
2034	—	—	—	—	—	—
2035	—	—	—	—	—	—
Thereafter	—	—	—	—	—	—

TOTAL PROPERTY TYPES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	10,915	5,714	303,396	53.10	308,186	53.94
2027	79,144	78,502	4,678,867	59.60	4,743,093	60.42
2028	495,288	193,269	9,844,341	50.94	10,249,200	53.03
2029	282,318	250,525	14,022,002	55.97	14,447,608	57.67
2030	35,431	34,998	2,037,162	58.21	2,199,686	62.85
2031	64,439	47,013	2,355,895	50.11	2,651,889	56.41
2032	87,055	73,706	5,316,150	72.13	5,904,848	80.11
2033	—	—	—	—	—	—
2034	—	—	—	—	—	—
2035	60,774	20,463	1,505,083	73.55	1,809,319	88.42
Thereafter	120,231	120,231	7,982,470	66.39	10,223,026	85.03

_____________

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

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

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


			Q2 2026
			Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	3,448	1,161	17,102	14.73	17,619	15.18
Q4 2026	7,467	4,553	286,294	62.88	290,567	63.82
Total 2026	10,915	5,714	303,396	53.10	308,186	53.93

Q1 2027	—	—	—	—	—	—
Q2 2027	21,724	21,724	1,291,354	59.44	1,291,354	59.44
Q3 2027	12,172	12,172	728,635	59.86	744,093	61.13
Q4 2027	45,248	44,606	2,658,878	59.61	2,707,645	60.70
Total 2027	79,144	78,502	4,678,867	59.60	4,743,093	60.42

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases

Annualized Rental Obligations Under Expiring Leases with future step-ups

$/PSF

Q1 2026

—

Q2 2026

—

Q3 2026

—

Q4 2026

—

Total 2026

—

Q1 2027

—

Q2 2027

—

Q3 2027

—

Q4 2027

—

Total 2027

—

TOTAL PROPERTY TYPES


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	3,448	1,161	17,102	14.73	17,619	15.18
Q4 2026	7,467	4,553	286,294	62.88	290,567	63.82
Total 2026	10,915	5,714	303,396	53.10	308,186	53.94

Q1 2027	—	—	—	—	—	—
Q2 2027	21,724	21,724	1,291,354	59.44	1,291,354	59.44
Q3 2027	12,172	12,172	728,635	59.86	744,093	61.13
Q4 2027	45,248	44,606	2,658,878	59.61	2,707,645	60.70
Total 2027	79,144	78,502	4,678,867	59.60	4,743,093	60.42

_____________

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

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

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


			Q2 2026
			Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	19,017	19,017	945,538	49.72	949,574	49.93
2027	192,628	192,628	11,772,045	61.11	12,085,419	62.74
2028	305,339	173,303	11,840,186	68.32	13,348,633	77.02
2029	162,765	162,765	9,175,749	56.37	9,810,567	60.27
2030	198,203	188,970	11,606,328	61.42	12,593,802	66.64
2031	296,460	289,714	16,184,238	55.86	18,194,698	62.80
2032	635,900	635,900	44,556,261	70.07	49,233,198	77.42
2033	985,437	982,865	58,329,000	59.35	68,383,545	69.58
2034	306,501	306,501	17,894,436	58.38	21,249,489	69.33
2035	484,395	484,395	25,297,056	52.22	29,413,591	60.72
Thereafter	2,775,637	2,775,637	184,953,722	66.63	231,756,477	83.50

RETAIL


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	4,727	4,727	300,095	63.49	300,095	63.49
2027	21,233	21,233	1,133,828	53.40	1,137,157	53.56
2028	32,691	32,691	2,253,222	68.92	2,270,601	69.46
2029	49,617	49,617	3,444,309	69.42	3,601,812	72.59
2030	38,290	38,290	2,838,048	74.12	2,955,275	77.18
2031	43,017	43,017	2,859,381	66.47	3,093,156	71.91
2032	37,245	37,245	2,698,102	72.44	2,962,698	79.55
2033	22,891	22,891	1,560,439	68.17	1,761,814	76.97
2034	35,694	35,694	2,369,200	66.38	2,579,176	72.26
2035	92,121	89,000	2,600,055	29.21	3,793,617	42.63
Thereafter	42,474	42,474	3,422,688	80.58	4,167,205	98.11

TOTAL PROPERTY TYPES


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	23,744	23,744	1,245,633	52.46	1,249,669	52.63
2027	213,861	213,861	12,905,873	60.35	13,222,576	61.83
2028	338,030	205,994	14,093,408	68.42	15,619,234	75.82
2029	212,382	212,382	12,620,058	59.42	13,412,379	63.15
2030	236,493	227,260	14,444,376	63.56	15,549,077	68.42
2031	339,477	332,731	19,043,619	57.23	21,287,854	63.98
2032	673,145	673,145	47,254,363	70.20	52,195,896	77.54
2033	1,008,328	1,005,756	59,889,439	59.55	70,145,359	69.74
2034	342,195	342,195	20,263,636	59.22	23,828,665	69.63
2035	576,516	573,395	27,897,111	48.65	33,207,208	57.91
Thereafter	2,818,111	2,818,111	188,376,410	66.84	235,923,682	83.72

_____________

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

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

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


			Q2 2026
			Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of June 30, 2026

OFFICE


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	—	—	—	—	—	—
Q4 2026	19,017	19,017	945,538	49.72	949,574	49.93
Total 2026	19,017	19,017	945,538	49.72	949,574	49.93

Q1 2027	22,822	22,822	1,407,487	61.67	1,427,602	62.55
Q2 2027	24,974	24,974	1,390,151	55.66	1,412,052	56.54
Q3 2027	103,622	103,622	6,499,505	62.72	6,675,656	64.42
Q4 2027	41,210	41,210	2,474,902	60.06	2,570,109	62.37
Total 2027	192,628	192,628	11,772,045	61.11	12,085,419	62.74

RETAIL


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	3,074	3,074	181,347	58.99	181,347	58.99
Q4 2026	1,653	1,653	118,748	71.84	118,748	71.84
Total 2026	4,727	4,727	300,095	63.49	300,095	63.49

Q1 2027	7,588	7,588	439,897	57.97	439,897	57.97
Q2 2027	3,498	3,498	277,490	79.33	277,490	79.33
Q3 2027	9,317	9,317	374,441	40.19	377,770	40.55
Q4 2027	830	830	42,000	50.60	42,000	50.60
Total 2027	21,233	21,233	1,133,828	53.40	1,137,157	53.56

TOTAL PROPERTY TYPES


		BXP’s Share
Quarter	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
Q1 2026	—	—	—	—	—	—
Q2 2026	—	—	—	—	—	—
Q3 2026	3,074	3,074	181,347	58.99	181,347	58.99
Q4 2026	20,670	20,670	1,064,286	51.49	1,068,322	51.68
Total 2026	23,744	23,744	1,245,633	52.46	1,249,669	52.63

Q1 2027	30,410	30,410	1,847,384	60.75	1,867,499	61.41
Q2 2027	28,472	28,472	1,667,641	58.57	1,689,542	59.34
Q3 2027	112,939	112,939	6,873,946	60.86	7,053,426	62.45
Q4 2027	42,040	42,040	2,516,902	59.87	2,612,109	62.13
Total 2027	213,861	213,861	12,905,873	60.35	13,222,576	61.83

_____________

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

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

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


			Q2 2026
			Lease expirations - CBD properties 1, 2, 3

as of June 30, 2026

Boston


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	79,958	60,796	5,047,332	83.02	5,047,332	83.02
2027	142,388	127,946	11,572,656	90.45	11,657,893	91.12
2028	598,036	567,919	67,870,534	119.51	70,696,154	124.48
2029	774,740	640,579	58,446,444	91.24	60,340,703	94.20
2030	1,140,849	1,088,995	81,616,751	74.95	84,904,178	77.97
2031	56,415	47,792	4,501,345	94.19	4,896,805	102.46
2032	916,347	910,152	77,012,067	84.61	94,502,581	103.83
2033	598,300	536,174	47,001,844	87.66	53,440,821	99.67
2034	1,282,127	1,093,230	100,053,697	91.52	109,997,110	100.62
2035	774,303	704,020	60,240,795	85.57	76,008,645	107.96
Thereafter	4,834,057	3,685,141	366,259,988	99.39	449,881,162	122.08

Los Angeles


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	19,188	9,594	135,600	14.13	135,600	14.13
2027	187,615	94,310	7,149,909	75.81	7,351,458	77.95
2028	270,593	172,796	14,736,066	85.28	15,618,894	90.39
2029	267,278	185,627	12,880,014	69.39	13,034,936	70.22
2030	59,956	59,956	4,394,481	73.30	4,916,908	82.01
2031	7,752	7,752	552,439	71.26	632,555	81.60
2032	267,810	148,844	12,299,938	82.64	14,784,814	99.33
2033	186,894	93,447	8,185,957	87.60	10,414,824	111.45
2034	23,732	13,736	491,132	35.76	546,905	39.82
2035	8,043	8,043	644,451	80.13	798,417	99.27
Thereafter	500,468	500,468	33,286,444	66.51	43,598,636	87.12

New York


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	9,068	6,076	1,001,401	164.80	1,001,401	164.80
2027	122,403	90,454	12,067,255	133.41	12,067,255	133.41
2028	178,974	134,864	15,445,177	114.52	15,462,218	114.65
2029	999,015	779,588	80,550,194	103.32	84,865,860	108.86
2030	476,478	403,451	45,859,220	113.67	46,143,472	114.37
2031	437,863	362,759	44,878,787	123.72	45,908,662	126.55
2032	306,182	202,589	19,155,230	94.55	20,550,459	101.44
2033	480,447	395,828	48,884,997	123.50	53,287,153	134.62
2034	1,232,257	891,572	110,530,079	123.97	120,956,940	135.67
2035	998,103	609,355	66,746,406	109.54	73,720,056	120.98
Thereafter	4,295,362	2,988,477	321,684,134	107.64	357,606,932	119.66


			Q2 2026
			Lease expirations - CBD properties (continued) 1, 2, 3

as of June 30, 2026

San Francisco


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	16,797	16,797	864,448	51.46	969,690	57.73
2027	366,075	366,075	37,330,327	101.97	38,046,335	103.93
2028	365,125	365,125	42,684,486	116.90	44,189,922	121.03
2029	592,674	592,674	55,339,810	93.37	58,938,929	99.45
2030	302,764	302,764	29,002,775	95.79	32,182,122	106.29
2031	961,427	961,427	105,465,162	109.70	113,187,406	117.73
2032	373,497	373,497	33,485,833	89.65	38,887,412	104.12
2033	668,356	668,356	73,452,111	109.90	81,039,555	121.25
2034	158,514	158,514	14,644,486	92.39	17,408,001	109.82
2035	34,150	34,150	3,986,479	116.73	5,019,385	146.98
Thereafter	649,781	649,781	64,690,977	99.56	83,877,018	129.09

Seattle


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	10,915	5,714	303,396	53.10	308,186	53.94
2027	79,144	78,502	4,678,867	59.60	4,743,093	60.42
2028	495,288	193,269	9,844,341	50.94	10,249,200	53.03
2029	282,318	250,525	14,022,002	55.97	14,447,608	57.67
2030	35,431	34,998	2,037,162	58.21	2,199,686	62.85
2031	64,439	47,013	2,355,895	50.11	2,651,889	56.41
2032	87,055	73,706	5,316,150	72.13	5,904,848	80.11
2033	—	—	—	—	—	—
2034	—	—	—	—	—	—
2035	60,774	20,463	1,505,083	73.55	1,809,319	88.42
Thereafter	120,231	120,231	7,982,470	66.39	10,223,026	85.03

Washington, DC


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	19,791	19,791	1,083,480	54.75	1,083,480	54.75
2027	209,984	209,984	12,739,444	60.67	13,056,147	62.18
2028	338,030	205,994	14,093,408	68.42	15,619,235	75.82
2029	201,372	201,372	12,227,789	60.72	12,989,925	64.51
2030	212,441	203,208	13,511,055	66.49	14,538,985	71.55
2031	322,677	315,931	18,443,527	58.38	20,606,642	65.23
2032	671,172	671,172	47,185,801	70.30	52,118,317	77.65
2033	1,008,328	1,005,756	59,889,439	59.55	70,145,359	69.74
2034	333,733	333,733	19,924,032	59.70	23,425,442	70.19
2035	576,516	573,395	27,897,111	48.65	33,207,208	57.91
Thereafter	2,818,111	2,818,111	188,376,409	66.84	235,923,681	83.72

_____________

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

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

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


			Q2 2026
			Lease expirations - Suburban properties 1, 2, 3

as of June 30, 2026

Boston


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	98,943	98,943	7,655,309	77.37	7,655,309	77.37
2027	363,284	302,944	20,840,328	68.79	21,080,873	69.59
2028	284,732	284,732	16,507,542	57.98	17,031,344	59.82
2029	501,993	501,993	25,330,350	50.46	27,503,173	54.79
2030	116,076	116,076	7,106,083	61.22	7,600,485	65.48
2031	513,425	513,425	35,862,213	69.85	38,100,247	74.21
2032	227,097	227,097	11,901,622	52.41	12,971,779	57.12
2033	148,825	148,825	13,358,361	89.76	15,182,710	102.02
2034	326,384	326,384	24,888,838	76.26	28,297,821	86.70
2035	63,116	63,116	4,811,059	76.23	5,584,439	88.48
Thereafter	470,167	470,167	17,537,766	37.30	23,562,174	50.11

New York


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	43,143	43,143	2,259,025	52.36	2,260,562	52.40
2027	251,840	251,840	9,487,324	37.67	9,536,125	37.87
2028	101,984	101,984	4,180,599	40.99	4,069,482	39.90
2029	203,590	203,590	7,353,280	36.12	7,644,184	37.55
2030	126,318	126,318	5,208,942	41.24	5,412,187	42.85
2031	168,607	168,607	7,231,019	42.89	7,322,830	43.43
2032	114,991	114,991	4,856,803	42.24	4,607,673	40.07
2033	77,914	77,914	2,882,859	37.00	3,126,317	40.13
2034	—	—	—	—	—	—
2035	158,985	158,985	6,453,224	40.59	7,165,689	45.07
Thereafter	403,571	403,571	15,882,448	39.35	17,605,434	43.62

San Francisco


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	4,200	4,200	236,340	56.27	236,340	56.27
2027	44,267	44,267	2,857,254	64.55	2,857,254	64.55
2028	50,089	50,089	3,060,905	61.11	3,233,723	64.56
2029	81,211	81,211	5,638,136	69.43	4,966,821	61.16
2030	104,587	104,587	6,913,955	66.11	7,521,837	71.92
2031	53,421	53,421	2,953,924	55.30	3,562,209	66.68
2032	69,207	69,207	4,012,103	57.97	3,778,656	54.60
2033	—	—	—	—	—	—
2034	—	—	—	—	—	—
2035	—	—	—	—	—	—
Thereafter	—	—	—	—	—	—


			Q2 2026
			Lease expirations - Suburban properties (continued) 1, 2, 3

as of June 30, 2026

Washington, DC


		BXP’s Share
Year	Rentable Square Footage4	Rentable Square Footage4	Current Annualized Rental Obligations Under Expiring Leases		Annualized Rental Obligations Under Expiring Leases with future step-ups

			$	$/PSF	$	$/PSF
2026	3,953	3,953	162,153	41.02	166,189	42.04
2027	3,877	3,877	166,429	42.93	166,429	42.93
2028	—	—	—	—	—	—
2029	11,010	11,010	392,268	35.63	422,454	38.37
2030	24,052	24,052	933,320	38.80	1,010,092	42.00
2031	16,800	16,800	600,093	35.72	681,213	40.55
2032	1,973	1,973	68,562	34.75	77,578	39.32
2033	—	—	—	—	—	—
2034	8,462	8,462	339,604	40.13	403,223	47.65
2035	—	—	—	—	—	—
Thereafter	—	—	—	—	—	—

_____________

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

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

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


			Q2 2026
			Research coverage

With the exception of Green Street Advisors, an independent research firm, the equity analysts listed below are those analysts that, according to Thomson Reuters Corporation, have published research material on the Company and are listed as covering the Company. Please note that any opinions, estimates or forecasts regarding the Company’s performance made by the analysts listed below do not represent the opinions, estimates or forecasts of the Company or its management. The Company does not by its reference below imply its endorsement of or concurrence with any information, conclusions or recommendations made by any of such analysts.


Equity Research Coverage
Bank of America Merrill Lynch	Jeffrey Spector / Jana Galan	646.855.1363 / 646.855.5042
Barclays	Brendan Lynch	212.526.9428
BMO Capital	John Kim	212.885.4115
BTIG	Tom Catherwood	212.738.6140
Cantor	Richard Anderson	929.441.6927
Citi	Nicholas Joseph / Seth Bergey	212.816.1909 / 212.816.2066
Deutsche Bank	Omotayo Okusanya	212.250.9284
Evercore ISI	Steve Sakwa	212.446.9462
Goldman Sachs	Caitlin Burrows	212.902.4736
Green Street Advisors	Dylan Burzinski	949.640.8780
Jefferies	Joe Dickstein	212.778.8771
J.P. Morgan Securities	Anthony Paolone	212.622.6682
Keybanc Capital Market	Todd Thomas / Upal Rana	917.368.2286 / 917.368.2316
Ladenburg Thalmann	Floris van Dijkum	212.409.2075
Mizuho Securities	Vikram Malhotra	212.209.9300
Morgan Stanley	Ronald Kamdem	212.296.8319
Piper Sandler Companies	Alexander Goldfarb	212.466.7937
Scotiabank GBM	Nicholas Yulico	212.225.6904
Truist Securities	Michael Lewis	212.319.5659
UBS US Equity Research	Michael Goldsmith	212.713.2951
Wells Fargo Securities	Blaine Heck	410.662.2556
Wolfe Research	Ally Yaseen	646.582.9253


Debt Research Coverage
Barclays	Srinjoy Banerjee	212.526.3521
J.P. Morgan Securities	Mark Streeter	212.834.5086
US Bank	Bill Stafford	877.558.2605
Wells Fargo	Kevin McClure	704.410.1100


Rating Agencies
Moody’s Investors Service	Christian Azzi	212.553.7718
Standard & Poor’s	Michael Souers	212.438.2508


			Q2 2026
			Definitions

This section contains definitions of certain non-GAAP financial measures and other terms that the Company uses in this Supplemental report and, if applicable, the reasons why management believes these non-GAAP financial measures provide useful information to investors about the Company’s financial condition and results of operations and the other purposes for which management uses the measures. Additional detail can be found in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as other documents the Company files or furnishes to the SEC from time to time.

The Company may also present "BXP's Share" of certain operating metrics, such as occupancy and leased percentages based upon square footage. Amounts are calculated based on our consolidated portfolio square feet, plus our share of the square feet from the unconsolidated joint venture properties (calculated based on our ownership percentage), minus our partners’ share of square feet from our consolidated joint venture properties (calculated based upon the partners’ percentage ownership interests).

Annualized Rental Obligations

Annualized Rental Obligations is defined as monthly Rental Obligations, as of the last day of the reporting period, multiplied by twelve (12).

Average Economic Occupancy

Average Economic Occupancy is defined as (1) total possible revenue less vacancy loss divided by (2) total possible revenue, expressed as a percentage. Total possible revenue is determined by valuing average occupied units at contract rates and average vacant units at Market Rents. Vacancy loss is determined by valuing vacant units at current Market Rents. By measuring vacant units at their Market Rents, Average Economic Occupancy takes into account the fact that units of different sizes and locations within a residential property have different economic impacts on a residential property’s total possible gross revenue.

Average Monthly Rental Rates

Average Monthly Rental Rates are calculated by the Company as the average of the quotients obtained by dividing (A) rental revenue as determined in accordance with GAAP by (B) the number of occupied units for each month within the applicable fiscal period.

Average Physical Occupancy

Average Physical Occupancy is defined as (1) the average number of occupied units divided by (2) the total number of units, expressed as a percentage.

Debt to Market Capitalization Ratio

Consolidated Debt to Consolidated Market Capitalization Ratio is a measure of leverage commonly used by analysts in the REIT sector that equals the quotient of (A) the Company’s Consolidated Debt divided by (B) the Company’s Consolidated Market Capitalization, presented as a percentage. Consolidated Market Capitalization is the sum of (x) the Company’s Consolidated Debt plus (y) the market value of the Company’s outstanding equity securities calculated using the closing price per share of common stock of the Company, as reported by the New York Stock Exchange, multiplied by the sum of (1) outstanding shares of common stock of the Company, (2) outstanding common units of limited partnership interest in Boston Properties Limited Partnership (excluding common units held by the Company), (3) common units issuable upon conversion of all outstanding LTIP Units, assuming all conditions have been met for the conversion of the LTIP Units, (4) common units issuable upon conversion of 2012 OPP Units that were issued in the form of LTIP Units, and (5) common units issuable upon conversion of 2013-2023 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards or Outperformance Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2024, 2025 and 2026 MYLTIP Units and 2025 Outperformance Units are not included.

The Company also presents BXP’s Share of Market Capitalization, which is calculated in a similar manner, except that BXP’s Share of Debt is utilized instead of the Company’s Consolidated Debt in both the numerator and the denominator. The Company presents these ratios because its degree of leverage could affect its ability to obtain additional financing for working capital, capital expenditures, acquisitions, development or other general corporate purposes and because different investors and lenders consider one or both of these ratios. Investors should understand that these ratios are, in part, a function of the market price of the common stock of the Company, and as such will fluctuate with changes in such price and do not necessarily reflect the Company’s capacity to incur additional debt to finance its activities or its ability to manage its existing debt obligations. However, for a company like BXP, Inc., whose assets are primarily income-producing real estate, these ratios may provide investors with an alternate indication of leverage, so long as they are evaluated along with the ratio of indebtedness to other measures of asset value used by financial analysts and other financial ratios, as well as the various components of the Company’s outstanding indebtedness.


			Q2 2026
			Definitions (continued)

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Pursuant to the definition of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), the Company calculates EBITDAre as net income (loss) attributable to BXP, Inc, the most directly comparable GAAP financial measure, plus net income (loss) attributable to noncontrolling interests, interest expense, losses (gains) from early extinguishments of debt, depreciation and amortization expense, impairment losses and adjustments to reflect the Company’s share of EBITDAre from unconsolidated joint ventures less gains (losses) on sales of real estate and sales-type leases. EBITDAre is a non-GAAP financial measure. The Company uses EBITDAre internally as a performance measure and believes EBITDAre provides useful information to investors regarding its financial condition and results of operations at the corporate level because, when compared across periods, EBITDAre reflects the impact on operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses and acquisition and development activities on an unleveraged basis, providing perspective not immediately apparent from net income (loss) attributable to BXP, Inc.

In some cases the Company also presents (A) BXP’s Share of EBITDAre – cash, which is BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion of sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements, and (B) Annualized EBITDAre, which is EBITDAre for the applicable fiscal quarter ended multiplied by four (4). Presenting BXP’s Share of EBITDAre – cash allows investors to compare EBITDAre across periods without taking into account the effect of certain non-cash rental revenues, ground rent expense and stock based compensation expense. Similar to depreciation and amortization, because of historical cost accounting, fair value lease revenue may distort operating performance measures at the property level. Additionally, presenting EBITDAre excluding the impact of straight-line rent provides investors with an alternative view of operating performance at the property level that more closely reflects rental revenue generated at the property level without regard to future contractual increases in rental rates. In addition, the Company’s management believes that the presentation of Annualized EBITDAre provides useful information to investors regarding the Company’s results of operations because it enables investors to more easily compare quarterly EBITDAre to EBITDAre from full fiscal years.

The Company’s computation of EBITDAre may not be comparable to EBITDAre reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. The Company believes that in order to facilitate a clear understanding of its operating results, EBITDAre should be examined in conjunction with net income (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. EBITDAre should not be considered a substitute to net income (loss) attributable to BXP, Inc. in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

Fixed Charge Coverage Ratio

Fixed Charge Coverage Ratio equals BXP’s Share of EBITDAre – cash divided by Total Fixed Charges. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense, stock-based compensation expense and lease transaction costs that qualify as rent inducements. Total Fixed Charges is also a non-GAAP financial measure equal to the sum of BXP’s Share of interest expense, capitalized interest, maintenance capital expenditures, hotel improvements, equipment upgrades and replacements and preferred dividends/distributions less hedge amortization and amortization of financing costs. The Company believes that the presentation of its Fixed Charge Coverage Ratio provides investors with useful information about the Company’s financial performance as it relates to overall financial flexibility and balance sheet management. Furthermore, the Company believes that the Fixed Charge Coverage Ratio is frequently used by analysts, rating agencies and other interested parties in the evaluation of the Company’s performance as a REIT and, as a result, by presenting the Fixed Charge Coverage Ratio the Company assists these parties in their evaluations. The Company’s calculation of its Fixed Charge Coverage Ratio may not be comparable to the ratios reported by other REITs or real estate companies that define the term differently and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Funds Available for Distribution (FAD) and FAD Payout Ratio

In addition to FFO, which is defined on the following page, the Company presents Funds Available for Distribution to common shareholders and common unitholders (FAD), which is a non-GAAP financial measure that is calculated by (1) adding to FFO lease transaction costs that qualify as rent inducements, non-real estate depreciation and amortization, non-cash losses (gains) from early extinguishments of debt, stock-based compensation expense, partners’ share of consolidated and unconsolidated joint venture 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences) and unearned portion of capitalized fees, (2) eliminating the effects of straight-line rent, straight-line ground rent expense adjustment (excluding prepaid ground rent expense), hedge amortization, fair value interest adjustment, fair value lease revenue and amortization and accretion related to sales type lease receivable, and (3) subtracting maintenance capital expenditures, hotel improvements, equipment upgrades and replacements, 2nd generation tenant improvement and leasing commissions (included in the period in which the lease commences), non-cash termination income adjustment (fair value lease amounts) and impairments of non-depreciable real estate. The Company believes that the presentation of FAD provides useful information to investors regarding the Company’s results of operations because FAD provides supplemental information regarding the Company’s operating performance that would not otherwise be available and may be useful to investors in assessing the Company’s operating performance. Additionally, although the Company does not consider FAD to be a liquidity measure, as it does not make adjustments to reflect changes in working capital or the actual timing of the payment of income or expense items that are accrued in the period, the Company believes that FAD may provide investors with useful supplemental information regarding the Company’s ability to generate cash from its operating performance and the impact of the Company’s operating performance on its ability to make distributions to its shareholders. Furthermore, the Company believes that FAD is frequently used by analysts, investors and other interested parties in the evaluation of its performance as a REIT and, as a result, by presenting FAD the Company is assisting these parties in their evaluation. FAD should not be considered as a substitute for net income (loss) attributable to BXP, Inc.’s co determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

FAD Payout Ratio is defined as distributions to common shareholders and unitholders (excluding any special distributions) divided by FAD.


			Q2 2026
			Definitions (continued)

Funds from Operations (FFO)

Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of Nareit, the Company calculates Funds from Operations, or “FFO,” by adjusting net income attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties or a change in control, impairment losses on depreciable real estate consolidated on the Company’s balance sheet, impairment losses on its investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but the Company believes the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing the Company’s operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

The Company’s computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently. In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

In-Service Properties

The Company treats a property as being “in-service” upon the earlier of (1) lease-up and completion of tenant improvements or (2) one year after cessation of major construction activity as determined under GAAP. The determination as to when an entire property should be treated as “in-service” involves a degree of judgment and is made by management based on the relevant facts and circumstances of the particular property. For portfolio operating and occupancy statistics, the Company specifies a single date for treating a property as “in-service,” which is generally later than the date the property is partially placed in-service under GAAP. Under GAAP, a property may be placed in-service in stages as construction is completed and the property is held available for occupancy. In addition, under GAAP, when a portion of a property has been substantially completed and either occupied or held available for occupancy, the Company ceases capitalizing costs on that portion, even though it may not treat the property as being “in-service,” and continues to capitalize only those costs associated with the portion still under construction. In-service properties include properties held by the Company’s unconsolidated joint ventures. A property will no longer be considered “in-service” when the occupied percentage is below 50% and the Company anticipates a future development/redevelopment of the property.

Interest Coverage Ratio

Interest Coverage Ratio, calculated including and excluding capitalized interest, is a non-GAAP financial measure equal to BXP’s Share of EBITDAre – cash divided by Adjusted interest expense. BXP’s Share of EBITDAre – cash is a non-GAAP financial measure equal to BXP’s Share of EBITDAre after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease receivable, non-cash termination income adjustment (fair value lease amounts) and non-cash gains (losses) from early extinguishment of debt and adding straight-line ground rent expense (excluding prepaid ground rent expense), stock-based compensation expense and lease transaction costs that qualify as rent inducements. Adjusted interest expense excluding capitalized interest is equal to BXP’s Share of interest expense less (1) BXP’s Share of hedge amortization, (2) BXP’s Share of fair value interest adjustment and (3) BXP’s Share of amortization of financing costs. Adjusted interest expense including capitalized interest is calculated in the same manner but adds back BXP’s Share of capitalized interest. The Company believes that the presentation of its Interest Coverage Ratio provides useful information about the Company’s financial condition because it provides investors additional information on the Company’s ability to meet its debt obligations and incur additional indebtedness. In addition, by analyzing interest coverage ratios over a period of time, trends may emerge that provide investors a better sense of whether a company’s financial condition is improving or declining. The ratios may also be used to compare the financial condition of different companies, which can help when making an investment decision. The Company presents its Interest Coverage Ratio in two ways - including capitalized interest and excluding capitalized interest. GAAP requires the capitalization of interest expense during development. Therefore, for a company like BXP, Inc. that is an active developer of real estate, presenting the Interest Coverage Ratio (excluding capitalized interest) provides an alternative measure of financial condition that may be more indicative of the Company’s ability to meet its interest expense obligations and therefore its overall financial condition. For clarification purposes, this ratio does not include gains (losses) from early extinguishments of debt.

Market Rents

Market Rents used by the Company in calculating Average Economic Occupancy are based on the current market rates set by the managers of the Company’s residential properties based on their experience in renting their residential property’s units and publicly available market data. Trends in market rents for a region as reported by others could therefore vary materially. Market Rents for a period are based on the average Market Rents during that period and do not reflect any impact for cash concessions.

Net Debt

Net Debt is equal to (A) the Company’s consolidated debt plus special dividends payable (if any) less (B) cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) (if any). The Company believes that the presentation of Net Debt provides useful information to investors because the Company reviews Net Debt as part of the management of its overall financial flexibility, capital structure and leverage. In particular, Net Debt is an important component of the Company’s ratio of BXP’s Share of Net Debt to BXP’s Share of EBITDAre. BXP’s Share of Net Debt is calculated in a similar manner to Net Debt, except that (1) BXP’s Share of Debt is utilized instead of the Company’s consolidated debt after eliminating BXP’s Share of the related party note receivable and (2) BXP’s Share of cash is utilized instead of consolidated cash. The Company believes BXP’s Share of Net Debt to BXP’s Share of EBITDAre is useful to investors because it provides an alternative measure of the Company’s financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s Net Debt as part of their assessments of its business. The Company may utilize a considerable portion of its cash and cash equivalents at any given time for purposes other than debt reduction. In addition, cash and cash equivalents and cash held in escrow for potential Section 1031 like kind exchange(s) may not be solely controlled by the Company. The deduction of these items from consolidated debt in the calculation of Net Debt therefore should not be understood to mean that these items are available exclusively for debt reduction at any given time.


			Q2 2026
			Definitions (continued)

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment losses, loss from early extinguishment of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate or sales type leases, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, and interest and other income (loss). In some cases, the Company also presents (1) NOI – cash, which is NOI after eliminating the effects of straight-line rent (excluding the impact related to deferred revenue related to improvements to long-lived assets paid for by a client), fair value lease revenue, amortization and accretion related to sales type lease, straight-line ground rent expense adjustment (excluding prepaid ground rent), prepaid ground rent expense and lease transaction costs that qualify as rent inducements in accordance with GAAP, and (2) NOI and NOI – cash, in each case excluding termination income.

The Company uses these measures internally as performance measures and believes they provide useful information to investors regarding the Company’s results of operations and financial condition because, when compared across periods, they reflect the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from net income (loss). For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). In addition, depreciation and amortization expense because of historical cost accounting and useful life estimates, may distort operating performance measures at the property level. Presenting NOI – cash allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues, amortization and accretion related to sales type lease receivable and ground rent expenses. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of the straight-lining of rent and amortization and accretion related to sale type lease receivable provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated at the property level on an unleveraged basis. Presenting NOI measures that exclude termination income provides investors with additional information regarding operating performance at a property level that allows them to compare operating performance between periods without taking into account termination income, which can distort the results for any given period because they generally represent multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and are not reflective of the core ongoing operating performance of the Company’s properties.

Rental Obligations

Rental Obligations is defined as the contractual base rents (but excluding percentage rent) and budgeted reimbursements from clients under existing leases. These amounts exclude rent abatements.

Rental Revenue

Rental Revenue is equal to Total revenue, the most directly comparable GAAP financial measure, less development and management services revenue and direct reimbursements of payroll and related costs from management services contracts. The Company uses Rental Revenue internally as a performance measure and in calculating other non-GAAP financial measures (e.g., NOI), which provides investors with information regarding our performance that is not immediately apparent from the comparable non-GAAP measures and allows investors to compare operating performance between periods. The Company also presents Rental Revenue (excluding termination income) because termination income can distort the results for any given period because it generally represents multiple months or years of a client’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the client’s lease and does not reflect the core ongoing operating performance of the Company’s properties.

Same Properties

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by the Company throughout each period presented. The Company refers to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Properties.” “Same Properties” therefore exclude properties placed in-service, acquired, repositioned or in or held for development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as “in-service” for that property to be included in “Same Properties.” Pages 21 - 24 indicate by footnote the “In-Service Properties” that are not included in “Same Properties.”


			Q2 2026
			Reconciliations

(unaudited and in thousands)


BXP’s Share of select items
	Three Months Ended
	30-Jun-26		31-Mar-26
Revenue	$	895,699	$	872,148
Partners’ share of revenue from consolidated joint ventures (JVs)	(99,659)		(90,250)
BXP’s share of revenue from unconsolidated JVs	42,596		43,572
BXP’s Share of revenue	$	838,636	$	825,470

Straight-line rent	$	3,570	$	23,588
Partners’ share of straight-line rent from consolidated JVs	11,804		(3,594)
BXP’s share of straight-line rent from unconsolidated JVs	4,022		450
BXP’s Share of straight-line rent	$	19,396	$	20,444

Fair value lease revenue 1	$	2,168	$	1,961
Partners’ share of fair value lease revenue from consolidated JVs 1	11		11
BXP’s share of fair value lease revenue from unconsolidated JVs 1	685		743
BXP’s Share of fair value lease revenue 1	$	2,864	$	2,715

Lease termination income	$	2,828	$	12,828
Partners’ share of termination income from consolidated JVs	(23)		—
BXP’s share of termination income from unconsolidated JVs	—		—
BXP’s Share of termination income	$	2,805	$	12,828

Non-cash termination income adjustment	$	(2,306)	$	(1,744)
Partners’ share of non-cash termination income adjustment from consolidated JVs	—		—
BXP’s share of non-cash termination income adjustment from unconsolidated JVs	—		—
BXP’s Share of non-cash termination income adjustment	$	(2,306)	$	(1,744)






Hedge amortization, net of costs	$	1,590	$	1,590
Partners’ share of hedge amortization, net of costs from consolidated JVs	(144)		(144)
BXP’s share of hedge amortization, net of costs from unconsolidated JVs	268		260
BXP’s Share of hedge amortization, net of costs	$	1,714	$	1,706

Straight-line ground rent expense adjustment	$	(4,016)	$	(4,970)
Partners’ share of straight-line ground rent expense adjustment from consolidated JVs	—		—
BXP’s share of straight-line ground rent expense adjustment from unconsolidated JVs	121		121
BXP’s Share of straight-line ground rent expense adjustment	$	(3,895)	$	(4,849)

Depreciation and amortization	$	236,977	$	227,967
Noncontrolling interests in property partnerships’ share of depreciation and amortization	(23,336)		(20,871)
BXP’s share of depreciation and amortization from unconsolidated JVs	12,716		13,506
BXP’s Share of depreciation and amortization	$	226,357	$	220,602

Lease transaction costs that qualify as rent inducements 2	$	4,072	$	3,746
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2	(1)		(32)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2	—		25
BXP’s Share of lease transaction costs that qualify as rent inducements 2	$	4,071	$	3,739

2nd generation tenant improvements and leasing commissions	$	159,624	$	191,046
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs	(7,008)		(22,735)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs	392		10,060
BXP’s Share of 2nd generation tenant improvements and leasing commissions	$	153,008	$	178,371


			Q2 2026
			Reconciliations (continued)


Maintenance capital expenditures 3	$	15,936	$	18,984
Partners’ share of maintenance capital expenditures from consolidated JVs 3	(1,891)		(2,792)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3	572		455
BXP’s Share of maintenance capital expenditures 3	$	14,617	$	16,647

Interest expense	$	153,425	$	152,093
Partners’ share of interest expense from consolidated JVs	(11,902)		(11,779)
BXP’s share of interest expense from unconsolidated JVs	15,004		16,532
BXP’s Share of interest expense	$	156,527	$	156,846

Capitalized interest	$	12,868	$	16,490
Partners’ share of capitalized interest from consolidated JVs	(14)		(13)
BXP’s share of capitalized interest from unconsolidated JVs	6		—
BXP’s Share of capitalized interest	$	12,860	$	16,477

Amortization of financing costs	$	5,776	$	5,848
Partners’ share of amortization of financing costs from consolidated JVs	(498)		(498)
BXP’s share of amortization of financing costs from unconsolidated JVs	446		496
BXP’s Share of amortization of financing costs	$	5,724	$	5,846

Fair value interest adjustment	$	—	$	—
Partners’ share of fair value of interest adjustment from consolidated JVs	—		—
BXP’s share of fair value interest adjustment from unconsolidated JVs	260		216
BXP’s Share of fair value interest adjustment	$	260	$	216

Amortization and accretion related to sales type lease	$	249	$	245
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs	—		—
BXP’s share of amortization and accretion related to sales type lease from unconsolidated JVs	29		29
BXP’s Share of amortization and accretion related to sales type lease	$	278	$	274

Non-cash loss from early extinguishment of debt	$	—	$	—
Partners’ share of non-cash loss from early extinguishment of debt from consolidated JVs	—		—
BXP’s share of non-cash loss from early extinguishment of debt from unconsolidated JVs	—		—
BXP’s Share of non-cash loss from early extinguishment of debt	$	—	$	—

_____________

1Represents the net adjustment for above- and below-market leases that are being amortized over the terms of the respective leases in place at the property acquisition dates.

3Maintenance capital expenditures do not include planned capital expenditures related to acquisitions and repositioning capital expenditures.


			Q2 2026
			Reconciliations (continued)

for the three months ended June 30, 2026

(unaudited and in thousands)


CONSOLIDATED JOINT VENTURES

	767 Fifth Avenue				Total Consolidated
	(The GM Building)		Norges Joint Ventures 1		Joint Ventures
Revenue
Lease 2	$	86,877	$	167,600	$	254,477
Straight-line rent	1,246		(27,337)		(26,091)
Fair value lease revenue	(27)		—		(27)
Termination income	30		24		54
Total lease revenue	88,126		140,287		228,413
Parking and other	—		2,491		2,491
Insurance proceeds	391		—		391
Total rental revenue 3	88,517		142,778		231,295
Expenses
Operating	35,421		51,206		86,627
Restoration costs related to insurance claim	125		—		125
Net Operating Income (NOI)	52,971		91,572		144,543

Other income (expense)
Development and management services revenue	—		5		5
Gain from investments in securities	—		1		1
Interest and other income	642		1,914		2,556
Interest expense	(21,176)		(7,633)		(28,809)
Depreciation and amortization expense	(18,270)		(33,752)		(52,022)
General and administrative expense	(15)		(112)		(127)
Total other income (expense)	(38,819)		(39,577)		(78,396)
Net income	$	14,152	$	51,995	$	66,147

BXP’s nominal ownership percentage	60%		55%

Partners’ share of NOI (after income allocation to private REIT shareholders) 4	$	20,443	$	39,892	$	60,335
BXP’s share of NOI (after income allocation to private REIT shareholders)	$	32,528	$	51,680	$	84,208
Unearned portion of capitalized fees 5	$	197	$	718	$	915

Partners’ share of select items 4
Partners’ share of parking and other revenue	$	—	$	1,121	$	1,121
Partners’ share of hedge amortization	$	144	$	—	$	144
Partners’ share of amortization of financing costs	$	346	$	152	$	498
Partners’ share of depreciation and amortization related to capitalized fees	$	390	$	752	$	1,142
Partners’ share of capitalized interest	$	—	$	14	$	14
Partners’ share of lease transactions costs which will qualify as rent inducements	$	—	$	(1)	$	(1)
Partners’ share of management and other fees	$	747	$	1,348	$	2,095
Partners’ share of basis differential depreciation and amortization expense	$	(24)	$	(278)	$	(302)
Partners’ share of basis differential interest and other adjustments	$	(4)	$	6	$	2

Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI	$	4,552	$	21,569	$	26,121
Add:
Partners’ share of interest expense after BXP’s basis differential	8,467		3,435		11,902
Partners’ share of depreciation and amortization expense after BXP’s basis differential	7,674		15,662		23,336
Partners’ share of EBITDAre	$	20,693	$	40,666	$	61,359


			Q2 2026
			Reconciliations (continued)

for the three months ended June 30, 2026

(unaudited and in thousands)


CONSOLIDATED JOINT VENTURES

	767 Fifth Avenue				Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6	(The GM Building)		Norges Joint Ventures 1		Joint Ventures
Rental revenue 3	$	35,407	$	64,250	$	99,657
Less: Termination income	12		11		23
Rental revenue (excluding termination income) 3	35,395		64,239		99,634
Less: Operating expenses (including partners’ share of management and other fees)	14,964		24,388		39,352
Income allocation to private REIT shareholders	—		(30)		(30)
NOI (excluding termination income and after income allocation to private REIT shareholders)	$	20,431	$	39,881	$	60,312

Rental revenue (excluding termination income) 3	$	35,395	$	64,239	$	99,634
Less: Straight-line rent	498		(12,302)		(11,804)
Fair value lease revenue	(11)		—		(11)
Add: Lease transaction costs that qualify as rent inducements	—		1		1
Subtotal	34,908		76,542		111,450
Less: Operating expenses (including partners’ share of management and other fees)	14,964		24,388		39,352
Income allocation to private REIT shareholders	—		(30)		(30)
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)	$	19,944	$	52,184	$	72,128

Reconciliation of Partners’ share of Revenue 4
Rental revenue 3	$	35,407	$	64,250	$	99,657
Add: Development and management services revenue	—		2		2
Revenue	$	35,407	$	64,252	$	99,659

_________

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

2Lease revenue includes recoveries and service income from clients.

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

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

5Capitalized fees are eliminated in consolidation and recognized over the life of the asset as depreciation and amortization are added back to the Company’s net income.

6Amounts represent the partners’ share based on their respective ownership percentages and are adjusted for basis differentials and the allocations of management and other fees and depreciation and amortization related to capitalized fees.


			Q2 2026
			Reconciliations (continued)

for the three months ended June 30, 2026

(unaudited and in thousands)

UNCONSOLIDATED JOINT VENTURES 1


	Boston		Los Angeles			New York			San Francisco		Seattle		Washington, DC		Total Unconsolidated Joint Ventures
Revenue
Lease 2	$	28,188	$	21,203		$	12,657		$	—	$	7,563	$	10,570	$	80,181

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

Fair value lease revenue	—		—			329			—		998		—		1,327
Termination income	—		—			—			—		—		—		—
Amortization and accretion related to sales-type lease	58		—			—			—		—		—		58
Total lease revenue	28,498		19,765			23,561			—		8,606		10,403		90,833
Parking and other	(23)		2,227			81			—		628		1,006		3,919
Total rental revenue 3	28,475		21,992			23,642			—		9,234		11,409		94,752
Expenses
Operating	10,836		7,726			17,548		4	1,022		3,612		5,627		46,371
Net operating income (loss)	17,639		14,266			6,094			(1,022)		5,622		5,782		48,381

Other income (expense)
Development and management services revenue	—		—			606			—		—		—		606
Interest and other income (loss)	275		767			832			—		92		149		2,115
Interest expense	(9,394)		(4,998)			(14,541)			—		(3,738)		(3,977)		(36,648)

Loss on interest rate contracts	—		—			—			—		(35)		—		(35)
Transaction costs	(1)		—			—			—		(192)		(165)		(358)
Depreciation and amortization expense	(8,431)		(5,718)			(10,657)			—		(1,545)		(3,096)		(29,447)
General and administrative expense	(2)		(3)			(183)			—		(34)		(164)		(386)
Gain on sale of real estate	—		—			—			—		—		2,716		2,716


Total other income (expense)	(17,553)		(9,952)			(23,943)			—		(5,452)		(4,537)		(61,437)
Net income (loss)	$	86	$	4,314		$	(17,849)		$	(1,022)	$	170	$	1,245	$	(13,056)

BXP’s share of select items:



BXP’s share of amortization of financing costs	$	139	$	23		$	240		$	—	$	—	$	44	$	446
BXP’s share of hedge amortization, net of costs	$	—	$	—		$	—		$	—	$	268	$	—	$	268
BXP’s share of fair value interest adjustment	$	—	$	—		$	260		$	—	$	—	$	—	$	260
BXP’s share of capitalized interest	$	—	$	—		$	6		$	—	$	—	$	—	$	6




Reconciliation of BXP’s share of EBITDAre
Income (loss) from unconsolidated joint ventures	$	38	$	2,704		$	(5,108)		$	(240)	$	(286)	$	444	$	(2,448)
Add:
BXP’s share of interest expense	4,698		2,499			5,563			—		1,259		985		15,004
BXP’s share of depreciation and amortization expense	4,220		2,312		5	4,510		5	—		861		813		12,716


Less:


BXP’s share of gains on sales 6	—		—			—			325		—		832		1,157
BXP’s share of EBITDAre	$	8,956	$	7,515	5	$	4,965	5	$	(565)	$	1,834	$	1,410	$	24,115


			Q2 2026
			Reconciliations (continued)


UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income (Loss)	Boston		Los Angeles			New York			San Francisco		Seattle		Washington, DC		Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3	$	14,238	$	11,137	5	$	10,731	5	$	—	$	3,109	$	3,109	$	42,324
BXP’s share of operating expenses	5,418		3,863			7,616			562		1,215		1,622		20,296
BXP’s share of net operating income (loss)	8,820		7,274		5	3,115		5	(562)		1,894		1,487		22,028
Less:
BXP’s share of termination income	—		—			—			—		—		—		—
BXP’s share of net operating income (loss) (excluding termination income)	8,820		7,274			3,115			(562)		1,894		1,487		22,028
Less:
BXP’s share of straight-line rent	126		(623)		5	4,554		5	—		15		(50)		4,022
BXP’s share of fair value lease revenue	—		45		5	304		5	—		336		—		685
BXP’s share of amortization and accretion related to sales type lease	29		—			—			—		—		—		29
Add:
BXP’s share of straight-line ground rent expense adjustment	—		—			121			—		—		—		121
BXP’s share of lease transaction costs that qualify as rent inducements	—		—			—			—		—		—		—
BXP’s share of net operating income (loss) - cash (excluding termination income)	$	8,665	$	7,852	5	$	(1,622)	5	$	(562)	$	1,543	$	1,537	$	17,413

Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3	$	14,238	$	11,137	5	$	10,731	5	$	—	$	3,109	$	3,109	$	42,324
Add:
BXP’s share of development and management services revenue	—		—			272			—		—		—		272
BXP’s share of revenue	$	14,238	$	11,137	5	$	11,003	5	$	—	$	3,109	$	3,109	$	42,596

_____________

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

2Lease revenue includes recoveries and service income from clients.

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

4Includes approximately $242 of straight-line ground rent expense.

5The Company’s purchase price allocation under ASC 805 for certain joint ventures differs from the historical basis of the venture.

6 For additional information, see page 14.


			Q2 2026
			Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

BXP’s Share of same property net operating income (NOI)

(dollars in thousands)


	Three Months Ended
	31-Mar-26			31-Mar-25
Net income attributable to BXP, Inc.	$	101,576		$	61,177
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership	11,561			6,979
Noncontrolling interest in property partnerships	19,869			18,749
Net income	133,006			86,905
Add:
Interest expense	152,093			163,444

Depreciation and amortization expense	227,967			220,107
Transaction costs	129			768
Loss from early extinguishment of debt	—			338
Payroll and related costs from management services contracts	4,870			4,499
General and administrative expense	59,341			52,284
Less:
Interest and other income (loss)	8,885			7,750
Unrealized gain (loss) on non-real estate investment	188			(483)
Losses from investments in securities	(566)			(365)
Loss on sales-type lease	—			(2,490)
Gains on sales of real estate	13,402			—
Income (loss) from unconsolidated joint ventures	35,413			(2,139)
Direct reimbursements of payroll and related costs from management services contracts	4,870			4,499
Development and management services revenue	9,207			9,775
Net Operating Income (NOI)	506,007			511,798
Add:
BXP’s share of NOI from unconsolidated joint ventures	22,370			32,682
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)	51,710			49,702
BXP’s Share of NOI	476,667			494,778
Less:
Termination income	12,828			246
BXP’s share of termination income from unconsolidated joint ventures	—			200
Add:
Partners’ share of termination income from consolidated joint ventures	—			—
BXP’s Share of NOI (excluding termination income)	$	463,839		$	494,332

Net Operating Income (NOI)	$	506,007		$	511,798
Less:
Termination income	12,828			246
NOI from non Same Properties (excluding termination income)	(1,867)			10,944
Same Property NOI (excluding termination income)	495,046			500,608
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	51,710			49,702
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	—			—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)	22,370			32,482
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)	2,724			11,132
BXP’s Share of Same Property NOI (excluding termination income)	$	462,982		$	472,256

Change in BXP’s Share of Same Property NOI (excluding termination income)	$	(9,274)
Change in BXP’s Share of Same Property NOI (excluding termination income)	(2.0)		%


			Q2 2026
			Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

BXP’s Share of same property net operating income (NOI) - cash

(dollars in thousands)


	Three Months Ended
	31-Mar-26			31-Mar-25
Net income attributable to BXP, Inc.	$	101,576		$	61,177
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership	11,561			6,979
Noncontrolling interest in property partnerships	19,869			18,749
Net income	133,006			86,905
Add:
Interest expense	152,093			163,444

Depreciation and amortization expense	227,967			220,107
Transaction costs	129			768
Loss from early extinguishment of debt	—			338
Payroll and related costs from management services contracts	4,870			4,499
General and administrative expense	59,341			52,284
Less:
Interest and other income (loss)	8,885			7,750
Unrealized gain (loss) on non-real estate investment	188			(483)
Losses from investments in securities	(566)			(365)
Loss on sales-type lease	—			(2,490)
Gains on sales of real estate	13,402			—
Income (loss) from unconsolidated joint ventures	35,413			(2,139)
Direct reimbursements of payroll and related costs from management services contracts	4,870			4,499
Development and management services revenue	9,207			9,775
Net Operating Income (NOI)	506,007			511,798
Less:
Straight-line rent	23,588			30,968
Fair value lease revenue	1,961			1,864
Amortization and accretion related to sales type lease	245			281
Termination income	12,828			246
Add:
Straight-line ground rent expense adjustment 1	(260)			(206)
Lease transaction costs that qualify as rent inducements 2	3,746			5,638
NOI - cash (excluding termination income)	470,871			483,871
Less:
NOI - cash from non Same Properties (excluding termination income)	(3,366)			11,982
Same Property NOI - cash (excluding termination income)	474,237			471,889
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	48,159			44,430
Add:
Partners’ share of NOI - cash from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	—			—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)	21,294			29,250
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)	1,917			9,572
BXP’s Share of Same Property NOI - cash (excluding termination income)	$	445,455		$	447,137

Change in BXP’s Share of Same Property NOI - cash (excluding termination income)	$	(1,682)
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)	(0.4)		%

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(4,710) and $247 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company has remaining lease payments aggregating approximately $20.4 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

2Consists of lease transaction costs that qualify as rent inducements in accordance with GAAP.


			Q2 2026
			Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)


	Three Months Ended
	30-Jun-25		31-Mar-25
Revenue
Lease	$	805,935	$	811,102
Parking and other	34,709		30,146
Insurance proceeds	90		96
Hotel revenue	14,773		9,597
Development and management services	8,846		9,775
Direct reimbursements of payroll and related costs from management services contracts	4,104		4,499
Total revenue	868,457		865,215
Expenses
Operating	184,942		183,076
Real estate taxes	146,272		148,429
Restoration expenses related to insurance claims	848		73
Hotel operating	9,365		7,565
General and administrative	42,516		52,284
Payroll and related costs from management services contracts	4,104		4,499
Transaction costs	357		768
Depreciation and amortization	223,819		220,107
Total expenses	612,223		616,801
Other income (expense)
Loss from unconsolidated joint ventures	(3,324)		(2,139)
Gain on sale of real estate	18,390		—
Loss on sales-type lease	—		(2,490)
Gains (losses) from investments in securities	2,600		(365)
Unrealized loss on non-real estate investments	(39)		(483)
Interest and other income (loss)	8,063		7,750
Loss from early extinguishment of debt	—		(338)
Interest expense	(162,783)		(163,444)
Net income	119,141		86,905
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships	(20,100)		(18,749)
Noncontrolling interest - common units of the Operating Partnership	(10,064)		(6,979)
Net income attributable to BXP, Inc.	$	88,977	$	61,177


INCOME PER SHARE OF COMMON STOCK (EPS)

Net income attributable to BXP, Inc. per share - basic	$	0.56	$	0.39
Net income attributable to BXP, Inc. per share - diluted	$	0.56	$	0.39

EX-99.2 3 q22026pressrelease.htm EX-99.2 Document

Exhibit 99.2

BXP ANNOUNCES SECOND QUARTER 2026 RESULTS

Executed Approximately 1.8 Million SF of Leases in Q2; Increased Total Portfolio Occupancy by 100 Basis Points

BOSTON, MA, July 28, 2026 - BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, reported results today for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

•Revenue increased 3.1% to $895.7 million for the quarter ended June 30, 2026, compared to $868.5 million for the quarter ended June 30, 2025.

•Net income attributable to BXP, Inc. of $68.6 million, or $0.43 per diluted share (EPS), for the quarter ended June 30, 2026, compared to $89.0 million, or $0.56 per diluted share, for the quarter ended June 30, 2025.

◦EPS for the second quarter 2026 was less than the midpoint of BXP’s guidance by $0.02 per diluted share primarily due to a $0.10 per diluted share non-cash impairment charge recognized in connection with the anticipated disposition of Sumner Square in Washington, DC., partially offset by $0.08 per diluted share of higher revenues from increased occupancy and lower-than-projected net operating expenses.

•Funds from Operations (FFO) of $283.4 million, or $1.78 per diluted share, for the quarter ended June 30, 2026, compared to FFO of $271.7 million, or $1.71 per diluted share, for the quarter ended June 30, 2025.

◦FFO for the second quarter 2026 exceeded the midpoint of BXP’s guidance by $0.08 per diluted share primarily driven by higher revenues from increased occupancy and lower-than-projected net operating expenses.

Guidance

BXP provided guidance for third quarter 2026 EPS of $0.50 - $0.52 and FFO of $1.80 - $1.82 per diluted share, and updated guidance for full year 2026 EPS of $2.14 - $2.24 and FFO of $6.99 - $7.05 per diluted share.

The midpoint of full-year 2026 guidance for EPS decreased by $0.03 per diluted share, primarily from the aforementioned impairment charge recorded in the second quarter partially offset by improved operating performance.

The midpoint of full-year 2026 guidance for FFO increased by $0.05 per diluted share primarily due to better-than-projected portfolio performance as described above.

See “EPS and FFO per Share Guidance” below.

–more–

Leasing & Occupancy

•Executed 106 leases in the second quarter totaling approximately 1.8 million square feet with a weighted-average lease term of 9.9 years. The amount leased is approximately 129% of our historical 10-year average for the second quarter. Notable signed leases for projects under development include:

◦an approximately 148,000 square foot lease with McDermott Will & Schulte at 343 Madison Avenue in New York City, New York, bringing the pre-leased percentage of the project to 50%, and

◦an approximately 322,000 square foot lease with Boston Dynamics at Reservoir Place in Waltham, Massachusetts.

•For the second quarter, BXP’s CBD portfolio of premier workplaces was 90.7% occupied and 93.6% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 91.0% of BXP’s Share of annualized rental obligations is derived from clients located in our CBD portfolio, underscoring the strength of BXP’s strategy to invest in the highest quality buildings in dynamic urban gateway markets.

•BXP’s total portfolio occupancy for the second quarter was 88.4%, an increase of 100 basis points from Q1 2026. Approximately 86% of the increase in occupancy was driven by gains across the existing portfolio and the remainder was attributable to the addition of the fully occupied 290 Binney Street property in Cambridge, Massachusetts that was placed in-service in Q2 2026.

•Total portfolio leased percentage was 91.3% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 40 basis points from Q1 2026. As of June 30, 2026, the spread between leased and occupied square footage was 290 basis points representing approximately 1.3 million square feet of future lease commencements, with approximately 85% expected to commence before year-end 2026.

Development

•BXP fully placed in-service 290 Binney Street in Cambridge, Massachusetts. 290 Binney Street is a 16-story, 572,578 square foot laboratory/life sciences property that is 100% leased to AstraZeneca.

•BXP commenced the redevelopment of Reservoir Place an approximately 363,000 square foot building located in Waltham, Massachusetts that is 89% pre-leased to Boston Dynamics. Boston Dynamics plans to transform the property into a premier center for robotics and AI innovation.

•As part of BXP’s strategy to use residential entitlements to maximize the value of its land holdings, BXP raised private equity from an institutional investor and formed a joint venture that commenced the development of a 4.7-acre land parcel into a 359-unit multi-family residential project in Herndon, Virginia. BXP has a 20% ownership interest in the joint venture and will be the development manager.

–more–

Balance Sheet & Liquidity

•On July 28, 2026, BXP entered into a $1.2 billion construction loan for the development of 343 Madison Avenue in New York City, New York. The loan has a four-year initial term, plus a one-year extension option subject to customary conditions, and was executed on competitive terms, including an initial interest rate of Term SOFR plus 2.50%, which will be reduced to Term SOFR plus 2.25% upon the achievement of certain leasing and construction milestones. The financing represents a significant milestone in the capitalization of the project and supports the ongoing construction of one of New York City's most anticipated workplace developments.

EPS and FFO per Share Guidance:

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


			Third Quarter 2026				Full Year 2026
			Low		High		Low		High
Projected EPS (diluted)			$	0.50	$	0.52	$	2.14	$	2.24
	Add:
		Projected Company share of real estate depreciation and amortization	1.30		1.30		5.10		5.10

		Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments	—		—		(0.25)		(0.29)
Projected FFO per share (diluted)			$	1.80	$	1.82	$	6.99	$	7.05

The reported results are unaudited and there can be no assurance that these reported results will not vary from the final information for the quarter ended June 30, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

–more–

BXP will host a conference call on Wednesday, July 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the second quarter results and earnings guidance, provide a business update, and discuss other business matters that may be of interest to investors. Participants who would like to join the call and ask a question may register at https://register-conf.media-server.com/register/BId9f8a75ce55f4add99e54bb4ba607950 to receive the dial-in numbers and unique PIN to access the call. There will also be a live audio, listen-only webcast of the call, which may be accessed in the Investors section of BXP’s website at https://investors.bxp.com/events-webcasts. Shortly after the call, a replay of the call will be available on BXP’s website at https://investors.bxp.com/events-webcasts for up to twelve months following the call.

Additionally, a copy of BXP’s second quarter 2026 “Supplemental Operating and Financial Data” and this press release are available in the Investors section of BXP’s website at investors.bxp.com.

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of June 30, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 51.1 million square feet and 164 properties, including six properties under construction/redevelopment. For more information about BXP, please visit our website or follow us on LinkedIn or Instagram.

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

Financial tables follow.

–more–


BXP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
	June 30, 2026		December 31, 2025
	(in thousands, except for share and par value amounts)
ASSETS
Real estate, at cost	$	27,132,125	$	26,248,130
Construction in progress	975,361		1,475,257
Land held for future development	499,424		518,492
Right of use assets - finance leases	371,889		372,470
Right of use assets - operating leases	290,726		325,841
Less: accumulated depreciation	(8,277,690)		(8,040,311)
Total real estate	20,991,835		20,899,879
Cash and cash equivalents	493,949		1,478,206
Cash held in escrows	59,514		79,060
Investments in securities	46,526		44,614
Tenant and other receivables, net	90,679		92,625
Note receivable, net	12,185		9,373
Related party notes receivable, net	35,337		28,346
Sales-type lease receivable, net	16,170		15,672
Accrued rental income, net	1,573,959		1,538,515
Deferred charges, net	848,273		847,690
Prepaid expenses and other assets	122,830		108,105
Investments in unconsolidated joint ventures	820,068		999,309
Assets held for sale	62,544		24,770
Total assets	$	25,173,869	$	26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$	4,281,198	$	4,280,067
Unsecured senior notes, net	8,811,158		9,806,100
Unsecured exchangeable senior notes, net	978,642		976,263
Unsecured line of credit	—		—
Unsecured term loans, net	797,565		797,053
Unsecured commercial paper	750,000		750,000
Lease liabilities - finance leases	353,436		360,039
Lease liabilities - operating leases	386,487		389,213
Accounts payable and accrued expenses	474,141		480,017
Dividends and distributions payable	123,857		123,753
Accrued interest payable	109,523		125,345
Other liabilities	364,082		386,074
Liabilities held for sale	6,130		—
Total liabilities	17,436,219		18,473,924

Commitments and contingencies	—		—
Redeemable deferred stock units	7,927		7,538
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	—		—
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding	—		—
Common stock, $0.01 par value, 250,000,000 shares authorized, 159,600,410 and 158,627,198 issued and 159,521,510 and 158,548,298 outstanding at June 30, 2026 and December 31, 2025, respectively	1,595		1,585
Additional paid-in capital	6,881,671		6,836,243
Dividends in excess of earnings	(1,727,547)		(1,674,995)
Treasury common stock at cost, 78,900 shares at June 30, 2026 and December 31, 2025	(2,722)		(2,722)
Accumulated other comprehensive income (loss)	2,148		(12,921)
Total stockholders’ equity attributable to BXP, Inc.	5,155,145		5,147,190
Noncontrolling interests:
Common units of the Operating Partnership	555,763		566,563
Property partnerships	2,018,815		1,970,949
Total equity	7,729,723		7,684,702
Total liabilities and equity	$	25,173,869	$	26,166,164

BXP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(in thousands, except for per share amounts)
Revenue
Lease	$	831,678	$	805,935	$	1,649,834	$	1,617,037
Parking and other	37,586		34,799		68,400		65,041
Hotel	14,901		14,773		24,002		24,370
Development and management services	7,633		8,846		16,840		18,621
Direct reimbursements of payroll and related costs from management services contracts	3,901		4,104		8,771		8,603
Total revenue	895,699		868,457		1,767,847		1,733,672
Expenses
Operating
Rental	336,141		332,062		680,223		663,640
Hotel	9,369		9,365		17,351		16,930
General and administrative	50,444		42,516		109,785		94,800
Payroll and related costs from management services contracts	3,901		4,104		8,771		8,603
Transaction costs	(62)		357		67		1,125
Depreciation and amortization	236,977		223,819		464,944		443,926
Total expenses	636,770		612,223		1,281,141		1,229,024
Other income (expense)
Income (loss) from unconsolidated joint ventures	(2,448)		(3,324)		32,965		(5,463)
Gains on sales of real estate	6,997		18,390		20,399		18,390
Loss on sales-type lease	—		—		—		(2,490)
Interest and other income (loss)	6,137		8,063		15,022		15,813
Gains from investments in securities	4,385		2,600		3,819		2,235
Unrealized gain (loss) on non-real estate investments	(75)		(39)		113		(522)
Impairment loss	(18,036)		—		(18,036)		—
Loss from early extinguishment of debt	—		—		—		(338)
Interest expense	(153,425)		(162,783)		(305,518)		(326,227)
Net income	102,464		119,141		235,470		206,046
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(26,121)		(20,100)		(45,990)		(38,849)
Noncontrolling interest—common units of the Operating Partnership	(7,779)		(10,064)		(19,294)		(17,036)
Net income attributable to BXP, Inc.	$	68,564	$	88,977	$	170,186	$	150,161
Basic earnings per common share attributable to BXP, Inc.
Net income	$	0.43	$	0.56	$	1.07	$	0.95
Weighted average number of common shares outstanding	159,167		158,312		158,863		158,257
Diluted earnings per common share attributable to BXP, Inc.
Net income	$	0.43	$	0.56	$	1.07	$	0.95
Weighted average number of common and common equivalent shares outstanding	159,629		158,795		159,344		158,713

BXP, INC.

FUNDS FROM OPERATIONS (1)

(Unaudited)


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
	(in thousands, except for per share amounts)
Net income attributable to BXP, Inc.	$	68,564		$	88,977		$	170,186		$	150,161
Add:
Noncontrolling interest - common units of the Operating Partnership	7,779			10,064			19,294			17,036
Noncontrolling interests in property partnerships	26,121			20,100			45,990			38,849
Net income	102,464			119,141			235,470			206,046
Add:
Depreciation and amortization expense	236,977			223,819			464,944			443,926
Noncontrolling interests in property partnerships’ share of depreciation and amortization	(23,336)			(20,945)			(44,207)			(41,409)
Company’s share of depreciation and amortization from unconsolidated joint ventures	12,716			16,674			26,222			34,001
Corporate-related depreciation and amortization	(549)			(600)			(1,116)			(1,316)
Non-real estate related amortization	2,131			2,131			4,262			4,261
Loss on sales-type lease	—			—			—			2,490
Impairment loss	18,036			—			18,036			—

Less:
Gains on sales of real estate	6,997			18,390			20,399			18,390
Gains on sales included within income (loss) from unconsolidated joint ventures	1,157			—			42,390			—
Unrealized gain (loss) on non-real estate investments	(75)			(39)			113			(522)
Noncontrolling interests in property partnerships	26,121			20,100			45,990			38,849
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)	314,239			301,769			594,719			591,282
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations	30,827			30,117			59,115			59,010
Funds from operations attributable to BXP, Inc.	$	283,412		$	271,652		$	535,604		$	532,272
BXP, Inc.’s percentage share of funds from operations - basic	90.19		%	90.02		%	90.06		%	90.02		%
Weighted average shares outstanding - basic	159,167			158,312			158,863			158,257
FFO per share basic	$	1.78		$	1.72		$	3.37		$	3.36
Weighted average shares outstanding - diluted	159,629			158,795			159,344			158,713
FFO per share diluted	$	1.78		$	1.71		$	3.36		$	3.35

(1)Pursuant to the revised definition of Funds from Operations adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“Nareit”), we calculate Funds from Operations, or “FFO,” by adjusting net income (loss) attributable to BXP, Inc. (computed in accordance with GAAP) for gains (or losses) from sales of properties, including a change in control, impairment losses on depreciable real estate consolidated on our balance sheet, impairment losses on our investments in unconsolidated joint ventures driven by a measurable decrease in the fair value of depreciable real estate held by the unconsolidated joint ventures and real estate-related depreciation and amortization. FFO is a non-GAAP financial measure, but we believe the presentation of FFO, combined with the presentation of required GAAP financial measures, has improved the understanding of operating results of REITs among the investing public and has helped make comparisons of REIT operating results more meaningful. Management generally considers FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales or a change in control of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Our calculation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current Nareit definition or that interpret the current Nareit definition differently.

In order to facilitate a clear understanding of the Company’s operating results, FFO should be examined in conjunction with net income attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income attributable to BXP, Inc. (determined in accordance with GAAP) or any other GAAP financial measures and should only be considered together with and as a supplement to the Company’s financial information prepared in accordance with GAAP.

BXP, INC.

PORTFOLIO LEASING PERCENTAGES


CBD Portfolio	% Occupied by Location (1)				% Leased by Location (2)
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Boston	97.6	%	97.6	%	98.4	%	98.6	%
Los Angeles	88.2	%	86.5	%	90.9	%	87.0	%
New York	88.9	%	86.2	%	94.7	%	92.1	%
San Francisco	82.5	%	81.9	%	85.1	%	84.4	%
Seattle	81.9	%	79.8	%	85.9	%	81.3	%
Washington, DC	91.5	%	92.4	%	93.3	%	94.2	%
CBD Portfolio	90.7	%	89.8	%	93.6	%	92.5	%


Total Portfolio	% Occupied by Location (1)				% Leased by Location (2)
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Boston	92.9	%	91.9	%	94.2	%	93.1	%
Los Angeles	88.2	%	86.5	%	90.9	%	87.0	%
New York	86.7	%	83.8	%	92.0	%	89.4	%
San Francisco	79.7	%	77.0	%	82.8	%	79.2	%
Seattle	81.9	%	79.8	%	85.9	%	81.3	%
Washington, DC	90.5	%	91.7	%	92.7	%	93.8	%
Total Portfolio	88.4	%	86.7	%	91.3	%	89.4	%

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer

mlabelle@bxp.com

Helen Han

Vice President, Investor Relations

hhan@bxp.com

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