Bxp, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 28 April 2026: press release, press release. Guidance figures: 7 raised, 3 lowered, 2 new, 5 kept. The quarter’s numbers.

Key takeaways

EPS rose on disposition gains: Net income attributable to BXP was $101.6 million, or $0.64 per diluted share, versus $61.2 million, or $0.39, a year earlier. EPS exceeded guidance midpoint by $0.31, mainly on gains from first-quarter dispositions. Source
FFO per share was $1.59: FFO attributable to BXP was $252.2 million, or $1.59 per diluted share, versus $260.6 million, or $1.64, a year earlier. FFO exceeded the guidance midpoint by $0.02, primarily on portfolio outperformance. Source
Same property NOI declined: BXP's Share of same property NOI excluding termination income was $463.0 million, down 2.0% from $472.3 million; cash same property NOI was $445.5 million, down 0.4%. Source
Leasing volume above 1.1 million square feet: BXP executed 68 leases totaling more than 1.1 million square feet in the first quarter, with a weighted-average lease term of 8.7 years. Notable deals were at 360 Park Avenue South and 680 Folsom Street. Source
G&A rose on accelerated vesting: General and administrative expense was $59.3 million, including about $16.9 million tied to accelerated vesting for employees who met qualified retirement conditions. Source
Leased rate above occupancy: Leased percentage of in-service properties was 90.9%, versus 89.4% at December 31, 2025, a spread of 350 basis points to occupancy. About 1.6 million square feet of leases are yet to commence, roughly 90% expected to commence during 2026. Source
Asset sales raised $339 million: Dispositions in the quarter had gross sales price of $495.7 million and BXP's share of net cash proceeds of $339.0 million, with a book gain of $54.7 million including joint ventures. Source
Cash balance fell with debt paydown: Cash and cash equivalents fell to $512.8 million from $1,478.2 million at December 31, 2025; consolidated debt fell to $15.61 billion from $16.61 billion. Source
Leverage ratio rose: BXP's Share of net debt to BXP's Share of annualized EBITDA re was 8.50x, up from 7.86x; consolidated debt to consolidated market capitalization was 62.90%, up from 58.20%. Source
Strategic asset sales continue: Management said the strategic asset sales plan from its Investor Day continues, with $1.2 billion of aggregate net proceeds from completed sales to date. Source

“Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date”
Bxp, Inc., press release

Guidance

Area	Period	Figure	Against last quarter
EPS (diluted) Source	Second quarter 2026	$0.44 - $0.46	New
FFO per share (diluted) Source	Second quarter 2026	$1.69 - $1.71	New
EPS (diluted) Source	Full year 2026	$2.15 - $2.29	Raised from $2.08 - $2.29
FFO per share (diluted) Source	Full year 2026	$6.90 - $7.04	Raised from $6.88 - $7.04
Average in-service portfolio occupancy Source	Full year 2026	87.75% - 88.75%	Raised from 87.50% - 88.50%
Change in BXP's Share of Same Property NOI (excluding termination income) Source	Full year 2026	1.40% - 2.40%	Raised from 1.25% - 2.25%
Change in BXP's Share of Same Property NOI - cash (excluding termination income) Source	Full year 2026	(0.25%) - 0.25%	Lowered from 0.00% - 0.50%
BXP's Share of non-same properties incremental NOI (excluding asset sales) Source	Full year 2026	$48,000 - $53,000 thousand	Raised from $44,000 - $52,000 thousand
BXP's Share of incremental NOI related to asset sold over prior year Source	Full year 2026	$(74,000) - $(70,000) thousand	Kept
BXP's Share of straight-line rent and fair value lease revenue Source	Full year 2026	$140,000 - $160,000 thousand	Raised from $130,000 - $150,000 thousand
Termination income Source	Full year 2026	$17,000 - $25,000 thousand	Raised from $11,000 - $15,000 thousand
Development, management services and other revenue Source	Full year 2026	$30,000 - $34,000 thousand	Kept
General and administrative expense Source	Full year 2026	$(183,000) - $(176,000) thousand	Kept
Consolidated net interest expense Source	Full year 2026	$(602,000) - $(592,000) thousand	Lowered from $(593,000) - $(581,000) thousand
Unconsolidated joint venture interest expense Source	Full year 2026	$(63,000) - $(60,000) thousand	Kept
Noncontrolling interest in property partnerships' share of FFO Source	Full year 2026	$(196,000) - $(188,000) thousand	Lowered from $(194,000) - $(186,000) thousand
Taking buildings out-of-service Source	Full year 2026	$(13,000) thousand	Kept

What changed from last quarter

Guidance raised: Full year 2026 EPS guidance midpoint increased $0.04, to $2.15 to $2.29, on gains on sales from disposition activity and better portfolio performance. Source
Guidance raised: Full year 2026 FFO guidance midpoint increased $0.01, to $6.90 to $7.04, on better portfolio performance. Source
New guidance: Second quarter 2026 EPS and FFO per share guidance was provided for the first time in this quarter's documents. Source
New: Disposition program continued: about $1.2 billion of aggregate net proceeds from asset sales to date, including about $180.0 million since the January 28, 2026 earnings call, under a strategic asset sales plan outlined at Investor Day. Source
Guidance kept: Accounting and capital assumptions of the guidance (rate, occupancy, timing framework) were described as management's view of current conditions in both quarters. Source

Results and growth drivers

EPS rose on disposition gains: Net income attributable to BXP was $101.6 million, or $0.64 per diluted share, versus $61.2 million, or $0.39, a year earlier. EPS exceeded guidance midpoint by $0.31, mainly on gains from first-quarter dispositions. Source
FFO per share was $1.59: FFO attributable to BXP was $252.2 million, or $1.59 per diluted share, versus $260.6 million, or $1.64, a year earlier. FFO exceeded the guidance midpoint by $0.02, primarily on portfolio outperformance. Source
Revenue increased 0.8%: Total revenue was $872.1 million, up 0.8% from $865.2 million in the first quarter of 2025. Source
Same property NOI declined: BXP's Share of same property NOI excluding termination income was $463.0 million, down 2.0% from $472.3 million; cash same property NOI was $445.5 million, down 0.4%. Source

Segments and regions

CBD office occupancy steady: CBD portfolio was 89.9% occupied and 93.4% leased at March 31, 2026, versus 89.8% and 92.5% at December 31, 2025. Management said about 90.0% of BXP's Share of annualized rental obligations comes from the CBD portfolio. Source
Suburban occupancy rose: Suburban office occupancy was 74.1% at March 31, 2026, up from 71.4% at December 31, 2025, with total in-service occupancy at 87.4%. Source
Office same property NOI fell 1.0%: Same property office NOI excluding termination income was $492.0 million, down 1.0% from $497.2 million; hotel and residential NOI was $3.0 million, down 10.4%. Source
Boston and Washington residential changes: Washington, DC residential average physical occupancy was 92.98% versus 53.22% a year earlier, with average monthly rental rate up 21.88%. Boston residential physical occupancy was 93.64%, down 0.23%. Source
Hotel RevPAR slightly lower: Boston Marriott Cambridge average occupancy was 73.70%, down 1.60%, and revenue per available room was $191.02, down 1.21%. Source

Products and clients

Leasing volume above 1.1 million square feet: BXP executed 68 leases totaling more than 1.1 million square feet in the first quarter, with a weighted-average lease term of 8.7 years. Notable deals were at 360 Park Avenue South and 680 Folsom Street. Source
Second-generation rents declined: Second-generation leases executed in the quarter showed a 1.87% decrease in gross rents and a 3.18% decrease in net rents versus expired leases. Source
Top client concentration: Top 20 clients represented 29.09% of BXP's Share of annualized rental obligations. Salesforce was largest at 3.44%, followed by Google at 3.22%. Source
Notable signed deals: Notable signed future-commencement deals include AstraZeneca at 290 Binney Street (573,000 sq ft) and Goodwin Procter at 200 Fifth Avenue (304,000 sq ft). Source

Costs, margins and pricing

Operating margin edged down: Operating margin on rental revenue less rental expense was 59.5%, versus 60.1% in the fourth quarter of 2025. Source
G&A rose on accelerated vesting: General and administrative expense was $59.3 million, including about $16.9 million tied to accelerated vesting for employees who met qualified retirement conditions. Source
Ground lease expense on Clarendon garage: Management said a 99-year ground and air rights lease at 100 Clarendon Street has about $20.4 million of remaining payments, expected by the end of 2027. Source

Demand and the order book

Leased rate above occupancy: Leased percentage of in-service properties was 90.9%, versus 89.4% at December 31, 2025, a spread of 350 basis points to occupancy. About 1.6 million square feet of leases are yet to commence, roughly 90% expected to commence during 2026. Source
Vacant space available fell: Vacant space available for lease at the end of the quarter was 5,756,769 square feet, a net decrease of 585,358 square feet during the quarter. Source
Lease expirations in 2026: Expiring leases for 2026 represent about 1.75% of BXP's share of in-service office square footage; 2027 expirations represent 4.58%. Source

Capital, cash and returns to shareholders

Asset sales raised $339 million: Dispositions in the quarter had gross sales price of $495.7 million and BXP's share of net cash proceeds of $339.0 million, with a book gain of $54.7 million including joint ventures. Source
Cash balance fell with debt paydown: Cash and cash equivalents fell to $512.8 million from $1,478.2 million at December 31, 2025; consolidated debt fell to $15.61 billion from $16.61 billion. Source
FAD payout ratio rose to 140%: FAD was $88.7 million against $124.4 million of distributions, a FAD payout ratio of 140.25%, versus 92.09% in the prior quarter; FAD was reduced by $178.4 million of second-generation tenant improvements and leasing commissions. Source
Leverage ratio rose: BXP's Share of net debt to BXP's Share of annualized EBITDA re was 8.50x, up from 7.86x; consolidated debt to consolidated market capitalization was 62.90%, up from 58.20%. Source

Strategy and investment

Development pipeline steady: Construction in progress totaled $1.63 billion with a total estimated investment of $3.55 billion for six properties; 290 Binney Street, 55% owned, is set to reach initial occupancy in Q2 2026. Source
Strategic asset sales continue: Management said the strategic asset sales plan from its Investor Day continues, with $1.2 billion of aggregate net proceeds from completed sales to date. Source
Sustainability recognition continued: BXP earned a fourteenth consecutive GRESB Green Star recognition and the highest GRESB 5-star rating. Source

People and leadership

Accelerated retirement vesting: The documents report about $16.9 million of accelerated vesting expense for employees who met qualified retirement conditions, and $2.9 million related to 2025 OPP awards. Source
Board and executive changes: The Q1 2026 board and management listing drops Raymond A. Ritchey, Senior Executive Vice President, and adds Michael E. LaBelle's continued role; Owen D. Thomas remains Chief Executive Officer. Source

Coming up, as management said on 28 April 2026

Leases to commence through 2026: About 90% of the 1.6 million square feet of leases yet to commence is expected to start during 2026. Source
290 Binney Street initial occupancy: The 55% owned 290 Binney Street lab property has estimated initial occupancy in Q2 2026. Source

Risks management discussed

Financial: The FAD payout ratio exceeded 100%, and leverage rose, with consolidated debt to market capitalization at 62.90%. Source
Operational: Second-generation tenant improvements and leasing commissions totaled $178.4 million in the quarter, compared with $145.4 million in the fourth quarter of 2025. Source

Earlier plans management reported on

On track: Management said the commencement trajectory was consistent with what it outlined at Investor Day in September 2025. Source
On track: Management said asset sales were consistent with the plan outlined at Investor Day, with about $1.2 billion net proceeds to date. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Supplemental Operating and Financial Data for the Quarter Ended March 31, 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 March 31, 2026, including properties owned by joint ventures, BXP’s portfolio totals 50.4 million square feet and 164 properties, including six properties under construction/redevelopment. BXP’s portfolio consists of 143 office properties, 14 retail properties, six residential properties (including three 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

Forward-looking statements notice

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 also presents “BXP’s Share” of certain of these measures, which are 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

(Cover photo: 360 Park Avenue South, New York, NY)

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

Company profile

SNAPSHOT

(as of March 31, 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)	50.4 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	$51.90 per share
Dividend - Quarter/Annualized	$0.70/$2.80 per share
Dividend Yield	5.4%
Consolidated Market Capitalization	$24.8 billion
BXP’s Share of Market Capitalization 2, 3	$24.6 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

James J. Whalen

Senior Vice President, Chief Technology Officer

Common 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.

For additional detail, see page 28.

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

Guidance and assumptions

GUIDANCE

BXP’s guidance for second 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 April 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.

			Second Quarter 2026		Full Year 2026
			Low	High	Low	High
Projected EPS (diluted)			$0.44	$0.46	$2.15	$2.29
	Add:
		Projected Company share of real estate depreciation and amortization	1.29	1.29	5.10	5.10
		Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments	(0.04)	(0.04)	(0.35)	(0.35)
Projected FFO per share (diluted)			$1.69	$1.71	$6.90	$7.04

ASSUMPTIONS

		Full Year 2026
		Low	High
	Average In-service portfolio occupancy	87.75%	88.75%
	Change in BXP’s Share of Same Property net operating income (excluding termination income)	1.40%	2.40%
	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)	$48,000	$53,000
	Taking Buildings Out-of-Service	$(13,000)	$(13,000)
	BXP’s Share of incremental net operating income related to asset sold over prior year	$(74,000)	$(70,000)
	BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)	$140,000	$160,000
	Termination income	$17,000	$25,000
	Development, management services and other revenue	$30,000	$34,000
	General and administrative expense	$(183,000)	$(176,000)
	Consolidated net interest expense	$(602,000)	$(592,000)
	Unconsolidated joint venture interest expense	$(63,000)	$(60,000)
	Noncontrolling interest in property partnerships’ share of FFO	$(196,000)	$(188,000)
Operating property activity:
Other revenue (expense):
Noncontrolling interest:

Excludes development properties placed into service in 2026.

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

Financial highlights

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

	Three Months Ended
	31-Mar-26	31-Dec-25
Net income attributable to BXP, Inc.	$101,576	$248,486
Net income attributable to BXP, Inc. per share - diluted	$0.64	$1.56
FFO attributable to BXP, Inc.	$252,236	$280,155
Diluted FFO per share	$1.59	$1.76
Dividends per common share	$0.70	$0.70
Funds available for distribution to common shareholders and common unitholders (FAD)	$88,667	$134,515
Selected items:
Revenue	$872,148	$877,097
Recoveries from clients	$151,875	$140,571
Service income from clients	$2,848	$2,756
BXP’s Share of revenue	$825,470	$843,736
BXP’s Share of straight-line rent	$20,444	$21,586
BXP’s Share of fair value lease revenue 3, 4	$2,715	$3,030
BXP’s Share of termination income	$12,828	$8,732
Ground rent expense	$3,616	$3,579
Capitalized interest	$16,490	$14,670
Capitalized wages	$4,055	$4,155
Income from unconsolidated joint ventures	$35,413	$50,232
BXP’s share of FFO from unconsolidated joint ventures	$7,686	$12,956
Net income attributable to noncontrolling interests in property partnerships	$19,869	$18,479
FFO attributable to noncontrolling interests in property partnerships	$40,740	$40,564
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)	$4,598	$5,108
Below-market rents (included within Other Liabilities)	$15,414	$18,796
Accrued rental income liability (included within Other Liabilities)	$96,767	$97,370
Ratios:
Interest Coverage Ratio (excluding capitalized interest)	2.95	2.91
Interest Coverage Ratio (including capitalized interest)	2.65	2.66
Fixed Charge Coverage Ratio	2.40	2.41
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized)	8.50	7.86
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income)	(2.0)%	(0.7)%
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash	(0.4)%	1.3%
FAD Payout Ratio	140.25%	92.09%
Operating Margins [(rental revenue - rental expense)/rental revenue]	59.5%	60.1%
Occupancy % of In-Service Properties	87.4%	86.7%
Leased % of In-Service Properties	90.9%	89.4%
Capitalization:
Consolidated Debt	$15,614,009	$16,609,483
BXP’s Share of Debt	$15,347,533	$16,466,789
Consolidated Market Capitalization	$24,824,338	$28,539,947
Consolidated Debt/Consolidated Market Capitalization	62.90%	58.20%
BXP’s Share of Market Capitalization	$24,557,862	$28,397,253
BXP’s Share of Debt/BXP’s Share of Market Capitalization	62.50%	57.99%

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

For 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.

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

Represents 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.

For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

For a quantitative reconciliation for the three months ended March 31, 2026, see page 37.

For a quantitative reconciliation for the three months ended March 31, 2026, see page 34.

For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see page 32.

For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see page 31.

For a quantitative reconciliation for the three months ended March 31, 2026 and December 31, 2025, see pages 11, 66 and 67.

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

Financial highlights (continued)

Represents 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.

For a quantitative reconciliation for March 31, 2026, see page 28.

Consolidated Balance Sheets

	31-Mar-26	31-Dec-25
ASSETS
Real estate	$26,256,207	$26,248,130
Construction in progress	1,626,073	1,475,257
Land held for future development	493,212	518,492
Right of use assets - finance leases	372,476	372,470
Right of use assets - operating leases	321,030	325,841
Less accumulated depreciation	(8,170,334)	(8,040,311)
Total real estate	20,898,664	20,899,879
Cash and cash equivalents	512,783	1,478,206
Cash held in escrows	68,471	79,060
Investments in securities	42,072	44,614
Tenant and other receivables, net	90,137	92,625
Note receivable, net	10,071	9,373
Related party note receivables, net	31,447	28,346
Sales-type lease receivable, net	15,921	15,672
Accrued rental income, net	1,558,226	1,538,515
Deferred charges, net	830,917	847,690
Prepaid expenses and other assets	188,819	108,105
Investments in unconsolidated joint ventures	854,722	999,309
Assets held for sale	-	24,770
Total assets	$25,102,250	$26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$4,280,639	$4,280,067
Unsecured senior notes, net	8,808,674	9,806,100
Unsecured exchangeable senior notes, net	977,387	976,263
Unsecured line of credit	-	-
Unsecured term loans, net	797,309	797,053
Unsecured commercial paper	750,000	750,000
Lease liabilities - finance leases	357,039	360,039
Lease liabilities - operating leases	387,481	389,213
Accounts payable and accrued expenses	418,443	480,017
Dividends and distributions payable	124,018	123,753
Accrued interest payable	124,068	125,345
Other liabilities	352,813	386,074
Total liabilities	17,377,871	18,473,924
Commitments and contingencies	-	-
Redeemable deferred stock units	6,058	7,538
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	-	-
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively	1,587	1,585
Additional paid-in capital	6,843,822	6,836,243
Dividends in excess of earnings	(1,684,492)	(1,674,995)
Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025	(2,722)	(2,722)
Accumulated other comprehensive loss	(6,082)	(12,921)
Total stockholders’ equity attributable to BXP, Inc.	5,152,113	5,147,190
Noncontrolling interests:
Common units of the Operating Partnership	583,922	566,563
Property partnerships	1,982,286	1,970,949
Total equity	7,718,321	7,684,702
Total liabilities and equity	$25,102,250	$26,166,164

Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

	Three Months Ended
	31-Mar-26	31-Dec-25
Revenue
Lease	$818,156	$809,150
Parking and other	30,811	35,393
Insurance proceeds	3	7,490
Hotel revenue	9,101	12,464
Development and management services	9,207	8,641
Direct reimbursements of payroll and related costs from management services contracts	4,870	3,959
Total revenue	872,148	877,097
Expenses
Operating	201,823	182,761
Real estate taxes	141,197	149,611
Restoration expenses related to insurance claims	1,062	7,321
Hotel operating	7,982	9,041
General and administrative	59,341	37,801
Payroll and related costs from management services contracts	4,870	3,959
Transaction costs	129	122
Depreciation and amortization	227,967	232,015
Total expenses	644,371	622,631
Other income (expense)
Income from unconsolidated joint ventures	35,413	50,232
Gains on sales of real estate	13,402	156,410
Gains (losses) from investments in securities	(566)	846
Unrealized gain (loss) on non-real estate investments	188	(2)
Interest and other income (loss)	8,885	12,351
Impairment losses	-	(16,902)
Interest expense	(152,093)	(162,612)
Net income	133,006	294,789
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships	(19,869)	(18,479)
Noncontrolling interest - common units of the Operating Partnership	(11,561)	(27,824)
Net income attributable to BXP, Inc.	$101,576	$248,486
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic	$0.64	$1.56
Net income attributable to BXP, Inc. per share - diluted	$0.64	$1.56

Includes $(0.6) million and $0.8 million for the three months ended March 31, 2026 and December 31, 2025, respectively, related to the Company’s deferred compensation plan. For the three months ended March 31, 2026, includes approximately $16.9 million 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 related to the 2025 OPP Awards.

For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

For additional detail for the three months ended March 31, 2026, see page 14.

Primarily related to impairment losses recognized during the three months ended December 31, 2025 for properties / land that were sold or expected to be sold.

For additional detail, see page 7.

Funds from operations (FFO)

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

	Three Months Ended
	31-Mar-26	31-Dec-25
Net income attributable to BXP, Inc.	$101,576	$248,486
Add:
Noncontrolling interest - common units of the Operating Partnership	11,561	27,824
Noncontrolling interests in property partnerships	19,869	18,479
Net income	133,006	294,789
Add:
Depreciation and amortization expense	227,967	232,015
Noncontrolling interests in property partnerships' share of depreciation and amortization	(20,871)	(22,085)
BXP's share of depreciation and amortization from unconsolidated joint ventures	13,506	14,173
Corporate-related depreciation and amortization	(567)	(581)
Non-real estate related amortization	2,131	2,130
Impairment losses	-	16,902
Less:
Gains on sales of real estate	13,402	156,410
Gains on sales included within income from unconsolidated joint ventures	41,233	51,449
Unrealized gain (loss) on non-real estate investments	188	(2)
Noncontrolling interests in property partnerships	19,869	18,479
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO)	280,480	311,007
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO	28,244	30,852
FFO attributable to BXP, Inc.	$252,236	$280,155
BXP, Inc.’s percentage share of Basic FFO	89.93%	90.08%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO	10.07%	9.92%
Basic FFO per share	$1.59	$1.77
Weighted average shares outstanding - basic	158,555	158,457
Diluted FFO per share	$1.59	$1.76
Weighted average shares outstanding - diluted	159,056	159,115

RECONCILIATION TO DILUTED FFO

	Three Months Ended
	31-Mar-26	31-Dec-25
Basic FFO	$280,480	$311,007
Add:
Effect of dilutive securities - stock-based compensation	-	-
Diluted FFO	280,480	311,007
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO	28,188	30,727
BXP, Inc.’s share of Diluted FFO	$252,292	$280,280

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

	Three Months Ended
	31-Mar-26	31-Dec-25
Shares/units for Basic FFO	176,318	175,905
Add:
Effect of dilutive securities - stock-based compensation (shares/units)	501	658
Shares/units for Diluted FFO	176,819	176,563
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)	17,763	17,448
BXP, Inc.’s share of shares/units for Diluted FFO	159,056	159,115
BXP, Inc.’s percentage share of Diluted FFO	89.95%	90.12%

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

For a quantitative reconciliation for the three months ended March 31, 2026, see page 34.

For a quantitative reconciliation for the three months ended March 31, 2026, see page 37.

Funds available for distributions (FAD)

	Three Months Ended
	31-Mar-26	31-Dec-25
Net income attributable to BXP, Inc.	$101,576	$248,486
Add:
Noncontrolling interest - common units of the Operating Partnership	11,561	27,824
Noncontrolling interests in property partnerships	19,869	18,479
Net income	133,006	294,789
Add:
Depreciation and amortization expense	227,967	232,015
Noncontrolling interests in property partnerships’ share of depreciation and amortization	(20,871)	(22,085)
BXP’s share of depreciation and amortization from unconsolidated joint ventures	13,506	14,173
Corporate-related depreciation and amortization	(567)	(581)
Non-real estate related amortization	2,131	2,130
Impairment losses	-	16,902
Less:
Gains on sales of real estate	13,402	156,410
Gains on sales included within income from unconsolidated joint ventures	41,233	51,449
Unrealized gain (loss) on non-real estate investments	188	(2)
Noncontrolling interests in property partnerships	19,869	18,479
Basic FFO	280,480	311,007
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4	3,739	4,488
BXP’s Share of hedge amortization, net of costs	1,706	1,712
BXP’s Share of fair value interest adjustment	216	509
BXP’s Share of straight-line ground rent expense adjustment 1, 5	(4,849)	(3,118)
Stock-based compensation	26,043	4,497
Non-real estate depreciation and amortization	(1,564)	(1,549)
Unearned portion of capitalized fees from consolidated joint ventures	669	829
BXP’s Share of non-cash loss from early extinguishments of debt	-	54
Less:
BXP’s Share of straight-line rent	20,444	21,586
BXP’s Share of fair value lease revenue 1, 7	2,715	3,030
BXP’s Share of non-cash termination income adjustment	(1,744)	(4,121)
BXP’s Share of 2nd generation tenant improvements and leasing commissions 1, 8	178,371	145,389
BXP’s Share of maintenance capital expenditures 1, 9	16,647	17,171
BXP’s Share of amortization and accretion related to sales type lease	274	268
Hotel improvements, equipment upgrades and replacements	1,066	591
Funds available for distribution to common shareholders and common unitholders (FAD) (A)	$88,667	$134,515
Distributions to common shareholders and unitholders (excluding any special distributions) (B)	124,354	123,881
FAD Payout Ratio(B÷A)	140.25%	92.09%

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

For a quantitative reconciliation for the three months ended March 31, 2026, see page 34.

For additional information for the three months ended March 31, 2026, see page 37.

Consists 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.

Includes 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.

See page 62 for additional information.

Represents 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.

Amount represents aggregate tenant improvements and leasing commissions incurred in connection with approximately 2.3 million square feet of leases that commenced revenue recognition during the three months ended March 31, 2026, at an average transaction cost per lease year of approximately $10.40 per square foot. 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.

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

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

(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

For a quantitative reconciliation for the three months ended March 31, 2026, see page 65.

For a quantitative reconciliation for the three months ended March 31, 2026, see pages 62-63.

Pages 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 March 31, 2026 and therefore are no longer a part of the Company’s property portfolio.

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
	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	(260)	(206)
Lease transaction costs that qualify as rent inducements	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

In 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.

For a quantitative reconciliation for the three months ended March 31, 2026, see page 63.

For a quantitative reconciliation for the three months ended March 31, 2026, see page 65.

Same property net operating income (NOI) by reportable segment

	Office				Hotel & Residential
	Three Months Ended		$	%	Three Months Ended		$	%
	31-Mar-26	31-Mar-25	Change	Change	31-Mar-26	31-Mar-25	Change	Change
Rental Revenue	$839,849	$813,630			$12,690	$13,100
Less: Termination income	12,828	246			-	-
Rental revenue (excluding termination income)	827,021	813,384	$13,637	1.7%	12,690	13,100	$(410)	(3.1)%
Less: Operating expenses and real estate taxes	335,016	316,171	18,845	6.0%	9,649	9,705	(56)	(0.6)%
NOI (excluding termination income) 2, 3	$492,005	$497,213	$(5,208)	(1.0)%	$3,041	$3,395	$(354)	(10.4)%
Rental revenue (excluding termination income)	$827,021	$813,384	$13,637	1.7%	$12,690	$13,100	$(410)	(3.1)%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease	24,297	34,004	(9,707)	(28.5)%	(2)	(2)	-	- %
Add: Lease transaction costs that qualify as rent inducements	3,746	5,489	(1,743)	(31.8)%	-	-	-	- %
Subtotal	806,470	784,869	21,601	2.8%	12,692	13,102	(410)	(3.1)%
Less: Operating expenses and real estate taxes	335,016	316,171	18,845	6.0%	9,649	9,705	(56)	(0.6)%
Add: Straight-line ground rent expense	(260)	(206)	(54)	(26.2)%	-	-	-	- %
NOI - cash (excluding termination income)	$471,194	$468,492	$2,702	0.6%	$3,043	$3,397	$(354)	(10.4)%
	Consolidated Total (A)				BXP’s share of Unconsolidated Joint Ventures (B)
	Three Months Ended		$	%	Three Months Ended		$	%
	31-Mar-26	31-Mar-25	Change	Change	31-Mar-26	31-Mar-25	Change	Change
Rental Revenue	$852,539	$826,730			$36,576	$38,024
Less: Termination income	12,828	246			-	200
Rental revenue (excluding termination income)	839,711	826,484	$13,227	1.6%	36,576	37,824	$(1,248)	(3.3)%
Less: Operating expenses and real estate taxes	344,665	325,876	18,789	5.8%	16,930	16,474	456	2.8%
NOI (excluding termination income) 2, 3	$495,046	$500,608	$(5,562)	(1.1)%	$19,646	$21,350	$(1,704)	(8.0)%
Rental revenue (excluding termination income)	$839,711	$826,484	$13,227	1.6%	$36,576	$37,824	$(1,248)	(3.3)%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease	24,295	34,002	(9,707)	(28.5)%	415	1,593	(1,178)	(73.9)%
Add: Lease transaction costs that qualify as rent inducements	3,746	5,489	(1,743)	(31.8)%	25	(215)	240	111.6%
Subtotal	819,162	797,971	21,191	2.7%	36,186	36,016	170	0.5%
Less: Operating expenses and real estate taxes	344,665	325,876	18,789	5.8%	16,930	16,474	456	2.8%
Add: Straight-line ground rent expense	(260)	(206)	(54)	(26.2)%	121	136	(15)	(11.0)%
NOI - cash (excluding termination income)	$474,237	$471,889	$2,348	0.5%	$19,377	$19,678	$(301)	(1.5)%
	Partners’ share of Consolidated Joint Ventures (C)				BXP’s Share 2, 6
	Three Months Ended		$	%	Three Months Ended		$	%
	31-Mar-26	31-Mar-25	Change	Change	31-Mar-26	31-Mar-25	Change	Change
Rental Revenue	$90,250	$85,401			$798,865	$779,353
Less: Termination income	-	-			12,828	446
Rental revenue (excluding termination income)	90,250	85,401	$4,849	5.7%	786,037	778,907	$7,130	0.9%
Less: Operating expenses and real estate taxes	38,540	35,699	2,841	8.0%	323,055	306,651	16,404	5.3%
NOI (excluding termination income) 2, 3	$51,710	$49,702	$2,008	4.0%	$462,982	$472,256	$(9,274)	(2.0)%
Rental revenue (excluding termination income)	$90,250	$85,401	$4,849	5.7%	$786,037	$778,907	$7,130	0.9%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease	3,583	6,421	(2,838)	(44.2)%	21,127	29,174	(8,047)	(27.6)%
Add: Lease transaction costs that qualify as rent inducements	32	1,149	(1,117)	(97.2)%	3,739	4,125	(386)	(9.4)%
Subtotal	86,699	80,129	6,570	8.2%	768,649	753,858	14,791	2.0%
Less: Operating expenses and real estate taxes	38,540	35,699	2,841	8.0%	323,055	306,651	16,404	5.3%
Add: Straight-line ground rent expense	-	-	-	- %	(139)	(70)	(69)	(98.6)%
NOI - cash (excluding termination income)	$48,159	$44,430	$3,729	8.4%	$445,455	$447,137	$(1,682)	(0.4)%

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

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

For 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.

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

Excludes the straight-line impact of approximately $(4,710) and $247 for the three months ended March 31, 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.

BXP’s Share equals (A) + (B) - (C).

Capital expenditures

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

	Three Months Ended
	31-Mar-26	31-Dec-25
Maintenance capital expenditures	$18,984	$18,157
Planned capital expenditures associated with acquisition properties	4,206	8,247
Repositioning capital expenditures	323	2,399
Hotel improvements, equipment upgrades and replacements	1,066	591
Subtotal	24,579	29,394
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)	455	629
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs	11	10
BXP’s share of repositioning capital expenditures from unconsolidated JVs	-	-
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs	2,792	1,615
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs	-	-
Partners’ share of repositioning capital expenditures from consolidated JVs	-	3
BXP’s Share of Capital Expenditures	$22,253	$28,415

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

Acquisitions and dispositions

For the period from January 1, 2026 through March 31, 2026

ACQUISITIONS

BXP’s Share of Investment

Property

Location

Date Acquired

Square Feet

Initial

Anticipated Future

Total

In-service Leased (%)

N/A

Total Acquisitions

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)
Land:
North First Business Park	San Jose, CA	January 14, 2026	191,000		$50,500	$49,076	$(229)
Shady Grove - Parcel 1	Rockville, MD	February 5, 2026		N/A	24,650	23,692	(744)
			191,000		75,150	72,768	(973)
Residential:
The Lofts at Atlantic Wharf	Boston, MA	February 25, 2026	87,000		55,500	54,066	14,765
			87,000		55,500	54,066	14,765
Non-Strategic Office Sales:
Gateway Commons (50% ownership)	South San Francisco, CA	January 2, 2026	792,700		150,000	130,698	6,082
7750 Wisconsin Ave (50% ownership)	Bethesda/Chevy Chase, MD	March 19, 2026	736,000		215,000	81,501	34,840
			1,528,700		365,000	212,199	40,922
Total Dispositions			1,806,700		$495,650	$339,033	$54,714

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

The Company previously recognized an impairment loss.

Construction in progress

CONSTRUCTION IN PROGRESS AT MARCH 31, 2026

		Actual/Estimated				BXP’s share
		Initial Occupancy	Stabilization Date		Square Feet	Investment to Date	Estimated Total Investment	Total Financing	Amount Drawn	Estimated Future Equity Requirement	Percentage Leased	Percentage placed in-service	Net Operating Income (Loss) (BXP’s share)
			Location
	725 12th Street	Q1 2029	Q4 2030	Washington, DC	320,000	$97,519	$349,600	$ -	$ -	$252,081	87%	- %	N/A
	343 Madison Avenue	Q3 2029	Q2 2031	New York, NY	930,000	346,101	1,971,000	-	-	1,624,899	29%	- %	N/A
	Total Office Properties under Construction				1,250,000	443,620	2,320,600	-	-	1,876,980	44%	- %	N/A
	290 Binney Street (55% ownership)	Q2 2026	Q2 2026	Cambridge, MA	573,000	379,970	508,000	-	-	128,030	100%	- %	N/A
	Total Lab/Life Sciences Properties under Construction				573,000	379,970	508,000	-	-	128,030	100%	- %	N/A
	17 Hartwell Avenue (312 units) (20% ownership)	Q2 2027	Q2 2028	Lexington, MA	347,000	14,645	35,900	19,747	-	1,508	- %	- %	N/A
	17 Hartwell Avenue - Retail				2,100	-	-	-	-	-	- %	- %	N/A
	121 Broadway Street (439 units)	Q3 2027	Q2 2029	Cambridge, MA	490,000	322,118	597,800	-	-	275,682	- %	- %	N/A
	121 Broadway Street - Retail				1,550	-	-	-	-	-	- %	- %	N/A
	290 Coles Street (670 units) (19.46% ownership)	Q2 2028	Q3 2029	Jersey City, NJ	693,000	20,906	88,700	56,400	-	11,394	- %	- %	N/A
	290 Coles Street - Retail				13,000	-	-	-	-	-	- %	- %	N/A
	Total Residential Properties under Construction				1,546,650	357,669	722,400	76,147	-	288,584	- %	- %	N/A
Office
Lab/Life Sciences
Residential
Total Properties Under Construction					3,369,650	$1,181,259	$3,551,000	$76,147	$ -	$2,293,594	61%	- %	N/A

PROJECTS FULLY PLACED IN-SERVICE DURING 2026

	Actual/Estimated					BXP’s share
							Estimated Total Investment			Amount Drawn at 3/31/2026		Estimated Future Equity Requirement		Net Operating Income (Loss) (BXP’s share)
	Initial Occupancy	Stabilization Date				Investment to Date		Total Financing			Percentage
		Location		Square Feet			Leased
Reston Next Retail	Q2 2026	Q4 2026	Reston, VA		30,284	$28,680	$31,600		$ -	$ -		$2,920	69%	$(56)
Total Projects Fully Placed In-Service					30,284	$28,680	$31,600		$ -	$ -		$2,920	69%	$(56)

A 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.

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

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

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

Amounts represent Net Operating Income (Loss) for the three months ended March 31, 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.

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 $133.1 million for the vault as of March 31, 2026.

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

Construction in progress (continued)

On March 5, 2025, the Company acquired a 19.46% interest in 290 Coles Street. The budget represents the Company’s 19.46% ownership of the project budget and financings which includes the Company’s share of preferred equity. The Company has contributed $20.0 million of common equity at closing. In addition, the Company has committed to provide up to $65.0 million in preferred equity accruing at a 13% internal rate of return. As of March 31, 2026, $60.0 million of preferred equity has been contributed.

Total percentage leased excludes Residential.

Land parcels and purchase options

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT

Location	Approximate Developable Square Feet
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
Waltham, MA	899,000
San Francisco, CA	850,000
Springfield, VA	576,000
Lexington, MA	420,000
Washington, DC	320,000
Rockville, MD	150,000
Boston, MA	25,000
Total Office	9,329,000
Residential
Reston, VA	1,193,000
Rockville, MD	622,000
Herndon, VA (50% ownership)	611,000
Weston, MA	600,000
Washington, DC (50% ownership)	520,000
Waltham, MA	274,000
West Los Angeles, CA	260,000
Total Residential	4,080,000
Total Owned Land Parcels	13,409,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location	Approximate Developable Square Feet
Office
Waltham, MA	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

Includes 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 three ended March 31, 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.

Represents 100% of consolidated and unconsolidated projects.

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

Leasing activity

	Total
OCCUPANCY ACTIVITY - NET (INCREASE)/DECREASE IN AVAILABLE SPACE (SF)
Vacant space available at the beginning of the period	6,342,127
Less:
Property dispositions/properties taken out of service	389,363
Add:
Properties placed (and partially placed) in-service	30,284
Leases expiring or terminated during the period	2,190,499
Total space available for lease	8,173,547
1st generation leases	120,757
2nd generation leases with new clients	794,173
2nd generation lease renewals	1,501,848
Total leases commenced during the period	2,416,778
Vacant space available for lease at the end of the period	5,756,769
Net (increase)/decrease in available space	585,358
LEASING ACTIVITY - EXECUTED LEASES (new presentation in Q1'26)
1st generation leases	194,751
2nd generation leases with new clients	954,141
Total Leases executed during the period	1,148,892
2nd generation leasing information:
Weighted average lease term (months)	96
Weighted average free rent period (days)	187
Total transaction costs per square foot	114.11
Lease Costs per year of term	$14.26
Increase (decrease) in gross rents	(1.87)%
Increase (decrease) in net rents	(3.18)%

	All leases executed in the quarter (SF)			Incr (decr) in 2nd generation cash rents
	1st generation	2nd generation	total	gross	net
Boston	46,390	235,680	282,070	(1.11)%	(2.13)%
Los Angeles	-	17,709	17,709	(32.53)%	(47.58)%
New York	138,228	215,531	353,759	(5.32)%	(9.49)%
San Francisco	-	181,642	181,642	10.23%	15.43%
Seattle	-	39,703	39,703	1.45%	2.05%
Washington, DC	10,133	263,876	274,009	(5.21)%	(7.63)%
Total / Weighted Average	194,751	954,141	1,148,892	(1.87)%	(3.18)%

Total vacant square feet of property dispositions/properties taken out of service in Q1 2026 consists of 260,762 at Gateway Commons, 79,382 at North First Business Park and 49,219 at Santa Monica Business Park.

Total square feet of properties placed in service in Q1 2026 consists of 30,284 at Reston Next Retail.

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

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

Leases for 302,194 square feet were signed in the current quarter.

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

Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 840,250 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.

Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 840,250 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.

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

Portfolio overview

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

	Office	Retail	Residential	Hotel	Total
Boston	13,990,185	1,076,529	320,444	330,000	15,717,158
Los Angeles	1,923,230	123,534	-	-	2,046,764
New York	12,538,424	488,017	-	-	13,026,441
San Francisco	6,039,880	333,171	318,171	-	6,691,222
Seattle	1,503,381	13,171	-	-	1,516,552
Washington, DC	7,010,147	624,129	417,036	-	8,051,312
Total	43,005,247	2,658,551	1,055,651	330,000	47,049,449
% of Total	91.41%	5.65%	2.24%	0.70%	100.00%

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

	Total
Rentable square feet of in-service properties	47,049,449
Less:
Rentable square feet from residential and hotel properties	1,402,736
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties	2,884,659
Partners’ share of rentable square feet from consolidated joint venture properties	3,117,910
BXP’s Share of rentable square feet, excluding residential and hotel properties	39,644,144

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

	Office	Retail	Residential	Hotel	Total
Consolidated	$785,702	$59,041	$4,330	$8,998	$858,071
Less:
Partners’ share from consolidated joint ventures	80,926	9,324	-	-	90,250
Add:
BXP’s share from unconsolidated joint ventures	37,130	2,521	3,714	-	43,365
BXP’s Share of Rental revenue	$741,906	$52,238	$8,044	$8,998	$811,186
% of Total	91.46%	6.44%	0.99%	1.11%	100.00%

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

	CBD	Suburban	Total
Boston	32.80%	4.26%	37.06%
Los Angeles	3.65%	- %	3.65%
New York	23.20%	1.61%	24.81%
San Francisco	16.40%	0.68%	17.08%
Seattle	2.05%	- %	2.05%
Washington, DC	15.18%	0.17%	15.35%
Total	93.28%	6.72%	100.00%

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

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

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

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

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

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

See page 63 for additional information.

See page 65 for additional information.

BXP’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.

Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

	Residential		Hotel
	Three Months Ended		Three Months Ended
	31-Mar-26	31-Dec-25	31-Mar-26		31-Dec-25
Rental Revenue	$4,452	$12,818	$9,101		$12,464
Less: Operating expenses and real estate taxes	2,210	7,618	7,982		9,041
Net Operating Income (NOI)	2,242	5,200	1,119		3,423
Add: BXP’s share of NOI from unconsolidated joint ventures	2,238	2,337		N/A		N/A
BXP’s Share of NOI	$4,480	$7,537	$1,119		$3,423
Rental Revenue	$4,452	$12,818	$9,101		$12,464
Less: Straight line rent and fair value lease revenue	16	40	(2)		(2)
Add: Lease transaction costs that qualify as rent inducements	-	50	-		-
Subtotal	4,436	12,828	9,103		12,466
Less: Operating expenses and real estate taxes	2,210	7,618	7,982		9,041
NOI - cash basis	2,226	5,210	1,121		3,425
Add: BXP’s share of NOI-cash from unconsolidated joint ventures	2,238	2,337		N/A		N/A
BXP’s Share of NOI - cash basis	$4,464	$7,547	$1,121		$3,425

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

	Residential Units		Three Months Ended			Percent Change
		31-Mar-26		31-Mar-25
Boston	440
Average Monthly Rental Rate			$4,468		$4,390	1.78%
Average Rental Rate Per Occupied Square Foot			$6.15		$6.00	2.50%
Average Physical Occupancy			93.64%		93.86%	(0.23)%
Average Economic Occupancy			93.14%		94.30%	(1.23)%
San Francisco	402
Average Monthly Rental Rate			$3,086		$3,115	(0.93)%
Average Rental Rate Per Occupied Square Foot			$3.92		$3.93	(0.25)%
Average Physical Occupancy			91.71%		90.63%	1.19%
Average Economic Occupancy			90.09%		89.24%	0.95%
Washington, DC	508
Average Monthly Rental Rate			$2,824		$2,317	21.88%
Average Rental Rate Per Occupied Square Foot			$3.47		$2.96	17.23%
Average Physical Occupancy			92.98%		53.22%	74.71%
Average Economic Occupancy			90.91%		44.61%	103.79%
Total residential units	1,350

HOTEL RENTAL RATES AND OCCUPANCY - Year-over-Year

	Hotel Rooms		Three Months Ended			Percent Change
		31-Mar-26		31-Mar-25
Boston Marriott Cambridge	437
Average Occupancy			73.70%		74.90%	(1.60)%
Average Daily Rate			$259.22		$258.17	0.41%
Revenue Per Available Room			$191.02		$193.36	(1.21)%

Includes retail space.

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

Excludes 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 March 31, 2026. For additional detail related to The Lofts at Atlantic Wharf sale, see page 14.

In-service property listing

as of March 31, 2026
		Sub Market	Number of Buildings	Square Feet	Occupied %	Leased %	Annualized Rental Obligations Per Occupied SF
BOSTON
Office
	200 Clarendon Street	CBD Boston MA	1	1,700,914	99.7%	100.0%	$91.28
	800 Boylston Street - The Prudential Center	CBD Boston MA	1	1,270,070	93.3%	96.8%	76.42
	100 Federal Street (55% ownership)	CBD Boston MA	1	1,233,943	92.2%	98.9%	78.34
	111 Huntington Avenue - The Prudential Center	CBD Boston MA	1	860,446	100.0%	100.0%	82.81
	Atlantic Wharf Office (55% ownership)	CBD Boston MA	1	793,024	100.0%	100.0%	95.63
	100 Causeway Street (50% ownership)	CBD Boston MA	1	633,818	100.0%	100.0%	76.40
	Prudential Center (retail shops)	CBD Boston MA	1	589,906	94.9%	97.2%	96.48
	101 Huntington Avenue - The Prudential Center	CBD Boston MA	1	506,476	100.0%	100.0%	63.77
	The Hub on Causeway - Podium (50% ownership)	CBD Boston MA	1	382,988	96.1%	96.1%	65.43
	888 Boylston Street - The Prudential Center	CBD Boston MA	1	377,574	96.2%	96.2%	84.26
	Star Market at the Prudential Center	CBD Boston MA	1	60,015	100.0%	100.0%	64.67
	Subtotal		11	8,409,174	97.1%	98.8%	$82.75
	145 Broadway	East Cambridge MA	1	490,086	99.6%	99.6%	$94.49
	325 Main Street	East Cambridge MA	1	406,824	96.5%	100.0%	116.31
	125 Broadway	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)	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	East Cambridge MA	1	67,362	100.0%	100.0%	94.96
	University Place	Mid-Cambridge MA	1	195,282	100.0%	100.0%	62.54
	Subtotal		11	2,696,483	98.0%	98.5%	$108.80
	Subtotal Boston CBD		22	11,105,657	97.3%	98.7%	$89.18
Residential
	Hub50House (440 units) (50% ownership)	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)	West Los Angeles CA	6	1,130,066	89.6%	90.3%	$83.50
	Santa Monica Business Park	West Los Angeles CA	12	843,692	84.1%	86.2%	75.49
	Santa Monica Business Park Retail	West Los Angeles CA	7	73,006	86.8%	86.8%	80.65
	Subtotal		25	2,046,764	87.2%	88.5%	$80.21
NEW YORK
Office
	767 Fifth Avenue (The GM Building) (60% ownership)	Plaza District NY	1	1,970,335	98.4%	99.5%	$167.40
	601 Lexington Avenue (55% ownership)	Park Avenue NY	1	1,671,682	99.9%	99.9%	103.05
	399 Park Avenue	Park Avenue NY	1	1,567,470	100.0%	100.0%	111.17
	599 Lexington Avenue	Park Avenue NY	1	1,105,002	88.2%	97.3%	86.17
	7 Times Square (55% ownership)	Times Square NY	1	1,238,722	81.7%	92.8%	77.65
CBD

In-service property listing (continued)

as of March 31, 2026
		Sub Market	Number of Buildings	Square Feet	Occupied %	Leased %	Annualized Rental Obligations Per Occupied SF
	250 West 55th Street	Times Square / West Side NY	1	966,976	98.7%	98.7%	104.61
	200 Fifth Avenue (26.69% ownership)	Midtown South NY	1	845,367	59.8%	95.7%	93.83
	360 Park Avenue South (71.11% ownership) 4, 7	Midtown South NY	1	448,112	43.4%	89.7%	99.88
	Dock 72 (50% ownership)	Brooklyn NY	1	668,521	42.1%	42.1%	33.56
	510 Madison Avenue	Fifth/Madison Avenue NY	1	352,589	86.9%	96.6%	126.56
	Subtotal		10	10,834,776	86.8%	94.2%	$111.57
SAN FRANCISCO
Office
	Salesforce Tower	CBD San Francisco CA	1	1,420,682	98.0%	98.0%	$115.83
	Embarcadero Center Four	CBD San Francisco CA	1	945,594	93.6%	95.3%	106.48
	Embarcadero Center One	CBD San Francisco CA	1	838,051	68.4%	70.8%	94.92
	Embarcadero Center Two	CBD San Francisco CA	1	802,003	71.8%	71.8%	84.33
	Embarcadero Center Three	CBD San Francisco CA	1	787,505	71.4%	78.8%	95.80
	680 Folsom Street	CBD San Francisco CA	2	522,394	72.4%	92.3%	81.67
	535 Mission Street	CBD San Francisco CA	1	303,322	90.6%	90.6%	76.75
	690 Folsom Street	CBD San Francisco CA	1	26,080	100.0%	100.0%	76.84
	Subtotal		9	5,645,631	82.7%	86.3%	$100.00
Residential
	The Skylyne (402 units)	CBD Oakland CA	1	330,996
	Subtotal		1	330,996
SEATTLE
Office
	Safeco Plaza (33.67% ownership)	CBD Seattle WA	1	762,541	79.4%	80.3%	$49.87
	Madison Centre	CBD Seattle WA	1	754,011	82.1%	84.3%	61.49
	Subtotal		2	1,516,552	80.7%	82.3%	$55.73
WASHINGTON, DC
Office
	901 New York Avenue	East End Washington DC	1	526,383	82.1%	84.4%	$71.70
	2100 Pennsylvania Avenue	CBD Washington DC	1	475,849	95.0%	97.1%	87.11
	2200 Pennsylvania Avenue	CBD Washington DC	1	460,039	89.3%	94.5%	71.24
	1330 Connecticut Avenue	CBD Washington DC	1	253,375	95.9%	95.9%	69.57
	Sumner Square	CBD Washington DC	1	210,542	93.0%	93.0%	51.05
	500 North Capitol Street, N.W. (30% ownership)	Capitol Hill Washington DC	1	230,900	95.1%	95.1%	84.96
	Capital Gallery	Southwest Washington DC	1	176,909	43.6%	55.5%	64.32
	Subtotal		7	2,333,997	87.0%	89.8%	$74.00
	Reston Next	Reston VA	2	1,063,299	97.9%	99.6%	$63.75
	South of Market	Reston VA	3	624,386	100.0%	100.0%	57.07
	Fountain Square	Reston VA	2	524,326	94.3%	97.8%	54.08
	One Freedom Square	Reston VA	1	427,612	87.9%	91.0%	55.86
	Two Freedom Square	Reston VA	1	423,222	100.0%	100.0%	55.53
	One and Two Discovery Square	Reston VA	2	366,989	89.7%	89.7%	53.54
	One Reston Overlook	Reston VA	1	319,519	100.0%	100.0%	50.33
	17Fifty Presidents Street	Reston VA	1	275,809	100.0%	100.0%	74.08
	Democracy Tower	Reston VA	1	259,441	99.3%	99.3%	70.63
	Fountain Square Retail	Reston VA	1	196,662	89.9%	90.2%	52.76
	Two Reston Overlook	Reston VA	1	134,615	100.0%	100.0%	57.50
	Reston Next Office Phase II	Reston VA	1	86,629	92.2%	92.2%	59.42
	Reston Next Retail 5, 7	Reston VA	1	30,284	- %	69.1%	-

In-service property listing (continued)

as of March 31, 2026
		Sub Market	Number of Buildings	Square Feet	Occupied %		Leased %		Annualized Rental Obligations Per Occupied SF
	Avant Retail	Reston VA	1	26,179	100.0%		100.0%		67.97
	Subtotal		19	4,758,972	95.8%		97.3%		$59.06
	Wisconsin Place Office	Montgomery County MD	1	295,845	52.6%		52.6%		53.65
	Subtotal		1	295,845	52.6%		52.6%		$53.65
	Subtotal Washington, DC CBD		27	7,388,814	91.3%		93.1%		$63.37
Residential
	Skymark (508 units) (20% ownership)	Reston VA	1	417,036
	Subtotal		1	417,036
		CBD Total	99	39,940,930	89.9%	8	93.4%	8	$90.06	8
		BXP’s Share of CBD			90.6%	8	93.6%	8
BOSTON
Office
	Bay Colony Corporate Center	Route 128 Mass Turnpike MA	2	435,917	79.7%		79.7%		$41.66
	Weston Corporate Center	Route 128 Mass Turnpike MA	1	356,995	41.1%		41.1%		36.37
	180 CityPoint	Route 128 Mass Turnpike MA	1	329,195	55.2%		91.5%		93.54
	Waltham Weston Corporate Center	Route 128 Mass Turnpike MA	1	301,611	73.0%		73.0%		46.80
	230 CityPoint	Route 128 Mass Turnpike MA	1	299,304	97.0%		98.3%		50.18
	200 West Street	Route 128 Mass Turnpike MA	1	273,361	86.1%		86.1%		95.37
	880 Winter Street	Route 128 Mass Turnpike MA	1	243,614	92.3%		92.3%		104.68
	10 CityPoint	Route 128 Mass Turnpike MA	1	236,570	98.6%		98.6%		61.23
	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	84.0%		84.0%		61.17
	890 Winter Street	Route 128 Mass Turnpike MA	1	180,155	88.6%		88.6%		47.49
	Reservoir Place	Route 128 Mass Turnpike MA	1	164,993	66.5%		68.4%		38.85
	153 & 211 Second Avenue	Route 128 Mass Turnpike MA	2	154,093	84.0%		84.0%		53.43
	1265 Main Street (50% ownership)	Route 128 Mass Turnpike MA	1	120,681	100.0%		100.0%		59.36
	103 CityPoint	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	Route 128 Mass Turnpike MA	1	16,300	100.0%		100.0%		66.97
	33 Hayden Avenue	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	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	3,956,797	78.6%		81.8%		$61.36
NEW YORK
Office
	510 Carnegie Center	Princeton NJ	1	234,160	72.4%		78.4%		$40.62
	206 Carnegie Center	Princeton NJ	1	161,763	- %		- %		-
	210 Carnegie Center	Princeton NJ	1	159,468	33.2%		66.2%		41.69
	212 Carnegie Center	Princeton NJ	1	148,942	72.5%		74.9%		36.30
	214 Carnegie Center	Princeton NJ	1	146,799	62.8%		62.8%		38.82
	506 Carnegie Center	Princeton NJ	1	139,050	95.1%		95.1%		41.84
	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%		37.38
	804 Carnegie Center	Princeton NJ	1	130,000	100.0%		100.0%		42.31
	101 Carnegie Center	Princeton NJ	1	122,791	82.3%		82.3%		36.44
	504 Carnegie Center	Princeton NJ	1	121,990	100.0%		100.0%		35.68
SUBURBAN

In-service property listing (continued)

as of March 31, 2026
		Sub Market	Number of Buildings	Square Feet	Occupied %		Leased %		Annualized Rental Obligations Per Occupied SF
	502 Carnegie Center	Princeton NJ	1	121,460	94.8%		94.8%		49.34
	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%		38.71
	103 Carnegie Center	Princeton NJ	1	96,322	67.6%		68.2%		38.13
	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	2,191,665	72.4%		75.7%		$39.92
SAN FRANCISCO
Office
	Mountain View Research Park	Mountain View CA	16	571,884	57.6%		57.6%		59.87
	2440 West El Camino Real	Mountain View CA	1	142,711	51.6%		51.6%		61.86
	Subtotal		17	714,595	56.4%		56.4%		$60.24
WASHINGTON, DC
Office
	Kingstowne Two	Springfield VA	1	157,174	52.3%		69.3%		$38.47
	Kingstowne Retail 5, 12	Springfield VA	1	88,288	100.0%		100.0%		31.51
	Subtotal		2	245,462	69.4%		80.3%		$34.87
		Suburban Total	59	7,108,519	74.1%		77.3%		$53.97
		BXP’s Share of Suburban			73.9%		77.1%
	Total In-Service Properties:		158	47,049,449	87.4%	8	90.9%	8	$85.28	8
	BXP’s Share of Total In-Service Properties:				87.7%	8	90.6%	8

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

Represents 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.

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

This is an unconsolidated joint venture property.

This is a retail property.

Classified as a laboratory/life sciences property.

Not included in the Same Property analysis.

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

Bay Colony Corporate Center includes 1050 Winter Street, an approximately 162,274 net rentable square feet redevelopment that was fully placed in-service during the third quarter of 2025. 1050 Winter Street is not included in the Same Property analysis. 1000 Winter Street was removed from the in-service property listing during the fourth quarter of 2025.

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

Includes 453 Ravendale Drive.

The property was sold on April 17, 2026.

Top 20 clients listing and portfolio client diversification

TOP 20 CLIENTS

No.	Client	BXP’s Share of Annualized Rental Obligations	Weighted Average Remaining Lease Term (years)
1	Salesforce	3.44%	6.0
2	Google	3.22%	11.1
3	Akamai Technologies	2.22%	8.6
4	Kirkland & Ellis	1.97%	12.0
5	Biogen	1.85%	2.1
6	Fannie Mae	1.55%	11.4
7	Millennium Management	1.47%	10.0
8	Snap	1.30%	10.0
9	Weil Gotshal & Manges	1.27%	8.2
10	Ropes & Gray	1.27%	12.5
11	Microsoft	1.15%	7.4
12	Wellington Management	1.06%	9.7
13	Arnold & Porter Kaye Scholer	1.03%	8.7
14	Allen Overy Shearman Sterling	0.98%	16.1
15	Bain Capital	0.96%	5.8
16	Morrison & Foerster	0.93%	4.4
17	Starr (formerly C.V. Starr & Co)	0.88%	3.4
18	Leidos	0.85%	7.1
19	Wilmer Cutler Pickering Hale	0.85%	12.7
20	Mass Financial Services	0.84%	11.9
	BXP’s Share of Annualized Rental Obligations	29.09%
	BXP’s Share of Square Feet	22.67%
	Weighted Average Remaining Lease Term (years)		8.9

NOTABLE SIGNED DEALS

Client	Property	Square Feet
AstraZeneca	290 Binney Street	573,000
Goodwin Procter	200 Fifth Avenue	304,000
Starr	343 Madison Avenue	274,000
Sidley Austin	2100 M Street	234,000
McDermott Will & Schulte	725 12th Street	152,000
Cooley	725 12th Street	126,000

CLIENT DIVERSIFICATION

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

Based on BXP’s Share of Annualized Rental Obligations.

Represents 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.

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

Occupancy by location

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

	CBD		Suburban		Total
Location	31-Mar-26	31-Dec-25	31-Mar-26	31-Dec-25	31-Mar-26	31-Dec-25
Boston	97.3%	97.6%	78.6%	75.9%	92.4%	91.9%
Los Angeles	87.2%	86.5%	- %	- %	87.2%	86.5%
New York	86.8%	86.2%	72.4%	71.8%	84.4%	83.8%
San Francisco	82.7%	81.9%	56.4%	60.8%	79.7%	77.0%
Seattle	80.7%	79.8%	- %	- %	80.7%	79.8%
Washington, DC	91.3%	92.4%	69.4%	70.2%	90.6%	91.7%
Total Portfolio	89.9%	89.8%	74.1%	71.4%	87.4%	86.7%

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

	CBD		Suburban		Total
Location	31-Mar-26	31-Mar-25	31-Mar-26	31-Mar-25	31-Mar-26	31-Mar-25
Boston	97.3%	96.3%	77.7%	76.9%	92.3%	91.4%
Los Angeles	87.2%	85.6%	- %	- %	87.2%	85.6%
New York	88.7%	88.1%	72.4%	70.0%	85.8%	84.9%
San Francisco	82.7%	81.7%	56.4%	61.7%	79.7%	79.5%
Seattle	80.7%	81.9%	- %	- %	80.7%	81.9%
Washington, DC	91.6%	92.0%	69.4%	68.5%	90.9%	91.2%
Total Portfolio	90.5%	89.9%	73.5%	72.8%	87.9%	87.3%

Represents 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.

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

Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

	Aggregate Principal
Mortgage Notes Payable	$4,296,994
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	15,696,994
Discount on Unsecured Senior Notes	(7,786)
Deferred Financing Costs, Net	(75,199)
Consolidated Debt	$15,614,009

MORTGAGE NOTES PAYABLE

		Interest Rate
Property	Maturity Date	GAAP	Stated	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	5.40%	5.28%	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%	196,994
601 Lexington Avenue (55% ownership)	January 9, 2032	2.93%	2.79%	1,000,000
Total				$4,296,994

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES

		Interest Rate
	Maturity Date	GAAP	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

Stated

Outstanding Principal

Unsecured Exchangeable Senior Notes

October 1, 2030

2.50%

2.00%

$1,000,000

Capital structure (continued)

CAPITALIZATION

	Shares/Units	Common Stock
	Outstanding	Equivalents	Equivalent Value
Common Stock	158,676	158,676	$8,235,284
Common Operating Partnership Units	18,787	18,787	975,045
Total Equity		177,463	$9,210,329
Consolidated Debt (A)			$15,614,009
Add: BXP’s share of unconsolidated joint venture debt			1,098,382
Less: Partners’ share of consolidated debt			1,364,858
BXP’s Share of Debt (B)			$15,347,533
Consolidated Market Capitalization (C)			$24,824,338
BXP’s Share of Market Capitalization (D)			$24,557,862
Consolidated Debt/Consolidated Market Capitalization (A÷C)			62.90%
BXP’s Share of Debt/BXP’s Share of Market Capitalization (B÷D)			62.50%

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

The stated interest rate includes the effects of hedging transactions.

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

The 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.

Values are based on the March 31, 2026 closing price of $51.90 per share of BXP common stock.

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

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

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

Debt analysis

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

	Facility	Outstanding at March 31, 2026	Remaining Capacity at March 31, 2026
Unsecured Line of Credit	$2,250,000	$ -	$2,250,000
Less:
Unsecured Commercial Paper			750,000
Letters of Credit			5,253
Total Remaining Capacity			$1,494,747

UNSECURED TERM LOANS

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

UNSECURED AND SECURED DEBT ANALYSIS

		Weighted Average
	% of Total Debt	Stated Rates	GAAP Rates	Maturity (years)
Unsecured Debt	72.58%	3.94%	4.06%	4.2
Secured Debt	27.42%	3.80%	3.99%	2.6
Consolidated Debt	100.00%	3.90%	4.04%	3.7

FLOATING AND FIXED RATE DEBT ANALYSIS

		Weighted Average
	% of Total Debt	Stated Rates	GAAP Rates	Maturity (years)
Floating Rate Debt	9.27%	4.30%	4.37%	1.5
Fixed Rate Debt 3, 6	90.73%	3.86%	4.00%	4.0
Consolidated Debt	100.00%	3.90%	4.04%	3.7

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

The 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 March 31, 2026, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.10% per annum and had a weighted-average maturity of 40 days from the date of issuance and therefore, the balance is reflected in the period 2026 within the Principal due at Maturity chart.

The $100.0 million 2024 Unsecured Term Loan is subject to an interest rate swap contract that effectively fixes Daily Simple SOFR, the reference rate for the 2024 Unsecured Term Loan, at a fixed interest rate of 3.6775% per annum for the period commencing on April 7, 2025 and ending on April 6, 2026. The term loan has two one-year extension options (subject to customary conditions).

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

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

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 March 31, 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	Less than 60%	48.0%	45.1%
Secured Debt/Total Assets	Less than 50%	15.7%	14.8%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)	Greater than 1.50x	3.00	3.00
Unencumbered Assets/ Unsecured Debt	Greater than 150%	229.2%	246.1%

Capitalized 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.

Net Debt to EBITDAre

Reconciliation of BXP’s Share of EBITDAre and BXP’s Share of EBITDAre - cash

	Three Months Ended
	31-Mar-26	31-Dec-25
Net income attributable to BXP, Inc.	$101,576	$248,486
Add:
Noncontrolling interest - common units of the Operating Partnership	11,561	27,824
Noncontrolling interest in property partnerships	19,869	18,479
Net income	133,006	294,789
Add:
Interest expense	152,093	162,612
Depreciation and amortization expense	227,967	232,015
Impairment losses	-	16,902
Less:
Gains on sales of real estate	13,402	156,410
Income from unconsolidated joint ventures	35,413	50,232
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures	24,218	29,496
EBITDAre	488,469	529,172
Less:
Partners’ share of EBITDAre from consolidated joint ventures	52,519	52,588
BXP’s Share of EBITDAre (A)	435,950	476,584
Add:
Stock-based compensation expense	26,043	4,497
BXP’s Share of straight-line ground rent expense adjustment	(4,849)	(3,118)
BXP’s Share of lease transaction costs that qualify as rent inducements	3,739	4,488
Less:
BXP’s Share of non-cash termination income adjustment	(1,744)	(4,121)
BXP’s Share of straight-line rent	20,444	21,586
BXP’s Share of fair value lease revenue	2,715	3,030
BXP’s Share of amortization and accretion related to sales type lease	274	268
BXP’s Share of non-cash loss from early extinguishments of debt	-	54
BXP’s Share of EBITDAre - cash	$439,194	$461,634
BXP’s Share of EBITDAre (Annualized) (A x 4)	$1,743,800	$1,906,336

Reconciliation of BXP’s Share of Net Debt

	31-Mar-26	31-Dec-25
Consolidated debt	$15,614,009	$16,609,483
Less:
Cash and cash equivalents	512,783	1,478,206
Cash held in escrow for 1031 exchange	-	-
Net debt	15,101,226	15,131,277
Add:
BXP’s share of unconsolidated joint venture debt	1,098,382	1,221,666
Partners’ share of cash and cash equivalents from consolidated joint ventures	89,147	115,917
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures	92,554	108,177
Partners’ share of consolidated joint venture debt	1,364,858	1,364,360
BXP’s share of related party note receivables	15,873	15,000
BXP’s Share of Net Debt (B)	$14,815,470	$14,981,323
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]	8.50	7.86

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

For the three months ended March 31, 2026 and December 31, 2025, includes gains on sales of approximately $41.2 million and $51.4 million, respectively.

For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended March 31, 2026, see pages 35 and 64.

For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended March 31, 2026, see pages 33 and 62.

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

Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO

	Three Months Ended
	31-Mar-26	31-Dec-25
BXP’s Share of interest expense	$156,846	$167,074
Less:
BXP’s Share of hedge amortization, net of costs	1,706	1,712
BXP’s share of fair value interest adjustment	216	509
BXP’s Share of amortization of financing costs	5,846	5,995
Adjusted interest expense excluding capitalized interest (A)	149,078	158,858
Add:
BXP’s Share of capitalized interest	16,477	14,657
Adjusted interest expense including capitalized interest (B)	$165,555	$173,515
BXP’s Share of EBITDAre - cash 1, 2 (C)	$439,194	$461,634
Interest Coverage Ratio (excluding capitalized interest) (C÷A)	2.95	2.91
Interest Coverage Ratio (including capitalized interest) (C÷B)	2.65	2.66

FIXED CHARGE COVERAGE RATIO

	Three Months Ended
	31-Mar-26	31-Dec-25
BXP’s Share of interest expense	$156,846	$167,074
Less:
BXP’s Share of hedge amortization, net of costs	1,706	1,712
BXP’s Share of fair value interest adjustment	216	509
BXP’s Share of amortization of financing costs	5,846	5,995
Add:
BXP’s Share of capitalized interest	16,477	14,657
BXP’s Share of maintenance capital expenditures	16,647	17,171
Hotel improvements, equipment upgrades and replacements	1,066	591
Total Fixed Charges (A)	$183,268	$191,277
BXP’s Share of EBITDAre - cash 1, 2 (B)	$439,194	$461,634
Fixed Charge Coverage Ratio (B÷A)	2.40	2.41

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

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

Consolidated joint ventures

BALANCE SHEET INFORMATION

	767 Fifth Avenue				Total Consolidated
ASSETS	(The GM Building)		Norges Joint Ventures 1, 2		Joint Ventures
Real estate, net	$3,158,630		$3,193,432		$6,352,062
Cash and cash equivalents	54,674		149,504		204,178
Other assets	342,440		502,398		844,838
Total assets	$3,555,744		$3,845,334		$7,401,078
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$2,295,859		$992,215		$3,288,074
Other liabilities	64,850		132,988		197,838
Total liabilities	2,360,709		1,125,203		3,485,912
Equity:
BXP, Inc.	718,462		1,214,527		1,932,989
Noncontrolling interests	476,573		1,505,604		1,982,177
Total equity	1,195,035		2,720,131		3,915,166
Total liabilities and equity	$3,555,744		$3,845,334		$7,401,078
BXP’s nominal ownership percentage		60%		55%
Partners’ share of cash and cash equivalents	$21,870		$67,277		$89,147
Partners’ share of consolidated debt	$918,361		$446,497		$1,364,858

Certain balances contain amounts that eliminate in consolidation.

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.

Amount excludes certain preferred shareholders’ capital.

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

Amount adjusted for basis differentials.

Consolidated joint ventures (continued)

RESULTS OF OPERATIONS

	767 Fifth Avenue		Total Consolidated
	(The GM Building)	Norges Joint Ventures	Joint Ventures
Revenue
Lease	$81,832	$118,236	$200,068
Straight-line rent	3,531	4,849	8,380
Fair value lease revenue	(27)	-	(27)
Termination income	-	-	-
Total lease revenue	85,336	123,085	208,421
Parking and other	-	1,617	1,617
Total rental revenue	85,336	124,702	210,038
Expenses
Operating	35,672	49,928	85,600
Net Operating Income (NOI)	49,664	74,774	124,438
Other income (expense)
Development and management services revenue	-	-	-
Losses from investments in securities	-	(4)	(4)
Interest and other income	496	1,605	2,101
Interest expense	(20,956)	(7,556)	(28,512)
Depreciation and amortization expense	(18,653)	(28,077)	(46,730)
General and administrative expense	(16)	(152)	(168)
Total other income (expense)	(39,129)	(34,184)	(73,313)
Net income	$10,535	$40,590	$51,125

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		Joint Ventures
Net income	$10,535		$40,590		$51,125
Add: Depreciation and amortization expense	18,653		28,077		46,730
Entity FFO	$29,188		$68,667		$97,855
Noncontrolling interest in property partnerships (Partners’ NCI)	$3,108		$16,761		$19,869
Partners’ share of depreciation and amortization expense after BXP’s basis differential	7,852		13,019		20,871
Partners’ share FFO	$10,960		$29,780		$40,740
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI	$7,427		$23,829		$31,256
Depreciation and amortization expense - BXP’s basis difference	61		411		472
BXP’s share of depreciation and amortization expense	10,740		14,647		25,387
BXP’s share of FFO	$18,228		$38,887		$57,115

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.

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

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.

Unconsolidated joint ventures

(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
Boston
The Hub on Causeway - Podium	50.00%		$52,922	$61,858	April 9, 2031	5.73%		5.94%
100 Causeway Street	50.00%		49,104	168,255	April 9, 2031	5.73%		5.94%
Hub50House	50.00%		33,355	92,076	June 17, 2032	4.43%		4.51%
Hotel Air Rights	50.00%		12,188	-	-	-		- %
1265 Main Street	50.00%		2,977	16,144	January 1, 2032	3.77%		3.84%
17 Hartwell Avenue	20.00%		13,022	-	July 10, 2030		N/A		N/A
Los Angeles
Colorado Center	50.00%		68,220	274,880	August 9, 2027	3.56%		3.59%
Beach Cities Media Campus	50.00%		84	-	-	- %		- %
New York
360 Park Avenue South	71.11%		100,534	155,693	December 13, 2027	6.17%		6.49%
Dock 72	50.00%		82,392	-	-	- %		- %
200 Fifth Avenue	26.69%		80,016	154,296	November 24, 2028	4.34%		5.60%
3 Hudson Boulevard	25.00%		108,394	31,591	November 9, 2027	9.25%		10.76%
290 Coles Street - Common Equity	19.46%		19,943	-	March 5, 2029		N/A		N/A
290 Coles Street - Preferred Equity	- %		61,460	-	-	- %		- %
San Francisco
Platform 16	55.00%		58,613	-	-	- %		- %
Seattle
Safeco Plaza	33.67%		(2,772)	84,127	September 1, 2026	4.82%		6.21%
Washington, DC
1001 6th Street	50.00%		45,826	-	-	- %		- %
13100 & 13150 Worldgate Drive	50.00%		22,215	-	-	- %		- %
Wisconsin Place Parking Facility	33.33%		28,768	-	-	- %		- %
500 North Capitol Street, N.W.	30.00%		(12,894)	31,473	June 5, 2026	6.83%		7.16%
Skymark - Reston Next Residential	20.00%		14,273	27,989	May 13, 2026	5.67%		5.99%
			838,640
Investments with deficit balances reflected within Other Liabilities			16,082
Investments in Unconsolidated Joint Ventures			$854,722
Mortgage/Mezzanine/Construction Loans Payable, Net				$1,098,382

Unconsolidated joint ventures (continued)

FLOATING AND FIXED RATE DEBT ANALYSIS

		Weighted Average
	% of Total Debt	Stated Rates	GAAP Rates	Maturity (years)
Floating Rate Debt	27.26%	6.07%	6.82%	1.2
Fixed Rate Debt	72.74%	4.57%	4.90%	4.7
Total Debt	100.00%	4.98%	5.43%	3.7

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

The 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).

No amounts have been drawn under the $98.7 million construction facility.

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

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

The 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 March 31, 2026, the Company has funded approximately $21.5 million of the mezzanine loan. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets.

No amounts have been drawn under the $225.0 million construction facility.

The Company will fund the first $65.0 million of required capital through its preferred equity investment. The Company’s preferred equity investment will earn and accrue 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.

The indebtedness consists of (x) a $70.0 million mortgage loan payable (Note A), which bears interest at a fixed rate of 6.23% per annum, and (y) a $35.0 million mortgage loan payable (Note B), which bears interest at a fixed rate of 8.03% per annum. 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 Note Receivables, Net on the Company’s Consolidated Balance Sheets.

Unconsolidated joint ventures (continued)

RESULTS OF OPERATIONS

	Boston	Los Angeles	New York	San Francisco	Seattle	Washington, DC	Total Unconsolidated Joint Ventures
Revenue
Lease	$28,307	$20,627	$19,201	$141	$7,331	$17,294	$92,901
Straight-line rent	275	(1,710)	1,598	13	(5)	295	466
Fair value lease revenue	-	-	1,221	-	998	-	2,219
Termination income	-	-	-	-	-	-	-
Amortization and accretion related to sales-type lease	57	-	-	-	-	-	57
Total lease revenue	28,639	18,917	22,020	154	8,324	17,589	95,643
Parking and other	1	2,116	123	-	583	909	3,732
Total rental revenue	28,640	21,033	22,143	154	8,907	18,498	99,375
Expenses
Operating	11,118	7,702	17,940	1,116	3,464	6,392	47,732
Net operating income	17,522	13,331	4,203	(962)	5,443	12,106	51,643
Other income (expense)
Development and management services revenue	-	-	413	-	-	-	413
Interest and other income (loss)	310	1,008	890	(3)	64	135	2,404
Interest expense	(9,301)	(4,943)	(14,647)	-	(3,869)	(6,920)	(39,680)
Transaction costs	-	-	(8)	-	-	-	(8)
Depreciation and amortization expense	(8,483)	(5,566)	(12,001)	-	(1,434)	(4,388)	(31,872)
General and administrative expense	-	(33)	(150)	-	(16)	-	(199)
Loss on sale of real estate	-	(2)	-	-	-	-	(2)
Total other income (expense)	(17,474)	(9,536)	(25,503)	(3)	(5,255)	(11,173)	(68,944)
Net income (loss)	$48	$3,795	$(21,300)	$(965)	$188	$933	$(17,301)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss)	$23	$1,896	$(9,146)	$(530)	$65	$826	$(6,866)
Basis differential
Straight-line rent	$ -	$92	$104	$ -	$ -	$ -	$196
Fair value lease revenue	-	44	36	-	-	-	80
Interest expense	-	-	(67)	-	-	-	(67)
Fair value interest adjustment	-	-	(260)	-	-	-	(260)
Amortization of financing costs	-	-	111	-	-	-	111
Depreciation and amortization expense	(5)	571	856	28	(391)	(74)	985
Gains on sales of investments	-	-	-	6,394	-	34,840	41,234
Total basis differential	(5)	707	780	6,422	(391)	34,766	42,279
Income (loss) from unconsolidated joint ventures	18	2,603	(8,366)	5,892	(326)	35,592	35,413
Add:
BXP’s share of depreciation and amortization expense	4,244	2,213	4,665	(28)	874	1,538	13,506
Less:
BXP’s share of gains (loss) on sales	-	(1)	-	6,394	-	34,840	41,233
BXP’s share of FFO	$4,262	$4,817	$(3,701)	$(530)	$548	$2,290	$7,686

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

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

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

For additional information, see page 14.

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

OFFICE

			BXP’s Share
				Percentage of Total Square Feet
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	702,405		655,564		48,723,504		74.32		49,333,749	75.25	1.75%
2027	1,855,394		1,714,794		128,115,565		74.71		130,578,268	76.15	4.58%
2028	2,831,669		2,220,236		200,256,018		90.20		208,617,903	93.96	5.93%
2029	3,668,064		3,210,149		253,363,566		78.93		266,035,207	82.87	8.57%
2030	2,389,962		2,291,823		179,243,750		78.21		188,803,149	82.38	6.12%
2031	2,615,154		2,446,601		213,119,655		87.11		227,849,645	93.13	6.53%
2032	2,762,393		2,527,603		195,955,569		77.53		228,529,511	90.41	6.75%
2033	2,641,810		2,467,111		212,606,804		86.18		241,053,412	97.71	6.59%
2034	2,956,870		2,527,127		230,687,860		91.28		256,355,293	101.44	6.75%
2035	2,347,889		1,930,814		155,596,753		80.59		185,011,270	95.82	5.16%
Thereafter	12,313,569		10,248,722		867,870,424		84.68		1,041,745,400	101.65	27.37%

RETAIL

			BXP’s Share
				Percentage of Total Square Feet
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	64,489		54,895		4,715,816		85.91		4,722,690	86.03	2.39%
2027	87,470		77,168		9,918,498		128.53		9,980,139	129.33	3.37%
2028	88,600		86,823		8,797,790		101.33		8,922,161	102.76	3.79%
2029	167,525		162,200		17,909,255		110.41		18,583,764	114.57	7.08%
2030	167,019		130,611		12,386,044		94.83		13,166,676	100.81	5.70%
2031	97,293		88,532		10,990,946		124.15		11,930,921	134.76	3.86%
2032	127,511		125,802		10,085,486		80.17		11,065,960	87.96	5.49%
2033	340,990		307,587		28,512,135		92.70		32,018,170	104.09	13.42%
2034	362,774		266,302		35,200,820		132.18		40,574,656	152.36	11.62%
2035	334,520		291,425		16,635,881		57.08		19,847,320	68.10	12.71%
Thereafter	265,747		218,749		38,878,580		177.73		33,476,563	153.04	9.54%

IN-SERVICE PROPERTIES

			BXP’s Share
				Percentage of Total Square Feet
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	766,894		710,459		53,439,320		75.22		54,056,439	76.09	1.79%
2027	1,942,864		1,791,962		138,034,063		77.03		140,558,407	78.44	4.51%
2028	2,920,269		2,307,059		209,053,808		90.61		217,540,064	94.29	5.81%
2029	3,835,589		3,372,349		271,272,821		80.44		284,618,971	84.40	8.49%
2030	2,556,981		2,422,434		191,629,794		79.11		201,969,825	83.37	6.10%
2031	2,712,447		2,535,133		224,110,601		88.40		239,780,566	94.58	6.38%
2032	2,889,904		2,653,405		206,041,055		77.65		239,595,471	90.30	6.68%
2033	2,982,800		2,774,698		241,118,939		86.90		273,071,582	98.41	6.98%
2034	3,319,644		2,793,429		265,888,680		95.18		296,929,949	106.30	7.03%
2035	2,682,409		2,222,239		172,232,634		77.50		204,858,590	92.19	5.59%
Thereafter	12,579,316		10,467,471		906,749,004		86.63		1,075,221,963	102.72	26.34%

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

Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Kingstowne Retail which was sold on April 17, 2026.

Does 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.

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	328,137		290,336		23,067,361		79.45		23,067,362	79.45
2027	424,256		414,675		31,209,337		75.26		31,389,061	75.70
2028	894,620		866,627		85,377,676		98.52		88,742,250	102.40
2029	1,195,676		1,062,190		74,072,488		69.74		78,123,359	73.55
2030	1,132,055		1,116,176		78,562,584		70.39		82,305,369	73.74
2031	679,278		610,315		42,623,746		69.84		45,547,871	74.63
2032	1,057,861		1,057,861		82,610,329		78.09		100,826,062	95.31
2033	420,704		391,981		37,264,189		95.07		42,628,283	108.75
2034	1,444,356		1,287,759		113,465,771		88.11		126,194,538	98.00
2035	717,734		647,451		56,099,858		86.65		73,271,809	113.17
Thereafter	4,403,463		3,542,204		306,845,890		86.63		365,905,263	103.30

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	19,863		19,863		2,484,631		125.09		2,484,631	125.09
2027	41,061		34,432		5,320,512		154.52		5,331,595	154.85
2028	35,491		35,491		4,971,704		140.08		5,057,826	142.51
2029	61,901		61,226		8,708,529		142.24		8,829,754	144.22
2030	93,409		57,434		6,164,136		107.33		6,291,013	109.54
2031	10,565		10,565		1,038,297		98.28		1,112,795	105.33
2032	67,548		66,957		5,273,772		78.76		5,755,586	85.96
2033	287,788		254,385		21,346,553		83.91		23,997,326	94.33
2034	164,155		131,856		11,054,888		83.84		12,100,393	91.77
2035	119,685		119,685		8,550,706		71.44		8,945,595	74.74
Thereafter	108,212		97,701		10,739,180		109.92		13,002,951	133.09

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	348,000		310,199		25,551,992		82.37		25,551,993	82.37
2027	465,317		449,107		36,529,849		81.34		36,720,656	81.76
2028	930,111		902,118		90,349,380		100.15		93,800,076	103.98
2029	1,257,577		1,123,416		82,781,017		73.69		86,953,113	77.40
2030	1,225,464		1,173,610		84,726,720		72.19		88,596,382	75.49
2031	689,843		620,880		43,662,043		70.32		46,660,666	75.15
2032	1,125,409		1,124,818		87,884,101		78.13		106,581,648	94.75
2033	708,492		646,366		58,610,742		90.68		66,625,609	103.08
2034	1,608,511		1,419,615		124,520,659		87.71		138,294,931	97.42
2035	837,419		767,136		64,650,564		84.28		82,217,404	107.17
Thereafter	4,511,675		3,639,905		317,585,070		87.25		378,908,214	104.10

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

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	109,479		90,840		8,942,753		98.45		8,942,753	98.45
Q3 2026	91,379		78,713		5,390,319		68.48		5,390,320	68.48
Q4 2026	127,279		120,783		8,734,289		72.31		8,734,289	72.31
Total 2026	328,137		290,336		23,067,361		79.45		23,067,362	79.45
Q1 2027	100,327		99,232		9,183,941		92.55		9,183,941	92.55
Q2 2027	51,799		47,006		2,386,494		50.77		2,358,213	50.17
Q3 2027	81,937		78,244		6,276,251		80.21		6,268,801	80.12
Q4 2027	190,193		190,193		13,362,652		70.26		13,578,106	71.39
Total 2027	424,256		414,675		31,209,337		75.26		31,389,061	75.70

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	6,064		6,064		484,928		79.97		484,928	79.97
Q3 2026	4,293		4,293		850,124		198.03		850,124	198.03
Q4 2026	9,506		9,506		1,149,579		120.93		1,149,579	120.93
Total 2026	19,863		19,863		2,484,631		125.09		2,484,631	125.09
Q1 2027	10,830		10,830		2,559,833		236.37		2,562,390	236.60
Q2 2027	3,575		3,260		760,057		233.15		760,057	233.15
Q3 2027	10,503		10,503		963,165		91.70		963,165	91.70
Q4 2027	16,153		9,839		1,037,458		105.44		1,045,984	106.31
Total 2027	41,061		34,432		5,320,512		154.52		5,331,595	154.85

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	115,543		96,904		9,427,681		97.29		9,427,681	97.29
Q3 2026	95,672		83,006		6,240,443		75.18		6,240,444	75.18
Q4 2026	136,785		130,289		9,883,868		75.86		9,883,868	75.86
Total 2026	348,000		310,199		25,551,992		82.37		25,551,993	82.37
Q1 2027	111,157		110,062		11,743,774		106.70		11,746,331	106.72
Q2 2027	55,374		50,266		3,146,551		62.60		3,118,270	62.04
Q3 2027	92,440		88,747		7,239,416		81.57		7,231,966	81.49
Q4 2027	206,346		200,032		14,400,110		71.99		14,624,090	73.11
Total 2027	465,317		449,107		36,529,849		81.34		36,720,656	81.76

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

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	-		-		-		-		-	-
2027	187,615		94,310		7,164,869		75.97		7,368,372	78.13
2028	270,593		172,796		14,693,981		85.04		15,618,894	90.39
2029	229,160		147,509		10,537,866		71.44		10,547,636	71.51
2030	52,026		52,026		3,250,417		62.48		3,731,364	71.72
2031	7,752		7,752		534,074		68.89		632,555	81.60
2032	246,667		127,701		11,104,239		86.96		13,365,607	104.66
2033	186,894		93,447		8,185,957		87.60		10,414,824	111.45
2034	3,739		3,739		235,557		63.00		298,397	79.81
2035	-		-		-		-		-	-
Thereafter	494,641		494,641		38,974,950		78.79		46,203,493	93.41

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
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		649,611		80.77		803,577	99.91
Thereafter	5,827		5,827		693,057		118.94		642,811	110.32

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	19,188		9,594		135,600		14.13		135,600	14.13
2027	187,615		94,310		7,164,869		75.97		7,368,372	78.13
2028	270,593		172,796		14,693,981		85.04		15,618,894	90.39
2029	267,278		185,627		12,880,014		69.39		13,034,936	70.22
2030	63,390		63,390		4,562,637		71.98		5,172,038	81.59
2031	7,752		7,752		534,074		68.89		632,555	81.60
2032	246,667		127,701		11,104,239		86.95		13,365,607	104.66
2033	186,894		93,447		8,185,957		87.60		10,414,824	111.45
2034	23,732		13,736		484,065		35.24		546,905	39.82
2035	8,043		8,043		649,611		80.77		803,577	99.91
Thereafter	500,468		500,468		39,668,007		79.26		46,846,304	93.60

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	-		-		-		-		-	-
Q3 2026	-		-		-		-		-	-
Q4 2026	-		-		-		-		-	-
Total 2026	-		-		-		-		-	-
Q1 2027	174,115		87,058		6,953,516		79.87		7,153,052	82.16
Q2 2027	12,496		6,248		146,203		23.40		146,203	23.40
Q3 2027	1,004		1,004		65,150		64.89		69,117	68.84
Q4 2027	-		-		-		-		-	-
Total 2027	187,615		94,310		7,164,869		75.97		7,368,372	78.13

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
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
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
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		6,953,516		79.87		7,153,052	82.16
Q2 2027	12,496		6,248		146,203		23.40		146,203	23.40
Q3 2027	1,004		1,004		65,150		64.89		69,117	68.84
Q4 2027	-		-		-		-		-	-
Total 2027	187,615		94,310		7,164,869		75.97		7,368,372	78.13

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	50,705		46,866		2,786,885		59.46		3,342,722	71.33
2027	391,813		354,741		20,885,377		58.88		21,370,404	60.24
2028	332,832		278,162		24,387,886		87.67		24,327,867	87.46
2029	1,211,562		997,669		90,334,326		90.55		94,427,935	94.65
2030	598,182		525,155		50,497,524		96.16		50,884,366	96.89
2031	625,625		543,476		47,543,953		87.48		48,471,873	89.19
2032	402,947		300,472		22,369,218		74.45		23,209,298	77.24
2033	439,095		389,138		41,063,898		105.53		44,294,776	113.83
2034	1,070,005		796,859		87,795,312		110.18		94,362,132	118.42
2035	978,075		671,594		66,144,377		98.49		72,271,279	107.61
Thereafter	4,259,234		3,055,646		288,652,959		94.47		333,634,562	109.19

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	5,248		5,248		1,056,263		201.27		1,056,263	201.27
2027	11,406		7,733		2,746,347		355.14		2,746,347	355.14
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	20,784		14,468		5,374,693		371.50		5,907,844	408.35
2032	16,361		15,243		1,668,373		109.45		1,872,444	122.84
2033	20,928		20,928		4,546,906		217.26		5,136,236	245.42
2034	139,214		85,037		21,406,248		251.73		25,501,425	299.89
2035	114,671		74,697		4,841,818		64.82		6,304,531	84.40
Thereafter	105,007		68,520		23,825,727		347.72		15,371,505	224.34

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	55,953		52,114		3,843,148		73.75		4,398,985	84.41
2027	403,219		362,474		23,631,724		65.20		24,116,751	66.53
2028	335,256		278,809		24,599,340		88.23		24,539,321	88.01
2029	1,221,139		1,003,340		92,139,945		91.83		96,384,716	96.06
2030	601,621		528,594		51,017,342		96.52		51,505,328	97.44
2031	646,409		557,944		52,918,646		94.85		54,379,717	97.46
2032	419,308		315,715		24,037,591		76.14		25,081,742	79.44
2033	460,023		410,066		45,610,804		111.23		49,431,012	120.54
2034	1,209,219		881,896		109,201,560		123.83		119,863,557	135.92
2035	1,092,746		746,291		70,986,195		95.12		78,575,810	105.29
Thereafter	4,364,241		3,124,166		312,478,686		100.02		349,006,067	111.71

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	22,887		22,040		1,488,293		67.53		2,042,593	92.68
Q3 2026	20,194		17,202		950,388		55.25		951,925	55.34
Q4 2026	7,624		7,624		348,204		45.67		348,204	45.67
Total 2026	50,705		46,866		2,786,885		59.46		3,342,722	71.33
Q1 2027	27,345		20,176		2,029,680		100.60		2,557,889	126.78
Q2 2027	207,842		207,842		9,144,667		44.00		9,152,499	44.04
Q3 2027	66,455		64,828		2,903,737		44.79		2,954,177	45.57
Q4 2027	90,171		61,895		6,807,293		109.98		6,705,839	108.34
Total 2027	391,813		354,741		20,885,377		58.88		21,370,404	60.24

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	715		715		30,000		41.96		30,000	41.96
Q3 2026	-		-		-		-		-	-
Q4 2026	4,533		4,533		1,026,263		226.40		1,026,263	226.40
Total 2026	5,248		5,248		1,056,263		201.27		1,056,263	201.27
Q1 2027	11,406		7,733		2,746,347		355.14		2,746,347	355.14
Q2 2027	-		-		-		-		-	-
Q3 2027	-		-		-		-		-	-
Q4 2027	-		-		-		-		-	-
Total 2027	11,406		7,733		2,746,347		355.14		2,746,347	355.14

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	23,602		22,755		1,518,293		66.72		2,072,593	91.08
Q3 2026	20,194		17,202		950,388		55.25		951,925	55.34
Q4 2026	12,157		12,157		1,374,467		113.06		1,374,467	113.06
Total 2026	55,953		52,114		3,843,148		73.75		4,398,985	84.41
Q1 2027	38,751		27,909		4,776,027		171.13		5,304,236	190.05
Q2 2027	207,842		207,842		9,144,667		44.00		9,152,499	44.04
Q3 2027	66,455		64,828		2,903,737		44.79		2,954,177	45.57
Q4 2027	90,171		61,895		6,807,293		109.98		6,705,839	108.34
Total 2027	403,219		362,474		23,631,724		65.20		24,116,751	66.53

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	190,870		190,870		15,359,616		80.47		15,377,774	80.57
2027	478,518		478,518		46,850,009		97.91		47,854,954	100.01
2028	393,369		393,369		43,750,187		111.22		45,587,978	115.89
2029	592,578		592,578		55,521,305		93.69		58,864,584	99.34
2030	374,718		374,718		33,374,299		89.07		37,094,392	98.99
2031	987,505		987,505		105,904,528		107.24		114,595,544	116.05
2032	367,140		367,140		32,562,407		88.69		38,369,560	104.51
2033	630,683		630,683		69,702,757		110.52		76,793,792	121.76
2034	132,269		132,269		11,424,607		86.37		14,250,737	107.74
2035	21,961		21,961		2,479,472		112.90		3,396,692	154.67
Thereafter	628,345		628,345		62,922,812		100.14		82,622,243	131.49

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	14,633		14,633		697,227		47.65		704,101	48.12
2027	14,805		14,805		762,563		51.51		807,474	54.54
2028	17,049		17,049		1,310,651		76.88		1,328,037	77.90
2029	4,967		4,967		330,867		66.61		423,127	85.19
2030	19,864		19,864		1,546,520		77.86		1,853,174	93.29
2031	21,244		21,244		1,689,431		79.53		1,777,920	83.69
2032	6,357		6,357		446,489		70.24		492,688	77.50
2033	9,383		9,383		1,062,136		113.20		1,122,794	119.66
2034	-		-		-		-		-	-
2035	-		-		-		-		-	-
Thereafter	7,996		7,996		486,672		60.86		552,671	69.12

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	205,503		205,503		16,056,843		$78.13		16,081,875	78.26
2027	493,323		493,323		47,612,572		96.51		48,662,428	98.64
2028	410,418		410,418		45,060,838		109.79		46,916,015	114.31
2029	597,545		597,545		55,852,172		93.47		59,287,711	99.22
2030	394,582		394,582		34,920,819		88.50		38,947,566	98.71
2031	1,008,749		1,008,749		107,593,959		106.66		116,373,464	115.36
2032	373,497		373,497		33,008,896		88.38		38,862,248	104.05
2033	640,066		640,066		70,764,893		110.56		77,916,586	121.73
2034	132,269		132,269		11,424,607		86.37		14,250,737	107.74
2035	21,961		21,961		2,479,472		112.90		3,396,692	154.67
Thereafter	636,341		636,341		63,409,484		99.65		83,174,914	130.71

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	160,867		160,867		12,961,485		80.57		12,961,485	80.57
Q3 2026	8,238		8,238		837,710		101.69		837,710	101.69
Q4 2026	21,765		21,765		1,560,421		71.69		1,578,579	72.53
Total 2026	190,870		190,870		15,359,616		80.47		15,377,774	80.57
Q1 2027	151,808		151,808		12,598,944		82.99		12,817,319	84.43
Q2 2027	26,245		26,245		2,919,352		111.23		2,999,365	114.28
Q3 2027	55,320		55,320		4,854,489		87.75		5,000,998	90.40
Q4 2027	245,145		245,145		26,477,225		108.01		27,037,273	110.29
Total 2027	478,518		478,518		46,850,009		97.91		47,854,954	100.01

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	1,821		1,821		37,260		20.46		37,260	20.46
Q3 2026	60		60		21,818		363.63		21,818	363.63
Q4 2026	12,752		12,752		638,148		50.04		645,023	50.58
Total 2026	14,633		14,633		697,227		47.65		704,101	48.12
Q1 2027	-		-		-		-		-	-
Q2 2027	7,246		7,246		161,925		22.35		195,434	26.97
Q3 2027	5,733		5,733		453,709		79.14		462,482	80.67
Q4 2027	1,826		1,826		146,929		80.47		149,558	81.90
Total 2027	14,805		14,805		762,563		51.51		807,474	54.54

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	162,688		162,688		12,998,745		79.90		12,998,745	79.90
Q3 2026	8,298		8,298		859,528		103.58		859,528	103.58
Q4 2026	34,517		34,517		2,198,569		63.70		2,223,602	64.42
Total 2026	205,503		205,503		16,056,843		78.13		16,081,875	78.26
Q1 2027	151,808		151,808		12,598,944		82.99		12,817,319	84.43
Q2 2027	33,491		33,491		3,081,277		92.00		3,194,799	95.39
Q3 2027	61,053		61,053		5,308,198		86.94		5,463,480	89.49
Q4 2027	246,971		246,971		26,624,154		107.80		27,186,831	110.08
Total 2027	493,323		493,323		47,612,572		96.51		48,662,428	98.64

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	50,053		44,852		2,633,564		58.72		2,654,782	59.19
2027	79,314		78,672		4,829,422		61.39		4,930,430	62.67
2028	601,382		302,445		17,263,165		57.08		17,889,679	59.15
2029	268,777		239,892		13,325,467		55.55		13,765,885	57.38
2030	34,778		34,778		2,028,097		58.32		2,194,108	63.09
2031	29,298		18,603		1,009,617		54.27		1,118,239	60.11
2032	81,126		67,777		4,856,451		71.65		5,491,196	81.02
2033	-		-		-		-		-	-
2034	-		-		-		-		-	-
2035	60,774		20,463		1,471,890		71.93		1,809,319	88.42
Thereafter	3,151		3,151		165,413		52.50		196,302	62.30

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
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		289,828		67.57		323,476	75.42
2032	-		-		-		-		-	-
2033	-		-		-		-		-	-
2034	3,718		3,718		123,288		33.16		145,154	39.04
2035	-		-		-		-		-	-
Thereafter	-		-		-		-		-	-

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	50,053		44,852		2,633,564		58.72		2,654,782	59.19
2027	79,314		78,672		4,829,422		61.39		4,930,430	62.67
2028	602,327		303,390		17,319,578		57.09		17,946,092	59.15
2029	269,898		240,269		13,332,773		55.49		13,773,191	57.32
2030	35,431		34,998		2,033,399		58.10		2,199,686	62.85
2031	36,032		22,892		1,299,445		56.76		1,441,715	62.98
2032	81,126		67,777		4,856,451		71.65		5,491,196	81.02
2033	-		-		-		-		-	-
2034	3,718		3,718		123,288		33.16		145,154	39.04
2035	60,774		20,463		1,471,890		71.93		1,809,319	88.42
Thereafter	3,151		3,151		165,413		52.50		196,302	62.30

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

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	39,138		39,138		2,330,168		59.54		2,346,596	59.96
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	50,053		44,852		2,633,564		58.72		2,654,782	59.19
Q1 2027	5,929		5,929		451,258		76.11		451,258	76.11
Q2 2027	12,713		12,713		768,485		60.45		784,884	61.74
Q3 2027	12,172		12,172		713,664		58.63		744,093	61.13
Q4 2027	48,500		47,858		2,896,016		60.51		2,950,194	61.64
Total 2027	79,314		78,672		4,829,422		61.39		4,930,430	62.67

RETAIL

BXP’s Share

Quarter

Rentable Square Footage

Current Annualized Rental Obligations Under Expiring Leases

Annualized Rental Obligations Under Expiring Leases with future step-ups

$/PSF

Q2 2026

Q3 2026

Q4 2026

Total 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Total 2027

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	39,138		39,138		2,330,168		59.54		2,346,596	59.96
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	50,053		44,852		2,633,564		58.72		2,654,782	59.19
Q1 2027	5,929		5,929		451,258		76.11		451,258	76.11
Q2 2027	12,713		12,713		768,485		60.45		784,884	61.74
Q3 2027	12,172		12,172		713,664		58.63		744,093	61.13
Q4 2027	48,500		47,858		2,896,016		60.51		2,950,194	61.64
Total 2027	79,314		78,672		4,829,422		61.39		4,930,430	62.67

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

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

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	82,640		82,640		4,876,078		59.00		4,891,109	59.19
2027	293,878		293,878		17,176,551		58.45		17,665,047	60.11
2028	338,873		206,837		14,783,123		71.47		16,451,235	79.54
2029	170,311		170,311		9,572,114		56.20		10,305,808	60.51
2030	198,203		188,970		11,530,829		61.02		12,593,550	66.64
2031	285,696		278,950		15,503,737		55.58		17,483,563	62.68
2032	606,652		606,652		42,452,925		69.98		47,267,788	77.92
2033	964,434		961,862		56,390,003		58.63		66,921,737	69.58
2034	306,501		306,501		17,766,613		57.97		21,249,489	69.33
2035	569,345		569,345		29,401,156		51.64		34,262,171	60.18
Thereafter	2,524,735		2,524,735		170,308,400		67.46		213,183,537	84.44

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	5,557		5,557		342,095		61.56		342,095	61.56
2027	20,198		20,198		1,089,076		53.92		1,094,723	54.20
2028	32,691		32,691		2,247,568		68.75		2,268,431	69.39
2029	51,841		51,841		4,714,786		90.95		4,879,496	94.12
2030	38,290		38,290		2,838,048		74.12		2,955,275	77.18
2031	37,966		37,966		2,598,697		68.45		2,808,886	73.98
2032	37,245		37,245		2,696,852		72.41		2,945,242	79.08
2033	22,891		22,891		1,556,540		68.00		1,761,814	76.97
2034	35,694		35,694		2,367,888		66.34		2,579,176	72.26
2035	92,121		89,000		2,593,746		29.14		3,793,617	42.63
Thereafter	38,705		38,705		3,133,944		80.97		3,906,625	100.93

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	88,197		88,197		5,218,173		59.16		5,233,204	59.34
2027	314,076		314,076		18,265,627		58.16		18,759,770	59.73
2028	371,564		239,528		17,030,691		71.10		18,719,666	78.15
2029	222,152		222,152		14,286,900		64.31		15,185,304	68.36
2030	236,493		227,260		14,368,877		63.23		15,548,825	68.42
2031	323,662		316,916		18,102,434		57.12		20,292,449	64.03
2032	643,897		643,897		45,149,777		70.12		50,213,030	77.98
2033	987,325		984,753		57,946,543		58.84		68,683,551	69.75
2034	342,195		342,195		20,134,501		58.84		23,828,665	69.63
2035	661,466		658,345		31,994,902		48.60		38,055,788	57.81
Thereafter	2,563,440		2,563,440		173,442,344		67.66		217,090,162	84.69

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

Includes partially placed in-service leased space. Does not include residential units. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

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

OFFICE

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	53,747		53,747		3,188,175		59.32		3,188,175	59.32
Q3 2026	2,991		2,991		178,738		59.76		182,986	61.18
Q4 2026	25,902		25,902		1,509,165		58.26		1,519,948	58.68
Total 2026	82,640		82,640		4,876,078		59.00		4,891,109	59.19
Q1 2027	39,346		39,346		2,178,972		55.38		2,194,272	55.77
Q2 2027	66,952		66,952		3,447,742		51.50		3,514,096	52.49
Q3 2027	146,370		146,370		9,088,388		62.09		9,386,570	64.13
Q4 2027	41,210		41,210		2,461,449		59.73		2,570,109	62.37
Total 2027	293,878		293,878		17,176,551		58.45		17,665,047	60.11

RETAIL

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	-		-		-		-		-	-
Q3 2026	3,074		3,074		181,347		58.99		181,347	58.99
Q4 2026	2,483		2,483		160,748		64.74		160,748	64.74
Total 2026	5,557		5,557		342,095		61.56		342,095	61.56
Q1 2027	9,122		9,122		475,897		52.17		475,897	52.17
Q2 2027	3,498		3,498		275,172		78.67		277,490	79.33
Q3 2027	7,578		7,578		338,007		44.60		341,336	45.04
Q4 2027	-		-		-		-		-	-
Total 2027	20,198		20,198		1,089,076		53.92		1,094,723	54.20

TOTAL PROPERTY TYPES

			BXP’s Share
		$		$/PSF		$		$/PSF
Quarter	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
Q1 2026	-		-		-		-		-	-
Q2 2026	53,747		53,747		3,188,175		59.32		3,188,175	59.32
Q3 2026	6,065		6,065		360,085		59.37		364,333	60.07
Q4 2026	28,385		28,385		1,669,913		58.83		1,680,696	59.21
Total 2026	88,197		88,197		5,218,173		59.16		5,233,204	59.34
Q1 2027	48,468		48,468		2,654,869		54.78		2,670,169	55.09
Q2 2027	70,450		70,450		3,722,914		52.84		3,791,586	53.82
Q3 2027	153,948		153,948		9,426,395		61.23		9,727,906	63.19
Q4 2027	41,210		41,210		2,461,449		59.73		2,570,109	62.37
Total 2027	314,076		314,076		18,265,627		58.16		18,759,770	59.73

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

Includes partially placed in-service leased space. Does not include residential units. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

Lease expirations - CBD properties 1, 2, 3

Boston

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	213,807		176,006		14,536,633		82.59		14,536,634	82.59
2027	221,348		205,138		18,999,003		92.62		19,086,244	93.04
2028	652,713		624,720		74,179,473		118.74		77,054,307	123.34
2029	764,054		629,893		57,883,443		91.89		59,877,210	95.06
2030	1,109,388		1,057,534		77,651,331		73.43		80,995,897	76.59
2031	55,737		47,114		4,235,248		89.89		4,616,662	97.99
2032	898,312		897,721		76,076,719		84.74		93,609,869	104.28
2033	595,005		532,879		46,421,396		87.11		52,823,943	99.13
2034	1,282,127		1,093,230		100,044,289		91.51		109,997,110	100.62
2035	774,303		704,020		59,839,506		85.00		76,632,966	108.85
Thereafter	4,041,508		3,169,738		300,140,953		94.69		355,439,689	112.14

Los Angeles

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	19,188		9,594		135,600		14.13		135,600	14.13
2027	187,615		94,310		7,164,869		75.97		7,368,372	78.13
2028	270,593		172,796		14,693,981		85.04		15,618,894	90.39
2029	267,278		185,627		12,880,014		69.39		13,034,936	70.22
2030	63,390		63,390		4,562,637		71.98		5,172,038	81.59
2031	7,752		7,752		534,074		68.89		632,555	81.60
2032	246,667		127,701		11,104,239		86.96		13,365,607	104.66
2033	186,894		93,447		8,185,957		87.6		10,414,824	111.45
2034	23,732		13,736		484,065		35.24		546,905	39.82
2035	8,043		8,043		649,611		80.77		803,577	99.91
Thereafter	500,468		500,468		39,668,007		79.26		46,846,304	93.60

New York

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	13,779		9,940		1,517,276		152.64		1,517,276	152.64
2027	148,339		107,594		14,028,937		130.39		14,454,743	134.35
2028	224,415		167,968		20,120,927		119.79		20,155,218	119.99
2029	1,034,334		816,535		85,281,274		104.44		89,301,858	109.37
2030	476,478		403,451		45,859,220		113.67		46,143,472	114.37
2031	458,788		370,322		45,229,701		122.14		46,341,208	125.14
2032	306,182		202,589		19,264,367		95.09		20,546,090	101.42
2033	410,076		360,119		43,722,672		121.41		47,383,323	131.58
2034	1,209,219		881,896		109,201,561		123.83		119,863,557	135.92
2035	933,761		587,306		64,572,203		109.95		71,410,121	121.59
Thereafter	4,017,115		2,777,040		298,734,181		107.57		333,856,205	120.22

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

San Francisco

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	157,472		157,472		14,869,256		94.42		14,876,131	94.47
2027	353,401		353,401		37,815,305		107.00		38,688,125	109.47
2028	360,329		360,329		42,003,496		116.57		43,682,291	121.23
2029	581,450		581,450		54,921,573		94.46		58,292,637	100.25
2030	302,764		302,764		28,789,585		95.09		32,182,122	106.29
2031	955,328		955,328		104,640,035		109.53		112,811,255	118.09
2032	373,497		373,497		33,008,896		88.38		38,862,248	104.05
2033	640,066		640,066		70,764,893		110.56		77,916,586	121.73
2034	132,269		132,269		11,424,607		86.37		14,250,737	107.74
2035	21,961		21,961		2,479,472		112.90		3,396,692	154.67
Thereafter	636,341		636,341		63,409,484		99.65		83,174,914	130.71

Seattle

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	50,053		44,852		2,633,564		58.72		2,654,782	59.19
2027	79,314		78,672		4,829,422		61.39		4,930,430	62.67
2028	602,327		303,390		17,319,578		57.09		17,946,092	59.15
2029	269,898		240,270		13,332,774		55.49		13,773,191	57.32
2030	35,431		34,998		2,033,399		58.10		2,199,685	62.85
2031	36,032		22,892		1,299,445		56.76		1,441,715	62.98
2032	81,126		67,777		4,856,451		71.65		5,491,196	81.02
2033	-		-		-		-		-	-
2034	3,718		3,718		123,288		33.16		145,154	39.04
2035	60,774		20,463		1,471,890		71.93		1,809,319	88.42
Thereafter	3,151		3,151		165,413		52.50		196,302	62.30

Washington, DC

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	70,232		70,232		4,468,750		63.63		4,479,744	63.78
2027	310,199		310,199		18,104,027		58.36		18,593,341	59.94
2028	371,564		239,528		17,030,691		71.10		18,719,666	78.15
2029	211,142		211,142		13,897,209		65.82		14,762,849	69.92
2030	212,441		203,208		13,440,548		66.14		14,538,733	71.55
2031	306,862		300,116		17,502,341		58.32		19,611,236	65.35
2032	643,897		643,897		45,149,777		70.12		50,213,031	77.98
2033	987,325		984,753		57,946,542		58.84		68,683,550	69.75
2034	333,733		333,733		19,803,120		59.34		23,425,442	70.19
2035	661,466		658,345		31,994,903		48.60		38,055,787	57.81
Thereafter	2,563,440		2,563,440		173,442,344		67.66		217,090,161	84.69

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

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

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

Lease expirations - Suburban properties 1, 2, 3

Boston

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	134,193		134,193		11,015,359		82.09		11,015,359	82.09
2027	243,969		243,969		17,530,846		71.86		17,634,412	72.28
2028	277,398		277,398		16,169,907		58.29		16,745,769	60.37
2029	493,523		493,523		24,897,574		50.45		27,075,903	54.86
2030	116,076		116,076		7,075,389		60.95		7,600,485	65.48
2031	634,106		573,766		39,426,795		68.72		42,044,004	73.28
2032	227,097		227,097		11,807,382		51.99		12,971,779	57.12
2033	113,487		113,487		12,189,345		107.41		13,801,666	121.61
2034	326,384		326,384		24,476,370		74.99		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		17,444,116		37.10		23,468,525	49.92

New York

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	42,174		42,174		2,325,871		55.15		2,881,709	68.33
2027	254,880		254,880		9,602,787		37.68		9,662,008	37.91
2028	110,841		110,841		4,478,412		40.40		4,384,103	39.55
2029	186,805		186,805		6,858,671		36.72		7,082,857	37.92
2030	125,143		125,143		5,158,122		41.22		5,361,857	42.85
2031	187,621		187,621		7,688,945		40.98		8,038,509	42.84
2032	113,126		113,126		4,773,223		42.19		4,535,652	40.09
2033	49,947		49,947		1,888,132		37.80		2,047,688	41.00
2034	-		-		-		-		-	-
2035	158,985		158,985		6,413,992		40.34		7,165,689	45.07
Thereafter	347,126		347,126		13,744,505		39.60		15,149,862	43.64

San Francisco

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	48,031		48,031		1,187,587		24.73		1,205,744	25.10
2027	139,922		139,922		9,797,268		70.02		9,974,304	71.28
2028	50,089		50,089		3,057,341		61.04		3,233,723	64.56
2029	16,095		16,095		930,600		57.82		995,073	61.83
2030	91,818		91,818		6,131,234		66.78		6,765,444	73.68
2031	53,421		53,421		2,953,924		55.30		3,562,209	66.68
2032	-		-		-		-		-	-
2033	-		-		-		-		-	-
2034	-		-		-		-		-	-
2035	-		-		-		-		-	-
Thereafter	-		-		-		-		-	-

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

Washington, DC

			BXP’s Share
		$		$/PSF		$		$/PSF
Year	Rentable Square Footage		Rentable Square Footage		Current Annualized Rental Obligations Under Expiring Leases				Annualized Rental Obligations Under Expiring Leases with future step-ups
2026	17,965		17,965		749,423		41.72		753,459	41.94
2027	3,877		3,877		161,599		41.68		166,429	42.93
2028	-		-		-		-		-	-
2029	11,010		11,010		389,692		35.39		422,454	38.37
2030	24,052		24,052		928,328		38.60		1,010,092	42.00
2031	16,800		16,800		600,093		35.72		681,213	40.55
2032	-		-		-		-		-	-
2033	-		-		-		-		-	-
2034	8,462		8,462		331,380		39.16		403,223	47.65
2035	-		-		-		-		-	-
Thereafter	-		-		-		-		-	-

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

Includes partially placed in-service leased space. Does not include residential units and hotel. Excludes Kingstowne Retail which was sold on April 17, 2026.

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

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

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.

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.

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.

Definitions (continued)

Net Operating Income (NOI)

Net operating income (NOI) is a non-GAAP financial measure equal to net income (loss) attributable to BXP, Inc., the most directly comparable GAAP financial measure, plus (1) net income (loss) attributable to noncontrolling interests, corporate general and administrative expense, payroll and related costs from management services contracts, transaction costs, depreciation and amortization expense, impairment losses, loss from early extinguishment of debt, and interest expense, less (2) development and management services revenue, direct reimbursements of payroll and related costs from management services contracts, income (loss) from unconsolidated joint ventures, gains (losses) on sales of real estate or sales type leases, gains (losses) from investments in securities, unrealized gain (loss) on non-real estate investments, and interest and other income (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.”

Reconciliations

	Three Months Ended
	31-Mar-26	31-Dec-25
BXP’s Share of select items
Revenue	$872,148	$877,097
Partners’ share of revenue from consolidated joint ventures (JVs)	(90,250)	(87,619)
BXP’s share of revenue from unconsolidated JVs	43,572	54,258
BXP’s Share of revenue	$825,470	$843,736
Straight-line rent	$23,588	$25,710
Partners’ share of straight-line rent from consolidated JVs	(3,594)	(4,401)
BXP’s share of straight-line rent from unconsolidated JVs	450	277
BXP’s Share of straight-line rent	$20,444	$21,586
Fair value lease revenue	$1,961	$1,983
Partners’ share of fair value lease revenue from consolidated JVs	11	11
BXP’s share of fair value lease revenue from unconsolidated JVs	743	1,036
BXP’s Share of fair value lease revenue	$2,715	$3,030
Lease termination income	$12,828	$8,947
Partners’ share of termination income from consolidated JVs	-	(287)
BXP’s share of termination income from unconsolidated JVs	-	72
BXP’s Share of termination income	$12,828	$8,732
Non-cash termination income adjustment	$(1,744)	$(4,121)
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	$(1,744)	$(4,121)
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	260	266
BXP’s Share of hedge amortization, net of costs	$1,706	$1,712
Straight-line ground rent expense adjustment	$(4,970)	$(3,239)
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	$(4,849)	$(3,118)
Depreciation and amortization	$227,967	$232,015
Noncontrolling interests in property partnerships’ share of depreciation and amortization	(20,871)	(22,085)
BXP’s share of depreciation and amortization from unconsolidated JVs	13,506	14,173
BXP’s Share of depreciation and amortization	$220,602	$224,103
Lease transaction costs that qualify as rent inducements	$3,746	$4,615
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs	(32)	(127)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs	25	-
BXP’s Share of lease transaction costs that qualify as rent inducements	$3,739	$4,488
2nd generation tenant improvements and leasing commissions	$191,046	$156,837
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs	(22,735)	(11,526)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs	10,060	78
BXP’s Share of 2nd generation tenant improvements and leasing commissions	$178,371	$145,389

Reconciliations (continued)

Maintenance capital expenditures	$18,984	$18,157
Partners’ share of maintenance capital expenditures from consolidated JVs	(2,792)	(1,615)
BXP’s share of maintenance capital expenditures from unconsolidated JVs	455	629
BXP’s Share of maintenance capital expenditures	$16,647	$17,171
Interest expense	$152,093	$162,612
Partners’ share of interest expense from consolidated JVs	(11,779)	(12,024)
BXP’s share of interest expense from unconsolidated JVs	16,532	16,486
BXP’s Share of interest expense	$156,846	$167,074
Capitalized interest	$16,490	$14,670
Partners’ share of capitalized interest from consolidated JVs	(13)	(13)
BXP’s share of capitalized interest from unconsolidated JVs	-	-
BXP’s Share of capitalized interest	$16,477	$14,657
Amortization of financing costs	$5,848	$5,972
Partners’ share of amortization of financing costs from consolidated JVs	(498)	(498)
BXP’s share of amortization of financing costs from unconsolidated JVs	496	521
BXP’s Share of amortization of financing costs	$5,846	$5,995
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	216	509
BXP’s Share of fair value interest adjustment	$216	$509
Amortization and accretion related to sales type lease	$245	$240
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	28
BXP’s Share of amortization and accretion related to sales type lease	$274	$268
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	-	54
BXP’s Share of non-cash loss from early extinguishment of debt	$ -	$54

Represents 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.

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

Reconciliations (continued)

	767 Fifth Avenue				Total Consolidated
	(The GM Building)		Norges Joint Ventures		Joint Ventures
CONSOLIDATED JOINT VENTURES
Revenue
Lease	$81,832		$118,236		$200,068
Straight-line rent	3,531		4,849		8,380
Fair value lease revenue	(27)		-		(27)
Termination income	-		-		-
Total lease revenue	85,336		123,085		208,421
Parking and other	-		1,617		1,617
Total rental revenue	85,336		124,702		210,038
Expenses
Operating	35,672		49,928		85,600
Net Operating Income (NOI)	49,664		74,774		124,438
Other income (expense)
Development and management services revenue	-		-		-
Losses from investments in securities	-		(4)		(4)
Interest and other income	496		1,605		2,101
Interest expense	(20,956)		(7,556)		(28,512)
Depreciation and amortization expense	(18,653)		(28,077)		(46,730)
General and administrative expense	(16)		(152)		(168)
Total other income (expense)	(39,129)		(34,184)		(73,313)
Net income	$10,535		$40,590		$51,125
BXP’s nominal ownership percentage		60%		55%
Partners’ share of NOI (after income allocation to private REIT shareholders)	$19,146		$32,564		$51,710
BXP’s share of NOI (after income allocation to private REIT shareholders)	$30,518		$42,210		$72,728
Unearned portion of capitalized fees	$138		$531		$669
Partners’ share of select items
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	$415		$569		$984
Partners’ share of capitalized interest	$ -		$13		$13
Partners’ share of lease transactions costs which will qualify as rent inducements	$ -		$(32)		$(32)
Partners’ share of management and other fees	$719		$1,084		$1,803
Partners’ share of basis differential depreciation and amortization expense	$(24)		$(185)		$(209)
Partners’ share of basis differential interest and other adjustments	$(4)		$37		$33
Reconciliation of Partners’ share of EBITDAre
Partners’ NCI	$3,108		$16,761		$19,869
Add:
Partners’ share of interest expense after BXP’s basis differential	8,379		3,400		11,779
Partners’ share of depreciation and amortization expense after BXP’s basis differential	7,852		13,019		20,871
Partners’ share of EBITDAre	$19,339		$33,180		$52,519

Reconciliations (continued)

	767 Fifth Avenue		Total Consolidated
CONSOLIDATED JOINT VENTURES
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI)	(The GM Building)	Norges Joint Ventures	Joint Ventures
Rental revenue	$34,134	$56,116	$90,250
Less: Termination income	-	-	-
Rental revenue (excluding termination income)	34,134	56,116	90,250
Less: Operating expenses (including partners’ share of management and other fees)	14,988	23,552	38,540
Income allocation to private REIT shareholders	-	-	-
NOI (excluding termination income and after income allocation to private REIT shareholders)	$19,146	$32,564	$51,710
Rental revenue (excluding termination income)	$34,134	$56,116	$90,250
Less: Straight-line rent	1,412	2,182	3,594
Fair value lease revenue	(11)	-	(11)
Add: Lease transaction costs that qualify as rent inducements	-	32	32
Subtotal	32,733	53,966	86,699
Less: Operating expenses (including partners’ share of management and other fees)	14,988	23,552	38,540
Income allocation to private REIT shareholders	-	-	-
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)	$17,745	$30,414	$48,159
Reconciliation of Partners’ share of Revenue
Rental revenue	$34,134	$56,116	$90,250
Add: Development and management services revenue	-	-	-
Revenue	$34,134	$56,116	$90,250

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.

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

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

Capitalized 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.

Reconciliations (continued)

UNCONSOLIDATED JOINT VENTURES

	Boston	Los Angeles	New York	San Francisco	Seattle	Washington, DC	Total Unconsolidated Joint Ventures
Revenue
Lease	$28,307	$20,627	$19,201	$141	$7,331	$17,294	$92,901
Straight-line rent	275	(1,710)	1,598	13	(5)	295	466
Fair value lease revenue	-	-	1,221	-	998	-	2,219
Termination income	-	-	-	-	-	-	-
Amortization and accretion related to sales-type lease	57	-	-	-	-	-	57
Total lease revenue	28,639	18,917	22,020	154	8,324	17,589	95,643
Parking and other	1	2,116	123	-	583	909	3,732
Total rental revenue	28,640	21,033	22,143	154	8,907	18,498	99,375
Expenses
Operating	11,118	7,702	17,940	1,116	3,464	6,392	47,732
Net operating income	17,522	13,331	4,203	(962)	5,443	12,106	51,643
Other income (expense)
Development and management services revenue	-	-	413	-	-	-	413
Interest and other income (loss)	310	1,008	890	(3)	64	135	2,404
Interest expense	(9,301)	(4,943)	(14,647)	-	(3,869)	(6,920)	(39,680)
Transaction costs	-	-	(8)	-	-	-	(8)
Depreciation and amortization expense	(8,483)	(5,566)	(12,001)	-	(1,434)	(4,388)	(31,872)
General and administrative expense	-	(33)	(150)	-	(16)	-	(199)
Loss on sale of real estate	-	(2)	-	-	-	-	(2)
Total other income (expense)	(17,474)	(9,536)	(25,503)	(3)	(5,255)	(11,173)	(68,944)
Net income (loss)	$48	$3,795	$(21,300)	$(965)	$188	$933	$(17,301)
BXP’s share of select items:
BXP’s share of amortization of financing costs	$139	$23	$242	$ -	$29	$63	$496
BXP’s share of hedge amortization, net of costs	$ -	$ -	$ -	$ -	$260	$ -	$260
BXP’s share of fair value interest adjustment	$ -	$ -	$216	$ -		$ -	$216
BXP’s share of amortization and accretion related to sales-type lease	$29	$ -	$ -	$ -	$ -	$ -	$29
Reconciliation of BXP’s share of EBITDAre
Income (loss) from unconsolidated joint ventures	$18	$2,603	$(8,366)	$5,892	$(326)	$35,592	$35,413
Add:
BXP’s share of interest expense	4,651	2,472	5,649	-	1,303	2,457	16,532
BXP’s share of depreciation and amortization expense	4,244	2,213	4,665	(28)	874	1,538	13,506
Less:
BXP’s share of gains (loss) on sales	-	(1)	-	6,394	-	34,840	41,233
BXP’s share of EBITDAre	$8,913	$7,289	$1,948	$(530)	$1,851	$4,747	$24,218

Reconciliations (continued)

UNCONSOLIDATED JOINT VENTURES
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	$14,321	$10,654	$8,571	$77	$2,999	$6,743	$43,365
BXP’s share of operating expenses	5,559	3,851	7,783	606	1,165	2,031	20,995
BXP’s share of net operating income (loss)	8,762	6,803	788	(529)	1,834	4,712	22,370
Less:
BXP’s share of termination income	-	-	-	-	-	-	-
BXP’s share of net operating income (loss) (excluding termination income)	8,762	6,803	788	(529)	1,834	4,712	22,370
Less:
BXP’s share of straight-line rent	137	(763)	897	7	(2)	174	450
BXP’s share of fair value lease revenue	-	45	362	-	336	-	743
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	-	17	-	-	-	8	25
BXP’s share of net operating income (loss) - cash (excluding termination income)	$8,596	$7,538	$(350)	$(536)	$1,500	$4,546	$21,294
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue	$14,321	$10,654	$8,571	$77	$2,999	$6,743	$43,365
Add:
BXP’s share of development and management services revenue	-	-	207	-	-	-	207
BXP’s share of revenue	$14,321	$10,654	$8,778	$77	$2,999	$6,743	$43,572

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

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

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

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

For additional information, see page 14.

Reconciliations (continued)

Reconciliation of Net income (loss) attributable to BXP, Inc. to

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

	Three Months Ended
	31-Dec-25	31-Dec-24
Net income (loss) attributable to BXP, Inc.	$248,486	$(230,019)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership	27,824	(25,031)
Noncontrolling interest in property partnerships	18,479	17,233
Net income (loss)	294,789	(237,817)
Add:
Interest expense	162,612	170,390
Impairment losses	16,902	-
Unrealized loss on non-real estate investments	2	2
Depreciation and amortization expense	232,015	226,043
Transaction costs	122	707
Payroll and related costs from management services contracts	3,959	4,398
General and administrative expense	37,801	32,504
Less:
Interest and other income (loss)	12,351	20,452
Gains (losses) from investments in securities	846	(369)
Gain on sale of real estate	156,410	85
Income (loss) from unconsolidated joint ventures	50,232	(349,553)
Direct reimbursements of payroll and related costs from management services contracts	3,959	4,398
Development and management services revenue	8,641	8,784
Net Operating Income (NOI)	515,763	512,430
Add:
BXP’s share of NOI from unconsolidated joint ventures	28,183	30,782
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)	51,665	48,259
BXP’s Share of NOI	492,281	494,953
Less:
Termination income	8,947	914
BXP’s share of termination income from unconsolidated joint ventures	72	521
Add:
Partners’ share of termination income from consolidated joint ventures	287	11
BXP’s Share of NOI (excluding termination income)	$483,549	$493,529
Net Operating Income (NOI)	$515,763	$512,430
Less:
Termination income	8,947	914
NOI from non Same Properties (excluding termination income)	13,872	17,950
Same Property NOI (excluding termination income)	492,944	493,566
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	51,378	48,248
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	4,460	2,865
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)	28,111	30,261
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)	2,959	3,983
BXP’s Share of Same Property NOI (excluding termination income)	$471,178	$474,461
Change in BXP’s Share of Same Property NOI (excluding termination income)	$(3,283)
Change in BXP’s Share of Same Property NOI (excluding termination income)	(0.7)%

Reconciliations (continued)

Reconciliation of Net income (loss) attributable to BXP, Inc. to

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

	Three Months Ended
	31-Dec-25	31-Dec-24
Net income (loss) attributable to BXP, Inc.	$248,486	$(230,019)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership	27,824	(25,031)
Noncontrolling interest in property partnerships	18,479	17,233
Net income (loss)	294,789	(237,817)
Add:
Interest expense	162,612	170,390
Impairment losses	16,902	-
Unrealized loss on non-real estate investments	2	2
Depreciation and amortization expense	232,015	226,043
Transaction costs	122	707
Payroll and related costs from management services contracts	3,959	4,398
General and administrative expense	37,801	32,504
Less:
Interest and other income (loss)	12,351	20,452
Gains (losses) from investments in securities	846	(369)
Gain on sale of real estate	156,410	85
Income (loss) from unconsolidated joint ventures	50,232	(349,553)
Direct reimbursements of payroll and related costs from management services contracts	3,959	4,398
Development and management services revenue	8,641	8,784
Net Operating Income (NOI)	515,763	512,430
Less:
Straight-line rent	25,710	19,732
Fair value lease revenue	1,983	1,277
Amortization and accretion related to sales type lease	240	254
Termination income	8,947	914
Add:
Straight-line ground rent expense adjustment	531	586
Lease transaction costs that qualify as rent inducements	4,615	3,512
NOI - cash (excluding termination income)	484,029	494,351
Less:
NOI - cash from non Same Properties (excluding termination income)	10,672	32,432
Same Property NOI - cash (excluding termination income)	473,357	461,919
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)	47,115	49,077
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)	3,382	9,121
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)	26,891	29,808
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)	2,308	3,285
BXP’s Share of Same Property NOI - cash (excluding termination income)	$454,207	$448,486
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)	$5,721
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)	1.3%

In 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 $(3,770) and $146 for the three months ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company has remaining lease payments aggregating approximately $25.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

	Three Months Ended
	31-Mar-25	31-Dec-24
Revenue
Lease	$811,102	$798,189
Parking and other	30,146	33,135
Insurance proceeds	96	921
Hotel revenue	9,597	13,144
Development and management services	9,775	8,784
Direct reimbursements of payroll and related costs from management services contracts	4,499	4,398
Total revenue	865,215	858,571
Expenses
Operating	183,076	174,030
Real estate taxes	148,429	148,901
Restoration expenses related to insurance claims	73	427
Hotel operating	7,565	9,601
General and administrative	52,284	32,504
Payroll and related costs from management services contracts	4,499	4,398
Transaction costs	768	707
Depreciation and amortization	220,107	226,043
Total expenses	616,801	596,611
Other income (expense)
Loss from unconsolidated joint ventures	(2,139)	(349,553)
Gain on sale of real estate	-	85
Loss on sales-type lease	(2,490)	-
Losses from investments in securities	(365)	(369)
Unrealized loss on non-real estate investments	(483)	(2)
Interest and other income (loss)	7,750	20,452
Loss from early extinguishment of debt	(338)	-
Interest expense	(163,444)	(170,390)
Net income (loss)	86,905	(237,817)
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships	(18,749)	(17,233)
Noncontrolling interest - common units of the Operating Partnership	(6,979)	25,031
Net income (loss) attributable to BXP, Inc.	$61,177	$(230,019)
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic	$0.39	$(1.45)
Net income (loss) attributable to BXP, Inc. per share - diluted	$0.39	$(1.45)

Contacts
Corporate Headquarters · 800 Boylston Street · Suite 1900 · Boston, MA 02199 · www.bxp.com · (t) 617.236.3300
Trading Symbol · BXP · Stock Exchange Listing · New York Stock Exchange
Investor Relations · BXP, Inc. · 800 Boylston Street, Suite 1900 · Boston, MA 02199 · investors.bxp.com · investorrelations@bxp.com · (t) 617.236.3429
Inquiries · Inquiries should be directed to · Helen Han · Vice President, Investor Relations · at 617.236.3429 or · hhan@bxp.com · Michael E. LaBelle · Executive Vice President, Chief Financial Officer · at 617.236.3352 or · mlabelle@bxp.com
Debt Research Coverage · Barclays · J.P. Morgan Securities · US Bank · Wells Fargo
Srinjoy Banerjee · Mark Streeter · Bill Stafford · Kevin McClure
212.526.3521 · 212.834.5086 · 877.558.2605 · 704.410.1100
Rating Agencies · Moody’s Investors Service · Standard & Poor’s
Christian Azzi · Michael Souers
212.553.7718 · 212.438.2508

Open the filing on EDGAR

BXP ANNOUNCES FIRST QUARTER 2026 RESULTS

Exceeded the Midpoint of Guidance for Q1; Executed More Than 1.1 Million SF of Leases in Q1; Increased Total Portfolio Occupancy by 70 Basis Points; More Than 1.4 Million Square Feet of Leasing Scheduled to Commence Through the End of 2026

BOSTON, MA, April 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 first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

Revenue increased 0.8% to $872.1 million for the quarter ended March 31, 2026, compared to $865.2 million for the quarter ended March 31, 2025.
Net income attributable to BXP, Inc. of $101.6 million, or $0.64 per diluted share (EPS), for the quarter ended March 31, 2026, compared to $61.2 million, or $0.39 per diluted share, for the quarter ended March 31, 2025.
EPS exceeded the midpoint of BXP’s guidance by $0.31 per diluted share primarily due to gains on sales recognized in connection with the disposition activity completed in the first quarter.
Funds from Operations (FFO) of $252.2 million, or $1.59 per diluted share, for the quarter ended March 31, 2026, compared to FFO of $260.6 million, or $1.64 per diluted share, for the quarter ended March 31, 2025.
FFO for the first quarter exceeded the midpoint of BXP’s guidance by $0.02 primarily due to portfolio outperformance.

Guidance

BXP provided guidance for second quarter 2026 EPS of $0.44 - $0.46 and FFO of $1.69 - $1.71 per diluted share, and updated guidance for full year 2026 EPS of $2.15 - $2.29 and FFO of $6.90 - $7.04 per diluted share.

The midpoint of full year 2026 guidance for EPS increased by $0.04 per diluted share primarily due to gains on sales recognized in connection with the disposition activity and better-than-projected portfolio performance.

The midpoint of full year 2026 guidance for FFO increased by $0.01 per diluted share primarily due to better-than-projected portfolio performance.

See “EPS and FFO per Share Guidance” below.

Leasing & Occupancy

Executed 68 leases in the first quarter totaling more than 1.1 million square feet with a weighted-average lease term of 8.7 years. Notable leasing includes:
approximately 140,000 square feet of leases at 360 Park Avenue South in New York City, NY, bringing the leased percentage of the building to 90%, and
approximately 104,000 square feet of leases at 680 Folsom Street in San Francisco, CA, bringing the leased percentage of the building to 92%.
For the first quarter, BXP’s CBD portfolio of premier workplaces was 89.9% occupied and 93.4% leased (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP). Approximately 90.0% 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 first quarter was 87.4%, an increase of 70 basis points from Q4 2025. Total portfolio leased percentage was 90.9% (including vacant space for which we have signed leases that have not yet commenced revenue recognition in accordance with GAAP), an increase of 150 basis points from Q4 2025. The spread between leased and occupied square footage has grown to 350 basis points, representing approximately 1.6 million square feet of leases yet to commence, of which approximately 90% is expected to commence throughout 2026, consistent with the trajectory outlined at our Investor Day in September 2025.

Transactions

Consistent with the strategic asset sales plan outlined at our Investor Day, BXP has generated approximately $1.2 billion of aggregate net proceeds from completed asset sales to date, including approximately $180.0 million since our last earnings call on January 28, 2026, further enhancing balance sheet flexibility and supporting our capital needs and strategic priorities.
During the first quarter, we completed the sales of North First Business Park in San Jose, CA, a land parcel in Rockville, MD, The Lofts at Atlantic Wharf in Boston, MA, and BXP’s ownership interest in each of Gateway Commons in South San Francisco, CA and 7750 Wisconsin Avenue in Bethesda, MD. The aggregate gross proceeds of these residential, land and non-strategic office sales totaled approximately $495.7 million, resulting in net proceeds of approximately $339.0 million and gains on sales of real estate and our investment in joint ventures of $54.7 million, in each case based on BXP’s share.

EPS and FFO per Share Guidance:

BXP’s guidance for the second 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.

			Second Quarter 2026		Full Year 2026
			Low	High	Low	High
Projected EPS (diluted)			$0.44	$0.46	$2.15	$2.29
	Add:
		Projected Company share of real estate depreciation and amortization	1.29	1.29	5.10	5.10
		Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments	(0.04)	(0.04)	(0.35)	(0.35)
Projected FFO per share (diluted)			$1.69	$1.71	$6.90	$7.04

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 March 31, 2026. In the opinion of management, BXP has made all adjustments considered necessary for a fair statement of these reported results.

BXP will host a conference call on Wednesday, April 29, 2026 at 10:00 AM Eastern Time, open to the general public, to discuss the first 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/BI2c9150dbdfd1462e81d510e93738b5eb 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 first 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 March 31, 2026, including properties owned by unconsolidated joint ventures, BXP’s portfolio totals 50.4 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.

Forward-looking statements notice

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.

	March 31, 2026	December 31, 2025
	(in thousands, except for share and par value amounts)
BXP, INC.CONSOLIDATED BALANCE SHEETS(Unaudited)
ASSETS
Real estate, at cost	$26,256,207	$26,248,130
Construction in progress	1,626,073	1,475,257
Land held for future development	493,212	518,492
Right of use assets - finance leases	372,476	372,470
Right of use assets - operating leases	321,030	325,841
Less: accumulated depreciation	(8,170,334)	(8,040,311)
Total real estate	20,898,664	20,899,879
Cash and cash equivalents	512,783	1,478,206
Cash held in escrows	68,471	79,060
Investments in securities	42,072	44,614
Tenant and other receivables, net	90,137	92,625
Note receivable, net	10,071	9,373
Related party note receivables, net	31,447	28,346
Sales-type lease receivable, net	15,921	15,672
Accrued rental income, net	1,558,226	1,538,515
Deferred charges, net	830,917	847,690
Prepaid expenses and other assets	188,819	108,105
Investments in unconsolidated joint ventures	854,722	999,309
Assets held for sale	-	24,770
Total assets	$25,102,250	$26,166,164
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net	$4,280,639	$4,280,067
Unsecured senior notes, net	8,808,674	9,806,100
Unsecured exchangeable senior notes, net	977,387	976,263
Unsecured line of credit	-	-
Unsecured term loans, net	797,309	797,053
Unsecured commercial paper	750,000	750,000
Lease liabilities - finance leases	357,039	360,039
Lease liabilities - operating leases	387,481	389,213
Accounts payable and accrued expenses	418,443	480,017
Dividends and distributions payable	124,018	123,753
Accrued interest payable	124,068	125,345
Other liabilities	352,813	386,074
Total liabilities	17,377,871	18,473,924
Commitments and contingencies	-	-
Redeemable deferred stock units	6,058	7,538
Equity:
Stockholders’ equity attributable to BXP, Inc.:
Excess stock, $0.01 par value, 150,000,000 shares authorized, none issued or outstanding	-	-
Preferred stock, $0.01 par value, 50,000,000 shares authorized; none issued or outstanding	-	-
Common stock, $0.01 par value, 250,000,000 shares authorized, 158,754,863 and 158,627,198 issued and 158,675,963 and 158,548,298 outstanding at March 31, 2026 and December 31, 2025, respectively	1,587	1,585
Additional paid-in capital	6,843,822	6,836,243
Dividends in excess of earnings	(1,684,492)	(1,674,995)
Treasury common stock at cost, 78,900 shares at March 31, 2026 and December 31, 2025	(2,722)	(2,722)
Accumulated other comprehensive loss	(6,082)	(12,921)
Total stockholders’ equity attributable to BXP, Inc.	5,152,113	5,147,190
Noncontrolling interests:
Common units of the Operating Partnership	583,922	566,563
Property partnerships	1,982,286	1,970,949
Total equity	7,718,321	7,684,702
Total liabilities and equity	$25,102,250	$26,166,164

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended March 31,
	2026	2025
	(in thousands, except for per share amounts)
Revenue
Lease	$818,156	$811,102
Parking and other	30,814	30,242
Hotel	9,101	9,597
Development and management services	9,207	9,775
Direct reimbursements of payroll and related costs from management services contracts	4,870	4,499
Total revenue	872,148	865,215
Expenses
Operating
Rental	344,082	331,578
Hotel	7,982	7,565
General and administrative	59,341	52,284
Payroll and related costs from management services contracts	4,870	4,499
Transaction costs	129	768
Depreciation and amortization	227,967	220,107
Total expenses	644,371	616,801
Other income (expense)
Income (loss) from unconsolidated joint ventures	35,413	(2,139)
Gains on sales of real estate	13,402	-
Loss on sales-type lease	-	(2,490)
Interest and other income (loss)	8,885	7,750
Losses from investments in securities	(566)	(365)
Unrealized gain (loss) on non-real estate investments	188	(483)
Loss from early extinguishment of debt	-	(338)
Interest expense	(152,093)	(163,444)
Net income	133,006	86,905
Net income attributable to noncontrolling interests
Noncontrolling interests in property partnerships	(19,869)	(18,749)
Noncontrolling interest - common units of the Operating Partnership	(11,561)	(6,979)
Net income attributable to BXP, Inc.	$101,576	$61,177
Basic earnings per common share attributable to BXP, Inc.
Net income	$0.64	$0.39
Weighted average number of common shares outstanding	158,555	158,202
Diluted earnings per common share attributable to BXP, Inc.
Net income	$0.64	$0.39
Weighted average number of common and common equivalent shares outstanding	159,056	158,632

FUNDS FROM OPERATIONS

(Unaudited)

	Three months ended March 31,
	2026	2025
	(in thousands, except for per share amounts)
Net income attributable to BXP, Inc.	$101,576	$61,177
Add:
Noncontrolling interest - common units of the Operating Partnership	11,561	6,979
Noncontrolling interests in property partnerships	19,869	18,749
Net income	133,006	86,905
Add:
Depreciation and amortization expense	227,967	220,107
Noncontrolling interests in property partnerships’ share of depreciation and amortization	(20,871)	(20,464)
Company’s share of depreciation and amortization from unconsolidated joint ventures	13,506	17,327
Corporate-related depreciation and amortization	(567)	(716)
Non-real estate related amortization	2,131	2,130
Loss on sales-type lease	-	2,490
Less:
Gains on sales of real estate	13,402	-
Gains on sales included within income (loss) from unconsolidated joint ventures	41,233	-
Unrealized gain (loss) on non-real estate investments	188	(483)
Noncontrolling interests in property partnerships	19,869	18,749
Funds from operations (FFO) attributable to the Operating Partnership (including BXP, Inc.)	280,480	289,513
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of funds from operations	28,244	28,922
Funds from operations attributable to BXP, Inc.	$252,236	$260,591
BXP, Inc.’s percentage share of funds from operations - basic	89.93%	90.01%
Weighted average shares outstanding - basic	158,555	158,202
FFO per share basic	$1.59	$1.65
Weighted average shares outstanding - diluted	159,056	158,632
FFO per share diluted	$1.59	$1.64

(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.

PORTFOLIO LEASING PERCENTAGES

	March 31, 2026	December 31, 2025	March 31, 2026	December 31, 2025
CBD Portfolio	% Occupied by Location		% Leased by Location
Boston	97.3%	97.6%	98.7%	98.6%
Los Angeles	87.2%	86.5%	88.5%	87.0%
New York	86.8%	86.2%	94.2%	92.1%
San Francisco	82.7%	81.9%	86.3%	84.4%
Seattle	80.7%	79.8%	82.3%	81.3%
Washington, DC	91.3%	92.4%	93.1%	94.2%
CBD Portfolio	89.9%	89.8%	93.4%	92.5%

	March 31, 2026	December 31, 2025	March 31, 2026	December 31, 2025
Total Portfolio	% Occupied by Location		% Leased by Location
Boston	92.4%	91.9%	94.3%	93.1%
Los Angeles	87.2%	86.5%	88.5%	87.0%
New York	84.4%	83.8%	91.1%	89.4%
San Francisco	79.7%	77.0%	82.9%	79.2%
Seattle	80.7%	79.8%	82.3%	81.3%
Washington, DC	90.6%	91.7%	92.7%	93.8%
Total Portfolio	87.4%	86.7%	90.9%	89.4%

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

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

AT BXP

Michael LaBelle

Executive Vice President,

Chief Financial Officer and Treasurer mlabelle@bxp.com

Helen Han

Vice President, Investor Relations hhan@bxp.com