BXP, Inc. · Earnings release

Supplemental Operating and Financial Data

for the Quarter Ended September 30, 2025

THE COMPANY

BXP, Inc. (NYSE: BXP) (“BXP” or the “Company”) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 55 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of September 30, 2025, including properties owned by joint ventures, BXP’s portfolio totals 54.6 million square feet and 187 properties, including 8 properties under construction/redevelopment. BXP’s properties include 163 office properties, 14 retail properties (including one retail property under construction), nine 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 thirteenth consecutive GRESB “Green Star” recognition and the highest GRESB 5-star Rating and was named one of the world’s most sustainable companies by TIME Magazine. BXP, an S&P 500 company, was founded in 1970 by Mortimer B. Zuckerman and Edward H. Linde and became a public company in 1997.

FORWARD-LOOKING STATEMENTS

This Supplemental package contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of the words “anticipates,” “believes,” “budgeted,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “might,” “plans,” “projects,” “should,” “will,” and similar expressions that do not relate to historical matters. These statements are based on our current plans, expectations, projections and assumptions about future events. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP’s control. If our underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, actual results could differ materially from those expressed or implied by the forward-looking statements.

These factors include, without limitation, the risks and uncertainties related to adverse changes in general economic and capital market conditions, including continued inflation, elevated interest rates, supply chain disruptions, dislocation and volatility in capital markets, potential longer-term changes in consumer and client behavior resulting from the severity and duration of any downturn in the U.S. or global economy, general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases on favorable terms, sustained changes in client preferences and space utilization, dependence on clients’ financial condition, and competition from other developers, owners and operators of real estate), the impact of adverse political conditions, including policy changes by the presidential administration, such as the direct and indirect negative impacts that new and increased tariffs may have on (1) our current and prospective clients and their demand for office space and (2) the costs and availability of construction materials and the economic returns on our construction and development activities, and prolonged government shutdowns or disruptions, the impact of geopolitical conflicts, the uncertainties of investing in new markets, the costs and availability of financing, the effectiveness of our hedging contracts, the ability of our joint venture partners to satisfy their obligations, the effects of local, national and international economic and market conditions, the effects of acquisitions, dispositions and possible impairment charges on our operating results, the impact of newly adopted accounting principles on the Company’s accounting policies and on period-to-period comparisons of financial results, the uncertainties of costs to comply with regulatory changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

These forward-looking statements speak only as of the date of issuance of this report and are not guarantees of future results, performance or achievements. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES

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

The Company 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

Corporate Headquarters

Trading Symbol

Investor Relations

Inquiries

BXP

BXP, Inc.

Inquiries should be directed to

Helen Han

Stock Exchange Listing

Vice President, Investor Relations

www.bxp.com

New York Stock Exchange

investors.bxp.com

investorrelations@bxp.com

hhan@bxp.com

Michael E. LaBelle

Executive Vice President, Chief Financial Officer

mlabelle@bxp.com

(Cover photo: Rendering of 343 Madison Avenue, 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

Capital Expenditures, Tenant Improvement Costs and Leasing Commissions

Acquisitions and Dispositions

DEVELOPMENT ACTIVITY

Construction in Progress

Land Parcels and Purchase Options

LEASING ACTIVITY

Leasing Activity

PROPERTY STATISTICS

Portfolio Overview

Residential and Hotel Performance

In-Service Property Listing

Top 20 Clients Listing and Portfolio Client Diversification

Occupancy by Location

DEBT AND CAPITALIZATION

Capital Structure

Debt Analysis

Senior Unsecured Debt Covenant Compliance Ratios

Net Debt to EBITDAre

Debt Ratios

JOINT VENTURES

Consolidated Joint Ventures

Unconsolidated Joint Ventures

LEASE EXPIRATION ROLL-OUT

Total In-Service Properties

Boston

Los Angeles

New York

San Francisco

Seattle

Washington, DC

CBD

Suburban

RESEARCH COVERAGE, DEFINITIONS AND RECONCILIATIONS

Research Coverage

Definitions

Reconciliations

Consolidated Income Statement - Prior Year

Company profile

SNAPSHOT

Fiscal Year-End

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

Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)

Common shares outstanding, plus common units and LTIP units (other than unearned Multi-Year Long-Term Incentive Program (MYLTIP) Units) on an as-converted basis 1, 2

Closing Price, at the end of the quarter

Dividend - Quarter/Annualized

Dividend Yield

Consolidated Market Capitalization 2

BXP’s Share of Market Capitalization 2, 3

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 business strategy are to:

•continue to embrace our leadership position in the premier workplace segment and leverage our strength 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 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

Douglas T. Linde

President

Joel I. Klein

Lead Independent Director

Raymond A. Ritchey

Senior Executive Vice President

Bruce W. Duncan

Chair of Audit Committee

Michael E. LaBelle

Executive Vice President, Chief Financial Officer and Treasurer

Diane J. Hoskins

Chair of Sustainability Committee

Rodney C. Diehl

Executive Vice President, West Coast Regions

Mary E. Kipp

Donna D. Garesche

Executive Vice President, Chief Human Resources Officer

Matthew J. Lustig

Chair of Nominating & Corporate

Bryan J. Koop

Executive Vice President, Boston Region

Governance Committee

Peter V. Otteni

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

Timothy J. Naughton

Chair of Compensation Committee

Region

Julie G. Richardson

Hilary J. Spann

Executive Vice President, New York Region

William H. Walton, III

John J. Stroman

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

Derek A. (Tony) West

Region

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

___________________

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

2For additional detail, see page 28.

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

1

Guidance and assumptions

GUIDANCE

BXP’s guidance for full year 2025 for diluted earnings per common share attributable to BXP, Inc. (EPS) and diluted funds from operations (FFO) per common share attributable to BXP, Inc. is set forth and reconciled below. Except as described below, the estimates reflect management’s view of current and future market conditions, including assumptions with respect to rental rates, occupancy levels, interest rates, the timing of the lease-up of available space, the timing of development cost outlays and development deliveries, and the earnings impact of the events referenced in the Company’s earnings release issued on October 28, 2025 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.

Low

High

G1Projected EPS (diluted)

$

$

Add:

Projected Company share of real estate depreciation and amortization

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

G2Projected FFO per share (diluted)

$

$

ASSUMPTIONS

(dollars in thousands)

Low

High

Operating property activity:

G3Average In-service portfolio occupancy 1

%

%

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

—

%

%

G4Change in BXP’s Share of Same Property net operating income - cash (excluding termination income)

%

%

G5BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)

$

$

G6Taking Buildings Out-of-Service

$

$

G7BXP’s Share of incremental net operating income related to asset sales over prior year

$

$

G8BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)

$

$

G9Termination income

$

$

Other revenue (expense):

G10Development, management services and other revenue

$

$

G11General and administrative expense 2

$

$

G12Consolidated net interest expense

$

$

G13Unconsolidated joint venture interest expense

$

$

Noncontrolling interest:

G14Noncontrolling interest in property partnerships’ share of FFO

$

$

_______________

1 Excludes development properties placed into service in Q3 2025.

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

2

Financial highlights

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

Three Months Ended

Net income (loss) attributable to BXP, Inc.

$

$

Net income (loss) attributable to BXP, Inc. per share - diluted

$

$

FFO attributable to BXP, Inc. 1

$

$

Diluted FFO per share 1

$

$

Dividends per common share

$

$

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

$

$

Selected items:

Revenue

$

$

Recoveries from clients

$

$

Service income from clients

$

$

BXP’s Share of revenue 3

$

$

BXP’s Share of straight-line rent 3

$

$

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

$

$

BXP’s Share of termination income 3

$

$

Ground rent expense

$

$

Capitalized interest

$

$

Capitalized wages

$

$

Loss from unconsolidated joint ventures 5

$

$

BXP’s share of FFO from unconsolidated joint ventures 6

$

$

Net income attributable to noncontrolling interests in property partnerships

$

$

FFO attributable to noncontrolling interests in property partnerships 7

$

$

Balance Sheet items:

Above-market rents (included within Prepaid Expenses and Other Assets)

$

$

Below-market rents (included within Other Liabilities)

$

$

Accrued rental income liability (included within Other Liabilities)

$

$

Ratios:

Interest Coverage Ratio (excluding capitalized interest) 8

Interest Coverage Ratio (including capitalized interest) 8

Fixed Charge Coverage Ratio 8

BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9

Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10

%

%

Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10

%

%

FAD Payout Ratio 2

%

%

Operating Margins [(rental revenue - rental expense)/rental revenue]

%

%

Occupancy % of In-Service Properties 11

%

%

Leased % of In-Service Properties 12

%

%

Capitalization:

Consolidated Debt

$

$

BXP’s Share of Debt 13

$

$

Consolidated Market Capitalization

$

$

Consolidated Debt/Consolidated Market Capitalization

%

%

BXP’s Share of Market Capitalization 13

$

$

BXP’s Share of Debt/BXP’s Share of Market Capitalization 13

%

%

_____________

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

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

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

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

5For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million, see page 37.

6For a quantitative reconciliation for the three months ended September 30, 2025, see page 37.

7For a quantitative reconciliation for the three months ended September 30, 2025, see page 34.

8For a quantitative reconciliation for the three months ended September 30, 2025 and June 30, 2025, see page 32.

9For a quantitative reconciliation for the three months ended September 30, 2025 and June 30, 2025, see page 31.

10For a quantitative reconciliation for the three months ended September 30, 2025 and June 30, 2025, see pages 11, 66 and 67.

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

3

Financial highlights (continued)

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

13For a quantitative reconciliation for September 30, 2025, see page 28.

4

Consolidated Balance Sheets

(unaudited and in thousands)

ASSETS

Real estate

$

$

Construction in progress

Land held for future development

Right of use assets - finance leases

Right of use assets - operating leases

Less accumulated depreciation

Total real estate

Cash and cash equivalents

Cash held in escrows

Investments in securities

Tenant and other receivables, net

Note receivable, net

Related party note receivables, net

Sales-type lease receivable, net

Accrued rental income, net

Deferred charges, net

Prepaid expenses and other assets

Investments in unconsolidated joint ventures

Total assets

$

$

LIABILITIES AND EQUITY

Liabilities:

Mortgage notes payable, net

$

$

Unsecured senior notes, net

Unsecured exchangeable senior notes, net

—

Unsecured line of credit

—

Unsecured term loans, net

Unsecured commercial paper

Lease liabilities - finance leases

Lease liabilities - operating leases

Accounts payable and accrued expenses

Dividends and distributions payable

Accrued interest payable

Other liabilities

Total liabilities

Commitments and contingencies

—

—

Redeemable deferred stock units

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, 158,479,314 and 158,445,177 issued and 158,400,414 and 158,366,277 outstanding at September 30, 2025 and June 30, 2025, respectively

Additional paid-in capital

Dividends in excess of earnings

Accumulated other comprehensive loss

Total stockholders’ equity attributable to BXP, Inc.

Noncontrolling interests:

Common units of the Operating Partnership

Property partnerships

Total equity

Total liabilities and equity

$

$

5

Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

Three Months Ended

Revenue

Lease

$

$

Parking and other

Insurance proceeds

Hotel revenue

Development and management services

Direct reimbursements of payroll and related costs from management services contracts

Total revenue

Expenses

Operating

Real estate taxes

Restoration expenses related to insurance claims

Hotel operating

General and administrative 1

Payroll and related costs from management services contracts

Transaction costs

Depreciation and amortization

Total expenses

Other income (expense)

Loss from unconsolidated joint ventures 2

Gains on sales of real estate

Gains from investments in securities 1

Unrealized gain (loss) on non-real estate investments

Interest and other income (loss)

Impairment losses 3

—

Interest expense

Net income (loss)

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest in property partnerships

Noncontrolling interest - common units of the Operating Partnership 4

Net income (loss) attributable to BXP, Inc.

$

$

INCOME PER SHARE OF COMMON STOCK (EPS)

Net income (loss) attributable to BXP, Inc. per share - basic

$

$

Net income (loss) attributable to BXP, Inc. per share - diluted

$

$

_____________

1Includes $2.4 million and $2.6 million for the three months ended September 30, 2025 and June 30, 2025, respectively, related to the Company’s deferred compensation plan.

2For the three months ended September 30, 2025, includes a non-cash impairment charge of approximately $145.1 million, see page 37.

3Relates to pending dispositions in the portfolio.

4For additional detail, see page 7.

6

Funds from operations (FFO) 1

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

Three Months Ended

Net income (loss) attributable to BXP, Inc.

$

$

Add:

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interests in property partnerships

Net income (loss)

Add:

Depreciation and amortization expense

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

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

Corporate-related depreciation and amortization

Non-real estate related amortization

Impairment losses

—

Impairment loss included within loss from unconsolidated joint ventures 3

—

Less:

Gains on sales of real estate

Gain on sale / consolidation included within loss from unconsolidated joint ventures 3

—

Unrealized gain (loss) on non-real estate investments

Noncontrolling interests in property partnerships

FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO)

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of FFO

FFO attributable to BXP, Inc.

$

$

BXP, Inc.’s percentage share of Basic FFO

%

%

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

%

%

Basic FFO per share

$

$

Weighted average shares outstanding - basic

Diluted FFO per share

$

$

Weighted average shares outstanding - diluted

RECONCILIATION TO DILUTED FFO

Three Months Ended

Basic FFO

$

$

Add:

Effect of dilutive securities - stock-based compensation

—

—

Diluted FFO

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO

BXP, Inc.’s share of Diluted FFO

$

$

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

Three Months Ended

Shares/units for Basic FFO

Add:

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

Shares/units for Diluted FFO

Less:

Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)

BXP, Inc.’s share of shares/units for Diluted FFO

BXP, Inc.’s percentage share of Diluted FFO

%

%

_____________

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

2For a quantitative reconciliation for the three months ended September 30, 2025, see page 34.

3For a quantitative reconciliation for the three months ended September 30, 2025, see page 37.

7

Funds available for distributions (FAD) 1

(dollars in thousands)

Three Months Ended

Net income (loss) attributable to BXP, Inc.

$

$

Add:

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interests in property partnerships

Net income (loss)

Add:

Depreciation and amortization expense

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

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

Corporate-related depreciation and amortization

Non-real estate related amortization

Impairment loss included within loss from unconsolidated joint ventures 3

—

Impairment losses

—

Less:

Gains on sales of real estate

Gain on sale / consolidation included within loss from unconsolidated joint ventures 3

—

Unrealized gain (loss) on non-real estate investments

Noncontrolling interests in property partnerships

Basic FFO

Add:

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

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

BXP’s Share of fair value interest adjustment 1

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

Stock-based compensation

Non-real estate depreciation and amortization

Unearned portion of capitalized fees from consolidated joint ventures 6

Non-cash loss from early extinguishments of debt

—

—

Less:

BXP’s Share of straight-line rent 1

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

BXP’s Share of non-cash termination income adjustment (fair value lease amounts) 1

—

—

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

BXP’s Share of maintenance capital expenditures 1, 8

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

Hotel improvements, equipment upgrades and replacements

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

$

$

Distributions to common shareholders and unitholders (excluding any special distributions) (B) 9

FAD Payout Ratio1 (B÷A)

%

%

_____________

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

2For a quantitative reconciliation for the three months ended September 30, 2025, see page 34.

3For additional information for the three months ended September 30, 2025, see page 37.

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

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

6See page 62 for additional information.

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

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

9For the three months ended September 30, 2025, distribution amount reflects BXP’s quarterly dividend reset from $0.98 per share to $0.70 per share of common stock for the period July 1, 2025 to September 30, 2025.

8

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

(in thousands)

Three Months Ended

Net income (loss) attributable to BXP, Inc.

$

$

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest in property partnerships

Net income (loss)

Add:

Interest expense

Impairment losses

—

Loss from unconsolidated joint ventures

Depreciation and amortization expense

Transaction costs

Payroll and related costs from management services contracts

General and administrative expense

Less:

Interest and other income (loss)

Unrealized gain on non-real estate investments

Gains from investments in securities

Gains on sales of real estate

Direct reimbursements of payroll and related costs from management services contracts

Development and management services revenue

Net Operating Income (NOI)

Add:

BXP’s share of NOI from unconsolidated joint ventures 1

Less:

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

BXP’s Share of NOI

Less:

Termination income

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

Add:

Partners’ share of termination income from consolidated joint ventures 2

—

BXP’s Share of NOI (excluding termination income)

$

$

Net Operating Income (NOI)

$

$

Less:

Termination income

NOI from non Same Properties (excluding termination income) 3

Same Property NOI (excluding termination income)

Less:

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

Add:

Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 3

—

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

Less:

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

BXP’s Share of Same Property NOI (excluding termination income)

$

$

_____________

1For a quantitative reconciliation for the three months ended September 30, 2025, see page 65.

2For a quantitative reconciliation for the three months ended September 30, 2025, see pages 62-63.

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

9

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

Net income (loss) attributable to BXP, Inc.

$

$

Net (income) loss attributable to noncontrolling interests

Noncontrolling interest - common units of the Operating Partnership

Noncontrolling interest in property partnerships

Net income (loss)

Add:

Interest expense

Impairment losses

—

Loss from unconsolidated joint ventures

Depreciation and amortization expense

Transaction costs

Payroll and related costs from management services contracts

General and administrative expense

Less:

Interest and other income (loss)

Unrealized gain on non-real estate investments

Gains from investments in securities

Gains on sales of real estate

Direct reimbursements of payroll and related costs from management services contracts

Development and management services revenue

Net Operating Income (NOI)

Less:

Straight-line rent

Fair value lease revenue

Amortization and accretion related to sales type lease

Termination income

Add:

Straight-line ground rent expense adjustment 1

Lease transaction costs that qualify as rent inducements 2

NOI - cash (excluding termination income)

Less:

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

Same Property NOI - cash (excluding termination income)

Less:

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

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

—

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

Less:

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

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

$

$

_____________

1In light of the front-ended, uneven rental payments required by the Company’s 99-year ground and air rights lease for the 100 Clarendon Street garage and Back Bay Transit Station in Boston, MA, and to make period-to-period comparisons more meaningful to investors, the adjustment does not include the straight-line impact of approximately $(1,061) and $(44) for the three months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company has remaining lease payments aggregating approximately $29.3 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease.

However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

3Pages 21-24 indicate by footnote the properties that are not included as part of Same Property NOI. In addition, Same Properties exclude properties that were sold prior to September 30, 2025 and therefore are no longer a part of the Company’s property portfolio.

4For a quantitative reconciliation for the three months ended September 30, 2025, see page 63.

5For a quantitative reconciliation for the three months ended September 30, 2025, see page 65.

Same property net operating income (NOI) by reportable segment

(dollars in thousands)

Office 1

Hotel & Residential

Three Months Ended

$

%

Three Months Ended

$

%

Change

Change

Change

Change

Rental Revenue 2

$

$

$

$

Less: Termination income

—

—

Rental revenue (excluding termination income) 2

$

%

$

%

Less: Operating expenses and real estate taxes

%

%

NOI (excluding termination income) 2, 3

$

$

$

%

$

$

$

%

Rental revenue (excluding termination income) 2

$

$

$

%

$

$

$

%

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease

%

%

Add: Lease transaction costs that qualify as rent inducements 4

%

—

—

%

Subtotal

%

%

Less: Operating expenses and real estate taxes

%

%

Add: Straight-line ground rent expense 5

%

—

—

—

—

%

NOI - cash (excluding termination income) 2, 3

$

$

$

%

$

$

$

%

Consolidated Total 1 (A)

BXP’s share of Unconsolidated Joint Ventures (B)

Three Months Ended

$

%

Three Months Ended

$

%

Change

Change

Change

Change

Rental Revenue 2

$

$

$

$

Less: Termination income

Rental revenue (excluding termination income) 2

$

%

$

%

Less: Operating expenses and real estate taxes

%

%

NOI (excluding termination income) 2, 3

$

$

$

%

$

$

$

%

Rental revenue (excluding termination income) 2

$

$

$

%

$

$

$

%

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease

%

%

Add: Lease transaction costs that qualify as rent inducements 4

%

—

—

—

—

%

Subtotal

%

%

Less: Operating expenses and real estate taxes

%

%

Add: Straight-line ground rent expense 5

%

%

NOI - cash (excluding termination income) 2, 3

$

$

$

%

$

$

$

%

Partners’ share of Consolidated Joint Ventures (C)

BXP’s Share 2, 6

Three Months Ended

$

%

Three Months Ended

$

%

Change

Change

Change

Change

Rental Revenue 2

$

$

$

$

Less: Termination income

—

Rental revenue (excluding termination income) 2

$

%

$

%

Less: Operating expenses and real estate taxes

%

%

NOI (excluding termination income) 2, 3

$

$

$

%

$

$

$

%

Rental revenue (excluding termination income) 2

$

$

$

%

$

$

$

%

Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease

%

%

Add: Lease transaction costs that qualify as rent inducements 4

%

%

Subtotal

%

%

Less: Operating expenses and real estate taxes

%

%

Add: Straight-line ground rent expense 5

—

—

—

—

%

%

NOI - cash (excluding termination income) 2, 3

$

$

$

%

$

$

$

%

___________________

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

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

3For a quantitative reconciliation of net income (loss) 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)

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

5Excludes the straight-line impact of approximately $(1,061) and $(44) for the three months ended September 30, 2025 and 2024, respectively, in connection with the Company’s 99-year ground and air rights lease at 100 Clarendon Street garage and Back Bay Transit Station.

6BXP’s Share equals (A) + (B) - (C).

Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

Three Months Ended

Maintenance capital expenditures

$

$

Planned capital expenditures associated with acquisition properties

Repositioning capital expenditures

Hotel improvements, equipment upgrades and replacements

Subtotal

Add:

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

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

BXP’s share of repositioning capital expenditures from unconsolidated JVs

—

—

Less:

Partners’ share of maintenance capital expenditures from consolidated JVs

Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs

—

—

Partners’ share of repositioning capital expenditures from consolidated JVs

2

BXP’s Share of Capital Expenditures 1

$

$

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

Three Months Ended

Square feet

Tenant improvements and lease commissions PSF

$

$

___________________

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

2Includes 100% of unconsolidated joint ventures.

Acquisitions and dispositions

(dollars in thousands)

ACQUISITIONS

BXP’s Share of Investment

Property

Location

Date Acquired

Square Feet

Initial

Anticipated Future

Total

In-service Leased (%)

Jersey City, NJ

$

$

$

N/A

New York, NY

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) 3

17 Hartwell Avenue 4

Lexington, MA

$

$

$

Beach Cities Media Campus (50% ownership)

El Segundo, CA

N/A

Total Dispositions

$