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Supplemental Operating and Financial Data

for the Quarter Ended September 30, 2025

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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.

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GENERAL INFORMATION

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

(Cover photo: Rendering of 343 Madison Avenue, New York, NY)

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			Q3 2025
			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, Tenant Improvement Costs and Leasing Commissions			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

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			Q3 2025
			Company profile

SNAPSHOT

(as of September 30, 2025)

Fiscal Year-End			December 31
Total Properties (includes unconsolidated joint ventures and properties under development/redevelopment)			187
Total Square Feet (includes unconsolidated joint ventures and properties under development/redevelopment)			54.6 million
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			176.8 million
Closing Price, at the end of the quarter			$74.34 per share
Dividend - Quarter/Annualized			$0.70/$2.80 per share
Dividend Yield			3.8%
Consolidated Market Capitalization 2			$29.7 billion
BXP’s Share of Market Capitalization 2, 3			$29.8 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 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

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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

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			Q3 2025
			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.

																		Full Year 2025
																								Low						High
Projected EPS (diluted)																								$	0.99					$	1.02
			Add:
						Projected Company share of real estate depreciation and amortization																		5.15						5.15
						Projected Company share of (gains)/losses on sales of real estate, gain on investment from unconsolidated joint venture and impairments																		0.75						0.75
Projected FFO per share (diluted)																								$	6.89					$	6.92

ASSUMPTIONS

(dollars in thousands)

															Full Year 2025
																					Low						High
Operating property activity:
			Average In-service portfolio occupancy 1																		86.50		%				87.50		%
			Change in BXP’s Share of Same Property net operating income (excluding termination income)																		—		%				0.50		%
			Change in BXP’s Share of Same Property net operating income - cash (excluding termination income)																		1.00		%				1.50		%
			BXP’s Share of Non Same Properties’ incremental contribution to net operating income over prior year (excluding asset sales)																		$	22,000					$	24,000
			Taking Buildings Out-of-Service																		$	(17,000)					$	(16,000)
			BXP’s Share of incremental net operating income related to asset sales over prior year																		$	(4,000)					$	(2,000)
			BXP’s Share of straight-line rent and fair value lease revenue (non-cash revenue)																		$	105,000					$	120,000
			Termination income																		$	6,000					$	8,000
Other revenue (expense):
			Development, management services and other revenue																		$	35,000					$	37,000
			General and administrative expense 2																		$	(161,000)					$	(158,000)
			Consolidated net interest expense																		$	(621,000)					$	(617,000)
			Unconsolidated joint venture interest expense																		$	(75,000)					$	(73,000)
Noncontrolling interest:
			Noncontrolling interest in property partnerships’ share of FFO																		$	(166,000)					$	(162,000)

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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

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			Q3 2025
			Financial highlights

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

						Three Months Ended
						30-Sep-25						30-Jun-25
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	88,977
Net income (loss) attributable to BXP, Inc. per share - diluted						$	(0.77)					$	0.56
FFO attributable to BXP, Inc. 1						$	276,674					$	271,652
Diluted FFO per share 1						$	1.74					$	1.71
Dividends per common share						$	0.70					$	0.98
Funds available for distribution to common shareholders and common unitholders (FAD) 2						$	201,772					$	203,592
Selected items:
Revenue						$	871,510					$	868,457
Recoveries from clients						$	146,082					$	141,725
Service income from clients						$	2,786					$	2,848
BXP’s Share of revenue 3						$	839,345					$	835,667
BXP’s Share of straight-line rent 3						$	23,859					$	20,535
BXP’s Share of fair value lease revenue 3, 4						$	3,019					$	3,029
BXP’s Share of termination income 3						$	1,382					$	763
Ground rent expense						$	3,777					$	3,612
Capitalized interest						$	13,491					$	12,148
Capitalized wages						$	3,657					$	4,733
Loss from unconsolidated joint ventures 5						$	(148,329)					$	(3,324)
BXP’s share of FFO from unconsolidated joint ventures 6						$	11,840					$	13,350
Net income attributable to noncontrolling interests in property partnerships						$	17,853					$	20,100
FFO attributable to noncontrolling interests in property partnerships 7						$	40,468					$	41,045
Balance Sheet items:
Above-market rents (included within Prepaid Expenses and Other Assets)						$	5,619					$	6,214
Below-market rents (included within Other Liabilities)						$	21,290					$	23,792
Accrued rental income liability (included within Other Liabilities)						$	101,001					$	108,834
Ratios:
Interest Coverage Ratio (excluding capitalized interest) 8						2.78						2.85
Interest Coverage Ratio (including capitalized interest) 8						2.56						2.62
Fixed Charge Coverage Ratio 8						2.25						2.23
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) 9						8.21						8.18
Change in BXP’s Share of Same Property Net Operating Income (NOI) (excluding termination income) 10						1.7		%				(0.2)		%
Change in BXP’s Share of Same Property NOI (excluding termination income) - cash 10						2.6		%				1.7		%
FAD Payout Ratio 2						61.37		%				85.15		%
Operating Margins [(rental revenue - rental expense)/rental revenue]						60.8		%				60.5		%
Occupancy % of In-Service Properties 11						86.0		%				86.4		%
Leased % of In-Service Properties 12						88.8		%				89.1		%
Capitalization:
Consolidated Debt						$	16,604,696					$	15,811,005
BXP’s Share of Debt 13						$	16,613,274					$	15,833,687
Consolidated Market Capitalization						$	29,747,934					$	27,739,296
Consolidated Debt/Consolidated Market Capitalization						55.82		%				57.00		%
BXP’s Share of Market Capitalization 13						$	29,756,512					$	27,761,978
BXP’s Share of Debt/BXP’s Share of Market Capitalization 13						55.83		%				57.03		%

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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

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			Q3 2025
			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

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			Q3 2025
			Consolidated Balance Sheets

(unaudited and in thousands)

						30-Sep-25						30-Jun-25
ASSETS
Real estate						$	26,718,660					$	26,632,189
Construction in progress						1,322,608						1,047,687
Land held for future development						568,516						748,198
Right of use assets - finance leases						372,747						372,839
Right of use assets - operating leases						321,063						325,670
Less accumulated depreciation						(8,008,908)						(7,863,743)
Total real estate						21,294,686						21,262,840
Cash and cash equivalents						861,066						446,953
Cash held in escrows						77,663						80,888
Investments in securities						43,604						41,062
Tenant and other receivables, net						136,743						109,683
Note receivable, net						8,898						6,711
Related party note receivables, net						88,879						88,825
Sales-type lease receivable, net						15,430						15,188
Accrued rental income, net						1,532,403						1,509,347
Deferred charges, net						802,785						809,033
Prepaid expenses and other assets						137,561						89,624
Investments in unconsolidated joint ventures						999,764						1,161,036
Total assets						$	25,999,482					$	25,621,190
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	4,279,482					$	4,278,788
Unsecured senior notes, net						9,803,336						9,800,577
Unsecured exchangeable senior notes, net						975,080						—
Unsecured line of credit						—						185,000
Unsecured term loans, net						796,798						796,640
Unsecured commercial paper						750,000						750,000
Lease liabilities - finance leases						363,207						365,897
Lease liabilities - operating leases						379,792						399,174
Accounts payable and accrued expenses						484,798						480,158
Dividends and distributions payable						123,259						172,732
Accrued interest payable						120,128						120,975
Other liabilities						406,820						416,838
Total liabilities						18,482,700						17,766,779
Commitments and contingencies						—						—
Redeemable deferred stock units						8,006						6,981
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						1,584						1,584
Additional paid-in capital						6,827,889						6,854,753
Dividends in excess of earnings						(1,812,361)						(1,579,770)
Treasury common stock at cost, 78,900 shares at September 30, 2025 and June 30, 2025						(2,722)						(2,722)
Accumulated other comprehensive loss						(14,831)						(15,059)
Total stockholders’ equity attributable to BXP, Inc.						4,999,559						5,258,786
Noncontrolling interests:
Common units of the Operating Partnership						554,440						584,651
Property partnerships						1,954,777						2,003,993
Total equity						7,508,776						7,847,430
Total liabilities and equity						$	25,999,482					$	25,621,190

5

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			Q3 2025
			Consolidated Income Statements

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Sep-25						30-Jun-25
Revenue
Lease						$	809,820					$	805,935
Parking and other						34,404						34,709
Insurance proceeds						986						90
Hotel revenue						13,162						14,773
Development and management services						9,317						8,846
Direct reimbursements of payroll and related costs from management services contracts						3,821						4,104
Total revenue						871,510						868,457
Expenses
Operating						187,820						184,942
Real estate taxes						142,992						146,272
Restoration expenses related to insurance claims						924						848
Hotel operating						9,628						9,365
General and administrative 1						36,188						42,516
Payroll and related costs from management services contracts						3,821						4,104
Transaction costs						1,431						357
Depreciation and amortization						236,147						223,819
Total expenses						618,951						612,223
Other income (expense)
Loss from unconsolidated joint ventures 2						(148,329)						(3,324)
Gains on sales of real estate						1,932						18,390
Gains from investments in securities 1						2,400						2,600
Unrealized gain (loss) on non-real estate investments						178						(39)
Interest and other income (loss)						7,620						8,063
Impairment losses 3						(68,901)						—
Interest expense						(164,299)						(162,783)
Net income (loss)						(116,840)						119,141
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(17,853)						(20,100)
Noncontrolling interest - common units of the Operating Partnership 4						12,981						(10,064)
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	88,977
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income (loss) attributable to BXP, Inc. per share - basic						$	(0.77)					$	0.56
Net income (loss) attributable to BXP, Inc. per share - diluted						$	(0.77)					$	0.56

_____________

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

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			Q3 2025
			Funds from operations (FFO) 1

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

						Three Months Ended
						30-Sep-25						30-Jun-25
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	88,977
Add:
Noncontrolling interest - common units of the Operating Partnership						(12,981)						10,064
Noncontrolling interests in property partnerships						17,853						20,100
Net income (loss)						(116,840)						119,141
Add:
Depreciation and amortization expense						236,147						223,819
Noncontrolling interests in property partnerships' share of depreciation and amortization 2						(22,615)						(20,945)
BXP's share of depreciation and amortization from unconsolidated joint ventures 3						17,272						16,674
Corporate-related depreciation and amortization						(582)						(600)
Non-real estate related amortization						2,130						2,131
Impairment losses						68,901						—
Impairment loss included within loss from unconsolidated joint ventures 3						145,133						—
Less:
Gains on sales of real estate						1,932						18,390
Gain on sale / consolidation included within loss from unconsolidated joint ventures 3						2,236						—
Unrealized gain (loss) on non-real estate investments						178						(39)
Noncontrolling interests in property partnerships						17,853						20,100
FFO attributable to the Operating Partnership (including BXP, Inc.) (Basic FFO)						307,347						301,769
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of FFO						30,673						30,117
FFO attributable to BXP, Inc.						$	276,674					$	271,652
BXP, Inc.’s percentage share of Basic FFO						90.02		%				90.02		%
Noncontrolling interest’s - common unitholders percentage share of Basic FFO						9.98		%				9.98		%
Basic FFO per share						$	1.75					$	1.72
Weighted average shares outstanding - basic						158,345						158,312
Diluted FFO per share						$	1.74					$	1.71
Weighted average shares outstanding - diluted						158,928						158,795

RECONCILIATION TO DILUTED FFO

						Three Months Ended
						30-Sep-25						30-Jun-25
Basic FFO						$	307,347					$	301,769
Add:
Effect of dilutive securities - stock-based compensation						—						—
Diluted FFO						307,347						301,769
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of diluted FFO						30,581						30,056
BXP, Inc.’s share of Diluted FFO						$	276,766					$	271,713

RECONCILIATION OF SHARES/UNITS FOR DILUTED FFO

						Three Months Ended
						30-Sep-25						30-Jun-25
Shares/units for Basic FFO						175,901						175,871
Add:
Effect of dilutive securities - stock-based compensation (shares/units)						583						483
Shares/units for Diluted FFO						176,484						176,354
Less:
Noncontrolling interest - common units of the Operating Partnership’s share of Diluted FFO (shares/units)						17,556						17,559
BXP, Inc.’s share of shares/units for Diluted FFO						158,928						158,795
BXP, Inc.’s percentage share of Diluted FFO						90.05		%				90.04		%

_____________

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

---

			Q3 2025
			Funds available for distributions (FAD) 1

(dollars in thousands)

						Three Months Ended
						30-Sep-25						30-Jun-25
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	88,977
Add:
Noncontrolling interest - common units of the Operating Partnership						(12,981)						10,064
Noncontrolling interests in property partnerships						17,853						20,100
Net income (loss)						(116,840)						119,141
Add:
Depreciation and amortization expense						236,147						223,819
Noncontrolling interests in property partnerships’ share of depreciation and amortization 2						(22,615)						(20,945)
BXP’s share of depreciation and amortization from unconsolidated joint ventures 3						17,272						16,674
Corporate-related depreciation and amortization						(582)						(600)
Non-real estate related amortization						2,130						2,131
Impairment loss included within loss from unconsolidated joint ventures 3						145,133						—
Impairment losses						68,901						—
Less:
Gains on sales of real estate						1,932						18,390
Gain on sale / consolidation included within loss from unconsolidated joint ventures 3						2,236						—
Unrealized gain (loss) on non-real estate investments						178						(39)
Noncontrolling interests in property partnerships						17,853						20,100
Basic FFO						307,347						301,769
Add:
BXP’s Share of lease transaction costs that qualify as rent inducements 1, 4						4,999						3,482
BXP’s Share of hedge amortization, net of costs 1						1,781						1,808
BXP’s Share of fair value interest adjustment 1						638						1,217
BXP’s Share of straight-line ground rent expense adjustment 1, 5						(407)						584
Stock-based compensation						4,404						11,612
Non-real estate depreciation and amortization						(1,548)						(1,531)
Unearned portion of capitalized fees from consolidated joint ventures 6						938						969
Non-cash loss from early extinguishments of debt						—						—
Less:
BXP’s Share of straight-line rent 1						23,859						20,535
BXP’s Share of fair value lease revenue 1, 7						3,019						3,029
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						64,715						61,423
BXP’s Share of maintenance capital expenditures 1, 8						23,341						30,211
BXP’s Share of amortization and accretion related to sales type lease 1						265						261
Hotel improvements, equipment upgrades and replacements						1,181						859
Funds available for distribution to common shareholders and common unitholders (FAD) (A)						$	201,772					$	203,592
Distributions to common shareholders and unitholders (excluding any special distributions) (B) 9						123,830						173,357
FAD Payout Ratio1 (B÷A)						61.37		%				85.15		%

_____________

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

---

			Q3 2025
			Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI)

(in thousands)

						Three Months Ended
						30-Sep-25						30-Sep-24
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	83,628
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						(12,981)						9,587
Noncontrolling interest in property partnerships						17,853						15,237
Net income (loss)						(116,840)						108,452
Add:
Interest expense						164,299						163,194
Impairment losses						68,901						—
Loss from unconsolidated joint ventures						148,329						7,011
Depreciation and amortization expense						236,147						222,890
Transaction costs						1,431						188
Payroll and related costs from management services contracts						3,821						3,649
General and administrative expense						36,188						33,352
Less:
Interest and other income (loss)						7,620						14,430
Unrealized gain on non-real estate investments						178						94
Gains from investments in securities						2,400						2,198
Gains on sales of real estate						1,932						517
Direct reimbursements of payroll and related costs from management services contracts						3,821						3,649
Development and management services revenue						9,317						6,770
Net Operating Income (NOI)						517,008						511,078
Add:
BXP’s share of NOI from unconsolidated joint ventures 1						30,675						31,919
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders) 2						51,504						44,487
BXP’s Share of NOI						496,179						498,510
Less:
Termination income						1,241						12,120
BXP’s share of termination income from unconsolidated joint ventures 1						141						77
Add:
Partners’ share of termination income from consolidated joint ventures 2						—						18
BXP’s Share of NOI (excluding termination income)						$	494,797					$	486,331
Net Operating Income (NOI)						$	517,008					$	511,078
Less:
Termination income						1,241						12,120
NOI from non Same Properties (excluding termination income) 3						9,642						4,808
Same Property NOI (excluding termination income)						506,125						494,150
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 2						51,504						44,469
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						4,442						—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income) 1						30,534						31,842
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						11						274
BXP’s Share of Same Property NOI (excluding termination income)						$	489,586					$	481,249

_____________

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

---

			Q3 2025
			Reconciliation of net income attributable to BXP, Inc. to BXP’s Share of same property net operating income (NOI) - cash

(in thousands)

						Three Months Ended
						30-Sep-25						30-Sep-24
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	83,628
Net (income) loss attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						(12,981)						9,587
Noncontrolling interest in property partnerships						17,853						15,237
Net income (loss)						(116,840)						108,452
Add:
Interest expense						164,299						163,194
Impairment losses						68,901						—
Loss from unconsolidated joint ventures						148,329						7,011
Depreciation and amortization expense						236,147						222,890
Transaction costs						1,431						188
Payroll and related costs from management services contracts						3,821						3,649
General and administrative expense						36,188						33,352
Less:
Interest and other income (loss)						7,620						14,430
Unrealized gain on non-real estate investments						178						94
Gains from investments in securities						2,400						2,198
Gains on sales of real estate						1,932						517
Direct reimbursements of payroll and related costs from management services contracts						3,821						3,649
Development and management services revenue						9,317						6,770
Net Operating Income (NOI)						517,008						511,078
Less:
Straight-line rent						30,105						29,578
Fair value lease revenue						1,906						1,298
Amortization and accretion related to sales type lease						236						250
Termination income						1,241						12,120
Add:
Straight-line ground rent expense adjustment 1						531						585
Lease transaction costs that qualify as rent inducements 2						5,894						4,983
NOI - cash (excluding termination income)						489,945						473,400
Less:
NOI - cash from non Same Properties (excluding termination income) 3						6,681						5,228
Same Property NOI - cash (excluding termination income)						483,264						468,172
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders) 4						44,504						38,849
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						3,143						—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income) 5						27,866						29,568
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income) 3						(1,154)						57
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	470,923					$	458,834

_____________

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.

10

---

			Q3 2025
			Same property net operating income (NOI) by reportable segment

(dollars in thousands)

			Office 1																								Hotel & Residential
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Sep-25						30-Sep-24						Change						Change						30-Sep-25						30-Sep-24						Change						Change
Rental Revenue 2			$	815,032					$	803,593																	$	26,007					$	27,199
Less: Termination income			1,241						5,140																		—						—
Rental revenue (excluding termination income) 2			813,791						798,453						$	15,338					1.9		%				26,007						27,199						$	(1,192)					(4.4)		%
Less: Operating expenses and real estate taxes			317,950						315,681						2,269						0.7		%				15,723						15,821						(98)						(0.6)		%
NOI (excluding termination income) 2, 3			$	495,841					$	482,772					$	13,069					2.7		%				$	10,284					$	11,378					$	(1,094)					(9.6)		%
Rental revenue (excluding termination income) 2			$	813,791					$	798,453					$	15,338					1.9		%				$	26,007					$	27,199					$	(1,192)					(4.4)		%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease			29,149						31,399						(2,250)						(7.2)		%				137						147						(10)						(6.8)		%
Add: Lease transaction costs that qualify as rent inducements 4			5,745						4,834						911						18.8		%				149						149						—						—		%
Subtotal			790,387						771,888						18,499						2.4		%				26,019						27,201						(1,182)						(4.3)		%
Less: Operating expenses and real estate taxes			317,950						315,681						2,269						0.7		%				15,723						15,821						(98)						(0.6)		%
Add: Straight-line ground rent expense 5			531						585						(54)						(9.2)		%				—						—						—						—		%
NOI - cash (excluding termination income) 2, 3			$	472,968					$	456,792					$	16,176					3.5		%				$	10,296					$	11,380					$	(1,084)					(9.5)		%
			Consolidated Total 1 (A)																								BXP’s share of Unconsolidated Joint Ventures (B)
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Sep-25						30-Sep-24						Change						Change						30-Sep-25						30-Sep-24						Change						Change
Rental Revenue 2			$	841,039					$	830,792																	$	51,833					$	53,878
Less: Termination income			1,241						5,140																		141						77
Rental revenue (excluding termination income) 2			839,798						825,652						$	14,146					1.7		%				51,692						53,801						$	(2,109)					(3.9)		%
Less: Operating expenses and real estate taxes			333,673						331,502						2,171						0.7		%				21,169						22,233						(1,064)						(4.8)		%
NOI (excluding termination income) 2, 3			$	506,125					$	494,150					$	11,975					2.4		%				$	30,523					$	31,568					$	(1,045)					(3.3)		%
Rental revenue (excluding termination income) 2			$	839,798					$	825,652					$	14,146					1.7		%				$	51,692					$	53,801					$	(2,109)					(3.9)		%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease			29,286						31,546						(2,260)						(7.2)		%				1,626						2,195						(569)						(25.9)		%
Add: Lease transaction costs that qualify as rent inducements 4			5,894						4,983						911						18.3		%				—						—						—						—		%
Subtotal			816,406						799,089						17,317						2.2		%				50,066						51,606						(1,540)						(3.0)		%
Less: Operating expenses and real estate taxes			333,673						331,502						2,171						0.7		%				21,169						22,233						(1,064)						(4.8)		%
Add: Straight-line ground rent expense 5			531						585						(54)						(9.2)		%				123						138						(15)						(10.9)		%
NOI - cash (excluding termination income) 2, 3			$	483,264					$	468,172					$	15,092					3.2		%				$	29,020					$	29,511					$	(491)					(1.7)		%
			Partners’ share of Consolidated Joint Ventures (C)																								BXP’s Share 2, 6
			Three Months Ended												$						%						Three Months Ended												$						%
			30-Sep-25						30-Sep-24						Change						Change						30-Sep-25						30-Sep-24						Change						Change
Rental Revenue 2			$	82,803					$	78,919																	$	810,069					$	805,751
Less: Termination income			—						18																		1,382						5,199
Rental revenue (excluding termination income) 2			82,803						78,901						$	3,902					4.9		%				808,687						800,552						$	8,135					1.0		%
Less: Operating expenses and real estate taxes			35,741						34,432						1,309						3.8		%				319,101						319,303						(202)						(0.1)		%
NOI (excluding termination income) 2, 3			$	47,062					$	44,469					$	2,593					5.8		%				$	489,586					$	481,249					$	8,337					1.7		%
Rental revenue (excluding termination income) 2			$	82,803					$	78,901					$	3,902					4.9		%				$	808,687					$	800,552					$	8,135					1.0		%
Less: Straight-line rent and fair value lease revenue and amortization and accretion from sales-type lease			6,596						5,533						1,063						19.2		%				24,316						28,208						(3,892)						(13.8)		%
Add: Lease transaction costs that qualify as rent inducements 4			895						(87)						982						1,128.7		%				4,999						5,070						(71)						(1.4)		%
Subtotal			77,102						73,281						3,821						5.2		%				789,370						777,414						11,956						1.5		%
Less: Operating expenses and real estate taxes			35,741						34,432						1,309						3.8		%				319,101						319,303						(202)						(0.1)		%
Add: Straight-line ground rent expense 5			—						—						—						—		%				654						723						(69)						(9.5)		%
NOI - cash (excluding termination income) 2, 3			$	41,361					$	38,849					$	2,512					6.5		%				$	470,923					$	458,834					$	12,089					2.6		%

___________________

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.

11

---

			Q3 2025
			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).

12

---

			Q3 2025
			Capital expenditures, tenant improvement costs and leasing commissions

(dollars in thousands, except PSF amounts)

CAPITAL EXPENDITURES

						Three Months Ended
						30-Sep-25						30-Jun-25
Maintenance capital expenditures						$	25,996					$	32,934
Planned capital expenditures associated with acquisition properties						5,020						5,977
Repositioning capital expenditures						10,084						13,150
Hotel improvements, equipment upgrades and replacements						1,181						859
Subtotal						42,281						52,920
Add:
BXP’s share of maintenance capital expenditures from unconsolidated joint ventures (JVs)						349						703
BXP’s share of planned capital expenditures associated with acquisition properties from unconsolidated JVs						116						(85)
BXP’s share of repositioning capital expenditures from unconsolidated JVs						—						—
Less:
Partners’ share of maintenance capital expenditures from consolidated JVs						3,004						3,426
Partners’ share of planned capital expenditures associated with acquisition properties from consolidated JVs						—						—
Partners’ share of repositioning capital expenditures from consolidated JVs						2						23
BXP’s Share of Capital Expenditures 1						$	39,740					$	50,089

2nd GENERATION TENANT IMPROVEMENTS AND LEASING COMMISSIONS 2

						Three Months Ended
						30-Sep-25						30-Jun-25
Square feet						957,858						852,284
Tenant improvements and lease commissions PSF						$	77.47					$	85.84

___________________

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

2Includes 100% of unconsolidated joint ventures.

13

---

			Q3 2025
			Acquisitions and dispositions

For the period from January 1, 2025 through September 30, 2025

(dollars in thousands)

ACQUISITIONS

																								BXP’s Share of Investment
Property						Location						Date Acquired						Square Feet						Initial						Anticipated Future						Total						In-service Leased (%)
290 Coles Street (670 Units) (19.46% ownership) 1						Jersey City, NJ						March 5, 2025						560,000						$	20,000					$	68,700					$	88,700					N/A
343 Madison Avenue 2						New York, NY						August 27, 2025						930,000						43,532						843,418						886,950						N/A
Total Acquisitions																		1,490,000						$	63,532					$	912,118					$	975,650					—		%

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						June 27, 2025						30,000						$	21,840					$	21,840					$	18,390
Beach Cities Media Campus (50% ownership)						El Segundo, CA						September 17, 2025						N/A						28,005						26,571						2,236
Total Dispositions																		30,000						$	49,845					$	48,411					$	20,626

___________________

1 The Company has agreed to fund up to $65.0 million in preferred equity. The joint venture has also entered into a $225.0 million construction loan, of which the Company’s share is approximately $43.8 million. As of September 30, 2025, $11.9 million of preferred equity has been contributed and no amounts have been drawn under the construction loan.

2 The Company acquired its partner’s 45% ownership interest at cost, resulting in the Company owning 100% of the project. See page 15 for additional details.

3 Excludes approximately $1.9 million of gain related to a sale that occurred in a prior period.

4 The Company entered into a joint venture with a third party to redevelop, own and operate 17 Hartwell Avenue. The Company sold 17 Hartwell Avenue to the joint venture for approximately $21.8 million in cash. The Company also contributed development costs of approximately $5.6 million for its 20% ownership interest. The Company will be the development manager for the project. Upon formation of the joint venture, the Company ceased accounting for the property on a consolidated basis and is accounting for the joint venture entity on an unconsolidated basis using the equity method of accounting, as it does not have a controlling financial or operating interest in the joint venture entity. The Company recognized a gain upon sale of the real estate of approximately $18.4 million within Gain on Sale of Real Estate on the Consolidated Statement of Operations, as the fair value of the real estate exceeded its carrying value.

14

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			Q3 2025
			Construction in progress

(dollars in thousands)

CONSTRUCTION IN PROGRESS AT SEPTEMBER 30, 2025 1

						Actual/Estimated																														BXP’s share
						Initial Occupancy						Stabilization Date																		Square Feet						Investment to Date 2						Estimated Total Investment 2						Total Financing						Amount Drawn						Estimated Future Equity Requirement 2						Percentage						Percentage placed in-service 4						Net Operating Income (Loss) 5 (BXP’s share)
																		Location																																																Leased 3
Office
			725 12th Street			Q1 2029						Q4 2030						Washington, DC												320,000						$	76,838					$	349,600					$	—					$	—					$	272,762					87		%				—		%				N/A
			343 Madison Avenue			Q3 2029						Q2 2031						New York, NY												930,000						183,665						1,971,000						—						—						1,787,335						—		%				—		%				N/A
			Total Office Properties under Construction																											1,250,000						260,503						2,320,600						—						—						2,060,097						22		%				—		%				N/A
Lab/Life Sciences
			290 Binney Street (55% ownership) 6			Q2 2026						Q2 2026						Cambridge, MA												573,000						335,288						508,000						—						—						172,712						100		%				—		%				N/A
			651 Gateway (50% ownership) 7			Q1 2024						Q3 2027						South San Francisco, CA												327,000						134,783						167,100						—						—						32,317						21		%				27		%				$	51
			Total Lab/Life Sciences Properties under Construction																											900,000						470,071						675,100						—						—						205,029						71		%				10		%				51
Residential
			17 Hartwell Avenue (312 units) (20% ownership)			Q2 2027						Q2 2028						Lexington, MA												288,000						8,460						35,900						19,747						—						7,693						—		%				—		%				N/A
			17 Hartwell Avenue - Retail																											2,100						—						—						—						—						—						—		%				—		%				N/A
			121 Broadway Street (439 units)			Q3 2027						Q2 2029						Cambridge, MA												492,000						221,830						597,800						—						—						375,970						—		%				—		%				N/A
			290 Coles Street (670 units) (19.46% ownership) 8			Q2 2028						Q3 2029						Jersey City, NJ												547,000						20,503						88,700						56,400						—						11,797						—		%				—		%				N/A
			290 Coles Street - Retail																											13,000						—						—						—						—						—						—		%				—		%				N/A
			Total Residential Properties under Construction																											1,342,100						250,793						722,400						76,147						—						395,460						—		%				—		%				N/A
Retail
			Reston Next Retail			Q1 2026						Q4 2026						Reston, VA												30,000						26,823						31,600						—						—						4,777						70		%				—		%				(13)
			Total Retail Property under Construction																											30,000						26,823						31,600						—						—						4,777						70		%				—		%				(13)
Total Properties Under Construction																														3,522,100						$	1,008,190					$	3,749,700					$	76,147					$	—					$	2,665,363					43		%	9			3		%				$	38

PROJECTS FULLY PLACED IN-SERVICE DURING 2025

			Actual/Estimated																														BXP’s share
																																							Estimated Total Investment 2												Amount Drawn at 9/30/2025						Estimated Future Equity Requirement 2												Net Operating Income (Loss) 5 (BXP’s share)
			Initial Occupancy						Stabilization Date																								Investment to Date 2												Total Financing																		Percentage
															Location									Square Feet																																				Leased 3
1050 Winter Street			Q2 2025						Q3 2025						Waltham, MA												162,274						$	8,273					$	38,700					$	—					$	—					$	30,427					100		%				$	583
Reston Next Office Phase II			Q1 2025						Q1 2027						Reston, VA												86,629						51,193						61,000						—						—						9,807						92		%				(166)
360 Park Avenue South (71% ownership)			Q4 2024						Q4 2026						New York, NY												448,112						385,755						418,300						156,470						156,470						32,545						38		%				(409)
Total Projects Fully Placed In-Service																											697,015						$	445,221					$	518,000					$	156,470					$	156,470					$	72,779					59		%				$	8

________________

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

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

3Represents percentage leased as of October 24, 2025, including leases with future commencement dates.

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

15

---

			Q3 2025
			Construction in progress (continued)

5Amounts represent Net Operating Income (Loss) for the three months ended September 30, 2025. 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.

6The 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 $116.0 million for the vault as of September 30, 2025.

7On January 1, 2025, in accordance with the Company’s accounting policy, the Company ceased interest capitalization of its equity method investment. As of September 30, 2025, the joint venture partner, which is also the managing partner, classifies the project as under construction. As such, the Company continues to reflect the project as under construction.

8On March 5, 2025 we 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 September 30, 2025, $11.9 million of preferred equity has been contributed.

9 Total percentage leased excludes Residential.

16

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			Q3 2025
			Land parcels and purchase options

as of September 30, 2025

OWNED LAND PARCELS AND PROPERTIES HELD FOR REDEVELOPMENT 1

Location			Approximate Developable Square Feet 2
Office
San Jose, CA						2,830,000
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
Santa Clara, CA						632,000
Springfield, VA						576,000
South San Francisco, CA (50% ownership)						451,000
Lexington, MA						420,000
Dulles, VA						150,000
Rockville, MD						150,000
Boston, MA						25,000
Total Office						13,072,000
Residential
Reston, VA						1,193,000
Rockville, MD						894,000
Herndon, VA (50% ownership)						611,000
Weston, MA						600,000
Washington, DC (50% ownership)						520,000
Total Residential						3,818,000
Total Owned Land Parcels						16,890,000

VALUE CREATION PIPELINE - LAND PURCHASE OPTIONS

Location			Approximate Developable Square Feet 2
Office
Waltham, MA 3						1,200,000
Boston, MA						668,000
Cambridge, MA						573,000
Total Office						2,441,000
Residential
Boston, MA						632,000
Total Residential						632,000
Total Land Purchase Options						3,073,000

__________________

1Includes properties that are no longer considered “in-service” because the occupancy percentage is below 50% and the Company anticipates a future development / redevelopment of the property. During the nine months ended September 30, 2025, approximately 647,000 net rentable square feet were removed from the Company’s in-service properties portfolio in anticipation of future redevelopment. There can be no assurance that the Company will develop or redevelop these land parcels and properties for office, residential or other uses, if at all. Actual uses may differ from those shown depending on, among other things, the outcome of the permitting and/or entitlement processes for each land parcel/property.

2Represents 100% of consolidated and unconsolidated projects.

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

17

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			Q3 2025
			Leasing activity

for the three months ended September 30, 2025

ALL IN-SERVICE PROPERTIES

Net (increase)/decrease in available space (SF)			Total
Vacant space available at the beginning of the period			6,559,755
Less:
Property dispositions/properties taken out of service 1			23,633
Add:
Properties placed (and partially placed) in-service 2			535,011
Leases expiring or terminated during the period			977,209
Total space available for lease			8,048,342
1st generation leases			198,797
2nd generation leases with new clients			688,867
2nd generation lease renewals			268,991
Total leases commenced during the period			1,156,655
Vacant space available for lease at the end of the period			6,891,687
Net (increase)/decrease in available space			(331,932)
2nd generation leasing information: 3
Leases commencing during the period (SF)			957,858
Weighted average lease term (months)			96
Weighted average free rent period (days)			215
Total transaction costs per square foot 4			$77.47
Increase (decrease) in gross rents 5			(4.48)		%
Increase (decrease) in net rents 6			(7.13)		%

			All leases commencing occupancy (SF)																		Incr (decr) in 2nd generation cash rents												Total square feet of leases executed in the quarter 8
			1st generation						2nd generation						total 7						gross 5, 7						net 6,7
Boston			113,924						368,708						482,632						2.18		%				3.19		%				397,854
Los Angeles			—						10,709						10,709						(29.10)		%				(41.02)		%				4,705
New York			23,038						215,801						238,839						4.52		%				8.11		%				794,741
San Francisco			—						176,055						176,055						(19.02)		%				(24.57)		%				133,551
Seattle			—						36,329						36,329						—		%				—		%				54,100
Washington, DC			61,835						150,256						212,091						(8.03)		%				(11.78)		%				139,247
Total / Weighted Average			198,797						957,858						1,156,655						(4.48)		%				(7.13)		%				1,524,198

_____________

1Total square feet of properties taken out of service in Q3 2025 consists of 23,633 at 200 Clarendon Street Retail.

2 Total square feet of properties placed in service in Q3 2025 consists of 345,570 at 360 Park Avenue South, 106,670 at 1050 Winter Street and 82,771 at Reston Next Office Phase II.

3 2nd generation leases are defined as leases for space that has previously been leased. Of the 957,858 square feet of 2nd generation leases that commenced in Q3 2025, leases for 625,288 square feet were signed in prior periods.

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

5 Represents the increase/(decrease) in gross rent (base rent plus expense reimbursements) on the new vs. expired leases on the 528,334 square feet of 2nd generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

6 Represents the increase/(decrease) in net rent (gross rent less operating expenses) on the new vs. expired leases on the 528,334 square feet of 2nd generation leases that had been occupied within the prior 12 months; excludes leases that management considers temporary because the client is not expected to occupy the space on a long-term basis.

7 Represents leases for which rental revenue recognition commenced in accordance with GAAP during the quarter.

8 Represents leases executed in the quarter for which the Company either (1) commenced rental revenue recognition in such quarter or (2) will commence rental revenue recognition in subsequent quarters, in accordance with GAAP, and includes leases at properties currently under development. The total square feet of leases executed in the current quarter for which the Company recognized rental revenue in the current quarter is 332,570.

18

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			Q3 2025
			Portfolio overview

for the three months ended September 30, 2025

(dollars in thousands)

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

						Office						Retail						Residential						Hotel						Total
Boston						14,661,416						1,120,176						550,114						330,000						16,661,706
Los Angeles						2,183,712						123,534						—						—						2,307,246
New York						12,540,900						488,017						—						—						13,028,917
San Francisco						7,239,141						349,648						318,171						—						7,906,960
Seattle						1,503,381						13,171						—						—						1,516,552
Washington, DC						8,123,872						635,566						910,277						—						9,669,715
Total						46,252,422						2,730,112						1,778,562						330,000						51,091,096
% of Total						90.53		%				5.34		%				3.48		%				0.65		%				100.00		%

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

			Total
Rentable square feet of in-service properties 2			51,091,096
Less:
Rentable square feet from residential and hotel properties 2			2,174,332
Partners’ share of rentable square feet from unconsolidated joint venture properties, excluding residential properties 4			3,975,899
Partners’ share of rentable square feet from consolidated joint venture properties 5			3,117,910
BXP’s Share of rentable square feet, excluding residential and hotel properties 1			41,822,955

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

						Office						Retail						Residential						Hotel 6						Total
Consolidated						$	768,404					$	64,737					$	12,171					$	13,060					$	858,372
Less:
Partners’ share from consolidated joint ventures 7						78,126						10,055						—						—						88,181
Add:
BXP’s share from unconsolidated joint ventures 8						49,655						2,535						3,617						—						55,807
BXP’s Share of Rental revenue 1						$	739,933					$	57,217					$	15,788					$	13,060					$	825,998
% of Total						89.58		%				6.93		%				1.91		%				1.58		%				100.00		%

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

			CBD						Suburban						Total
Boston			33.16		%				4.85		%				38.01		%
Los Angeles			4.65		%				—		%				4.65		%
New York			21.81		%				1.57		%				23.38		%
San Francisco			14.25		%				1.86		%				16.11		%
Seattle			2.52		%				—		%				2.52		%
Washington, DC			15.18		%				0.15		%				15.33		%
Total			91.57		%				8.43		%				100.00		%

_____________

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

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

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

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

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

6Excludes approximately $102 of revenue from retail clients that is included in Retail.

7See page 63 for additional information.

8See page 65 for additional information.

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

19

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			Q3 2025
			Residential and hotel performance

(dollars in thousands, except rental rates)

RESULTS OF OPERATIONS

			Residential 1												Hotel
			Three Months Ended												Three Months Ended
			30-Sep-25						30-Jun-25						30-Sep-25						30-Jun-25
Rental Revenue 2			$	12,845					$	12,532					$	13,162					$	14,773
Less: Operating expenses and real estate taxes			6,095						6,578						9,628						9,365
Net Operating Income (NOI) 2			6,750						5,954						3,534						5,408
Add: BXP’s share of NOI from unconsolidated joint ventures			2,211						2,148						N/A						N/A
BXP’s Share of NOI 2			$	8,961					$	8,102					$	3,534					$	5,408
Rental Revenue 2			$	12,845					$	12,532					$	13,162					$	14,773
Less: Straight line rent and fair value lease revenue			139						142						(2)						(2)
Add: Lease transaction costs that qualify as rent inducements			149						149						—						—
Subtotal			12,855						12,539						13,164						14,775
Less: Operating expenses and real estate taxes			6,095						6,578						9,628						9,365
NOI - cash basis 2			6,760						5,961						3,536						5,410
Add: BXP’s share of NOI-cash from unconsolidated joint ventures			2,211						2,148						N/A						N/A
BXP’s Share of NOI - cash basis 2			$	8,971					$	8,109					$	3,536					$	5,410

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

			Residential Units						Three Months Ended												Percent Change
									30-Sep-25						30-Sep-24
Boston			806
Average Monthly Rental Rate									$	4,091					$	4,000					2.28		%
Average Rental Rate Per Occupied Square Foot									$	5.97					$	5.85					2.05		%
Average Physical Occupancy									94.62		%				95.37		%				(0.79)		%
Average Economic Occupancy									94.57		%				95.39		%				(0.86)		%
San Francisco			402
Average Monthly Rental Rate									$	3,004					$	2,968					1.21		%
Average Rental Rate Per Occupied Square Foot									$	3.80					$	3.76					1.06		%
Average Physical Occupancy									90.88		%				89.88		%				1.11		%
Average Economic Occupancy									89.02		%				87.49		%				1.75		%
Washington, DC 4			1,016
Average Monthly Rental Rate									$	2,869					$	2,869					—		%
Average Rental Rate Per Occupied Square Foot									$	3.23					$	2.95					9.49		%
Average Physical Occupancy									91.57		%				96.00		%				(4.61)		%
Average Economic Occupancy									89.11		%				95.89		%				(7.07)		%
Total residential units			2,224

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

			Hotel Rooms						Three Months Ended												Percent Change
									30-Sep-25						30-Sep-24
Boston Marriott Cambridge			437
Average Occupancy									82.80		%				82.70		%				0.12		%
Average Daily Rate									$	328.68					$	356.44					(7.79)		%
Revenue Per Available Room									$	272.00					$	294.86					(7.75)		%

_____________

1Includes retail space.

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

3Excludes retail space.

4For the three months ended September 30, 2025, rental rates and occupancy information includes Skymark, which was completed and fully placed in-service on December 13, 2024 and is in its initial lease-up period with expected stabilization in the second quarter of 2026. As of October 24, 2025, the physical occupancy of Skymark was approximately 94.69%.

20

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			Q3 2025
			In-service property listing

			as of September 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
CBD
			BOSTON
			Office
						200 Clarendon Street						CBD Boston MA						1						1,700,914						99.6		%				99.6		%				$	88.62
						800 Boylston Street - The Prudential Center						CBD Boston MA						1						1,274,213						94.8		%				97.8		%				73.56
						100 Federal Street (55% ownership)						CBD Boston MA						1						1,233,943						91.9		%				98.3		%				77.44
						111 Huntington Avenue - The Prudential Center						CBD Boston MA						1						860,446						100.0		%				100.0		%				81.19
						Atlantic Wharf Office (55% ownership)						CBD Boston MA						1						793,024						100.0		%				100.0		%				88.25
						100 Causeway Street (50% ownership) 4						CBD Boston MA						1						633,818						100.0		%				100.0		%				75.65
						Prudential Center (retail shops) 5						CBD Boston MA						1						601,333						94.5		%				94.8		%				94.38
						101 Huntington Avenue - The Prudential Center						CBD Boston MA						1						506,476						100.0		%				100.0		%				62.33
						The Hub on Causeway - Podium (50% ownership) 4						CBD Boston MA						1						382,988						94.8		%				94.8		%				65.80
						888 Boylston Street - The Prudential Center						CBD Boston MA						1						363,320						100.0		%				100.0		%				83.84
						Star Market at the Prudential Center 5						CBD Boston MA						1						60,015						100.0		%				100.0		%				64.51
						Subtotal												11						8,410,490						97.3		%				98.7		%				$	80.49
						145 Broadway						East Cambridge MA						1						490,086						99.6		%				99.6		%				$	93.42
						325 Main Street						East Cambridge MA						1						414,900						91.4		%				97.4		%				119.26
						125 Broadway 6						East Cambridge MA						1						271,000						100.0		%				100.0		%				148.82
						355 Main Street						East Cambridge MA						1						256,966						100.0		%				100.0		%				86.33
						300 Binney Street (55% ownership) 6, 7						East Cambridge MA						1						239,908						100.0		%				100.0		%				159.03
						90 Broadway						East Cambridge MA						1						223,771						100.0		%				100.0		%				81.08
						255 Main Street						East Cambridge MA						1						215,394						82.5		%				82.5		%				92.24
						150 Broadway						East Cambridge MA						1						177,226						100.0		%				100.0		%				101.94
						105 Broadway						East Cambridge MA						1						152,664						100.0		%				100.0		%				77.35
						250 Binney Street 6						East Cambridge MA						1						67,362						100.0		%				100.0		%				92.10
						University Place						Mid-Cambridge MA						1						195,282						100.0		%				100.0		%				61.08
						Subtotal												11						2,704,559						97.2		%				98.1		%				$	104.27
						Subtotal Boston CBD												22						11,115,049						97.3		%				98.6		%				$	86.32
			Residential
						Hub50House (440 units) (50% ownership) 4						CBD Boston MA						1						320,444
						The Lofts at Atlantic Wharf (86 units)						CBD Boston MA						1						87,096
						Proto Kendall Square (280 units)						East Cambridge MA						1						166,717
						Subtotal												3						574,257
			Hotel
						Boston Marriott Cambridge (437 rooms)						East Cambridge MA						1						334,260
						Subtotal												1						334,260
			LOS ANGELES
			Office
						Colorado Center (50% ownership) 4						West Los Angeles CA						6						1,130,066						89.6		%				90.3		%				$	78.25
						Santa Monica Business Park						West Los Angeles CA						14						1,104,174						83.8		%				83.8		%				73.18
						Santa Monica Business Park Retail 5						West Los Angeles CA						7						73,006						86.8		%				86.8		%				80.09
						Subtotal												27						2,307,246						86.7		%				87.1		%				$	75.97
			NEW YORK
			Office
						767 Fifth Avenue (The GM Building) (60% ownership)						Plaza District NY						1						1,970,335						93.7		%				98.5		%				$	170.35
						601 Lexington Avenue (55% ownership)						Park Avenue NY						1						1,671,682						99.9		%				99.9		%				100.64
						399 Park Avenue						Park Avenue NY						1						1,567,470						100.0		%				100.0		%				109.69

21

---

			Q3 2025
			In-service property listing (continued)

			as of September 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
						599 Lexington Avenue						Park Avenue NY						1						1,106,336						87.8		%				97.0		%				87.43
						7 Times Square (formerly Times Square Tower) (55% ownership)						Times Square NY						1						1,238,724						80.2		%				84.7		%				76.83
						250 West 55th Street						Times Square / West Side NY						1						966,976						100.0		%				100.0		%				102.74
						200 Fifth Avenue (26.69% ownership) 4						Midtown South NY						1						846,506						59.0		%				91.0		%				98.80
						360 Park Avenue South (71.11% ownership) 4, 7, 8						Midtown South NY						1						448,112						28.0		%				38.3		%				100.48
						Dock 72 (50% ownership) 4						Brooklyn NY						1						668,521						42.7		%				42.7		%				37.60
						510 Madison Avenue						Fifth/Madison Avenue NY						1						352,589						77.0		%				93.4		%				123.57
						Subtotal												10						10,837,251						84.9		%				90.7		%				$	111.11
			SAN FRANCISCO
			Office
						Salesforce Tower						CBD San Francisco CA						1						1,420,682						98.0		%				98.0		%				$	114.47
						Embarcadero Center Four						CBD San Francisco CA						1						945,405						88.3		%				94.5		%				105.29
						Embarcadero Center One						CBD San Francisco CA						1						837,810						71.3		%				71.3		%				96.59
						Embarcadero Center Two						CBD San Francisco CA						1						804,891						71.5		%				72.5		%				85.39
						Embarcadero Center Three						CBD San Francisco CA						1						786,411						75.0		%				78.7		%				93.08
						680 Folsom Street						CBD San Francisco CA						2						522,406						59.2		%				59.2		%				84.61
						535 Mission Street						CBD San Francisco CA						1						303,322						77.2		%				86.2		%				77.36
						690 Folsom Street						CBD San Francisco CA						1						26,080						100.0		%				100.0		%				76.45
						Subtotal												9						5,647,007						80.7		%				82.9		%				$	99.95
			Residential
						The Skylyne (402 units)						CBD Oakland CA						1						330,996
						Subtotal												1						330,996
			SEATTLE
			Office
						Safeco Plaza (33.67% ownership) 4						CBD Seattle WA						1						762,541						84.5		%				86.5		%				$	49.34
						Madison Centre						CBD Seattle WA						1						754,011						80.7		%				83.6		%				60.44
						Subtotal												2						1,516,552						82.6		%				85.1		%				$	54.72
			WASHINGTON, DC
			Office
						901 New York Avenue						East End Washington DC						1						508,130						80.5		%				80.5		%				$	69.14
						Market Square North (50% ownership) 4						East End Washington DC						1						417,298						75.3		%				75.3		%				75.52
						2100 Pennsylvania Avenue						CBD Washington DC						1						475,849						95.0		%				95.0		%				82.25
						2200 Pennsylvania Avenue						CBD Washington DC						1						459,954						94.8		%				98.0		%				95.76
						1330 Connecticut Avenue						CBD Washington DC						1						252,413						95.5		%				95.5		%				71.07
						Sumner Square						CBD Washington DC						1						208,797						94.0		%				94.0		%				50.61
						500 North Capitol Street, N.W. (30% ownership) 4						Capitol Hill Washington DC						1						230,900						96.8		%				96.8		%				86.29
						Capital Gallery						Southwest Washington DC						1						176,824						80.8		%				92.7		%				58.30
						Subtotal												8						2,730,165						88.5		%				89.8		%				$	76.68
						Reston Next						Reston VA						2						1,063,299						97.5		%				99.2		%				$	62.90
						South of Market						Reston VA						3						624,387						100.0		%				100.0		%				57.19
						Fountain Square						Reston VA						2						524,329						94.2		%				99.1		%				53.64
						One Freedom Square						Reston VA						1						427,646						87.8		%				87.8		%				55.08
						Two Freedom Square						Reston VA						1						423,222						100.0		%				100.0		%				55.65
						One and Two Discovery Square						Reston VA						2						366,989						89.7		%				89.7		%				54.13
						One Reston Overlook						Reston VA						1						319,519						100.0		%				100.0		%				50.80
						17Fifty Presidents Street						Reston VA						1						275,809						100.0		%				100.0		%				74.81
						Democracy Tower						Reston VA						1						259,441						99.3		%				99.3		%				69.25
						Fountain Square Retail 5						Reston VA						1						196,421						90.4		%				91.2		%				59.39

22

---

			Q3 2025
			In-service property listing (continued)

			as of September 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
						Two Reston Overlook						Reston VA						1						134,615						100.0		%				100.0		%				56.54
						Reston Next Office Phase II 7, 8						Reston VA						1						86,629						4.5		%				92.2		%				57.20
						Avant Retail 5						Reston VA						1						26,179						100.0		%				100.0		%				67.23
						Subtotal												18						4,728,485						94.7		%				97.3		%				$	59.04
						7750 Wisconsin Avenue (50% ownership) 4						Bethesda/Chevy Chase MD						1						735,573						100.0		%				100.0		%				$	38.99
						Wisconsin Place Office						Montgomery County MD						1						295,845						59.9		%				59.9		%				53.06
						Subtotal												2						1,031,418						88.5		%				88.5		%				$	42.13
						Subtotal Washington, DC CBD												28						8,490,068						91.9		%				93.8		%				$	62.49
			Residential
						Signature at Reston (508 units)						Reston VA						1						517,783
						Skymark (508 units) (20% ownership) 4, 7						Reston VA						1						417,036
						Subtotal												2						934,819
												CBD Total						105						42,087,505						89.3		%	9			92.0		%	9			$	87.55		9
												BXP’s Share of CBD																		90.0		%	9			92.3		%	9
SUBURBAN
			BOSTON
			Office
						Bay Colony Corporate Center 10						Route 128 Mass Turnpike MA						3						710,064						56.2		%				57.7		%				$	38.70
						140 Kendrick Street						Route 128 Mass Turnpike MA						3						409,197						77.2		%				81.7		%				60.59
						Weston Corporate Center						Route 128 Mass Turnpike MA						1						357,579						12.5		%				12.5		%				48.08
						180 CityPoint 6, 7						Route 128 Mass Turnpike MA						1						329,195						43.2		%				78.3		%				102.94
						Waltham Weston Corporate Center						Route 128 Mass Turnpike MA						1						301,611						73.0		%				73.0		%				45.22
						230 CityPoint						Route 128 Mass Turnpike MA						1						296,720						97.7		%				97.7		%				49.53
						200 West Street 6						Route 128 Mass Turnpike MA						1						273,361						86.1		%				86.1		%				91.72
						880 Winter Street 6						Route 128 Mass Turnpike MA						1						243,614						100.0		%				100.0		%				100.00
						10 CityPoint						Route 128 Mass Turnpike MA						1						236,570						97.1		%				98.6		%				60.69
						20 CityPoint						Route 128 Mass Turnpike MA						1						211,476						98.1		%				98.1		%				62.02
						77 CityPoint						Route 128 Mass Turnpike MA						1						209,382						90.2		%				90.2		%				56.43
						890 Winter Street						Route 128 Mass Turnpike MA						1						180,155						93.1		%				93.1		%				45.71
						Reservoir Place 11						Route 128 Mass Turnpike MA						1						164,993						35.0		%				35.0		%				46.23
						153 & 211 Second Avenue 12						Route 128 Mass Turnpike MA						2						154,093						84.2		%				84.2		%				52.45
						1265 Main Street (50% ownership) 4						Route 128 Mass Turnpike MA						1						120,681						100.0		%				100.0		%				58.99
						103 CityPoint 6, 7						Route 128 Mass Turnpike MA						1						112,841						—		%				—		%				—
						Reservoir Place North						Route 128 Mass Turnpike MA						1						73,258						100.0		%				100.0		%				52.86
						The Point 5						Route 128 Mass Turnpike MA						1						16,300						100.0		%				100.0		%				63.48
						33 Hayden Avenue 6						Route 128 Northwest MA						1						80,872						100.0		%				100.0		%				80.03
						32 Hartwell Avenue						Route 128 Northwest MA						1						69,154						100.0		%				100.0		%				27.50
						100 Hayden Avenue 6						Route 128 Northwest MA						1						55,924						100.0		%				100.0		%				66.22
						92 Hayden Avenue						Route 128 Northwest MA						1						31,100						100.0		%				100.0		%				46.83
						Subtotal												27						4,638,140						71.6		%				74.8		%				$	60.82
			NEW YORK
			Office
						510 Carnegie Center						Princeton NJ						1						234,160						72.4		%				74.9		%				$	40.13
						206 Carnegie Center						Princeton NJ						1						161,763						—		%				—		%				—
						210 Carnegie Center						Princeton NJ						1						159,468						27.5		%				66.3		%				44.06
						212 Carnegie Center						Princeton NJ						1						148,942						67.8		%				72.4		%				35.63
						214 Carnegie Center						Princeton NJ						1						146,799						62.8		%				62.8		%				38.57
						506 Carnegie Center						Princeton NJ						1						139,050						95.1		%				95.1		%				40.73

23

---

			Q3 2025
			In-service property listing (continued)

			as of September 30, 2025
												Sub Market						Number of Buildings						Square Feet						Occupied % 1						Leased % 2						Annualized Rental Obligations Per Occupied SF 3
						508 Carnegie Center						Princeton NJ						1						134,433						100.0		%				100.0		%				43.84
						202 Carnegie Center						Princeton NJ						1						134,068						73.7		%				73.7		%				40.89
						804 Carnegie Center						Princeton NJ						1						130,000						100.0		%				100.0		%				42.13
						101 Carnegie Center						Princeton NJ						1						122,791						99.5		%				100.0		%				40.25
						504 Carnegie Center						Princeton NJ						1						121,990						100.0		%				100.0		%				36.83
						502 Carnegie Center						Princeton NJ						1						121,460						94.8		%				94.8		%				39.47
						701 Carnegie Center						Princeton NJ						1						120,000						100.0		%				100.0		%				34.78
						104 Carnegie Center						Princeton NJ						1						101,969						69.6		%				73.4		%				38.38
						103 Carnegie Center						Princeton NJ						1						96,322						69.1		%				69.1		%				37.51
						302 Carnegie Center						Princeton NJ						1						64,926						100.0		%				100.0		%				36.50
						211 Carnegie Center						Princeton NJ						1						47,025						—		%				—		%				—
						201 Carnegie Center						Princeton NJ						—						6,500						100.0		%				100.0		%				34.09
						Subtotal												17						2,191,666						72.6		%				76.2		%				$	39.38
			SAN FRANCISCO
			Office
						Gateway Commons (50% ownership) 4, 13						South San Francisco CA						5						792,737						72.2		%				72.2		%				$	73.49
						751 Gateway (49% ownership) 4, 6						South San Francisco CA						1						230,592						100.0		%				100.0		%				116.11
						Mountain View Research Park 14						Mountain View CA						16						571,884						59.0		%				62.7		%				64.32
						2440 West El Camino Real						Mountain View CA						1						142,711						57.8		%				57.8		%				95.39
						North First Business Park						San Jose CA						5						191,033						58.4		%				58.4		%				30.15
						Subtotal												28						1,928,957						69.2		%				70.3		%				$	76.29
			WASHINGTON, DC
			Office
						Kingstowne Two						Springfield VA						1						156,540						50.7		%				67.8		%				$	38.59
						Kingstowne Retail 5						Springfield VA						1						88,288						100.0		%				100.0		%				31.36
						Subtotal												2						244,828						68.5		%				79.4		%				$	34.78
												Suburban Total						74						9,003,591						71.2		%				74.3		%				$	58.06
												BXP’s Share of Suburban																		70.6		%				73.8		%
						Total In-Service Properties:												179						51,091,096						86.0		%	9			88.8		%	9			$	83.04		9
						BXP’s Share of Total In-Service Properties: 3																								86.1		%	9			88.6		%	9

_____________

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

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

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

4This is an unconsolidated joint venture property.

5This is a retail property.

6Classified as a laboratory/life sciences property.

7Not included in the Same Property analysis.

8Property was fully placed in service during the third quarter of 2025.

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

10 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.

11 During the first quarter of 2025, approximately 361,000 net rentable square feet was taken out of service to be held for future redevelopment.

12 211 Second Avenue is classified as a laboratory/life sciences property.

13 Includes 681 Gateway, which is a laboratory/life sciences property.

14 Includes 453 Ravendale Drive.

24

---

			Q3 2025
			Top 20 clients listing and portfolio client diversification

as of September 30, 2025

TOP 20 CLIENTS

No.						Client						BXP’s Share of Annualized Rental Obligations 1									Weighted Average Remaining Lease Term (years) 2
1						Salesforce									3.34		%				6.5
2						Google									2.88		%				11.6
3						Akamai Technologies									2.15		%				9.1
4						Kirkland & Ellis									1.81		%				11.9
5						Biogen									1.78		%				2.6
6						Snap									1.61		%				8.3
7						Fannie Mae									1.52		%				11.9
8						Millennium Management									1.43		%				10.5
9						Ropes & Gray									1.35		%				12.3
10						Weil Gotshal & Manges									1.22		%				8.7
11						Wellington Management									1.17		%				10.8
12						Microsoft									1.14		%				7.9
13						Arnold & Porter Kaye Scholer									1.08		%				7.1
14						Allen Overy Shearman Sterling									1.03		%				15.9
15						Bain Capital									0.93		%				6.3
16						Morrison & Foerster									0.91		%				4.9
17						Bank of America									0.85		%				10.7
18						C.V. Starr & Co									0.85		%				8.6
19						Wilmer Cutler Pickering Hale									0.84		%				13.2
20						Leidos									0.84		%				7.6
						BXP’s Share of Annualized Rental Obligations									28.73		%
						BXP’s Share of Square Feet 1									21.99		%
						Weighted Average Remaining Lease Term (years)															9.2

NOTABLE SIGNED DEALS 3

Client

Property

Square Feet

AstraZeneca

290 Binney Street

573,000

McDermott Will & Schulte

725 12th Street, NW

152,000

Cooley

725 12th Street, NW

126,000

CLIENT DIVERSIFICATION 2

_____________

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

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

3Represents leases signed with occupancy commencing in the future. The number of square feet is an estimate.

25

---

			Q3 2025
			Occupancy by location

as of September 30, 2025

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

						CBD												Suburban												Total
Location						30-Sep-25						30-Jun-25						30-Sep-25						30-Jun-25						30-Sep-25						30-Jun-25
Boston						97.3		%				97.0		%				71.6		%				71.6		%				89.7		%				89.7		%
Los Angeles						86.7		%				86.3		%				—		%				—		%				86.7		%				86.3		%
New York						84.9		%				87.2		%				72.6		%				71.0		%				82.8		%				84.4		%
San Francisco						80.7		%				81.8		%				69.2		%				69.6		%				77.8		%				78.7		%
Seattle						82.6		%				84.6		%				—		%				—		%				82.6		%				84.6		%
Washington, DC						91.9		%				91.1		%				68.5		%				68.4		%				91.3		%				90.5		%
Total Portfolio						89.3		%				89.9		%				71.2		%				70.9		%				86.0		%				86.4		%

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

						CBD												Suburban												Total
Location						30-Sep-25						30-Sep-24						30-Sep-25						30-Sep-24						30-Sep-25						30-Sep-24
Boston						97.2		%				95.7		%				74.8		%				82.0		%				91.2		%				92.0		%
Los Angeles						86.7		%				84.9		%				—		%				—		%				86.7		%				84.9		%
New York						87.3		%				88.9		%				72.6		%				67.3		%				84.8		%				85.1		%
San Francisco						80.7		%				84.2		%				69.2		%				71.2		%				77.8		%				80.9		%
Seattle						82.6		%				80.2		%				—		%				—		%				82.6		%				80.2		%
Washington, DC						92.8		%				91.2		%				68.5		%				82.6		%				92.2		%				90.9		%
Total Portfolio						90.1		%				90.0		%				72.7		%				75.7		%				87.0		%				87.5		%

_____________

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

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

26

---

			Q3 2025
			Capital structure

(in thousands, except percentages)

CONSOLIDATED DEBT

			Aggregate Principal
Mortgage Notes Payable			$	4,299,119
Unsecured Line of Credit			—
Unsecured Term Loans			800,000
Unsecured Commercial Paper			750,000
Unsecured Senior Notes, at face value			9,850,000
Unsecured Exchangeable Senior Notes, at face value			1,000,000
Outstanding Principal			16,699,119
Discount on Unsecured Senior Notes			(9,007)
Deferred Financing Costs, Net			(85,416)
Consolidated Debt			$	16,604,696

MORTGAGE NOTES PAYABLE

												Interest Rate
Property						Maturity Date						GAAP 1						Stated 2						Outstanding Principal
767 Fifth Avenue (The GM Building) (60% ownership)						June 9, 2027						3.64%						3.43%						$	2,300,000
Santa Monica Business Park						October 8, 2028						5.36%						5.24%						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%						199,119
601 Lexington Avenue (55% ownership)						January 9, 2032						2.93%						2.79%						1,000,000
Total																								$	4,299,119

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED SENIOR NOTES 3

												Interest Rate
						Maturity Date						GAAP 1						Stated						Outstanding Principal
Unsecured Senior Notes						February 1, 2026						3.77%						3.65%						$	1,000,000
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
																								$	9,850,000

BOSTON PROPERTIES LIMITED PARTNERSHIP UNSECURED EXCHANGEABLE SENIOR NOTES 3, 4

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

27

---

			Q3 2025
			Capital structure (continued)

CAPITALIZATION

						Shares/Units						Common Stock
						Outstanding						Equivalents						Equivalent Value 5
Common Stock						158,400						158,400						$	11,775,456
Common Operating Partnership Units						18,399						18,399						1,367,782
Total Equity												176,799						$	13,143,238
Consolidated Debt (A)																		$	16,604,696
Add: BXP’s share of unconsolidated joint venture debt 6																		1,372,439
Less: Partners’ share of consolidated debt 7																		1,363,861
BXP’s Share of Debt 8 (B)																		$	16,613,274
Consolidated Market Capitalization (C)																		$	29,747,934
BXP’s Share of Market Capitalization 8 (D)																		$	29,756,512
Consolidated Debt/Consolidated Market Capitalization (A÷C)																		55.82		%
BXP’s Share of Debt/BXP’s Share of Market Capitalization 8 (B÷D)																		55.83		%

_____________

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

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

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

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

5Values are based on the September 30, 2025 closing price of $74.34 per share of BXP common stock.

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

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

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

28

---

			Q3 2025
			Debt analysis 1

as of September 30, 2025

(dollars in thousands)

UNSECURED REVOLVING CREDIT FACILITY - MATURES MARCH 29, 2030

						Facility						Outstanding at September 30, 2025						Remaining Capacity at September 30, 2025
Unsecured Line of Credit						$	2,250,000					$	—					$	2,250,000
Less:
Unsecured Commercial Paper 2																		750,000
Letters of Credit																		5,393
Total Remaining Capacity																		$	1,494,607

UNSECURED TERM LOANS

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

UNSECURED AND SECURED DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 5						Maturity (years)
Unsecured Debt						74.23		%				3.99		%				4.11		%				4.3
Secured Debt						25.77		%				3.80		%				3.99		%				3.1
Consolidated Debt						100.00		%				3.94		%				4.07		%				4.0

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 5						Maturity (years)
Floating Rate Debt 2						8.71		%				4.92		%				4.98		%				1.7
Fixed Rate Debt 3, 6						91.29		%				3.85		%				3.99		%				4.2
Consolidated Debt						100.00		%				3.94		%				4.07		%				4.0

_____________

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

2The unsecured commercial paper program is backstopped by available capacity under the unsecured line of credit. As such, the Company intends to maintain, at a minimum, availability under its unsecured line of credit in an amount equal to the amount of commercial paper notes outstanding. The term of the notes issued under the unsecured commercial paper program vary but may not exceed one year from the date of issuance. The commercial paper notes are included in the Company’s floating rate debt statistics. At September 30, 2025, the weighted average interest rate of the commercial paper notes outstanding was approximately 4.51% per annum and had a weighted-average maturity of 43 days from the date of issuance.

3The $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 $100.0 million unsecured term loan has two one-year extension options (subject to customary conditions).

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

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

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

29

---

			Q3 2025
			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 September 30, 2025 to show that the Company’s Operating Partnership was in compliance with the terms of the Indenture, which has been filed with the SEC. Management is not presenting these ratios for any other purpose or for any other period, and is not intending for these measures to otherwise provide information to investors about the Company’s financial condition or results of operations. Investors should not rely on these measures other than for purposes of testing our compliance with the Indenture.

COVENANT RATIOS AND RELATED DATA

									Senior Notes Issued Prior to December 4, 2017						Senior Notes Issued On or After December 4, 2017
			Test						Actual
Total Outstanding Debt/Total Assets 1			Less than 60%						49.3		%				46.3		%
Secured Debt/Total Assets			Less than 50%						15.8		%				14.8		%
Interest Coverage (Annualized Consolidated EBITDA to Annualized Interest Expense)			Greater than 1.50x						2.94						2.94
Unencumbered Assets/ Unsecured Debt			Greater than 150%						222.0		%				238.4		%

_____________

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

30

---

			Q3 2025
			Net Debt to EBITDAre

(dollars in thousands)

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

						Three Months Ended
						30-Sep-25						30-Jun-25
Net income (loss) attributable to BXP, Inc.						$	(121,712)					$	88,977
Add:
Noncontrolling interest - common units of the Operating Partnership						(12,981)						10,064
Noncontrolling interest in property partnerships						17,853						20,100
Net income (loss)						(116,840)						119,141
Add:
Interest expense						164,299						162,783
Depreciation and amortization expense						236,147						223,819
Impairment losses						68,901						—
Less:
Gains on sales of real estate						1,932						18,390
Loss from unconsolidated joint ventures 2						(148,329)						(3,324)
Add:
BXP’s share of EBITDAre from unconsolidated joint ventures 3						32,054						32,222
EBITDAre 1						530,958						522,899
Less:
Partners’ share of EBITDAre from consolidated joint ventures 4						52,484						52,937
BXP’s Share of EBITDAre 1 (A)						478,474						469,962
Add:
Stock-based compensation expense						4,404						11,612
BXP’s Share of straight-line ground rent expense adjustment 1						(407)						584
BXP’s Share of lease transaction costs that qualify as rent inducements 1						4,999						3,482
Less:
BXP’s Share of straight-line rent 1						23,859						20,535
BXP’s Share of fair value lease revenue 1						3,019						3,029
BXP’s Share of amortization and accretion related to sales type lease 1						265						261
Non-cash loss from early extinguishments of debt						—						—
BXP’s Share of EBITDAre – cash 1						$	460,327					$	461,815
BXP’s Share of EBITDAre (Annualized) 5 (A x 4)						$	1,913,896					$	1,879,848

Reconciliation of BXP’s Share of Net Debt 1

						30-Sep-25						30-Jun-25
Consolidated debt						$	16,604,696					$	15,811,005
Less:
Cash and cash equivalents						861,066						446,953
Cash held in escrow for 1031 exchange						—						—
Net debt 1						15,743,630						15,364,052
Add:
BXP’s share of unconsolidated joint venture debt 3						1,372,439						1,386,046
Partners’ share of cash and cash equivalents from consolidated joint ventures						88,172						143,319
Less:
BXP’s share of cash and cash equivalents from unconsolidated joint ventures						98,449						115,199
Partners’ share of consolidated joint venture debt 4						1,363,861						1,363,364
BXP’s share of related party note receivables						30,500						30,500
BXP’s Share of Net Debt 1 (B)						$	15,711,431					$	15,384,354
BXP’s Share of Net Debt to BXP’s Share of EBITDAre (Annualized) [B ÷ (A x 4)]						8.21						8.18

_____________

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

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

3For disclosures related to the calculation of BXP’s share from unconsolidated joint ventures for the three months ended September 30, 2025, see pages 35 and 64.

4For disclosures related to the calculation of Partners’ share from consolidated joint ventures for the three months ended September 30, 2025, see pages 33 and 62.

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

31

---

			Q3 2025
			Debt ratios

(in thousands, except for ratio amounts)

INTEREST COVERAGE RATIO 1

						Three Months Ended
						30-Sep-25						30-Jun-25
BXP’s Share of interest expense 1						$	172,497					$	169,763
Less:
BXP’s Share of hedge amortization, net of costs 1						1,781						1,808
BXP’s share of fair value interest adjustment 1						638						1,217
BXP’s Share of amortization of financing costs 1						4,700						4,665
Adjusted interest expense excluding capitalized interest (A)						165,378						162,073
Add:
BXP’s Share of capitalized interest 1						14,239						14,016
Adjusted interest expense including capitalized interest (B)						$	179,617					$	176,089
BXP’s Share of EBITDAre – cash 1, 2 (C)						$	460,327					$	461,815
Interest Coverage Ratio (excluding capitalized interest) (C÷A)						2.78						2.85
Interest Coverage Ratio (including capitalized interest) (C÷B)						2.56						2.62

FIXED CHARGE COVERAGE RATIO 1

						Three Months Ended
						30-Sep-25						30-Jun-25
BXP’s Share of interest expense 1						$	172,497					$	169,763
Less:
BXP’s Share of hedge amortization, net of costs 1						1,781						1,808
BXP’s Share of fair value interest adjustment 1						638						1,217
BXP’s Share of amortization of financing costs 1						4,700						4,665
Add:
BXP’s Share of capitalized interest 1						14,239						14,016
BXP’s Share of maintenance capital expenditures 1						23,341						30,211
Hotel improvements, equipment upgrades and replacements						1,181						859
Total Fixed Charges (A)						$	204,139					$	207,159
BXP’s Share of EBITDAre – cash 1, 2 (B)						$	460,327					$	461,815
Fixed Charge Coverage Ratio (B÷A)						2.25						2.23

_____________

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

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

32

---

			Q3 2025
			Consolidated joint ventures

d

as of September 30, 2025

(unaudited and in thousands)

BALANCE SHEET INFORMATION

						767 Fifth Avenue												Total Consolidated
ASSETS						(The GM Building) 1						Norges Joint Ventures 1, 2						Joint Ventures
Real estate, net						$	3,166,283					$	3,145,343					$	6,311,626
Cash and cash equivalents						61,712						141,082						202,794
Other assets						339,543						508,092						847,635
Total assets						$	3,567,538					$	3,794,517					$	7,362,055
LIABILITIES AND EQUITY
Liabilities:
Mortgage notes payable, net						$	2,294,109					$	991,541					$	3,285,650
Other liabilities						72,808						163,078						235,886
Total liabilities						2,366,917						1,154,619						3,521,536
Equity:
BXP, Inc.						721,855						1,163,767						1,885,622
Noncontrolling interests						478,766						1,476,131						1,954,897			3
Total equity						1,200,621						2,639,898						3,840,519
Total liabilities and equity						$	3,567,538					$	3,794,517					$	7,362,055
BXP’s nominal ownership percentage						60%						55%
Partners’ share of cash and cash equivalents 4						$	24,685					$	63,487					$	88,172
Partners’ share of consolidated debt 4						$	917,668		5			$	446,193					$	1,363,861

_____________

1Certain balances contain amounts that eliminate in consolidation.

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

3Amount excludes preferred shareholders’ capital.

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

5Amount adjusted for basis differentials.

33

---

			Q3 2025
			Consolidated joint ventures (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS

						767 Fifth Avenue												Total Consolidated
						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Revenue
Lease 2						$	81,717					$	104,152					$	185,869
Straight-line rent						3,256						14,676						17,932
Fair value lease revenue						(27)						—						(27)
Termination income						—						—						—
Total lease revenue						84,946						118,828						203,774
Parking and other						—						1,622						1,622
Total rental revenue 3						84,946						120,450						205,396
Expenses
Operating						35,557						45,983						81,540
Net Operating Income (NOI)						49,389						74,467						123,856
Other income (expense)
Development and management services revenue						—						—						—
Gains from investments in securities						—						8						8
Interest and other income						776						1,816						2,592
Interest expense						(21,395)						(7,693)						(29,088)
Depreciation and amortization expense						(18,366)						(32,298)						(50,664)
General and administrative expense						(67)						(169)						(236)
Total other income (expense)						(39,052)						(38,336)						(77,388)
Net income						$	10,337					$	36,131					$	46,468

FUNDS FROM OPERATIONS (FFO)

BXP’s nominal ownership percentage						60%						55%
						767 Fifth Avenue												Total Consolidated
Reconciliation of Partners’ share of FFO						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Net income						$	10,337					$	36,131					$	46,468
Add: Depreciation and amortization expense						18,366						32,298						50,664
Entity FFO						$	28,703					$	68,429					$	97,132
Noncontrolling interest in property partnerships (Partners’ NCI) 4						$	3,008					$	14,845					$	17,853
Partners’ share of depreciation and amortization expense after BXP’s basis differential 4						7,720						14,895						22,615
Partners’ share FFO 4						$	10,728					$	29,740					$	40,468
Reconciliation of BXP’s share of FFO
BXP’s share of net income adjusted for partners’ NCI						$	7,329					$	21,286					$	28,615
Depreciation and amortization expense - BXP’s basis difference						85						405						490
BXP’s share of depreciation and amortization expense						10,561						16,998						27,559
BXP’s share of FFO						$	17,975					$	38,689					$	56,664

_____________

1 Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street. On August 27, 2025, the Company acquired its partner’s 45% ownership interest in 343 Madison Avenue.

2 Lease revenue includes recoveries from clients and service income from clients.

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

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

34

---

			Q3 2025
			Unconsolidated joint ventures 1

as of September 30, 2025

(unaudited and dollars in thousands)

BALANCE SHEET INFORMATION

						BXP’s Nominal Ownership												Mortgage/Construction Loans Payable, Net												Interest Rate
Property												Net Equity												Maturity Date						Stated						GAAP 2
Boston
The Hub on Causeway - Podium						50.00		%				$	55,231					$	61,793					April 9, 2031						5.73		%				5.94		%
100 Causeway Street						50.00		%				48,833						168,076						April 9, 2031						5.73		%				5.94		%
Hub50House						50.00		%				33,654						92,042						June 17, 2032						4.43		%				4.51		%
Hotel Air Rights						50.00		%				11,849						—						—						—						—		%
1265 Main Street						50.00		%				3,217						16,391						January 1, 2032						3.77		%				3.84		%
17 Hartwell Avenue 3						20.00		%				7,398						—						July 10, 2030						N/A						N/A
Los Angeles
Colorado Center						50.00		%				69,015						274,835						August 9, 2027						3.56		%				3.59		%
Beach Cities Media Campus 4						50.00		%				98						—						—						—		%				—		%
New York
360 Park Avenue South						71.11		%				93,988						155,479						December 13, 2027						6.65		%				6.96		%
Dock 72 5						50.00		%				(14,326)						99,135						December 18, 2025						5.91		%				6.19		%
200 Fifth Avenue						26.69		%				75,376						154,183						November 24, 2028						4.34		%				5.60		%
3 Hudson Boulevard 6						25.00		%				110,581						20,000						August 7, 2024						11.86		%				11.86		%
290 Coles Street - Common Equity 7						19.46		%				19,813						—						March 5, 2029						N/A						N/A
290 Coles Street - Preferred Equity 8						—		%				12,014						—						—						—		%				—		%
San Francisco
Platform 16						55.00		%				58,076						—						—						—		%				—		%
Gateway Commons 9						50.00		%				125,090						—						—						—		%				—		%
751 Gateway						49.00		%				118,509						—						—						—		%				—		%
Seattle
Safeco Plaza						33.67		%				121						84,070						September 1, 2026						4.82		%				6.21		%
Washington, DC
7750 Wisconsin Avenue (Marriott International Headquarters)						50.00		%				47,363						124,604						February 27, 2035						5.49		%				5.54		%
1001 6th Street						50.00		%				45,772						—						—						—		%				—		%
13100 & 13150 Worldgate Drive						50.00		%				19,855						—						—						—		%				—		%
Market Square North						50.00		%				(23,691)						62,487						November 10, 2025						6.61		%				6.78		%
Wisconsin Place Parking Facility						33.33		%				29,209						—						—						—		%				—		%
500 North Capitol Street, N.W. 10						30.00		%				(12,435)						31,399						June 5, 2026						6.83		%				7.16		%
Skymark - Reston Next Residential						20.00		%				14,702						27,945						May 13, 2026						6.28		%				6.60		%
												949,312
Investments with deficit balances reflected within Other Liabilities												50,452
Investments in Unconsolidated Joint Ventures												$	999,764
Mortgage/Construction Loans Payable, Net																		$	1,372,439

			2025 6			2026			2027			2028			2029			2030			Thereafter

35

---

			Q3 2025
			Unconsolidated joint ventures (continued) 1

FLOATING AND FIXED RATE DEBT ANALYSIS

												Weighted Average
						% of Total Debt						Stated Rates						GAAP Rates 2						Maturity (years)
Floating Rate Debt						32.72		%				6.55		%				7.01		%				1.0
Fixed Rate Debt 11						67.28		%				4.69		%				4.99		%				6.0
Total Debt						100.00		%				5.30		%				5.65		%				4.3

_____________

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

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

3No amounts have been drawn under the $98.7 million construction facility.

4On September 17, 2025, the joint venture completed the sale of Beach Cities Media Campus, a land parcel located in El Segundo, California. For further information, see page 14.

5On October 8, 2025, the joint venture repaid the construction loan.

6The Company has provided $80.0 million of mortgage financing to the joint venture. The loan is reflected as Related Party Note Receivables, Net on the Company’s Consolidated Balance Sheets. As of September 30, 2025, the loan was in a maturity default and had an outstanding balance, including accrued and unpaid interest, and default interest, of approximately $130.7 million. On October 17, 2025, the joint venture refinanced the loan. The new loan consists of (1) 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 (2) 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 closing, the Company has funded approximately $17.6 million of the mezzanine loan.

7No amounts have been drawn under the $225.0 million construction facility.

8The 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.

9Includes a non-cash impairment charge related to the Company’s investment in this unconsolidated joint venture, see page 37.

10The 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.

11Includes The Hub on Causeway - Podium and 100 Causeway Street loans which were refinanced at fixed rates on September 30, 2025.

36

---

			Q3 2025
			Unconsolidated joint ventures (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

RESULTS OF OPERATIONS 1

						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
Revenue
Lease 2						$	27,278					$	20,367					$	16,354					$	17,803					$	8,537					$	24,461																																									$	114,800
Straight-line rent						590						(1,428)						3,922						(172)						684						(123)																																										3,473
Fair value lease revenue						—						—						1,300						—						1,293						—																																										2,593
Termination income						—						—						—						282						—						—																																										282
Amortization and accretion related to sales-type lease						57						—						—						—						—						—																																										57
Total lease revenue						27,925						18,939						21,576						17,913						10,514						24,338																																										121,205
Parking and other						43						1,967						49						221						592						818																																										3,690
Total rental revenue 3						27,968						20,906						21,625						18,134						11,106						25,156																																										124,895
Expenses
Operating						10,164						7,944						15,965						9,597						3,551						9,232																																										56,453
Net operating income						17,804						12,962						5,660						8,537						7,555						15,924																																										68,442
Other income (expense)
Development and management services revenue						—						—						417						—						—						—																																										417
Interest and other income (loss)						535						1,166						820						11						147						199																																										2,878
Interest expense						(10,562)						(5,052)						(17,385)						—						(4,159)						(10,044)																																										(47,202)
Unrealized gain/loss on derivative instruments						—						—						(1,403)			4			—						—						—																																										(1,403)
Transaction costs						(27)						—						—						—						(28)						53																																										(2)
Depreciation and amortization expense						(8,470)						(5,330)						(10,465)						(10,076)						(5,213)						(5,855)																																										(45,409)
General and administrative expense						(1)						5						(111)						(4)						(14)						—																																										(125)
Gain on sale of real estate						—						4,762						—						—						—						—																																										4,762
Total other income (expense)						(18,525)						(4,449)						(28,127)						(10,069)						(9,267)						(15,647)																																										(86,084)
Net income (loss)						$	(721)					$	8,513					$	(22,467)					$	(1,532)					$	(1,712)					$	277																																									$	(17,642)
Reconciliation of BXP’s share of Funds from Operations (FFO)
BXP’s share of net income (loss)						$	(361)					$	4,257					$	(9,863)					$	(867)					$	(575)					$	796																																									$	(6,613)
Basis differential
Straight-line rent						$	—					$	91		5			$	101		5			$	—					$	—					$	—																																									$	192
Fair value lease revenue						—						305			5			15			5			—						—						—																																										320
Fair value interest adjustment						—						—						(499)						—						—						—																																										(499)
Amortization of financing costs						—						—						111						—						—						—																																										111
Unrealized gain/loss on derivative instruments						—						—						374			4			—						—						—																																										374
Depreciation and amortization expense						(6)						520			5			591			5			1,301			5			772						(114)																																										3,064
Gain on sale of real estate						—						(145)						—						—						—						—																																										(145)
Impairment loss on investment 6						—						—						—						(145,133)						—						—																																										(145,133)
Total basis differential 7						(6)						771			5			693			5			(143,832)			5			772						(114)																																										(141,716)
Income (loss) from unconsolidated joint ventures						(367)						5,028						(9,170)						(144,699)						197						682																																										(148,329)
Add:
BXP’s share of depreciation and amortization expense						4,237						2,144			5			3,929			5			3,714			5			983						2,265																																										17,272
Impairment loss on investment 6						—						—						—						145,133						—						—																																										145,133
Less:
BXP’s share of gain on sale of real estate 8						—						2,236						—						—						—						—																																										2,236
BXP’s share of FFO						$	3,870					$	4,936					$	(5,241)					$	4,148					$	1,180					$	2,947																																									$	11,840

_____________

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

2 Lease revenue includes recoveries from clients and service income from clients.

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

4 The previous owner of 200 Fifth Avenue had not elected hedge accounting. Upon the Company acquiring an ownership interest in the property, it elected hedge accounting and any changes in value is recognized as a basis differential to the Company.

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

6 Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint

ventures.

7 Represents adjustments related to the carrying values and depreciation of certain of the Company’s investment in unconsolidated joint ventures.

8 For additional information, see page 14.

37

---

			Q3 2025
			Lease expirations - All in-service properties1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2025						295,798						243,386						18,608,901						76.46						18,610,804						76.47						0.61		%
2026						1,594,543						1,403,577						105,655,990						75.28						108,176,242						77.07						3.50		%
2027						1,941,938						1,833,589						135,239,999						73.76						138,914,602						75.76						4.58		%
2028						2,935,186						2,301,497						201,152,905						87.40						212,013,765						92.12						5.74		%
2029						3,696,659						3,063,138						231,359,395						75.53						245,352,899						80.10						7.65		%
2030						2,661,373						2,530,429						198,001,505						78.25						211,745,308						83.68						6.32		%
2031						2,638,440						2,432,521						212,291,568						87.27						228,564,324						93.96						6.07		%
2032						2,752,315						2,470,842						188,994,198						76.49						222,421,936						90.02						6.17		%
2033						3,060,150						2,884,737						236,834,208						82.10						273,747,789						94.90						7.20		%
2034						3,377,266						2,834,605						262,776,836						92.70						294,342,377						103.84						7.08		%
Thereafter						14,383,289						11,567,947						938,229,969						81.11						1,139,127,134						98.47						28.88		%

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2025						13,181						13,181						1,112,191						84.38						1,112,191						84.38						0.54		%
2026						98,762						84,415						14,436,343						171.02						14,470,352						171.42						3.46		%
2027						129,868						115,779						12,258,229						105.88						12,391,124						107.02						4.75		%
2028						93,498						91,721						9,574,304						104.39						9,834,055						107.22						3.76		%
2029						177,656						172,331						18,113,074						105.11						18,941,575						109.91						7.07		%
2030						171,340						135,365						12,555,309						92.75						13,359,970						98.70						5.56		%
2031						117,545						103,368						11,524,809						111.49						12,527,392						121.19						4.24		%
2032						99,134						97,425						7,356,661						75.51						8,428,775						86.52						4.00		%
2033						464,245						430,842						31,701,912						73.58						52,372,169						121.56						17.68		%
2034						361,438						264,966						34,914,121						131.77						40,494,643						152.83						10.87		%
Thereafter						515,820						425,727						48,283,861						113.42						46,350,940						108.87						17.47		%

IN-SERVICE PROPERTIES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																																										Percentage of Total Square Feet
																		$						$/PSF						$						$/PSF
2025						308,979						256,567						19,721,092						76.87						19,722,995						76.87						0.60		%
2026						1,693,305						1,487,992						120,092,333						80.71						122,646,594						82.42						3.50		%
2027						2,071,806						1,949,368						147,498,228						75.66						151,305,726						77.62						4.59		%
2028						3,028,684						2,393,218						210,727,209						88.05						221,847,820						92.70						5.63		%
2029						3,874,315						3,235,469						249,472,469						77.11						264,294,474						81.69						7.61		%
2030						2,832,713						2,665,794						210,556,814						78.98						225,105,278						84.44						6.27		%
2031						2,755,985						2,535,889						223,816,377						88.26						241,091,716						95.07						5.97		%
2032						2,851,449						2,568,267						196,350,859						76.45						230,850,711						89.89						6.04		%
2033						3,524,395						3,315,579						268,536,120						80.99						326,119,958						98.36						7.80		%
2034						3,738,704						3,099,571						297,690,957						96.04						334,837,020						108.03						7.29		%
Thereafter						14,899,109						11,993,674						986,513,830						82.25						1,185,478,074						98.84						28.22		%

_____________

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

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

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

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

38

---

			Q3 2025
			Lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						42,596						42,596						2,060,573						48.37						2,060,573						48.37
2026						382,431						331,659						22,913,895						69.09						23,213,404						69.99
2027						475,106						466,246						34,350,986						73.68						35,107,291						75.30
2028						886,507						861,278						83,027,254						96.40						87,818,498						101.96
2029						1,186,291						1,052,805						72,742,468						69.09						77,365,594						73.49
2030						1,291,831						1,275,952						91,885,973						72.01						97,276,853						76.24
2031						676,899						609,006						41,536,822						68.20						44,863,127						73.67
2032						1,019,296						1,019,296						80,028,426						78.51						98,043,321						96.19
2033						650,249						624,826						51,447,039						82.34						59,310,730						94.92
2034						1,427,022						1,278,225						110,993,081						86.83						124,685,920						97.55
Thereafter						4,879,901						3,948,359						326,616,353						82.72						410,438,113						103.95

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						3,774						3,774						620,191						164.33						620,191						164.33
2026						29,065						28,750						3,337,044						116.07						3,353,731						116.65
2027						54,187						47,873						8,216,445						171.63						8,288,448						173.14
2028						38,825						38,825						5,765,396						148.50						5,892,852						151.78
2029						76,098						75,423						10,032,875						133.02						10,286,533						136.38
2030						98,923						62,948						6,355,829						100.97						6,586,569						104.64
2031						14,668						14,668						1,196,760						81.59						1,292,196						88.10
2032						57,916						57,325						4,366,643						76.17						4,988,975						87.03
2033						287,788						254,385						21,337,445						83.88						41,404,589						162.76
2034						164,155						131,856						10,960,882						83.13						12,040,392						91.32
Thereafter						187,499						176,988						14,723,551						83.19						16,419,533						92.77

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						46,370						46,370						2,680,764						57.81						2,680,764						57.81
2026						411,496						360,409						26,250,939						72.84						26,567,135						73.71
2027						529,293						514,119						42,567,431						82.80						43,395,739						84.41
2028						925,332						900,103						88,792,650						98.65						93,711,350						104.11
2029						1,262,389						1,128,228						82,775,343						73.37						87,652,127						77.69
2030						1,390,754						1,338,900						98,241,802						73.38						103,863,422						77.57
2031						691,567						623,674						42,733,582						68.52						46,155,323						74.01
2032						1,077,212						1,076,621						84,395,069						78.39						103,032,296						95.70
2033						938,037						879,211						72,784,484						82.78						100,715,319						114.55
2034						1,591,177						1,410,081						121,953,963						86.49						136,726,312						96.96
Thereafter						5,067,400						4,125,347						341,339,904						82.74						426,857,646						103.47

_____________

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

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

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

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

39

---

			Q3 2025
			Quarterly lease expirations - Boston region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						42,596						42,596						2,060,573						48.37						2,060,573						48.37
Total 2025						42,596						42,596						2,060,573						48.37						2,060,573						48.37
Q1 2026						92,806						87,407						5,743,209						65.71						5,743,209						65.71
Q2 2026						71,316						45,106						2,957,267						65.56						3,159,837						70.05
Q3 2026						87,899						75,233						5,248,340						69.76						5,248,341						69.76
Q4 2026						130,410						123,914						8,965,080						72.35						9,062,018						73.13
Total 2026						382,431						331,659						22,913,895						69.09						23,213,404						69.99

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						3,774						3,774						620,191						164.33						620,191						164.33
Total 2025						3,774						3,774						620,191						164.33						620,191						164.33
Q1 2026						7,384						7,384						731,635						99.08						731,635						99.08
Q2 2026						18,831						18,516						1,797,905						97.10						1,797,905						97.10
Q3 2026						959						959						15,000						15.64						15,000						15.64
Q4 2026						1,891						1,891						792,504						419.09						809,191						427.92
Total 2026						29,065						28,750						3,337,044						116.07						3,353,731						116.65

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						46,370						46,370						2,680,764						57.81						2,680,764						57.81
Total 2025						46,370						46,370						2,680,764						57.81						2,680,764						57.81
Q1 2026						100,190						94,791						6,474,844						68.31						6,474,844						68.31
Q2 2026						90,147						63,622						4,755,172						74.74						4,957,742						77.92
Q3 2026						88,858						76,192						5,263,340						69.08						5,263,341						69.08
Q4 2026						132,301						125,805						9,757,584						77.56						9,871,209						78.46
Total 2026						411,496						360,409						26,250,939						72.84						26,567,135						73.71

`

_____________

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

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

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

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

40

---

			Q3 2025
			Lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						766						766						51,290						66.96						51,290						66.96
2026						166,991						166,991						11,526,583						69.03						11,533,311						69.07
2027						7,367						7,367						305,388						41.45						316,294						42.93
2028						299,852						202,055						15,784,916						78.12						17,135,800						84.81
2029						417,056						242,100						17,519,838						72.37						19,514,626						80.61
2030						54,433						54,433						3,327,633						61.13						3,873,202						71.16
2031						7,752						7,752						540,350						69.70						638,831						82.41
2032						246,667						127,701						10,876,902						85.18						13,253,593						103.79
2033						186,894						93,447						6,578,697						70.40						11,108,262						118.87
2034						3,739						3,739						236,697						63.30						299,537						80.11
Thereafter						494,641						494,641						38,649,280						78.14						45,954,721						92.91

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						19,188						9,594						135,600						14.13						135,600						14.13
2027						—						—						—						—						—						—
2028						—						—						—						—						—						—
2029						38,118						38,118						2,313,480						60.69						2,504,232						65.70
2030						11,364						11,364						1,333,803						117.37						1,445,678						127.22
2031						—						—						—						—						—						—
2032						—						—						—						—						—						—
2033						—						—						—						—						—						—
2034						19,993						9,997						248,448						24.85						248,448						24.85
Thereafter						13,870						13,870						1,308,795						94.36						1,420,420						102.41

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						766						766						51,290						66.96						51,290						66.96
2026						186,179						176,585						11,662,183						66.04						11,668,911						66.08
2027						7,367						7,367						305,388						41.45						316,294						42.93
2028						299,852						202,055						15,784,916						78.12						17,135,800						84.81
2029						455,174						280,218						19,833,318						70.78						22,018,858						78.58
2030						65,797						65,797						4,661,436						70.85						5,318,880						80.84
2031						7,752						7,752						540,350						69.70						638,831						82.41
2032						246,667						127,701						10,876,902						85.17						13,253,593						103.79
2033						186,894						93,447						6,578,697						70.40						11,108,262						118.87
2034						23,732						13,736						485,145						35.32						547,985						39.89
Thereafter						508,511						508,511						39,958,075						78.58						47,375,141						93.16

_____________

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

2Includes partially placed in-service leased space.

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

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

41

---

			Q3 2025
			Quarterly lease expirations - Los Angeles region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						766						766						51,290						66.96						51,290						66.96
Total 2025						766						766						51,290						66.96						51,290						66.96
Q1 2026						160,397						160,397						11,215,534						69.92						11,215,534						69.92
Q2 2026						3,708						3,708						129,389						34.89						132,362						35.70
Q3 2026						—						—						—						—						—						—
Q4 2026						2,886						2,886						181,660						62.95						185,416						64.25
Total 2026						166,991						166,991						11,526,583						69.03						11,533,311						69.07

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						—						—						—						—						—						—
Total 2025						—						—						—						—						—						—
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

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						766						766						51,290						66.96						51,290						66.96
Total 2025						766						766						51,290						66.96						51,290						66.96
Q1 2026						160,397						160,397						11,215,534						69.92						11,215,534						69.92
Q2 2026						3,708						3,708						129,389						34.89						132,362						35.70
Q3 2026						19,188						9,594						135,600						14.13						135,600						14.13
Q4 2026						2,886						2,886						181,660						62.95						185,416						64.25
Total 2026						186,179						176,585						11,662,183						66.04						11,668,911						66.08

_____________

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

2Includes partially placed in-service leased space.

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

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

42

---

			Q3 2025
			Lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						31,836						31,836						2,603,948						81.79						2,603,948						81.79
2026						212,910						192,681						11,972,447						62.14						12,051,713						62.55
2027						380,020						341,729						20,934,872						61.26						21,051,816						61.60
2028						334,140						276,583						24,487,976						88.54						24,470,605						88.47
2029						939,595						727,252						62,706,478						86.22						64,385,737						88.53
2030						594,153						521,126						49,158,699						94.33						50,670,812						97.23
2031						630,623						548,341						45,924,237						83.75						48,339,562						88.16
2032						352,472						262,197						18,846,257						71.88						19,554,892						74.58
2033						416,853						372,262						39,580,574						106.32						43,326,941						116.39
2034						1,318,258						1,041,996						112,854,063						108.31						122,140,132						117.22
Thereafter						5,018,030						3,556,395						334,632,214						94.09						384,432,911						108.10

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						4,179						4,179						480,000						114.86						480,000						114.86
2026						15,044						12,423						9,468,098						762.13						9,468,098						762.13
2027						8,162						4,489						33,000						7.35						33,000						7.35
2028						2,424						647						211,395						326.75						211,395						326.75
2029						9,577						5,671						1,805,467						318.37						1,956,628						345.02
2030						1,512						1,512						390,270						258.12						476,962						315.45
2031						20,784						14,468						5,208,746						360.03						5,745,604						397.14
2032						12,182						11,064						1,074,466						97.11						1,253,759						113.32
2033						20,928						20,928						4,534,012						216.65						5,132,010						245.22
2034						139,214						85,037						21,228,854						249.64						25,500,984						299.88
Thereafter						219,678						143,217						26,512,826						185.12						21,657,102						151.22

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						36,015						36,015						3,083,948						85.63						3,083,948						85.63
2026						227,954						205,104						21,440,545						104.53						21,519,811						104.92
2027						388,182						346,218						20,967,872						60.56						21,084,816						60.90
2028						336,564						277,230						24,699,371						89.09						24,682,000						89.03
2029						949,172						732,923						64,511,945						88.02						66,342,365						90.52
2030						595,665						522,638						49,548,969						94.81						51,147,774						97.86
2031						651,407						562,809						51,132,983						90.85						54,085,166						96.10
2032						364,654						273,261						19,920,723						72.90						20,808,651						76.15
2033						437,781						393,190						44,114,586						112.20						48,458,951						123.25
2034						1,457,472						1,127,033						134,082,917						118.97						147,641,116						131.00
Thereafter						5,237,708						3,699,612						361,145,040						97.62						406,090,013						109.77

_____________

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

2Includes partially placed in-service leased space.

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

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

43

---

			Q3 2025
			Quarterly lease expirations - New York region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						31,836						31,836						2,603,948						81.79						2,603,948						81.79
Total 2025						31,836						31,836						2,603,948						81.79						2,603,948						81.79
Q1 2026						99,800						94,391						6,641,064						70.36						6,695,334						70.93
Q2 2026						9,157						8,310						363,533						43.75						364,553						43.87
Q3 2026						43,993						33,832						2,304,582						68.12						2,306,120						68.16
Q4 2026						59,960						56,149						2,663,267						47.43						2,685,706						47.83
Total 2026						212,910						192,681						11,972,447						62.14						12,051,713						62.55

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						4,179						4,179						480,000						114.86						480,000						114.86
Total 2025						4,179						4,179						480,000						114.86						480,000						114.86
Q1 2026						6,552						3,931						5,700,000						1,449.94						5,700,000						1,449.94
Q2 2026						715						715						30,000						41.96						30,000						41.96
Q3 2026						3,244						3,244						2,711,835						835.95						2,711,835						835.95
Q4 2026						4,533						4,533						1,026,263						226.40						1,026,263						226.40
Total 2026						15,044						12,423						9,468,098						762.13						9,468,098						762.13

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						36,015						36,015						3,083,948						85.63						3,083,948						85.63
Total 2025						36,015						36,015						3,083,948						85.63						3,083,948						85.63
Q1 2026						106,352						98,322						12,341,064						125.52						12,395,334						126.07
Q2 2026						9,872						9,025						393,533						43.60						394,553						43.72
Q3 2026						47,237						37,076						5,016,417						135.30						5,017,955						135.34
Q4 2026						64,493						60,682						3,689,530						60.80						3,711,969						61.17
Total 2026						227,954						205,104						21,440,545						104.53						21,519,811						104.92

_____________

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

2Includes partially placed in-service leased space.

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

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

44

---

			Q3 2025
			Lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						103,471						88,653						8,063,673						90.96						8,065,576						90.98
2026						587,155						497,971						46,043,426						92.46						48,024,327						96.44
2027						534,806						515,272						49,687,804						96.43						51,391,774						99.74
2028						460,357						440,599						44,746,698						101.56						46,909,392						106.47
2029						677,990						616,178						54,470,935						88.40						58,683,652						95.24
2030						480,894						450,665						39,916,450						88.57						44,773,935						99.35
2031						1,000,704						973,998						107,408,356						110.28						115,738,463						118.83
2032						405,461						369,063						31,644,456						85.74						37,525,178						101.68
2033						629,131						622,903						67,516,878						108.39						75,077,797						120.53
2034						331,223						213,621						21,335,893						99.88						26,577,563						124.41
Thereafter						439,094						437,053						42,932,058						98.23						56,355,705						128.94

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						5,228						5,228						12,000						2.30						12,000						2.30
2026						13,146						13,146						525,036						39.94						539,077						41.01
2027						14,385						14,385						744,862						51.78						797,991						55.47
2028						18,613						18,613						1,305,884						70.16						1,402,967						75.38
2029						4,246						4,246						388,652						91.53						430,173						101.31
2030						19,021						19,021						1,543,339						81.14						1,784,441						93.81
2031						39,623						34,207						2,254,105						65.90						2,383,999						69.69
2032						6,357						6,357						445,253						70.04						491,452						77.31
2033						9,383						9,383						1,052,424						112.16						1,117,442						119.09
2034						—						—						—						—						—						—
Thereafter						—						—						—						—						—						—

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						108,699						93,881						8,075,673						$	86.02					8,077,576						86.04
2026						600,301						511,117						46,568,462						91.11						48,563,404						95.01
2027						549,191						529,657						50,432,666						95.22						52,189,765						98.54
2028						478,970						459,212						46,052,582						100.29						48,312,359						105.21
2029						682,236						620,424						54,859,587						88.42						59,113,825						95.28
2030						499,915						469,686						41,459,789						88.27						46,558,376						99.13
2031						1,040,327						1,008,205						109,662,461						108.77						118,122,462						117.16
2032						411,818						375,420						32,089,709						85.48						38,016,630						101.26
2033						638,514						632,286						68,569,302						108.45						76,195,239						120.51
2034						331,223						213,621						21,335,893						99.88						26,577,563						124.41
Thereafter						439,094						437,053						42,932,058						98.23						56,355,705						128.94

_____________

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

2Includes partially placed in-service leased space.

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

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

45

---

			Q3 2025
			Quarterly lease expirations - San Francisco region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						103,471						88,653						8,063,673						90.96						8,065,576						90.98
Total 2025						103,471						88,653						8,063,673						90.96						8,065,576						90.98
Q1 2026						134,191						130,601						9,952,629						76.21						10,046,092						76.92
Q2 2026						209,755						192,459						18,601,221						96.65						20,787,777						108.01
Q3 2026						218,233						149,935						15,590,498						103.98						15,242,685						101.66
Q4 2026						24,976						24,976						1,899,077						76.04						1,947,774						77.99
Total 2026						587,155						497,971						46,043,426						92.46						48,024,327						96.44

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						5,228						5,228						12,000						2.30						12,000						2.30
Total 2025						5,228						5,228						12,000						2.30						12,000						2.30
Q1 2026						—						—						—						—						—						—
Q2 2026						1,821						1,821						37,056						20.35						37,056						20.35
Q3 2026						1,613						1,613						163,440						101.33						163,440						101.33
Q4 2026						9,712						9,712						324,540						33.42						338,580						34.86
Total 2026						13,146						13,146						525,036						39.94						539,077						41.01

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						108,699						93,881						8,075,673						86.02						8,077,576						86.04
Total 2025						108,699						93,881						8,075,673						86.02						8,077,576						86.04
Q1 2026						134,191						130,601						9,952,629						76.21						10,046,092						76.92
Q2 2026						211,576						194,280						18,638,277						95.94						20,824,833						107.19
Q3 2026						219,846						151,548						15,753,938						103.95						15,406,125						101.66
Q4 2026						34,688						34,688						2,223,617						64.10						2,286,354						65.91
Total 2026						600,301						511,117						46,568,462						91.11						48,563,404						95.01

_____________

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

2Includes partially placed in-service leased space.

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

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

46

---

			Q3 2025
			Lease expirations - Seattle region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						56,677						19,083						948,190						49.69						948,190						49.69
2026						71,003						67,221						4,010,729						59.66						4,097,839						60.96
2027						77,785						74,224						4,315,791						58.15						4,471,476						60.24
2028						601,382						302,445						17,037,863						56.33						17,863,556						59.06
2029						232,381						212,323						11,523,253						54.27						11,975,105						56.40
2030						40,707						40,707						2,413,273						59.28						2,655,900						65.24
2031						23,485						16,646						898,162						53.96						996,832						59.89
2032						70,933						57,584						4,211,558						73.14						4,866,692						84.51
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						63,925						23,614						1,638,595						69.39						2,006,913						84.99

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						—						—						—						—						—						—
2027						—						—						—						—						—						—
2028						945						945						51,431						54.42						55,873						59.12
2029						1,121						377						7,306						19.36						7,306						19.36
2030						—						—						—						—						—						—
2031						6,734						4,289						288,475						67.26						322,123						75.10
2032						—						—						—						—						—						—
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						—						—						—						—						—						—

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						56,677						19,083						948,190						49.69						948,190						49.69
2026						71,003						67,221						4,010,729						59.66						4,097,839						60.96
2027						77,785						74,224						4,315,791						58.15						4,471,476						60.24
2028						602,327						303,390						17,089,294						56.33						17,919,429						59.06
2029						233,502						212,700						11,530,559						54.21						11,982,411						56.33
2030						40,707						40,707						2,413,273						59.28						2,655,900						65.24
2031						30,219						20,935						1,186,637						56.68						1,318,955						63.00
2032						70,933						57,584						4,211,558						73.14						4,866,692						84.51
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						63,925						23,614						1,638,595						69.39						2,006,913						84.99

_____________

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

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

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

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

47

---

			Q3 2025
			Quarterly lease expirations - Seattle region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						56,677						19,083						948,190						49.69						948,190						49.69
Total 2025						56,677						19,083						948,190						49.69						948,190						49.69
Q1 2026						1,309						441						29,363						66.58						30,009						68.05
Q2 2026						39,138						39,138						2,291,477						58.55						2,330,096						59.54
Q3 2026						—						—						—						—						—						—
Q4 2026						30,556						27,642						1,689,889						61.13						1,737,734						62.87
Total 2026						71,003						67,221						4,010,729						59.66						4,097,839						60.96

RETAIL

BXP’s Share

Quarter

Rentable Square Footage4

Rentable Square Footage4

Current Annualized Rental Obligations Under Expiring Leases

Annualized Rental Obligations Under Expiring Leases with future step-ups

$

$/PSF

$

$/PSF

Q1 2025

—

—

—

—

—

—

Q2 2025

—

—

—

—

—

—

Q3 2025

—

—

—

—

—

—

Q4 2025

—

—

—

—

—

—

Total 2025

—

—

—

—

—

—

Q1 2026

—

—

—

—

—

—

Q2 2026

—

—

—

—

—

—

Q3 2026

—

—

—

—

—

—

Q4 2026

—

—

—

—

—

—

Total 2026

—

—

—

—

—

—

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						56,677						19,083						948,190						49.69						948,190						49.69
Total 2025						56,677						19,083						948,190						49.69						948,190						49.69
Q1 2026						1,309						441						29,363						66.58						30,009						68.05
Q2 2026						39,138						39,138						2,291,477						58.55						2,330,096						59.54
Q3 2026						—						—						—						—						—						—
Q4 2026						30,556						27,642						1,689,889						61.13						1,737,734						62.87
Total 2026						71,003						67,221						4,010,729						59.66						4,097,839						60.96

_____________

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

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

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

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

48

---

			Q3 2025
			Lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
2026						174,053						147,054						9,188,910						62.49						9,255,648						62.94
2027						466,854						428,751						25,645,158						59.81						26,575,951						61.98
2028						352,948						218,537						16,068,198						73.53						17,815,914						81.52
2029						243,346						212,480						12,396,423						58.34						13,428,185						63.20
2030						199,355						187,546						11,299,477						60.25						12,494,606						66.62
2031						298,977						276,778						15,983,641						57.75						17,987,509						64.99
2032						657,486						635,001						43,386,599						68.33						49,178,260						77.45
2033						1,177,023						1,171,299						71,711,020						61.22						84,924,059						72.50
2034						297,024						297,024						17,357,102						58.44						20,639,225						69.49
Thereafter						3,487,698						3,107,885						193,761,469						62.35						239,938,771						77.20

RETAIL

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						22,319						20,502						970,565						47.34						973,846						47.50
2027						53,134						49,032						3,263,922						66.57						3,271,685						66.73
2028						32,691						32,691						2,240,198						68.53						2,270,968						69.47
2029						48,496						48,496						3,565,294						73.52						3,756,703						77.46
2030						40,520						40,520						2,932,068						72.36						3,066,320						75.67
2031						35,736						35,736						2,576,723						72.10						2,783,470						77.89
2032						22,679						22,679						1,470,299						64.83						1,694,589						74.72
2033						146,146						146,146						4,778,031						32.69						4,718,128						32.28
2034						38,076						38,076						2,475,937						65.03						2,704,819						71.04
Thereafter						94,773						91,652						5,738,689						62.61						6,853,885						74.78

TOTAL PROPERTY TYPES

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
2026						196,372						167,556						10,159,475						60.63						10,229,494						61.05
2027						519,988						477,783						28,909,080						60.51						29,847,636						62.47
2028						385,639						251,228						18,308,396						72.88						20,086,882						79.95
2029						291,842						260,976						15,961,717						61.16						17,184,888						65.85
2030						239,875						228,066						14,231,545						62.40						15,560,926						68.23
2031						334,713						312,514						18,560,364						59.39						20,770,979						66.46
2032						680,165						657,680						44,856,898						68.20						50,872,849						77.35
2033						1,323,169						1,317,445						76,489,051						58.06						89,642,187						68.04
2034						335,100						335,100						19,833,039						59.19						23,344,044						69.66
Thereafter						3,582,471						3,199,537						199,500,158						62.35						246,792,656						77.13

_____________

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

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

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

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

49

---

			Q3 2025
			Quarterly lease expirations - Washington, DC region in-service properties 1, 2, 3

as of September 30, 2025

OFFICE

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
Total 2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
Q1 2026						25,534						22,738						892,661						39.26						897,532						39.47
Q2 2026						40,827						40,827						1,960,659						48.02						1,985,989						48.64
Q3 2026						28,188						26,893						2,365,962						87.98						2,321,900						86.34
Q4 2026						79,504						56,597						3,969,628						70.14						4,050,226						71.56
Total 2026						174,053						147,054						9,188,910						62.49						9,255,648						62.94

RETAIL

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						—						—						—						—						—						—
Total 2025						—						—						—						—						—						—
Q1 2026						7,963						6,146						316,039						51.42						316,039						51.42
Q2 2026						—						—						—						—						—						—
Q3 2026						3,872						3,872						230,945						59.64						230,945						59.64
Q4 2026						10,484						10,484						423,581						40.40						426,863						40.72
Total 2026						22,319						20,502						970,565						47.34						973,846						47.50

TOTAL PROPERTY TYPES

												BXP’s Share
Quarter						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
Q1 2025						—						—						—						—						—						—
Q2 2025						—						—						—						—						—						—
Q3 2025						—						—						—						—						—						—
Q4 2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
Total 2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
Q1 2026						33,497						28,884						1,208,700						41.85						1,213,571						42.02
Q2 2026						40,827						40,827						1,960,659						48.02						1,985,989						48.64
Q3 2026						32,060						30,765						2,596,907						84.41						2,552,845						82.98
Q4 2026						89,988						67,081						4,393,209						65.49						4,477,089						66.74
Total 2026						196,372						167,556						10,159,475						60.63						10,229,494						61.05

_____________

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

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

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

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

50

---

			Q3 2025
			Lease expirations - CBD properties 1, 2, 3

as of September 30, 2025

Boston

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						14,253						14,253						1,167,867						81.94						1,167,867						81.94
2026						268,670						217,583						16,556,201						76.09						16,730,531						76.89
2027						356,135						340,960						31,611,322						92.71						32,152,457						94.30
2028						650,518						625,289						73,158,294						117.00						77,334,695						123.68
2029						787,449						653,288						59,135,415						90.52						61,722,719						94.48
2030						1,211,977						1,160,123						87,283,855						75.24						91,569,049						78.93
2031						57,461						49,909						4,212,754						84.41						4,639,666						92.96
2032						863,930						863,339						71,698,071						83.05						88,880,537						102.95
2033						587,671						528,845						45,594,804						86.22						69,648,806						131.70
2034						1,264,793						1,083,697						97,676,057						90.13						108,626,955						100.24
Thereafter						4,564,615						3,622,562						318,390,589						87.89						397,304,650						109.68

Los Angeles

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						766						766						51,290						66.96						51,290						66.96
2026						186,179						176,585						11,662,183						66.04						11,668,911						66.08
2027						7,367						7,367						305,388						41.45						316,294						42.93
2028						299,852						202,055						15,784,916						78.12						17,135,800						84.81
2029						455,174						280,218						19,833,318						70.78						22,018,858						78.58
2030						65,797						65,797						4,661,436						70.85						5,318,880						80.84
2031						7,752						7,752						540,350						69.7						638,831						82.41
2032						246,667						127,701						10,876,902						85.18						13,253,593						103.79
2033						186,894						93,447						6,578,697						70.4						11,108,262						118.87
2034						23,732						13,736						485,145						35.32						547,985						39.90
Thereafter						508,511						508,511						39,958,075						78.58						47,375,141						93.16

New York

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						32,944						32,944						2,992,843						90.85						2,992,843						90.85
2026						103,021						80,172						16,480,631						205.57						16,534,901						206.24
2027						165,431						123,467						12,404,512						100.47						12,372,484						100.21
2028						231,633						172,299						20,539,374						119.21						20,585,687						119.48
2029						790,423						574,174						58,866,662						102.52						60,445,103						105.27
2030						470,522						397,495						44,527,535						112.02						45,871,317						115.40
2031						465,739						377,140						43,543,414						115.46						46,149,939						122.37
2032						251,528						160,135						15,414,602						96.26						16,109,450						100.60
2033						396,861						352,270						42,561,437						120.82						46,763,611						132.75
2034						1,457,472						1,127,034						134,082,917						118.97						147,641,116						131
Thereafter						4,739,186						3,201,090						341,026,898						106.53						383,980,754						119.95

51

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			Q3 2025
			Lease expirations - CBD properties (continued) 1, 2, 3

as of September 30, 2025

San Francisco

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						27,932						27,932						2,573,771						92.14						2,573,771						92.14
2026						306,367						306,367						30,189,836						98.54						32,154,058						104.95
2027						390,545						390,545						41,158,860						105.39						42,536,200						108.91
2028						357,968						357,968						40,845,965						114.11						43,192,933						120.66
2029						502,652						502,652						47,779,156						95.05						51,405,269						102.27
2030						347,638						347,638						33,908,791						97.54						38,055,019						109.47
2031						963,365						963,365						106,560,802						110.61						115,192,003						119.57
2032						339,022						339,022						29,672,972						87.53						35,349,034						104.27
2033						626,058						626,058						68,165,764						108.88						75,758,430						121.01
2034						100,631						100,631						8,216,811						81.65						10,342,472						102.78
Thereafter						435,011						435,011						42,830,391						98.46						56,223,053						129.25

Seattle

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						56,677						19,083						948,190						49.69						948,190						49.69
2026						71,003						67,221						4,010,729						59.66						4,097,839						60.96
2027						77,785						74,224						4,315,791						58.15						4,471,476						60.24
2028						602,327						303,390						17,089,294						56.33						17,919,429						59.06
2029						233,502						212,700						11,530,560						54.21						11,982,412						56.33
2030						40,707						40,707						2,413,273						59.28						2,655,900						65.24
2031						30,219						20,935						1,186,637						56.68						1,318,955						63.00
2032						70,933						57,584						4,211,558						73.14						4,866,692						84.51
2033						—						—						—						—						—						—
2034						—						—						—						—						—						—
Thereafter						63,925						23,614						1,638,595						69.39						2,006,913						84.99

Washington, DC

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						60,452						60,452						4,881,227						80.75						4,881,227						80.75
2026						176,445						147,629						9,323,774						63.16						9,389,757						63.60
2027						504,412						462,207						28,093,911						60.78						29,027,637						62.80
2028						385,639						251,228						18,308,396						72.88						20,086,882						79.95
2029						278,257						247,391						15,362,985						62.10						16,539,617						66.86
2030						215,890						204,081						13,326,874						65.30						14,554,338						71.32
2031						320,350						298,151						18,000,860						60.37						20,144,278						67.56
2032						680,165						657,680						44,856,897						68.20						50,872,849						77.35
2033						1,251,425						1,245,701						74,705,620						59.97						87,840,317						70.51
2034						326,638						326,638						19,499,475						59.70						22,938,637						70.23
Thereafter						3,582,471						3,199,537						199,500,158						62.35						246,792,656						77.13

_____________

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

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

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

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

52

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			Q3 2025
			Lease expirations - Suburban properties 1, 2, 3

as of September 30, 2025

Boston

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						32,117						32,117						1,512,898						47.11						1,512,898						47.11
2026						142,826						142,826						9,694,739						67.88						9,836,605						68.87
2027						173,158						173,158						10,956,110						63.27						11,243,282						64.93
2028						274,814						274,814						15,634,357						56.89						16,376,655						59.59
2029						474,940						474,940						23,639,927						49.77						25,929,409						54.60
2030						178,777						178,777						10,957,948						61.29						12,294,373						68.77
2031						634,106						573,766						38,520,828						67.14						41,515,657						72.36
2032						213,282						213,282						12,696,998						59.53						14,151,759						66.35
2033						350,366						350,366						27,189,680						77.60						31,066,513						88.67
2034						326,384						326,384						24,277,906						74.38						28,099,357						86.09
Thereafter						502,785						502,785						22,949,315						45.64						29,552,996						58.78

New York

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						3,071						3,071						91,105						29.67						91,105						29.67
2026						124,933						124,933						4,959,914						39.70						4,984,911						39.90
2027						222,751						222,751						8,563,360						38.44						8,712,331						39.11
2028						104,931						104,931						4,159,997						39.65						4,096,313						39.04
2029						158,749						158,749						5,645,283						35.56						5,897,263						37.15
2030						125,143						125,143						5,021,434						40.13						5,276,457						42.16
2031						185,668						185,668						7,589,569						40.88						7,935,227						42.74
2032						113,126						113,126						4,506,121						39.83						4,699,201						41.54
2033						40,920						40,920						1,553,150						37.96						1,695,341						41.43
2034						—						—						—						—						—						—
Thereafter						498,522						498,522						20,118,143						40.36						22,109,259						44.35

San Francisco

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						80,767						65,949						5,501,902						83.43						5,503,805						83.46
2026						293,934						204,750						16,378,626						79.99						16,409,346						80.14
2027						158,646						139,112						9,273,807						66.66						9,653,566						69.39
2028						121,002						101,244						5,206,617						51.43						5,119,426						50.57
2029						179,584						117,772						7,080,431						60.12						7,708,556						65.45
2030						152,277						122,048						7,550,998						61.87						8,503,358						69.67
2031						76,962						44,840						3,101,660						69.17						2,930,460						65.35
2032						72,796						36,398						2,416,737						66.40						2,667,595						73.29
2033						12,456						6,228						403,538						64.79						436,809						70.14
2034						230,592						112,990						13,119,082						116.11						16,235,091						143.69
Thereafter						4,083						2,042						101,667						49.80						132,652						64.98

53

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			Q3 2025
			Lease expirations - Suburban properties (continued) 1, 2, 3

as of September 30, 2025

Washington, DC

												BXP’s Share
Year						Rentable Square Footage4						Rentable Square Footage4						Current Annualized Rental Obligations Under Expiring Leases												Annualized Rental Obligations Under Expiring Leases with future step-ups
																		$						$/PSF						$						$/PSF
2025						—						—						—						—						—						—
2026						19,927						19,927						835,700						41.94						839,736						42.14
2027						15,576						15,576						815,169						52.33						819,999						52.65
2028						—						—						—						—						—						—
2029						13,585						13,585						598,732						44.07						645,271						47.50
2030						23,985						23,985						904,671						37.72						1,006,588						41.97
2031						14,363						14,363						559,504						38.95						626,700						43.63
2032						—						—						—						—						—						—
2033						71,744						71,744						1,783,430						24.86						1,801,870						25.12
2034						8,462						8,462						333,564						39.42						405,407						47.91
Thereafter						—						—						—						—						—						—

_____________

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

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

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

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

54

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			Q3 2025
			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
Compass Point Research & Trading, LLC			Ken Billingsley						202.534.1393
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			Peter Abramowitz						212.336.7241
J.P. Morgan Securities			Anthony Paolone						212.622.6682
Keybanc Capital Market			Todd Thomas / Upal Rana						917.368.2286 / 917.368.2316
Ladenburg Thalmann			Floris van Dijkum						212.409.2075
Mizuho Securities			Vikram Malhotra						212.209.9300
Morgan Stanley			Ronald Kamdem						212.296.8319
Piper Sandler Companies			Alexander Goldfarb						212.466.7937
Scotiabank GBM			Nicholas Yulico						212.225.6904
Truist Securities			Michael Lewis						212.319.5659
UBS US Equity Research			Michael Goldsmith						212.713.2951
Wells Fargo Securities			Blaine Heck						410.662.2556
Wolfe Research			Ally Yaseen						646.582.9253

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

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

55

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			Q3 2025
			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 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.

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 2013-2022 MYLTIP Units that were issued in the form of LTIP Units. The calculation of Consolidated Market Capitalization does not include LTIP Units issued in the form of MYLTIP Awards unless and until certain performance thresholds are achieved and they are earned. Because their three-year performance periods have not yet ended, 2023, 2024 and 2025 MYLTIP 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.

56

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			Q3 2025
			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.

57

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			Q3 2025
			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 (loss) 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 (loss) attributable to BXP, Inc. as presented in the Company’s consolidated financial statements. FFO should not be considered as a substitute for net income (loss) 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.

58

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			Q3 2025
			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.”

59

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			Q3 2025
			Reconciliations

(unaudited and in thousands)

BXP’s Share of select items
			Three Months Ended
			30-Sep-25						30-Jun-25
Revenue			$	871,510					$	868,457
Partners’ share of revenue from consolidated joint ventures (JVs)			(88,181)						(88,271)
BXP’s share of revenue from unconsolidated JVs			56,016						55,481
BXP’s Share of revenue			$	839,345					$	835,667
Straight-line rent			$	30,105					$	24,533
Partners’ share of straight-line rent from consolidated JVs			(7,906)						(6,247)
BXP’s share of straight-line rent from unconsolidated JVs			1,660						2,249
BXP’s Share of straight-line rent			$	23,859					$	20,535
Fair value lease revenue 1			$	1,906					$	1,915
Partners’ share of fair value lease revenue from consolidated JVs 1			11						11
BXP’s share of fair value lease revenue from unconsolidated JVs 1			1,102						1,103
BXP’s Share of fair value lease revenue 1			$	3,019					$	3,029
Lease termination income			$	1,241					$	909
Partners’ share of termination income from consolidated JVs			—						—
BXP’s share of termination income from unconsolidated JVs			141						(146)
BXP’s Share of termination income			$	1,382					$	763
Non-cash termination income adjustment (fair value lease amounts)			$	—					$	—
Partners’ share of non-cash termination income adjustment (fair value lease amounts) from consolidated JVs			—						—
BXP’s share of non-cash termination income adjustment (fair value lease amounts) from unconsolidated JVs			—						—
BXP’s Share of non-cash termination income adjustment (fair value lease amounts)			$	—					$	—
Parking and other revenue			$	35,390					$	34,799
Partners’ share of parking and other revenue from consolidated JVs			(730)						(769)
BXP’s share of parking and other revenue from unconsolidated JVs			1,654						2,022
BXP’s Share of parking and other revenue			$	36,314					$	36,052
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			335						362
BXP’s Share of hedge amortization, net of costs			$	1,781					$	1,808
Straight-line ground rent expense adjustment			$	(530)					$	448
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			123						136
BXP’s Share of straight-line ground rent expense adjustment			$	(407)					$	584
Depreciation and amortization			$	236,147					$	223,819
Noncontrolling interests in property partnerships’ share of depreciation and amortization			(22,615)						(20,945)
BXP’s share of depreciation and amortization from unconsolidated JVs			17,272						16,674
BXP’s Share of depreciation and amortization			$	230,804					$	219,548
Lease transaction costs that qualify as rent inducements 2			$	5,894					$	4,427
Partners’ share of lease transaction costs that qualify as rent inducements from consolidated JVs 2			(895)						(924)
BXP’s share of lease transaction costs that qualify as rent inducements from unconsolidated JVs 2			—						(21)
BXP’s Share of lease transaction costs that qualify as rent inducements 2			$	4,999					$	3,482
2nd generation tenant improvements and leasing commissions			$	72,022					$	69,064
Partners’ share of 2nd generation tenant improvements and leasing commissions from consolidated JVs			(8,374)						(9,137)
BXP’s share of 2nd generation tenant improvements and leasing commissions from unconsolidated JVs			1,067						1,496
BXP’s Share of 2nd generation tenant improvements and leasing commissions			$	64,715					$	61,423

60

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			Q3 2025
			Reconciliations (continued)

Maintenance capital expenditures 3			$	25,996					$	32,934
Partners’ share of maintenance capital expenditures from consolidated JVs 3			(3,004)						(3,426)
BXP’s share of maintenance capital expenditures from unconsolidated JVs 3			349						703
BXP’s Share of maintenance capital expenditures 3			$	23,341					$	30,211
Interest expense			$	164,299					$	162,783
Partners’ share of interest expense from consolidated JVs			(12,016)						(11,892)
BXP’s share of interest expense from unconsolidated JVs			20,214						18,872
BXP’s Share of interest expense			$	172,497					$	169,763
Capitalized interest			$	13,491					$	12,148
Partners’ share of capitalized interest from consolidated JVs			(21)						(23)
BXP’s share of capitalized interest from unconsolidated JVs			769						1,891
BXP’s Share of capitalized interest			$	14,239					$	14,016
Amortization of financing costs			$	4,764					$	4,737
Partners’ share of amortization of financing costs from consolidated JVs			(498)						(498)
BXP’s share of amortization of financing costs from unconsolidated JVs			434						426
BXP’s Share of amortization of financing costs			$	4,700					$	4,665
Fair value interest adjustment			$	139					$	718
Partners’ share of fair value of interest adjustment from consolidated JVs			—						—
BXP’s share off fair value interest adjustment from unconsolidated JVs			499						499
BXP’s Share of fair value interest adjustment			$	638					$	1,217
Amortization and accretion related to sales type lease			$	236					$	232
Partners’ share of amortization and accretion related to sales type lease from consolidated JVs			—						—
BXP’s share off amortization and accretion related to sales type lease from unconsolidated JVs			29						29
BXP’s Share of amortization and accretion related to sales type lease			$	265					$	261

_____________

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

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 period the lease commences.

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

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			Q3 2025
			Reconciliations (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
						767 Fifth Avenue												Total Consolidated
						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Revenue
Lease 2						$	81,717					$	104,152					$	185,869
Straight-line rent						3,256						14,676						17,932
Fair value lease revenue						(27)						—						(27)
Termination income						—						—						—
Total lease revenue						84,946						118,828						203,774
Parking and other						—						1,622						1,622
Total rental revenue 3						84,946						120,450						205,396
Expenses
Operating						35,557						45,983						81,540
Net Operating Income (NOI)						49,389						74,467						123,856
Other income (expense)
Development and management services revenue						—						—						—
Gains from investments in securities						—						8						8
Interest and other income						776						1,816						2,592
Interest expense						(21,395)						(7,693)						(29,088)
Depreciation and amortization expense						(18,366)						(32,298)						(50,664)
General and administrative expense						(67)						(169)						(236)
Total other income (expense)						(39,052)						(38,336)						(77,388)
Net income						$	10,337					$	36,131					$	46,468
BXP’s nominal ownership percentage						60%						55%
Partners’ share of NOI (after income allocation to private REIT shareholders) 4						$	19,002					$	32,502					$	51,504
BXP’s share of NOI (after income allocation to private REIT shareholders)						$	30,387					$	41,965					$	72,352
Unearned portion of capitalized fees 5						$	198					$	740					$	938
Partners’ share of select items 4
Partners’ share of parking and other revenue						$	—					$	730					$	730
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						$	408					$	543					$	951
Partners’ share of capitalized interest						$	—					$	21					$	21
Partners’ share of lease transactions costs which will qualify as rent inducements						$	(38)					$	(857)					$	(895)
Partners’ share of management and other fees						$	756					$	1,016					$	1,772
Partners’ share of basis differential depreciation and amortization expense						$	(34)					$	(182)					$	(216)
Partners’ share of basis differential interest and other adjustments						$	(4)					$	37					$	33
Reconciliation of Partners’ share of EBITDAre 6
Partners’ NCI						$	3,008					$	14,845					$	17,853
Add:
Partners’ share of interest expense after BXP’s basis differential						8,554						3,462						12,016
Partners’ share of depreciation and amortization expense after BXP’s basis differential						7,720						14,895						22,615
Partners’ share of EBITDAre						$	19,282					$	33,202					$	52,484

62

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			Q3 2025
			Reconciliations (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

CONSOLIDATED JOINT VENTURES
						767 Fifth Avenue												Total Consolidated
Reconciliation of Partners’ share of Net Operating Income (Loss) (NOI) 6						(The GM Building)						Norges Joint Ventures 1						Joint Ventures
Rental revenue 3						$	33,978					$	54,203					$	88,181
Less: Termination income						—						—						—
Rental revenue (excluding termination income) 3						33,978						54,203						88,181
Less: Operating expenses (including partners’ share of management and other fees)						14,976						21,701						36,677
Income allocation to private REIT shareholders						—						—						—
NOI (excluding termination income and after income allocation to private REIT shareholders)						$	19,002					$	32,502					$	51,504
Rental revenue (excluding termination income) 3						$	33,978					$	54,203					$	88,181
Less: Straight-line rent						1,302						6,604						7,906
Fair value lease revenue						(11)						—						(11)
Add: Lease transaction costs that qualify as rent inducements						38						857						895
Subtotal						32,725						48,456						81,181
Less: Operating expenses (including partners’ share of management and other fees)						14,976						21,701						36,677
Income allocation to private REIT shareholders						—						—						—
NOI - cash (excluding termination income and after income allocation to private REIT shareholders)						$	17,749					$	26,755					$	44,504
Reconciliation of Partners’ share of Revenue 4
Rental revenue 3						$	33,978					$	54,203					$	88,181
Add: Development and management services revenue						—						—						—
Revenue						$	33,978					$	54,203					$	88,181

_________

1Norges Joint Ventures include 7 Times Square (formerly Times Square Tower), 601 Lexington Avenue/One Five Nine East 53rd Street, 100 Federal Street, Atlantic Wharf Office, 300 Binney Street, and 290 Binney Street. On August 27, 2025, the Company acquired its partner’s 45% ownership interest in 343 Madison Avenue.

2 Lease revenue includes recoveries from clients and service income from clients.

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

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

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

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

63

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			Q3 2025
			Reconciliations (continued)

for the three months ended September 30, 2025

(unaudited and in thousands)

UNCONSOLIDATED JOINT VENTURES 1

						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
Revenue
Lease 2						$	27,278					$	20,367					$	16,354					$	17,803					$	8,537					$	24,461																																									$	114,800
Straight-line rent						590						(1,428)						3,922						(172)						684						(123)																																										3,473
Fair value lease revenue						—						—						1,300						—						1,293						—																																										2,593
Termination income						—						—						—						282						—						—																																										282
Amortization and accretion related to sales-type lease						57						—						—						—						—						—																																										57
Total lease revenue						27,925						18,939						21,576						17,913						10,514						24,338																																										121,205
Parking and other						43						1,967						49						221						592						818																																										3,690
Total rental revenue 3						27,968						20,906						21,625						18,134						11,106						25,156																																										124,895
Expenses
Operating						10,164						7,944						15,965			4			9,597						3,551						9,232																																										56,453
Net operating income						17,804						12,962						5,660						8,537						7,555						15,924																																										68,442
Other income (expense)
Development and management services revenue						—						—						417						—						—						—																																										417
Interest and other income (loss)						535						1,166						820						11						147						199																																										2,878
Interest expense						(10,562)						(5,052)						(17,385)						—						(4,159)						(10,044)																																										(47,202)
Unrealized gain/loss on derivative instruments						—						—						(1,403)						—						—						—																																										(1,403)
Transaction costs						(27)						—						—						—						(28)						53																																										(2)
Depreciation and amortization expense						(8,470)						(5,330)						(10,465)						(10,076)						(5,213)						(5,855)																																										(45,409)
General and administrative expense						(1)						5						(111)						(4)						(14)						—																																										(125)
Loss from early extinguishment of debt						—						—						—						—						—						—																																										—
Gain on sale of real estate						—						4,762						—						—						—						—																																										4,762
Total other income (expense)						(18,525)						(4,449)						(28,127)						(10,069)						(9,267)						(15,647)																																										(86,084)
Net income (loss)						$	(721)					$	8,513					$	(22,467)					$	(1,532)					$	(1,712)					$	277																																									$	(17,642)
BXP’s share of select items:
BXP’s share of parking and other revenue						$	22					$	984					$	24					$	111					$	199					$	314																																									$	1,654
BXP’s share of amortization of financing costs						$	132					$	23					$	157					$	—					$	28					$	94																																									$	434
BXP’s share of hedge amortization, net of costs						$	—					$	—					$	—					$	—					$	335					$	—																																									$	335
BXP’s share of fair value interest adjustment						$	—					$	—					$	499					$	—					$	—					$	—																																									$	499
BXP’s share of capitalized interest						$	—					$	—					$	769					$	—					$	—					$	—																																									$	769
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						$	(367)					$	5,028					$	(9,170)					$	(144,699)					$	197					$	682																																									$	(148,329)
Add:
BXP’s share of interest expense						5,281						2,526						7,077						—						1,400						3,930																																										20,214
BXP’s share of depreciation and amortization expense						4,237						2,144			5			3,929			5			3,714			5			983						2,265																																										17,272
Impairment loss on investment 6						—						—						—						145,133						—						—																																										145,133
Less:
BXP’s share of gain on sale of real estate 7						—						2,236						—						—						—						—																																										2,236
BXP’s share of EBITDAre						$	9,151					$	7,462		5			$	1,836		5			$	4,148		5			$	2,580					$	6,877																																									$	32,054

64

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			Q3 2025
			Reconciliations (continued)

UNCONSOLIDATED JOINT VENTURES 1
Reconciliation of BXP’s share of Net Operating Income (Loss)						Boston						Los Angeles						New York						San Francisco						Seattle						Washington, DC																																										Total Unconsolidated Joint Ventures
BXP’s share of rental revenue 3						$	13,985					$	10,849		5			$	8,066		5			$	9,012					$	3,739					$	10,156																																									$	55,807
BXP’s share of operating expenses						5,082						3,973						6,643						4,866						1,194						3,374																																										25,132
BXP’s share of net operating income (loss)						8,903						6,876			5			1,423			5			4,146						2,545						6,782																																										30,675
Less:
BXP’s share of termination income						—						—						—						141						—						—																																										141
BXP’s share of net operating income (loss) (excluding termination income)						8,903						6,876						1,423						4,005						2,545						6,782																																										30,534
Less:
BXP’s share of straight-line rent						295						(623)			5			1,894			5			(86)						230						(50)																																										1,660
BXP’s share of fair value lease revenue						—						305			5			362			5			—						435						—																																										1,102
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						—						—						123						—						—						—																																										123
BXP’s share of lease transaction costs that qualify as rent inducements						—						—						—						—						—						—																																										—
BXP’s share of net operating income (loss) - cash (excluding termination income)						$	8,579					$	7,194		5			$	(710)		5			$	4,091					$	1,880					$	6,832																																									$	27,866
Reconciliation of BXP’s share of Revenue
BXP’s share of rental revenue 3						$	13,985					$	10,849		5			$	8,066		5			$	9,012					$	3,739					$	10,156																																									$	55,807
Add:
BXP’s share of development and management services revenue						—						—						209						—						—						—																																										209
BXP’s share of revenue						$	13,985					$	10,849		5			$	8,275		5			$	9,012					$	3,739					$	10,156																																									$	56,016

_____________

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

2 Lease revenue includes recoveries from clients and service income from clients.

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

4Includes approximately $246 of straight-line ground rent expense.

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

6Represents the other-than-temporary decline in the fair values below the carrying values of certain of the Company’s investments in unconsolidated joint

ventures.

7 For additional information, see page 14.

65

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			Q3 2025
			Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

						Three Months Ended
						30-Jun-25						30-Jun-24
Net income attributable to BXP, Inc.						$	88,977					$	79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						10,064						9,509
Noncontrolling interest in property partnerships						20,100						17,825
Net income						119,141						106,949
Add:
Interest expense						162,783						149,642
Loss from unconsolidated joint ventures						3,324						5,799
Depreciation and amortization expense						223,819						219,542
Transaction costs						357						189
Payroll and related costs from management services contracts						4,104						4,148
General and administrative expense						42,516						44,109
Less:
Interest and other income (loss)						8,063						10,788
Unrealized gain (loss) on non-real estate investments						(39)						58
Gains from investments in securities						2,600						315
Gain on sale of real estate						18,390						—
Direct reimbursements of payroll and related costs from management services contracts						4,104						4,148
Development and management services revenue						8,846						6,352
Net Operating Income (NOI)						514,080						508,717
Add:
BXP’s share of NOI from unconsolidated joint ventures						31,029						31,587
Less:
Partners’ share of NOI from consolidated joint ventures (after income allocation to private REIT shareholders)						51,562						47,391
BXP’s Share of NOI						493,547						492,913
Less:
Termination income						909						841
BXP’s share of termination income from unconsolidated joint ventures						(146)						—
Add:
Partners’ share of termination income from consolidated joint ventures						—						40
BXP’s Share of NOI (excluding termination income)						$	492,784					$	492,112
Net Operating Income (NOI)						$	514,080					$	508,717
Less:
Termination income						909						841
NOI from non Same Properties (excluding termination income)						13,196						7,201
Same Property NOI (excluding termination income)						499,975						500,675
Less:
Partners’ share of NOI from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						51,562						47,351
Add:
Partners’ share of NOI from non Same Properties from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						4,469						—
BXP’s share of NOI from unconsolidated joint ventures (excluding termination income)						31,175						31,587
Less:
BXP’s share of NOI from non Same Properties from unconsolidated joint ventures (excluding termination income)						(132)						(212)
BXP’s Share of Same Property NOI (excluding termination income)						$	484,189					$	485,123
Change in BXP’s Share of Same Property NOI (excluding termination income)						$	(934)
Change in BXP’s Share of Same Property NOI (excluding termination income)						(0.2)		%

66

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			Q3 2025
			Reconciliations (continued)

Reconciliation of Net income attributable to BXP, Inc. to

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

(dollars in thousands)

						Three Months Ended
						30-Jun-25						30-Jun-24
Net income attributable to BXP, Inc.						$	88,977					$	79,615
Net income attributable to noncontrolling interests
Noncontrolling interest - common units of the Operating Partnership						10,064						9,509
Noncontrolling interest in property partnerships						20,100						17,825
Net income						119,141						106,949
Add:
Interest expense						162,783						149,642
Loss from unconsolidated joint ventures						3,324						5,799
Depreciation and amortization expense						223,819						219,542
Transaction costs						357						189
Payroll and related costs from management services contracts						4,104						4,148
General and administrative expense						42,516						44,109
Less:
Interest and other income (loss)						8,063						10,788
Unrealized gain (loss) on non-real estate investments						(39)						58
Gains from investments in securities						2,600						315
Gain on sale of real estate						18,390						—
Direct reimbursements of payroll and related costs from management services contracts						4,104						4,148
Development and management services revenue						8,846						6,352
Net Operating Income (NOI)						514,080						508,717
Less:
Straight-line rent						24,533						16,094
Fair value lease revenue						1,915						1,363
Amortization and accretion related to sales type lease						232						246
Termination income						909						841
Add:
Straight-line ground rent expense adjustment 1						531						585
Lease transaction costs that qualify as rent inducements 2						4,427						3,471
NOI - cash (excluding termination income)						491,449						494,229
Less:
NOI - cash from non Same Properties (excluding termination income)						10,276						17,006
Same Property NOI - cash (excluding termination income)						481,173						477,223
Less:
Partners’ share of NOI - cash from consolidated joint ventures (excluding termination income and after income allocation to private REIT shareholders)						46,250						45,068
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)						3,321						—
BXP’s share of NOI - cash from unconsolidated joint ventures (excluding termination income)						27,909						27,473
Less:
BXP’s share of NOI - cash from non Same Properties from unconsolidated joint ventures (excluding termination income)						(1,774)						(300)
BXP’s Share of Same Property NOI - cash (excluding termination income)						$	467,927					$	459,928
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						$	7,999
Change in BXP’s Share of Same Property NOI - cash (excluding termination income)						1.7		%

_____________

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 $(83) and $4 for the three months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company has remaining lease payments aggregating approximately $30.6 million, all of which it expects to incur by the end of 2027 with no payments thereafter. Under GAAP, the Company recognizes expense of $(111) per quarter on a straight-line basis over the term of the lease. However, unlike more traditional ground and air rights leases, the timing and amounts of the rental payments by the Company correlate to the uneven timing and funding by the Company of capital expenditures related to improvements at Back Bay Transit Station. As a result, the amounts excluded from the adjustment each quarter through 2027 may vary significantly.

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

67

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			Q3 2025
			Consolidated Income Statement - prior year

(unaudited and in thousands, except per share amounts)

						Three Months Ended
						30-Sep-24						30-Jun-24
Revenue
Lease						$	799,471					$	790,555
Parking and other						34,255						33,890
Insurance proceeds						—						725
Hotel revenue						15,082						14,812
Development and management services						6,770						6,352
Direct reimbursements of payroll and related costs from management services contracts						3,649						4,148
Total revenue						859,227						850,482
Expenses
Operating						178,834						175,545
Real estate taxes						148,809						144,994
Restoration expenses related to insurance claims						254						887
Hotel operating						9,833						9,839
General and administrative						33,352						44,109
Payroll and related costs from management services contracts						3,649						4,148
Transaction costs						188						189
Depreciation and amortization						222,890						219,542
Total expenses						597,809						599,253
Other income (expense)
Loss from unconsolidated joint ventures						(7,011)						(5,799)
Gain on sale of real estate						517						—
Gains from investments in securities						2,198						315
Unrealized gain on non-real estate investments						94						58
Interest and other income (loss)						14,430						10,788
Interest expense						(163,194)						(149,642)
Net income						108,452						106,949
Net income attributable to noncontrolling interests
Noncontrolling interest in property partnerships						(15,237)						(17,825)
Noncontrolling interest - common units of the Operating Partnership						(9,587)						(9,509)
Net income attributable to BXP, Inc.						$	83,628					$	79,615
INCOME PER SHARE OF COMMON STOCK (EPS)
Net income attributable to BXP, Inc. per share - basic						$	0.53					$	0.51
Net income attributable to BXP, Inc. per share - diluted						$	0.53					$	0.51

68